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    <li>
      <p>
        Outbrain, a content recommendation and discovery platform, achieved a revenue of USD 225.8 million (10% YoY dip) for Q2 2023, which was below analyst expectations by 4.3%. The dip was due to a lower retention rate (Q2 2023: 78%) among existing partners, partially offset by growth from new media partners.
      </p>
    </li>
    <li>
      <p>
        During the quarter, the firm&rsquo;s Ex-TAC (net of acquisition cost) gross profit stood at USD 54.6 million (8% YoY dip), in line with management expectations. The dip was primarily driven by reduced revenue, while the comparatively smaller decrease in Ex-TAC gross profit compared to revenue can be attributed to a combination of shifts in revenue mix and improved performance from specific media partners. Adjusted EBITDA fell steeply by 40% YoY to USD 3.5 million, above management expectations, due to lower Ex-TAC gross profit, partly offset by a favorable currency movement.&nbsp;
      </p>
    </li>
    <li>
      <p>
        For the full year of 2023E, the firm reaffirmed its revenue target to achieve a minimum Ex-TAC gross profit of USD 237 million and raised its adjusted EBITDA target to USD 30 million from USD 28 million.&nbsp;&nbsp;
      </p>
    </li>
    <li>
      <p>
        During the quarter, the company launched Onyx by Outbrain, a brand-building platform designed to drive substantial growth through video and impactful display campaigns for premium enterprise brands. Additionally, Outbrain entered new partnerships with publishers like TMZ, Washington Times, and The Messenger, and renewed multi-year deals with established partners including New York Post and CCM Benchmark.&nbsp;
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Outbrain's strategy to combat declining revenues and drive growth is centered around its new brand-building platform, Onyx. The platform focuses on high-attention video and impactful display ads for enterprise brands, expanding its capabilities to offer full-funnel solutions on the open web. Through the power of GenAI, Onyx maximizes user engagement, appealing to advertisers aiming for impactful outcomes. Moreover, Outbrain's Keystone solution strengthens its position in the publisher ecosystem, fostering deeper relationships and diversifying revenue streams, creating a cohesive approach to address evolving advertising needs.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://investors.outbrain.com/news-releases/news-release-details/outbrain-announces-second-quarter-2023-results">
      Press release
    </a>
  </p>
  <p>
  </p>
</div>


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