In the second quarter financial report of 2025, the company reported a 19% year-on-year revenue growth, surpassing the digital advertising market. The CTV channel performed well, deepening relationships with partners like Disney and NBCU. The company emphasized innovation and customer value, signing more JVPSs and strengthening cooperation with brands and agencies. Looking ahead, the company believes it is in a favorable position in the advertising technology field and will accelerate growth in 2026.

The significant effects brought by the Cokii platform upgrade were introduced, including the greatly improved advertising effectiveness of clients such as Samsung and Cash rewards in different regions, with an overall KPI improvement exceeding 20 points. Clients using Cokii saw a total spending growth rate on Trade Desk that is over 20% faster than those who do not use it. It is expected that all clients will use Cokii within the year, demonstrating the potential and platform value of open internet advertising.

The dialogue emphasized that through open pathways, Sincera data integration, and innovative technologies such as Deal Desk, the efficiency and transparency of the digital advertising supply chain have been significantly improved. Open pathways allow publishers to directly connect with ad buyers, increasing advertising revenue; Sincera data helps optimize ad quality assessment; Deal Desk uses AI technology to improve ad transactions, helping publishers such as Disney achieve programmatic growth goals in advertising revenue.

The dialogue emphasized the importance of advancing objectivity in the field of advertising technology, especially in light of the tendency for large tech companies to favor their own media channels. Through case studies such as precise ad targeting during live sports events and retail data analysis, it demonstrated how to utilize open internet resources to achieve efficient and fair advertising placements. It also highlighted collaboration with multiple industry leaders to drive innovation and application of advertising technology.

The conversation emphasized the importance of strengthening the leadership team and optimizing the operational structure to achieve the success of the company. This includes the addition of a new CFO, transitional plans for the existing leadership team, and strengthening of the board of directors. Additionally, improvements in the market organization structure were mentioned to ensure that customers can fully utilize the company's platform. Finally, the company's mission, vision, and industry partnership opportunities were reiterated, demonstrating an optimistic outlook for the future.

The global advertising industry is facing a huge opportunity brought by AI, with quality data and objectivity becoming key. This vision emphasizes working with hundreds of retailers through independent and transparent measurement methods, dedicated to objectively purchasing advertising across the entire open internet, breaking traditional barriers and ensuring maximization of buyer's interests. The plan is to revolutionize the media and data supply chain, promoting the industry towards a more fair and transparent direction.

Discussed the application of AI in the field of advertising and media buying, such as predicting advertising effectiveness, optimizing the supply chain, emphasizing the importance of building trust in the buyer's market, aiming to transform the open internet into the main platform for efficient advertising placement, blurring the boundaries between brand and performance advertising, and driving all advertising effects to be quantifiable and aimed at results.

Discussed the importance of maintaining a dual-class share structure to sustain the long-term development strategy of the company, emphasizing that since its establishment, the company has achieved significant growth through innovation and execution, particularly in the advertising market share. Faced with a rapidly changing digital advertising environment, including regulatory pressures, the rise of AI, and the demand for transparency, the company firmly believes that a long-term vision is key. By continuously optimizing its platform and partnerships, the company is confident in leading the development of the open internet in the next decade and achieving growth beyond the market.

After joining the company in 2014, the speaker witnessed the journey from a startup to becoming a member of the S&P 500, and is confident in the company's future. At the leadership transition, the speaker expressed trust and support for the new CFO, emphasizing the stability and vitality of the finance team to ensure a smooth transition.

The company's second-quarter revenue reached $69.4 billion, a year-on-year increase of 19%. Excluding political advertising related to the US election, the revenue increased by about 20%. CTV and retail media were the main drivers of growth, with the North American market accounting for 86% of revenue and international growth accelerating. It is expected that revenue in the third quarter will be at least $71.7 billion, a year-on-year increase of 14%, with adjusted EBITDA of approximately $27.7 billion. The company's cash flow is strong, and it continues to buy back stocks, maintaining an optimistic outlook on future markets.

Facing the evolution of the digital advertising environment, the spokesperson expressed confidence in the future, emphasizing the opportunities brought by uncertainty, the measurability and transparency of programmatic advertising, the emphasis of advertisers on performance, the advantageous situation of supply and demand imbalance, the combination of unique data assets and AI advantages, as well as the potential of high-quality open internet advertising, believing that these factors together constitute a strong driving force for industry development.

