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Why Magnite Stock Spiked Higher Today

TheMotleyFool

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Shares of advertising-technology company Magnite (NASDAQ: MGNI) were spiking higher on Tuesday, albeit with some volatile swings, after the company reported results for the second quarter of 2020. Its reported revenue exceeded guidance by 8%. As of 12:40 p.m EDT, the stock was trading 10% higher.

Despite revenue beating guidance, it's unlikely Magnite investors were too excited about the Q2 results. Rather, third-quarter trends in connected TV are likely driving the stock higher today.

Image source: Getty Images.

Source Fool.com

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