Trade Desk's revenue grew just 3% in the second quarter of 2026, below management's own standard, and the stock has lost 75.6% over the past year while the S&P 500 returned 15.1%. Investors pay 15.1 times trailing earnings versus 23.0 times for the S&P 500, though net income of $407 million was close to the prior twelve months' $417 million, and revenue grew an average of 20.1% a year over the last three twelve-month periods. Management blamed weaker carmaker and consumer goods advertisers, which account for around 25% of revenue, and guided third-quarter revenue to at least $650 million, about 12% below the $739 million reported a year earlier. The company is laying off 15% of staff, repurchased $78 million of shares in the second quarter, and held about $1.5 billion in cash and short-term investments against $434 million of debt, while the majority of its top 100 accounts are growing by double digits.
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