Trade desk emphasizes its huge potential in the open internet field, pointing out that compared to Facebook, its Total Addressable Market (TAM) is larger, and there is a broader unrealized value space. The company is accelerating its pace of innovation, optimizing product and engineering collaboration, and improving product development speed. It shows strong growth momentum in CTV advertising, retail media, and joint business plans, with strengthened internal operations and marketing strategies. In the face of Google and Facebook's neglect of the open internet, Trade desk is filling the market gap and becoming an important partner for large publishers. Looking ahead, Trade desk is confident about the prospects for 2026, expecting all customers to use its new platform by the end of the year and continue to expand market share.

The technical difficulties mentioned in the conversation hindered a participant from joining the call, leading to inability to connect properly. The organizers of the meeting promptly took action, attempting to switch to the next participant to ensure continuity of the meeting.

The conversation delved into Amazon's strategic adjustments in the advertising field and its impact on the market competition landscape. It pointed out that although Amazon's expansion in areas such as Prime Video has increased its advertising inventory, its inherent bias makes it difficult to objectively purchase open internet advertisements, thus limiting trust among large-scale advertisers. It emphasized that independent DSP platforms like The Trade Desk, with their advantages of no conflicts and no compromises, are attracting more and more brand clients. At the same time, it discussed the competitive relationship between Amazon and advertising clients in multiple industry sectors, as well as the challenges the two sides face in terms of data trust. Finally, it expressed an optimistic attitude towards the future development of the open internet advertising market, and suggested potential collaboration possibilities with Amazon in areas like Prime Video.

The impact of tariff policies on global major brand advertising spending was discussed. It was pointed out that this uncertainty intensified at the beginning of the year, but has since stabilized. Despite the direct impact of tariffs on large advertisers, companies are facing short-term negative effects due to their focus on servicing large global advertisers. However, in a volatile environment, programmatic advertising has become advantageous due to its control, flexibility, and measurability, accelerating the shift towards programmatic advertising. Additionally, an increase in the number of joint commercial initiatives with major advertisers, as well as a preference for flexible commitments in CTV presales, further enhances the company's market position, making them confident for the second half of the year and beyond.

Discussed the latest progress of the Coca platform, emphasizing the application and effectiveness of AI technology in the field of advertising technology, including product iteration, engineering improvements, and ROI enhancement, demonstrating the profound impact of AI on the future development of advertising technology.

The dialogue discussed the innovative applications of AI in the advertising field, especially the trend of comprehensive adoption of the COCO platform, and the potential of Deal Desk in optimizing advertising transactions. AI systems have improved advertising effectiveness, accelerated business development, attracted large clients including Disney, and demonstrated the prospects of the advertising industry moving towards more efficient and real-time optimization.

Discussed the role of AI in advertising optimization, pointing out that a 20% improvement potential may just be the beginning, with the specific speed of improvement depending on the degree of optimization of the advertising settings. At the same time, analyzed the reasons for the lower than average levels in the home gardening and fashion style categories, attributing them respectively to seasonal factors and natural fluctuations.

Discussed the differences in consumer time and purchasing power between open internet and closed gardens (such as Meta, Amazon, Google, etc.), emphasizing the advantages of open internet in brand relevance. Predicted that in the coming years, with the slowing growth of CTV and retail media, open internet is expected to gain more market share from closed gardens, especially in high-end television, music, film, and news sectors.

Discussed the advantages of utilizing AI to optimize its ecosystem in the short term, as well as the long-term challenges and opportunities of building an efficient supply chain on the open internet. Emphasized the importance of AI in driving market changes, pointing out that although closed platforms may perform well in the short term, long-term trends indicate that the open internet will attract more consumer time and brand investments, thus bringing greater market potential.

Discussed how the company plans to establish trust with enterprise-level clients using AI technology, and gradually expand to medium and small markets. Emphasized the importance of experience in serving large clients for serving small and medium-sized enterprises, and highlighted that the key to future market growth lies in the continued support and expansion of current large clients.