• by Ray Schultz , August 8, 2024

Technology firm PubMatic achieved 6% growth in its revenue in Q2, compared to Q2 2023, for a total of  $67.3 million.

“We delivered growth in key secular areas of the business with revenue from omnichannel video, which includes CTV, up 19% year-over-year and mobile app up over 20%,” says Rajeev Goel, co-founder and CEO at PubMatic. "Ad buying activity on PubMatic continued to grow as well, with monetized impressions up 12% over last year and supply path optimization activity representing over 50% for the first time.” 

Goel adds, “There’s a fundamental shift toward programmatic as digital inventory rapidly expands and ad budgets shift to new formats and channels.”

However, revenue for the quarter was “primarily impacted by one large DSP buyer that changed its bidding approach,” says Steve Pantelick, CFO at PubMatic. “Excluding this buyer, the majority of our business grew nearly 10% year over year led by strong omnichannel video growth.”

Gross profit totaled $42.1 million, up 10% YoY. And net income hit $2 million, or a 3% margin. 

In addition, there was 15% growth YoY from high value formats and channels, mobile display and omnichannel video^, representing 78% of total revenue in the quarter, up 5% points over Q2 2023.