Rubicon Project on Tuesday announced its Q1 2014 financial results, boasting $23 million in revenue generated throughout the quarter, up 39% year-over-year.
The ad tech company said it managed nearly $130 million in revenue during Q1, up 34% year-over-year. The company attributes the increase in managed revenue to a boost in bidding activity.
“I’m pleased to report record first quarter results,” stated Frank Addante, CEO of and chief product architect at Rubicon. “Real-time bidding (RTB) drove our revenue growth for the quarter, as we continued to outpace the estimated growth of the RTB market.”
The company reported that RTB-managed revenue has grown 75% year-over-year.
Rubicon did report a net loss of $6.1 million in Q1 2014, nearly $4 million more than the net loss of $2.2 million the company posted in Q1 2013.
Rubicon expects a slight revenue bump for Q2 2014, with expected revenue to be somewhere between $24.5 million and $25.5 million.
Thanks to the solid Q1 revenue announcement and strong Q2 projections, Rubicon’s stock (RUBI) had jumped nearly 18% at around 11:30 A.M. ET, but declined in the minutes leading up to 12 P.M. ET. At press time, shares of RUBI were being traded up 10% on the day.