Advertising technology company Moloco has selected banks to arrange an IPO of the company, according to sources https://t.co/lEYEFdDW0Y ...

Core Viewpoint - Criteo S.A. is recommended by leading independent proxy advisory firms to proceed with its redomiciliation from France to Luxembourg, which is expected to enhance shareholder value and provide strategic opportunities [1] Group 1: Redomiciliation Proposal - Two independent proxy advisory firms, Glass Lewis & Co. and Institutional Shareholder Services, recommend shareholders vote "FOR" the proposals related to the redomiciliation [1] - A general meeting for shareholders is scheduled for February 27, 2026, to obtain approval for the redomiciliation and related proposals [1] Group 2: Benefits of the Conversion - The Board of Directors believes the conversion will eliminate fees and complexities associated with American Depositary Shares (ADSs), potentially increasing stock liquidity [1] - The conversion aims to provide greater capital management flexibility by reducing or eliminating restrictions related to share repurchases and treasury shares [1] - The move positions Criteo for potential inclusion in U.S. indices, which could expand access to passive investment capital and broaden the shareholder base [1] Group 3: Timeline and Future Expectations - The expected completion of the conversion is in the third quarter of 2026, pending shareholder approval and other customary conditions [1]

Core Insights - The primary focus for AppLovin Corporation (APP) is not just growth but also margin strength, with significant operating efficiency being a key advantage [1] Financial Performance - Higher-margin software revenues are contributing significantly to profit, with the adjusted EBITDA margin at 84%, an increase of 700 basis points year-over-year, and a net income margin of 66%, up 600 basis points year-over-year [2][8] - The stock has seen a decline of 28% over the past year, compared to a 14% decline in the industry [7][8] - AppLovin's forward price-to-earnings ratio stands at 23.45, slightly above the industry average of 21.58 [9] Competitive Positioning - AppLovin's margin stability differentiates it from peers like The Trade Desk (TTD) and Unity Software (U), with TTD being more sensitive to advertising cycles and Unity balancing growth with profitability [5][6][8] - The Trade Desk focuses on scale and data-driven targeting, while AppLovin emphasizes performance and efficiency [5] - Unity Software's ad business is more volatile and tied to developer ecosystems, contrasting with AppLovin's stable margins [6] Market Sentiment - Recent stock corrections appear to be sentiment-driven rather than structural, indicating that scalable margins and disciplined capital allocation can create investment opportunities [4]

Core Viewpoint - AppLovin's stock has experienced a significant decline of 48% since December 2025, raising questions about whether it has become an attractive investment opportunity [2]. Financial Performance - AppLovin reported strong fourth-quarter results for 2025, with revenue increasing by 66% year over year to nearly $1.7 billion, leading to a full-year revenue of approximately $5.5 billion, which is a 70% increase year over year [5]. - The company's net income for the fourth quarter rose by 84% year over year to $1.1 billion, while the full-year net income increased by 111% to $3.3 billion [5]. - Free cash flow for 2025 was $3.95 billion, up from $2.1 billion in 2024, representing 72% of its revenue [6]. Business Momentum - AppLovin is benefiting from advancements in artificial intelligence, which are expected to contribute to continued business growth [7]. Revenue Guidance - For the first quarter of 2026, AppLovin has guided revenue to be between $1.745 billion and $1.775 billion. Adjusting for the divestiture of its mobile gaming business, this guidance implies a year-over-year revenue growth of approximately 52% [9].

Company Overview - Inuvo, Inc. (NYSE:INUV) is an advertising technology company focused on developing AI solutions for digital marketing, with its flagship product being IntentKey, an AI-powered consumer intent recognition system [5]. Share Registration - On February 6, Inuvo filed a registration statement with the SEC to register up to 5,000,000 shares of common stock, which may be sold by a selling stockholder rather than the company itself [1]. - The registered shares are issuable upon conversion of a $3,333,333 convertible note, which converts at $3.10 per share, with a floor price of $0.736 per share [2]. Financial Performance - Inuvo reported Q4 FY2025 revenue of $14.0 million, significantly below Wall Street's expectation of $27.3 million, attributing the revenue miss to broader headwinds and a pullback in its Platform product line [4]. - The full-year 2025 revenue was approximately $86.0 million, against a target of $100.0 million, indicating ongoing revenue challenges that are expected to extend into January 2026 [4][3]. Analyst Insights - H.C. Wainwright analyst Scott Buck reduced the price target for Inuvo from $10 to $6 while maintaining a Buy rating, following the disappointing preliminary earnings report [3].

