<p>作者：Emily Bary</p>
<p>这家广告技术提供商表示，汽车和包装食品客户面临压力</p>
<p>Trade Desk 参与了连接电视广告市场。</p>
<p>在过去一年中，Trade Desk 一直是标准普尔 500 指数中表现最差的股票之一，该公司的增长放缓现在让华尔街更加紧张。</p>
<p>在周三的延长交易时段，广告技术公司的股价下跌超过 16%，因为 Trade Desk (TTD) 的当前季度收入预测未能达到预期。该公司预计本季度收入至少为 6.78 亿美元，而 FactSet 跟踪的分析师预计为 6.89 亿美元。</p>
<p>这一预测暗示 Trade Desk 的增长放缓将持续。年同比收入增长从 2025 年第一季度的 25.4% 下降到第二季度的 18.7%、第三季度的 17.7% 和第四季度的 14.3%。如果 Trade Desk 在今年第一季度的收入仅为 6.78 亿美元，那将比去年增长仅 10.1%。</p>
<p>另见：Snowflake 的股票下跌，因为该软件公司给出了混合前景</p>
<p>Trade Desk 对调整后息税折旧摊销前利润的展望也令人失望。该公司预计第一季度该指标为 1.95 亿美元，而分析师预计为 2.23 亿美元。</p>
<p>这些预测数字掩盖了 Trade Desk 在第四季度的好于预期的业绩。847 百万美元的收入超过了 841 百万美元的共识预期，调整后的 Ebitda 为 4 亿美元，超过了 377 百万美元的预期。</p>
<p>在财报电话会议上，首席执行官 Jeff Green 强调了 &#34;一些大型消费包装食品公司&#34; 以及一些汽车广告商的持续疲软。他指出，这些类别占 Trade Desk 业务的四分之一以上。</p>
<p>他补充道：&#34;在这两个类别中，所有全球公司面临的的不确定性水平是我们在过去 15 年中未曾见过的，&#34; 指出关税问题以及消费者的预算压力。</p>
<p>根据 Green 的说法，相关公司 &#34;在 2025 年都面临艰难的选择&#34;。&#34;大多数公司仍然面临艰难的选择。&#34;</p>
<p>阅读：华尔街预计在 2026 年下跌至少 20% 的 10 只股票将强势反弹</p>
<p>Trade Desk 参与了连接电视广告市场，Green 表示他对公司的长期机会仍然 &#34;非常有信心&#34;。他指出，公司战略性地决定不拥有库存，他认为这将在供应过剩的市场中带来回报。</p>
<p>客户 &#34;比以往任何时候都有更多选择&#34;，Green 表示公司能够以 &#34;显著更低的成本&#34; 帮助客户接触相关受众。</p>
<p>他还谈到了人工智能，最近这一直是软件投资者的关注点。Green 认为 Trade Desk 可以成为人工智能的赢家，称公司的 Kokai 广告工具 &#34;是有史以来最先进的针对开放互联网的人工智能驱动购买平台。&#34;</p>
<p>另一个困扰 Trade Desk 股票的问题是竞争，包括来自亚马逊 (AMZN) 和谷歌 (GOOG) (GOOGL) 的竞争。Wedbush 的 Alicia Reese 在财报前给客户的报告中写道：&#34;竞争对手平台将内容、数据和商业整合到一个单一环境中，激励广告买家留在该生态系统内，而不是通过 Trade Desk 进行路由。&#34;</p>
<p>然而，Green 坚持认为 Trade Desk 具有优势，因为它不像亚马逊那样与自己的客户竞争，亚马逊在销售广告库存的同时还运营一个与这些客户竞争的电子商务市场。</p>
<p>&#34;我确实认为现在的噪音比以往任何时候都多，但我认为我们的竞争表现与以往一样好，我认为我们处于比以往更好的胜利位置，&#34; Green 补充道。</p>
<p>但周三的盘后股价下跌暗示投资者仍然不买账，门槛必须进一步降低。Trade Desk 的股价在截至周三收盘的过去 12 个月中下跌了 66%。</p>
<p>更多来自 MarketWatch：这种股票市场策略结合了价值、质量和动量，以实现卓越表现</p>
<p>-Emily Bary</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和华尔街日报发布。</p>
<p>（完）道琼斯新闻通讯</p>
<p>02-25-26 1919ET</p>

