Last week we released Method Media Intelligence’s report on Criteo. Today, Gotham City Research is releasing its first report on Criteo, explaining why we believe that ad fraud is a material problem for Criteo, and that the MMI observations are not isolated examples.

Specifically:

• Over 50% of websites using Criteo are of suspect quality

• Criteo is worse than its peers based on our study of its websites

• Clients can cut 50%+ spending on Criteo without hurting sales

• Criteo peer: 54.8% of Criteo’s clicks have no attributable source

• Industry estimates for fraudulent traffic: between 20% to 43%+

• Criteo is targeting less sophisticated clients & ARPU is declining

• Criteo has not disputed any of our or MMI’s specific claims

• What is a suspect website: our assumptions and methodology