Benzinga - by Ryan Gustafson, Benzinga Staff Writer.
The Trade Desk, Inc. (NASDAQ: TTD) shares traded lower on Thursday alongside shares of digital ad stocks. The move lower may in sympathy due to weakness in Meta Platforms, Inc. (NASDAQ: META), which fell after reporting third-quarter results.
What To Know: Meta reported third-quarter revenue of $34.15 billion Wednesday, which came in above estimates of $33.57 billion, marking an increase of 23% year-over-year.
Third-quarter earnings clocked in at $4.39 per share, which beat estimates of $3.63, representing a 168% year-over-year increase.
The company anticipates fourth-quarter revenue to be in the range of $36.5 billion to $40 billion versus estimates of $36.46 billion. Full-year expenses are estimated to be between $87 billion and $89 billion, down from a previous forecast of $88 billion to $91 billion.
Shares of Meta initially reacted positively, although the move downward may have been caused by Meta CFO Susan Li stating that ad spending had been volatile so far in the fourth quarter due to the war in the Middle East.
Trade Desk saw high trading volume of 9.21 million shares Thursday compared to its average volume of 3.5 million.
Prior to the move in sympathy with Meta, Trade Desk stock was already struggling due to the negative market sentiment caused by Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL)'s third-quarter earnings report earlier in the week, which impacted shares of the broader communication services stocks.
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TTD Price Action: Shares of TTD lost 7.6% at $66.22 in Thursday's regular session, according to Benzinga Pro.
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