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April 26, 2023
A beat across the board and revenue guide in line with the consensus unlike what we saw in previous quarters. A couple of things stand out. First, assuming Device revenue seasonality in line with last…
March 1, 2023
Q4 results ahead of expectations, guidance for Q1 and full FY23 (!) in line with the consensus but light compared to our Street-high forecast. Although not the usual beat-and-raise, we think the stock should get…
March 1, 2023
We are updating our estimates to reflect Q4 FY22 results. Our Neutral rating and price target of $9 remain unchanged. Q1 FY23: Smart TV shipments of 1.1m, Device segment revenue of $235m and gross profit…
February 28, 2023
Q4 results in the all important Platform+ segment are below expectations so is the guidance for Q1. One possible explanation for the soft guide is that VZIO is switching to the strategy ROKU deployed in…
February 27, 2023
We are updating our model to reflect Q4 results and the guidance for Q1. For Q1 FY23, we expect Connected TV revenue of $44m, Desktop revenue of $27m and Mobile revenue of $40m. We expect…
February 17, 2023
We are updating our model to reflect Q4 results and the guidance for Q1. We are raising our price target to $79 to reflect recent EV/Gross Profit recovery. Our updated estimates are: Q1 FY23: We expect…
February 15, 2023
As expected, a replay of Q3 with a strong beat and cautions/conservative guidance and commentary on Q1 revenue trends. The shareholder letter calls out an improvement is some advertising verticals so far this year while…
February 15, 2023
Q4 revenue are softish by TTD standards but guidance for Q4 revenue is much better than we expected and ahead of the consensus. Most likely explanation, in our view, is strength in connected TV as…
February 8, 2023
We see the results, guidance for Q1 and the commentary (no further deterioration in the mobile app market) in the letter to shareholders as positive for the stock. We believe that for a new bull…
February 8, 2023
Q4 Adjusted Oibda slightly ahead, guidance for Q1 in line when adjusted for the timing of the event in Saudi Arabia, guidance for the full FY23 better than our model by 3% at mid point….
February 8, 2023
Financial metrics came in better than expected across the board, but total digital-only subs were below our expectations. We see the results as solid. Bears were most probably looking for a miss in digital advertising…