The Trade Desk, Inc. (NASDAQ:TTD) shares are trading lower on Friday after the company reported second quarter financial results on Thursday after the market closed.
What To Know: The company reported adjusted earnings per share of 41 cents, inline with the consensus estimate. In addition, the company reported sales of $694.03 million, beating the consensus estimate of $684.99 million.
The company said customer retention stayed above 95% in the second quarter.
The Trade Desk also named Alex Kayyal as its new CFO, effective Aug. 21, succeeding Laura Schenkein.
Q3 Outlook: The company expects revenue of at least $717 million.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
- B of A Securities analyst Jessica Reif Ehrlich downgraded Trade Desk from a Buy rating to a Neutral rating and lowered the price target from $130 to $55.
- Piper Sandler analyst Matt Farrell maintained a Neutral rating on Trade Desk and lowered the price target from $65 to $64.
- BMO Capital analyst Brian Pitz maintained an Outperform rating on Trade Desk and lowered the price target from $115 to $98.
TTD Price Action: At the time of writing, Trade Desk stock is trading 38.7% lower at $54.11, according to data from Benzinga Pro.
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