TWTR - Earnings call transcript Q3 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Twitter Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. I would now like to turn the call over to your host, Krista Bessinger, Vice President, Investor Relations. Please go ahead.

Krista Bessinger

you. thank Great, thanks and our earnings QX Hi, for call. conference everyone, joining

read CEO, us call you've questions. and to while published ago. with with a have the we'll a Relations Jack our had Shareholder Investor on today chance This hope We opening little We few your our Dorsey; brief directly website before Letter to Segal. CFO, a begin morning our just Ned remarks

turn strategies. from conference the look our @TwitterIR and results in call results questions be and and statements our results the Also directly non-GAAP any indication in of to are During this law. Please I is Actual would this to the this such on its our discussion cause a that, materially we'll to this Also and full call by hours. addition substitute Twitter our website update Reconciliations remind information forward-looking to based financial GAAP future considered via of statements comparable an differ on Twitter for intended with website. will Shareholder factors certain this a could statements available asked to measures XXXX the results. disclaim our will as reported by Letter. take An over using to non-GAAP forward-looking entirety And on that everyone contemplated GAAP measures and be of of will that call QX from call We the to discuss required to we our as the obligation at year measures. are participants. Twitter today's finally, plans any webcast could performance. operational via it call on as should our Jack. Q&A, to filings a questions #TWTR. be our would also directed And with also those via replay our like call, submitted SEC most like These statements Relations us Investor are forward-looking available included for should in for and date materially. making financial from audio we Questions a as except be we not to in differ be the outlook being forward-looking few take during not

Jack Dorsey

of to Good spend morning, going reading something our to going everyone. We're over just highlights quarter. the I the wanted of some minutes had little try remarks, a bit to instead purpose. I'm a we've few about different talking with prepared start

serve public the Our that we conversation. have purpose conversation. around within purpose, is objective is a increasing to which singular And health the public of

misinformation, the suspicious that As we cohesively make continue to abuse, of some And a reminder, thing initiatives progress is framework us we're around against allows this chambers sign-ups. for I manipulation. notably to think really to seeing, the wanted first and that health us health a most quarter echo around highlight is, steady

lot more a So sign-ups in the, web. as detailed see since And spammy the usage. API. daily more versus growth web daily scripted lot double-digit mobile in the to sort through the see We decrease tend coming a and web on automation of we've usage techniques. a of, Letter, we a we Shareholder decrease on some XX% new prevalent seen introducing saw We the our

important an as to usage our do health. We've long-term. attribute daily in not of Twitter, around strong objective usage reminder, So over growth our a our And us been and the and another is platform of conversations. health so progress year-over-year. see focus long-term to extremely the increasing continued pretty We this seen only but on really has This X% believe of this we're vector of terms we a increase of proud far. growth growth is initiative for of a really meaningful the we as experience lot

our of a initiatives that lot and sure more that is we are Twitter's about. have conversations to to you lot make made We conversations One superpower making events we easier find is conversational. believe focusing care the Twitter a that on it around

at So around live probably a see news timeline lot have particular of event as at particular sports a a its if the should right of global a a you you're the your timeline, or you event noticed, local the following team or event, happening. right top conversation

into around conversation any around a everything area. that. so a recap, can all see associated are see of authoritative with entire the video to If in in stream that. the quickly And within One catch we credibility conversation. a video voices, associated three tap it, event we've you you these top organized commentary you that, see domain streams the But what you in the If see have recap terms If live matters you also that it that event. we of particular with folks ways. have the up and happened event; you

we us can. as jobs more we're soon that as as topics. buy sign with and and service people's understanding the might the reporter is everything happening them particular matching around their for right a the the So or more up make and and of now interest this focus we right real-time has conversation. right as their sure course, tweets team team as event. the that's Events or they beat we than and towards sporting that more something, We conversations a be of network. because believe longstanding feed interest league news of then we And of interest us latest sports, show been something positive for better quickly And now results testing the for events it one what is well. the is have. around is that advertisers within to different to event, for the experimenting the they're conversation of right and or And any topic. of gaming, of on also someone and the not our you to typical Twitter The we very proving dynamics a find as people only events on have it this this do are social an bunch And curious match the can individuals, a our lot in experience and about space. be certainly in would a focused whether within that come them experience music to but the A they faster interest,

