Q2 2024 PubMatic Inc Earnings Call Transcript
Key Points
- Revenue from omnichannel video, including CTV, mobile, and desktop devices, grew 19% over Q2 last year.
- Mobile app revenue grew over 20% for the third straight quarter, nearly double the expected market growth rate.
- PubMatic expanded its customer base with new marquee clients like Roku and Disney+ Hotstar.
- Emerging revenue streams, such as Activate and data partnerships, almost doubled year over year.
- The company maintained a strong balance sheet with $166 million in cash and marketable securities and zero debt.
- Revenue growth was lower than expected at 6% due to changes made by a large DSP buyer.
- Late-quarter weakness in several ad verticals contributed to a $1 million shortfall.
- The DSP bidding change resulted in a $2 million impact in Q2, with an additional $3 million expected in the second half of the year.
- Softness was observed in key verticals such as technology, automotive, travel, and arts and entertainment.
- The company adjusted its full-year revenue outlook downward by $5 million due to DSP changes and macroeconomic softness.
Hello, everyone, and welcome to PubMatic's second-quarter 2024 earnings call. My name is Annabeth Ferris, and I will be your Zoom operator today. Thank you for your attendance today. As a reminder, this webinar is being recorded.
I will now turn the call over to Stacie Clements with The Blueshirt Group.
Good afternoon, everyone, and welcome to PubMatic's earnings call for the second quarter ended June 30, 2024. This is Stacie Clements with The Blueshirt Group, and I'll be your operator today.
Joining me on the call are Rajeev Goel, Co-Founder and CEO; and Steve Pantelick, CFO.
Before we get started, I have a few housekeeping items. Today's prepared remarks have been recorded, after which Rajeev and Steve will host live Q&A. (Event Instructions) A copy of our press release can be found on our website at investors.pubmatic.com.
I would like to remind participants that during this call, management will make forward-looking statements, including, without limitation,
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