Trade Desk Inc. (TTD) shares plummeted 23.60% in after-hours trading on Thursday, as the digital advertising platform reported second-quarter results that fell short of Wall Street expectations and issued a disappointing outlook for the current quarter.

The company posted adjusted earnings of $0.34 per share, down from $0.41 a year earlier and well below the $0.40 consensus estimate. Revenue rose 3% to $715.1 million, but also missed the $751.4 million that analysts had projected. CEO Jeff Green acknowledged the quarter "did not meet the standard we set for ourselves," citing a complex environment for marketers. For the third quarter, Trade Desk said it expects revenue of at least $650 million, a figure significantly below the $805 million analyst forecast, further fueling the sell-off.

The miss and soft guidance amplified concerns about the company's growth trajectory, with customer retention remaining strong at over 95% but failing to offset fears of decelerating momentum. The after-hours decline extended a volatile week for the stock, which had already faced pressure from structural headwinds and a recent analyst downgrade ahead of the report.