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Trade Desk’s Stock Falls 25% On Weak Outlook

Shares of The Trade Desk (TTD) are down 25% after the advertising technology firm issued fourth-quarter revenue guidance that fell short of Wall Street expectations.

While the company’s third-quarter financial results beat analysts’ forecasts, they were overshadowed by the Q4 guidance. At one point, The Trade Desk’s stock was down 30% in pre-market trading.

For Q3, the company reported earnings per share (EPS) of $0.33 U.S. versus $0.29 U.S. that had been expected, according to data from LSEG, formerly known as Refinitiv.

Revenue in the quarter ended Sept. 30 came in at $493 million U.S. compared to $487 million U.S. that was expected. The company’s revenue was up 25% from a year ago.

Looking ahead, The Trade Desk forecast revenue in the current fourth quarter of $580 million U.S., which was below the $610 million U.S. expected by analysts.

Executives at The Trade Desk said that the advertising market has been hurt by recent strikes in both the U.S. automotive sector and entertainment industry.

Months long strikes by the United Auto Workers union and Hollywood actors and writers were only recently settled, noted The Trade Desk’s management team.

The Trade Desk’s technology helps companies reach potential customers across the internet with targeted advertisements.

The company has built a business that helps companies shift advertising dollars away from traditional television and to the connected TV and streaming markets.

Prior to today, The Trade Desk’s stock had risen 75% this year and was trading at $76.81 U.S. per share.