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The first big customer for The Trade Desk‘s (TTD 1.33%) TV operating system (OS) is finally here. The ad-buying platform announced on Wednesday that it will co-develop a custom version of its Ventura TV OS with DirecTV, pairing DirecTV’s consumer interface with Ventura’s ad-tech plumbing and app store. The announcement arrives nearly a year after Ventura was introduced, giving investors their first look at how the company plans to bring its TV platform to market.

For readers newer to the story, The Trade Desk operates a software platform that helps advertisers buy and measure digital ads across the internet. The company has been pushing deeper into connected TV (CTV) for years. Ventura is the boldest step yet — a TV operating system meant to give manufacturers and content companies an alternative to platforms that also own content or a streaming service.

Image source: Getty Images.

What Ventura is and why DirecTV matters

Ventura is pitched as a neutral operating system for smart TVs and other screens. The company said in its announcement of Ventura that it is designed to provide a “much cleaner supply chain streaming TV advertising, minimizing supply chain hops and costs — ensuring maximum ROI for every advertising dollar and optimized yield for publishers.” In other words, The Trade Desk believes it will support a supply chain that lets advertisers measure performance more precisely and ultimately optimize spending better.

Importantly, Ventura is not tied to a house streaming service, which the company argues reduces conflicts of interest and keeps it a more unbiased partner for publishers, TV makers, and retailers. This is a pointed contrast with incumbents like Roku or Amazon‘s Fire TV, which operate platforms while also owning major ad-supported channels and inventory.

DirecTV gives Ventura an on-ramp that consumers recognize. The partners plan to integrate DirecTV’s familiar interface — including access to MyFree DirecTV (its free ad-supported TV service), optional genre packs, and premium bundles — into a Ventura build that any third-party TV manufacturer, retailer, hotel, or venue could deploy.

In other words, an OEM (original equipment manufacturer) can ship a TV that boots into DirecTV’s experience, but the advertising marketplace and measurement behind the scenes will run on Ventura. As Matthew Henick, senior vice president of Ventura TV OS, put it, “TV manufacturers deserve more choice in how they build their businesses,” adding that the goal is a “more transparent and equitable ecosystem” for advertisers and publishers.

Financially, The Trade Desk enters this next phase during a time when investors are dubious about how sustainable its high growth rate is. Second-quarter revenue grew 19% year over year to $694 million, and customer retention stayed above 95% while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin was an impressive 39%. But this growth rate was down from Q1, and management expects even lower growth in Q3. While tough comparisons to year-ago quarters (due primarily to political advertising spending last year) are weighing on results, some investors worry that increasing competition is also to blame.

A catalyst — and a potential distraction

A credible distribution partner could help The Trade Desk push Ventura into living rooms quickly. If OEMs adopt this DirecTV-skinned version, Ventura may improve ad transparency, streamline supply paths, and potentially lower take rates in CTV — outcomes that could make its core ad-buying platform more attractive as its marketers benefit from better economics when buying Ventura OS inventory.

But investors should be cautious about extrapolating too much from a single partnership. Building and supporting a TV OS is expensive and operationally messy. The business model relies on lining up multiple constituents (OEMs, publishers, retailers, and distribution partners) and then demonstrating that stakeholders can earn more money on Ventura than on incumbent platforms. That process takes time. It is also possible the effort will distract management from the day-to-day of strengthening Kokai, its artificial intelligence (AI)-forward ad-buying platform.

Additionally, The Trade Desk’s valuation arguably already prices in success with both its core business and in new ventures. Even after a tough stretch for the stock, shares trade at close to 10 times sales — a premium that implies steady execution and continued share gains across CTV and the open internet. If Ventura ramps slowly, or if macroeconomic headwinds suppress large brands’ ad budgets (as The Trade Desk management warned of in its last earnings call), that premium may be hard to defend. And competition isn’t standing still: Platform owners with their own channels can bundle distribution, data, and ad inventory in ways Ventura will need to match, with clear economic benefits for partners.

None of this diminishes the strategic logic. If Ventura delivers an OS that reduces friction for viewers and advertisers while improving monetization for content owners, this could lead to a cleaner and more efficient supply chain for CTV, ultimately benefiting The Trade Desk’s core platform and making it more valuable over time. The DirecTV tie-up is an important first step toward testing that thesis in the wild.

Veteran L.A. anchor Leslie Sykes signed off from behind KABC-TV Channel 7’s “Eyewitness News” desk for the last time Tuesday. She is retiring after more than 30 years at the station.

