|Bid||17.38 x 800|
|Ask||17.39 x 800|
|Day's Range||17.16 - 17.53|
|52 Week Range||15.90 - 30.85|
|Beta (3Y Monthly)||0.68|
|PE Ratio (TTM)||13.31|
|Earnings Date||Feb 11, 2020 - Feb 17, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||21.68|
(Bloomberg Opinion) -- The punitive tariffs on French goods proposed by the Office of the U.S. Trade Representative are a disproportionate response to France’s digital services tax. But that’s what French President Emmanuel Macron gets for his impatience to be the first to tax multinational internet platforms without waiting for international organizations to agree on a coordinated solution.The proposed tariffs of up to 100%, which are likely to be imposed sometime next year after a public discussion, cover French cheeses and other dairy products, sparkling wine, cosmetics, handbags and porcelain with a combined trade value of $2.4 billion. Even if imports drop significantly in response to the harsh measure, the U.S. government is likely to collect more from the tariffs than France’s planned revenue from the digital tax of between 400 million euros ($443 million) and 500 million euros this year. The rationale for the U.S. retaliation is that the French tax is aimed disproportionately at U.S. companies. The levy of 3% revenue is imposed on companies with a global revenue of 750 million euros, of which 25 million euros in online sales comes from France, if they provide targeted digital advertising or intermediation services. That’s seemingly geography-agnostic, but French Finance Minister Bruno Le Maire has repeatedly referred to it as a “GAFA tax,” short for Google, Apple Inc., Facebook Inc. and Amazon.com Inc.Compared with a failed European Commission proposal for a European Union-wide digital tax, the French version appears tailor-made to exclude French companies. For example, the EU version set total revenue thresholds, which would have subjected French advertising group Publicis Groupe SA and retailer Carrefour SA to the proposed tax. Under the French arrangement, the thresholds only concern revenue from digital intermediation and targeted ads, exempting these big French players. Besides, digital tax payments can be offset against the French corporate tax, favoring firms domiciled in France.These U.S. arguments make a certain amount of sense. France, however, doesn’t just expect to collect the tax from U.S. firms. China-based Alibaba Group Holding Ltd., Axel Springer SE and Zalando SE from Germany, Rakuten Inc. in Japan and France’s own Criteo SA are all among the 27 companies hit with the tax, according to the USTR. Sure, almost two-thirds of the affected companies are American, but the presence of European and Asian multinationals on the list makes the proposed U.S. response even more disproportionate than it would have been if France had only targeted U.S. internet giants.It’s unfair, but Macron’s France was asking for it.In December 2018, France agreed with more cautious Germany on a plan for the digital tax — to wait for the Organization for Economic Co-operation and Development to work out a multilateral solution to the problem of internet platforms’ failure to pay taxes where they earn revenue. In the meantime, the joint Franco-German declaration urged the EU to agree its own digital tax directive that would go into effect in 2021 failing an OECD-approved solution. But when the EU failed to do that because of objections from Ireland, Denmark, Sweden and Finland, France decided to move unilaterally, promising to change its digital tax law if there’s ever an OECD solution. It was in such a hurry to be first in Europe to impose a digital tax that it made the levy, approved in July, retroactive to January — yet another irritant to the U.S.The rush was unnecessary. The OECD hopes to come up with a final version of its proposal by January 2020. It’s clearly in the final stretch of development; the version published in October is undergoing public consultations. Even if the U.S. rejects it, as Le Maire suspects it might, there is likely to be enough momentum for the EU to agree on a common solution. The main difference of the OECD’s approach from the current French practice is that it would tax profit rather than revenue, creating rules for allocating taxable profit among countries where it’s earned. That’s a far less controversial approach than France has taken.U.S. President Donald Trump says it’s not up to France to tax American companies; but with the OECD solution, the U.S. will get to tax European multinationals like ad-retargeting platform Criteo, too.The USTR has pointed out numerous shortcomings of the French digital tax. Perhaps most bafflingly, services that look identical to the consumer are taxed differently. For example, Amazon has to pay the tax on a sale by a small business using its platform, but not on a sale of its own merchandise. Uber is taxed as a digital intermediary, but a taxi firm with its own app isn’t. When legislation is rushed, it often ends up defying logic. The OECD’s cautious, lengthy process is meant to arrive at a result that won’t be easy for anyone to shoot down.Since the wait for this result is almost over, it makes little sense for individual countries such as Austria, Italy, Spain, Slovakia and a number of nations outside Europe to push out their own solutions. But they’re taking less of a risk than France with the U.S.: Macron just had to be the first to stick his neck out. Le Maire said on Tuesday that the EU would retaliate for any “new U.S. sanctions” — but it’s difficult to expect such a coordinated response when France’s unilateral action is at issue.There’s little doubt that internet giants, U.S.-based and otherwise, eventually will be taxed worldwide, not just where their headquarters are located. Some politicians may feel it’s not happening fast enough, but jumping the gun only creates unnecessary tension and hurts innocent bystanders such as the French makers of fine cheeses and champagne. France will be thankful to the OECD for the opportunity to pull back from its rash action when the organization’s tax proposal is ready next year — hopefully before the U.S. tariffs bite.To contact the author of this story: Leonid Bershidsky at firstname.lastname@example.orgTo contact the editor responsible for this story: Melissa Pozsgay at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Criteo S.A. (NASDAQ: CRTO), the advertising platform for the open Internet, today announced that Benoit Fouilland, CFO, will present at the Raymond James Technology Investors Conference at the Westin Grand Central, in New York, NY, at 11:20 am ET on Tuesday, December 10, 2019.
