Business
Direct Digital Holdings Reports First Quarter 2023 Financial Results
First Quarter 2023 Revenue Up 87% Year-Over-Year to $21.2 Million HOUSTON, May 11, 2023 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) ("Direct
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"First Quarter 2023 Revenue Up 87% Year-Over-Year to $21.2 Million\nHOUSTON, May 11, 2023 /PRNewswire/ -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) (\"Direct Digital Holdings\" or the \"Company\"), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC (\"Colossus SSP\"), Huddled Masses LLC (\"Huddled Masses\") and Orange142, LLC (\"Orange142\"), today announced financial results for the first quarter ended March 31, 2023.\nMark Walker, Chairman and Chief Executive Officer, commented, \"We are proud to report that our first quarter of fiscal 2023, a typically and seasonally slower quarter in advertising, saw strong topline growth across both our sell- and buy-side businesses. Although we saw some one-time expenses this quarter, driven by unusual events as well as higher expenses year-over-over associated with being a new public company, we believe that we are well positioned going into the remainder of 2023 and look forward to continuing to provide our growing number of clients with the successful digital advertising solutions that have become synonymous with Direct Digital Holdings.\"\nKeith Smith, President, added, \"As evidenced by our performance this quarter, we have seen increasing numbers of dollars being spent in the middle market by the multicultural audiences that we work with, as well as an increase in steady demand for our industry-leading solutions in both the niche and broad markets we operate within. Looking ahead, we remain confident in the state of the industry and are eager to continue executing on our operational playbook for 2023 and beyond.\"\nFirst Quarter 2023 Business Highlights \nFor the first quarter ended March 31, 2023, Direct Digital Holdings processed approximately 207 billion monthly impressions through its sell-side advertising segment, an increase of 130% over the same period of 2022. In addition, the Company's sell-side advertising platforms received over six billion bid responses in the first quarter of 2023, an increase of over 81% over the same period in 2022, through 153,000 advertisers for the quarter, which equates to a 121% increase over the same period in 2022. The Company's buy-side advertising segment served approximately 231 customers in the first quarter of 2023, an increase of 3% compared to the same period of 2022.First Quarter...