Trade Desk dives as weak outlook risks S&P 500 spot

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%.

Trade Desk plunges after weak outlook

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