Shares of Trade Desk Inc. TTD, -21.16% tumbled 11.1 % toward a 6-month low in premarket trading Monday, even after the provider of advertising buying services reported better-than-expected first-quarter profit and revenue and announced a 10-for-1 stock split. The company said the stock split will be enacted in the form of a stock dividend, which will be distributed on June 16 to shareholders of record on June 9; the stock will start trading on a split-adjusted basis on June 17. Net income fell to $22.6 million, or 45 cents a share, from $24.1 million, or 50 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.41 from 90 cents and beat the FactSet consensus of 80 cents. Revenue grew 36.8% to $219.8 million, above the FactSet consensus of $216.9 million. Total operating expenses increased 41.5% to $212.0 million, with sales and marketing expenses climbing 62.6% and technology and development spending rising 46.5%. The company expects second-quarter revenue of between $259 million and $262 million, above the current FactSet consensus of $253 million. Trade Desk’s stock has slumped 17.4% year to date through Friday, while the S&P 500 SPX, -0.08% has gained 12.7%.
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