All Reports

When the company gave guidance for Q1 in the last earnings report it was seen as soft but it’s paying off now. Platform+ better than expected with Device results light. Deceleration in advertising revenue growth…

We are updating our model to reflect Q1 results and the guidance for Q2. We are trimming our price target to $62.50 and maintain Neutral rating. Q2 FY23: We expect Platform revenue of $666m and…

We are updating our model ahead of Q1 report. Our revised12 month price target of 440 is based on 16x EV/FY25 Adjusted Ebitda; we maintain Neutral rating. Our estimates for Q1 FY23 are: 9,053 digital-only…

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…

We see shopper marketing as the next major growth driver for TTD. Our analysis shows that the company’s partnership with WMT launched in Q1 FY22 is already contributing to gross billings and will increase in…

We believe that the company’s decision to shift the focus to reporting installs growth and revenue per install growth and away from metrics that are more complex and less applicable to revenue modeling is a…

Our analysis shows that The Roku Channel’s importance in driving video advertising revenue growth will only increase with time as ROKU’s access to third party inventory sources becomes more limited. We also believe that this…

As macro headwinds built throughout last year programmatic connected TV growth rates remained constant in Q3 and Q4 while pressure on the rest of the connected TV advertising spending kept increasing. As a result, connected…

We believe that Q4 results and the guidance for Q1 and full FY23, in line with expectations (equals a raise in this environment for ad tech names), once again highlight the fact that DV offers…

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…

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…

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…

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…

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…

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…