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Tremor International Ltd on Tuesday said its annual profit and revenue fell, despite an increase in revenue in the last quarter of 2022. Tremor, a New York based advertising-technology company, said its annual profit before tax fell to $42.4 million in 2022 from $72.3 million in 2021. This is because the company’s annual revenue also fell to $335.3 million from $341.9 million, while its annual operating costs increased to $229.8 million from $195.8 million in 2021. Tremor’s net income for the fourth quarter of 2022 fell by 49% to $22.2 million from $43.3 million in the final quarter of 2021. Revenue for the quarter, however, saw a 5% increase to $107 million compared to $102.5 million in 2021. Chief Executive Officer Ofer Druker said: ‘In 2023, we will keep our focus on generating strong profitability and cash flow, deepening revenue relationships with leading brands, agencies, broadcasters, and CTV partners, completing the integration of Amobee, and unifying the company under one brand to more effectively convey the holistic value proposition of our end-to-end technology ecosystem in the market.’ Shares were down by 15% at 270.54 pence in London on Tuesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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