Why The Trade Desk Stock Tumbled This Week
Shares of advertising technology (adtech) company The Trade Desk (NASDAQ: TTD) tumbled this week after another adtech player reported dismal results. The S 500 was also down this week, putting additional pressure on The Trade Desk stock. As of 9 a.m. ET on Friday, The Trade Desk stock was down almost 11% for the week.
On Tuesday, reported financial results for its third quarter of 2023, sending the publicly traded adtech world into a tailspin. The company generates revenue from ads and it reported growth in ad impressions. But the effective cost per mille (eCPM) -- how much it gets per thousand ad impressions -- dropped 5% year over year, suggesting that advertisers are reluctant to spend money. This is why the entire adtech space dropped this week, including The Trade Desk, and not just Snap stock.
Stock market conditions also weren't favorable for The Trade Desk Stock this week. On Thursday, it was reported that U.S. GDP grew faster than expected in the third quarter. And while that might sound good on the surface, it has indirect implications for the Stock market.
Source Fool.com
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