Trade Desk shares drop on report of Walmart advertising deal change
People familiar with the matter told The Information that Walmart removed the requirement for advertisers accessing its shopper data to use The Trade Desk's tools. The non-exclusive arrangement could diminish The Trade Desk's competitive edge in a sector where scale and first-party data are critical.
The move comes during an especially turbulent period for the Ventura, Calif.-based ad-tech firm. Shares plunged 35% last Friday after it forecast slower third-quarter revenue growth, following a second-quarter slowdown.
CEO Jeff Green attributed part of the weakness to 'ongoing tariff uncertainty' putting pressure on large advertisers. The company's stock has dropped about 50% over the past year, reflecting investor unease over near-term growth prospects.
Losing exclusivity with Walmart threatens a partnership in one of the most valuable retail media ecosystems. The Trade Desk has relied on its automated ad-buying expertise, particularly in streaming TV, to position itself against advertising titans like Amazon and Google.
Amazon has been courting marketers aggressively, reportedly offering incentives to draw clients from The Trade Desk. In digital advertising, such data-driven relationships are seen as central to revenue growth and margin expansion.
In a statement responding to the reports, The Trade Desk pushed back on suggestions of a fracture in the collaboration. The company said its 'partnership' with Walmart 'has gone from strength to strength…[and] continues to expand.'
Markets will be watching whether competitors can exploit Walmart's strategic flexibility to erode The Trade Desk's position. For now, the combination of weaker guidance, macro headwinds, and loosening retailer ties has left the stock near its lowest of the year.
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