Core Insights - Four high-profile tech stocks have experienced significant declines between 23% and 37% in 2026, while the Nasdaq 100 remains nearly flat, indicating a potential disconnect between market performance and analyst expectations [1][16] - The stocks in question are The Trade Desk, Oracle, ServiceNow, and AppLovin, all of which have strong fundamentals and aggressive analyst price targets despite their recent selloffs [2] The Trade Desk - The Trade Desk's stock has dropped 37% year-to-date, currently trading at $23.95, with an analyst consensus price target of $36.73, suggesting an upside of over 53% [3][16] - The decline lacks an obvious earnings catalyst, as Q4 2025 revenue was $847 million, up 14% year-over-year, and operating income grew 11% to $157 million [4] - The stock is 67% below its level from one year ago, with a bullish analyst sentiment where 20 out of 38 analysts rate it Buy or Strong Buy [5] Oracle - Oracle's stock has decreased by 23% year-to-date, currently priced at $150.31, with a consensus target of $269.94, indicating an upside of approximately 80% [6][16] - The stock has fallen over 56% from its 52-week high of $345.72, trading below its 50-day and 200-day moving averages [7] - Oracle's cloud infrastructure growth is a key driver, with quarterly earnings growth of 91% year-over-year and a 32% operating margin, although concerns about debt and financing have emerged [8][9] ServiceNow - ServiceNow's stock has dropped 29% year-to-date, currently at $109.30, with an analyst consensus target of $190.50, implying an upside of roughly 74% [10][16] - The company reported Q3 2025 revenue of $3.41 billion, up 22% year-over-year, and raised its full-year guidance, indicating strong financial performance [11] - The stock is 42% below its level from one year ago, with a focus on its AI platform and strategic partnerships, although it trades at a trailing P/E of 64x [12] AppLovin - AppLovin's stock has fallen 34% year-to-date, currently priced at $444.93, with a consensus target of $661.59, suggesting an upside of about 49% [13][16] - The company reported exceptional Q4 2025 results, with revenue of $1.66 billion, up 66% year-over-year, and net income of $1.10 billion, up 84% [14] - Despite strong fundamentals, the stock's decline appears driven by valuation concerns and broader market sentiment, with a beta of 2.49 indicating high volatility [15] Summary of Performance Across All Four Stocks - The Trade Desk: Current Price $23.95, Analyst Target $36.73, Implied Upside ~53%, YTD Performance -37%, Analyst Buy % 53% [16] - Oracle: Current Price $150.31, Analyst Target $269.94, Implied Upside ~80%, YTD Performance -23%, Analyst Buy % 73% [16] - ServiceNow: Current Price $109.30, Analyst Target $190.50, Implied Upside ~74%, YTD Performance -29%, Analyst Buy % 91% [16] - AppLovin: Current Price $444.93, Analyst Target $661.59, Implied Upside ~49%, YTD Performance -34%, Analyst Buy % 86% [16]

PubMatic (NasdaqGM:PUBM) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsElle Niebuhr - Equity Research AssociateMatt Swanson - Director, Equity ResearchRajeev Goel - Co-Founder and CEOStacy Clements - Director of Investor RelationsSteve Pantelick - CFOConference Call ParticipantsBarton Crockett - Managing Director and Senior Research AnalystJames Heaney - Equity Research AnalystMatt Condon - AnalystRob Culbreth - AnalystShweta Khajuria - Managing Director and Senior Research Analyst ...

PubMatic (NasdaqGM:PUBM) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsElle Niebuhr - Equity Research AssociateMatthew Condon - Director of Equity ResearchMatthew Swanson - Director, Equity ResearchRajeev Goel - Co-Founder and CEOStacy Clements - Director of Investor RelationsSteve Pantelick - CFOConference Call ParticipantsBarton Crockett - Managing Director and Senior Research AnalystJames Heaney - Equity Research AnalystRobert Culbreth - AnalystShweta Khajuria - Managing Directo ...

PubMatic (NasdaqGM:PUBM) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Speaker7Hello everyone, welcome to PubMatic's fourth quarter and full year 2025 earnings call. My name is Reese, and I will be your Zoom operator today. Thank you for your attendance today. As a reminder, this webinar is being recorded. I will now turn the call over to Stacy Clements.Speaker10Good afternoon, everyone, and welcome to PubMatic's earnings call for the fourth quarter and full year 2025. This is Stacy Clements, and I'll ...

