<p>作者：Emily Bary</p>
<p>這家廣告技術提供商表示，汽車和包裝食品客户面臨壓力</p>
<p>Trade Desk 參與了連接電視廣告市場。</p>
<p>在過去一年中，Trade Desk 一直是標準普爾 500 指數中表現最差的股票之一，該公司的增長放緩現在讓華爾街更加緊張。</p>
<p>在週三的延長交易時段，廣告技術公司的股價下跌超過 16%，因為 Trade Desk (TTD) 的當前季度收入預測未能達到預期。該公司預計本季度收入至少為 6.78 億美元，而 FactSet 跟蹤的分析師預計為 6.89 億美元。</p>
<p>這一預測暗示 Trade Desk 的增長放緩將持續。年同比收入增長從 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僅為 6.78 億美元，那將比去年增長僅 10.1%。</p>
<p>另見：Snowflake 的股票下跌，因為該軟件公司給出了混合前景</p>
<p>Trade Desk 對調整後息税折舊攤銷前利潤的展望也令人失望。該公司預計第一季度該指標為 1.95 億美元，而分析師預計為 2.23 億美元。</p>
<p>這些預測數字掩蓋了 Trade Desk 在第四季度的好於預期的業績。847 百萬美元的收入超過了 841 百萬美元的共識預期，調整後的 Ebitda 為 4 億美元，超過了 377 百萬美元的預期。</p>
<p>在財報電話會議上，首席執行官 Jeff Green 強調了 &#34;一些大型消費包裝食品公司&#34; 以及一些汽車廣告商的持續疲軟。他指出，這些類別佔 Trade Desk 業務的四分之一以上。</p>
<p>他補充道：&#34;在這兩個類別中，所有全球公司面臨的的不確定性水平是我們在過去 15 年中未曾見過的，&#34; 指出關税問題以及消費者的預算壓力。</p>
<p>根據 Green 的説法，相關公司 &#34;在 2025 年都面臨艱難的選擇&#34;。&#34;大多數公司仍然面臨艱難的選擇。&#34;</p>
<p>閲讀：華爾街預計在 2026 年下跌至少 20% 的 10 只股票將強勢反彈</p>
<p>Trade Desk 參與了連接電視廣告市場，Green 表示他對公司的長期機會仍然 &#34;非常有信心&#34;。他指出，公司戰略性地決定不擁有庫存，他認為這將在供應過剩的市場中帶來回報。</p>
<p>客户 &#34;比以往任何時候都有更多選擇&#34;，Green 表示公司能夠以 &#34;顯著更低的成本&#34; 幫助客户接觸相關受眾。</p>
<p>他還談到了人工智能，最近這一直是軟件投資者的關注點。Green 認為 Trade Desk 可以成為人工智能的贏家，稱公司的 Kokai 廣告工具 &#34;是有史以來最先進的針對開放互聯網的人工智能驅動購買平台。&#34;</p>
<p>另一個困擾 Trade Desk 股票的問題是競爭，包括來自亞馬遜 (AMZN) 和谷歌 (GOOG) (GOOGL) 的競爭。Wedbush 的 Alicia Reese 在財報前給客户的報告中寫道：&#34;競爭對手平台將內容、數據和商業整合到一個單一環境中，激勵廣告買家留在該生態系統內，而不是通過 Trade Desk 進行路由。&#34;</p>
<p>然而，Green 堅持認為 Trade Desk 具有優勢，因為它不像亞馬遜那樣與自己的客户競爭，亞馬遜在銷售廣告庫存的同時還運營一個與這些客户競爭的電子商務市場。</p>
<p>&#34;我確實認為現在的噪音比以往任何時候都多，但我認為我們的競爭表現與以往一樣好，我認為我們處於比以往更好的勝利位置，&#34; Green 補充道。</p>
<p>但週三的盤後股價下跌暗示投資者仍然不買賬，門檻必須進一步降低。Trade Desk 的股價在截至週三收盤的過去 12 個月中下跌了 66%。</p>
<p>更多來自 MarketWatch：這種股票市場策略結合了價值、質量和動量，以實現卓越表現</p>
<p>-Emily Bary</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞通訊和華爾街日報發佈。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>02-25-26 1919ET</p>

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<p>Trade Desk 的股票在公司預計本季度收入為 6.78 億美元后下跌超過 16%，低於分析師預期的 6.89 億美元。這標誌着增長的顯著放緩，年同比收入增長從 25.4% 降至僅 10.1%。儘管第四季度的業績好於預期，首席執行官 Jeff Green 指出汽車和包裝商品領域仍面臨持續挑戰。Trade Desk 對其長期前景保持信心，強調其在連接電視廣告市場的戰略地位和人工智能能力，儘管面臨來自亞馬遜和谷歌等主要競爭對手的日益競爭</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>這家廣告技術提供商表示，汽車和包裝食品客户面臨壓力</p>
</div><p>Trade Desk plays into the market for connected-TV ads.</p>
