<p><strong>Trade Desk</strong>(TTD 0.18%) 的股價上週大幅下跌，週五暴跌 39%，原因是這家廣告技術公司公佈的業績雖然符合預期，但顯示出收入增長正在放緩。</p>
<p>Trade Desk 第二季度的收入同比增長 19%，達到 6.94 億美元，這是其歷史上除疫情初期短暫下滑外的最慢增長率。對於第三季度，公司表示收入增長將進一步放緩，預計收入至少為 7.17 億美元，增長至少為 14%。在數字廣告支出強勁的環境下，這一預測引發了華爾街分析師的多次下調評級。</p>
<p>然而，財報中還有另一項內容可能加劇了週五的拋售。Trade Desk 表示，首席財務官 Laura Schenkein 將辭職，由 Alex Kayyal 接任，後者在擔任公司董事會成員多年後加入公司。Kayyal 曾是 <strong>Salesforce</strong> 的高管，也是 Hermes Growth Partners 的聯合創始人，該風險投資公司是 Trade Desk 最早的投資者之一。</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>圖片來源：Getty Images。</p>
<h2>首席財務官的過渡</h2>
<p>Laura Schenkein 據報道將於 8 月 21 日辭職，她在公司工作近 12 年，擔任過多種財務領導職位，直到 2023 年 6 月成為首席財務官。Schenkein 年約 40 出頭，距離退休年齡尚遠。新聞稿中並未明確她離開公司的原因。她在財報電話會議上的發言中唯一提到的線索是，她正在轉向一個 “新挑戰”。</p>
<p>根據這一表述，她可能已在另一家公司擔任新職務，但尚未公佈。投資者可能會在 Kayyal 於 8 月 21 日接替她時得知她的去向。Schenkein 將在年底前繼續擔任非執行官，並將與 Kayyal 合作，順利交接職責。</p>
<h2>這對 Trade Desk 來説是個警示信號嗎？</h2>
<p>一些投資者認為，首席財務官的離職可能是一個警示信號。畢竟，首席財務官對公司的財務狀況比其他任何人都更瞭解，如果業務走向錯誤，或者更糟糕的是，財務報告出現問題，他們可能會選擇離開。</p>
<p>目前沒有跡象表明 Trade Desk 存在任何不當行為。雖然業務增長放緩可能促使 Schenkein 決定離開公司，但這似乎更像是一次正常的高管過渡，而不是令人擔憂的原因。儘管首席財務官的過渡被視為潛在的警示信號，但大多數首席財務官的更換都是商業的正常功能，與其他高管的更換一樣普遍。</p>
<p>Schenkein 留任以協助 Trade Desk 過渡期的做法表明，她並不是被迫離開，而是以良好的條件離開。</p>
<h2>這對 Trade Desk 意味着什麼</h2>
<p>這是最近三次財報中第二次導致 Trade Desk 股價暴跌。在 2 月份上一次發生這種情況時，首席執行官 Jeff Green 承認，由於內部錯誤，公司首次未能達到其作為上市公司的指導目標。</p>
<p>這一次，Green 似乎對分析師關於公司在 “圍牆花園” 如 <strong>Alphabet</strong>、<strong>Meta Platforms</strong> 和 <strong>Amazon</strong> 中失去市場份額的任何説法進行了反駁，堅稱開放互聯網的表現優於上述圍牆花園。</p>
<p>然而，投資者對此似乎持懷疑態度，因為多位分析師在報告後下調了該股評級。</p>
<p>目前尚不清楚 Trade Desk 是否能夠重新加速收入增長，但考慮到公司的估值，這種懷疑似乎是合理的。</p>
<p>儘管如此，首席財務官的過渡並不是一些投資者所認為的警示信號。投資者應關注基礎業務的增長，因為這家領先的廣告技術公司努力實現復甦。</p>

<p>Trade Desk 的股價在報告第二季度 19% 的收入增長後下跌了 39%，這是其歷史上最慢的增長率。公司預計第三季度的增長將進一步放緩。首席財務官 Laura Schenkein 將離職，由 Alex Kayyal 接任，這引發了投資者的擔憂。然而，過渡似乎是正常的，Schenkein 正在協助交接。儘管分析師對公司在競爭對手面前的表現持懷疑態度，但首席財務官的更換並未被視為重大警示信號。投資者應關注公司未來的增長軌跡</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%) 的股價上週大幅下跌，週五暴跌 39%，原因是這家廣告技術公司公佈的業績雖然符合預期，但顯示出收入增長正在放緩。</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長 19%，達到 6.94 億美元，這是其歷史上除疫情初期短暫下滑外的最慢增長率。對於第三季度，公司表示收入增長將進一步放緩，預計收入至少為 7.17 億美元，增長至少為 14%。