Pubmatic tanks on Q3 revenue miss, FY22 forecast cut

PubMatic

09/11/2022 14:57

** Cloud infrastructure developer Pubmatic Inc's shares
 PUBM.O  tank 7% to three-month low of $15  
        ** Co cuts 
    FY22
     revenue forecast to between $257 mln and $260 mln, from
$277 mln to $281 mln estimated earlier
  
        ** Lowers FY22 adj core earnings forecast to $98 mln to
$101 mln vs $103 mln to $108 mln earlier 
  
    ** PUBM blames outlook cut on macro headwinds and global
advertising spend deceleration 
        ** Co also misses Wall Street estimates for Q3 sales 
  
    ** Several brokerages cut PT on PUBM, with Jefferies
lowering to $16 from $21, saying it is very difficult to
accurately forecast co's Q4 revenue growth given ad market
volatility 
    ** Seven of 10 brokerages rate the stock "buy" or higher,
three "hold"; their median PT is $22.5 - Refinitiv
    ** Stock had fallen 52% YTD vs a 36.2% decline in the Nasdaq
Computer Index  .IXK 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))