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February 22, 2024

Updating estimates following Q4 FY23 report

By Vasily Karasyov

We are updating our estimates following Q4 report. Our rating and price target remain unchanged. Q1 FY24: We expect Platform revenue of $722m and gross profit of $376m, Devices revenue of $129m and gross profit of…

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February 19, 2024

Back to smoother sailing

By Vasily Karasyov

We think that the main takeaway from TTD’s Q4 results is that the October air pocket was an isolated event with no impact on the growth in FY24. We expect bears’ arguments now to center…

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February 19, 2024

The closer you look, the better it is

By Vasily Karasyov

Bulls and bears are asking the same question: how sustainable is the revenue growth in the Software Platform segment? We argued before that it is more durable than it may look and Q4 report delivered…

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February 15, 2024

FIRST LOOK

By Vasily Karasyov

The beat is not as big as the Street got used to although the guide is a little more optimistic than in recent quarters… It would be helpful to hear on the call if video…

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