Nexxen reports first-quarter 2024 earnings: Revenue Up, Net Loss Narrows
Nexxen International Ltd. (NEXN), a global advertising technology company specializing in video and Connected TV (CTV) advertising, today released its financial results for the first quarter ended on March 31, 2024.
Nexxen International Ltd. (NEXN), a global advertising technology company specializing in video and Connected TV (CTV) advertising, today released its financial results for the first quarter ended on March 31, 2024.
The company reported sales of USD 74.43 million for the first quarter, representing a year-over-year increase compared to USD 71.74 million in the same period of the previous year. However, Nexxen continues to operate at a net loss. The company reported a net loss of USD 6.87 million for Q1 2024, which represents a narrowing of losses compared to the net loss of USD 17.91 million in Q1 2023.
The growth in Nexxen's revenue reflects the increasing importance of video advertising within the digital marketing landscape.
Nexxen offers a technology stack that caters to the needs of both advertisers and publishers in the video advertising space. The company's demand-side platform (DSP) allows advertisers to manage and optimize video ad campaigns across various platforms. Nexxen also provides a supply-side platform (SSP) that helps publishers manage their video ad inventory and connect with advertisers.
Nexxen's financial performance in Q1 2024 suggests positive progress but also indicates continued efforts needed to achieve profitability. The company's focus on video and CTV advertising positions it well to capitalize on a growing market segment within the digital advertising industry. However, competition in this space is fierce, and Nexxen will need to continuously innovate and refine its technology platform to maintain its market share.
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