Taboola scores Apple advertising deal, shares surge

(Reuters) - Taboola.com has secured a deal with tech giant Apple to integrate native advertising into the Apple News and Apple Stocks apps, the digital advertising company said on Tuesday, sending its shares up almost 11%.

The agreement strengthens Taboola's portfolio of reselling contracts with one of the world's most well-known brands and gives Apple an opportunity to expand its advertising business.

The New York-based company will manage native advertising across both platforms globally and has been authorized as an advertising reseller.

Native advertising involves crafting ads that blend with the platform where they are displayed.

Taboola will now be able to sell ads within the feeds and articles for select publishers across the apps, according to data available on Apple's developer website.

The deal was first reported by Axios.

Apple did not immediately respond to a Reuters request for comment.

While the iPhone maker does not disclose its advertising revenue separately, analytics firm eMarketer estimates Apple's ad revenues could total $10.34 billion in 2024.

Needham analysts noted last week that Apple stands to benefit from expanding its advertising business, which can help drive margin improvements without raising device prices.

In June 2022, Apple had expanded an exclusive advertising reseller arrangement in the U.S. with Comcast's NBCUniversal media unit to the UK for an undisclosed duration.

(Reporting by Arsheeya Bajwa and Harshita Mary Varghese in Bengaluru; Editing by Tasim Zahid)

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