Trade Desk might want to forget about 2026. In fact, some analysts argue the advertising technology company’s troubles could extend well into next year, with a meaningful recovery potentially years away.

Shares of Trade Desk Trade Desk pares gains to 2% in late trading, after earlier surging nearly 29%. The sharesc closed up 15.5% at $14.93 on Monday, its largest daily percentage increase since March 5, when shares closed up 18.4%, according to Dow Jones Market Data. The stock has plunged 60.7% in 2026, though shares have traded up 21.5% in November including Monday’s increase, their best single-month performance since July 2025.

The company reported third-quarter adjusted earnings of 33 cents a share, beating Wall Street expectations for 25 cents a share, according to FactSet. Revenue fell 0.5% to $736 million, but beat projections for $650.9 million.

Investors were looking for signs that a turnaround effort can revive Trade Desk’s struggling advertising business.

For its current fourth quarter, Trade Desk says it expects revenue of “at least $755 million,” and adjusted earnings before interest, taxes, depreciation, and amortization of “at least $280 million.”

Consensus analyst projections call for fourth-quarter revenue of $688 million. Rosenblatt analysts anticipate Trade Desk’s revenue declines to accelerate during the period, even with a boost from political advertising surrounding the midterm elections.

Trade Desk has sought to recover from a series of setbacks, including strained relationships with major advertising agencies, growing competition from Amazon.com and Alphabet’s Google, and problems with its advertising platform.

The company cut about 15% of its workforce in September as part of a broader effort to reduce costs and restore profitability. Truist analysts estimated the layoffs could generate up to $150 million in annual savings.

Trade Desk also is working to repair relationships with advertising giant Publicis, which historically accounted for a mid-teens percentage of Trade Desk’s revenue. Truist analysts said spending from the agency dropped significantly following a dispute, with some business shifting to Google.

Truist said Trade Desk’s management “has pushed the reset button” with its full-year 2026 guidance, with the company viewing 2027 as a year of stabilization before a “growth year” in 2028.

StoneX analysts similarly described 2026 as a “lost year” for Trade Desk. They said the company’s recovery hinges partly on whether it can withstand pricing pressure from Amazon while winning back advertising spending and finding additional ways to cut costs.