PubMatic shares surge 12.94% after-hours as Q3 results beat guidance and price targets raised.

PubMatic surged 12.94% in after-hours trading following the release of its third-quarter 2025 results, which exceeded revenue and adjusted EBITDA guidance, with CTV revenue growing over 50% year-over-year excluding political ad spend. Analysts from Evercore ISI and Rosenblatt raised price targets to $13 and $20, respectively, citing strong Q3 performance, AI-driven operational improvements, and stabilization in the ad tech market. The company reported $68 million in revenue, 6% above estimates, and $11 million in adjusted EBITDA, 16% ahead of forecasts, while maintaining fourth-quarter guidance aligned with consensus. These results, coupled with analyst optimism about future growth from AI innovations and market share gains post-Google’s ad tech changes, fueled the after-hours rally.