Why Magnite Shares Are Falling After Snap's Earnings Report

Magnite Inc MGNI shares are trading lower by 6.31% to $8.25 Friday morning. Shares of digital advertising companies at large are trading lower following worse-than-expected second-quarter earnings from Snap.

Snap said second-quarter revenue increased 13% year-over-year to $1.11 billion, which missed the estimate of $1.14 billion, according to data from Benzinga Pro. The social media company reported a quarterly loss of 2 cents per share, which missed the estimate for a loss of 1 cent per share... Read More

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Magnite is an independent sell-side advertising platform.

According to data from Benzinga Pro, Magnite has a 52-week high of $36.59 and a 52-week low of $7.06.