The Trade Desk Rebuilt Its C-Suite in Two Months. Its First Guidance Since Points to a 12% Revenue Decline.

The Trade Desk issued third-quarter guidance calling for revenue of at least $650 million, down 12% year-over-year from $739 million, while adjusted EBITDA is expected to plunge roughly 50% to $160 million from $317 million in the prior-year period. TTD shares crashed 25% in after-hours trading on the news.

The ad-tech platform pointed to economic headwinds from tariffs and oil prices hitting consumer packaged goods and automotive advertisers, alongside internal execution problems. The guidance caps a sharp deceleration: revenue growth has slowed from 18% to 3% to negative territory across consecutive quarters.

The weak outlook arrives as The Trade Desk completes a two-month overhaul of its executive leadership team, raising questions about operational stability during a period of macro pressure. The company's core advertiser verticals—CPG and auto—are proving particularly sensitive to input cost inflation and shifting consumer demand.