All Reports

Q4 revenue are softish by TTD standards but guidance for Q4 revenue is much better than we expected and ahead of the consensus. Most likely explanation, in our view, is strength in connected TV as…

Going into Q4 earnings we argued that If the report confirms that the management’s comments on Q3 were correct and there is no further deterioration in Software Platform top line trends, a new bull case,…

We see the results, guidance for Q1 and the commentary (no further deterioration in the mobile app market) in the letter to shareholders as positive for the stock. We believe that for a new bull…

This would have been a usual RAMP quarter with in line results followed by in line guidance for the next quarter if not for the cautious commentary on the likely revenue trajectory in FY24. In…

Q4 Adjusted Oibda slightly ahead, guidance for Q1 in line when adjusted for the timing of the event in Saudi Arabia, guidance for the full FY23 better than our model by 3% at mid point….

Cannonball Research is hosting an in-person Group Meeting with New York Times (NYT) on Wednesday, February 22nd in New York. Participating Management: Meredith Kopit Levien – President & CEO, Roland Caputo – EVP & CFO,…

Financial metrics came in better than expected across the board, but total digital-only subs were below our expectations. We see the results as solid. Bears were most probably looking for a miss in digital advertising…

We expect Q4 report to be similar to what we saw in Q3. In our view, ROKU is likely to post Platform revenue and gross profit in line or slightly ahead of expectations and will…

We believe the current consensus expectations for Q1 revenue may prove to be too optimistic. As we explain below, our reading of the signals from the company and the industry since the Q3 report suggest…

Cannonball Research is hosting a Virtual Non-Deal Roadshow with Magnite Inc. (MGNI) on Thursday, February 23rd Participating Management: Michael Barrett – President & CEO, David Day – CFO,  Nick Kormeluk – SVP, IR & Global…

We continue to believe that the complexity of the business model is a hurdle the APP story needs to clear for the stock to work in the long run. That said, the Street was willing…

Cannonball Research is hosting an in-person Group Meeting with New York Times (NYT) on Wednesday, February 22nd in New York. Participating Management: Meredith Kopit Levien – President & CEO, Roland Caputo – EVP & CFO,…

We would like to highlight a potential slowdown in M&E revenue growth as another variable worth watching. The drivers include shrinking room for monetization gains, a deceleration in SmartCast hours growth and spending rationalization at…

We think that for the the bull case to play out and WWE to get sold, the TV rights renegotiations will have to be completed first. Their outcome will determine the timing of the announcement…

Based on our recent conversation with industry sources we believe that digital advertising trends played out in Q4 generally in line with what the companies in our coverage universe expected when they reported Q3: no…