Business
ODDITY TECH REPORTS RECORD SECOND QUARTER RESULTS, RAISES OUTLOOK
Record second quarter net revenue of $193 million, up 27% year-over-yearRecord second quarter adjusted EBITDA of $62 million, up 49% year-over-yearRecord
About this update from Oddity Tech Ltd.
[{"type":"text","content":"Record second quarter net revenue of $193 million, up 27% year-over-yearRecord second quarter adjusted EBITDA of $62 million, up 49% year-over-yearRecord second quarter net income of $45 million, up 52% year-over-year, and record second quarter adjusted net income of $51 million, up 58% year-over-yearRecord first half net operating cash flow of $105 million and free cash flow of $104 millionAnnounces Ido Bachelet as Chief Science OfficerNEW YORK, Aug 7, 2024 /PRNewswire/ -- ODDITY Tech Ltd. (NASDAQ: ODD) today announced its financial results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \n\"Our business is firing on all cylinders. Results in the second quarter were driven by strong and profitable growth across brands, categories, and products,\" said Oran Holtzman, ODDITY co-founder and CEO. \"I see massive growth for our business ahead. Our early investments in technology are transforming the industry, unlocking online, and delivering huge financial rewards. We will continue investing our powerful cash flow in technology, science, and building new brands to keep us years ahead of our competitors.\"\n\"Last year, we made the decision to take our company public so we could build something huge and lead the industry,\" Holtzman continued. \"In the year since our IPO we have established a strong track record of delivering on our commitments: beating our financial targets every quarter since our IPO, breaking new records in our scale and profitability, and continuing to invest in future initiatives to ensure high long term growth. To add value to our shareholders, and with our board's authorization, we have begun using our strong balance sheet for share buybacks.\"\nODDITY achieved a number of objectives during the second quarter, which include:\nExceeding financial guidance for the second quarter ended June 30, 2024 across every metric and raising the full year 2024 outlook.Excellent, profitable growth at both IL MAKIAGE and SpoiledChild brands across markets and products.Continued development of Brands 3 and 4 to disrupt additional large beauty and wellness categories.Continuing to build the ODDITY LABS molecule discovery platform, scaling teams and building processes.Delivering $78 million of net income and $110 million of adjusted EBITDA in the first six months of 2024.Generating $104 million of free cash f...