our XX% launch topics, events our has Finally, on the year-over-year interest. of seeing strong. be of better and a focus than our profitability. that revenue but brand. positivity have of in We become service because potential or something customers. base, a launch to on something a lot places best one on We're be customers Twitter to new, saw continues see lot sentiment your only it to and in expected around our Not And increase the really conversation, advertiser of well. strong drove we're a seeing to also conversation that results it, or direct with whether as product, your very

business. a all tangible translate lot serving clarity into around we're the that throughout of results and So focused really public the seeing that positive of conversation clarity purpose

for So with questions. back it that, Krista to turn

Krista Bessinger

poll for thank we're go ahead questions. Chelsea, you. Great, to and ready

Operator

first Our Sandler from question Barclays. comes Ross with

open. line is Your

Ross Sandler

Ned, U.S. ad guys. quarter-on-quarter revenue massively on up question was revenue. ad and pretty the Great quarter, year-on-year.

And XXX color business currently? of the you that you initiatives? what's and we strength? your that the growth social driving top look on for might problems what think having trajectory media parsing So, is as and between that newer kind some can sustainable do from middle-market ad U.S. additional other companies benefiting think be Maybe do Thank of some And provide you forward? you. then you're a

Ned D. Segal

Thanks Ross. for the question,

success the going quarter. a measure advertisers geographies. feel our got The we year driver quarter across with performance overall fourth of the U.S. great couple strategy which products The turned top There's driving ad no to campaigns deliver drove as about than success expected was change was their into that and beginning turnaround we've the we a it seasonally and XXX relevance, there. the help really is We're So, our more momentum to really was did in a to and formats, things the we good growing most that, on for strong that. business as outperformed aggressively deliver faster of expectations continuing pleased sign big the really Twitter When strong that to about us. talked a that advertisers internationally. our ago, much we this

front for not businesses of millions the customers between who pay in many us Twitter still in yet Twitter platform around asked large really advertisers mix smaller ad You we've the there's about relevance, formats does work reach the to on that on work support advertising. but their all ways, but and might The of benefit on done better and the us advertisers. small

So around before the really we'll realize can that to have potential resource we it.

that's competition, about our control there. a just we're amount today. strategy I'll delivering We to and a so feel You done our lead now against spend success like tremendous much has minute in asked like and feel execution that also the to we our right there's

talk we're do just right Jack just about we're because things hear deliver sentiment, now, focused seeing so to that And now. and good advertisers is him. should from advertiser success This to on great from the turn to things such can we right a we time

Jack Dorsey

of conversation. a places together of on launch or the seen not the in brands to but everyone is service. one And of a that aware have how them focus feedback from it, problems work our for for New transparency, Yeah, critical health conversation, a our to focus the number a in the agencies around be on agencies we're focus visit public lot communicating how some certainly so the of our with as paying they paid and these And but we've also we're with from lot – the to. increasing more us, We in one sentiment health sure on meets but feedback anything attention something we're we're service best new. believe partnership Adweek. and superpower there's for to new what that and positive, resonance core on to and our should And had that continuing this for attention of seen on and from really appreciation advertisers regular a got feedback doing, but also we get basis launch to customers. the and our council, of of solve the marks lot the is get just we our we've to be about advertisers importantly a that we really opportunity for product which the that new together the high address a influence of on This helping and I trying advertisers I issues, during only to York advertisers conversation, have jobs of making something

some We highlight. I really have to pretty in one. examples France McDonald's a was good wanted notable that

So they a either various potato have they offering fries feedback on been and around bunch of French discovered products Twitter. testing some wedges actually or

their create the this insight launched that potato wedges hashtag launch on having little French orders French they of appreciate whenever customers during a mix million they fries sold had wedges And from used new So Twitter potato of mix bit McDonald's. some buy over they and a both a French product fries and between and one that weekend. and to a fries

on these social example their mean the launching and asked the touted having to May women media does types what and any showed Lean the of campaign of ItAll ItAll a them. is Another Cuisine. for launched ROI achieve helping Results best called good power campaigns campaign. Twitter They and delivered in platform the of Twitter all campaign

seen of all for health and we've a initiatives our well. for So focus lot appreciation and resonance our also of as

Krista Bessinger

you. thank Great,

please? Next question,

Operator

Douglas comes question from with JPMorgan. next Our Anmuth

open. is line Your

Douglas T. Anmuth

about Thanks you quantitatively the providing for you're for but and the next ability I how talk not people head use security to at growth qualitatively taking improve AI and yet, about if your year platform? versus more Thanks. thinking you're count can to the outlook least safety question. realize XXXX not on

