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

Ad tech moves fast. One quarter, you’re the undisputed king of the open internet; the next, you’re fending off existential doubts about whether you were ever that secure in the first place. The Trade Desk is learning this the hard way. 

For years, the company seemed untouchable. Quarter after quarter, it posted the kind of growth that made the rest of the industry look like a collection of also-rans. 

Then, late last year, the streak ended. After 33 consecutive quarters of meeting or beating expectations. The Trade Desk missed its revenue target. The market responded with all the tenderness of a firing squad — its stock plummeted by as much as 30% and the aura of inevitability that once surrounded the company began to crack. 

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