Stock Track | Magnite, Inc. Plunges After-Hours on Potential Headwinds

Stock Track11-08

Magnite, Inc. (NASDAQ: MGNI), the world's largest independent sell-side advertising platform, saw its stock price plunge by 6.15% in after-hours trading on November 7, 2024, after reporting better-than-expected third-quarter results. Despite exceeding Wall Street's expectations for revenue and adjusted earnings, the company's share price took a hit, potentially due to concerns about future headwinds.

The company reported revenue of $162 million for the third quarter of 2024, surpassing the consensus estimate of $148.1 million. Additionally, Magnite delivered adjusted earnings per share of $0.17, beating the analyst consensus of $0.16. The company's strong performance was driven by robust growth in its connected TV (CTV) segment, which saw a 23% year-over-year increase in contribution ex-TAC, reaching $64.4 million.

However, the company's management provided insights into potential challenges on the horizon during the earnings call. Magnite's CEO, Michael Barrett, acknowledged that while the company's CTV business continues to experience strong growth, the digital video (DV+) segment faces near-term headwinds. The DV+ segment, which includes mobile and desktop advertising, saw a more modest 5% increase in contribution ex-TAC compared to the same period last year.

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Plunges After-Hours on Potential Headwinds\n</h2>\n\n<h4 class=\"meta\">\n\n2024-11-08 14:45 北京时间&nbsp;&nbsp;&nbsp;<strong>Stock Track</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Magnite, Inc. (NASDAQ: MGNI), the world's largest independent sell-side advertising platform, saw its stock price plunge by 6.15% in after-hours trading on November 7, 2024, after reporting better-...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MGNI","symbol_name":"Magnite, Inc.","start_time":0,"source_url":"","article_id":"1168941815","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1168941815","pubTimestamp":1731048308,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Magnite, Inc. , the world's largest independent sell-side advertising platform, saw its stock price plunge by 6.15% in after-hours trading on November 7, 2024, after reporting better-than-expected third-quarter results. 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