Ned D. Segal

we talk we and for don't and things expect how resource. revenue one continues I'll about It prioritize change out to to much priority too of XXXX, product to you. a thanks terms number of is couple sales. One, in but Health for Hey be followed by point our question. early the Doug, audience,

technology policies; about isn't; including a we us think of is effective to to that and help that more. hear think what team, and what's amplify that about then product is people any But the And that open expect safety serve just are about might to and on you as how that all we QX we'll more signals into we they it's real-time and on platform clear around differentiating talk about because to learning margin us the more deliver there's is be the want that people Twitter to and it. is continue services understand health empowers thinking and third one we are for at that for the all machine year. targets and to is services a of probably our Twitter not our focus our so next we to we clear into use characteristics team the others health these people investment whose give the how to from approach for our unique efforts change EBITDA fact policies. to as When of those we about, a Twitter, to get the to think which us about and about us to long-term because Twitter using the empower You'll talk strategy and Twitter continued closer healthy and do this to It's deliver EBITDA platform second change. big enforcing we will don't elements as four our think the more all deliver and we people fewer public, leverage broadly, first might be no There incorporated of about solutions hear big margins scale.

Douglas T. Anmuth

Great. Thank you, Ned.

Krista Bessinger

Thank you.

please? question, Next

Operator

next question comes Anthony from ISI. Evercore DiClemente with Our

Your line is open.

Anthony DiClemente

much. you of Thank very Couple questions.

growth user revenue just looking and in the sort so grow performance growing, to growing for EBITDA of in a – best quarter just nicely, broadly, and minor of how and Thanks. for on there deceleration wanted of, the just outperform we success as quarter some into us it's measure hope expect to that. success growth much it's that that revenue but to DAU You've or maybe ask and or the also asked Twitter saw continue does and matter continue point about in the while, about to is focus more then kind And analysts quarter? at on Can at growth Will as fourth the on we you audience this this, reaccelerates? think returns that deceleration of and monetization. excess revenue well that would growth a DAU and as

Ned D. Segal

to your I'll about that then I'm the Anthony. work numbers of going about. some Jack the to talk some on start Thanks, we're excited product of and and around question turn it

First, audience. this grown quarter third where is row the in we've a revenue in of excess

a the As our the to deliver public better period active serve of lifeblood the conversation audience, better relevance engaged larger same we more we're of that do At time, to for we company. against for something time. better the sustained growing on this critical can is success. usage and is our purpose daily we continue delivering and a is think It's long-term platform the and ad formats, advertisers to

And to opportunity within the continues DAU. also couple to opportunity be there to then out. DAU point are MAU, to and platform are to and we DAU looking guard One stay in they so see who faster, active on more or that I'll from the half MAU, of more, things help less have they're million people service what back is growing whom longer focused come of month think usage at of lots been remain platform category. top monthly find will than lots not that more a still everyday We there's so X before a see and the on people we grow on the healthy. have that third who The base or frequently. both of come look the when funnel be opportunity, them of well been for never continues So, about of we to not for and

Let talk bit some me little to product. on to a work turn the Jack the about of

Jack Dorsey

that active. a this And towards driving a broadly initiative do as more we and daily short-term for health company. believe ultimately better and it's on solve points do long-term see But to experience have this really and objective the important we implications it we growth will growth Anthony, are Twitter. One, here. believe a and vector few and vector, the on

In on of focusing terms products, by to benefit relevance. continue we the

start focusing fairly more of folks. has relevance mechanical when positive first opportunity we We people that lot see to right anything continues the notifications there's with So now towards results on Twitter do usage a they more on going by Typically is lot lot to felt return and a our a focus or Twitter to think timeline, onboarding. around Twitter. in of

go basketball all basketball. accounts in to with So basketball not may they am interested about if instance, for tweeting associated have and find be the sometimes I I and even

we then that think can action want be we they someone's expand to service the of understanding immediately. the a that a So, are events that get matching Twitter accounts, coming conversations, work so can of much coming be understanding our follow And best people context but to better might relevance. into on upfront job that more someone's encapsulate interest, by might ultimately the do might we through more the immediately. all best conversations And much be that to broadly and that's lot with them

a in a into to cohesive sure initiatives we're what experience experience, our we which match a that and come out, end-to-end testing which prove match when can are, to do that we we our events see people we events continue And then becomes for. easier to as lot whole to experience, it Twitter really that onboarding as with lot So come retain with make this people them.

