Shares of advertising technology (adtech) supply side platform (SSP) PubMatic (NASDAQ: PUBM) skyrocketed on Thursday after the company reported financial results for the third quarter of 2023.

Revenue was down from the prior-year period. But investors see signs that the business is starting to recover. And that's why PubMatic stock was up 22% as of 11:10 a.m. ET.

In Q3, PubMatic generated revenue of $63.7 million, which was ahead of management's guidance of $58 million to $61 million. But it was down about 1% from the prior-year period. The company's net income of $1.8 million was also down substantially from its net income of $3.3 million in the third quarter of 2022.

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Source Fool.com