Shares of The Trade Desk (TTD:US) closed 32.8% higher on Wednesday after the company delivered better-than-expected profit for its fourth quarter.

Trade Desk reported an adjusted Ebitda of $245 million, beating the consensus of $229.9 million. This translates into adjusted earnings per share of $0.38, higher than the $0.33 per share consensus.

Revenue increased by 24% year-over-year (YoY) to $491 million, in line with the market consensus of $490.9 million. Total operating expenses were reported at $390.6 million, below the average analyst estimate of $403.5 million.

The Trade Desk outpaced nearly all areas of digital advertising in 2022, with 32% revenue growth year over year, and a record $491 million of revenue in the fourth quarter alone. This performance was underscored by significant profitability and cash flow. 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,” said Jeff Green, founder, and CEO of The Trade Desk.

For the ongoing quarter, the company expects to report adjusted Ebitda of $78 million on revenue of at least $363 million, higher than the consensus for adjusted Ebitda of $75.4 million on sales of $362.9 million.

Moreover, TTD stock received a boost after the company said its board approved a new $700 million share buyback program.

Trade Desk’s impressive set of results after Congressman Ro Khanna was selling the stock in October when shares were trading around $57 apiece. A few days earlier, Congressman Josh Gottheimer bought some TTD shares when the stock closed at $55.23.

TTD shares closed at $66.30 on Wednesday.