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Why Magnite Stock Skyrocketed Today

TheMotleyFool

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Shares of Magnite (NASDAQ: MGNI), the supply side ad-tech company, were soaring today after it beat estimates in its third-quarter earnings report and also benefited from the lower-than-expected inflation reading this morning.

As of 1:36 p.m. EST, the stock was up a whopping 58.3%.

Magnite, which helps publishers optimize their digital ad inventory, said revenue, excluding traffic-acquisition costs (ex-TAC) in the quarter, increased 12% to $127.7 million, which was better than analyst estimates at $124.2 million.

Source Fool.com

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