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Sep 30, 2023
Direct Digital Q3 2023 Earnings Report
Reported third quarter 2023 financial results with revenue up 129% year-over-year.
Key Takeaways
Direct Digital Holdings reported strong third quarter 2023 results, with revenue increasing by 129% year-over-year to $59.5 million. The company raised its full-year 2023 revenue guidance to $170 million - $190 million.
Revenue increased by 129% year-over-year reaching $59.5 million.
Investments in technology stack, advertising platform, and operational structure are yielding earlier than expected benefits.
Increased spend from buying partners has led to a rise in impression count and organic growth.
Company raised full-year 2023 revenue guidance to $170 million - $190 million.
Direct Digital
Direct Digital
Forward Guidance
The company is increasing its previously issued estimate as disclosed in its second quarter 2023 update and now expects fiscal year 2023 revenue guidance to $180 million at the midpoint, a 101% increase over full-year 2022 results, assuming the U.S. economy does not experience any major economic conditions that deteriorate or otherwise significantly reduce advertiser demand.
Positive Outlook
- Reflects belief in ability to execute on various growth strategies
- Demonstrates the strength of operating leverage
- Highlights the favorable market trends that are expected to continue for the remainder of this year
- Strategic investments and partnerships
- Differentiated approach to advertising solutions