<p><strong>Trade Desk</strong>(TTD -39.17%) 的股票今天在三次财报中第二次大幅下跌。这家领先的独立需求方平台 (DSP) 在广告技术领域发布的业绩符合预期，但其指引确认竞争正日益成为业务的威胁。</p>
<p>因此，今天早上几位华尔街分析师下调了该股票评级，截至东部时间上午 10:08，股价下跌了 38.1%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MzEvZGlnaXRhbC1hZHZlcnRpc2luZy13b21hbi1jaGFydHMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MzEvZGlnaXRhbC1hZHZlcnRpc2luZy13b21hbi1jaGFydHMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Trade Desk 遭遇瓶颈</h2>
<p>第二季度的业绩并不差。收入增长了 19%，达到 6.94 亿美元，超出了 686 百万美元的市场共识。公司在多个渠道上取得了进展，包括连接电视、零售媒体和供应链优化，其 Kokai AI 平台正在被客户采用。</p>
<p>在底线方面，调整后的息税折旧摊销前利润 (EBITDA) 增长了 12%，达到 2.71 亿美元，调整后的每股收益从 0.39 美元增加到 0.41 美元，符合预期。</p>
<p>Trade Desk 的业绩清楚表明其增长率正在放缓，这对一只历史上交易倍数较高的股票来说是个问题。</p>
<p>几位分析师在更新后下调了该股票评级。<strong>美国银行</strong> 将该股票评级下调至表现不佳，称对竞争压力的担忧是合理的。</p>
<p>至少还有三位分析师也下调了评级，因为 Trade Desk 所竞争的 “围墙花园” 如 <strong>奈飞</strong>、<strong>亚马逊</strong>、<strong>Meta</strong> 和 <strong>Alphabet</strong> 似乎正在变得更强。</p>
<h2>Trade Desk 的未来展望</h2>
<p>展望第三季度，公司预计收入至少为 7.17 亿美元，EBITDA 约为 2.77 亿美元，表明利润率预计将略微下降。该收入预测与 722 百万美元的平均预期相比，暗示至少 14% 的增长，明显表明增长正在减速。</p>
<p>鉴于此，抛售似乎是合理的，因为 Trade Desk 目前的市盈率为 31 倍，基于调整后的收益，这在其增长前景受到质疑的情况下似乎是一个合理的价格。</p>

奈飞

亚马逊

<p>The Trade Desk (TTD) 的股票在发布财报后下跌了 38.1%，尽管收入增长了 19%，达到了 6.94 亿美元。分析师因来自奈飞和亚马逊等主要竞争对手的竞争加剧而下调了该股票评级。公司预测第三季度收入至少为 7.17 亿美元，显示出增长放缓的迹象。该股票目前的市盈率为 31，反映了市场对其未来增长前景的担忧</p>