谷歌财报，一站看懂！

谷歌-A

谷歌-C

TTDU

<p>Trade Desk 的股票在公司预计本季度收入为 6.78 亿美元后下跌超过 16%，低于分析师预期的 6.89 亿美元。这标志着增长的显著放缓，年同比收入增长从 25.4% 降至仅 10.1%。尽管第四季度的业绩好于预期，首席执行官 Jeff Green 指出汽车和包装商品领域仍面临持续挑战。Trade Desk 对其长期前景保持信心，强调其在连接电视广告市场的战略地位和人工智能能力，尽管面临来自亚马逊和谷歌等主要竞争对手的日益竞争</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>The ad-tech provider says automotive and packaged-good clients are under pressure</p>
<div class="lb-trans"><p>这家广告技术提供商表示，汽车和包装食品客户面临压力</p>
</div><p>Trade Desk plays into the market for connected-TV ads.</p>
<div class="lb-trans"><p>Trade Desk 参与了连接电视广告市场。</p>
</div><p>Trade Desk has been one of the worst S&amp;P 500 stocks in the past year, and the company's growth slowdown is now spooking Wall Street even more.</p>
<div class="lb-trans"><p>在过去一年中，Trade Desk 一直是标准普尔 500 指数中表现最差的股票之一，该公司的增长放缓现在让华尔街更加紧张。</p>
</div><p>Shares of the advertising-technology company were off more than 16% in Wednesday's extended session after Trade Desk (TTD) came up short with its revenue forecast for the current quarter. The company projects at least $678 million in revenue for the period, while analysts tracked by FactSet were looking for $689 million.</p>
<div class="lb-trans"><p>在周三的延长交易时段，广告技术公司的股价下跌超过 16%，因为 Trade Desk (TTD) 的当前季度收入预测未能达到预期。该公司预计本季度收入至少为 6.78 亿美元，而 FactSet 跟踪的分析师预计为 6.89 亿美元。</p>
</div><p>The forecast implies a continuation of a dramatic growth slowdown at Trade Desk. Year-over-year revenue growth went from 25.4% in the first quarter of 2025 to 18.7% in the second quarter, 17.7% in the third quarter and 14.3% in the fourth quarter. If Trade Desk only does $678 million of revenue in this year's first quarter, that would be up just 10.1% from a year prior.</p>
<div class="lb-trans"><p>这一预测暗示 Trade Desk 的增长放缓将持续。年同比收入增长从 2025 年第一季度的 25.4% 下降到第二季度的 18.7%、第三季度的 17.7% 和第四季度的 14.3%。如果 Trade Desk 在今年第一季度的收入仅为 6.78 亿美元，那将比去年增长仅 10.1%。</p>
</div><p>See also: Snowflake's stock dips as the software company gives a mixed outlook</p>
<div class="lb-trans"><p>另见：Snowflake 的股票下跌，因为该软件公司给出了混合前景</p>
</div><p>Trade Desk's outlook on adjusted earnings before interest, taxes, depreciation and amortization also underwhelmed. The company expects $195 million on the metric in the first quarter, while analysts were looking for $223 million.</p>
<div class="lb-trans"><p>Trade Desk 对调整后息税折旧摊销前利润的展望也令人失望。该公司预计第一季度该指标为 1.95 亿美元，而分析师预计为 2.23 亿美元。</p>
</div><p>Those forecasted figures overshadowed better-than-expected results from Trade Desk in the fourth quarter. Revenue of $847 million exceeded the $841 million consensus view, and adjusted Ebitda of $400 million cleared the $377 million bar.</p>
<div class="lb-trans"><p>这些预测数字掩盖了 Trade Desk 在第四季度的好于预期的业绩。847 百万美元的收入超过了 841 百万美元的共识预期，调整后的 Ebitda 为 4 亿美元，超过了 377 百万美元的预期。</p>
</div><p>On the earnings call, CEO Jeff Green highlighted &#34;a sustained weakness among some large consumer packaged-goods companies,&#34; along with some automotive advertisers. Those categories account for more than a quarter of Trade Desk's business, he noted.</p>
<div class="lb-trans"><p>在财报电话会议上，首席执行官 Jeff Green 强调了 &#34;一些大型消费包装食品公司&#34; 以及一些汽车广告商的持续疲软。他指出，这些类别占 Trade Desk 业务的四分之一以上。</p>
</div><p>&#34;In these two categories, all global companies have levels of uncertainty that we haven't seen for most of the last 15 years,&#34; he added, pointing to questions about tariffs as well as budgetary pressures on consumers.</p>
<div class="lb-trans"><p>他补充道：&#34;在这两个类别中，所有全球公司面临的的不确定性水平是我们在过去 15 年中未曾见过的，&#34; 指出关税问题以及消费者的预算压力。</p>
</div><p>The corresponding companies &#34;all had tough choices to make in 2025,&#34; according to Green. &#34;Most still have tough choices ahead.&#34;</p>
