The S&P 500 peaked on Jan. 3, 2022 and has dropped about 19% since. Shares of advertising-technology (adtech) company PubMatic (NASDAQ: PUBM) have been entangled in this bear-market net, falling a whopping 60% during this time.

However, it's not just stock market conditions dragging PubMatic stock down. It's also its own slumping business performance that's weighing on investors' minds.

PubMatic partners with publishers of digital content, including video content, to get ads displayed and generate maximum revenue. Revenue for PubMatic was up 26% in the first half of 2022. And the company's publisher partners expanded their spending at an impressive rate. This is measured with the net dollar-based retention rate, which was at 130% in the second quarter.

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Source Fool.com