Is that actual momentum we hear?
Earnings season for independent adtech companies is in full swing. Here’s a quick snapshot of Q2 2025 results reported, so far (will be doing a separate post on The Trade Desk).
Magnite reported Total Contribution ex-TAC of $162.0 million, up 10% year-over-year—beating its guidance of $154–160 million. Growth was driven by CTV and the company’s DV+ business, which includes display, video, audio, and DOOH formats.
DoubleVerify reported revenue of $189 million, up 21% year-over-year and ahead of expectations of $180–184 million. Key growth drivers included CTV, social media, retail media, and the company’s DV Scibids AI offering.
Zeta Global posted revenue of $308 million, up 35% year-over-year and above the $295–298 million expected. The company credited its momentum to the launch of Zeta Answers, an AI-powered insights tool, along with new deployments and agency partnerships.
Ryan Reynolds’ MNTN reported revenue of $68.5 million, up 25% year-over-year. Performance TV led the way, growing 35% to $67.8 million. This marked MNTN’s first earnings report, with Q3 guidance projected at $69.5–70.5 million.
Criteo reported Total Contribution ex-TAC of $292 million, up 9% year-over-year and ahead of expectations of $272–278 million. Retail media contributed 11% of that total.
AppLovin reported revenue of $1.25 billion, up 77% year-over-year—beating its guidance of $1.195–1.21 billion. The company attributed the eye-popping growth to improved technology and increased demand.
Why This Matters:
So what does the results mean? Well, a few clear themes seem to be emerging from Q2 earnings reports, to this point.
First, CTV and retail media are proving to be durable growth engines, with multiple companies citing them as key contributors for their performance. That’s a strong signal that advertisers are continuing to shift spend toward streaming and commerce environments.
Second, AI is starting to show up as a real revenue driver, not just a buzzword—both DoubleVerify and Zeta pointed to AI-powered tools as central to their growth.
And finally, most companies outperformed expectations, suggesting that independent adtech, especially those focused on performance, data, and automation, is in a healthy place—even amid broader market uncertainty. (Tariffs!)
Experts React:
Speaking of independent adtech—did anyone catch Magnite hinting it might follow OpenX in filing a civil suit against Google for antitrust damages? Here’s what CEO Michael Barrett told investors on the call:
“One last thing to note. While the court’s findings are focused on equitable remedies going forward, any civil damages that we could potentially realize would require us to file a separate action, which we believe has significant merit.”
If Magnite moves forward, it would be the second major independent adtech player to take legal action following the DOJ’s antitrust victory—and could open the door for others to follow.
Our Take:
Independent adtech is growing, innovating, and fighting back. We love to see it! From strong earnings across the board to early signs of legal pushback against Google, this quarter signals confidence, not necessarily caution. Let’s see if it continues.
AdTechRadar is owned by Chris Harihar, who leads PR at Mod Op. DoubleVerify is a Mod Op client.
