<p><strong>Trade Desk</strong>(TTD -39.17%) 的股票今天在三次財報中第二次大幅下跌。這家領先的獨立需求方平台 (DSP) 在廣告技術領域發佈的業績符合預期，但其指引確認競爭正日益成為業務的威脅。</p>
<p>因此，今天早上幾位華爾街分析師下調了該股票評級，截至東部時間上午 10:08，股價下跌了 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>圖片來源：Getty Images。</p>
<h2>Trade Desk 遭遇瓶頸</h2>
<p>第二季度的業績並不差。收入增長了 19%，達到 6.94 億美元，超出了 686 百萬美元的市場共識。公司在多個渠道上取得了進展，包括連接電視、零售媒體和供應鏈優化，其 Kokai AI 平台正在被客户採用。</p>
<p>在底線方面，調整後的息税折舊攤銷前利潤 (EBITDA) 增長了 12%，達到 2.71 億美元，調整後的每股收益從 0.39 美元增加到 0.41 美元，符合預期。</p>
<p>Trade Desk 的業績清楚表明其增長率正在放緩，這對一隻歷史上交易倍數較高的股票來説是個問題。</p>
<p>幾位分析師在更新後下調了該股票評級。<strong>美國銀行</strong> 將該股票評級下調至表現不佳，稱對競爭壓力的擔憂是合理的。</p>
<p>至少還有三位分析師也下調了評級，因為 Trade Desk 所競爭的 “圍牆花園” 如 <strong>奈飛</strong>、<strong>亞馬遜</strong>、<strong>Meta</strong> 和 <strong>Alphabet</strong> 似乎正在變得更強。</p>
<h2>Trade Desk 的未來展望</h2>
<p>展望第三季度，公司預計收入至少為 7.17 億美元，EBITDA 約為 2.77 億美元，表明利潤率預計將略微下降。該收入預測與 722 百萬美元的平均預期相比，暗示至少 14% 的增長，明顯表明增長正在減速。</p>
<p>鑑於此，拋售似乎是合理的，因為 Trade Desk 目前的市盈率為 31 倍，基於調整後的收益，這在其增長前景受到質疑的情況下似乎是一個合理的價格。</p>

奈飛

亞馬遜

<p>The Trade Desk (TTD) 的股票在發佈財報後下跌了 38.1%，儘管收入增長了 19%，達到了 6.94 億美元。分析師因來自奈飛和亞馬遜等主要競爭對手的競爭加劇而下調了該股票評級。公司預測第三季度收入至少為 7.17 億美元，顯示出增長放緩的跡象。該股票目前的市盈率為 31，反映了市場對其未來增長前景的擔憂</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%) 的股票今天在三次財報中第二次大幅下跌。這家領先的獨立需求方平台 (DSP) 在廣告技術領域發佈的業績符合預期，但其指引確認競爭正日益成為業務的威脅。</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，今天早上幾位華爾街分析師下調了該股票評級，截至東部時間上午 10:08，股價下跌了 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>圖片來源：Getty Images。</p>
</div><h2>The Trade Desk runs into a wall</h2>
<div class="lb-trans"><h2>Trade Desk 遭遇瓶頸</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>第二季度的業績並不差。收入增長了 19%，達到 6.94 億美元，超出了 686 百萬美元的市場共識。公司在多個渠道上取得了進展，包括連接電視、零售媒體和供應鏈優化，其 Kokai AI 平台正在被客户採用。</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>在底線方面，調整後的息税折舊攤銷前利潤 (EBITDA) 增長了 12%，達到 2.71 億美元，調整後的每股收益從 0.39 美元增加到 0.41 美元，符合預期。</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 的業績清楚表明其增長率正在放緩，這對一隻歷史上交易倍數較高的股票來説是個問題。</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>幾位分析師在更新後下調了該股票評級。<strong>美國銀行</strong> 將該股票評級下調至表現不佳，稱對競爭壓力的擔憂是合理的。</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>至少還有三位分析師也下調了評級，因為 Trade Desk 所競爭的 “圍牆花園” 如 <strong>奈飛</strong>、<strong>亞馬遜</strong>、<strong>Meta</strong> 和 <strong>Alphabet</strong> 似乎正在變得更強。</p>
</div><h2>What's next for The Trade Desk</h2>
<div class="lb-trans"><h2>Trade Desk 的未來展望</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，公司預計收入至少為 7.17 億美元，EBITDA 約為 2.77 億美元，表明利潤率預計將略微下降。該收入預測與 722 百萬美元的平均預期相比，暗示至少 14% 的增長，明顯表明增長正在減速。</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>鑑於此，拋售似乎是合理的，因為 Trade Desk 目前的市盈率為 31 倍，基於調整後的收益，這在其增長前景受到質疑的情況下似乎是一個合理的價格。</p>
</div>

Why The Trade Desk Stock Tumbled Today

- The Trade Desk 第二季度營收增長 19% 至 6.94 億美元，超出預期。  
- 由於競爭加劇，分析師下調評級，股價下跌 38.1%。  
- 第三季度預計營收至少 7.17 億美元，增長放緩跡象明顯。  

為什麼 Trade Desk 的股票今天出現下跌