Magnite, Inc. (MGNI) shares plunged 8.96% in after-hours trading on Wednesday, following the release of the company's fourth-quarter earnings report. Despite beating revenue expectations, Magnite's adjusted earnings per share and adjusted EBITDA fell slightly short of analyst estimates.

For the fourth quarter, Magnite reported revenue of $194 million, surpassing the consensus estimate of $184.3 million. However, the company's adjusted earnings per share came in at $0.34, missing the expected $0.36. Additionally, adjusted EBITDA of $76.5 million was below the projected $80.6 million.

While Magnite's revenue growth was a positive sign, the disappointing earnings figures appeared to weigh on investor sentiment, leading to the significant after-hours sell-off. The company's stock performance will likely depend on its ability to meet or exceed earnings expectations in future quarters.