Ad tech company Viant Technology Inc. of Irvine reported second-quarter revenue of $50.4 million, easily beating analyst estimates, while the net loss for the period was $18.1 million.
Reporting earnings just six months after going public, the company said revenue for the three months ended June 30 was up 66% over the same period of the previous year. The consensus estimate called for $46.2 million.
While reporting a net loss for the quarter, Viant also said adjusted net income was $5.2 million.
For the full year, Viant said it expects revenue in the range of $205 million to $210 million, which would represent year-over-year growth of approximately 24% to 27%. Analysts on average expect $205.9 million for 2021.
“We are encouraged by the momentum we are seeing across our business and are raising guidance for the full year across all key metrics,” said Tim Vanderhook, chief executive officer and co-founder.
Shares in Viant closed up 5.5% at $18.13 apiece for a market cap of almost $1.1 billion. The company’s stock rose 1.5% to $18.40 apiece in after-hours trading following the earnings announcement.
For further details, please see the Aug. 23 printed edition of the Business Journal.