Financial Performance - AppLovin Corp reported fourth-quarter revenue of $1.66 billion, exceeding analyst estimates of $1.60 billion [1] - The company achieved fourth-quarter earnings of $3.24 per share, surpassing analyst expectations of $2.95 per share [1] Future Guidance - For the first quarter, AppLovin expects revenue to be in the range of approximately $1.75 billion to $1.78 billion, compared to estimates of $1.69 billion [2] - The company anticipates first-quarter adjusted EBITDA to be approximately $1.47 billion to $1.50 billion [2] Market Reaction - Following the earnings announcement, AppLovin shares fell 7.3% to $423.55 in pre-market trading [2] - Analysts adjusted their price targets on AppLovin after the earnings report [2]

Core Insights - The company attributes its record operating performance to advancements in its internal AI model, specifically AXON 2, which has decoupled business growth from traditional zero-sum auction dynamics [1] - Increased competition in the MAX auction is viewed as a positive catalyst, as higher bid density expands the total market pie, allowing the company to earn a 5% fee on impressions won by competitors [1] - AI-driven content abundance is expected to enhance the value of discovery platforms, positioning the company's matching models as a critical layer in an increasingly commoditized app market [1] Business Model and Strategy - The e-commerce initiative is scaling through a unified platform approach, where model improvements in one vertical can drive cross-category conversion efficiency [1] - High revenue per employee is cited as evidence of a scalable, product-led culture that prioritizes execution over market sentiment or short-term stock volatility [1] - The business model is shifting towards servicing smaller, transactional-based businesses (D2C) that can scale rapidly using the company's automated advertising tools [1]

Core Viewpoint - The Trade Desk, Inc. (NASDAQ:TTD) is considered one of the most oversold stocks on NASDAQ, with recent price target adjustments reflecting a more conservative growth outlook amid competitive pressures in the advertising sector [1][2]. Group 1: Price Target Adjustments - KeyBanc reduced its price target for The Trade Desk, Inc. from $88 to $40 while maintaining an Overweight rating, indicating expectations of a volatile quarter for small and mid-cap advertising earnings [1]. - Rosenblatt also lowered its price target from $64 to $53, keeping a Buy rating, citing the unexpected termination of CFO Alexander Kayyal as a factor affecting the company's valuation premium [2]. Group 2: Company Overview - The Trade Desk, Inc. offers a self-service, cloud-based ad-buying platform that includes omnichannel advertising, audience targeting, identity solutions, API, custom, programmatic, measurement, and optimization services [2]. Group 3: Market Context - The current market environment features competition for incremental advertising budgets and a focus on agentic AI themes, which may impact The Trade Desk's growth prospects [1].

Financial Data and Key Metrics Changes - In 2025, the company reported revenue of $1.9 billion, with contribution ex-TAC growing 3.5% at constant currency to $1.2 billion, benefiting from a $14 million tailwind from foreign currencies [22][23] - Adjusted EBITDA margin was strong at 35%, supported by operational leverage and productivity improvements, with free cash flow of $211 million, up 16% year-over-year [23][28] - For Q4 2025, revenue was $541 million, with contribution ex-TAC at $330 million, reflecting a year-over-year tailwind from foreign currencies of $8 million [23][24] Business Line Data and Key Metrics Changes - Performance media revenue was $1.7 billion, with contribution ex-TAC at $915 million, up 4% at constant currency, while retail media revenue was $264 million, with contribution ex-TAC at $260 million, up 2% year-over-year at constant currency [22][23] - The Commerce Growth solution within performance media grew by 5%, while ad tech services declined by 3% [22] - Retail media contribution ex-TAC grew 16% when excluding two clients with scope changes, indicating strong underlying growth [22][24] Market Data and Key Metrics Changes - Travel was the fastest-growing vertical in performance media, with growth accelerating to 37%, while department stores and fashion saw declines of 13% and 12%, respectively [24][25] - Media spend growth accelerated in EMEA, while trends were softer in the U.S. and Asia Pacific [25] - Auction-based display in retail media saw a 65% increase in media spend this quarter, indicating strong adoption and performance [19] Company Strategy and Development Direction - The company is focusing on commerce intelligence and AI decisioning to simplify operations and scale as a commerce AI platform [5][8] - Key strategic priorities include leading in agentic commerce, scaling the AI-powered performance engine, and reinforcing retail media leadership [8][12] - The company aims to optimize performance at scale through proprietary commerce intelligence and AI decisioning, with a focus on self-service and cross-channel activation [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's potential beyond current low growth expectations for 2026, emphasizing the importance of agentic commerce as a growth opportunity [8][21] - The company anticipates a flat to 2% growth in contribution ex-TAC for 2026, with underlying growth expected to be in the high single digits when excluding client scope reductions [29][30] - Management highlighted the importance of disciplined execution and capital allocation to enhance shareholder value [21][35] Other Important Information - The board increased the share buyback authorization to up to $200 million, reflecting confidence in the business's value [21][29] - The company is progressing with a redomiciliation to Luxembourg and plans to pursue a further redomiciliation to the U.S. to broaden access to capital markets [34][35] Q&A Session Questions and Answers Question: Can you discuss the prospects for the AI recommendation service? - Management indicated that partnerships are being broadened to enhance product recommendations, emphasizing the need for high-quality recommendations to compete effectively [39][40] Question: What is the impact of department store weakness? - Management noted that department stores are down 13%, with ongoing headwinds expected to continue into 2026 [43] Question: How is retail media growth expected to progress throughout the year? - Management expects growth to be front-loaded, with Q1 and Q2 more impacted by client scope changes, but anticipates a ramp-up in the second half of the year [46][49] Question: What is the pricing model for new AI initiatives? - Management explained that monetization opportunities vary, with a take rate model for retail and potential participation in LLM monetization models as they develop [72][73]

