TLDR
- Trade Desk (TTD) closed up 15.5% at $14.93 on Monday, its biggest daily gain since March 5.
- Q3 adjusted earnings were 33 cents a share, versus 25 cents expected.
- Q3 revenue was $736 million, down 0.5% from a year ago but above the $650.9 million estimate.
- Q4 revenue guidance is at least $755 million, versus the $688 million consensus.
- Jefferies raised its target to $14 and Truist raised its target to $17, both keeping Hold ratings.
Trade Desk (TTD) stock closed up 15.5% at $14.93 on Monday after the company beat third-quarter estimates. It was the biggest one-day gain since March 5, when the stock rose 18.4%.
The after-hours session was a bit of a roller coaster. The stock climbed about 20% in late trading, then slipped 1.2% to $14.75 in premarket trading on Tuesday.
Even with the pop, the stock is down 60.7% in 2026. November has been kinder, with a 21.5% gain, its best month since July 2025.
The ad tech company posted adjusted earnings of 33 cents a share. Analysts had expected 25 cents, according to FactSet.
THE TRADE DESK $TTD Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $736M (Est. $650M) 🟢; -0.5% YoY
🔹 Adj. EPS: $0.33 (Est. $0.25) 🟢; -27% YoY
🔹 Adj. EBITDA: $266M (Est. $161M) 🟢
🔹 Adj. EBITDA Margin: 36%; -700 bps YoY
🔹 Customer Retention: Over 95%Q4 Guide:
🔹 Revenue: At least… pic.twitter.com/A8LR7XBg6T— Wall St Engine (@wallstengine) November 9, 2026
Revenue came in at $736 million, down 0.5% from a year ago. That still topped the $650.9 million Wall Street had penciled in.
Management said stronger execution helped the quarter come in better than planned. The company also introduced new AI-driven tools, including Zuma and Audience Unlimited.
What the Guidance Says
For the fourth quarter, Trade Desk expects revenue of at least $755 million. Analysts were looking for $688 million.
The company also expects adjusted EBITDA of at least $280 million. Like the revenue target, it is a floor rather than a fixed number.
Jefferies looked past the political ad boost. Excluding political spending and one-time items, third-quarter revenue fell 8.5%, compared with a 3.0% gain in the second quarter.
That firm says the fourth-quarter guide implies an 18% drop when political ads are left out. Rosenblatt expects revenue declines to speed up in the quarter, even with help from midterm election spending.
The Road Back
Trade Desk cut about 15% of its workforce in September. Truist estimated the layoffs could save up to $150 million a year.
The company is also mending ties with Publicis, which once made up a mid-teens percentage of its revenue. Truist said spending from the agency dropped after a dispute, with some business moving to Google.
Competition from Amazon and Google adds to the pressure. StoneX called 2026 a “lost year” and said the recovery depends partly on how Trade Desk handles Amazon’s pricing pressure.
Truist said management “has pushed the reset button” on 2026 guidance. It sees 2027 as a year of stabilization and 2028 as a “growth year.”
Jefferies raised its price target to $14 from $12 and kept its Hold rating. Truist lifted its target to $17, also with a Hold.
Jefferies left its 2027 revenue growth estimate at 7%. Trade Desk now has a market cap of about $7.06 billion.
