In my report Trade Desk Q3 2025: When Self-Inflicted Wounds Meet External Pressures (LINK), I raised doubts about The Trade Desk's performance versus competitors, and highlighted the key metrics to monitor:
Revenue growth deceleration Take-rate compression CTV market share Customer retention
Let's start with the positives. Take-rates held up at 21.6% and customer retention remained above 95%, marking the 12th consecutive year at that level. They haven't resorted to dangling discounts and they haven't started losing customers. These are strong data points that bulls will rightly point to. But...
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