“It is so hard to believe that this is my last day on this set,” the longtime co-anchor of the morning news show said while flanked by her colleagues. “It’s been the privilege of my life to wake up with you and to share your stories and to be welcomed into your homes every morning. I carry with me so many memories, so much laughter, endless gratitude for the trust you’ve placed in me.”

“I may be signing off but I will always be cheering for this city and this station, so from the bottom of my heart, thank you for letting me be part of your lives,” she concluded, before the St. Joseph High School marching band filed onto the set to salute their alum.

Sykes, who was born in San Diego, grew up in Compton. She attended Spelman College in Atlanta before eventually heading to Hattiesburg, Miss., for her first on-air post. She returned to her hometown to join KABC in 1994 as an on-air reporter before moving behind the anchor desk for the weekend, daytime and, eventually, the morning news show. Sykes announced her plans to retire last month.

ABC7’s tribute package to Sykes included a sendoff from David Muir as well as a sit-down interview with fellow anchor and friend Jovana Lara.

“[Sykes will] admit to some jitters in the beginning, but she was mostly fearless even when some of those stories proved bigger and more impactful,” Lara said in a voice-over on the reel that included clips highlighting Sykes’ life and career. “She’s been among the best covering local news and reporting from abroad.”

When asked about what it feels like to know that she is cherished by the local community, Sykes said she couldn’t believe it.

“I feel the love,” she said. “I feel the connection. And I just feel like this is my hometown, these are my people, and I’m just very grateful.”

Shares of The Trade Desk (TTD -1.14%) fell by a sharp 37.1% in August, according to data from S&P Global Market Intelligence. As of this writing on Sept. 3, The Trade Desk is down 55% this year and in the middle of its worst price drawdown ever.

Investors are concerned about slowing revenue growth for this advertising innovator, which has previously traded at a premium valuation. Here’s why The Trade Desk slipped yet again in the month of August.

Slowing growth, high expectations

On Aug. 7, The Trade Desk reported its second-quarter earnings. The advertising technology company that provides solutions for ad buyers outside of the large internet walled gardens had 19% year-over-year revenue growth in the quarter. Sales hit $694 million, with net income of $90 million for a margin of 13%.

In the same period a year ago, The Trade Desk reported revenue growth of 26%. Growth has begun to slow for this advertising disruptor, and even slower growth is expected in the third quarter, with guidance calling for 14% year-over-year gains to $717 million. In recent years, The Trade Desk has been a much faster grower. The company claims a huge addressable market for its decentralized targeted advertising across internet assets like connected TV, webpages, and even podcasts as an alternative to the likes of Google or Instagram.

In fact, Meta Platforms grew its advertising revenue by 21% year over year last quarter, which was actually faster than The Trade Desk at a much larger scale. Whatever gains The Trade Desk made in targeted digital advertising are now going in reverse, and investors are worried. The stock previously traded at a high valuation, with a price-to-sales ratio (P/S) of 20 before this dip.

Image source: Getty Images.

Is The Trade Desk stock a buy?

Even after this 37% drop in August, The Trade Desk still trades at a P/S ratio of 10, which is significantly above the S&P 500 index average of 3.2.

This is a company with an extremely high gross margin — 80% or so over the last 12 months — but one that has failed to see significant expansion of its bottom-line net income margin even though it has now reached a large scale. A P/S ratio of 10 is not cheap unless you believe that The Trade Desk will grow quickly or have sky-high bottom-line margins.

It has neither. For this reason, the stock is probably one you should not buy the dip on right now.

Claire De Stefano and pal did not even book a hotel for their girls holiday

A sun-seeking mum jetted off to Ibiza for a mere 24 hours, making it back in time for work the next day. Claire De Stefano, 52, had initially planned a longer getaway to the White Isle with her friend Donna Duncombe, 50.

However, when their schedules clashed, they opted for a whirlwind one-day trip without even booking a hotel. The duo departed the UK at 6pm on August 12 and were tucked up in their own beds by 1am on August 14, meaning they went nearly 48 hours without sleep.

Claire was back at her desk by 7:30am, telling her incredulous colleagues about her trip. The mother-of-four from Romford, East London, said: “We had wanted to go to Ibiza again this year for a few days but unfortunately our diaries didn’t match up.

“So, we decided to bite the bullet and just fit a day in. It was so nice to get away from reality and do something a little bit different rather than washing and working. I would definitely do it again. We are looking at doing more of these trips. We want to visit some of the other superclubs that we didn’t get to in our youth – when life and children got in the way.”

The friends wrapped up a full day’s work on August 12 before heading to London Stansted Airport at around 6pm for a Wetherspoon dinner. They touched down in Ibiza just after 10pm and made a beeline for a bar, before hitting the iconic nightclub Pacha where they danced the night away until 6am.

