Magnite Stock Surges on Stellar Earnings Report and Future Growth Projections

Thursday, 9 May 2024, 16:18

Magnite (NASDAQ: MGNI) stock surged 12.7% following an impressive first-quarter earnings report, showcasing substantial revenue growth and improved profitability. The company's success can be attributed to its strong performance in the connected TV (CTV) market and positive ad spend environment. With expectations of continued growth in the upcoming quarters, investors are optimistic about Magnite's potential in the digital advertising sector.
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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.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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