Why Magnite Stock Skyrocketed Today
Shares of Magnite (NASDAQ: MGNI), the supply side ad-tech company, were soaring today after it beat estimates in its third-quarter earnings report and also benefited from the lower-than-expected inflation reading this morning.
As of 1:36 p.m. EST, the stock was up a whopping 58.3%.
Magnite, which helps publishers optimize their digital ad inventory, said revenue, excluding traffic-acquisition costs (ex-TAC) in the quarter, increased 12% to $127.7 million, which was better than analyst estimates at $124.2 million.
Source Fool.com
