Reported quarterly results after hours this morning, and the stock is trading down 27% – not good. While shares were up 60% from recent lows, the reaction to an ‘inline’ result seems very harsh and hard to reconcile (other than saying the stock had run hard).
- 2Q revenue $694 million, +19% y/y, estimate $686.3 million
- 2Q adjusted EPS 41c vs. 39c y/y, estimate 40c
- Adjusted Ebitda $271 million, +12% y/y, estimate $261.2 million
- Total operating expenses $577.3 million, +18% y/y, estimate $583.2 million
All inline for the 2Q, and guidance for 3Q was also smack on consensus, seeing likely revenue of at least $717million relative to consensus of $716.2 million, and adjusted Ebitda about $277 million, estimate $275.7 million. They did announce a change of CFO, which the market never likes, and they are known for ‘beats’ and ‘bumps‘; while they beat mildly, there was no bump to guidance. Still, hard to see why the stock is down so much after hours.
MM remains bullish TTD US
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