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09.05.2018 04:07:00

AcuityAds Reports First Quarter 2018 Financial Results

AcuityAds Reports First Quarter 2018 Financial ResultsCanada NewsWireTORONTO and NEW YORK, May 8, 2018TORONTO and NEW YORK, May 8, 2018 /CNW/ - AcuityAds Holdings Inc. (TSXV:AT) ("AcuityAds" or the "Company"), a technology leader that provides targeted digital media solutions by leveraging its proprietary AI technology to enable advertisers to connect intelligently with audiences across video, mobile, social and online display advertising campaigns, today announced its financial results for the first quarter ended March 31, 2018."We are disappointed with our first quarter results as we generated lower revenues than expected, due in part to a slower start to the year by our advertising clients, the final effect from the previously disclosed removed partners, and the restructuring of our US sales leadership team.  The latter was an important initiative that is already bearing significant success and has allowed the Company to focus on much larger customer deals, which consequently require a longer sales cycle," stated Tal Hayek, CEO of AcuityAds.  "I am very optimistic that these changes should result in significantly improved revenues in Q2 versus Q1. In addition, the completed technical integration of Visible Measures has resulted in the annualized reduction of approximately $4.0M in non-sales operating expenses.In March, we launched our next-generation AI programmatic marketing platform.  Our Q1 gross margins have been positively affected from this new technology and we expect this improvement in gross margins to continue throughout 2018," added Mr. Hayek. Key Items in the Quarter:Average signed deal size grew over 50% in Q1 2018 from Q1 2017.Key wins in the quarter included: $1.0 million from a large pharmaceutical client, $750,000 from a major automotive client and $400,000 from an existing insurance client.Core North America Self-Serve revenue increased 35% year over year.The Company announced its intent to acquire ADman Media, the largest video SSP for Spanish-speaking markets.Key Items Subsequent to ...Full story available on Benzinga.com
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