PubMatic, Inc. is an independent technology company that operates a specialized cloud infrastructure platform to optimize digital advertising transactions. The company empowers publishers to maximize their advertising inventory monetization while providing advertisers and demand-side platforms (DSPs) with transparency and control. PubMatic focuses on enhancing the digital advertising ecosystem through real-time programmatic advertising and omnichannel reach.
- Connected TV (CTV) and Omnichannel Video - Drives advertising revenue growth by enabling publishers and advertisers to leverage video formats across multiple channels, including Connected TV, which has seen significant year-over-year growth.
- Supply Path Optimization (SPO) - Enhances efficiency and cost-effectiveness for advertisers by optimizing the path between buyers and sellers in the digital advertising ecosystem.
- Mobile App Revenue - Supports publishers in monetizing mobile app advertising inventory, contributing to differentiation and growth.
- Commerce Media and Data Curation - Focuses on emerging revenue streams by enabling advertisers to leverage commerce-related data and curated datasets for targeted advertising.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Amar K. Goel ExecutiveBoard | Chief Innovation Officer | Board Director at Kredivo Holdings (since March 2021); Co-founder and CEO at Bito Inc. (since May 2021) | Amar K. Goel is the founder of PUBM and has held key roles including Chief Innovation Officer since February 2021 and Chairman of the Board since 2006, driving innovation and strategic direction at the company. | |
Rajeev K. Goel ExecutiveBoard | Chief Executive Officer | CEO of PubMatic since December 2008 and a Board Director since September 2006. | View Report → | |
Andrew Woods Executive | General Counsel and Corporate Secretary | Andrew Woods has served as General Counsel and Corporate Secretary at PubMatic, Inc. since August 2022, overseeing the company’s global legal affairs. Previously, he held roles such as Director & Associate General Counsel at Twitter from March 2015 to August 2022. | ||
Mukul Kumar Executive | President of Engineering | Mukul Kumar is President of Engineering at PUBM since March 2019, previously served as Senior Vice President of Engineering from April 2010 to March 2019 and Vice President of Engineering and Founding Engineer from 2007 to 2010. | ||
Paulina Klimenko Executive | Chief Growth Officer | Paulina Klimenko is the Chief Growth Officer at PUBM since February 2021, having previously served in various executive roles including Senior Vice President positions in Business and Corporate Development (May 2018 – February 2021 and March 2015 – May 2018) as well as Vice President of Business and Corporate Development (August 2011 – March 2015). | ||
Steven Pantelick Executive | Chief Financial Officer (CFO) | Steven Pantelick has been serving as the CFO at PubMatic since 2011, overseeing the company’s financial operations. He has extensive experience from previous CFO roles at companies like Aggregate Knowledge Inc. and Kodak Gallery. |
- Given the recent DSP platform change that led to a significant drop in revenue in July, can you provide specific milestones and timelines for when you expect the optimization of traffic shaping and recovery of these revenues to be fully achieved?
- With your top two DSPs accounting for roughly half of your overall spend, what detailed steps are being taken to diversify the DSP mix, and how will you measure success in reducing concentration risk moving forward?
- Considering the notable shift in display revenue and the rapid growth of CTV and emerging revenue streams, what are the biggest challenges you foresee in balancing legacy display performance while accelerating new high-growth areas?
- As you continue to scale the Activate platform, which saw its activity more than double quarter-over-quarter, what specific performance indicators and investor benchmarks will you use to justify its long-term impact on revenue and market share?
- In light of the uncertainty surrounding macroeconomic conditions and the shifting advertiser spending trends, how do you plan to maintain your profitability and EBITDA margins while addressing short-term revenue volatility from DSP partners?
Research analysts who have asked questions during PubMatic Inc earnings calls.
Eric Martinuzzi
Lake Street Capital Markets
3 questions for PUBM
James Heaney
Jefferies
3 questions for PUBM
Matthew Swanson
RBC Capital Markets
3 questions for PUBM
Andrew Boone
JMP Securities
2 questions for PUBM
Jacob Armstrong
KeyBanc Capital Markets
2 questions for PUBM
Jason Helfstein
Oppenheimer & Co. Inc.
