Why Magnite Stock Plunged on Thursday

Shares of Magnite (NASDAQ: MGNI) stumbled out of the gate on Thursday, plunging as much as 18.5%. As of 2:08 p.m. EDT, the stock was still down by 17.9%.

The digital advertising specialist reported third-quarter earnings that raised several red flags for investors.

Magnite's revenue of $131.9 million was up 116% year over year, but that included the results of several acquisitions consummated over the past year. Excluding traffic acquisition costs and on a pro forma basis, revenue grew by just 26%.

Source Fool.com