All Reports

We believe that we may see a shift in advertising revenue growth drivers in the second half of FY25 from what we saw in Q2. We think Dynamic Product Ads (DPA) can start contributing to…

This year, bears cite the news of AMZN DSP push and its reportedly “aggressive pricing” as evidence that take rate compression, which they have long predicted, will occur. In this note we show that (i)…

In this note we take a closer look at a potential driver of Platform revenue growth that currently seems overshadowed by ROKU’s integration with DSPs. We believe that video advertising on the home screen, now…

We are updating our model to reflect Q2 results. We are raising our price target to $38 to reflect the recent valuation multiple expansion, our rating remains unchanged. We now expect the following results: Q3…

We are updating our model to reflect Q1 results and the sale of the Apps business. Our updated estimates are: Q3 FY25: We expect total company revenue of $1,335m and Adjusted Ebitda of $1,081m. We…

We are updating our estimates following Q2 report. We are lowering our price target to $70 to reflect the current EV/Adjusted Ebitda multiple. We are now modeling Q3 revenue of $717m, Adjusted Ebitda of $277m…

A challenging combination of high expectations at the end of the earnings season and the new CFO announcement. Looks like bulls will have to wait for Q3 results to see their case play out. We…

We are updating our estimates following Q2 FY25 report and raising our price target to $27. For Q3 FY25, we expect Connected TV revenue of $73m, Desktop revenue of $26m and Mobile revenue of $64m….

Our Q3 FY25 estimates are: 12,145K digital-only subs at quarter end Digital-only subscription revenue of $364m Total subscription revenue of $489m Total advertising revenue of $123m Total revenue to $686m Adjusted Operating Profit of $118m…

We are updating our estimates to reflect Q2 results and the latest guidance for FY25. We now expect the following results: FY25: We are modeling $248m in Measurement revenue, $435m in Activation and $71m in Supply-side…

It appears that Unity Vector’s first-quarter performance led to slightly better-than-expected revenue growth in Q2, with guidance for Q3 growth a couple of percentage points ahead of our model. The press release discloses that Unity…

DV beat the updated guidance for Q2 provided in June and raised the full-year revenue growth outlook to 15% from 13%. We see the print as another important step in the direction of restoring the…

We are updating our estimates following Q2 FY25 report. Our rating and price target remain unchanged. Q3 FY25 We expect Platform revenue of $1,055m and gross profit of $538m, Devices revenue of $150m and gross profit…

We are updating our model following Q2 FY25 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q3 FY25: Average Daily Uniques (DAUq) of $114m; $504m in advertising…

Q2 results and the guide look in line with bulls’ expectations going into the print. Video advertising revenue came in better than the company’s expectations which should give the Street more conviction in estimates going…