Stock Track | Magnite Stock Tumbles After Earnings Despite Impressive Results

Stock Track11-08

Shares of Magnite, Inc. (NASDAQ: MGNI), the world's largest independent sell-side advertising platform, plunged over 6% in after-hours trading on November 7, 2024, despite the company reporting better-than-expected third-quarter results. While Magnite surpassed Wall Street's expectations for revenue and adjusted earnings, the market reacted negatively, potentially due to concerns about future headwinds in the digital video (DV+) segment.

Magnite'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 acknowledged that while the CTV business continues to experience strong growth, the DV+ segment, which includes mobile and desktop advertising, faces near-term headwinds.

Despite the concerns, Magnite's CEO, Michael Barrett, expressed optimism about the company's future prospects, highlighting the ongoing industry shift toward programmatic advertising and the company's partnerships with major players like Netflix, Disney, Roku, and Warner Bros. Discovery. Additionally, the company's foray into live sports and commerce media vehicles, such as its partnership with United Airlines, are expected to be powerful long-term growth drivers.

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(NASDAQ: MGNI), the world's largest independent sell-side advertising platform, plunged over 6% in after-hours trading on November 7, 2024, despite the company 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":"1195188429","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1195188429","pubTimestamp":1731076702,"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":"Shares of Magnite, Inc. , the world's largest independent sell-side advertising platform, plunged over 6% in after-hours trading on November 7, 2024, despite the company reporting better-than-expected third-quarter results. 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