<p>根據 S&amp;P Global Market Intelligence 的數據，<strong>Trade Desk</strong>(TTD 2.82%) 的股票在 9 月份總共下跌了 10.3%，因為對該股票的情緒在經歷了 8 月份的劇烈下跌後仍然脆弱。隨着投資者繼續消化公司增長放緩以及在 8 月份報告的令人失望的第三季度指引，9 月份又帶來了一個逆風：來自一家主要的、資金雄厚的科技巨頭對 <strong>Netflix</strong>(NFLX -2.17%) 廣告庫存的新競爭。</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>圖片來源：Getty Images。</p>
<h2>每個人都想參與 Netflix 的廣告</h2>
<p>Trade Desk 運營着一個需求方平台（DSP），幫助營銷人員在開放互聯網中購買數字廣告。9 月份，關注點轉向 Netflix 日益增長的廣告業務，此前 <strong>Amazon</strong>(AMZN -0.07%) 與 Netflix 達成協議，幫助營銷人員從該流媒體服務及其他 DSP（包括 Trade Desk）購買廣告位。這個消息本身並不災難，但它提醒投資者，Netflix 的廣告雄心將吸引資金充裕的廣告購買平台，激烈競爭以獲取這塊不斷增長的市場。實際上，<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 Yahoo 的 DSP 已經與 Netflix 合作，Trade Desk 也在其中。競爭加劇可能會對 Trade Desk 在高端優質庫存流中的影響力和定價能力施加壓力。</p>
<p>這發生在公司 8 月份的報告讓投資者失望後的幾周。公司報告了 19% 的收入增長，並指引僅為 14% 的增長。這些數字遠低於其第一季度報告的 25% 增長，但受到 2024 年同季度政治廣告支出比較的顯著影響。</p>
<h2>關注事項</h2>
<p>即使在連續兩個月下跌後，Trade Desk 不幸地仍以可能過高的估值交易。根據目前的寫作，其市盈率約為 58，這假設了未來幾年將實現持久的兩位數的收入和利潤增長，並在程序化廣告中繼續獲得市場份額，儘管競爭環境異常激烈。</p>
<p>當然，對於一家擁有強大客户留存率和長遠發展潛力的行業領導者，這樣的溢價是合理的，因為廣告支出正在向可衡量的自動化渠道轉移，而 Trade Desk 符合這一描述。儘管如此，來自 Amazon、Microsoft 和 Alphabet 等巨頭的競爭在零售媒體、連接電視和程序化廣告領域正在加劇，這對牛市前景造成了干擾，顯著增加了競爭風險。</p>
<p>Trade Desk 的第三季度財報通常在 11 月初發布，這將是一個重要的指標。如果第三季度的收入和第四季度的指引暗示增長率穩定，市場對該股票的情緒可能會改善。如果沒有——或者與 Netflix 等知名合作伙伴的競爭敍事進一步向競爭平台演變——在今天的估值下猶豫是可以理解的，股票可能會表現不佳，甚至交易下跌。</p>
<p>總體而言，謹慎對待該股票是明智的。雖然 Trade Desk 是一家優秀的企業，但激烈的競爭環境意味着尋找一個更具吸引力的入場點，以更好地定價風險可能是合理的。</p>

<p>The Trade Desk 的股票在九月份下跌了 10.3%，原因是投資者情緒脆弱，繼八月份的下滑後，第三季度的指引也令人失望。來自亞馬遜、微軟和 Alphabet 等主要科技公司對 Netflix 廣告庫存的競爭加大了壓力。The Trade Desk 的收入增長放緩至 19%，而預測僅為 14%，這引發了對其高估值的擔憂。即將於十一月份發佈的第三季度財報對投資者情緒至關重要，因為廣告領域的競爭愈發激烈</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>根據 S&amp;P Global Market Intelligence 的數據，<strong>Trade Desk</strong>(TTD 2.82%) 的股票在 9 月份總共下跌了 10.3%，因為對該股票的情緒在經歷了 8 月份的劇烈下跌後仍然脆弱。隨着投資者繼續消化公司增長放緩以及在 8 月份報告的令人失望的第三季度指引，9 月份又帶來了一個逆風：來自一家主要的、資金雄厚的科技巨頭對 <strong>Netflix</strong>(NFLX -2.17%) 廣告庫存的新競爭。</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>圖片來源：Getty Images。</p>
</div><h2>Everyone wants in on Netflix's ads</h2>
<div class="lb-trans"><h2>每個人都想參與 Netflix 的廣告</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 運營着一個需求方平台（DSP），幫助營銷人員在開放互聯網中購買數字廣告。9 月份，關注點轉向 Netflix 日益增長的廣告業務，此前 <strong>Amazon</strong>(AMZN -0.07%) 與 Netflix 達成協議，幫助營銷人員從該流媒體服務及其他 DSP（包括 Trade Desk）購買廣告位。這個消息本身並不災難，但它提醒投資者，Netflix 的廣告雄心將吸引資金充裕的廣告購買平台，激烈競爭以獲取這塊不斷增長的市場。實際上，<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 Yahoo 的 DSP 已經與 Netflix 合作，Trade Desk 也在其中。競爭加劇可能會對 Trade Desk 在高端優質庫存流中的影響力和定價能力施加壓力。</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>這發生在公司 8 月份的報告讓投資者失望後的幾周。公司報告了 19% 的收入增長，並指引僅為 14% 的增長。這些數字遠低於其第一季度報告的 25% 增長，但受到 2024 年同季度政治廣告支出比較的顯著影響。</p>
</div><h2>What to watch</h2>
<div class="lb-trans"><h2>關注事項</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>即使在連續兩個月下跌後，Trade Desk 不幸地仍以可能過高的估值交易。根據目前的寫作，其市盈率約為 58，這假設了未來幾年將實現持久的兩位數的收入和利潤增長，並在程序化廣告中繼續獲得市場份額，儘管競爭環境異常激烈。</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>當然，對於一家擁有強大客户留存率和長遠發展潛力的行業領導者，這樣的溢價是合理的，因為廣告支出正在向可衡量的自動化渠道轉移，而 Trade Desk 符合這一描述。儘管如此，來自 Amazon、Microsoft 和 Alphabet 等巨頭的競爭在零售媒體、連接電視和程序化廣告領域正在加劇，這對牛市前景造成了干擾，顯著增加了競爭風險。</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 的第三季度財報通常在 11 月初發布，這將是一個重要的指標。如果第三季度的收入和第四季度的指引暗示增長率穩定，市場對該股票的情緒可能會改善。如果沒有——或者與 Netflix 等知名合作伙伴的競爭敍事進一步向競爭平台演變——在今天的估值下猶豫是可以理解的，股票可能會表現不佳，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>總體而言，謹慎對待該股票是明智的。雖然 Trade Desk 是一家優秀的企業，但激烈的競爭環境意味着尋找一個更具吸引力的入場點，以更好地定價風險可能是合理的。</p>
</div>

為什麼 Trade Desk 的股票在九月份下跌了 10.3%