Trade Desk dives as weak outlook risks S&P 500 spot - TTD News | RalliesTrade Desk dives as weak outlook risks S&P 500 spot
T
TTD• Trade Desk plunges after weak outlook
- Trade Desk shares (
TTD.O
) plunge about 25% after earnings, hitting a near eight-year low in early trading.
- The selloff puts Trade Desk on track to become the smallest company in the S&P 500 by market capitalization.
- The ad-tech firm forecasts third-quarter revenue of $650 million, well below analysts' estimate of $805.1 million, according to LSEG-compiled data.
- It reported second-quarter revenue of $715 million, missing the consensus estimate of $751.4 million.
- CEO Jeff Green said the quarter "did not meet the standard we set for ourselves".
- At least 20 brokerages cut their price targets on the stock following the results, LSEG data showed.
- Year to date, the stock is down about 63%.
