<p>根据 S&amp;P Global Market Intelligence 的数据，<strong>Trade Desk</strong>(TTD 2.82%) 的股票在 9 月份总共下跌了 10.3%，因为对该股票的情绪在经历了 8 月份的剧烈下跌后仍然脆弱。随着投资者继续消化公司增长放缓以及在 8 月份报告的令人失望的第三季度指引，9 月份又带来了一个逆风：来自一家主要的、资金雄厚的科技巨头对 <strong>Netflix</strong>(NFLX -2.17%) 广告库存的新竞争。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYwMzEvdGhlLXRyYWRlLWRlc2stc3RvY2stdHRkLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYwMzEvdGhlLXRyYWRlLWRlc2stc3RvY2stdHRkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>每个人都想参与 Netflix 的广告</h2>
<p>Trade Desk 运营着一个需求方平台（DSP），帮助营销人员在开放互联网中购买数字广告。9 月份，关注点转向 Netflix 日益增长的广告业务，此前 <strong>Amazon</strong>(AMZN -0.07%) 与 Netflix 达成协议，帮助营销人员从该流媒体服务及其他 DSP（包括 Trade Desk）购买广告位。这个消息本身并不灾难，但它提醒投资者，Netflix 的广告雄心将吸引资金充裕的广告购买平台，激烈竞争以获取这块不断增长的市场。实际上，<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 Yahoo 的 DSP 已经与 Netflix 合作，Trade Desk 也在其中。竞争加剧可能会对 Trade Desk 在高端优质库存流中的影响力和定价能力施加压力。</p>
<p>这发生在公司 8 月份的报告让投资者失望后的几周。公司报告了 19% 的收入增长，并指引仅为 14% 的增长。这些数字远低于其第一季度报告的 25% 增长，但受到 2024 年同季度政治广告支出比较的显著影响。</p>
<h2>关注事项</h2>
<p>即使在连续两个月下跌后，Trade Desk 不幸地仍以可能过高的估值交易。根据目前的写作，其市盈率约为 58，这假设了未来几年将实现持久的两位数的收入和利润增长，并在程序化广告中继续获得市场份额，尽管竞争环境异常激烈。</p>
<p>当然，对于一家拥有强大客户留存率和长远发展潜力的行业领导者，这样的溢价是合理的，因为广告支出正在向可衡量的自动化渠道转移，而 Trade Desk 符合这一描述。尽管如此，来自 Amazon、Microsoft 和 Alphabet 等巨头的竞争在零售媒体、连接电视和程序化广告领域正在加剧，这对牛市前景造成了干扰，显著增加了竞争风险。</p>
<p>Trade Desk 的第三季度财报通常在 11 月初发布，这将是一个重要的指标。如果第三季度的收入和第四季度的指引暗示增长率稳定，市场对该股票的情绪可能会改善。如果没有——或者与 Netflix 等知名合作伙伴的竞争叙事进一步向竞争平台演变——在今天的估值下犹豫是可以理解的，股票可能会表现不佳，甚至交易下跌。</p>
<p>总体而言，谨慎对待该股票是明智的。虽然 Trade Desk 是一家优秀的企业，但激烈的竞争环境意味着寻找一个更具吸引力的入场点，以更好地定价风险可能是合理的。</p>

<p>The Trade Desk 的股票在九月份下跌了 10.3%，原因是投资者情绪脆弱，继八月份的下滑后，第三季度的指引也令人失望。来自亚马逊、微软和 Alphabet 等主要科技公司对 Netflix 广告库存的竞争加大了压力。The Trade Desk 的收入增长放缓至 19%，而预测仅为 14%，这引发了对其高估值的担忧。即将于十一月份发布的第三季度财报对投资者情绪至关重要，因为广告领域的竞争愈发激烈</p>

