The Trade Desk under the microscope: Q1 revenues rose 12% to $689 million, but audits and agency exits cloud its outlook.

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Exits and audit fallout adds to doubts about The Trade Desk's open-web pitch as walled gardens seize market share.

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Programmatic growth is concentrating inside walled gardens; the Trade Desk remains resilient, but open-web momentum is moderating amid structural and macro pressures.

The Trade Desk is laying off fewer than 1% of its 3,900 employees, a small reduction that nonetheless comes at a pivotal competitive moment. The cuts follow notable departures and last year’s major reorganization, as TTD prepares for an AI-first future centered on Kokai. Agencies say Amazon’s DSP is winning share with lower fees and strong performance, pushing TTD to negotiate pricing and offer service incentives once considered off-limits. At the same time, scrutiny over transparency, reseller accountability, and TTD’s OpenAds wrapper is rising. For marketers, the moves signal a company recalibrating—not retreating—as it works to steady growth heading into 2026.

Agencies tell Digiday that The Trade Desk (TTD) is softening its long-held stance on pricing, opening the door to fee negotiations as Amazon DSP gains traction with lower costs and competitive performance. Advertisers should revisit programmatic fee structures, elevate competitive benchmarking in annual planning, and negotiate for joint business plans that tie costs to incremental spend or measurable outcomes.

The Trade Desk heads into Q4 facing simultaneous pressure from Amazon’s fast-expanding DSP and agency frustration over its forced migration from Solimar to Kokai. Amazon’s 0–1% fees, new offsite inventory, and closer ties to Omnicom have sparked reports of meaningful budget shifts away from TTD—an inflection point that challenges its premium pricing. At the same time, agencies describe Kokai as unstable and harder to use, with bugs affecting campaign launches during the most execution-heavy quarter of the year. The convergence raises a key question for marketers: Is TTD’s longstanding grip on open-web programmatic still durable, or beginning to loosen?

The Trade Desk posted another strong quarter, with revenue up 18% to $739 million and EBITDA margins above 40%, but CEO Jeff Green’s focus remains philosophical. On the Q3 call, Green said the company’s “AI-first” Kokai platform and new tools—Open Ads, Deal Desk, Audience Unlimited, and Trading Modes—position TTD as the infrastructure layer of an open, transparent internet. CTV now accounts for half of total revenue, with Disney and Hearst partnerships lifting publisher yields by 23%. Yet Green acknowledged the open web’s challenges, calling the vision “more aspirational than factual” as walled gardens tighten control.

The Trade Desk’s connected TV (CTV) operating system, Ventura, is entering a crowded market dominated by giant tech players like Amazon—but TTD views the operating system as a yearslong bet on increasing transparency in the CTV market, senior vice president of Ventura Matthew Henick told EMARKETER. Big Tech’s hold on the CTV operating system space will persist for some time, but Ventura hints at trends that could disrupt that dominance. TTD’s push to improve transparency and addressability for both publishers and advertisers taps into a growing discontentment with the Big Tech status quo.

The Trade Desk (TTD) posted Q2 revenues of $694 million, up 19% YoY and above expectations, driven by strength in connected TV and premium open-web inventory. However, cautious Q3 guidance cited slower advanced adtech adoption among large brands, macroeconomic budget pressures, and tariff-related spending risks. Shares fell nearly 40% in a day. For advertisers, the story underscores the open web’s importance as an alternative to walled gardens, with US programmatic open-web spend forecast to reach $48.8 billion by 2027. TTD’s future growth hinges on CTV, cross-channel targeting, and clean-room data collaboration to deliver premium inventory at scale.

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