Stock Market Today, Nov. 10: Trade Desk Jumps After Q3 Results Show Revenue Topped Estimates
Trade Desk (NASDAQ:TTD), a cloud-based programmatic ad-buying platform for data-driven campaigns, closed at $15.42, up 3.28%. Volatility followed Q3 results, and investors are assessing Q4 guidance, restructuring savings, and AI-driven efficiency efforts.
Trading volume reached 64.2 million shares, coming in about 189% above its three-month average of 22.2 million shares. Trade Desk IPO'd in 2016 and has grown 412% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.38% to 7,521, and the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.74% to 25,066. Within digital advertising technology, sector rivals Magnite closed at $28.52, down 1.79%, while PubMatic closed at $16.95, down 10.90%, highlighting mixed trading across ad-tech names.
What this means for investors
A long-awaited turnaround appears to be taking hold for The Trade Desk. Investors have anticipated it to some degree, as Trade Desk shares have rallied 25.5% since the start of November.
The company didn't disappoint, helping maintain that momentum today and reversing an initial drop in early trading. Revenue of about $736 million topped estimates, beating internal expectations. That was still a slight drop compared to the prior-year period, though, highlighting the need for more progress.
Stronger-than-expected Q4 guidance still won't represent year-over-year growth. But management signaled long-term confidence by increasing its buyback authorization by $731 million. With $269 million remaining in the existing plan, the company now has a total repurchase capacity of $1 billion.
Investors should still consider Trade Desk a risky investment, but the company does seem to have formed a base in the business, potentially paving the way for future growth.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PubMatic and The Trade Desk. The Motley Fool recommends Magnite. The Motley Fool has a disclosure policy.
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