Magnite Jumps 18%, AppLovin Crashes 20%, Trade Desk Slides 6% as Ad-Tech Earnings Split Winners From Losers

247wallst.com··US·Read original
3▲1 ▼2Impact / 5
Summary · why it matters

Ad-tech stocks diverged sharply midday Thursday as traders reacted to second-quarter earnings. Magnite surged 18% to $24.33 after reporting adjusted EPS of $0.26 on revenue of $189.6 million, beating consensus and raising full-year guidance on connected TV momentum. AppLovin crashed 20% to $335.84 despite revenue of $1,924 million and net income of $1,267 million, as it missed the midpoint of its own guidance for the first time since its IPO and issued third-quarter revenue guidance of $2.055 billion to $2.085 billion with an 83% adjusted EBITDA margin, down from 84% this quarter. The Trade Desk slid 6% to $17.77 without company-specific news, caught in a sympathy move alongside AppLovin and extending its year-to-date decline to 50%. Analysts raised Magnite price targets, with Susquehanna lifting to $30 from $22, while AppLovin saw a cascade of cuts, including Piper Sandler downgrading to Neutral with a $385 target from $665.

Impact on assets 3

Artificial Intelligence▼ · 1 stocks
Applovin Corp
APP
▼ NegativeCapitalrelevance

Missed own guidance midpoint and issued weaker Q3 guidance with lower EBITDA margin, triggering analyst downgrades.

Communication Services▲ · 1 stocks
Magnite Inc
MGNI
▲ PositiveCapitalrelevance

Beat consensus on EPS and revenue, raised full-year guidance on connected TV momentum, and received price target hikes.

Information Technology▼ · 1 stocks
Trade Desk Inc
TTD
▼ Negativerelevance

Fell 6% in sympathy with AppLovin without company-specific news, extending year-to-date decline.

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