PubMatic Jumps After Big Earnings Beat, Bullish Outlook By

© Reuters.

By Liz Moyer — Pubmatic Inc (NASDAQ:) jumped 24% on Wednesday after beating fourth quarter expectations and announcing a bullish outlook.

The advertising tech company went public in December.  It reported fourth quarter profit of $18.8 million, or 34 cents a share, an increase over net income of $4.1 million, or 6 cents a share in the same period of 2019.

Fourth quarter revenue rose 64% over the prior year, to $56 million while analysts had expected $47.4 million . Full-year revenue rose 31% to $148.7 million. 

It said first quarter 2021 revenue  is expected to be in the range of $38 million to $40 million, representing growth of 34% to 41% over last year’s quarter.

PubMatic said in a statement that growth was driven by advertising strength in e-commerce, technology, personal finance, and on streaming video. PubMatic provides services for publishers such as News Corp A (NASDAQ:). and Verizon Media Group as well as game-maker Electronic Arts Inc (NASDAQ:).

Several analysts raised their price targets after the earnings were announced.

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