Magnite Inc Stock Price, News & Analysis

Magnite (Nasdaq: MGNI), the largest independent sell-side advertising platform, will present at the 24th Annual Virtual Needham Growth Conference on January 12, 2022, at 11:30 AM ET. The event will be available via a live webcast on Magnite's investor relations website, with a replay accessible for 180 days post-event. Magnite empowers publishers to monetize content across various screens and formats, with a strong presence in key global markets.

Magnite (NASDAQ: MGNI) has initiated a share repurchase program, authorizing the buyback of up to $50 million of its common stock over the next twelve months, effective December 10, 2021. The CEO, Michael Barrett, expressed confidence in the company's growth prospects, emphasizing that this program represents a strategic use of capital to enhance shareholder value. The program will leverage the company's strong balance sheet and cash flow, allowing for continued investments in growth while reducing debt leverage.

Magnite has partnered with Molotov to power video advertising on its ad-supported streaming service, Mango. Launched in November 2020, Mango offers over 3,000 hours of programming and is experiencing significant growth. Molotov chose Magnite as its Supply-Side Platform (SSP) and SpringServe as its ad server to optimize advertising revenue. Research indicates that connected TV (CTV) consumption in France has surged, with many households subscribing to free ad-supported services. This collaboration is expected to enhance Molotov's advertising capabilities and viewer experience.

SpringServe has appointed Leon Siotis as Head of International to enhance its global presence post-acquisition by Magnite (NASDAQ: MGNI). Siotis, previously President of EMEA at SpotX, will lead efforts in international markets, emphasizing technology access amidst growing CTV and OLV ad revenues. The company reported a remarkable 140% growth in publisher revenue and a 100% increase in CTV impressions for Q3 2021. With over 60% of international impressions now from CTV, SpringServe aims to strengthen its support for clients like LG and Rakuten Advertising.

Magnite has been chosen by Frndly TV as its primary ad server and SSP, enhancing the vMVPD’s ability to generate ad-supported revenue. This partnership will utilize Magnite's advanced technology to optimize ad placements and maximize revenue across multiple screens. Frndly TV, offering affordable live TV for families, has seen consistent growth, appealing to a broad demographic with over 60% female subscribers. The integration aims to bolster Frndly TV’s advertising capabilities, as more consumers shift towards quality ad-supported streaming services.

On November 12, 2021, Magnite (Nasdaq: MGNI), the largest independent sell-side advertising platform, announced its participation in three upcoming financial conferences. Management will host meetings at the 12th Annual Craig-Hallum Alpha Select Virtual Conference on November 16, present at the RBC Capital Markets Global Technology Conference on November 17 at 11:35 am ET, and will present in-person at the Stephens Annual Investment Conference on December 2 at 10:00 am CT. Live webcasts will be available on Magnite's investor relations site for 90 days post-event.

Magnite reported Q3 2021 results with a revenue of $131.9 million, reflecting a 116% increase year-over-year. Revenue excluding traffic acquisition costs (ex-TAC) reached $114.1 million, up 89% from the previous year, with CTV revenue soaring 290% year-over-year to $43.1 million. However, the company reported a net loss of $24.3 million, worsening from a $10.5 million loss in Q3 2020. Adjusted EBITDA stood at $40.0 million, a 191% rise from last year, indicating strong operational leverage. For Q4 2021, the company anticipates revenue ex-TAC between $138 million and $142 million.

Magnite (NASDAQ: MGNI) has released its report, “CTV Is for Everyone: US 2021,” highlighting a significant shift in viewer habits towards Connected TV (CTV). The report shows that 40% of US TV households now watch only CTV, with viewing time increasing by 44% for CTV households compared to 29% for traditional TV. Notably, 90% of CTV viewers prefer ad-supported content. The research indicates a diverse audience on CTV, contrasting with traditional TV’s older demographic. This insight aims to assist advertisers in effectively reaching CTV viewers.

Magnite (NASDAQ: MGNI) has released its report titled “CTV Is for Everyone: EU5 2021”, revealing that 78% of European audiences consume CTV, highlighting its importance in advertising strategies. Between January 2020 and May 2021, CTV consumption saw a 55% increase, while traditional TV grew by only 17%. The study indicates that CTV viewers are more engaged with personalized advertising, with 23% making purchases after being exposed to CTV ads, compared to 12% for traditional TV. The research was conducted in the UK, France, Germany, Spain, and Italy.