Marin Software (MRIN) - Get Report shares surged Thursday after the company said its ad management platform now lets users manage Instacart ads, something that allows brands to connect with customers more directly at the point of sale.
Marin shares were up nearly 85% at $3.15 after the company announced the enhancement to its MarinOne platform. Instacart is an online grocery platform that delivers groceries and other items from nearly 55,000 stores located in the U.S. and Canada.
Marin said the added ability to its platform will help advertisers better optimize the some $40 billion they spend in digital advertising geared towards targeting consumers to buy goods and services that compliment what they are already looking to purchase.
San Francisco-based Marin Software last month reported a first-quarter net loss of $2.12 million, or 21 cents a share, vs. a net loss of $7.73 million, or 58 cents a share, a year earlier. Revenue was $6.3 million compared to $8.7 million in the first quarter of 2020.
For the second quarter, the company is expecting to post a non-GAAP operating loss of between $3.4 million and $2.9 million on revenue of between $5.5 million to $6 million.
Marin Software provides enterprise marketing software for advertisers and agencies to integrate, align, and amplify their digital advertising spend across the web and mobile devices. Its stock is up 3.64% over the past five trading days though down 14.07% year to date. The Nasdaq-traded stock hasn't traded above $10 since January 2018.