Audioboom (LON: BOOM) shares are climbing Tuesday following the announcement of a Q3 trading update which reported a record quarterly revenue.
Third-quarter revenue came in at $16.9 million, up 161% on Q3 2020, which was $6.5 million, and up 28% on Q2 2021's $13.2 million.
Total revenue for the nine months to 30 September was $39.7 million, up 117% on the $18.3 million during the same period last year. Audioboom said year-on-year growth for the nine months to 30 September outpaced the annual predicted broader industry average by 95%.
A quarterly adjusted EBITDA profit of $1 million was above the Q3 2020 EBITDA of $0.3 million loss.
The podcast company said it now expects it will generate revenues above current market expectations for the 2021 financial year and a significantly increased adjusted EBITDA relative to market expectations.
Stuart Last, CEO of Audioboom, said: “Q3 2021 was another period of stellar performance for Audioboom as, once again, we significantly outpaced the growth of the wider podcast industry and set new revenue and adjusted EBITDA records. Our content-focused expansion strategy continued to drive download and ad inventory levels to new highs.
“While our core revenue streams expand at pace, I am delighted with the progress we are making through our investments in production and ad tech.”
Audioboom shares are up 2.37% at 1,080p at the time of writing.
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