PubMatic sinks as weak ad market drives downbeat outlook

PubMatic

28/02/2023 22:36

** Ad tech firm PubMatic Inc's shares  PUBM.O  fall 9% to
$13.80 in extended trading 
    ** Co sees Q1 revenue between $50 mln and $52 mln vs
analysts' expectations of $54.9 mln - Refinitiv data
 urn:newsml:reuters.com:*:nGNX5gzr8L
    ** Q4 revenue of $74.3 mln also comes in below est. of $76.7
mln 
    ** "We effectively navigated a challenging second half,
particularly in December, when mobile and desktop display
revenue was impacted by unprecedented, industry-wide ad spend
declines," says CFO Steve Pantelick 
    ** However, Q4 adj. EPS of 33 cents/shr tops estimates
    ** Co also announces $75 mln share buyback plan
    ** Stock up 18.5% YTD, after having lost ~62% in 2022

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))