Third quarter income down at The Trade Desk
The Trade Desk announced third quarter net income of $3.6 million, or 6 cents per share, down from $4.6 million and 10 cents per share for the same period last year.
The Ventura advertising technology platform provider earned $73.6 million after costs in its initial public offering Sept. 21 and issued new product features, including a new user interface, during the quarter. Revenues grew 84 percent over the third quarter of 2015 to $53 million while operating expenses almost doubled, from $19.6 million in 2015 to $37.9 million in 2016.
Earnings exceeded the company’s expectations for the quarter, said founder and CEO Jeff Green.
“Following our successfully completed IPO in September, we continue to see great momentum from our customers in the adoption of programmatic advertising on our platform and our global offerings,” Green said in an earnings statement. “Because of our significant growth in international expansion, mobile, video, and television, we have significantly outgrown the industry and are massively outpacing the growth of the overall market.”
Net income through Sept. 30 totaled $10.2 million in 2016, down slightly from $10.3 million for the first nine months of 2015. The company had $124 million in cash on hand at the end of the quarter and $419.7 million in total liabilities, up from $210.2 million at the end of 2015.
The Trade Desk ended up 2.1 percent at $23.43 on Nov. 10.
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