reports
- Blair Levin
- Dan Salmon
TikTok/Google Litigation Expert Call Recap: Timelines, Remedies, and w...
Last week, we hosted an expert call about the latest proceedings in the U.S. TikTok ban litigation and Google’s ad tech antitrust case. We also reviewed where Google’s search case sits as the remedies phase gets underway and an appeal from Google is expected soon.
- Dan Salmon
Reddit (RDDT, Neutral, $59 target) Takeaways from Reddit’s Future of ...
Yesterday, RDDT hosted a webinar for advertisers focused on its advances in Search advertising on the platform, and particularly how Reddit plays an increasingly important role in the Search journey for Gen Z. In this brief note, we review the key takeaways and potential roadmap for RDDT’s search business the rest of this year.
- Dan Salmon
- Dan Salmon
Reddit (RDDT, Neutral, $54 target) Solid Results/Guidance, but Nothing...
What’s New: In this first take following tonight’s results, we touch on: 1. 2Q24 tops our estimates, with solid guidance for 3Q 2. DAUq growth exceeds our lofty expectations (again) 3. Strong ad growth, some caution from agencies for 2H, more on search potential 4. AMZN seems like most likely data licensor; is RDDT at loggerheads with MSFT? 5. Sports bring ad revenue near-term, developer and User Economy potential later 6. User and revenue growth get most attention, but margins were very impres...
- Dan Salmon
Reddit (RDDT, Neutral, target remains $54) Quick Thoughts Ahead of Tu...
Ahead of Tuesday PM’s earnings report, we review the setup for the stock, what to look and listen for in the shareholder letter and conference call, our top questions for management, potential positive & negative catalysts, and the top controversies and investment drivers, including
- Dan Salmon
Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base ca...
RDDT and OpenAI announced their long-awaited partnership (OpenAI CEO Sam Altman was an early investor in RDDT and owned 9% pre-IPO). We don't think the deal is a surprise to the buyside, and our model assumed OpenAI was added before the end of 3Q24.
- Dan Salmon
- Dan Salmon
Reddit (RDDT, Hold, $54 target) First Take: DAUq Growth & Margins Hig...
What’s New: In this first take following tonight’s results, we touch on: 1. 1Q24 tops our Street-high estimates, 2Q a little light vs NSR but above consensus. 2. DAUq growth exceeds even our lofty expectations. 3. Ad revenue likely decelerates slightly in 2Q, but roadmap remains robust. 4. No OpenAI data licensing deal announced, but more color on the emerging business roadmap. 5. While user and revenue growth get most attention, margins were very impressive.
- Dan Salmon
Reddit (RDDT, Hold, $54 Target) Quick Thoughts Ahead of Tuesday’s Pri...
Ahead of Tuesday PM’s earnings report, we review key controversies for RDDT, including: 1. How sustainable is accelerating DAUq growth? 2. Potential Open AI deal announcement, and a broader look at the data licensing landscape 3. New gen AI tools to help SMB advertiser growth, dynamic product ads launch too We also review what to listen for on the earnings call, our top questions for management, potential positive and negative catalysts for RDDT.
- Dan Salmon
- Dan Salmon
- Dan Salmon
AI + Ads Speaker Recap: RDDT, TTD, AMZN (+), GOOGL (-)
We hosted the latest edition of our AI + Ads Speaker Series yesterday and discussed the search advertising competitive landscape (TikTok, RDDT, chatbots, etc.), how generative AI ad tools are helping advertisers, the latest automated AI digital ad buying tools (PMax, Advantage+), and the impact third-party cookie deprecation in the Chrome browser.
- Dan Salmon
Reddit (RDDT, not rated) Top Takeaways from the Roadshow
We’ve reviewed RDDT's roadshow presentation and updated our model for added disclosure on long-term targets and stock-based compensation. In the report, we review the most popular question so far (sustainability of accelerated DAUq growth), the long-term adjusted EBITDA, adjusted cost of revenues and adjusted operating expense guidance targets and revisit our ARPU estimates in light management’s goal to be a leader on this metric.
- Dan Salmon
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