The Trade Desk Inc Class A TTD

The Trade Desk Earnings: New Partnerships Point to Continued Strong Revenue Growth

Continued strong advertising demand fueled growth at The Trade Desk during the first quarter. Total revenue increased 28% versus a year ago, modestly faster growth than that seen among ad behemoths Alphabet and Meta while handily outperforming Google’s ad network. While we expect ad spending growth will moderate in the coming quarters, we also expect TTD will continue to gain share. Our fair value estimate remains $52 per share. With the shares trading at 17 and 40 times our 2024 revenue and adjusted EBITDA estimates, respectively, we still believe the valuation is stretched.