Advertising tech company Rubicon Project witnessed rocketing share price gains following its strong second-quarter 30%-plus revenue increases.
Trading of Rubicon stock was up a massive 32% on Thursday to $10.05 a share, this follows a Wednesday 11% stock-price hike.
Rubicon’s second-quarter revenues grew a large 32% to $37.9 million -- mobile revenue grew 42% to $21.3 million; desktop revenue was up 21% to $16.6 million. Mobile revenue now has a 56% share of its total revenue; desktop, 44%. It was the company’s third straight quarter of 30%-plus revenue growth.
Talking to media analysts during its earnings call, Michael Barrett, president-CEO of Rubicon, said: “Video growth on our platforms is outpacing the industry by two times. Video inventory remains in extremely high demand.” This includes mobile web, mobile app, desktop and connected TV.
He also said there were gains in CPMs, the cost per thousand viewers -- this following a period of stabilization. Before that, the CPM had declined.
The company trimmed its net losses in the period to $8.3 million from $18 million in the second quarter 2018.
Recent advertising tech companies were boosted by Amazon allowing third-party advertising companies -- The Trade Desk and dataxu -- to managed the buying of publisher’s inventory on the Amazon Fire TV OTT platform.