Shares of sell-side advertising platform Magnite (NASDAQ:MGNI) are rising in the pre-market session today after the company posted robust third-quarter numbers.
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Revenue jumped 11% year-over-year to $145.8 million. EPS at $0.18 too, came in ahead of analysts’ expectations by $0.04. Further, revenue ex-TAC increased by 12% over the prior year period to $127.7 million.
Despite challenging macroeconomic trends, the company saw improved growth rates in CTV as well as DV+ and continues to focus on scaling up its CTV abilities.
Looking ahead, for Q4, Maginte anticipates Revenue ex-TAC to land between $151 million and $157 million. Free cash flow is estimated to exceed $105 million.
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