The Trade Desk has reported revenue of $493 million, accelerating growth to 25% in its financial results for its third quarter of 2023.
Jeff Green, The Trade Desk’s co-founder and CEO, celebrated a “strong quarter” and said the performance highlighted “the premium that advertisers are placing on precision, agility and transparency as they seek to maximize returns from their campaigns.”
“As we enter our busiest time of year and look ahead to 2024, we have never been in a better position to capture greater share of the $1 trillion advertising TAM.
“With the generational shift to CTV, the growing opportunity in shopper marketing, our leadership in identity, and our most important product release ever with Kokai, we are better positioned than ever to help advertisers leverage data to drive growth and differentiate their brands,” he added.
The Trade Desk’s rise in revenue beat analyst expectations of $487 million. Looking ahead to Q4, The Trade Desk is issuing guidance of at least $580 million in revenue, approximately $270 million in EBITDA.
The platform noted that industry leaders are adopting its Unified ID 2.0, a new approach to internet identity that continues to gain support from industry leaders such as device and software company HP which noted improved targeting on CTV, and as a result, the company has reduced wasted advertising spend. In September. American internet television company Philo also adopted UID2 across its roster of premium streaming TV channels.
Another highlight has been launch of The Trade Desk’s OpenPath, which gives advertising clients a direct connection to participating premium publishers, with dozens of publishers representing over 11,000 destinations across CTV, mobile, display and audio.
The Trade Desk is also set to roll out its biggest platform upgrade ever with Kokai, which will help its clients apply data to every decision, leverage AI to enhance the media buying process, and use audience-based targeting to shift away from inventory as a proxy for audience – The Trade Desk is giving advertisers the tools to do their most effective marketing ever.