Tremor Video (NASDAQ:TRMR) shares plummeted more than 26% on Monday after the company reported its Q3 results, with EPS of $0.11 coming in worse than the Street estimate of $0.28. Revenue was $70.9 million, missing the Street estimate of $71.77 million.

Key highlights were the completion of the acquisition of Amobee, expanded investment in VIDAA and strong CTV spend. Taking a cautious approach to guidance, management lowered both the 2022 and 2023 guides though early evidence from September into Q4 indicates a stabilizing and possibly improving the environment.

Fiscal 2022 revenue/adjusted EBITDA guidance was lowered to $310 million/140 million, compared to the Street estimates of $328.4 million/$158 million.