Programmatic video ad company TubeMogul reported earnings for the first time on Tuesday since going public just over one month ago — and the company was actually profitable.
This is a rare feat for ad tech companies that have recently gone public. Companies like YuMe, Rocket Fuel, and Tremor Video all reported wider net losses during earnings calls for Q2.
The company's revenue more than doubled, up 127% to $28.7 million from $12.6 million, beating expectations for the quarter of $24.7 million. TubeMogul's total spending jumped 143%, up to $61.1 million.
After TubeMogul reported $2.1 million in net income this quarter, up from a loss of $2.6 million last year, its stock surged about 40% (it's currently up about 35%).
"TubeMogul delivered strong financial results in the second quarter as clients continue to adopt our self-serve software to execute their global video advertising campaigns," CEO Brett Wilson said in a press release.
After hours, TubeMogul stock was trading at $12.10, compared with the company's initial offering of $7.
Here's a closer look at TubeMogul's stock:
TubeMogul is a video advertising company that purchases video ad space programmatically, or in real time. Sometimes classified as a demand-side platform, TubeMogul allows brands and advertisers to manage video ad spending on a single platform. The company was founded in 2006 and went public on July 18 this year.