Company Notes

We believe that the company’s decision to shift the focus to reporting installs growth and revenue per install growth and away from metrics that are more complex and less applicable to revenue modeling is a…

Our analysis shows that The Roku Channel’s importance in driving video advertising revenue growth will only increase with time as ROKU’s access to third party inventory sources becomes more limited. We also believe that this…

We believe that Q4 results and the guidance for Q1 and full FY23, in line with expectations (equals a raise in this environment for ad tech names), once again highlight the fact that DV offers…

Q1 guidance once again shows that (i) TTD is operating and gaining share in the pocket of the connected TV market that has decoupled from the direct sold ad spend some time ago and continues…

Going into Q4 earnings we argued that If the report confirms that the management’s comments on Q3 were correct and there is no further deterioration in Software Platform top line trends, a new bull case,…

This would have been a usual RAMP quarter with in line results followed by in line guidance for the next quarter if not for the cautious commentary on the likely revenue trajectory in FY24. In…

Cannonball Research is hosting an in-person Group Meeting with New York Times (NYT) on Wednesday, February 22nd in New York. Participating Management: Meredith Kopit Levien – President & CEO, Roland Caputo – EVP & CFO,…

We expect Q4 report to be similar to what we saw in Q3. In our view, ROKU is likely to post Platform revenue and gross profit in line or slightly ahead of expectations and will…

We believe the current consensus expectations for Q1 revenue may prove to be too optimistic. As we explain below, our reading of the signals from the company and the industry since the Q3 report suggest…

Cannonball Research is hosting a Virtual Non-Deal Roadshow with Magnite Inc. (MGNI) on Thursday, February 23rd Participating Management: Michael Barrett – President & CEO, David Day – CFO,  Nick Kormeluk – SVP, IR & Global…

We continue to believe that the complexity of the business model is a hurdle the APP story needs to clear for the stock to work in the long run. That said, the Street was willing…

Cannonball Research is hosting an in-person Group Meeting with New York Times (NYT) on Wednesday, February 22nd in New York. Participating Management: Meredith Kopit Levien – President & CEO, Roland Caputo – EVP & CFO,…

We would like to highlight a potential slowdown in M&E revenue growth as another variable worth watching. The drivers include shrinking room for monetization gains, a deceleration in SmartCast hours growth and spending rationalization at…

We think that for the the bull case to play out and WWE to get sold, the TV rights renegotiations will have to be completed first. Their outcome will determine the timing of the announcement…

Based on our recent conversation with industry sources we believe that digital advertising trends played out in Q4 generally in line with what the companies in our coverage universe expected when they reported Q3: no…