Trade Desk's Stock Plunges 30% on Disappointing Guidance
Shares of ad-tech company The Trade Desk plummeted by approximately 30% in after-hours trading after the company issued weak fourth-quarter revenue guidance that fell short of analysts' expectations. The company cited cautiousness from advertisers in certain verticals, such as the US auto and media/entertainment industries due to strikes, as the reason for the lower guidance. Trade Desk's third-quarter results exceeded estimates, with earnings per share of 33 cents and revenue of $493 million. However, the company projected revenue of at least $580 million for the December period, below the expected $610 million. Trade Desk's stock fell to $53.49 in extended trading.