Q4 and FY 2025 Earnings Presentation This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other ...

Key Takeaways The Trade Desk fell 15% after weak Q1 guidance overshadowed strong Q4 and full-year 2025 results.TTD posted Q4 revenues of $847M, up 14%, with 95% retention and $1.4B in share repurchases.Margin pressure, lower Q1 outlook, stock compensation and interim CFO weigh on near-term sentiment.The Trade Desk, Inc. (TTD) stock plummeted 15% in after-hours trading on Wednesday, even after reporting strong fourth-quarter and full-year 2025 results. Investors focused on its weaker first-quarter guidance, ...

Group 1: Bill Ackman's Investment Strategy - Bill Ackman has nearly a quarter of his portfolio split between Amazon and Meta Platforms, with 23% of Pershing Square Capital Management's capital allocated to these two stocks [2][10] - Ackman's investment thesis for Amazon focuses on its strong presence in e-commerce and cloud computing, with Amazon Web Services (AWS) being the largest public cloud provider [5][11] - For Meta Platforms, Ackman views the company as the second-largest ad tech company globally, benefiting from AI innovations that enhance ad targeting and user engagement [11][12] Group 2: Amazon's Performance and Outlook - Amazon accounts for 13% of Ackman's portfolio, with innovations in AI driving revenue growth and improving profitability [5][6] - The company's operating margin increased by 1.5 percentage points in the fourth quarter, excluding one-time charges, indicating potential for significant margin expansion [6] - AWS has seen a 24% increase in cloud services sales in the fourth quarter, marking the fastest growth in 13 quarters, supported by the introduction of new AI products and services [7] Group 3: Meta Platforms' Growth Potential - Meta Platforms represents 10% of Ackman's portfolio, with a focus on maximizing return on ad spend through precise ad targeting [11][12] - The average price per ad increased by 6% year over year, driven by improved ad performance and increased advertiser demand [13] - Wall Street estimates Meta's earnings will grow at 19% annually over the next three years, making its current valuation of 27 times earnings attractive for investors [14] Group 4: Stock Valuation and Price Targets - Amazon's median target price is $285 per share, implying a 43% upside from its current price of $199 [10] - Meta's median target price is $850 per share, suggesting a 32% upside from its current price of $640 [10]

Financial Data and Key Metrics Changes - Revenue for 2025 was $1.9 billion, with contribution ex-TAC growing 3.5% at constant currency to $1.2 billion, benefiting from a $14 million tailwind from foreign currencies [22][23] - Adjusted EBITDA margin was 35%, supported by operational leverage and strong cash flow generation, with free cash flow of $211 million, up 16% year-over-year [23][28] - Adjusted diluted EPS increased to $4.62 in 2025, reflecting strong financial performance [23] Business Line Data and Key Metrics Changes - In performance media, revenue was $1.7 billion, with contribution ex-TAC at $915 million, up 4% at constant currency; Commerce Growth solution grew 5% while ad tech services declined 3% [22] - Retail media revenue reached $264 million, with contribution ex-TAC at $260 million, up 2% year-over-year at constant currency; excluding two clients with scope changes, retail media contribution ex-TAC grew 16% [22][24] Market Data and Key Metrics Changes - Travel was the fastest-growing vertical in performance media, with growth accelerating to 37%, while department stores and fashion saw declines of 13% and 12% respectively [24] - Media spend growth accelerated in EMEA, while trends were softer in the U.S. and Asia Pacific [24] Company Strategy and Development Direction - The company is focusing on commerce intelligence and AI decisioning to simplify operations and scale as a commerce AI platform [5][8] - Priorities include leading in Agentic Commerce, scaling the AI-powered performance engine, and reinforcing retail media leadership [8][9] - The company aims to optimize performance at scale through proprietary commerce intelligence and AI decisioning [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's potential beyond current low growth expectations for 2026, emphasizing the importance of Agentic Commerce [8][21] - The company anticipates a flat to 2% growth in contribution ex-TAC for 2026, with underlying growth expected to be in the high single digits excluding client scope reductions [29][30] Other Important Information - The board increased the share buyback authorization to up to $200 million, reflecting confidence in the business's value [21][29] - The company is progressing with a redomiciliation to Luxembourg and plans for a further redomiciliation to the U.S. to enhance access to capital markets [34][35] Q&A Session Questions and Answers Question: Can you discuss the prospects for the AI recommendation service? - Management highlighted the importance of high-quality product recommendations for platforms to compete for daily active users, emphasizing the need for access to commerce data [39][40] Question: Is the weakness in department stores related to the Saks Global bankruptcy? - Management noted that department stores and fashion are experiencing headwinds, with specific declines in those sectors, but did not comment on specific clients [43] Question: How do you expect retail media growth to progress throughout the year? - Management indicated that growth will be front-loaded, with Q1 and Q2 more impacted by client scope changes, but confidence remains in the overall performance of retail media [46][49] Question: What is the pricing model for the new AI initiatives? - The monetization opportunities vary, with a take rate model for retail and potential fee structures for LLM integrations as they develop [72]

