The Trade Desk reports $4.9 million net income for first quarter
The Trade Desk reported $4.9 million in net income for its first quarter ended March 31 and announced that it has secured a $200 million line of credit.
Revenues for the Ventura-based advertising platform increased more than 75 percent over the first quarter of 2016, reaching $53.4 million. Operating expenses almost doubled, from $27 million to $51.4 million, but net income for the quarter came to 13 cents per basic share and 11 cents per diluted share, compared to a $4.45 loss per share for the same period last year, or $1.04 million.
The company released several new products and features during the quarter, the May 11 news release said, and opened new offices in Paris and Madrid. Customer retention remained above 95 percent.
For the second quarter, The Trade Desk released a financial target of $67 million, and it updated its full-year revenue projections to $291 million, up from $270 million.
“We’ve broken our previous record for Q1 and surpassed our own expectations during the quarter,” CEO and founder Jeff Green said in a news release, highlighting its international and mobile growth.
The line of credit allows the company to borrow up to $200 million on a revolving basis, and was secured for acquisitions, working capital and other uses. Citibank arranged the deal between The Trade Desk and City National Bank, East West Bank, US Bank, Union Bank and Bank Hapoalim, the company announced May 10.
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