Financial Data and Key Metrics Changes - Revenue for 2025 was $1.9 billion, with contribution ex-TAC growing 3.5% at constant currency to $1.2 billion, benefiting from a $14 million tailwind from foreign currencies [20][21] - Adjusted EBITDA margin was 35%, supported by operational leverage and productivity improvements, with free cash flow of $211 million, up 16% year-over-year [21][24] - Adjusted net income reached $253 million, with adjusted diluted EPS increasing to $4.62 in 2025 [21] Business Line Data and Key Metrics Changes - Performance media revenue was $1.7 billion, with contribution ex-TAC at $915 million, up 4% at constant currency; Commerce Growth solution grew 5% while ad tech services declined 3% [20] - Retail media revenue was $264 million, with contribution ex-TAC at $260 million, up 2% year-over-year at constant currency; excluding two clients with scope changes, retail media contribution ex-TAC grew 16% [20][21] Market Data and Key Metrics Changes - Travel was the fastest-growing vertical in performance media, with growth accelerating to 37%, while department stores and fashion saw declines of 13% and 12% respectively [22] - Media spend growth accelerated in EMEA, while trends were softer in the U.S. and Asia Pacific [22] Company Strategy and Development Direction - The company is focusing on commerce intelligence and AI decisioning to simplify operations and scale as a commerce AI platform [4][6] - Priorities include leading in Agentic Commerce, scaling the AI-powered performance engine, and reinforcing retail media leadership [6][11] - The company aims to optimize performance at scale through proprietary commerce intelligence and AI decisioning [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's potential beyond current low growth expectations for 2026, emphasizing the importance of Agentic Commerce [6][19] - The company anticipates a flat to 2% growth in contribution ex-TAC for 2026, with underlying growth expected to be in the high single digits excluding client scope reductions [26][28] Other Important Information - The board increased the share buyback authorization to up to $200 million, reflecting confidence in the business's value [19][25] - The company is progressing with a redomiciliation to Luxembourg, with plans for a further redomiciliation to the U.S. in early 2027 [30][31] Q&A Session Questions and Answers Question: Can you elaborate on the AI recommendation service and its prospects? - Management highlighted the importance of high-quality product recommendations for platforms to compete for users, emphasizing the need for access to commerce data for effective recommendations [34][36] Question: What is the impact of department store weakness? - Management noted that department stores and fashion are experiencing headwinds, with specific declines observed, but did not comment on individual clients [35][39] Question: How will retail media growth progress throughout the year? - Management indicated that growth will be front-loaded, with Q1 and Q2 more impacted by client scope changes, but expects a ramp-up in the second half of the year [42][46] Question: What is the incremental opportunity in CommerceGo with the self-serve offering? - Management explained that the self-service rollout will expand the addressable market among small and medium-sized businesses, enhancing cross-channel full-funnel strategies [44][48] Question: How are retailers adopting internal LLM agentic tools? - Management noted that retailers are aggressively investing in AI-enabled tools to maintain customer journey control, with several pilots underway [53][56]