Magnite's 2025 Q2 Earnings Call: Unpacking Contradictions on Antitrust Impact, CTV Growth, and AI Costs

Impact of Google's antitrust case, programmatic guaranteed impact on take rates, Google antitrust case and market share shifts, CTV growth expectations, AI and data initiatives impact on costs are the key contradictions discussed in Magnite's latest 2025Q2 earnings call.



Strong Revenue and Adjusted EBITDA Growth:
- Magnite reported total revenue of $173 million for Q2 2025, up 6% from the same period last year. Adjusted EBITDA grew by 22% to $54 million.
- The growth was driven by strong performance in the CTV segment and improved operational efficiencies, particularly in cloud computing costs.

CTV and DV+ Segment Growth:
- CTV contribution ex-TAC grew by 14%, while DV+ contribution ex-TAC increased by 8% during Q2.
- This performance was due to new partnerships with industry leaders, growth in live sports, and advancements in product functionality.

Investment in AI and Technology:
- Magnite emphasized its AI capabilities, including traffic shaping and audience discovery, contributing to platform efficiency and revenue growth.
- The company is integrating AI into its products to enhance targeted advertising and improve process automation.

Potential Impact of Google Ad Tech Ruling:
- Magnite expects the antitrust ruling against Google to result in market share shifts, potentially leading to a $50 million annualized contribution ex-TAC increase per 1% market share shift.
- The company believes these changes could begin as early as late 2026, enhancing their competitive position in the market.