Trade Desk Inc - Class A

The Trade Desk delivered a mixed but broadly solid Q4 2024, posting non-GAAP diluted EPS of $0.59 against a consensus estimate of $0.57, a beat of 3.60%, while revenue of $741.01 million grew 22.3% year over year. Yet the headline numbers told only part of the story: CEO Jeff Green openly acknowledged that the quarter fell short of the company's own internal expectations, a candid admission tied in part to a slower-than-anticipated rollout of the Kokai platform upgrade, which rattled investor confidence and sent shares sharply lower. GAAP net income nearly doubled to $182.23 million from $97.32 million a year ago, and the company processed a record $12.00 billion in gross spend across fiscal 2024, with customer retention exceeding 95% for the eleventh consecutive year. Securities class action lawsuits have since emerged alleging misleading disclosures around Kokai's performance. Looking ahead, management guided Q1 2025 revenue to at least $575.00 million, with adjusted EBITDA of approximately $145.00 million, as the company leans into CTV, retail media, and its newly unveiled Ventura streaming OS.