Advertising tech firm Magnite's stock ( NASDAQ: MGNI ) has jumped 8% postmarket following third-quarter earnings where it beat analyst expectations on top and bottom lines and guided to the high side for current-quarter revenues.
Revenue grew 11% year-over-year to $145.8M; excluding traffic acquisition costs, revenue rose 12% to $127.7M.
Of that ex-TAC revenue, the part attributable to connected TV was up 29% to $55.8M, the company noted.
Net loss was flat at $24.4M, but adjusted earnings before interest, taxes, depreciation and amortization rose 11%, to $44.4M.
"We were able to show improvement in Q3 growth rates in CTV and DV+ as compared to Q2, despite challenging macro conditions," said CEO Michael Barrett. "We continue to build upon and scale our CTV capabilities to better serve new and existing customers and believe we are well positioned to grow revenue in 2023."
The company is guiding to fourth-quarter revenue ex-TAC of $151M-$157M, and the CTV portion of that to fall between $63M and $65M. Total capital expenditures are forecast at $9M.
Magnite's guidance implies full-year revenue ex-TAC of over $510M, and free cash flow will exceed $105M.
Conference call to come at 4:30 p.m. ET .
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Magnite jumps 8% as third-quarter revenues, profits top views