(Bloomberg) — Trade Desk Inc. plummeted as much as 31% in extended trading Thursday after the digital advertising platform gave a weak revenue forecast for the current quarter, sending up a warning flare about the health of the ad market.
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Meta Platforms Inc., Snap Inc. and Pinterest Inc., social-media companies that rely on advertising sales, also fell on news of Trade Desk’s outlook.
Revenue in the quarter ending in December will be at least $580 million, Ventura, California-based Trade Desk said in a statement. Analysts, on average, projected $610 million, according to data compiled by Bloomberg. The stock fell as low as $52.74 after closing at $76.81. It had gained 71% this year through Thursday’s close.
Trade Desk provides advertising technology that’s an alternative to services offered by Alphabet Inc.’s Google, Meta and Amazon.com Inc. The…