<div class="lb-trans"><p>根据 Green 的说法，相关公司 &#34;在 2025 年都面临艰难的选择&#34;。&#34;大多数公司仍然面临艰难的选择。&#34;</p>
</div><p>Read: 10 stocks Wall Street expects to roar back after dropping at least 20% in 2026</p>
<div class="lb-trans"><p>阅读：华尔街预计在 2026 年下跌至少 20% 的 10 只股票将强势反弹</p>
</div><p>Trade Desk plays into the market for connected-television advertising, and Green said he's still &#34;so confident&#34; in the company's long-term opportunity. He noted the company's strategic decision not to own inventory, which he thinks will pay off in an oversupplied market.</p>
<div class="lb-trans"><p>Trade Desk 参与了连接电视广告市场，Green 表示他对公司的长期机会仍然 &#34;非常有信心&#34;。他指出，公司战略性地决定不拥有库存，他认为这将在供应过剩的市场中带来回报。</p>
</div><p>Customers &#34;have more choice than ever&#34; about where to advertise, and Green said that the company has been able to help customers reach relevant audiences &#34;for meaningfully lower cost.&#34;</p>
<div class="lb-trans"><p>客户 &#34;比以往任何时候都有更多选择&#34;，Green 表示公司能够以 &#34;显著更低的成本&#34; 帮助客户接触相关受众。</p>
</div><p>He also addressed artificial intelligence, which has been a concern for software investors lately. Green thinks Trade Desk can be an AI winner, saying that the company's Kokai ad tool &#34;is the most advanced AI-fueled buying platform ever pointed at the open internet.&#34;</p>
<div class="lb-trans"><p>他还谈到了人工智能，最近这一直是软件投资者的关注点。Green 认为 Trade Desk 可以成为人工智能的赢家，称公司的 Kokai 广告工具 &#34;是有史以来最先进的针对开放互联网的人工智能驱动购买平台。&#34;</p>
</div><p>Another issue that's dogged Trade Desk's stock is the question of competition, including from Amazon.com (AMZN) and Alphabet's (GOOG) (GOOGL) Google. &#34;Competitor platforms that integrate content, data and commerce into a single environment incentivize ad buyers to remain within that ecosystem rather than routing it through the Trade Desk,&#34; Wedbush's Alicia Reese wrote in a note to clients ahead of earnings.</p>
<div class="lb-trans"><p>另一个困扰 Trade Desk 股票的问题是竞争，包括来自亚马逊 (AMZN) 和谷歌 (GOOG) (GOOGL) 的竞争。Wedbush 的 Alicia Reese 在财报前给客户的报告中写道：&#34;竞争对手平台将内容、数据和商业整合到一个单一环境中，激励广告买家留在该生态系统内，而不是通过 Trade Desk 进行路由。&#34;</p>
</div><p>Green, however, maintained that Trade Desk has an advantage because it's not competing with its own customers the way Amazon must do when it sells companies advertising inventory but also operates an e-commerce marketplace that goes up against those customers.</p>
<div class="lb-trans"><p>然而，Green 坚持认为 Trade Desk 具有优势，因为它不像亚马逊那样与自己的客户竞争，亚马逊在销售广告库存的同时还运营一个与这些客户竞争的电子商务市场。</p>
</div><p>&#34;I do think there's more noise than ever, but I do think that we're competing as well as we ever have, and I think we're in a better position to win than we've ever been,&#34; Green added.</p>
<div class="lb-trans"><p>&#34;我确实认为现在的噪音比以往任何时候都多，但我认为我们的竞争表现与以往一样好，我认为我们处于比以往更好的胜利位置，&#34; Green 补充道。</p>
</div><p>But Wednesday's after-hours stock drop implies investors still aren't sold and that the bar must move even lower. Trade Desk shares have lost 66% in the past 12 months through Wednesday's close.</p>
<div class="lb-trans"><p>但周三的盘后股价下跌暗示投资者仍然不买账，门槛必须进一步降低。Trade Desk 的股价在截至周三收盘的过去 12 个月中下跌了 66%。</p>
</div><p>More from MarketWatch: This stock-market strategy combines value, quality and momentum for stellar performance</p>
<div class="lb-trans"><p>更多来自 MarketWatch：这种股票市场策略结合了价值、质量和动量，以实现卓越表现</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和华尔街日报发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>02-25-26 1919ET</p>
<div class="lb-trans"><p>02-25-26 1919ET</p>
</div>

Trade Desk's stock slides as growth slowdown unnerves Wall Street even further

- Trade Desk 预测本季度营收为 6.78 亿美元，低于分析师预期的 6.89 亿美元。  
- 公司在广告技术领域面临增速放缓和消费者压力，库存策略可能有助于长期增长。  
- 过去一年，Trade Desk 股价下跌 66%，投资者对前景持谨慎态度。

由于增长放缓进一步加剧了华尔街的不安，Trade Desk 的股价出现下滑