What’s New: In our first take on tonight’s results, we dig into: 1. 4Q beats big, 2025 guide raised, 1Q25 guidance mixed 2. Ad revenue outperforms in 4Q24, doubles in 2024, to double again in 2025 3. UCAN price increase finally arrives 4. More visibility on Games and Live Sports strategy 5. Margins, FCF and capital return all remain solid
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