Tremor International cuts FY23 revenue view to $320-$330M from $400M

Consensus $418.5M. Cuts FY23 adjusted EBITDA will to $85M-$90M from $140M-$145M. Management “believes that challenging macroeconomic conditions have driven reduced budgets and will reduce advertising spending across the industry during H2 2023, particularly in managed service campaigns, and that major advertisers will remain cautious and less willing to adopt new products and platforms over the period. Management also believes that longer and more complex sales cycles attributable to the Company’s strategy to drive larger multi-technology-solution enterprise deals, as well as a changing revenue mix shift amidst the Company’s enhanced focus on its core programmatic business, and enterprise business, and continued expected declines in its non-core performance business during H2 2023 vs. H2 2022, will result in weaker-than-previously anticipated full year 2023 financial results.”