"As expected, Wall Street was quick to react to the price correction, with multiple firms revising their outlooks on The Trade Desk. For example, Oppenheimer removed its $35 TTD price target and dropped the rating on the shares from 'Outperform' to 'Perform,' arguing that growth won't exceed single-digit figures this quarter."
Adjusted earnings per share came in at $0.28, below the $0.32 estimate. GAAP net income declined to $40 million, or $0.08 per diluted share, from $51 million, or $0.10 per diluted share, a year earlier. Revenue increased 12% year over year to $689 million, slightly above the $679.5 million forecast. The stock drop was driven mainly by second-quarter guidance, with management targeting at least $750 million in revenue, below Wall Street expectations. Multiple firms cut price targets and downgraded ratings, citing weaker growth outlook pressures. Customer retention stayed above 95% for the quarter, continuing a streak of more than a decade.
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