After witnessing a beautiful sunrise on the beach, they spent the day basking in the sun, having breakfast in the Old Town and taking a dip in the sea. They then jetted off from Ibiza airport to return home on August 13, ready to get back to work the following day, August 14.

Their total expenditure came to an estimated £197, which included £62 for return flights. Claire shared: “We got into the club and soaked in the atmosphere, then we danced until 6am.

“There were some sunbeds out so we chatted there for an hour while the sun rose. It was beautiful. We changed into our swimming costumes under our evening wear and spent the day on the beach. It was a lovely relaxing day.”

For their holiday, the pair packed light, carrying only their passports, a swimsuit, a change of underwear, sun cream, and a travel toothbrush in their handbags. Claire, who is employed as a safeguarding officer, revealed that her four adult children and all her colleagues thought she was bonkers, but she had a fantastic time.

The mum and her self-employed friend are already planning their next adventure, with hopes of experiencing the clubbing scene abroad again in the future. She added: “We had an amazing time. Everyone said we were crazy but sometimes you have to be a bit crazy. I need stories to tell my grandchildren eventually.

“The club was everything we had hoped it would be. It met and exceeded both our expectations, and we are eager to do it again. We are in our 50s but we felt no judgement on the dance floor. Everyone was just having a good time together.

“I got to work at 7.30am and told everyone I was in Ibiza a few hours ago. They didn’t believe me. But you have to try everything once. It was our first time doing a day trip, but it certainly won’t be the last.”

The mum also expressed her belief that more young people should embrace clubbing, which she feels is becoming something of a lost art. She believes that hitting the dance floor keeps you youthful and helps create unforgettable memories with friends.

She said: “I do enjoy going out with my friends and dancing- I always have done. I think it keeps you young. It is definitely a dying art. I have four adult children who never go out. I don’t think it is part of their make-up.

“I was clubbing in the late 80s where clubs were the place to be. Everyone used to go. That isn’t unfortunately a thing with the youngsters these days. It is a shame because we used to have great times back in the day. And we still do today!”

The Trade Desk (TTD 0.81%) is one of the most closely watched companies in the advertising technology space. Its platform helps brands and agencies buy digital ads across various channels, including connected TV (CTV), audio, display, and mobile. The company has built a reputation as a disruptor, benefiting from the secular shift away from traditional linear TV and the move toward more automated, data-driven ad buying.

However, even great companies face risks, and investors should carefully weigh these before investing. In The Trade Desk’s case, two stand out: ongoing operational challenges that could slow growth, and a valuation that leaves little room for error.

Image source: Getty Images.

The Trade Desk faces risks that could impact its long-term growth

On the surface, The Trade Desk looks unstoppable. It continues to win share as advertisers reallocate budgets from traditional channels toward digital and CTV. However, beneath that momentum, the company is facing a few operational hurdles.

The biggest one involves its UID2 identity solution. With third-party cookies being phased out by Google in 2025, The Trade Desk has promoted UID2 as an industry standard to enable targeted advertising while preserving user privacy. Adoption has been broad and partners such as Walt Disney, Fox, Roku, and many publishers have integrated UID2. Still, it’s far from guaranteed that UID2 will emerge as the universal replacement. Google has its own Privacy Sandbox framework, and other walled gardens, such as Apple, are unlikely to adopt UID2.

This means The Trade Desk’s future growth in open-internet advertising depends heavily on how well UID2 gains traction versus rival identity solutions. If adoption slows or if regulators impose stricter privacy rules, the company’s targeting capabilities — and therefore its value proposition to advertisers — could weaken.

Another challenge is the competitive intensity in connected TV. While CTV is The Trade Desk’s fastest-growing segment, competition is intensifying as streamers like Netflix, Amazon, and Disney ramp up their advertising businesses. These platforms are building in-house tech and are under pressure to maximize revenue per user, which could limit the scale of inventory they make available through third-party demand-side platforms like The Trade Desk. In other words, if major streamers decide to keep more ad buying within their ecosystems, The Trade Desk’s CTV runway could narrow.

Internally, the company is undergoing one of the most significant adjustments with significant changes in the senior management team. For example, in the second quarter of 2025 alone , it saw the hiring of a new CFO and a new board member with expertise in data, AI, and advertising. Managing this transition while scaling the business is not an easy task.

Together, these operational challenges may derail The Trade Desk from its historically high growth trajectory.

The stock price isn’t a bargain despite the uncertainties ahead

The second red flag that investors need to consider is valuation. Even after a sharp pullback in recent months, The Trade Desk trades at approximately 63 times earnings and nearly 10 times sales. That’s an expensive price tag for a company operating in a cyclical industry where growth depends on macro ad spending trends.

