The Trade Desk (NASDAQ:TTD) released its highly anticipated second-quarter 2022 results yesterday after the market closed yesterday. TTD stock immediately surged 30% today, even though Trade Desk posted bottom-line results fell slightly short of analysts’ expectations. On the other hand, the company provided a revenue beat and ambitious forward guidance.
Trade Desk’s results for Q2 were actually mixed, but today’s traders are apparently choosing to focus on the positive data points. The company, which provides a technology platform for buyers of advertising, reported quarterly earnings of 20 cents per share. This slightly missed the analyst consensus estimate of 21 cents per share.
Still, it’s an improvement over the 18 cents per share that Trade Desk reported in the year-earlier quarter. The company’s Q2 2022 revenue came in at $376.96 million, beating Wall Street’s expectation of $365 million. This also marked an increase over the year-earlier quarter’s $279.97 million.
Looking ahead, Trade Desk guided for third-quarter 2022 revenue of at least $385 million. Analysts had modeled $382 million, so Trade Desk’s guidance is likely keeping investors in a good mood today.
What’s Happening With TTD Stock?
A full hour after the opening bell, TTD stock was still 30% higher than yesterday’s closing price. The buyers will undoubtedly try to maintain the key $70 level in the coming days.
Along with the aforementioned fiscal figures, today’s traders may be celebrating Trade Desk’s forays into high-conviction niche tech markets. As Trade Desk CEO Jeff Green explained, his company continues to “invest to drive future growth in key areas such as identity, Connected TV, retail media and supply chain optimization.”
“In each of these areas, we signed major new partnerships with some of the world’s leading publishers, broadcasters, retailers and technology partners in the second quarter,” Green added. Only time will tell, but perhaps, these partnerships will enable TTD stock holders to maintain the eye-opening trajectory of today’s gains.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.