New York, February 26, 2026, 05:09 EST — Premarket
- Trade Desk shares pointed sharply lower ahead of the open after a softer first-quarter view.
- Management flagged uneven ad spending in consumer packaged goods and autos.
- Analysts are cutting targets and watching for signs budgets stabilize.
The Trade Desk (TTD) shares fell 17.1% to $20.87 in premarket trading on Thursday, extending a sharp slide after the company’s latest results and outlook. The stock ended Wednesday at $25.16. (StockAnalysis)
The move matters because Trade Desk sells a demand-side platform (DSP) — software that automates ad buying through auctions, known as programmatic advertising — and investors treat it as a read-through on “open internet” ad spend. “Competitor platforms that integrate content, data and commerce into a single environment incentivize ad buyers to remain within that ecosystem,” Wedbush analyst Alicia Reese wrote, pointing to pressure from bigger players such as Amazon and Google. Trade Desk shares were down about 66% over the past 12 months through Wednesday’s close. (MarketWatch)
Trade Desk said it expects first-quarter revenue of at least $678 million, below analysts’ average estimate of $689.2 million, according to data compiled by LSEG. Twenty of 39 brokerages rate the stock “buy” or higher, while 15 call it “hold” and four “sell”; the median price target is $41, LSEG data show. The stock was down 33.71% year-to-date through Wednesday’s close. (Longbridge SG)
For the fourth quarter, the company reported revenue of $847 million and net income of $187 million, or $0.39 per diluted share. It posted adjusted EBITDA — a profit measure that strips out items such as stock-based pay — of $400 million; for 2025, revenue was $2.896 billion with adjusted EBITDA of $1.196 billion, it said. The board approved another $350 million for share repurchases, lifting the amount left under the program to $500 million, after $423 million of buybacks in the quarter and about $1.4 billion during 2025. (SEC)
On its earnings call, CEO Jeff Green pointed to softer spending from consumer packaged goods and auto advertisers, sectors he said have been hit by renewed uncertainty. “In these two categories, all global companies have levels of uncertainty that we haven’t seen for most of the last 15 years,” Green said. (Investing)
Loop Capital downgraded Trade Desk to “hold” from “buy” and cut its price target to $25 from $75, citing weakening advertiser demand and guidance that implies roughly five percentage points of margin pressure year over year. The broker said consumer packaged goods and auto account for more than a quarter of bookings and estimated growth would have been at least five points higher without the softness. (Investing)
But the forecast could still prove too high if brands keep pulling back, or if the late-quarter volatility management flagged spreads beyond those two big verticals. Competition risk also stays on the table as larger platforms use their own data and commerce tie-ins to keep ad dollars inside their walls.
Investors will watch whether the premarket slide holds into the opening bell at 9:30 a.m. EST, and how quickly Wall Street resets targets and ratings after the call. The next catalyst is plain: the first hour of regular trading, and whether dip buyers show up.