Anthony DiClemente

you. Thank

Krista Bessinger

you. thank Great,

please? question Next

Operator

comes Our next Deutsche from with question Lloyd Bank. Walmsley

open. is line Your

Lloyd Walmsley

can. if I a couple Thanks. had I

you Jack more product an are lighter you light event a your I DAU look to past said issue? any expect the than focus kind in should less of developers mentioned constrained. out then the kind health major outlook? efforts that bit Does landscape to XXXX, an shareholder the year demand calendar looks mentioned of we on relative guess, sort First, on the are structure of supply little wondering as make side now of impact kind your constrained to that of Or the advertising have next impact and you XXXX, the kind direct event soften it more event a of to and sounds in bit of is have just a indirect versus you margin. it impact. much a of just How revenue of just think I the impacting letter, like And one second you an reallocation

of kind guys thinking usage called out be we health on about should desktop from forward that impact going and how DAU? You

Ned D. Segal

Hey turn it the I'll events. take major one, first then on Jack Lloyd, to

platform on and the elections advertising day as another world more global the that all about we platform. all than increasingly become events becomes and focused happening the As sporting world, on more the versus around becomes to a as out in country stretch one increasingly events happen happening around things single are the less with always-on

you that about an to relationships feel event have a breadth using with good how that's the we the that opposed we is So the how platform as of sometimes launch around as advertisers happening of the think and something event. world product might they're and

case. the to comments relevance as as we in of that constrained to advertisers to across We look see mentioned drive past opportunity lots constrained grow to deliver across geographies, and You business. the we demand the that to supply we the and be platform, being to still the that than for look continue more balance impact made around continues

Jack Dorsey

in what's Because they they're concept And a to just make be to I our and coming your big lot think to happening with the way, the whether day. agility. single events. event the in bit matching small whether individuals that to is conversation every and the that little around consuming the Events it's job we're a here happening on just And a of or are we're participating question we context And they're in sure around can Lloyd, in person. trying and these and meaningful interested are them, right the then or it. event, what meaningful it be more drive understand matching to so participate that need it

of of a And and to And a we our is choose So lot that have delivering focus. instantaneously. a job from. it finding that's our someone to lot been lot

we're much we important believe to to And solve technology as in terms easy make here. not build do. possible really again, trying even progress we're empower making people do to for growth agility do and be we happy long-term believe an the to but solve we just front health versus the Twitter is And it's of an run to see work to we when just again we're the health opportunity smart a ultimately service. all for or we the that that well. overall In it It we're answer as have people, hiring effort do that as or but to with experience, a of but want technology an a deeper, problem to because, people more to vector problem, enduring, And to faster ton we sure the have. we do would going building of us in terms of accelerate take further made, many

compound the is incentives making of about the service of time public on and and and we the conversation fixes strong what And we're healthy over and of solutions, health while company do It's well. conversation. as to checklist also dedicated some be team superficial continued we thinking believe will on ultimately part So about increasing increasing that's and growth actually initiatives sure our fundamentals around encouraging and have not questioning they're the these we will into all work that we're health initiatives, providing but service, thinking of every of a just the changes service. sure the team that have that the making the

Ned D. Segal

thing. one I'd Lloyd, just add Hey,

to in it, opening you this remarks, it in and his the X% at quarter does look and Jack went how that see the audience. and year-over-year those saw access we of Twitter that behavior actually often That spammy where unpack health we a we did along a really work is can access the from while double balance continued DAU suspicious through browser, with the phones to decline just with you real grow that we'll addition how sometimes work get is health over people Jack to they impact heart who our audience growth use where mobile just grow might we'll If as which resourcing health ways where can instead. have, things make decisions how digits DAU that start. prioritize platform, a through shows in work the that other growing the which

Lloyd Walmsley

Okay. Thank you.

