Why Shares of PubMatic Jumped Nearly 42% Higher This Week
Shares of digital advertising platform PubMatic (NASDAQ: PUBM) jumped 42% higher in the last week as of Friday at 11 a.m. EST, according to data provided by S&P Global Market Intelligence. Worries over digital ad spending growth have been weighing on some companies in this space as Apple's user privacy changes have been having an impact this year. Eventually, similar changes will occur at Alphabet's Google as well.
That didn't slow PubMatic in the third quarter of 2021, though. Revenue of $58.1 million (up 54% year over year) was well ahead of management's forecast for as much as $53 million. The company said its business from connected TV (CTV, digital ads delivered via an internet-connected television service) grew "seven times over the third quarter of 2020."
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Source Fool.com
