<p><strong>Trade Desk</strong>(TTD 0.18%) 的股价上周大幅下跌，周五暴跌 39%，原因是这家广告技术公司公布的业绩虽然符合预期，但显示出收入增长正在放缓。</p>
<p>Trade Desk 第二季度的收入同比增长 19%，达到 6.94 亿美元，这是其历史上除疫情初期短暂下滑外的最慢增长率。对于第三季度，公司表示收入增长将进一步放缓，预计收入至少为 7.17 亿美元，增长至少为 14%。在数字广告支出强劲的环境下，这一预测引发了华尔街分析师的多次下调评级。</p>
<p>然而，财报中还有另一项内容可能加剧了周五的抛售。Trade Desk 表示，首席财务官 Laura Schenkein 将辞职，由 Alex Kayyal 接任，后者在担任公司董事会成员多年后加入公司。Kayyal 曾是 <strong>Salesforce</strong> 的高管，也是 Hermes Growth Partners 的联合创始人，该风险投资公司是 Trade Desk 最早的投资者之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg4MTgvc21hcnRwaG9uZS1zb2NpYWwtbWVkaWEtYWQtdGVjaC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg4MTgvc21hcnRwaG9uZS1zb2NpYWwtbWVkaWEtYWQtdGVjaC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>首席财务官的过渡</h2>
<p>Laura Schenkein 据报道将于 8 月 21 日辞职，她在公司工作近 12 年，担任过多种财务领导职位，直到 2023 年 6 月成为首席财务官。Schenkein 年约 40 出头，距离退休年龄尚远。新闻稿中并未明确她离开公司的原因。她在财报电话会议上的发言中唯一提到的线索是，她正在转向一个 “新挑战”。</p>
<p>根据这一表述，她可能已在另一家公司担任新职务，但尚未公布。投资者可能会在 Kayyal 于 8 月 21 日接替她时得知她的去向。Schenkein 将在年底前继续担任非执行官，并将与 Kayyal 合作，顺利交接职责。</p>
<h2>这对 Trade Desk 来说是个警示信号吗？</h2>
<p>一些投资者认为，首席财务官的离职可能是一个警示信号。毕竟，首席财务官对公司的财务状况比其他任何人都更了解，如果业务走向错误，或者更糟糕的是，财务报告出现问题，他们可能会选择离开。</p>
<p>目前没有迹象表明 Trade Desk 存在任何不当行为。虽然业务增长放缓可能促使 Schenkein 决定离开公司，但这似乎更像是一次正常的高管过渡，而不是令人担忧的原因。尽管首席财务官的过渡被视为潜在的警示信号，但大多数首席财务官的更换都是商业的正常功能，与其他高管的更换一样普遍。</p>
<p>Schenkein 留任以协助 Trade Desk 过渡期的做法表明，她并不是被迫离开，而是以良好的条件离开。</p>
<h2>这对 Trade Desk 意味着什么</h2>
<p>这是最近三次财报中第二次导致 Trade Desk 股价暴跌。在 2 月份上一次发生这种情况时，首席执行官 Jeff Green 承认，由于内部错误，公司首次未能达到其作为上市公司的指导目标。</p>
<p>这一次，Green 似乎对分析师关于公司在 “围墙花园” 如 <strong>Alphabet</strong>、<strong>Meta Platforms</strong> 和 <strong>Amazon</strong> 中失去市场份额的任何说法进行了反驳，坚称开放互联网的表现优于上述围墙花园。</p>
<p>然而，投资者对此似乎持怀疑态度，因为多位分析师在报告后下调了该股评级。</p>
<p>目前尚不清楚 Trade Desk 是否能够重新加速收入增长，但考虑到公司的估值，这种怀疑似乎是合理的。</p>
<p>尽管如此，首席财务官的过渡并不是一些投资者所认为的警示信号。投资者应关注基础业务的增长，因为这家领先的广告技术公司努力实现复苏。</p>

<p>Trade Desk 的股价在报告第二季度 19% 的收入增长后下跌了 39%，这是其历史上最慢的增长率。公司预计第三季度的增长将进一步放缓。首席财务官 Laura Schenkein 将离职，由 Alex Kayyal 接任，这引发了投资者的担忧。然而，过渡似乎是正常的，Schenkein 正在协助交接。尽管分析师对公司在竞争对手面前的表现持怀疑态度，但首席财务官的更换并未被视为重大警示信号。投资者应关注公司未来的增长轨迹</p>

<p>Shares of <strong>The Trade Desk</strong>(TTD 0.18%) took a dive last week, plunging 39% on Friday after the ad tech company reported numbers that were in line with expectations, but showed that revenue growth was decelerating.</p>
<div class="lb-trans"><p><strong>Trade Desk</strong>(TTD 0.18%) 的股价上周大幅下跌，周五暴跌 39%，原因是这家广告技术公司公布的业绩虽然符合预期，但显示出收入增长正在放缓。</p>
</div><p>The Trade Desk's revenue rose 19% year over year in Q2 to $694 million, which was its slowest growth rate in its history aside from a brief dip when the pandemic started. For the third quarter, the company indicated revenue growth would slow further, forecasting at least $717 million in revenue or growth of at least 14%. In an environment where digital advertising spend has been strong, that forecast sparked several downgrades from Wall Street analysts.</p>
