Magnite (MGNI) Tops Q1 EPS by 3c, Revenues Beat

May 10, 2021 4:44 PM EDT
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Magnite (NASDAQ: MGNI) reported Q1 EPS of $0.03, $0.03 better than the analyst estimate of $0.00. Revenue for the quarter came in at $60.7 million versus the consensus estimate of $59.68 million.

“We had a strong start to 2021, led by continued strength in technology, health and retail ad spend sectors leading to growth across all channels and formats. We see very encouraging growth from lagging sectors such as travel, entertainment, and auto as vaccine rollouts continue,” said Michael G. Barrett, President and CEO of Magnite. “Our CTV growth was solid and we have seen growth trends meaningfully improve in Q2. Of particular note SpotX, which was not in our reported Q1 results, posted 70% CTV Revenue ex-TAC growth. On a pro forma combined company basis, including SpotX, CTV would have represented 35% of Q1 Revenue ex-TAC and a growth rate of 53% from the prior year. Our position as the leading independent CTV platform will allow us to better serve our clients in this fastest growing segment of the market, which we expect to take meaningful share from linear TV over the next several years.”

For earnings history and earnings-related data on Magnite (MGNI) click here.

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