Magnite experienced a revenue boost due to increased demand for programmatic CTV activation and partnerships with major streamers, achieving $173 million in Q2 revenue. However, it missed Wall Street's expectations, which led to a 7% drop in stock price. The significant growth sectors were CTV, which saw a 14% year-over-year increase, and DV+, which grew by 8%. Future growth plans focus on capturing market share from Google and enhancing relationships with agencies, amid robust interest from mid-sized advertisers.
Magnite reported revenue of $173 million in Q2, a 6% year-over-year increase. That exceeded its top-line expectation of $160 million for the quarter.
CTV was the main growth driver for Q2. Our most significant growth came from Roku, Netflix, LG, Warner Bros. Discovery and Paramount this quarter.
Magnite plans to capture a portion of Google's share of the display and video market once the Department of Justice's remedies for Google's ad tech monopoly go into effect.
Despite the revenue miss, the two main parts of Magnite's SSP business, CTV and DV+, demonstrated solid growth for the quarter.
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