<p>Shares of <strong>The Trade Desk</strong>(TTD 2.82%) fell a total of 10.3% in September, according to data from S&amp;P Global Market Intelligence, as sentiment toward the stock remained fragile after a brutal August decline. As investors continued digesting the company's slowing growth and its disappointing third-quarter guidance reported in August, September brought another headwind: new competition for <strong>Netflix</strong>'s (NFLX -2.17%) ad inventory from a major, deep-pocketed tech giant.</p>
<div class="lb-trans"><p>根据 S&amp;P Global Market Intelligence 的数据，<strong>Trade Desk</strong>(TTD 2.82%) 的股票在 9 月份总共下跌了 10.3%，因为对该股票的情绪在经历了 8 月份的剧烈下跌后仍然脆弱。随着投资者继续消化公司增长放缓以及在 8 月份报告的令人失望的第三季度指引，9 月份又带来了一个逆风：来自一家主要的、资金雄厚的科技巨头对 <strong>Netflix</strong>(NFLX -2.17%) 广告库存的新竞争。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYwMzEvdGhlLXRyYWRlLWRlc2stc3RvY2stdHRkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836031%2Fthe-trade-desk-stock-ttd.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>Everyone wants in on Netflix's ads</h2>
<div class="lb-trans"><h2>每个人都想参与 Netflix 的广告</h2>
</div><p>The Trade Desk runs a demand-side platform, or DSP, that helps marketers buy digital ads across the open internet. In September, attention swung to Netflix's growing ad business after <strong>Amazon</strong>(AMZN -0.07%) struck a deal with Netflix to help marketers purchase ad slots from the streaming service alongside other DSPs (including The Trade Desk). The headline itself was not catastrophic, but it reminded investors that Netflix's ad ambitions will attract well-capitalized ad-buying platforms that will compete viciously to get a piece of the growing pie. Indeed, <strong>Microsoft</strong>, <strong>Alphabet</strong>, and Yahoo's DSPs were all already working with Netflix, alongside The Trade Desk. Intensifying competition could pressure The Trade Desk's influence and pricing power around a high-profile stream of premium inventory.</p>
<div class="lb-trans"><p>Trade Desk 运营着一个需求方平台（DSP），帮助营销人员在开放互联网中购买数字广告。9 月份，关注点转向 Netflix 日益增长的广告业务，此前 <strong>Amazon</strong>(AMZN -0.07%) 与 Netflix 达成协议，帮助营销人员从该流媒体服务及其他 DSP（包括 Trade Desk）购买广告位。这个消息本身并不灾难，但它提醒投资者，Netflix 的广告雄心将吸引资金充裕的广告购买平台，激烈竞争以获取这块不断增长的市场。实际上，<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 Yahoo 的 DSP 已经与 Netflix 合作，Trade Desk 也在其中。竞争加剧可能会对 Trade Desk 在高端优质库存流中的影响力和定价能力施加压力。</p>
</div><p>This landed just weeks after the company's August report disappointed investors. The company reported 19% revenue growth and guided for just 14% growth. These figures are well below the 25% growth it reported in Q1 but are notably impacted by tough comparisons from the inclusion of political ad spending in the same quarters for 2024.</p>
<div class="lb-trans"><p>这发生在公司 8 月份的报告让投资者失望后的几周。公司报告了 19% 的收入增长，并指引仅为 14% 的增长。这些数字远低于其第一季度报告的 25% 增长，但受到 2024 年同季度政治广告支出比较的显著影响。</p>
</div><h2>What to watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>Even after two straight down months, The Trade Desk unfortunately still trades at a valuation that may be too high. Its price-to-earnings ratio of about 58 as of this writing assumes years of durable double-digit top and bottom-line growth, and continued share gains in programmatic advertising despite a red-hot competitive environment.</p>
<div class="lb-trans"><p>即使在连续两个月下跌后，Trade Desk 不幸地仍以可能过高的估值交易。根据目前的写作，其市盈率约为 58，这假设了未来几年将实现持久的两位数的收入和利润增长，并在程序化广告中继续获得市场份额，尽管竞争环境异常激烈。</p>
</div><p>Of course, a premium like this can be warranted for a category leader with strong client retention and a long runway as ad dollars shift to measurable, automated channels, and The Trade Desk fits this description. That said, competition from giants such as Amazon, Microsoft, and Alphabet is intensifying across retail media, connected TV, and programmatic advertising, throwing a wrench in the bull case by significantly increasing competitive risks.</p>
<div class="lb-trans"><p>当然，对于一家拥有强大客户留存率和长远发展潜力的行业领导者，这样的溢价是合理的，因为广告支出正在向可衡量的自动化渠道转移，而 Trade Desk 符合这一描述。尽管如此，来自 Amazon、Microsoft 和 Alphabet 等巨头的竞争在零售媒体、连接电视和程序化广告领域正在加剧，这对牛市前景造成了干扰，显著增加了竞争风险。</p>
</div><p>The Trade Desk's third-quarter earnings report, which is usually released in early November, will be telling. If third-quarter revenue and fourth-quarter guidance imply a stabilized growth rate, sentiment toward the stock could improve. If not -- or if the competitive narrative around marquee partners like Netflix evolves further toward rival platforms -- hesitation is understandable at today's multiple, and shares could underperform from here or even trade lower.</p>
<div class="lb-trans"><p>Trade Desk 的第三季度财报通常在 11 月初发布，这将是一个重要的指标。如果第三季度的收入和第四季度的指引暗示增长率稳定，市场对该股票的情绪可能会改善。如果没有——或者与 Netflix 等知名合作伙伴的竞争叙事进一步向竞争平台演变——在今天的估值下犹豫是可以理解的，股票可能会表现不佳，甚至交易下跌。</p>
</div><p>Overall, it makes sense to approach the stock with caution. While The Trade Desk is a great business, an intensely competitive environment means it may make sense to look for a more attractive entry point that does a better job of pricing in risks.</p>
<div class="lb-trans"><p>总体而言，谨慎对待该股票是明智的。虽然 Trade Desk 是一家优秀的企业，但激烈的竞争环境意味着寻找一个更具吸引力的入场点，以更好地定价风险可能是合理的。</p>
</div>

为什么 Trade Desk 的股票在九月份下跌了 10.3%