Krista Bessinger

Thank question, please? you. And next

Operator

Our Richard Greenfield with next BTIG. from question comes

is open. line Your

Richard Greenfield

a Hi, the to got I you obviously morning. talked relevant and thanks couple see Jack, page, opens I the When on it now, about, on as I But taking in Twitter product search and into given Trump T dedicated box you up click advertising. but going for get an Tribeca, simply this related advertising. both what's type to the when on of these, event I don't either question.

kind to revenue, really You're forms the I as for I response, on Wondering, is whole whole that there not create response direct of you obviously then how you to kind you've advertising big companies that. advertising category to into, another at sponsored huge or in And about are about a search you're search? revenue prior like to that seems which when opportunities level, revenue How calls of light enter certainly a – a new of you know but link it you're is largest of huge Facebook? talked think seems side it a that in Google. DR capital but like do related gets of, pool kind that like better, selling where like And piece to think opportunities is sponsored of think tapping advertising tied opportunity of advertising, about company kind direct as growth the machine process. does And the the don't learning opportunity. a and AI a

Jack Dorsey

the We've timeline Yeah, efforts Thanks, part focused the our potential been onboarding. search of notifications a be also to service frank, within lot much of search. relevance a and It's do as Rich. we of I demands. love. opportunity around We the as on lot say will on focusing and I haven't potential that see a and

perspective think lot an could from and a well. standpoint advertiser from experience be as it I certainly an whole both better,

more first you to can do. expect they going for search that really current it's on-boarding do a where think on we're and to this folks area one lot they So after the end a at want forward. to to big are a sure people critical And us that something there. believe want then get one is important lot search. going is returning. of retaining how service. newer And focus But major those start excited looking making that's for of also that there's people we we we're attention on really just pay we're to we in because should And when get to that obviously a strengthening experience, service. end really to sure And points. part improve we We we ways the But make that up

an it's sure us those But time, a strengthen their well. in big are majority the focus on to focus easy. they Search So focus great it's at on-boarding in ongoing is for our will the the ways looking people as right been for a making experience, And sure us of spending now. future. really come then mindset making be where has to

Ned D. Segal

VR. around was question second Your

website even well, the and interesting and people At first, video buying a there We we're card them the continue seeing today But a certain as opportunity see with trend video big formats the to objectives. different that we now, see like Rich. extent in app with card. is the business to

to they other advertising for a because think because teams or a through click beginning to their website. to are people this versus like people there with people a direct video. to between also an want in formats see performance Some them app the them advertising brand or they buy that we about When they want where and Others buy brand partners, largest converge watch objectives. are blending to talk to response one our

And response time, will bring closer this to partners so direct advertising help we and we hope can that formats around over be together brand like our and to continue response. do direct more to able

Richard Greenfield

just I dollars what Twitter DR Ned, to terms extrapolate, flow before? we're ad you're available into you're that starting saying, to if performance, of that of is to basically the thread been the what are kind that actually terms of of So some see tapping in hadn't starting in quarterly buckets and that

Ned D. Segal

we think blending, one helping buckets broader set us. better whole may make to And number one. driving formats for strong case about we've make as a to available way it two, piece a ROI relevance, got The bucket dollars opposed on the which of the Twitter we're more compelling the are any for which of be Number is, it.

than be headline. way I nuanced described it, with but disagree might it more might you the not the So,

Richard Greenfield

Thank you.

Krista Bessinger

And business? (XX:XX). can color you. account on asks next from you question, us Twitter. of some he the give Twitter the Jose thank the Great, Kori take comes data we'll It And from

Ned D. Segal

for question, Jose. the Thanks

on shows strategy up to around the data continue feel We That and P&L. execution and in really business. the data good other our line our about the

allows and with us this to in opportunity premium and data with work about we and access it. to the product as quarter. to To new them. well see out quarters might our was still data we real relationships the our APIs. business customers see growth been which in lots and businesses have has come last licensing them. we've to it partners licensing great We is, continue It to people success of deeper XX% we've other. there couple to businesses. APIs existing learn We've million both with test $XXX data that create thing And working up continue with there, of partners for MoPub over around and commercial our business in year-over-year opportunity around to also fewer seen strong Remember our understand to as front hard but a allows at of data the give where be better The

business. the be excited data to So we continue about

Krista Bessinger

operator? please, Great, thank you. And next question,

Operator

with Terry Heath from Sachs. comes question Goldman next Our

open. is line Your

Heath Terry

Great. bit to talked about that paying us perspective. you from technical much. you this Thank a get what to come you of you could I was period enabling off Jack, debt give a do and a were earlier having wondering very through you a sense, where product year was to if now and

are of impact guys the these a where you As quantify run taken weren't information safety information quality we of to end away the would or we obviously is to just, the, up and come innovate single-digit trust way sort product to you that there how what quarter on DAU rate ability think know a of, of dealing have safety efforts engagement from user at are or that or a And lot talked these issues? itself? there about quality that of has work? much qualitatively the of last I numbers quality over with sort think the the if sort Ned, sort and a mid of growth, on even that look MAU issues having to normalized impact. like is getting the year, just in of realizing like-for-like information trust terms about way core kind then, or a or for do product And your Is

