Why PubMatic Stock Fell 33.7% This Morning
Shares of PubMatic (NASDAQ: PUBM) took a swan dive on Tuesday morning, starting the morning session 33.7% below Monday's closing price. The company reported second-quarter earnings last night with strong results but uninspiring forward guidance.
The stock had recovered to a 19.4% drop by 12:50 p.m. ET, but that's still a painful price cut.
The digital-advertising expert saw second-quarter sales rise 6% year over year to $71.1 million. Omnichannel video revenue jumped 34% higher, led by a 50% increase in video ads for connected TVs (CTV). The adjusted bottom line swung from a $0.10 net loss to a $0.05 profit per diluted share.
Source Fool.com
