The latest round of earnings calls from the cohort of publicly listed ad tech companies concluded this week, with the results helping observers to grasp the challenges and opportunities in the sector.
The numbers filed with each company’s respective stock exchange in recent weeks, as shown in the table below, indicate an annual average revenue increase of 17.4% across the sector in 2025.* Although anomalies such as AppLovin (70% growth) and Teads (46% growth post-merger with Outbrain), as well as Perion and PubMatic’s declines of 12% and 2.88%, respectively, warrant closer inspection.
Closer analysis shows that revenue-weighted growth across the sector was 26.6% in 2025, although subsequent stock ratings were not reflective of this, with prices largely heading south after market disclosure as concerns around AI and Big Tech’s influence swelled.
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