By Dean Seal
Magnite shares are trading higher Thursday after the company reported first-quarter revenue and adjusted earnings that topped analyst estimates.
The stock rose 13.5% to $10.69 in premarket trading. At the close of trading on Wednesday, shares were down 11% since the start of the year.
The New York-based sell-side advertising platform reported after the bell on Wednesday a loss of $98.7 million, or 73 cents a share, compared with a loss of $44.6 million, or 34 cents a share, in the same quarter a year ago.
Revenue climbed 10% to $130.2 million. Excluding traffic acquisition costs, revenue was up 8% at $116 million, topping analyst forecasts for $110.9 million, according to FactSet.
Traffic acquisition costs are a component of cost of revenue, representing what the company pays for sales of advertising inventory though its platform.
Stripping out one-time items, adjusted earnings were 4 cents a share. Analysts polled by FactSet had been expecting an adjusted loss of 6 cents a share.
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