DoubleVerify reported higher third-quarter earnings and indicated that the economic headwinds facing the industry won't slow it down in the remainder of the year.

Net income rose 30% to $10.3 million, or 6 cents a share, up from $7.9 million, or 5 cents a share, a year ago.

Revenues rose 35% to $112.3 million.

The company raised the midpoint of full year guidance for total revenue growth to 36%, or between $450 million and $454 million and said it expects to achieve adjusted EBITDA margins of 31%.

"We delivered another strong quarter and outstanding year-to-date performance fueled by continued momentum in programmatic activation and social and CTV measurement," said CEO Mark Zagorski.

"Our revenue growth of 35% in the third quarter and 40% year-to-date has significantly outpaced that of the broader digital advertising industry as we continue to win new customers and gain market share across geographies and platforms," Zagorski said. "Additionally, we continue to expand product coverage across premium CTV environments such as Netflix and pre-eminent social media platforms such as TikTok, LinkedIn and Twitter."

Also: DoubleVerify CEO Sees Netflix Growing CTV Advertising By 50%

Analyst Matthew Swanson of RBC Capital Markets rated DoubleVerify stock as "outperform," based on what he called a "standout" quarter in the face of a deteriorating macro economy and TV ad market.

Swanson was also impressed that DoubleVerify raised its full-year guidance, making it unique among ad-tech companies.

"DV's results again pointed to the differentiation of its model, volume-based pricing and platform approach," Swanson said. "Looking out to 2023, we feel additional product cross-sell could accelerate if the macro improves, but on the secular growth driver front, we look for a benefit to CTV from new AVOD inventory, especially Netflix in the 2H, as well as social growth in TikTok and Meta opening up its news feed." ■

Verizon in its third quarter earnings report touted its best quarter for wireline broadband growth since Q4 of 2014, adding 144,000 subscribers across its residential and business high-speed internet services. 

The 139,000 residential HSI adds also represented a stark improvement over the 30,000 Fios internet additions reported int he third quarter of 2019.=

The company attributed the growth to the generally strong stay-at-home demands of consumers during the pandemic. Unlike its competitors in the cable industry, Verizon largely curtailed its techs in the second quarter, and added only 10,000 wireline broadband users during that period. 

Verizon continues to shed Fios TV subscribers, losing another 61,000 during Q3. It has just over 4 million linear pay TV customers left. 

The video losses represented an improvement over the 83,000 TV customers shed in the second quarter. 

Video losses “improved slightly as live sports content has picked up, but core cutting remains the key driver of video disconnections,” Verizon CFO Matthew Ellis told investors Wednesday. 

Overall, Verizon reported third-quarter revenue of $31.5 billion, short of estimates of $31.6 billion. 

Netflix said it added 3.57 million subscribers worldwide in the third quarter, including an additional 37,000 in the U.S.

The net additions were bigger than expected worldwide, but less than forecast in the U.S. by Wall Street.

For the fourth quarter, Netflix is forecasting gains of 5.2 million subscribers worldwide including 1.45 million adds in the U.S. That would be a smaller increase than a year ago, though significantly larger than the third-quarter gain.

From a financial perspective, net income rose to $52 million, or 12 cents a share, from $29 million or 7 cents a share a year ago, exceeding analysts’ forecasts.

Revenue was $2.2 billion, up from $1.6 billion a year ago, topping the $2 billion mark for the first time.

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