The Trade Desk Issues Better-Than-Expected Second-Quarter Outlook After First-Quarter Results Rise Despite Pandemic Impact
01:39 PM EDT, 05/10/2021 (MT Newswires) -- The Trade Desk (TTD) issued a second-quarter outlook after reporting higher results in the first quarter despite the impact of the COVID-19 pandemic on the advertiser demand.
The provider of technology platform for digital ad buyers expects revenue of $259 million to $262 million for the second quarter, assuming continued economic recovery and no major COVID-19 related impacts. Analysts polled by Capital IQ are expecting $251.6 million.
"Like many companies that are ad-funded, we are facing a period of higher uncertainty in our business outlook," the company said in a statement.
Los Angeles-based Trade Desk on Monday posted adjusted per-share earnings of $1.41 in the quarter ended March, up from $0.90 a year ago. The Street projected $0.81. Revenue rose to $219.8 million from $160.7 million. The Street expected $217.2 million.
"We delivered outstanding performance in the first quarter, once again surpassing our expectations," said Chief Executive Jeff Green. "Revenue growth acceleration over Q1 a year ago is testament to the value that marketers are placing on data-driven advertising."
The company, however, said that its "business has been impacted by the COVID-19 pandemic that has significantly impacted advertiser demand."
Trade desk maintained customer retention of more than 95% in the quarter, in line with the past seven years.
The board on the same day set a 10-for-1 stock split through a stock dividend. The company will issue on June 16 nine additional shares for each share held by shareholders of record on June 9. Trading on a stock split-adjusted basis will start on June 17.
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