Digital advertising platform Magnite (NASDAQ: MGNI) will be reporting results this Wednesday after the bell. Here’s what you need to know.
Magnite missed analysts’ revenue expectations last quarter, reporting revenues of $164.4 million, up 5.5% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates.
Is Magnite a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Magnite’s revenue to grow 13.3% year on year, improving from the 6.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Magnite has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Magnite’s peers in the advertising & marketing services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Ibotta delivered year-on-year revenue growth of 3.3%, beating analysts’ expectations by 4.7%, and MediaAlpha reported revenues up 25.9%, topping estimates by 4.2%. MediaAlpha traded down 1.9% following the results.
Read our full analysis of Ibotta’s results here and MediaAlpha’s results here.
There has been positive sentiment among investors in the advertising & marketing services segment, with share prices up 5.3% on average over the last month. Magnite is down 5.6% during the same time and is heading into earnings with an average analyst price target of $22.40 (compared to the current share price of $19.68).
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