RTTNews | May 10, 2021 09:55AM EDT

09:55 Monday, May 10, 2021 (RTTNews.com) - Shares of the Trade Desk, Inc. (TTD) tanked nearly 20% on Monday morning despite the tech company reporting a better-than-expected results for the first quarter as well as announced a 10-for-1 stock split.

TTD is currently trading at $534.02, down $127.41 or 19.26%, on the Nasdaq.

Trade Desk reported first-quarter profit of $22.6 million or $0.45 per share, down from $24.1 million or $0.50 per share last year. Adjusted earnings for the quarter were $1.41 per share, up from $0.90 per share last year. Revenues for the quarter rose 37% to $219.8 million from $160.7 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.77 per share on revenues of $216.9 million for the quarter.

Looking forward to second quarter, Trade Desk expects revenues between $259 million and $262 million. Analysts currently estimate revenues of $253.92 million for the quarter.

Separately, Trade Desk also declared a ten-for-one split of its common stock in the form of a stock dividend. Each stockholder of record on June 9, 2021 will receive nine additional shares of common stock for each then-held share, to be distributed after close of trading on June 16, 2021. Trading will begin on a stock split-adjusted basis on June 17, 2021.

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