Programmatic advertising company The Trade Desk reported better-than-expected financial results for Q4, largely thanks to ongoing growth in connected TV and retail media.

Revenue grew by 24% year-over-year in the three months ended Dec. 31, bringing the company’s full-year revenue growth to 32%. Net income was $71 million USD in the quarter, up from $8 million USD the prior year, but full-year income was $53 million, down from $138 million the previous year. This was due to increases in operating expenses, particularly in general and adminstrative expenses, as well as more spending on technology development, sales and marketing.

The Trade Desk pointed out that the revenue growth broke the trend of tech companies – particularly those reliant on digital ads sales for revenue – struggling with advertisers pulling back spend on their platforms. Jeff Green, founder and CEO of The Trade Desk, pointed to connected TV – the company’s biggest growth driver – as a big reason for this, but also the evolution of retail media, which is allowing buys on the platform to be supported with shopper data that closes the loop on sales.

“In an unpredictable macro environment, our growing relationships with agencies and brands is testament to the value of the open internet over the limitations of walled gardens,” Green said. “More of the world’s leading advertisers are gravitating to fast-growing channels such as connected TV and retail media, which offer premium value at scale. They are leveraging new identity tools, such as UID2, which allow them to make the most of their first-party data in a privacy-safe manner. These trends will accelerate in 2023 and we will continue to invest in our platform to help advertisers make drive maximum value from these opportunities.”

Connected TV and shopper marketing were called out as the top two areas of focus for the fiscal year, ahead of further expansion into new markets, as well as the development of UID2.

Also in Q4, The Trade Desk continued bringing on partners for UID2, the company’s post-cookie targeting and measurement solution. In its results, the company said that advertisers have already begun advertising with Disney and its audience graph, which is based on UID2 and “12 times more effective in reaching target audiences,” according to the company.

The Trade Desk is forecasting more big things for the current fiscal quarter, providing guidance of $363 million USD of revenue in Q1.