Business
Direct Digital Holdings Reports Third Quarter 2023 Financial Results
Third Quarter 2023 Revenue Up 129% Year-Over-Year to $59.5 Million Company Raises Full-Year 2023 Revenue Guidance to $170 Million - $190 Million HOUSTON, Nov.
About this update from Direct Digital Holdings, Inc.
[{"type":"text","content":"Third Quarter 2023 Revenue Up 129% Year-Over-Year to $59.5 Million\nCompany Raises Full-Year 2023 Revenue Guidance to $170 Million - $190 Million\nHOUSTON, Nov. 9, 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 third quarter ended September 30, 2023.\nMark D. Walker, Chairman and Chief Executive Officer, commented, \"In recent quarters, we have made significant investments in our technology stack, advertising platform and operational structure. We initially expected to see the impact of these investments in 2024, however, we are pleased to report that these benefits have arrived much earlier in 2023. Our strong technology partnerships and our overarching business strategy have enabled us to meet a growing number of customers' demands and further the capabilities of our sell-side technology platform. On both the sell-side and the buy-side, increased spend from our buying partners has resulted in an associated increase in our impression count and organic growth profile with a direct positive impact on net income and adjusted EBITDA(1).\" \nKeith Smith, President, added, \"The growth seen in this quarter, as well as the past year, has been fueled by a combination of our strategic investments and partnerships, our differentiated approach to advertising solutions, as well as a set of market dynamics which have been highly beneficial to our position in the industry. We have capitalized on the shift in ad spend towards digital media on both the sell- and buy-side and will continue to grow our presence in the space through our recent partnerships and advancements of our technology stack. We remain committed to executing on the same growth and investment initiatives that led us to the strong third quarter results we are reporting today.\"\nThird Quarter 2023 Business Highlights \nFor the third quarter ended September 30, 2023, Direct Digital Holdings processed over 400 billion monthly impressions through its sell-side advertising segment, an increase of 220% over the same period of 2022.In addition, the Company's sell-side adver...