Observed Signal · Nov 11, 2025 · Earnings Report · Source: AdExchanger · Impact: 4/5 · Sentiment: Neutral
PubMatic Navigates DSP Spending Dip with Strategic Growth Moves
PubMatic described a mixed Q3 performance during its earnings call, highlighting a $68 million revenue figure that declined 5% year over year due to a large DSP partner reducing spend in the summer. CEO and co-founder Rajeev Goel argued that PubMatic remains a direct connection to publishers, not a reseller, even as it expands direct deals with midtier DSPs and works with The Trade Desk on real-time deal metadata sharing via an API. The Trade Desk’s Kokai platform and related OpenPath partnerships are cited as signals of changing DSP dynamics. PubMatic reported that spend from the unnamed large DSP began to stabilize in August and September, while CFO Steve Pantelick noted that the company is pursuing growth in CTV, apps, and other emerging revenue streams to offset the dip. Activate usage grew 35% in the first nine months, and Activate campaigns rose more than 4x year over year.
Earnings report with notable Q3 revenue decline and strategic moves (partnerships and platform focus) affecting the adtech landscape.
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Key Takeaways & Evidence Grounding
- Q3 revenue was $68 million, down 5% year over year.
- A large unnamed DSP partner reduced ad spend in July, contributing to the Q3 decline; spend stabilized in August and September.
- PubMatic and The Trade Desk launched an API to share deal metadata between publishers and advertisers in real time.
- Activate usage grew 35% among PubMatic's customers in the first nine months of the year, and Activate campaigns rose more than 4x year over year.
- Google DV360's switch to a fully first-price auction in mid-2024 caused a $5 million revenue shortfall last year.
Connected Companies & Entities
2 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
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