Shares of The Trade Desk Inc. (NASDAQ:TTD) plunged 23% in pre-market today, which followed the company’s announcement of third-quarter earnings that surpassed expectations, but also included a fourth-quarter forecast that was lower than analysts’ predictions.

In its third-quarter report, The Trade Desk, a company specializing in advertising technology, disclosed a 25% increase in revenue, reaching $493 million. This figure exceeded the average estimate of $486.9 million. The company’s non-GAAP earnings per share (EPS) was $0.33, which was higher than the anticipated $0.29.

Looking ahead to the fourth quarter, The Trade Desk anticipates a minimum revenue of $580 million. This projection is worse than the expected $610.82 million by market analysts. If this forecast holds true, it would indicate an 18% growth in revenue for the fourth quarter, which is a decrease from the 25% growth observed in the third quarter and below the 24% growth anticipated by analysts.

Moreover, the company’s projected adjusted EBITDA for the fourth quarter is around $270 million, falling short of the anticipated $291 million.

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