To be fair, The Trade Desk has earned its premium multiple. It has consistently grown its revenue , maintained profitability, and adjusted its strategies as the industry has developed — introducing platforms such as Kokai AI, UID2, and others.

Additionally, it operates in an industry with a global total addressable market (TAM) of nearly $1 trillion . Within this industry, connected TV (CTV) is one of the fastest-growing segments — an area where the company has invested heavily over the years to capitalize on the tailwind.

But here’s the thing. Even if The Trade Desk continues to march ahead, sustaining its current valuation requires near-flawless execution. Any stumble — whether slower UID2 adoption, increased competition in CTV, or a cyclical ad slowdown — could trigger a sharp contraction in multiple.

That’s the risk of buying in at a premium: The business can do well, but the stock may not if expectations are too high.

What does it mean for investors?

The Trade Desk has undeniable strengths: It’s founder-led and well-positioned for the secular shift toward programmatic advertising.

However, it’s essential to balance the bullish case with the risks. Operational challenges around identity and CTV competition could complicate execution. And with the stock still trading at a steep valuation, investors aren’t getting much of a discount for taking on that uncertainty.

If you’re considering buying The Trade Desk stock today, the prudent move may be to wait for a better entry point or clearer signs of UID2’s industry dominance before committing your hard-earned capital.

Programmatic advertising specialist The Trade Desk (TTD 1.70%) is having a terrible 2025 so far. The year went from bad to worse for investors after the company released its second quarter results on Aug. 7.

The Trade Desk stock was hammered as the company’s guidance indicated a slowdown in its growth. Though The Trade Desk has been integrating artificial intelligence (AI) tools into its programmatic advertising platform, it seems like the stiff competition from bigger players in the advertising industry is hampering its ability to sustain healthy growth levels.

Let’s look at the reasons why The Trade Desk has dropped an alarming 55% year to date, and determine whether that drop represents an opportunity to buy the stock in anticipation of a potential turnaround.

Image source: Getty Images

Execution issues and competitive pressures are weighing on The Trade Desk

The Trade Desk started 2025 on a negative note. The stock was clobbered after releasing its full-year 2024 results in February when sales execution issues led the company to miss its revenue target. The company’s May quarterly report helped it win back investor confidence as Q1 revenue was up by 25% year over year and well ahead of consensus expectations.

However, inconsistency reared its ugly head once again in Q2. Revenue growth slowed to 19%, and earnings increased just a few cents to $0.39 per share. In the same quarter last year, The Trade Desk had reported much stronger revenue growth of 26%.

The guidance, however, is what really spooked the market. Management expects revenue growth in the current quarter to further decelerate to 14% for a total of $717 million. The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast of $277 million would be an improvement of just 8% year over year.

It is easy to see why this slowdown has investors worried. The Trade Desk’s competitors in the digital advertising market have been reporting solid growth. Amazon, primarily known for its e-commerce and cloud computing offerings, reported a healthy 23% year-over-year increase in its advertising business last quarter to $15.7 billion.

The tech giant struck a deal with streaming provider Roku to expand its footprint in the connected TV advertising space in the U.S., gaining access to 80 million households. Connected TV is one of the key areas that’s driving growth for The Trade Desk, so Amazon’s big move in this market is definitely a cause for concern.

On the other hand, social media giant Meta Platforms‘ focus on deploying AI tools is helping it win a bigger share of advertisers’ wallets. Meta’s tools are driving strong returns for advertisers, and the company has also been able to boost user engagement through AI-recommended content.

As a result, Meta’s revenue increased 22% last quarter. It is worth noting that both Meta and Amazon are significantly larger companies than The Trade Desk, and they are achieving healthy growth levels while The Trade Desk is witnessing a slowdown. This doesn’t bode well for the company, especially given its valuation.

Why investors could be in for more pain

Analysts are forecasting an improvement of just 8% in The Trade Desk’s earnings this year to $1.79 per share. The company is expected to return to double-digit growth in 2026.

Data by YCharts.

However, The Trade Desk is trading at 66 times trailing earnings, which is double the average price-to-earnings ratio of the Nasdaq-100 index. Buying The Trade Desk stock at this expensive multiple doesn’t look like a smart thing to do right now. The slowing revenue growth is going to negatively impact the bottom line as well, so it remains to be seen if the company is capable of matching Wall Street’s earnings expectations going forward.

That’s why investors would do well to focus on other tech stocks that are clocking faster growth rates while trading at more reasonable valuations, as The Trade Desk is likely to remain under pressure going forward.