Trade office (TTD) – Get a report shares fell on Monday after the online advertising services company reported stronger-than-expected second-quarter results but was cautious in its earnings forecast.
Ventura, California stock recently traded at $ 81.27, down 3.3%.
The Trade Desk reported GAAP earnings of one penny per share, double the consensus analyst estimate compiled by FactSet. The latest adjusted earnings of 18 cents per share also doubled from a year earlier and beat expectations by 13 cents.
Trade Desk revenue doubled to $ 280 million in the second quarter from a year earlier, beating analysts’ estimate compiled by FactSet of $ 261.6 million.
Expansion of Internet TV ad sales boosted results.
But when it comes to advice, “Our business has been affected by the COVID-19 pandemic which has significantly affected demand from advertisers,” Trade Desk said.
“Like many advertising-supported businesses, we face a period of heightened uncertainty about our business prospects.”
Additionally, “we anticipate that our business performance may be affected by issues beyond our control, such as changing economic conditions or additional on-site shelter orders that may or may not occur,” the company said.
Trade Desk expects revenue of at least $ 282 million for the third quarter and adjusted earnings before interest, taxes, depreciation and amortization of approximately $ 100 million.
“We did not provide an outlook for GAAP net income or a reconciliation of the Adjusted EBITDA forecast to net income, the closest corresponding US GAAP measure,” the company said.
Trade Desk shares soared on June 24 after Alphabet’s (GOOGL) – Get a report Google has said it will not stop serving third-party cookies until the end of 2023.