Trade Desk shares fell 18% on Friday after the digital marketing company issued disappointing fourth-quarter revenue guidance. Despite topping third-quarter earnings and revenue expectations, Trade Desk forecasted a revenue of $580 million in the fourth quarter, lower than the $610 million anticipated by analysts. CEO Jeff Green cited “cautiousness around certain advertisers,” specifically in industries hit by strikes such as the auto industry.
In other news, Wynn Resorts, Diageo, and Illumina all made headlines as their shares fell following their financial reports and guidance updates. Meanwhile, Oil prices rose slightly on Friday after a week of decline, with a sell-off in response to signs of weakening demand and as fears of a broader Middle East War ease.
In the tech sector, China’s largest chipmaker SMIC posted an 80% drop in third-quarter profit, and SoftBank shares plunged on a $6.2 billion quarterly loss due to its investments and financial support provided to co-working space firm WeWork.
In the legal realm, Apple agreed to pay $25 million to settle charges from the Department of Justice, accusing it of discrimination in its hiring practices. The company was not advertising positions it wanted to fill through a federal program called Permanent Labor Certification Program, according to the DOJ. Apple contests the agreement and said it believed it was following Department of Labor regulations.
These were the companies making the biggest moves in extended trading on Thursday, with Wynn Resorts and Illumina both experiencing drops in their stock prices after their earnings reports and guidance updates.