The Trade Desk (NASDAQ:TTD) shares are moving higher in pre-open Thursday after the advertising technology company’s Q1 results topped analyst expectations.
Trade Desk reported an adjusted EPS of $0.23 on revenue of $382.8 million, beating the analyst expectations for earnings of $0.13 on sales of $363.95M.
“Our strong start to the year is testament to the increasing value that marketers place on objective, transparent, data-driven media buying on the open internet,” said Jeff Green, co-founder and CEO of The Trade Desk
For this quarter, the company sees sales of “at least $452M,” ahead of the consensus at $445.6M. The adjusted EBITDA is seen at $160M, again beating the $157.8M consensus.
Trade Desk also announced Laura Schenkein as the new CFO.
Citi analysts said the company delivered “stellar” Q1 results.
“We view this print positively and reaffirms our view that TTD remains well positioned to benefit from the secular tailwinds behind CTV, and gain market share within digital advertising,” they said in a client note.
Oppenheimer analysts hiked the price target to $80 per share from the prior $75.
“With best-in-class DSP ad tools and exposure to the fastest-growing parts of digital advertising (CTV and retail media), valuation is probably the only real investor concern,” the analysts wrote.