NASDAQ$PUBM
PUBMATIC INC-CLASS A · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
PubMatic's first quarter performance in 2023 was driven by a focused strategy, strong execution, and deep customer relationships, leading to market share gains.
PubMatic reported revenue of $55.4 million, a GAAP net loss of $5.9 million, and a non-GAAP net income of $0.9 million for Q1 2023. The company's revenue increased by 2% year-over-year, with omnichannel video revenue growing by 13%.
- Revenue in the first quarter of 2023 was $55.4 million, an increase of 2% over the same period of 2022.
- Revenue from omnichannel video in the first quarter of 2023 grew 13% over the same period last year.
- Supply path optimization accelerated to over 35% of total activity on our platform in Q1 2023, up from approximately 27% a year ago.
- Added over 65 publishers to the platform in the first quarter.
Headline financials
Revenue & EPS history
PubMatic · Revenue · Quarterly
$55.4M
Revenue by segment
PubMatic · $16.6M total across 1 segment · Q1 2023
- Omnichannel Video$16.6M—100.0%
Forward guidance
For the second quarter of 2023, PubMatic expects revenue to be between $58 million to $61 million and adjusted EBITDA to be in the range of $13 million to $15 million, representing approximately a 23% margin at the midpoint. For full year 2023, the company expects adjusted EBITDA margin to be 30%+, free cash flow on par with 2022 and CapEx to be in the range of $12M – $15M, a decrease of more than 60% over 2022.
Tailwinds
- Revenue to be between $58 million to $61 million.
- Adjusted EBITDA to be in the range of $13 million to $15 million, representing approximately a 23% margin at the midpoint.
- Adjusted EBITDA margin to be 30%+
- Free cash flow on par with 2022
- CapEx to be in the range of $12M – $15M, a decrease of more than 60% over 2022.
Headwinds
- Macroeconomic conditions continue to be challenging and advertisers remain cautious.
- Arguably new sources of uncertainty have emerged that may impact consumer spending such as US Fed interest rate plans, the growing perception that inflation is stickier than expected and the effect of tightening credit conditions related to debt ceiling discussions and US banking system concerns.
- The investment plan assumes a low to mid single digit rate of growth for digital advertising in 2023.
- Advertisers remain cautious.
- New sources of uncertainty have emerged that may impact consumer spending.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+2.6%
Avg return
Earnings day
+3.2%
Avg return
5 days after
+3.5%
Avg return
30 days after
52%
12 / 23 earnings
Positive
+43.5%
Q3 2025
Best reaction
-36.0%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.9% | -3.6% | +13.9% | |
| Q4 2025 | +14.7% | +23.5% | +15.8% | |
| Q3 2025 | +43.5% | +23.3% | +22.0% | |
| Q1 2025 | +1.1% | +6.5% | +9.6% | |
| Q4 2024 | -23.9% | -23.3% | -33.6% | |
| Q3 2024 | -0.7% | -9.1% | +1.0% | |
| Q2 2024 | -25.8% | -25.4% | -23.5% | |
| Q1 2024 | -4.0% | -4.4% | -9.3% | |
| Q4 2023 | +25.2% | +28.8% | +42.2% | |
| Q3 2023 | +24.5% | +23.8% | +42.3% | |
| Q2 2023 | -36.0% | -30.8% | -30.2% | |
| Q1 2023 | +13.4% | +21.5% | +49.8% | |
| Q4 2022 | -7.6% | -10.2% | -11.0% | |
| Q3 2022 | -14.0% | +0.4% | -15.6% | |
| Q2 2022 | +26.1% | +34.0% | +8.6% | |
| Q1 2022 | -10.1% | +3.0% | -5.4% | |
| Q4 2019 | -22.6% | -29.1% | -14.6% | |
| Q4 2021 | -13.0% | -25.5% | -7.6% | |
| Q3 2020 | +24.3% | +19.3% | +20.3% | |
| Q3 2021 | +17.2% | +31.8% | +29.3% | |
| Q2 2021 | +10.2% | -5.6% | -7.7% | |
| Q1 2021 | -10.8% | -12.9% | -13.9% | |
| Q4 2020 | +27.6% | +37.2% | -2.1% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — |
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