Business
Direct Digital Holdings Reports Second Quarter 2023 Financial Results
Second Quarter 2023 Revenue Up 67% Year-Over-Year to $35.4 Million Company Raises Full-Year 2023 Revenue Guidance HOUSTON, Aug. 10, 2023 /PRNewswire/ --
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"Second Quarter 2023 Revenue Up 67% Year-Over-Year to $35.4 Million\nCompany Raises Full-Year 2023 Revenue Guidance\nHOUSTON, Aug. 10, 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 second quarter ended June 30, 2023.\nMark D. Walker, Chairman and Chief Executive Officer, commented, \"We are thrilled to report substantial growth this quarter in both our buy- and sell-side businesses. We continue to see a shift in media spend from traditional to digital as well as an increase in media spend targeted at the middle market. The results of our second quarter begin to demonstrate the fruits of our previous strategic investments across our platform and we will continue executing on our growth strategies in the back half of the year.\"\nKeith Smith, President, added, \"We find the current market dynamics to be greatly favorable for Direct Digital Holdings as we continue to see strong demand for our advertising solutions within the numerous industries in which we operate. Our unique, differentiated approach to both the buy- and sell-side verticals within our business continue to separate Direct Digital Holdings from the rest and we greatly look forward to growing all aspects of our business through the rest of 2023 and beyond.\" \nSecond Quarter 2023 Business Highlights \nFor the second quarter ended June 30, 2023, Direct Digital Holdings processed approximately 300 billion monthly impressions through its sell-side advertising segment, an increase of 205% over the same period of 2022.In addition, the Company's sell-side advertising platforms received over 11.2 billion bid responses in the second quarter of 2023, an increase of over 70% over the same period in 2022, through 119,000 advertisers for the quarter, which equates to a 34% increase over the same period in 2022.The Company's buy-side advertising segment served approximately 227 customers in the second quarter of 2023, a decrease of 7% compared to the same period of 2022. However, revenue per customer of $52,000 in the second quarter of 2023 increased 36% compared to the s...