Criteo shares have once again been smacked, dropping to a new low at one point after Facebook decertified the company as a marketing partner and analysts at Goldman Sachs issued an unfavourable note on the subject.

Shares in the company peaked in April last year at $54.39, but closed at $22.97 today. That compares to the US issue price of $31 in October 2013, when Criteo raised $250 million.

Further reading

This latest announcement is just one more factor in the long-term decline in the relationship between the companies. Only three years ago Facebook accounted for nine per cent of the retargeting outfit’s revenues, but has halved since then, even as Facebook’s revenues have more than doubled in the same time.

For it’s part Criteo downplayed the loss of partner status with a spokesperson telling Bloomberg, “Criteo has significant reach beyond Facebook, across the open web and mobile apps and is supply agnostic.”

On Facebook’s decision, Bloomberg quotes Goldman analyst Heath Terry saying, “This means that Criteo is no longer referenced as a Facebook preferred marketing partner and that the company will not have access to beta testing new features on the platform.” 

It has been a tough year for the French ad tech giant. A year ago it was riding high. Then it came under assault from short-seller Gotham City Research which issued a series of hostile reports suggesting the company was profiting disproportionately from ad fraud and that Apple’s Intelligent Tracking Prevention would impact its business.

There were also questions about its exposure to GDPR, something its former CEO Eric Eichmann discounted a few months before he was promptly removed and replaced by founder and then Chairman JB Rudelle.

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