The news: Demand-side platform operator The Trade Desk reported Q1 revenues above analyst expectations.

• Revenues: $689 million, +12% YoY
• Net income: $40 million, +6% YoY

Q1 is TTD’s first reporting period since the company missed its own Q4 revenue expectations, sending its stock plunging more than 82%. While revenue beat expectations, growth was much slower than Q1 2025, when revenues grew 25%.

Just before TDD’s earnings dropped, Adweek reported that TTD’s chief strategy officer, Samantha Jacobson, will leave the company for OpenAI—a notable departure as TTD defends its position around automation and open-web buying. The departure comes shortly after three of TTD’s top executives, including its chief marketer, exited the company.

Looking ahead: Despite overall revenue growth, TTD faces broader industry scrutiny that could weigh heavily on future earnings.

• Major holding company Publicis recently advised clients that it no longer recommends they use TTD, stating that the DSP failed a third-party audit and opted users into features without their consent. Omnicom plans to conduct its own third-party audit of TTD.
• WPP and Dentsu exited TTD’s OpenPath direct-to-supply offering in February over control and transparency concerns.

TTD is simultaneously facing mounting pressure from walled gardens like Google and Meta, which offer integrated ad tech stacks and automated buying features. This shift poses a direct threat to TTD’s core value proposition: As brands move more budget into walled gardens’ self-serve, automated buying environments, independent DSPs like TTD risk losing share.