PubMatic down after Q3 rev guidance falls short of estimates

PubMatic

09/08/2023 10:49

** Shares of advertising tech firm PubMatic  PUBM.O  fall
21.87% to $14.5 premarket
    ** PUBM sees Q3 rev of $58 mln-$61 mln, below analysts'
forecast of $64 mln - Refinitiv data
    ** Reports Q2 rev of $63.3 mln vs estimates of $59.9 mln
    ** Reports quarterly loss of 11 cents/shr vs profit of 14
cents/shr a year earlier
    ** On an adj. basis, Q2 EPS of 2 cents beats estimates for a
loss of 6 cents
    ** "In the near term, the current digital advertising
environment continues to be fluid ... many advertisers remain
cautious about the economic environment as they closely manage
ad budgets in case of a potential recession, particularly around
brand advertising" - CEO Rajeev Goel
    ** Post results, Oppenheimer downgrades stock to "perform"
from "outperform"
    ** Up to last close, stock had risen nearly 45% YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))