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The Trade Desk, Inc. (NASDAQ:TTD) reported second-quarter financial results on Thursday.
Analysts covering the California, United States-based company provided their takes:
Piper Sandler: Despite some initial concerns about the market conditions, the digital advertising landscape seems stable, showing strength across major sectors. The analyst expects the company to gain market share regardless of the macroeconomic environment.
Overall, Farrell considers Trade Desk a standout asset in digital advertising, recommending it as a key long-term investment.
Wedbush: Devitt writes that the third-quarter outlook is impressive despite recent macroeconomic uncertainties and slower-than-expected YouTube growth in the second quarter.
Emerging macro concerns, decelerating YouTube growth, and increased CTV ad inventory from the launch of Prime Video ads likely impacted investor sentiment.
In the near term, growth in the second half of the year is expected to benefit from increased political spending associated with the U.S. election cycle, the analyst adds.
RBC Capital Markets: Swanson doesn’t see additional color on Netflix, Inc. (NASDAQ:NFLX) monetization, given the uncertain timing.
Benchmark: Regarding the formal cancellation of Chrome cookie deprecation, it’s crucial to consider Google’s proposed alternative cookie restrictions.
These would require user consent for tracking, similar to the ATT prompt. According to the analyst, this may lead to outcomes comparable to the original cookie deprecation plans.
Truist Securities: Per Squali, the solid momentum and market share gains are largely attributed to the rapid adoption of CTV in the U.S. and internationally, along with shifting Retail Media budgets to the platform, growth in Audio, and some political ad spend.
The analyst adds that the company continues to be one of the favorite picks for 2024 due to its leading role as a DSP for the Open Internet and its impressive execution in a large and attractive market.
Oppenheimer: Strong results are likely to alleviate investor worries about weaker CTV pricing.
Per Helfstein, the company allocates budgets on a campaign basis and can leverage lower CPMs to achieve higher ROI, regardless of ad pricing dynamics.
The analyst increased the 2024 gross billings/revenue estimate by 1%, kept gross profit largely unchanged, but reduced EBITDA by 2%.
For 2025, the estimates for gross billings/revenue and EBITDA were lowered by 1% and 3%, respectively.
Stifel: The analyst notes that despite Google’s retreat from removing cookies on Chrome, UID continues to be a focus area.
New partnerships with Roku, Inc.(NASDAQ:ROKU), Fox, and others highlight UID’s adoption in channels previously unaffected by cookies, such as CTV.
The company remains a standout performer in digital ads, according to the analyst.
Price Action: TTD shares are trading higher by 12.3% to $99.14 at last check Friday.
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