MGNI - Why Magnite Stock Plunged Today
2023-08-10 14:41:00 ET
Shares of Magnite (NASDAQ: MGNI) were taking a dive today as the supply-side ad-tech platform offered disappointing guidance in its second-quarter earnings report even as results topped estimates.
As of 1:37 p.m. ET, the stock was down 34% on the news.
Magnite said revenue grew 11% in the quarter to $152.5 million, while contribution excluding traffic-acquisition costs (TAC) rose 9% to $134.7 million, which was slightly ahead of estimates at $134.3 million.
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Why Magnite Stock Plunged Today