TMTB: TTD PINS ANET First takes

TTD -7%: Looks worse with Q3 above but magnitude of beat smaller than previous quarters for Revs and EBITDA and guide raised less than beat

Q3 Revs beat by 1.5%, slightly below average while EBITDA had its smallest eat in 4 years (1.8% vs average ~10%+).

The Q4 guide is above the street but less than what they beat by.

Given the large run up in stock and expectations and fears of political spend slowing down in Q4, not surprising to see this one giving back some its gains in the post (although stock was +6% so basically back to where it was yesterday). Mgmt usually sounds confident on the call so will be interesting to see how they explain lower magnitude beat/guide

Q4 Guidance:

Revs at least $756M vs street at $752
EBITDA $363M vs $362M

TTD RESULTS: Q3
- ADJ EPS $0.41 vs. $0.33 y/y, EST $0.39
- Revenue $628M, +27% y/y, EST $620.1M
- ADJ EBITDA $257M, +29% y/y, EST $252.6M
- Total operating expenses $519.5M, +14% y/y, EST $519.9M

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PINS -14% as Rev beat lower than bogeys and Q4 guided below street

Expectations were low heading in but this is looking worse than expected and the guide implies revs of 16% y/y (ppts decel) on a 1ppt tougher comp — the comp gets 11 ppts harder in Q1 so will be tough for bulls to believe they can get anywhere near 20% growth next year