What happened?
Shares of marketing technology company Zeta Global (NYSE: ZETA) jumped 6.5% in the afternoon session after the company reported third-quarter revenue above the midpoint of its guidance and raised its full-year 2026 outlook.
According to a company press release, Zeta Global reported third-quarter revenue of $493 million, up 46% year over year and $22 million above the midpoint of its guidance. Excluding Marigold and political candidate revenue, revenue increased 30%. The company generated GAAP net income of $38 million, adjusted EBITDA of $121 million, and non-GAAP earnings per share of 38 cents. Super-scaled customer count grew 18% to 212, and super-scaled customer average revenue per user (ARPU) increased 22% to $2.0 million.
The release also said the company raised its full-year 2026 revenue guidance to between $1,853 million and $1,857 million, representing 42% growth from the previous year, and raised its full-year adjusted EBITDA forecast to between $414.1 million and $415.2 million, representing 49% growth from the previous year.
The shares closed the day at $35.09, up 6.9% from the previous close.
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What is the market telling us
Zeta Global’s shares are extremely volatile and have had 49 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 11 days ago when the stock dropped 6.1% on the news that underwhelming earnings reports from tech giants Amazon and Intel (after mediocre earnings reports from Alphabet and ServiceNow the previous day) sparked widespread investor anxiety regarding aggressive artificial intelligence spending and sustained cash burn.
As reported by CNBC, disappointing quarterly reports from both companies triggered a broad slide across technology equities and hardware suppliers, overshadowing positive momentum in other areas of the market. Investors grew increasingly wary of the sector's rising capital expenditures—the funds poured into long-term assets such as data centers and computing hardware.
Zeta Global is up 76.2% since the beginning of the year, and at $35.09 per share, it has set a new 52-week high. Investors who bought $1,000 worth of Zeta Global’s shares 5 years ago would now be looking at an investment worth $3,544.
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