The Trade Desk reported strong first-quarter 2025 earnings with revenue of $616 million, up 25% year-over-year, surpassing estimates of $575.3 million. Adjusted EBITDA rose 29% to $208 million with a margin of 34%, and net income increased 60% to $51 million. The company also provided a robust second-quarter outlook with revenue expected at $682 million, an 11% increase year-over-year, and adjusted EBITDA forecasted at $259 million, up 17%. Major financial institutions including Jefferies, Citi, and Morgan Stanley raised their price targets for The Trade Desk, with highs reaching $135. In contrast, Expedia Group posted mixed first-quarter results with revenue of $2.99 billion, slightly below the $3.02 billion estimate, but adjusted EPS rose 90% year-over-year to $0.40, beating the $0.29 estimate. Despite earnings beats, Expedia shares fell sharply, dropping as much as 12% after the company cited weaker-than-expected travel demand in the United States as a primary factor. The decline in U.S. travel demand has also impacted Air Canada, which lowered its 2025 financial outlook due to a decrease in cross-border travel, particularly a nearly 30% drop in bookings on specific corridors such as Canada to the U.S. Overall, the reduced travel demand in the U.S. has weighed on both Expedia and Air Canada, with Expedia cutting its full-year outlook and Air Canada reporting a decline in bookings by the low teens percentage for the next six months.