Core Viewpoint - The Trade Desk (TTD) experienced a significant stock price decline of 38%, marking its steepest single-day drop on record, with a year-to-date decrease of 54% [1][4]. Financial Performance - TTD's second-quarter revenue increased by 19% year-over-year to $694 million, slightly exceeding Wall Street's forecast of $685 million [4]. - Adjusted EBITDA for the quarter was $270.8 million, surpassing expectations of $261 million [4]. - Management has guided for at least $717 million in revenue for Q3 [5]. Competitive Landscape - The company faces rising competition from Amazon, which reported a 23% year-over-year increase in advertising revenue to $15.69 billion in Q2 [5]. - Amazon's ad-tech expansion is identified as a significant headwind for TTD [5]. Leadership Changes - CFO Laura Schenkein will step down on August 21, transitioning to a non-executive director role, with board member Alex Kayyal set to take over [6]. - Omar Tawakol, CEO of Rembrand and an AI entrepreneur, has joined TTD's board [6]. Market Reactions - RBC Capital Markets lowered its price target for TTD from $100 to $90 while maintaining an 'Outperform' rating, noting that results were solid but fell short of high expectations [7]. - MoffettNathanson downgraded the stock to 'Sell' from 'Hold', reducing the price target from $75 to $45, suggesting TTD should be valued based on actual earnings and cash flow due to decelerating revenue growth and pressure on profit margins [8]. - Wedbush and Citi analysts downgraded the stock to 'Hold', citing weaker growth trends and increased competition from Amazon's demand-side platform [9].