Catena, a digital lead acquisition firm, saw a reduction in both income and earnings during the initial quarter of 2023.
Although their income from ongoing business activities fell by a slight 5%, their earnings from these activities experienced a substantial decrease of 35%. The company’s total results were influenced by the incorporation of discontinued business segments, such as the divestiture of their AskGamblers brand.
Despite these hurdles, Catena announced a net income of €22.9 million for the quarter, a 10% rise compared to the corresponding period last year. It’s crucial to understand, however, that this number encompasses gains from the discontinued business segments. When examining solely ongoing business activities, their net income was €11.6 million, mirroring the 35% reduction previously mentioned.
In contrast to their rival, Better Collective, Catena’s income was considerably smaller. Nevertheless, their net income, encompassing discontinued business segments, exceeded that of Better Collective.
Catena Media’s Chief Executive, Michael Daly, recognized a minor decrease in the company’s annual revenue, ascribing it to the challenging comparison with the initial quarter of 2022. This period saw a surge in engagement due to the introduction of internet sports wagering in New York and Louisiana.
He emphasized the triumphant January 1st debut of online sports betting in Ohio, stating that Catena’s North American division leveraged the anticipation leading up to the Super Bowl. This culminated in one of their most prosperous launches to date, although Daly conceded it fell short of the revenue peaks observed during the New York launch.
On a separate note, Catena recently designated an interim Chief Financial Officer following the exit of Peter Messners, who declared his resignation in February.
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