Trade Desk forecasts quarterly revenue above estimates on strong ad demand
Aug 8 (Reuters) -The Trade Desk TTD.O forecast third-quarter revenue above analysts' estimates on Thursday, signaling strong demand for automated ad-buying technologies from connected TV companies, sending the ad tech firm's shares up 5% in extended trading.
The ad-buying platform offers advertisers access to a vast network of publishers and media partners across industries, allowing them to precisely target ad campaigns.
In the second quarter, companies such as FOX FOXA.O, Roku ROKU.O and SiriusXM SIRI.O announced that they would adopt Unified ID 2 (UID2), a privacy-focused advertising identifier.
Netflix NFLX.O had also said it would expand ad buying capabilities to include Trade Desk as one of its main programmatic partners for advertisers.
Trade Desk spearheaded the development of UID2, which is designed to replace third-party cookies and enable targeted advertising without compromising user privacy.
The company's focus on stronger data integration, combined with widespread adoption of UID2, helped it maintain a dominant position in the digital advertising sector.
With 2024 being an election year in the United States, political advertisers are also expected to benefit as candidates ramp up their campaigns.
Trade Desk — which has partnerships with retailers such as Walmart — forecast revenue of at least $618 million for the third quarter, above analysts' average estimate of $604.2 million, according to LSEG data.
Revenue for the second quarter stood at $585 million, compared with estimates of $577.8 million.
On an adjusted basis, the company earned 39 cents per share for the quarter ended June 30, versus estimates of 35 cents.
Reporting by Akash Sriram in Bengaluru; Editing by Mohammed Safi Shamsi and Shilpi Majumdar
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