WHY MAGNITE STOCK WAS FALLING TODAY
https://s.yimg.com/ny/api/res/1.2/3BRK14EdEntLmecsgI.cGA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD02NDA-/https://media.zenfs.com/en/motleyfool.com/40f193a652a867cf6c359d79fbc2c475
✍️ Magnite, a sell-side ad tech company, reported better-than-expected earnings results, but its stock fell 9.6% due to disappointing guidance.
👉 Magnite's revenue increased 11% to $179.5 million in the second quarter 👉 Contribution revenue minus traffic acquisition costs and excluding political ads rose 16% to $166.8 million 👉 Adjusted earnings per share increased from $0.17 to $0.20, edging out the consensus at $0.19 👉 Connected TV (CTV) continued to be a strength for Magnite, increasing 18% to $75.8 million 👉 The company expects just 2%-5% growth in the fourth quarter
-- #MichaelBarrett #business
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