Trade Desk Inc - Ordinary Shares - Class A

Strong Q1 Performance: The Trade Desk reported Q1 revenue of $616 million, marking a 25% year-over-year growth, significantly surpassing expectations. This resilience comes amid increasing economic uncertainty, demonstrating a solid demand for programmatic advertising, especially as brands navigate a volatile macro environment.

Kokai Adoption and Product Enhancements: Adoption of the new Kokai platform accelerated, with about two-thirds of clients currently using it, ahead of schedule. The integration of AI tools resulted in significant campaign performance improvements, including a 24% reduction in cost per conversion and a 20% decrease in cost per acquisition, which is expected to help attract and retain more clients.

Market Opportunity and Competitive Landscape: The company believes it is well-positioned to capture market share in a fairer advertising ecosystem, especially following recent antitrust rulings against Google, which may lead to fewer competitive obstacles in the open internet space. The Trade Desk maintains its goal of being the largest independent DSP, controlling less than 2% of the global advertising market.