All Reports

We think the better-than-expected results and Q4 guidance are the first step in the right direction that LFTO could have used last quarter. In addition to LFTO’s performance in Q3, APP’s and U’s results provided…

So, revenue didn’t decline 12% Y/Y in Q3 as the guidance suggested. In Q/Q terms, the top line was up 3%. We think political spend must have helped. The Q4 guide also implies sequential growth…

An extremely strong quarter and guidance for Q4, all driven by Unity Vector; we estimate the guidance implies 23% Q/Q growth. We think this should be the quarter which helps U move the incremental long-only…

Q3 results and the guidance for Q4 are both ahead of expectations. The results, in our view, support our argument that MGNI is in a better position than it has been in a while. Connected…

We think that an argument can be made that, at this point, MGNI stock is the best overall position it has been in in a while. First, the business is on a solid footing with…

We think the combination of recent industry news, ROKU’s latest quarterly report, and the projections ROKU’s management provided to FOXA (disclosed in the S-4) warrants an update on the longer-term outlook for the business. Overall,…

In this note, we argue that the U stock will not remain in the low $40 range for a long time. We believe that the story has evolved to a degree where incremental buyers should…

We think LFTO shares are likely to remain range-bound for some time, for two reasons. First, the optics of the company’s first guidance as a public company were not ideal. Second, APP’s Q2 results and…

We are updating our estimates following Q1 FY26. For Q3 FY26, we expect Connected TV revenue of $99m, Desktop revenue of $27m and Mobile revenue of $64m. We expect total revenue of $190m, Adjusted Ebitda…

We are updating our model to reflect Q1 results and the most recent guidance. Our estimates are: Q3 FY26: We expect revenue of $2,078m and Adjusted Ebitda of $1,725m. We expect GAAP diluted EPS of…

We are downgrading TTD shares to Neutral for obvious reasons. Net-net, it looks like navigating the next phase of growth amid a major shift in the advertising industry is proving more difficult than it appeared…

The Q2 results and the Q3 guide were probably surprising even to the most committed TTD bears. We speculate that the impact of the dispute with Publicis was greater than anticipated and will last longer…

A very strong quarter, especially after APP’s results last night. Assuming non-Unity Vector revenue was $60m in Q2, Unity Vector grew 23% Q/Q, which also implies the guide, on the high end, for Unity Vector…

We are updating our model following Q2 FY26 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q3 FY26: Average Daily Uniques (DAUq) of 133m; $824m in…

Financial metrics look very strong again, but there is somewhat cautious language in the Shareholder Letter about “choppy” search referrals and traffic getting “more volatile” at the end of the quarter. This combination suggests Q2…