Shares of several digital advertising companies, including The Trade Desk Inc TTD, Magnite Inc MGNI and PubMatic Inc PUBM, are trading lower in Thursday's after-hours session after Snap Inc SNAP reported worse-than-expected financial results.
Snap said second-quarter revenue increased 13% year-over-year to $1.11 billion, which missed the estimate of $1.14 billion, according to data from Benzinga Pro. The social media company reported a quarterly loss of 2 cents per share, which missed the estimate for a loss of 1 cent per share. Daily active users increased 18% year-over-year to 347 million.
Related Link: Snap Q2 Earnings Highlights: Stock Tanks On No Q3 Guidance, Revenue And EPS Miss
Given uncertainties related to the operating environment, Snap did not provide third-quarter revenue or adjusted EBITDA guidance. The social media company also announced plans to invest heavily in its direct response advertising business.
The Trade Desk is engaged in providing a technology platform for ad buyers. Magnite operates an independent sell-side advertising platform and PubMatic provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions.
TTD, MGNI, PUBM Price Action: The Trade Desk was down 6.84% in after hours at press time. Magnite and Pubmatic were both trading lower by more than 3% in after hours at last check.
Photo: Photo Mix from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
