Magnite’s Q2 2026 earnings beat and raised guidance contrast with AppLovin’s miss, driving sharp sector moves.
Magnite shares surged 18% to $24.33 after reporting Q2 2026 adjusted EPS of $0.26, topping the $0.15 consensus and up from $0.20 a year earlier. Revenue reached $189.6 million, exceeding expectations, while raised guidance underscored strength in connected TV (CTV) advertising.
AppLovin plunged 20% to $335.84 after missing its guidance midpoint for the first time since its IPO, signaling potential deceleration in mobile ad growth. The Trade Desk slid 6% to $17.77 in sympathy, despite no company-specific news, as broader ad-tech volatility weighed on sentiment.
The split reflects investor preference for CTV-driven growth over mobile ad models, with the NASDAQ 100 down 0.46% amid the sector’s divergence.