Trade Desk shares up 5% after split
The Trade Desk’s previously announced 10-for-1 split of its common stock took when the market opened on June 17.
The Ventura advertising technology company’s stock closed at $590.02 on June 16 and, after the stock split, shares opened at $59.14 the next morning.
Shares were up about 5% during the first few hours of trading, with the price hovering around $62.
The Trade Desk stock plummeted around 26% after the company announced its first quarter fiscal year results on May 10, but has risen 20% since then.
The Trade Desk saw its revenue rise 36.8% in the first quarter of 2021, from $160.7 million in the 2020 to $219.8 million.
Net income fell 6.2%, however, from $24.1 million in the first quarter of 2020 to $22.6 million in the first quarter this fiscal year, as operating expenses rose 29% to $212 million.
The Trade Desk saw a huge market share gain in fiscal year 2020, as gross spending on its platform was at an all-time high of $4.2 billion in 2020, up 34% from the previous year.
CEO Jeff Green expressed that there will be uncertainty moving forward through the fiscal year, but the company is readying a big unveiling of its new Solimar platform on July 7.