Investing in stocks inevitably means buying into some companies that perform poorly. But long term Criteo S.A...
NEW YORK , Oct. 31, 2019 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the advertising platform for the open Internet, today announced that JB Rudelle, CEO, will present at the Morgan Stanley European Technology, ...
PARIS , Oct. 30, 2019 /PRNewswire/ -- Criteo, the advertising platform for the open Internet, has just announced its third quarter 2019 results. CFO Benoit Fouilland comments on results and outlook. Watch ...
NEW YORK, Oct. 30, 2019 /PRNewswire/ -- Criteo S.A. (CRTO), the advertising platform for the open Internet, today announced the appointment of Megan Clarken as Chief Executive Officer, based in Paris, effective November 25, 2019. Founding Chairman and CEO JB Rudelle has decided, with the full support of the Board of Directors, to bring in as CEO a new leader with proven experience in company transformation. "I am personally very happy to work with Megan on the next phase of our transformative journey," said JB Rudelle, Criteo's founder.
NEW YORK , Oct. 30, 2019 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the advertising platform for the open Internet, today announced financial results for the third quarter ended September 30, 2019. Revenue ...
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Criteo S.A. (CRTO) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
NEW YORK , Oct. 18, 2019 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the advertising platform for the open Internet, will announce its financial results for the third quarter ended September 30, 2019 on ...
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
NEW YORK, Oct. 10, 2019 /PRNewswire/ -- Criteo S.A. (CRTO), the advertising platform for the open Internet, today announced a global partnership with Pixalate, the world's first cross-platform ad fraud detection and prevention solution. As invalid traffic (IVT) continues to plague the advertising industry, Criteo is committed to making additional investments that will provide an increased scope of protection against IVT and low-quality inventory. Through this partnership, Pixalate will supplement Criteo's existing IVT detection engine, helping to ensure its advertisers that the media bought on their behalf is viewed by real human users with genuine intent.
This is not the first complaint filed against the social media giant in connection with its online advertising methods. At the time, Facebook said the lawsuit is without merit. Benzinga has contacted Facebook for comment on Criteo’s allegations.
Criteo believes that the gradual exclusion of companies from the Facebook platform has adversely impacted the diversity of the online advertising industry. The objective of the complaint is to recreate conditions of a level playing field for the industry by restoring Criteo and other companies' ability to access the Facebook platform on fair terms, and establishing clear and transparent guidelines to prevent Facebook from unfairly favoring its own services on its platform at the expense of its competitors'.
NEW YORK, Sept. 19, 2019 /PRNewswire/ -- Criteo S.A. (CRTO), the advertising platform for the open Internet, was included in the Gartner Magic Quadrant for Ad Tech 2019, a research report by Andrew Frank, Lizzy Foo Kune and Eric Schmitt which evaluates end-to-end platforms combining Demand-side platforms (DSPs), Data management platforms (DMPs) and Dynamic creative optimization (DCO). "The ability to combine best-in-class performance and unique shopping data at scale on the open Internet is what our clients select Criteo for," said JB Rudelle, CEO, Criteo.
NEW YORK, Aug. 27, 2019 /PRNewswire/ -- Criteo S.A. (CRTO), the advertising platform for the open Internet, announced strong results following the launch of in-app native ads with MoPub, the Twitter-owned mobile monetization platform. In the coming months, Criteo plans to partner with MoPub to bring additional formats to advertisers via mobile in-app real-time bidding, such as video. "Mobile continues to be a major focus for Criteo, and just last year our app business grew 54% year-over-year.
NEW YORK , Aug. 27, 2019 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the advertising platform for the open Internet, today announced that Benoit Fouilland, CFO, will present at the Deutsche Bank 2019 Technology ...