The Trade Desk Rebuilt Its C-Suite in Two Months. Its First Guidance Since Points to a 12% Revenue Decline.

Second-quarter revenue rose 3% to $715 million, below the company's own guidance of at least $750 million.

Third-quarter guidance calls for revenue of at least $650 million, down from $739 million a year ago.

The adjusted EBITDA forecast of about $160 million compares with $317 million in the same quarter last year.

The Trade Desk (NASDAQ: TTD) spent the early summer rebuilding its executive team. A new chief financial officer, Nate Olmstead, started July 9. A new chief marketing officer, Sarah Gavin, joined in mid-June. A new chief commercial officer, Kristi Argyilan, took over on July 27, and a new chief business development officer was announced in between.

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On Thursday afternoon, that team gave investors its first forecast. The advertising technology company expects third-quarter revenue of at least $650 million. It produced $739 million in the same quarter of 2025 -- a decline of about 12%.

Shares fell 6.8% during Thursday's session, then dropped another 25% or so in after-hours trading. They were near $14 as of this writing -- a 12-month low, and about 85% under the 52-week high of $91.45.

Second-quarter revenue rose 3% year over year to $715 million. The Trade Desk had guided in May for at least $750 million, so the quarter came in under the company's own floor.