1 Remarkable Tech Stock Growing Sales Faster Than Google and Meta Platforms
Consumer demand weakened in 2022 under the pressure of high inflation, causing many brands to cut their advertising budgets. That headwind hit ad tech giants Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and Meta Platforms (NASDAQ: META) particularly hard in the third quarter.
Alphabet reported 6% year-over-year growth in total revenue, but Google advertising revenue -- which comes from Google Search, YouTube, and third-party web properties -- rose just 3%. Worst yet, Meta Platforms actually saw revenue drop 4% year over year, marking its second consecutive quarterly decline. Both companies blamed the economic environment, but not all ad tech vendors were affected to the same degree.
The Trade Desk (NASDAQ: TTD) reported 31% year-over-year revenue growth in the third quarter, and CEO Jeff Green says the company gained more market share than at any other point in its history. Moreover, The Trade Desk is well positioned to continue outperforming, and the stock is a screaming buy at its current valuation.
Source Fool.com
