Shares of PubMatic (NASDAQ: PUBM) charged sharply higher Wednesday, surging as much as 15.7%. As of 12:15 p.m. ET, the stock was up 12.3%.

The catalyst that drove the digital advertiser higher was first-quarter financial results that came in above even the most bullish estimates.

PubMatic delivered revenue of $55.4 million, up 2% year over year, allaying investor fears after posting a year-over-year decline last quarter. Furthermore, the company delivered adjusted earnings per share (EPS) of $0.02. 

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Source Fool.com