Why Magnite Stock Pulled Back Again Today

Shares of sell-side advertising-technology company Magnite (NASDAQ: MGNI) pulled back again on Tuesday, following the company's financial report for the first quarter of 2021. This comes in the wake of the stock's sharp sell-off yesterday. As of 3 p.m. EDT, the stock was down 4%. Shares have now dropped 55% from their all-time high reached earlier this year.

Magnite's Q1 results were what the market was expecting. The company had guided for revenue of $58 million to $62 million and delivered revenue of $60.7 million. Furthermore, management had said revenue from connected TV (CTV) would have a strong growth rate and, accordingly, Magnite's CTV revenue was up 32% from what Telaria and The Rubicon Project (the two companies that formed Magnite) posted combined last year.

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Source Fool.com