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Q1 was a win for The Trade Desk, but bigger tests lie ahead

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The Programmatic Marketer

The Trade Desk stumbles, and the ad tech world cheers — maybe too soon

Maybe things weren’t so bleak for The Trade Desk after all. 

Following a rare stumble in Q4 — its first earnings miss in over eight years — the ad tech giant bounced back with a performance that reminded everyone why it’s long been the industry’s golden child.

The Trade Desk on Thursday (May 8) disclosed Q1 revenues of $616 million, up 25% year-on-year, exceeding its earlier guidance of “at least $575 million.” The results likely prove a welcome return to form for the outfit after its disastrous opening earnings call of 2025, where it disclosed its first revenue miss, and its stock price tanked as much as a third in the day after its Feb. 12 disclosure.

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Quotes from the quarter: What CEOs and CFOs are saying about the state of ad spend

The longer this earnings season drags on, the clearer it becomes: the ad slowdown might be steeper than anyone first thought. It’s not the tariffs themselves spooking advertisers – its the fog of uncertainty they create. And nothing makes a CMO freeze faster than not knowing what’s possibly around the corner. 

Publicis Groupe CEO Arthur Sadoun nailed it early in the cycle, telling analysts: “Until there is more clarity, this is not going to get better.”

And it’s hard to argue with him. At this stage even a rollback of tariffs might do more harm than good because what goes down could just as easily snap back up. The volatility itself has become the risk. 

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