• Q3 revenue was up 25% YoY (Q2 – up 15% YoY), but 5% below our estimate due to weaker global ad spending, amid a softening global economy, and a stronger US$. Most ad-based tech companies reported pullbacks in ad spending. For example, YouTube’s (NASDAQ: GOOGL) ad revenue was down 2% YoY in Q3. Meta’s (NASDAQ: META) ad revenue was down 4% YoY.
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