The Trade Desk shares jump on strong current-quarter guidance, Q2 results beat

Investing.comAug 9, 2024 9:38 AM

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Investing.com -- The Trade Desk (NASDAQ:TTD) on Thursday delivered upbeat guidance for the current quarter and better-than-expected second-quarter results as the digital advertising firm soaked up higher demand from advertising.

For Q3, the company sees revenue of at least $618M, topping estimates of $604.5M.

TTD shares jumped 6% in premarket trading Friday.

According to Jefferies analysts, the company's guidance "suggests that growth could potentially accelerate off a 2% point tougher comparable."

"Given fears over a macro slowdown impacting results, we believe investors will take comfort in owning a company producing 26% y/y rev growth at a 41% adj. EBITDA margin," they added.

Jefferies reiterated a Buy rating on the stock and raised the target price from $105 to $115.

For the second quarter ended Jun. 30, the company reported adjusted earnings of $0.39 a share on revenue of $585M, topping analyst estimates for earnings of $0.36 share on revenue of $578.03.

Customer retention remained over 95% during the second quarter, the company said.

Yasin Ebrahim contributed to this report.

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