RTTNews | Aug 6, 2021 10:20AM EDT

10:19 Friday, August 6, 2021 (RTTNews.com) - Magnite, Inc. (MGNI) shares are rising on Friday morning trade after the company reported a swing to profit in the second quarter on a 170 percent surge in revenue.

The company's second-quarter net profit was $36.8 million or $0.11 per share, compared to net loss of $39.1 million or $0.10 per share last year.

Wall Street analysts were looking for a profit of $0.12 per share on revenue of $94.1 million.

Revenue for the quarter increased to $114.5 million from $42.3 million in the previous year.

Currently, shares are at $34.49, up 12.35 percent from the previous close of $30.70 on a volume of 2,492,348. For the 52-week period, the shares have traded in a range of $5.57-$64.39 on average volume of 2,473,004.

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