Historically, these kinds of budgeting decisions have been done with spreadsheets in a highly manual and potentially error-prone approach. Marin is able to provide marketers with a powerful UI to automate these budgeting decisions while providing flexible budgeting controls and the ability to use a range of bidding approaches, including support for Google’s smart bidding. Ascent supports a range of publishers and channels and just this quarter, we debuted enhanced support for LinkedIn, TikTok, Apple Search Ads and Tabula to include Marin’s proprietary forecast and budget models and simulations. I am pleased to report that initial customer results with Marin Ascend are encouraging for both financial lift and time savings. And we are looking forward to sharing more customer-specific case studies in testimonials in the coming months, as we continue to add to Ascend functionality.
Ascend already has played a role in various customer renewals as well as new business wins. Both Connect and Ascend are able to interoperate with other marketing software offerings allowing brands and agencies to use what they believe is the best approach to maximize their results. We also deepened our CRM integrations by adding HubSpot enabling our customers to optimize against the entire customer journey, including downstream and offline conversions. We also seek to complement the publisher tools by enabling management at scale for large paid media programs, driving time savings and financial lift. For search publishers this past quarter were an Marin improve search ad preview to provide MarinOne and external users with transparent visual previews, including ad copy, logos and extensions.
Marin added to our Google Performance MAX support by adding asset group reporting and automated status changes based on preset criteria. Marketers can better manage volume across the portfolio of Google accounts and other publishers with consolidated automation. Marin also now enables import of Google labels into Marin to allow new customers to quickly adopt Marin dimensions, adding a hierarchy to Google labels. As we have discussed on past calls, our activities to support brands and their agencies take place against an active backdrop of governmental antitrust investigation of the businesses of leading publishers in the digital advertising market at the Federal and state levels as well as in the EU. There also is the potential of Federal legislation to regulate the conduct of the leading publishers that could benefit Marin’s role as an independent ad management platform.
Marin enjoys coopetition relationships with the leading publishers, and we do not expect significant changes in these relationships in the near term. I continue to believe that Marin has a tremendous opportunity ahead. We’re seeing very early, but encouraging signs that our efforts are resonating more with customers and prospects. Marine can benefit as consumer spend increasing time online and ad dollars follow them creating more need for brands to measure, manage and optimize these investments to acquire customers and drive revenue outcomes. With the combined online advertising share of Google and Meta below 50% and the growing fragmentation of digital advertising, we are seeing increasing interest in brands taking a cross-channel approach to their digital advertising investments, leveraging Marin’s cross-channel reporting, management at scale and budget optimization.
Marin with our MarinOne platform and our team of digital advertising experts is well positioned to support leading brands and their agencies in these efforts. And now Bob will review our third quarter financial results. and our outlook for the fourth quarter of 2023.
Robert Bertz: Thank you, Chris. I’ll provide an overview of our third quarter results and then share our forecast for the fourth quarter of 2023. I’ll begin with a review of our income statement. For the third quarter of 2023, Marin generated $4.4 million in revenue at the top end of our guidance. The third quarter revenue was down approximately 11% and compared to total revenue for the third quarter of 2022. The decrease in revenue year-over-year is primarily attributable to the fact that existing customer churn outpaced new bookings. Our geographic split for revenue was approximately 80% U.S. and 20% international for the third quarter of 2023. Moving on to our operating results. As a reminder, our financial statements and a reconciliation of our GAAP to non-GAAP financial measures can be found in our earnings release issued earlier today.
