The Trade Desk, Inc. ( TTD ) stock is trading higher on Friday after the company reported better-than-expected 2024 fiscal year second quarter revenue and issued third quarter guidance above estimates.

The Details: The Trade Desk ( TTD ) reported second quarter earnings after the market closed on Thursday. The company reported adjusted EPS of 39 cents beating analysts estimate of 35 cents and sales of $584.55 million beating analysts estimate of $577.799 million.

Notably, the sales figure of $584.55 million represents a 25.91% increase compared to the same period last year. Also, the company reported $242 million in adjusted EBITDA and Non-GAAP net income of $197 million.

The Trade Desk ( TTD ) issued third quarter guidance for revenue. The company expects at least $618 million versus analyst estimates of $577 million. In addition, the company expects adjusted EBITDA of about $248 million.

“Q2 was another strong quarter for The Trade Desk ( TTD ), with revenue of $585 million, representing 26% year-over-year growth. We’ve made significant strides in CTV, retail media and identity, empowering the world’s largest brands to buy premium media on the open internet with unprecedented agility and precision,” said Jeff Green, co-founder and CEO of The Trade Desk ( TTD ).

“As Kokai ramps, we’re intuitively surfacing value for advertisers, integrating data into every decision, advancing the full power of AI as a co-pilot, and enabling advertisers to maximize the potential of their first party data. With ongoing innovations in Kokai, the widespread adoption of UID2, and the expanding use of retail data, we will continue to deliver exceptional value to advertisers and grow our leadership in key high growth markets such as CTV.”

Analyst Changes: Following the earnings report, several analysts issued price target changes.

Keybanc analyst Justin Patterson maintained Trade Desk ( TTD ) with a Overweight and raised the price target from $105 to $115.

Susquehanna analyst Shyam Patil maintained Trade Desk ( TTD ) with a Positive and raised the price target from $110 to $135.

Stifel analyst Mark Kelley reiterated Trade Desk ( TTD ) with a Buy and raised the price target from $105 to $111.

Truist Securities analyst Youssef Squali maintained Trade Desk ( TTD ) with a Buy and raised the price target from $105 to $108.

Wedbush analyst Scott Devitt reiterated Trade Desk ( TTD ) with a Outperform and maintained a $110 price target.

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TTD Price Action: At the time of writing, The Trade Desk ( TTD ) stock is moving 9.7% higher at $96.84 per data from Benzinga Pro.

Image: Courtesy of The Trade Desk, Inc. ( TTD )