MGNI - Why Magnite Stock Jumped 40% Last Month
2024-06-04 16:24:00 ET
Shares of advertising-technology (adtech) company Magnite (NASDAQ: MGNI) were up 39.8% in May, according to data provided by S&P Global Market Intelligence . The company kicked off the good times by reporting financial results for the first quarter of 2024 on May 8. Then on May 15, it was revealed that it had partnered with tech titan Netflix .
For context, Magnite was once a stock market darling because investors had high expectations for growth. But in recent years, shares have slumped as growth failed to materialize.
In Q1, however, Magnite turned some heads by generating revenue of $149 million, which was up 15% year over year and which soared past expectations of $124 million. Moreover, management says it expects adjusted revenue (it adjusts for pass-through costs) to grow 10% for the year, which is also better than expected.
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Why Magnite Stock Jumped 40% Last Month