Why The Trade Desk Stock Plunged to a New 7-Year Low Today
Written by Danny Vena for The Motley Fool -> The Trade Desk delivered yet another quarter of disappointing financial results. Wall Street responded with a flurry of downgrades and price target cuts…
The Trade Desk delivered yet another quarter of disappointing financial results.
Wall Street responded with a flurry of downgrades and price target cuts.
Shares of The Trade Desk (NASDAQ: TTD) plunged anew on Friday, falling as much as 27.3% to lows not seen since early 2019. As of 10:48 a.m. ET, the stock was still down 19.8%.
The catalyst that sent the adtech specialist swooning was the latest in a growing string of abysmal financial reports.
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For the second quarter, The Trade Desk generated revenue that grew just 3% year over year to $715 million. The weak growth weighed on the company's profitability as adjusted earnings per share (EPS) slumped 17% to $0.34.
To give the results context, analysts' consensus estimates called for revenue of $753 million and EPS of $0.18.
CEO Jeff Green didn't mince words, noting that, "This quarter did not meet the standard we set for ourselves, but it has reinforced our belief that we are focused on the right opportunities for the future."
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