Feb 23, 2021
Ad tech company PubMatic stock pops 10% in first earnings report after December IPO
This news has been received from: CNBC
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PubMatic signage on day of IPO at the NasdaqSource: Nasdaq
PubMatic runs a sell-side advertising platform that runs real-time programmatic ad transactions and allows publishers and app developers to sell space to advertisers across media, including display or video ads on desktop, mobile app, mobile web or streaming TV.
The company said revenue in the fourth quarter of 2020 was $56.2 million, up 64% year-over-year. Analysts surveyed by Refinitiv expected revenue of $47.4 million in the quarter. The company said revenue in full-year 2020 was $148.7 million, up 31% year-over-year.
The company's chief financial officer Steve Pantelick said in a statement that the quarterly growth was driven by advertising strength in e-commerce, technology, personal finance and on streaming video.
PubMatic's clients, as of December, include publishers like Verizon Media Group and News Corp and app makers like Electronic Arts and Zynga. The Verizon relationship is especially important. It made up 28% of its revenue in 2019 and 21% of its revenue in the first nine months of 2020. The company competes with divisions of Google along with other supply-side platforms like Magnite, which was formed as a product of a 2020 merger between public ad tech companies Telaria and Rubicon Project.
PubMatic said in a statement that it expects revenue in the first quarter of 2021 to be in the range of $38 million to $40 million, growing between 34% to 41% over the same period last year.
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News Source: CNBC
GameStop stock surges as activist investor Ryan Cohen takes on bigger role
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GameStop’s stock price soared Monday as the the struggling video-game retailer revealed that activist investor Ryan Cohen had taken charge of its turnaround.
Shares in the Texas-based chain jumped 11 percent to $153.00 in premarket trading as of 8:35 a.m. after it announced that Cohen was leading a new committee to transform GameStop into an e-commerce business.
The Chewy.com co-founder is viewed as GameStop’s likely savior by some rookie investors on Reddit’s WallStreetBets forum, whose efforts to pump up the company’s stock thrust it into the center of the recent market revolution.
Cohen joined GameStop’s board of directors in January after amassing a 13 percent stake and pressing executives to transform it from an outdated brick-and-mortar retailer into a digitally focused gaming company.
GameStop now appears to have given Cohen the reins to guide that transformation by making him the chair of a three-person “Strategic Planning and Capital Allocation Committee.”
“It is responsible for evaluating areas that include GameStop’s current operational objectives, capital structure and allocation priorities, digital capabilities, organizational footprint, and personnel,” the company said in a news release.Ryan Cohen, co-founder of Chewy.com, is on Gamestop’s board of directors.C.M. Guerrero/Miami Herald/TNS/Alamy Live News
The panel has hired executives to oversee GameStop’s e-commerce fulfillment and customer care operations and is also searching for a new chief financial officer with e-commerce and technology experience to replace outgoing CFO James Bell, who is leaving at the end of the month, the company said.
The committee is also looking for ways to “transform GameStop into a technology business and help create enduring value for stockholders,” according to the news release.GameStop appears to have given Ryan Cohen control in guiding it through its transformation.John Minchillo/AP Photo
That was the focus of a November letter Cohen sent GameStop’s board, which said the chain had failed to keep up with the industry’s “transition from physical hardware to digital streaming.”
Cohen effectively lit the fuse for GameStop’s explosive rally that sent its share price as high as $483 in late January.
His view that the chain was primed for a turnaround led amateur traders on Reddit to buy the company’s stock left and right before they went to war with institutional investors who bet against it.
Cohen appeared to set off another surge in late February with a cryptic Twitter post featuring a photo of a McDonald’s ice cream cone, which spurred wild speculation about what it could mean for GameStop.
Twitter users also tried to decipher another bizarre post Cohen made last week with what appeared to be a screenshot from an ad for Pets.com, the online pet supply retailer that was a precursor to Chewy.Filed under e-commerce , gamestop , reddit , retailers , stocks , 3/8/21