Magnite reports Q1 EPS 5c, consensus 0c

Reports Q1 revenue $149.3M, consensus $124.24M. “We once again beat the high end of our top line guidance in the first quarter, with contribution ex-TAC for CTV significantly exceeding the high end of our guidance range. We finished the quarter with strong CTV upside in live sports, related to March Madness, as well as strong continued growth in ad serving, both contributing to share gains. DV+ also posted strong results with growth of 9%. A positive ad spend environment to start 2024, plus our share gains, have led to a great start to the year, and we remain optimistic this momentum will continue. There is a clear trend to consolidation in our space, and we believe the strongest, technically superior, scaled players that deliver the best monetization, will capture market share gains,” said Michael G. Barrett, President and CEO of Magnite.