Inuvo (NYSEAM:INUV) 2026 Shareholder Update Conference Call Summary Company Overview - **Company**: Inuvo, Inc. - **Industry**: Advertising Technology (Ad Tech) Key Points and Arguments Leadership Transition - Rob Buckner has assumed the roles of Chairman and CEO, expressing gratitude for the board's confidence and acknowledging the previous leadership of Rich Howe, who anticipated the impact of AI on marketing and developed a proprietary large language model for audience discovery [4][5] Market Dynamics - The advertising market is evolving with new technologies, leading to a shift in consumer intent from explicit moments to more distributed behaviors, complicating the assessment of intent quality [6] - The industry has seen an increase in low-quality traffic masquerading as legitimate demand, necessitating stronger quality controls across the ecosystem [6][8] Financial Performance - Full year 2025 revenue is expected to be approximately $86 million, reflecting a pullback due to quality control measures and market shifts [8][9] - The company has sufficient cash reserves, bolstered by a $3.3 million convertible note and expected recoveries from a class action lawsuit [9] Strategic Initiatives - Inuvo is focusing on enhancing its IntentKey technology, which models content consumption rather than tracking individuals, positioning itself favorably against competitors facing privacy challenges [12][13] - The company aims to shift towards higher-margin, technology-first engagements, moving away from service reliance [15][19] Growth and Innovation - There is a strong sales pipeline entering 2026, with increased client retention and expansion noted [11] - The company is restructuring its sales organization to focus on upstream brand direct relationships and expanding self-service capabilities [10][15] Future Outlook - Inuvo is optimistic about its future, emphasizing the importance of its proprietary technology and the need to adapt to the evolving digital landscape [18][19] - The company plans to maintain momentum in its go-to-market strategy and is bringing in an executive to drive growth and build an enterprise-grade sales force [17][18] Strategic Pillars - The strategic focus includes: 1. Go-to-market focus on higher-margin engagements 2. Raising IntentKey's industry profile 3. Continued product innovation 4. Shifting towards higher-margin growth factors [15] Additional Important Content - The transition to AI-driven systems in advertising is seen as a significant opportunity for Inuvo, with the potential for exponential growth through integrations [13][14] - The company is committed to becoming the leading ad tech provider for marketers requiring privacy-first intent solutions [19]

Core Insights - AppLovin Corporation (APP) has been upgraded from "Hold" to "Buy" by Needham analyst Bernie McTernan, with a price target set at $700, driven by anticipated growth in e-commerce revenue [1] - The 2026 e-commerce revenue estimate has been raised from $1.05 billion to $1.45 billion, reflecting expected growth in advertisers due to the self-service launch and increased spending [1] Company Overview - AppLovin is a leading mobile technology company that provides advertising, marketing, analytics, and monetization tools for app developers and businesses [3] - The company utilizes AI-powered platforms to connect brands with daily active users across various sectors, including mobile apps, streaming TV, gaming, and e-commerce [3] Financial Performance - AppLovin reported a 68% year-over-year increase in revenue for Q3 fiscal 2025, reaching $1.41 billion, surpassing Wall Street's expectation of $1.35 billion [5] - The company has a market capitalization of $183.7 billion and has seen its stock price increase by 52.5% over the past 52 weeks, with a 48.3% rise in the last six months [4] - The stock reached a 52-week high of $745.61 in late September but has since declined by 26% from that peak [4]