Is Magnite Stock a Buy Now?
Magnite's (NASDAQ: MGNI) stock surged nearly 19% during after-hours trading on Nov. 9 in response to the release of the company's third-quarter earnings report. The ad tech company's revenue rose 11% year over year to $145.8 million, beating analysts' estimates by $3.6 million. On an ex-TAC (excluding traffic acquisition costs) basis, its revenue grew 12% to $127.7 million.
Its net loss widened slightly year over year from $24.3 million to $24.4 million, but its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 11% to $44.4 million. Adjusted earnings per share also rose 29% to $0.18 and cleared the consensus forecast by three cents. Does that earnings beat indicate that Magnite's stock is finally worth buying again?
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Source Fool.com
