Magnite Stock Surges on Stellar Earnings Report and Future Growth Projections
Magnite sees accelerating revenue growth
Shares of the adtech company, Magnite (NASDAQ: MGNI), soared today after exceeding expectations in its first-quarter earnings report. The company reported a 15% revenue increase to $149.3 million, fueled by strong growth in connected TV (CTV). Adjusted EBITDA and earnings per share also surpassed forecasts, indicating a positive outlook for Magnite.
- Revenues up 15% to $149.3 million
- Adjusted EBITDA increased to $25 million
- Earnings per share rose to $0.05
What's next?
Magnite anticipates continued growth in the second quarter, with expectations of a 24% revenue increase compared to the previous year. The company highlights the potential for significant growth in CTV and adjusted EBITDA. Investors are keenly observing Magnite's progress as it capitalizes on the evolving digital advertising landscape.
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