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Why Magnite Stock Plunged Today

TheMotleyFool

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Why Magnite Stock Plunged Today: https://g.foolcdn.com/editorial/images/743723/ad-tech-woman-looking-at-screen.jpg

Shares of Magnite (NASDAQ: MGNI) were taking a dive today as the supply-side ad-tech platform offered disappointing guidance in its second-quarter earnings report even as results topped estimates.

As of 1:37 p.m. ET, the stock was down 34% on the news.

Magnite said revenue grew 11% in the quarter to $152.5 million, while contribution excluding traffic-acquisition costs (TAC) rose 9% to $134.7 million, which was slightly ahead of estimates at $134.3 million.

Source Fool.com