Shares of programmatic advertising technology (adtech) company PubMatic (NASDAQ: PUBM) were crushed on Friday after the company reported financial results for the second quarter of 2024. As of 11 a.m. ET, PubMatic stock was down a painful 30%.

In my opinion, Q2 results weren't so bad for PubMatic. But allow me to acknowledge why investors are dumping this stock today. Management had guided for Q2 revenue of at least $69 million but it only generated revenue of $67.3 million. The company consequently lowered its full-year financial guidance. Previously, it thought it would have at least $296 million in full-year revenue. Now it thinks that $292 million will be a best-case scenario.

Here's what's happened since its first-quarter report: One of PubMatic's customers made changes to its process. Management estimates that this caused it to miss out on $2 million in Q2 revenue and it will miss out on another $3 million before the year is done.

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Source Fool.com