Shares of advertising technology company PubMatic (NASDAQ: PUBM) have soared this year. Through the first half of the year, the growth stock was up 42.7%, according to S&P Global Market Intelligence. But shares have risen sharply in July, too, bringing the stock's total year-to-date gain to more than 49% as of this writing.

The stock has benefited from both upbeat sentiment in the overall market (particularly toward tech stocks) and good execution from the company as it weathers an uncertain macroeconomic environment.

Capturing the company's strong execution, PubMatic's first-quarter revenue was about flat from a year ago, but was ahead of management's guidance for the period. The lull in the company's revenue growth is likely viewed by most investors as a temporary trend due to constrained advertising budgets amid macroeconomic uncertainty. Indeed, analyst forecasts, on average, call for PubMatic to return to double-digit year-over-year revenue growth by the fourth quarter of 2023.

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Source Fool.com