PubMatic Shares Rise on Higher Sales, Narrower Profit

Dow Jones08-07 21:42

PubMatic shares rose after the company's second-quarter results and outlook came in ahead of expectations.

The stock rose 30% to $17.38 Friday, and have nearly doubled year to date.

The company, which uses artificial intelligence to automate the advertising sales process, said it expects revenue of $75 million to $77 million in the current third quarter. That would be ahead of the $74.4 million in sales analysts are projecting, according to FactSet.

The guidance came as second-quarter sales climbed 11% to $78.6 million, above Wall Street's forecast of $69 million.

PubMatic narrowed its quarterly loss to $1.2 million from $5.2 million the year before. Adjusted earnings per share were 12 cents, while analysts were anticipating a 1-cent loss.

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