Is Magnite Stock a Buy Now?
Magnite's (NASDAQ: MGNI) stock price jumped 18% on Feb. 24 following its fourth-quarter earnings report.
The advertising technology, or adtech, company's revenue rose 97% year over year to $161.3 million, which beat analysts' estimates by $21.5 million. Excluding traffic acquisition costs (TAC), its revenue rose 76% to $142.1 million. On a pro forma basis, which normalizes the comparisons for its acquisitions of Telaria, SpotX, and SpringServe, its ex-TAC revenue increased 10%.
On a generally accepted accounting principles (GAAP) basis, Magnite's net income declined 92% to about $500,000 as it integrated its recent acquisitions. However, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 125% to $67.5 million. Its non-GAAP earnings also grew 37% to $0.26 per share and beat analysts' estimates by a penny.
Source Fool.com