2 questions for PUBM
Robert Coolbrith
Evercore ISI
2 questions for PUBM
Shweta Khajuria
Wolfe Research, LLC
2 questions for PUBM
Zach Cummins
B. Riley Securities
2 questions for PUBM
Brianna Diaz
Citizens
1 question for PUBM
Ian Peterson
Evercore ISI
1 question for PUBM
Kenneth Wu
Wolfe Research
1 question for PUBM
Matthew Condon
Not Specified in Transcript
1 question for PUBM
Mauricio Munoz Roldan
Raymond James
1 question for PUBM
Simran Biswal
RBC Capital Markets
1 question for PUBM
Tim Nollen
Macquarie Group
1 question for PUBM
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
We compete with this company as one of the supply-side platforms (SSPs) in the digital advertising ecosystem, which is characterized by intense competition and the need to address challenges such as transaction speed, transparency, and evolving regulatory requirements. | |
This company operates as a division of a larger entity and competes in the SSP market. It has greater financial, technical, and marketing resources, as well as longer operating histories and greater name recognition, which provide competitive advantages. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
ConsultMates, Inc. (dba "Martin") | 2022 | **The deal was completed on September 16, 2022 with a total consideration of approximately $45 million, structured with an upfront payment of $26.5 million, additional $14 million deferred over three years, and a $4.5 million holdback, reflecting detailed earn-out and indemnity provisions. ** **The strategic rationale was to integrate Martin’s advanced media measurement and reporting platform to enhance PubMatic’s supply path optimization and better serve buy-side customers, despite noted integration and retention challenges. ** |
Recent press releases and 8-K filings for PUBM.
- PubMatic highlighted its strong financial profile, achieving its 37th consecutive quarter of adjusted EBITDA profitability and generating healthy free cash flow.
- The company is experiencing significant growth in key secular areas, with Connected TV (CTV) revenue growing over 50% year-over-year in Q2 to approximately 20% of total revenue, and Supply Path Optimization (SPO) now representing 55% of its business.
- PubMatic provided Q3 2025 revenue guidance of $61 million to $66 million, influenced by a top DSP partner's platform shift that caused a notable drop in activity in July, though it stabilized in August.
- The company anticipates potential near-term catalysts from Google antitrust proceedings, including behavioral remedies that could lead to Google's demand side bidding non-biasedly across SSPs, and the possibility of civil action for damages due to Google's past illegal monopoly.
- The Portnoy Law Firm has initiated an investigation into possible securities fraud against PubMatic, Inc., which may lead to a class action lawsuit on behalf of investors.
- This investigation follows PubMatic's disclosure on August 11, 2025, after market hours, of its second-quarter 2025 financial results.
- PubMatic reported experiencing a headwind from a top DSP buyer since July and warned of an expected significant decline in third-quarter revenue due to reduced ad spend from a top DSP partner.
- Following this announcement, PubMatic’s stock price declined $2.23 per share, or approximately 21.1%, closing at $8.34 per share on August 12, 2025.
- PubMatic's CTV business is growing over 50% year over year and represents about 20% of revenues, while new revenue streams (including Activate) are doubling year over year and accounted for 8% of revenue as of the second quarter. The company anticipates total revenue growth to reaccelerate to mid-teens to 20% year over year once current DSP impacts normalize.
- PubMatic holds approximately 4% of the SSP market share, with Google estimated at 60%. The company expects significant benefits from potential reforms following Google's monopoly verdict, estimating each one percentage point of market share gain could add $50 million to $75 million in revenue. PubMatic is actively diversifying its DSP mix, with spend from DSPs outside the top five accelerating to over 30% year over year in July.
- Supply Path Optimization (SPO) now constitutes about 55% of PubMatic's business, leveraging data from partners like PayPal and Instacart to drive stickiness and growth. The company is also focused on leveraging AI and machine learning across its operations to drive efficiencies, expecting leverage from G&A, technology and development, and certain sales and marketing components.
- PubMatic's CapEx target for this year is approximately $15 million, which is about half of what was invested three years ago, with lower investment levels expected going forward. The company has about $100 million remaining in its share buyback authorization through 2026, having already bought back approximately 12 million Class A common shares.
- PubMatic launched an AI-powered Live Sports Marketplace that enables advertisers to target specific game moments across streaming platforms in real-time.
- FanServ is the premier partner for the marketplace, providing immediate access to premium NBA, WNBA, MLB, NHL, and National Women’s Soccer League inventory.
- PubMatic's live sports activity has more than tripled in the first half of 2025 compared to the same period in 2024, exceeding its entire 2024 live sports activity in just the first six months of 2025.