Shares of several digital advertising companies, including The Trade Desk Inc TTD, Magnite Inc MGNI and PubMatic Inc PUBM, are trading lower in Thursday's after-hours session after Snap Inc SNAP reported worse-than-expected financial results.
Snap said second-quarter revenue increased 13% year-over-year to $1.11 billion, which missed the estimate of $1.14 billion, according to data from Benzinga Pro. The social media company reported a quarterly loss of 2 cents per share, which missed the estimate for a loss of 1 cent per share. Daily active users increased 18% year-over-year to 347 million.
Given uncertainties related to the operating environment, Snap did not provide third-quarter revenue or adjusted EBITDA guidance. The social media company also announced plans to invest heavily in its direct response advertising business.
The Trade Desk is engaged in providing a technology platform for ad buyers. Magnite operates an independent sell-side advertising platform and PubMatic provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions.
TTD, MGNI, PUBM Price Action: The Trade Desk was down 6.84% in after hours at press time. Magnite and Pubmatic were both trading lower by more than 3% in after hours at last check.
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