The Trade Desk (TTD) Stock Drops 27% as Q2 Miss Triggers Wave of Downgrades
TLDR
- Q2 revenue came in at $715.1M, up 3% year-over-year but missed estimates of ~$752M
- Q3 guidance of “at least $650M” implies a 12% year-over-year revenue decline
- At least seven brokerages downgraded TTD, with price targets cut sharply
- Stock hit a 52-week low, down roughly 80% over the past year
- Multiple analysts flagged management turnover and structural, not just cyclical, concerns
The Trade Desk had a brutal week. After reporting Q2 results that missed on both revenue and EBITDA, the stock dropped more than 27% in premarket trading on Friday and hit a 52-week low of $12.86.
Q2 revenue came in at $715.1 million, up 3% year-over-year. That still fell short of Wall Street’s consensus of roughly $752 million and TTD’s own guidance of at least $750 million.
Adjusted EBITDA was $241.3 million, against estimates of around $265 million. The miss was clean, with no silver lining to lean on.
Then came the Q3 guidance. TTD guided for revenue of “at least $650 million,” which would mark a 12% year-over-year decline. Wall Street had been expecting around $807 million. Adjusted EBITDA guidance of $160 million also came in well below the $339 million consensus.
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