• Q3 revenue fell 19% YoY, missing our estimate by 9% due to lower-than-expected ad sales. Despite lower revenue, EPS improved YoY, driven by higher gross margins, and lower G&A expenses. 
  • In Q3, major digital ad platforms experienced slower YoY spending growth relative to the first half of the year, primarily driven by economic uncertainty, and stricter data privacy laws. For instance, YouTube (NASDAQ: GOOGL) and  Meta (NASDAQ: META) saw their ad revenue growth slow to 12% and 19% YoY, respectively, down from 17% and 23% in H1.