在數字廣告支出強勁的環境下，這一預測引發了華爾街分析師的多次下調評級。</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，財報中還有另一項內容可能加劇了週五的拋售。Trade Desk 表示，首席財務官 Laura Schenkein 將辭職，由 Alex Kayyal 接任，後者在擔任公司董事會成員多年後加入公司。Kayyal 曾是 <strong>Salesforce</strong> 的高管，也是 Hermes Growth Partners 的聯合創始人，該風險投資公司是 Trade Desk 最早的投資者之一。</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>圖片來源：Getty Images。</p>
</div><h2>The CFO transition</h2>
<div class="lb-trans"><h2>首席財務官的過渡</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 據報道將於 8 月 21 日辭職，她在公司工作近 12 年，擔任過多種財務領導職位，直到 2023 年 6 月成為首席財務官。Schenkein 年約 40 出頭，距離退休年齡尚遠。新聞稿中並未明確她離開公司的原因。她在財報電話會議上的發言中唯一提到的線索是，她正在轉向一個 “新挑戰”。</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>根據這一表述，她可能已在另一家公司擔任新職務，但尚未公佈。投資者可能會在 Kayyal 於 8 月 21 日接替她時得知她的去向。Schenkein 將在年底前繼續擔任非執行官，並將與 Kayyal 合作，順利交接職責。</p>
</div><h2>Is it a red flag for The Trade Desk?</h2>
<div class="lb-trans"><h2>這對 Trade Desk 來説是個警示信號嗎？</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>一些投資者認為，首席財務官的離職可能是一個警示信號。畢竟，首席財務官對公司的財務狀況比其他任何人都更瞭解，如果業務走向錯誤，或者更糟糕的是，財務報告出現問題，他們可能會選擇離開。</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>目前沒有跡象表明 Trade Desk 存在任何不當行為。雖然業務增長放緩可能促使 Schenkein 決定離開公司，但這似乎更像是一次正常的高管過渡，而不是令人擔憂的原因。儘管首席財務官的過渡被視為潛在的警示信號，但大多數首席財務官的更換都是商業的正常功能，與其他高管的更換一樣普遍。</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 留任以協助 Trade Desk 過渡期的做法表明，她並不是被迫離開，而是以良好的條件離開。</p>
</div><h2>What it means for The Trade Desk</h2>
<div class="lb-trans"><h2>這對 Trade Desk 意味着什麼</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>這是最近三次財報中第二次導致 Trade Desk 股價暴跌。在 2 月份上一次發生這種情況時，首席執行官 Jeff Green 承認，由於內部錯誤，公司首次未能達到其作為上市公司的指導目標。</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>這一次，Green 似乎對分析師關於公司在 “圍牆花園” 如 <strong>Alphabet</strong>、<strong>Meta Platforms</strong> 和 <strong>Amazon</strong> 中失去市場份額的任何説法進行了反駁，堅稱開放互聯網的表現優於上述圍牆花園。</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，投資者對此似乎持懷疑態度，因為多位分析師在報告後下調了該股評級。</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 是否能夠重新加速收入增長，但考慮到公司的估值，這種懷疑似乎是合理的。</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>儘管如此，首席財務官的過渡並不是一些投資者所認為的警示信號。投資者應關注基礎業務的增長，因為這家領先的廣告技術公司努力實現復甦。</p>
</div>

Trade Desk 的首席財務官即將離職，這是否是一個危險信號？