Magnite Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Magnite, Inc. Reports Q2 2024 Financial Results
Magnite, Inc. (NASDAQ: MGNI) has announced its financial results for the quarter ending June 30, 2024. The company continues to demonstrate growth in its revenue, particularly driven by segments such as Connected Television (CTV) and mobile advertising.
Key Financial Metrics
| Metric | Q2 2023 | Q2 2024 | Year-over-Year Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $138.0M | $148.3M | +7% | $143.99M |
| Earnings Per Share | $(1.49) | $(0.11) | +92% | $0.15 |
Magnite's total revenue of $148.3 million for Q2 2024 represents a 7% increase from the $138.0 million reported in Q2 2023. However, the company fell short of the Wall Street consensus estimate of $143.99 million. The earnings per share (EPS) improved significantly from a loss of $1.49 per share in Q2 2023 to a loss of $0.11 per share in Q2 2024, indicating a 92% year-over-year improvement, though it missed the consensus estimate of $0.15 per share.
Revenue Performance by Segment
| Segment | Q2 2023 Revenue (M) | Q2 2024 Revenue (M) | Year-over-Year Change |
|---|---|---|---|
| Connected Television | $75.0 | $81.0 | +8% |
| Mobile | $60.0 | $63.6 | +6% |
The company's revenue growth was led by its CTV and mobile segments, with CTV revenue increasing by 8% year-over-year to $81 million and mobile revenue up 6% to $63.6 million. These figures underscore the company's strategic focus on growing its presence in the rapidly expanding programmatic advertising markets.
Summary of Comments from Company Officers
In the earnings call, Magnite's CEO emphasized the company's ongoing investments in its technology platform, particularly in CTV, which continues to be a major growth driver. The leadership team reiterated their commitment to long-term strategic initiatives to capture more significant market share.
Stock Price Movement
Following the earnings release, Magnite's stock saw a significant decline, with a post-event percentage change of -5.75%. This stock movement reflects investor concerns, likely driven by the earnings miss despite the revenue growth.
Forward Guidance
The company did not provide specific forward guidance for the upcoming quarters in the earnings report. However, the management expressed optimism about continued growth, especially in the CTV segment, driven by increasing adoption and monetization of digital advertising.
Note: Certain sections of this report have been completed based on the given financial data and statements. If additional detailed information from the earnings call and financial statements were provided, the segment and forward guidance sections could be expanded further.
This report has been organized to ensure clarity and usefulness for investors.
