Magnite, Inc. ( (MGNI) ) has released its Q3 earnings. Here is a breakdown of the information Magnite, Inc. presented to its investors.
Magnite, Inc., the world’s largest independent sell-side advertising company, specializes in enabling publishers to monetize their content across various digital formats including CTV, online video, display, and audio, serving leading agencies and brands worldwide.
In its third quarter of 2024, Magnite reported a notable financial performance, highlighted by an 8% increase in total revenue to $162 million compared to the same period last year. The company also supported Netflix’s initial programmatic CTV ad launch, showcasing its strategic positioning within the growing CTV advertising sector.
Key financial metrics from the quarter include a 12% year-over-year growth in Contribution ex-TAC, reaching $149.4 million. Notably, the Contribution ex-TAC from CTV surged 23% year-over-year, surpassing the company’s guidance. Furthermore, Magnite turned a profit with a net income of $5.2 million, a significant improvement from a net loss in the previous year, alongside a 34% adjusted EBITDA margin, reflecting strong operational efficiency.
Looking ahead, Magnite’s management remains optimistic, raising its full-year growth expectations for Contribution ex-TAC and adjusted EBITDA. The company anticipates continued expansion in CTV and is poised to capitalize on opportunities in live sports, commerce media, and other innovative advertising formats in the coming years.
