Core Insights - The Trade Desk (TTD) reported a strong performance in Q3 2025, with revenue reaching $739 million, an 18% increase year-over-year [1][2] - The company anticipates Q4 2025 revenue to be at least $840 million, with adjusted EBITDA projected at approximately $375 million [1] - TTD's board approved an additional $500 million for stock buybacks, following a $310 million repurchase in Q3 2025 [1] Financial Performance - Q3 2025 revenue: $739 million, up 18% from the previous year [1][2] - Adjusted EBITDA for Q3 2025: approximately $317 million [1] - Q4 2025 revenue forecast: at least $840 million, with adjusted EBITDA around $375 million [1] Stock Buyback Program - TTD repurchased $310 million of Class A common stock in Q3 2025 [1] - As of September 30, 2025, TTD had $60 million of authorized but unused stock buyback capacity [1] - The remaining $60 million of the buyback plan was completed by October 2025 [1] - An additional $500 million stock buyback program was approved by the board [1] Market Position and Strategy - TTD's growth is attributed to innovative products launched on the Kokai platform, enhancing data-driven advertising for global brands [2] - The company is leveraging artificial intelligence to reshape the advertising ecosystem, increasing reliance from global clients [2] - TTD maintains a leadership position in Connected TV (CTV), retail media, and the Open Internet advertising ecosystem [2] - The company aims to continue helping advertisers achieve growth in the Open Internet and gain greater market share [2]

Core Insights - Walmart has ended its exclusive partnership with The Trade Desk (TTD) after four years, allowing advertisers to access its consumer data through multiple third-party DSP platforms [1] - Walmart's retail media advertising business has seen significant growth, with a nearly 46% year-over-year increase in global advertising revenue in Q2 2025, and approximately 31% growth in its U.S. business [1] - However, growth rates are expected to decline, with eMarketer projecting a drop from 27.9% in 2025 to 18.8% by 2027 [1] Group 1: Walmart's Advertising Strategy - Strengthening market coverage is essential for Walmart's advertising business expansion, as TTD lacks sufficient global market reach [4] - Walmart's decision to end exclusive cooperation is influenced by pricing strategies, as Amazon has significantly reduced its advertising technology fees to 1%, while TTD charges double-digit platform fees [6] - The shift in partnership dynamics indicates a broader trend where platforms are seeking to maintain control over first-party data rather than relying solely on technology providers [15] Group 2: Implications for The Trade Desk - The loss of exclusive access to Walmart's consumer data could impact TTD's future growth expectations, as it has been seen as a key alternative to Amazon and Google [7] - If advertisers find efficient ways to access Walmart's data without TTD, the latter's negotiating power may diminish [8] - TTD's stock has already seen a decline of over 50% this year, with a significant drop of 35% in one day due to lowered growth expectations [9] Group 3: Industry Trends - The advertising industry is transitioning from a technology-driven model to a data-driven one, where first-party data is becoming the most critical asset [19] - Platforms like Walmart, Amazon, and Netflix are increasingly integrating advertising technology into their core capabilities, moving away from outsourcing these functions [17] - The role of DSPs is evolving, as they must adapt to a new ecosystem where they are no longer the central players but rather components of a larger platform strategy [18]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Stream Ideas Group Limited 源 想 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8401） 自願性公告 諒解備忘錄 茲 提 述 源 想 集 團 有 限 公 司（「 本 公 司 」）日 期 為 二 零 二 五 年 七 月 四 日 的 公 告（「 該 公 告」），內容有關（ 其中包括 ）與業務夥伴訂立不具法律約束力的戰略合作協議。除 另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 我們欣然宣佈，本公司已於二零二五年八月二十一日與業務夥伴及深圳大白時代 科技有限公司（「新合作夥伴」）訂立諒解備忘錄（「諒解備忘錄」），以擴大我們在中 國及海外開發、生產、銷售及租賃飲水機的戰略合作範圍，重點整合先進的水務 管理解決方案，並增強我們在高流量城區的媒體及廣告能力。諒解備忘錄建立在 二零二五年 ...