Pubmatic Q3: Emerging From Challenges With A Promising Outlook

2025-11-22 22:25:59 ET

Shares of Pubmatic ( PUBM ) initially rose as much as 40% following its Q3 earnings release. However, in the following days most of the gains evaporated amid weakness in the broader market. While Q3 revenue and guidance were comfortably ahead of guidance, growth ahead remains negatively impacted by the change in the buying pattern of its large DSP partner which is The Trade Desk ( TTD ). Given that PUBM had just emerged from a headwind from another of its large DSP partners which began in H2 2024 , this has raised concerns about the underlying fragility of the business. While I maintained my Buy rating in my previous writeup , I had stated:

While there is merit to questioning the quality of the business amidst these persistent challenges, I believe that shares have been punished too severely.

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