Trade Desk stock rises on strong earnings, outlook

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Trade Desk Inc. shares rose in the extended session Thursday after the advertising technology company reported results and forecast an outlook that exceeded Wall Street expectations. Trade Desk shares gained 5% after hours, following a 3.1% decline in the regular session to close at $480.75. The company reported second-quarter net income of $25.1 million, or 52 cents a share, compared with $27.8 million, or 58 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share, compared with 95 cents a share in the year-ago period. Revenue declined to $139.4 million from $159.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 17 cents a share on revenue of $135.4 million. “While the advertising industry hit the pause button early in the second quarter due to uncertainty around the COVID-19 pandemic, we saw substantial improvement in ad spend as the quarter progressed,” said Jeff Green, Trade Desk chief executive, in a statement. Trade Desk expects third-quarter revenue of $177 million to $181 million, while analysts had forecast on revenue of $158.7 million.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.