Vasily Karasyov • Cannonball Research

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CEO Jeff Green acknowledged that tariffs create real pressure on large global brands, which are TTD's core clients. However, he framed this as a short-term headwind that historically accelerates the shift to programmatic advertising due to its control, agility, and performance measurement. He noted that the Q3 guidance accounts for this dynamic, while also being supported by tailwinds like a growing number of Joint Business Plans and increased flexibility in CTV upfronts.

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CEO Jeff Green stated that recent verdicts against Google and other walled gardens are creating a fairer, more competitive market. He believes Google will be forced to focus on its core businesses like Search and YouTube, reducing its anti-competitive practices on the open internet. Green asserted that since The Trade Desk was already winning in an unfair market, it is positioned to benefit more than any other company from these changes and can compete even more effectively.

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Co-Founder and CEO Jeff Green acknowledged the macro environment wasn't perfect but stated the company has outperformed in similar conditions before and the miss was due to internal execution. He explained that the Kokai rollout was deliberately slower in some areas to inject more AI and build a stronger long-term foundation for features like a digital upfronts market. Green framed this as a strategic choice to build what clients need for the future, which is a more complex task than simply fulfilling short-term wants.

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CEO Jeff Green stated that The Trade Desk is positioned to win regardless of the trial's outcome. He believes Google will inevitably have to "play more fair" due to scrutiny, which benefits TTD as it has succeeded even in an unfair market. Green noted that Google appears to be deprioritizing its network business, where it competes with TTD, to focus on larger opportunities like search, cloud, and AI, creating a significant opportunity for the open internet ecosystem.

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CEO Matthew Bromberg stated that Vector is delivering broad-based improvements across all drivers that indicate value for ad customers, which is best measured by their increased spend. CFO Jarrod Yahes confirmed that there have been no material shifts in the take rate; the growth is coming from increased install volume and value per customer.

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President of Roku Media, Charlie Collier, clarified that the impact is a mix. While some programmatic revenue is entirely new and incremental, particularly from channel sales partners and self-service SMBs, many enterprise clients who previously bought directly are now transacting programmatically. He framed programmatic as a method of execution that makes it easier for all buyers to access Roku's inventory, ultimately unlocking new revenue and deepening existing relationships.

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CFO Dan Jedda and CEO Anthony Wood addressed the growth initiatives. Jedda highlighted that the Trade Desk integration is already showing positive impacts on advertiser acquisition and wallet share, while the home screen video marquee unit is an 'enormous opportunity' set for general availability in Q4. Wood emphasized that both programmatic expansion and home screen monetization are major opportunities in their early stages. Jedda also confirmed the 606 adjustment in Q3 was $12 million.

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CEO Adam Foroughi stated that AppLovin is expanding the overall advertising economy rather than taking market share. He explained that advertisers are seeing incremental, performance-based sales they wouldn't otherwise capture, leading them to increase their total ad spend rather than shifting budgets away from other platforms.

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CEO Adam Foroughi described the move into e-commerce as entering 'greenfield' territory, as no one has previously delivered a comparable solution within the mobile game ecosystem for non-gaming brands. He emphasized that this provides advertisers with access to a new, incremental audience. Regarding the technology, he stressed its complexity, noting that the platform is powerful and that the underlying math is not limited by advertiser category, suggesting a broad expansion opportunity over time.

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President and CEO Meredith Kopit Levien responded that The Times sees broad opportunity in advertising, noting that even its standard display canvases command strong CPMs due to the high-value audience and improving targeting. She confirmed they are experimenting with video and that audio remains a key part of the ad proposition, with more format innovation to come. She also highlighted that the varied user activities across the product portfolio create diverse and valuable advertising contexts.

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Meredith Kopit Levien, President and CEO, clarified that the comment refers to a consistent trend over the past two years where platforms are sending less traffic to publishers, with AI playing a role. She stressed that the company's strategy is explicitly designed to build resilience to this by fostering direct relationships with users, and that the comment did not signal a new or worsening trend beyond what has been previously discussed.

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