Ad tech company PubMatic stock pops 10% in first earnings report after December IPO
Summary
Ad tech company PubMatic, which launched an initial public offering in December, saw shares pop 10% Tuesday after posting fourth quarter revenue that beat estimates. PubMatic runs a sell-side advertising platform that runs real-time programmatic ad transactions and allows publishers and app developers to sell space to advertisers across media, including display or video ads on desktop, mobile app, mobile web or streaming TV. Analysts surveyed by Refinitiv expected revenue of $47.4 million in the quarter. The companys chief financial officer Steve Pantelick said in a statement that the quarterly growth was driven by advertising strength in e-commerce, technology, personal finance and on streaming video. PubMatics clients, as of December, include publishers like Verizon Media Group and News Corp and app makers like Electronic Arts and Zynga.
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