Business Strategy and Outlook
| Ali Mogharabi |On the back of the growing digital ad market, Criteo stood out among many ad-tech companies as it added clients, increased its top line, and expanded margins to remain profitable and cash flow positive. However, limitations brought forth Apple’s Intelligent Tracking Prevention, or ITP, and its removal of Identifiers for Advertisers, or IDFA, and Google’s plan to abandon cookies before 2022 may adversely affect Criteo’s ability to capture additional user data, in turn weighing on the firm’s machine-learning capabilities, ad purchase and placement, and client growth. For this reason, we view Criteo as a no-moat company.