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Trade Desk (NASDAQ:TTD) Plummets on Weak Guidance Despite Q3 Beat
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Trade Desk (NASDAQ:TTD) Plummets on Weak Guidance Despite Q3 Beat

Story Highlights

Shares of The Trade Desk plummeted by over 28% in Thursday’s after-hours session, as investors reacted to its weak guidance despite beating estimates.

Shares of Trade Desk (NASDAQ:TTD) fell by over 28% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $0.33, which beat analysts’ consensus estimate of $0.29 per share.

Sales increased by 43% year-over-year, with revenue hitting $493.3 million. This beat analysts’ expectations by $6.4 million. For reference, analysts were expecting $486.9 million in revenue.

Looking forward, management now expects revenue for Q4 2023 to be at least $580 million, lower than analysts’ expectations of $611 million.

What is the Target Price for TTD Stock?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on TTD stock based on nine Buys, one Hold, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average TTD price target of $91.44 per share implies 19.22% upside potential.

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