Rubicon Project’s revenue grows 12% in Q1 2020 but guidance is negative for Q2

Rubicon Project today announced the results for the first quarter ended March 31, 2020. Rubicon Project’s revenue was $36.3 million for Q1 2020, up 12% from Q1 2019.

According to Rubicon, the Telaria revenue was $15.1 million for Q1 2020, up 11% year over year, with CTV revenue of $9.1 million up 74% year over year.

“Despite the global tragedy all of us are living through, we are focused on advancing our newly combined and better positioned omnichannel company,” said Michael G. Barrett, CEO of Rubicon Project. “We have a great team, the company is very strong from a financial standpoint, and I feel confident that we will emerge a much stronger company once the economy begins to recover and revenue growth returns.”

Rubicon project expects the revenue for Q2 2020 to be between $36 to $39 million (for the combined company). Last year, the combined companies had $56 million in revenue for Q2 ($18 million Telaria, and $37.9 Rubicon).

Yesterday, Adweek reported that Rubicon Project is laying off at least 8% of staff, according to multiple sources familiar with the situation.