<div class="lb-trans"><p>Trade Desk 第二季度的收入同比增长 19%，达到 6.94 亿美元，这是其历史上除疫情初期短暂下滑外的最慢增长率。对于第三季度，公司表示收入增长将进一步放缓，预计收入至少为 7.17 亿美元，增长至少为 14%。在数字广告支出强劲的环境下，这一预测引发了华尔街分析师的多次下调评级。</p>
</div><p>However, there was another item in the earnings report that likely compounded the Friday sell-off. The Trade Desk said that Laura Schenkein was stepping down as CFO to be replaced by Alex Kayyal, who is joining the company after serving as a board member for several years. Kayyal was previously an executive at <strong>Salesforce</strong> and was a co-founder of Hermes Growth Partners, a venture capital firm that was one of The Trade Desk's earliest investors.</p>
<div class="lb-trans"><p>然而，财报中还有另一项内容可能加剧了周五的抛售。Trade Desk 表示，首席财务官 Laura Schenkein 将辞职，由 Alex Kayyal 接任，后者在担任公司董事会成员多年后加入公司。Kayyal 曾是 <strong>Salesforce</strong> 的高管，也是 Hermes Growth Partners 的联合创始人，该风险投资公司是 Trade Desk 最早的投资者之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg4MTgvc21hcnRwaG9uZS1zb2NpYWwtbWVkaWEtYWQtdGVjaC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828818%2Fsmartphone-social-media-ad-tech.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 CFO transition</h2>
<div class="lb-trans"><h2>首席财务官的过渡</h2>
</div><p>Laura Schenkein, who will reportedly be stepping down on Aug. 21, was with the company for nearly 12 years, serving in a variety of finance leadership positions before becoming CFO in June 2023. Schenkein, who is in her early 40s, is not close to retirement age. And the news release didn't make clear why she is leaving the company. The only hint she gave in her remarks on the earnings call is that she is transitioning to a &#34;new challenge.&#34;</p>
<div class="lb-trans"><p>Laura Schenkein 据报道将于 8 月 21 日辞职，她在公司工作近 12 年，担任过多种财务领导职位，直到 2023 年 6 月成为首席财务官。Schenkein 年约 40 出头，距离退休年龄尚远。新闻稿中并未明确她离开公司的原因。她在财报电话会议上的发言中唯一提到的线索是，她正在转向一个 “新挑战”。</p>
</div><p>Based on that language, she has likely taken a new role at a different company, but that has not yet been announced. Investors may learn where she is headed once Kayyal replaces her on Aug. 21. Schenkein will stay on as a non-executive officer through the end of the year and will work with Kayyal to seamlessly transition responsibilities.</p>
<div class="lb-trans"><p>根据这一表述，她可能已在另一家公司担任新职务，但尚未公布。投资者可能会在 Kayyal 于 8 月 21 日接替她时得知她的去向。Schenkein 将在年底前继续担任非执行官，并将与 Kayyal 合作，顺利交接职责。</p>
</div><h2>Is it a red flag for The Trade Desk?</h2>
<div class="lb-trans"><h2>这对 Trade Desk 来说是个警示信号吗？</h2>
</div><p>Some investors believe that a CFO departure can be a red flag. After all, the CFO has a better sense of the numbers than anybody else at the company, and could choose to jump ship if the business is heading in the wrong direction, or worse, if there are problems with its financial reporting.</p>
