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Summary of Hedge Fund Activity
Billionaire Philippe Laffont, founder of Coatue Management, sold 76,900 shares of Meta Platforms (NASDAQ: META) while adding 998,900 shares of The Trade Desk (NASDAQ: TTD) in the second quarter of 2023. During this period, Meta reported a revenue increase of 22% to $47.5 billion, surpassing analyst expectations, while The Trade Desk’s revenue rose 19% to $694 million, below prior growth rates.
Meta’s earnings per diluted share jumped 38% to $7.14, bolstered by AI investments that enhanced user engagement. Conversely, The Trade Desk is facing competitive pressure from Amazon’s increased ad capabilities, leading to concerns among investors despite a strong market position in connected TV advertising.
Overall, Wall Street projects Meta’s earnings will grow at 17% annually over the next three years, while The Trade Desk’s earnings are expected to increase at 20% annually, reflecting varying future potential between the two stocks.
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