Magnite Reports Record-Breaking Quarter with Non-GAAP EPS and Revenue Beating Expectations by $0.08 and $19.24M Respectively
May 12, 2023
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Magnite ($NASDAQ:MGNI) (NASDAQ: MGNI) just reported its best quarter ever, with non-GAAP EPS and revenue beating expectations by a wide margin. The company reported non-GAAP earnings per share of $0.04, surpassing estimates by $0.08, and revenue of $130.15M, exceeding estimates by $19.24M. Magnite is a technology-driven Omnichannel SSP (Sell-Side Platform) that is transforming digital advertising with the industry’s most comprehensive and open platform, delivering higher revenues for publishers and more effective and efficient campaigns for advertisers. With its persistent focus on innovation and technology, Magnite’s platform continues to lead the industry and deliver value to its customers.
Earnings
The total revenue of the company was 175.4M USD and it lost 36.38M USD in net income. This represented an 8.7% increase from the previous year, a remarkable achievement given the difficult conditions of the past year. This robust performance is a testament to the company’s strong financial management and its commitment to delivering excellent results for its shareholders.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Magnite. More…
| Total Revenues | Net Income | Net Margin |
| 577.07 | -130.32 | -21.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Magnite. More…
| Operations | Investing | Financing |
| 192.55 | -65.15 | -30.17 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Magnite. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.71k | 1.92k | 5.9 |
Key Ratios Snapshot
Some of the financial key ratios for Magnite are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 54.5% | – | -18.3% |
| FCF Margin | ROE | ROA |
| 25.7% | -8.2% | -2.4% |
Market Price
The announcement pushed MAGNITE stock up 7.3% from a prior closing price of 8.8 to open at $9.0 and close at $9.4. The news of the strong quarter is seen as very positive in the market, given the challenging climate faced by many companies due to the COVID-19 pandemic. Investors appear to be responding very favorably to the results, as evidenced by the strong stock performance. Live Quote…
Analysis
At GoodWhale, we have conducted a thorough review of MAGNITE‘s wellbeing. We have rated their risk of investment from a financial and business perspective as high. Our analysis revealed 3 distinct risk warnings in their income sheet, balance sheet, and cashflow statement. To gain further insight into the financial position of MAGNITE, we recommend that you become a registered user and get access to the full report. With this information, you can take the necessary steps to ensure the safety of your investments. More…
Peers
Headquartered in San Francisco, California, United States, the company was founded in 2006. Magnite is a leading independent technology platform for buyers and sellers of digital advertising. The company’s mission is to power the ecosystem of digital advertising with innovative technology that makes transactions more efficient, effective, and valuable for all participants. Magnite’s competitors include Direct Digital Holdings Inc, Integral Ad Science Holding Corp, and Quotient Technology Inc.
– Direct Digital Holdings Inc ($NASDAQ:DRCT)
As of 2022, Direct Digital Holdings Inc has a market cap of 8.19M and a Return on Equity of 49.62%. The company is a provider of digital direct-to-consumer products and services. Its products and services include online marketing, e-commerce, and software-as-a-service solutions. The company’s customers are located in the United States, Canada, Europe, Asia, Australia, and South America.
– Integral Ad Science Holding Corp ($NASDAQ:IAS)
Integral Ad Science Holding Corp. is a technology company that provides data and analytics to the global online advertising industry. The company’s technology platform enables its customers to optimize their advertising campaigns and to measure their return on investment. The company was founded in 2009 and is headquartered in New York, New York.
– Quotient Technology Inc ($NYSE:QUOT)
Quotient Technology Inc is a provider of digital coupons and advertising solutions. Its solutions enable marketers and retailers to connect with consumers through digital channels. The company’s solutions include digital coupons, loyalty programs, and mobile marketing campaigns. Quotient Technology Inc has a market cap of 311.33M as of 2022, a Return on Equity of -22.8%. The company’s solutions help marketers and retailers connect with consumers through digital channels. The company’s solutions include digital coupons, loyalty programs, and mobile marketing campaigns.
Summary
Magnite is an interesting stock to consider for investment. The company recently reported Non-GAAP EPS of $0.04 that beat analyst expectations by $0.08, as well as revenue of $130.15M that beat expectations by $19.24M. This positive financial news was reflected in the stock price, which moved up the same day.
Moving forward, analysts will pay close attention to the company’s performance and outlook, determining if the current stock price is reflective of the company’s fundamentals. Investing in Magnite should be approached with caution and research, as market conditions may change quickly and have an impact on stock performance.
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