Business
Direct Digital Holdings Reports Third Quarter 2022 Financial Results
Third Quarter 2022 Revenue Up 211% Year-Over-Year to $26.0 Million Third Quarter Net Income Up Year-Over-Year to $0.8 Million, or $0.06 per Share Company
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"Third Quarter 2022 Revenue Up 211% Year-Over-Year to $26.0 Million\nThird Quarter Net Income Up Year-Over-Year to $0.8 Million, or $0.06 per Share\nCompany Raises Revenue Guidance to $85 Million-$90 Million for Full-Year 2022 \nHOUSTON, Nov. 10, 2022 /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 third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nMark Walker, Chairman and Chief Executive Officer of Direct Digital Holdings, commented, \"We are pleased to report strong revenue and EBITDA for the third quarter of 2022, demonstrating strong growth across both our sell- and buy-side business segments and continued expansion of our portfolio and client reach.\"\nKeith Smith, President of Direct Digital Holdings, added, \"Our team has effectively responded to the recent uncertainty and volatility in the market, capitalizing on brands and businesses moving dollars from less efficient traditional advertising outlets towards digital media. We believe that Direct Digital Holdings is well-positioned to continue its record of strong growth and market expansion or the remainder of the year and, as such, we are thrilled to announce we will be raising revenue guidance for full-year 2022.\"\nThird Quarter 2022 Financial Highlights:\nRevenue increased to $26.0 million in the third quarter of 2022, an increase of $17.6 million, or up 211% over the $8.4 million in the same period of 2021.Sell-side advertising segment, consisting of the Colossus SSP business, grew to $18.9 million and contributed $16.5 million of the increase, or up 710% over the $2.3 million in the same period of 2021.Buy-side advertising segment, consisting of the Huddled Masses and Orange142 businesses, grew to $7.1 million and contributed $1.1 million of the increase, or up 18% over the $6.0 million in the same period of 2021.Operating income increased $1.3 million, up 225%, to $1.8 million for the third quarter of 2022, compared to income of $0.6 million in the same period of 2021. Increased costs resulting from headcount additions, higher commission and bonu...