Cash-back rewards platform Ibotta (NYSE: IBTA) will be announcing earnings results this Monday after market close. Here’s what to expect.
Ibotta beat analysts’ revenue expectations last quarter, reporting revenues of $88.91 million, up 3.3% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and revenue guidance for next quarter exceeding analysts’ expectations. It reported 74.36 million total redemptions, up 26.9% year on year.
Is Ibotta a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Ibotta’s revenue to grow 6.6% year on year, a reversal from the 15.6% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Ibotta has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Ibotta’s peers in the media & entertainment segment, some have already reported their Q3 results, giving us a hint as to what we can expect. MediaAlpha delivered year-on-year revenue growth of 22.7%, beating analysts’ expectations by 7.2%, and Omnicom Group reported revenues up 59.1%, topping estimates by 4.3%. MediaAlpha traded up 20.5% following the results while Omnicom Group’s stock price was unchanged.
Read our full analysis of MediaAlpha’s results here and Omnicom Group’s results here.
Investors in the media & entertainment segment have had steady hands going into earnings, with share prices up 1.7% on average over the last month. Ibotta is up 16.8% during the same time and is heading into earnings with an average analyst price target of $36.57 (compared to the current share price of $48.60).
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