Shares of The Trade Desk (NASDAQ: TTD) dropped in pre-market trading on Wednesday even as the provider of a technology platform for advertising buyers reported strong Q3 results. The company posted revenues of $395 million, up 31% year-over-year and surpassing analysts’ estimates by $8.2 million.
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Adjusted earnings came in at $0.26 per share versus $0.18 in the same period last year and beating Street estimates of $0.23.
The company had strong customer retention of over 95% during Q3 as it has continued for the last eight consecutive years.
Jeff Green, Founder and CEO of The Trade Desk, commented, “Q3 was another strong quarter for The Trade Desk with 31% growth that significantly outpaced the market. This performance underlines the value of decisioned media buying on The Trade Desk as the world’s largest advertisers seek to maximize return on every campaign dollar.”
TTD has projected revenues of $490 million in Q4 and adjusted EBITDA is expected to come in at $229 million.
