Is Magnite Stock a Buy?
Magnite's (NASDAQ: MGNI) stock recently rallied after the ad tech company posted its second-quarter earnings. Its revenue surged 170% year over year to $114.5 million, beating estimates by $20.8 million.
On an ex-TAC basis, which excludes its traffic acquisition costs, Magnite's revenue rose 139% to $100.4 million. On a pro forma basis, which normalizes year-over-year comparisons to account for its acquisition of SpotX in late April, its revenue increased 79%.
Magnite generated a net profit of $36.8 million during the second quarter, compared to a net loss of $39.1 million a year ago. Its adjusted EBITDA of $31.8 million also marked an improvement from its loss of $3.5 million a year earlier, but its non-GAAP EPS of $0.11 missed analysts' estimates by a penny.
Source Fool.com
