Why The Trade Desk Stock Tumbled Nearly 40% Friday
The Trade Desk shares cratered Friday after the firm that helps businesses run ad campaigns warned tariffs are limiting big ad spending.
CEO Jeff Green said large companies are feeling pressure from tariffs, and that affects its business.
The Trade Desk also named a new CFO.The Trade Desk (TTD) shares plunged Friday after the provider of software to help businesses run ad campaigns warned that new U.S. tariffs are putting a crimp on advertising spending. The company also announced a CFO change.
The stock was down nearly 40% around $54 per share in recent trading, erasing all of its recent gains on its addition to the S&P 500 last month. It's lost more than half its value since the year started.
CEO Jeff Green said in a call with analysts that some of the large companies that use its services are facing pressure from tariffs. "The impact of tariffs and related policies on these businesses are very real,' he said, according to a transcript provided by AlphaSense, adding 'we see the effects that are directly impacting them.'
The company reported mixed second-quarter results. Revenue rose 18.7% year-over-year to $694 million, above the average estimate of analysts surveyed by Visible Alpha. However, adjusted earnings per share of $0.41 came in just short of forecasts.
The Trade Desk also announced that current board member Alex Kayyal would become the new CFO, replacing Laura Schenkein, who will remain with the firm through the end of the year to help with the transition. She held the position for two years.
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