The Trade Desk, Inc.

We believe that the current revenue contribution as well as the growth potential of TTD’s shopper marketing business is still not fully understood at this point. We estimate that shopper marketing is on track to…

We are updating estimates following Q2 report. Our rating and price target remain unchanged. We are now modeling Q3 revenue of $618m and Adjusted Ebitda of $248m. We expect full FY24 revenue of $2,432m and…

The question now is how much upside there is to Q3 and Q4 estimates and what will Fy25 look like as get get closer to it. Q2 results and guide for Q3 once again show…

We are updating estimates following Q1 report. Our rating and price target remain unchanged. We are now modeling Q2 revenue of $575m and Adjusted Ebitda of $224m. We expect full FY24 revenue of $2,391m and…

The top line beat greater than usual. The guidance is a touch lighter but we think the Street will just see as just that much more beatable. After the 3p cookies deprecation timetable shift, the…

We think that the main takeaway from TTD’s Q4 results is that the October air pocket was an isolated event with no impact on the growth in FY24. We expect bears’ arguments now to center…

Better than usual beat and guidance show the soft October patch is behind us now. The question is how much upside to FY24 estimates. We continue to believe that as we go through the year…

In this note we argue that the bear case centered around the negative impact the introduction of Prime Video advertising will have on TTD’s revenue growth trajectory is based on what we see as low…

In this note we show that, based on what we see as fairly conservative assumptions, shopper marketing should become a legitimate contributor to growth next year. We estimate it will account for 8.6% of total…

We have seen the TTD story go through rough periods before and all of them proved to be relatively short lived. The most recent industry-wide brand advertising spending softness which impacted TTD revenue growth occurred…

A very unusual weak guide for revenue of “at least $580m” in Q4 which is 5% below the consensus. We will be looking for a detailed explanation on the call for this black swan-level event….

We see the following main take aways from Q2 results and the management’s commentary: (i) the business is going well across the board, (ii) the company’s competitive position in the programmatic value chain is getting…

We believe the the guidance for Q3 revenue implies revenue ex-political growth acceleration to 25% from 23%. AS was the case in Q1, the guide may seem a touch more conservative than the Street is…

Time will tell if the guidance for Q2 means moderating operating trends or imply incremental room for upside – we think the latter will prove to be true. Looking past Q2, we expect the contribution…

Expectations were high heading into the print and the results prove they weren’t wrong. The revenue guidance is 4% above our estimates but 1% above the consensus which may seem like a disappointment for TTD….