<p>Shares of <strong>The Trade Desk</strong>(TTD -39.17%) were taking a dive for the second time in three earnings reports today. The leading independent demand-side platform (DSP) in adtech posted results that were in line with expectations, but its guidance confirmed that competition was becoming more of a threat to the business.</p>
<div class="lb-trans"><p><strong>Trade Desk</strong>(TTD -39.17%) 的股票今天在三次财报中第二次大幅下跌。这家领先的独立需求方平台 (DSP) 在广告技术领域发布的业绩符合预期，但其指引确认竞争正日益成为业务的威胁。</p>
</div><p>As a result, several Wall Street analysts downgraded the stock this morning, and shares were down 38.1% as of 10:08 a.m. ET.</p>
<div class="lb-trans"><p>因此，今天早上几位华尔街分析师下调了该股票评级，截至东部时间上午 10:08，股价下跌了 38.1%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MzEvZGlnaXRhbC1hZHZlcnRpc2luZy13b21hbi1jaGFydHMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828631%2Fdigital-advertising-woman-charts.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The Trade Desk runs into a wall</h2>
<div class="lb-trans"><h2>Trade Desk 遭遇瓶颈</h2>
</div><p>The second-quarter results weren't bad. Revenue rose 19% to $694 million, which topped the consensus at $686 million. The company touted progress in several channels, including connected TV, retail media, and supply chain optimization, and its Kokai AI platform is being adopted by its customers.</p>
<div class="lb-trans"><p>第二季度的业绩并不差。收入增长了 19%，达到 6.94 亿美元，超出了 686 百万美元的市场共识。公司在多个渠道上取得了进展，包括连接电视、零售媒体和供应链优化，其 Kokai AI 平台正在被客户采用。</p>
</div><p>On the bottom line, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 12% to $271 million, and adjusted earnings per share increased from $0.39 to $0.41, which matched estimates.</p>
<div class="lb-trans"><p>在底线方面，调整后的息税折旧摊销前利润 (EBITDA) 增长了 12%，达到 2.71 亿美元，调整后的每股收益从 0.39 美元增加到 0.41 美元，符合预期。</p>
</div><p>The Trade Desk's results make it clear that its growth rate is slowing, which is a problem for a stock that has historically traded at a high multiple.</p>
<div class="lb-trans"><p>Trade Desk 的业绩清楚表明其增长率正在放缓，这对一只历史上交易倍数较高的股票来说是个问题。</p>
</div><p>Several analysts downgraded the stock on the update. <strong>Bank of America</strong> double-downgraded the stock to underperform, saying concerns about competitive pressures were justified.</p>
<div class="lb-trans"><p>几位分析师在更新后下调了该股票评级。<strong>美国银行</strong> 将该股票评级下调至表现不佳，称对竞争压力的担忧是合理的。</p>
</div><p>At least three other analysts also cut their ratings as it appears that the &#34;walled gardens&#34; that The Trade Desk competes with like <strong>Netflix</strong>, <strong>Amazon</strong>, <strong>Meta</strong>, and <strong>Alphabet</strong> are becoming stronger.</p>
<div class="lb-trans"><p>至少还有三位分析师也下调了评级，因为 Trade Desk 所竞争的 “围墙花园” 如 <strong>奈飞</strong>、<strong>亚马逊</strong>、<strong>Meta</strong> 和 <strong>Alphabet</strong> 似乎正在变得更强。</p>
</div><h2>What's next for The Trade Desk</h2>
<div class="lb-trans"><h2>Trade Desk 的未来展望</h2>
</div><p>Looking ahead to the third quarter, the company called for revenue of at least $717 million and EBITDA of about $277 million, indicating margins are expected to fall slightly on a sequential basis. The revenue forecast, which compares to the average estimate at $722 million, implies growth of at least 14%, a clear sign that growth is decelerating.</p>
<div class="lb-trans"><p>展望第三季度，公司预计收入至少为 7.17 亿美元，EBITDA 约为 2.77 亿美元，表明利润率预计将略微下降。该收入预测与 722 百万美元的平均预期相比，暗示至少 14% 的增长，明显表明增长正在减速。</p>
</div><p>Given that, the sell-off looks justified as The Trade Desk now trades at a price-to-earnings ratio of 31 based on adjusted earnings, which seems like a fair price now that its growth prospects are in doubt.</p>
<div class="lb-trans"><p>鉴于此，抛售似乎是合理的，因为 Trade Desk 目前的市盈率为 31 倍，基于调整后的收益，这在其增长前景受到质疑的情况下似乎是一个合理的价格。</p>
</div>

Why The Trade Desk Stock Tumbled Today

- The Trade Desk 第二季度营收增长 19% 至 6.94 亿美元，超出预期。  
- 由于竞争加剧，分析师下调评级，股价下跌 38.1%。  
- 第三季度预计营收至少 7.17 亿美元，增长放缓迹象明显。  

为什么 Trade Desk 的股票今天出现下跌