Magnite MGNI reported fourth-quarter 2020 adjusted earnings of 19 cents per share, beating the Zacks Consensus Estimate by 11.8%. The bottom-line figure also jumped 11.8% year over year.Revenues of $82 million came in line with the consensus mark. Moreover, the figure surged 69.1% year over year and 20% on a pro-forma basis (includes contributions from Telaria merger which was closed on April 1, 2020). The upswing was primarily driven by stellar performance across the Connected Television (CTV) and Online Video (OLV) formats.United States revenues (73.7% of revenues) were $60.4 million, up 74.1% year over year. International revenues (26.3% of revenues) were $21.6 million in the reported quarter, up 56.5%.Top Line DetailsChannel wise, CTV revenues (18.7% of the total revenues) jumped 53% year over year to $15.3 million, on a pro-forma basis. The solid uptick in the CTV business resulted from higher cord cutting and growing traction of ad-supported programmatic CTV owing to the ongoing transition from direct sales to programmatic ad-spending. Magnite, Inc. Price, Consensus and EPS Surprise Magnite, Inc. price-consensus-eps-surprise-chart | Magnite, Inc. QuoteDesktop revenues (33.5% of the total revenues) climbed 33.7% year on year to $27.5 million. Desktop revenues grew 3% year over year on a pro-forma basis.Mobile revenues (47.8% of the total revenues) came in at $39.2 million, up 40.3% year over year, on stellar growth across OLV. Mobile revenues grew 24% year over year on a pro-forma basis. Operating DetailsSales and marketing expenses soared 101.3% year on year to $23 million. General and administrative expenses flared up 43.1% year over year to $14.8 million. Technology and development expenses rose 36.8% year over year to $14.2 million.Magnite reported an operating income of $8 million, significantly higher than the $1 million reported in the year-ago quarter. Operating margin expanded 772 basis points (bps) year over year to 9.8%.Adjusted EBITDA was $30 million, up a whopping 96% year on year. Moreover, adjusted EBITDA margin expanded 502 bps year over year to 36.6%. Adjusted EBITDA operating expenses came in at $52 million compared with the $33.2 recorded in the year ago quarter.Balance Sheet and Cash FlowAs of Dec 31, 2020, Magnite had cash & cash equivalents worth $117.7 million compared with $103.8 million as of Sep 30, 2020.The company witnessed free cash flow of $20.7 million in the reported quarter compared with the year-ago quarter’s $8.9 million.Key AnnouncementMagnite announced that its contract with Disney DIS and Hulu has been renewed for additional18 months. Further, the company will facilitate programmatic transactions across additional Disney properties such as ESPN, ABC and others.GuidanceFor first-quarter 2021, management projects revenues between $58 million and $62 million. Further, adjusted EBITDA operating expenses are expected to in the $51-$53 million band.Magnite’s expanding product portfolio with new unified decisioning products and expanding Demand Manager offering as well as growing traction of targeted advertising is likely to boost the company’s growth prospects.Additionally, strong momentum across all of the company’s formats and device types, which include CTV, non-CTV video, mobile and display, along with the contributions from the SpotX acquisition, which will likely close in the second quarter, is anticipated to fuel top-line growth over the long haul.Zacks Rank & Other Key PicksMagnite currently carries a Zacks Rank #2 (Buy).Other top-ranked stocks in the broader technology sector include Zoom ZM and Marvell Technology MRVL. Both stocks carry a Zacks Rank of #2, currently. You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.Zoom and Marvell are scheduled to report their quarterly numbers on Mar 1 and 3, respectively.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Walt Disney Company (DIS): Free Stock Analysis Report Marvell Technology Group Ltd. (MRVL): Free Stock Analysis Report Zoom Video Communications, Inc. (ZM): Free Stock Analysis Report Magnite, Inc. (MGNI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research