<div class="lb-trans"><p>Trade Desk 參與了連接電視廣告市場。</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>在過去一年中，Trade Desk 一直是標準普爾 500 指數中表現最差的股票之一，該公司的增長放緩現在讓華爾街更加緊張。</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>在週三的延長交易時段，廣告技術公司的股價下跌超過 16%，因為 Trade Desk (TTD) 的當前季度收入預測未能達到預期。該公司預計本季度收入至少為 6.78 億美元，而 FactSet 跟蹤的分析師預計為 6.89 億美元。</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>這一預測暗示 Trade Desk 的增長放緩將持續。年同比收入增長從 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僅為 6.78 億美元，那將比去年增長僅 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>另見：Snowflake 的股票下跌，因為該軟件公司給出了混合前景</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 對調整後息税折舊攤銷前利潤的展望也令人失望。該公司預計第一季度該指標為 1.95 億美元，而分析師預計為 2.23 億美元。</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>這些預測數字掩蓋了 Trade Desk 在第四季度的好於預期的業績。847 百萬美元的收入超過了 841 百萬美元的共識預期，調整後的 Ebitda 為 4 億美元，超過了 377 百萬美元的預期。</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>在財報電話會議上，首席執行官 Jeff Green 強調了 &#34;一些大型消費包裝食品公司&#34; 以及一些汽車廣告商的持續疲軟。他指出，這些類別佔 Trade Desk 業務的四分之一以上。</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>他補充道：&#34;在這兩個類別中，所有全球公司面臨的的不確定性水平是我們在過去 15 年中未曾見過的，&#34; 指出關税問題以及消費者的預算壓力。</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>根據 Green 的説法，相關公司 &#34;在 2025 年都面臨艱難的選擇&#34;。&#34;大多數公司仍然面臨艱難的選擇。&#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>閲讀：華爾街預計在 2026 年下跌至少 20% 的 10 只股票將強勢反彈</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 參與了連接電視廣告市場，Green 表示他對公司的長期機會仍然 &#34;非常有信心&#34;。他指出，公司戰略性地決定不擁有庫存，他認為這將在供應過剩的市場中帶來回報。</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;比以往任何時候都有更多選擇&#34;，Green 表示公司能夠以 &#34;顯著更低的成本&#34; 幫助客户接觸相關受眾。</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>他還談到了人工智能，最近這一直是軟件投資者的關注點。Green 認為 Trade Desk 可以成為人工智能的贏家，稱公司的 Kokai 廣告工具 &#34;是有史以來最先進的針對開放互聯網的人工智能驅動購買平台。&#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>另一個困擾 Trade Desk 股票的問題是競爭，包括來自亞馬遜 (AMZN) 和谷歌 (GOOG) (GOOGL) 的競爭。Wedbush 的 Alicia Reese 在財報前給客户的報告中寫道：&#34;競爭對手平台將內容、數據和商業整合到一個單一環境中，激勵廣告買家留在該生態系統內，而不是通過 Trade Desk 進行路由。&#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 堅持認為 Trade Desk 具有優勢，因為它不像亞馬遜那樣與自己的客户競爭，亞馬遜在銷售廣告庫存的同時還運營一個與這些客户競爭的電子商務市場。</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;我確實認為現在的噪音比以往任何時候都多，但我認為我們的競爭表現與以往一樣好，我認為我們處於比以往更好的勝利位置，&#34; Green 補充道。</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>但週三的盤後股價下跌暗示投資者仍然不買賬，門檻必須進一步降低。Trade Desk 的股價在截至週三收盤的過去 12 個月中下跌了 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>更多來自 MarketWatch：這種股票市場策略結合了價值、質量和動量，以實現卓越表現</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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞通訊和華爾街日報發佈。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</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 預測本季度營收為 6.78 億美元，低於分析師預期的 6.89 億美元。  
- 公司在廣告技術領域面臨增速放緩和消費者壓力，庫存策略可能有助於長期增長。  
- 過去一年，Trade Desk 股價下跌 66%，投資者對前景持謹慎態度。

由於增長放緩進一步加劇了華爾街的不安，Trade Desk 的股價出現下滑