DoubleVerify reports big increase in 1Q net income

DoubleVerify reported higher first-quarter earnings, driven by increases in social and connected-TV measurement and programmatic activation.

Net income was $12.2 million, or 7 cents a share, compared to $4.6 million, or 3 cents a share a year ago.

Revenue rose 27% to $122.6 million. Activation revenue rose 32% to $69.9 million and measurement revenue grew 22% to 41.4 million.

The company raised its full-year outlook for revenue and adjusted EBITDA based on the first-quarter results.

“DV has once again delivered a powerful combination of strong revenue growth and profitability that has exceeded expectations,” said Mark Zagorski, CEO of DoubleVerify.

“The first quarter’s exceptional performance was driven by existing customers meaningfully expanding their use of DV’s programmatic, social and CTV products as well as recently won international customers ramping business on our platform. Both are a testament to the unique utility and value our solutions deliver in reducing media waste and maximizing campaign effectiveness,” Zagorski said.

DoubleVerify’s grew its connected-TV measurement volume by 39% in the quarter. That exceeded the 14% CTV revenue growth projected for the industry by the IAB.

“Advertiser interest and investment in CTV has been growing,” said Dan Slivjanovski, CM at , DoubleVerify. “Eager to combine the measurability of digital video with the appeal of sight, sound and motion on the biggest living room screen, brands are paying top dollar to reach consumers via this medium. With increased advertiser demand for premium CTV supply, the need for third-party verification is critical – evidenced by DV’s continued growth across the channel.”

DV recently launched viewability verification and fraud protection coverage for Netflix’s ad-supported plan. Currently, DV’s verification on Netflix is available in 12 markets worldwide, demonstrating the company’s commitment to comprehensive CTV coverage. yahoo! finance