Tech

Ad tech company PubMatic stock pops 10% in first earnings report after December IPO

PubMatic signage on day of IPO on the Nasdaq

Supply: Nasdaq

Advert tech firm PubMatic, which launched an initial public offering in December, noticed shares pop 10% Tuesday after posting fourth quarter income that beat estimates. 

PubMatic runs a sell-side promoting platform that runs real-time programmatic advert transactions and permits publishers and app builders to promote house to advertisers throughout media, together with show or video advertisements on desktop, cellular app, cellular net or streaming TV. 

The corporate said income within the fourth quarter of 2020 was $56.2 million, up 64% year-over-year. Analysts surveyed by Refinitiv anticipated income of $47.four million within the quarter. The corporate stated income in full-year 2020 was $148.7 million, up 31% year-over-year. 

The corporate’s chief monetary officer Steve Pantelick stated in a press release that the quarterly progress was pushed by promoting power in e-commerce, know-how, private finance and on streaming video. 

PubMatic’s shoppers, as of December, embrace publishers like Verizon Media Group and News Corp and app makers like Electronic Arts and Zynga. The Verizon relationship is very necessary. It made up 28% of its income in 2019 and 21% of its income within the first 9 months of 2020. The corporate competes with divisions of Google together with different supply-side platforms like Magnite, which was fashioned as a product of a 2020 merger between public advert tech corporations Telaria and Rubicon Venture. 

PubMatic stated in a press release that it expects income within the first quarter of 2021 to be within the vary of $38 million to $40 million, rising between 34% to 41% over the identical interval final 12 months. 

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