Why Trade Desk Stock Soared 40% This Week
Shares of The Trade Desk (NASDAQ: TTD) rocketed 41% over the past week, according to data provided by S&P Global Market Intelligence, as investors' optimism for the advertising technology company's growth potential reached a fevered pitch.
Investors bid up The Trade Desk's stock price following its stellar second-quarter results released on Tuesday. The ad-buying platform saw its revenue jump 35% year over year to $377 million. That was on top of the pandemic-driven 101% growth it experienced during the second quarter of 2021. It was also above Wall Street's expectations for revenue of $364.9 million.
Marketers continue to flock to The Trade Desk's platform. Its Unified ID 2.0 (UID2) ad-targeting technology helps serve up highly relevant ads while preserving user privacy. UID2 is an upgrade to approaches that rely on third-party cookies -- at a time when privacy concerns are mounting across the world. Unsurprisingly, major corporations like Disney and Walmart have adopted The Trade Desk's tools.
Source Fool.com
