With a rising video business, The Rubicon Project, the advertising exchange, lifted revenues by 30% in the first quarter, while narrowing its losses.
The company posted $32.4 million, up from $24.9 million in the first quarter of 2018. Net losses were trimmed to $12.5 million from $27.8 million.
Rubicon expects second-quarter revenue to also sharply climb, projecting a 20% to 25% increase for the period.
After an initial selloff following the company earnings announcement on Wednesday, the Thursday closing of Rubicon's stock was up 6% to $6.60. The company outperformed key financial expectations.
Michael Barrett, president-CEO of Rubicon Project, stated that its gains were boosted by growing video business, and were helped by a “strong overall competitive position during a time when buyers continue to reduce the number of exchanges they work with.”
The company says mobile revenue -- which represents 53% of all its revenue -- was up 63% in the quarter, while its video revenues doubled during the period, and desktop revenues grew 6%.