All Reports

We are updating our model ahead of Q4 report, our revised forecast is as follows: For Q4 FY23, we expect Connected TV revenue of $62m, Desktop revenue of $30m and Mobile revenue of $69m. We…

We are introducing Q1 FY24 estimates. Our rating and price target remain unchanged. Q1 FY24: We are modeling $48m in Measurement revenue, $84m in activation and $12m in Supply-side revenue. Our Adjusted Ebitda forecast is $39m…

Our analysis of the key metrics trajectory in Q3, the first full quarter of AXON 2, gives us incremental conviction in sustainability of Software Platform revenue growth. As we show below, Q/Q progression of installs…

In this note we show that, based on what we see as fairly conservative assumptions, shopper marketing should become a legitimate contributor to growth next year. We estimate it will account for 8.6% of total…

We are upgrading ROKU shares to buy from Neutral as we now believe that room for upside to FY24 consensus forecast is enough to allow for more meaningful upward estimates revisions than we have seen…

We are updating our model to reflect Q3 results and the guidance for Q4. Q4 FY23: Smart TV shipments of 1.4m, Device segment revenue of $333m and gross profit of ($7m), Platform+ revenue of $166m, gross…

We are updating our estimates following Q3 report. Our Buy rating and price target of $44 remain unchanged. Our latest estimates are: Q4 FY23: We are modeling $61m in Measurement revenue, $99m in activation and…

We have seen the TTD story go through rough periods before and all of them proved to be relatively short lived. The most recent industry-wide brand advertising spending softness which impacted TTD revenue growth occurred…

A very unusual weak guide for revenue of “at least $580m” in Q4 which is 5% below the consensus. We will be looking for a detailed explanation on the call for this black swan-level event….

In our view, there are two main takeaways form Q3 results. First, there is little doubt that Q4 guidance is beatable. Second, the main question is by how much and what does it mean for…

The Software Platform delivered a blowout quarter, the guide seems to imply further acceleration in Y/Y revenue growth to >80% in Q4. This is the first full quarter of AXON 2 and the segment added…

We think that Q3 results and the guidance for Q4 illustrate well our thesis that neither bull nor bear case is likely to emerge as long as the current operating trends continue. On the positive…

Digital-only subs generally in-line with what we modeled, digital advertising revenue on the high end of the guidance and operating costs as expected. Digital-only ARPU up Q/Q 1.4% which what bulls want to see. Guidance…

We are updating our model to reflect Q3 results and Q4 guidance. We are adjusting our price target to $88 and Maintain Neutral rating. Our revised forecast is: Q4 FY23: We expect Platform revenue of $807m…

A beat was expected, Adjusted Ebitda guide for Q4 is probably the biggest surprise. A couple of things stand out in the Letter to Shareholders, in our view. The language about advertising trends is getting…