All Reports

Both segments’ results ahead of expectations, Q1 FY24 guidance is also better than the consensus expectations. A couple of things to point out: (i) The Shareholder Letter mentions Y/Y growth in the mobile app advertising…

We are introducing Q1 FY24 estimates ahead of the company’s Q4 report. Our full FY24 forecast, rating and price target remain unchanged. Q1 FY24: We expect Platform revenue of $700m and gross profit of $364m, Player…

We believe that for the stock to work from here RAMP will have to show a sustained acceleration in organic revenue growth as well as the benefits of the acquisition of Habu. The company has…

We think that Q4 FY23 was the first quarter since NYT embarked on the business model transformation to digital when the news cycle proved to be a negative and instead of just helping drive digital…

The quarter looks on the weaker side. Digital advertising revenue decline was a little below the low end of the guidance. Digital-only ARPU growth decelerated 90bps v. Q3 which is likely disappointing for the bulls….

In this note we argue that the bear case centered around the negative impact the introduction of Prime Video advertising will have on TTD’s revenue growth trajectory is based on what we see as low…

With the strikes in Hollywood over, M&E may prove to be a driver of variance versus expectations in FY24. Both, bulls and bears have been wrong about the trajectory of this volatile revenue stream in…

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…