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Trade Desk Q3 2025: When Self-Inflicted Wounds Meet External Pressures

Thomas Chua by Thomas Chua
21 November 2025
in Investing
8 min read

Insider Stocks · For members

An entry from my investing journal, for members.

Trade Desk delivered solid Q3 results with 22% growth ex-political, but the competitive landscape has fundamentally changed. While management dismisses Amazon as "not really competing," Digiday data shows advertiser preference for Amazon's DSP jumped from 3% to 22% in just 18 months. This report examines why the problems have shifted from internal execution to external competition—and what it means for investors.

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The rest of this entry is for members

Before I buy a business, and before I sell one, I write up what I see: what it earns, what it’s worth, what could break it. Members read every entry, back to 2021. At least two new entries a month, more during earnings season.

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More on The Trade Desk

  • For membersTrade Desk Q4 2025: The Excuses Doesn’t Quite Add Up6 March 2026
  • For membersThe Trade Desk’s 40% Tumble: Why I’m Not Panicking15 August 2025
  • For membersTrade Desk: When Great Companies Stub Their Toe27 June 2025

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