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![MAGNITE, INC. [RUBI] reports annual net loss of $159,184,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FRUBI.png&w=1200&q=75)
MAGNITE, INC. [RUBI] has reported a net loss of $159,184,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $619.7 million
Based in NEW YORK, New York, MAGNITE, INC. operates in the SERVICES sector.
In the annual report for the periods ending December 31 for the years 2023, 2022, and 2021, the following information was disclosed:
Revenue:
- In 2023, the company generated $619.71 million in revenue, representing an increase from the previous year's revenue of $577.07 million in 2022 and $468.41 million in 2021.
Expenses:
- The cost of revenue for 2023 amounted to $409.91 million, higher than the $307.17 million incurred in 2022 and $201.66 million in 2021.
- Sales and marketing expenses were $173.98 million in 2023, lower than the $200.08 million in 2022 and higher than the $170.41 million in 2021.
- Technology and development expenses were $94.32 million in 2023, slightly higher than the $93.76 million in 2022 and $74.45 million in 2021.
- General and administrative expenses were $89.05 million in 2023, up from $81.38 million in 2022 and $64.79 million in 2021.
- Merger, acquisition, and restructuring costs were $7.47 million in 2023, similar to the $7.47 million in 2022 and significantly lower than the $38.18 million in 2021.
Net Income/Loss:
- The company reported a net loss of $159.18 million in 2023, greater than the net loss of $130.32 million in 2022. In 2021, the company reported a net income of $65, which indicates a significant decline in profitability over the years.
Earnings/Loss Per Share:
- The basic and diluted earnings/loss per share were both negative in 2023 and 2022, with a loss of $1.17 per share. In 2021, the basic and diluted earnings per share were $0 per share.
Overall, the company experienced an increase in revenue but also incurred higher expenses, leading to a significant net loss in 2023 compared to the previous years. Earnings per share remained negative throughout the reporting periods, indicating challenges in profitability.