<div class="lb-trans"><p>一些投资者认为，首席财务官的离职可能是一个警示信号。毕竟，首席财务官对公司的财务状况比其他任何人都更了解，如果业务走向错误，或者更糟糕的是，财务报告出现问题，他们可能会选择离开。</p>
</div><p>There's no immediate indication that anything unscrupulous is taking place with The Trade Desk. While the slowing growth in the business may have contributed to Schenkein's decision to leave the company, this seems like more of a normal executive transition than any reason to be concerned. Despite their reputation as potential warning signs, most CFO transitions are a normal function of business, and they are as common as other executive transitions.</p>
<div class="lb-trans"><p>目前没有迹象表明 Trade Desk 存在任何不当行为。虽然业务增长放缓可能促使 Schenkein 决定离开公司，但这似乎更像是一次正常的高管过渡，而不是令人担忧的原因。尽管首席财务官的过渡被视为潜在的警示信号，但大多数首席财务官的更换都是商业的正常功能，与其他高管的更换一样普遍。</p>
</div><p>That Schenkein is staying to assist The Trade Desk in the transitional period shows that she isn't being pushed out and that she's leaving on good terms.</p>
<div class="lb-trans"><p>Schenkein 留任以协助 Trade Desk 过渡期的做法表明，她并不是被迫离开，而是以良好的条件离开。</p>
</div><h2>What it means for The Trade Desk</h2>
<div class="lb-trans"><h2>这对 Trade Desk 意味着什么</h2>
</div><p>This is the second out of the last three earnings reports that has sent The Trade Desk stock plunging. In February, the last time it happened, CEO Jeff Green acknowledged that the company missed its own guidance for the first time as a publicly traded company due to internal errors.</p>
<div class="lb-trans"><p>这是最近三次财报中第二次导致 Trade Desk 股价暴跌。在 2 月份上一次发生这种情况时，首席执行官 Jeff Green 承认，由于内部错误，公司首次未能达到其作为上市公司的指导目标。</p>
</div><p>This time around, Green seemed to push back on any assertion from analysts that the company was losing ground to &#34;walled gardens&#34; like <strong>Alphabet</strong>, <strong>Meta Platforms</strong>, and <strong>Amazon</strong>, insisting that the open internet performs better than walled gardens like those above.</p>
<div class="lb-trans"><p>这一次，Green 似乎对分析师关于公司在 “围墙花园” 如 <strong>Alphabet</strong>、<strong>Meta Platforms</strong> 和 <strong>Amazon</strong> 中失去市场份额的任何说法进行了反驳，坚称开放互联网的表现优于上述围墙花园。</p>
</div><p>Investors seem skeptical of that, however, as several analysts downgraded the stock on the report.</p>
<div class="lb-trans"><p>然而，投资者对此似乎持怀疑态度，因为多位分析师在报告后下调了该股评级。</p>
</div><p>For now, it remains to be seen if The Trade Desk can reaccelerate its revenue growth, but the skepticism seems warranted, given the company's valuation.</p>
<div class="lb-trans"><p>目前尚不清楚 Trade Desk 是否能够重新加速收入增长，但考虑到公司的估值，这种怀疑似乎是合理的。</p>
</div><p>Still, the CFO transition isn't the red flag that some investors are making it out to be. Investors should keep their eyes on the underlying business growth as the leading ad tech stock tries to make a recovery.</p>
<div class="lb-trans"><p>尽管如此，首席财务官的过渡并不是一些投资者所认为的警示信号。投资者应关注基础业务的增长，因为这家领先的广告技术公司努力实现复苏。</p>
</div>

Trade Desk 的首席财务官即将离职，这是否是一个危险信号？