The Trade Desk Inc TTD shares are falling in Thursday’s after-hours session after Roku Inc ROKU reported worse-than-expected financial results and withdrew its full-year revenue growth guidance.
- ROKU Revenue: $764.4 million missed estimate of $805.64 million
- ROKU EPS: Loss of 82 cents missed estimate for loss of 68 cents
“In Q2, there was a significant slowdown in TV advertising spend due to the macro-economic environment, which pressured our platform revenue growth. Consumers began to moderate discretionary spend, and advertisers significantly curtailed spend in the ad scatter market,” Roku said Thursday in a letter to shareholders.
“We expect these challenges to continue in the near term as economic concerns pressure markets worldwide,” the company added.
Roku withdrew its full-year revenue growth guidance, citing uncertainties and volatility in the macro environment.
Related Link: After-Hours Alert: Why Roku Stock Is Plunging
The Trade Desk provides a technology platform for ad buyers. The comments from Roku on slowing advertising spending are pressuring the stock after hours. The Trade Desk is set to report its second-quarter financial results after the market closes on Aug. 9.
The company also filed a Form 8-K with the SEC on Thursday, indicating that its chief data officer Michelle Hulst agreed to step down from her role on July 26. Her departure is effective as of July 29.
TTD Price Action: The Trade Desk has a 52-week high of $93.26 and a 52-week low of $39.
The stock was down 9.87% in after-hours at $42.48 at press time, according to data from Benzinga Pro.
Photo: Photo Mix from Pixabay.
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