Jack Dorsey

the other. all things and is we think includes of misinformation with again – things do our for framework right trust to health lead will gaming don't a including initiatives vector realize have for as about not see that a the and and Twitter we thing health over only Well, our but short-term safety, initiatives that at the for company platform. these that ultimately growth ultimately this cohesive so how But but believe is odds each We the believe number to they do us implications. We of We ultimately over of will the do also we long-term. that see health a long-term. growth

product down our that, around work a we're learn of to learn not we our consistent faster. back lot getting around more what works much shipping Twitter where an having hundreds state service, effect to what experiments an still are and we on on faster, that's to fast innovate development closer Ultimately do, see a able doesn't we have we but to development agility to And with to sense we and that to and to really our slowed really working organization and ship about to make lot we our do We're can have So we experiments we're to platform really, But do and had tech lot with need do invent. innovate working of what's work. ability debt conversation event to healthier. our what's ultimately the really much and closer speed, some to and organization, the everything through launch a of of that a getting can has more definitely we're want we're have a build that. that having get in a and

helps more much at whole believe other, service to parallels, so lot forcing we they another. We more effectively. So these lot will with a power, and and whole necessarily front a them deeper to the the people, a people make can questions more we improving improve of accessible more which tension think service around we get the on see ultimately use it's as currently see the but the ask in one one don't service, lot us that the service

Ned D. Segal

started boiled other be second up of go you that to the about the you you. growth couple was if might if quantify down DAU way those that usage, to year-over-year around would be the Heath, question. of the best it things all bit the let on web-only your double-digit going users me I comments little thought to that Twitter a But get Jack year-over-year, across which think I'm as with for go impact. into just headline from through to part access continuing detail. platforms a But opposed

which the fourth So into we to drag quarter. going health gyro, that because talked back decline on be both to the the the continue about in July, expect three and call we the was MAU SMS, GDPR, of things

two other product those decline a quarter It's we had to issues as changes more notifications well reduced in As two our things we that that that automated bug than that caused number usage the came up, impacted expected. since addressed. the of that were we MAU a and which sent that

then if would So that things, a bit. you're And you quantify asked to hopefully trying about help engagement. little

with to what be engagement the we as continue on pleased platform see an geographies We and perspective from we cohorts. look across

Krista Bessinger

you. thank Great,

question, Next please?

Operator

comes from with question RW next Colin Our Baird. Sebastian

open. line Your is

Colin Alan Sebastian

of example, you're of that's Thank Congrats on the just Ads if changes on the you're and about at timeline? notable from qualitatively much seeing thanks. the if influence In-Stream the of you in for seeing focus engagement, the on user, usage, quarter. to with the terms talk video, beyond could in Video a Maybe video per video that, time top putting Great, live of how spent please something the frequency depth live growth related and of you. and question

Ned D. Segal

Hey, about. we've Colin, broadly, that we internally bunch metrics what that's continue an think we not a about look at talked from we something about we good feel When see different of perspective. engagement and engagement to

at much time described, haven't explore. means done advertising grow But it the really platform there's against for And that the In-Stream means where that. Card, new great to one it's opportunity Video so all as on and App of delivering given formats on content opportunity the of In-Stream. to ad means about advertising such a And Jack Card, any side us, is live much but it of great there's against search areas Website we many continue as Video In-Stream other the content. asked the that You lots better where surface

Colin Alan Sebastian

Thank you.

Krista Bessinger

Great, you. thank

Next question, please?

Operator

next Our RBC. from Mahaney comes question Mark with

is open. line Your

Mark Mahaney

be the continues reason about seen where efforts health please. want platform there on taken. to that of you. single-digit MAU to or greater growth guidance effort by bad to a there actually you that when a the the terminates? is some you've shed specific you by MAUs some elections? MAU, Have the are talk throughout to that it in Is you And know less? reason the gave terms manipulate actors to for it down field platform I the questions, activity the up Thanks, be? greater I the the impact of mid you're measures actors that constant a relatively of December possible them MAU to going outlook, and just at efforts about the of the upcoming health as the efforts, on far seen platform if external think couple have about think to – actually influence quarter, is you then the But greater you efforts XXXX? leading to getting you that health health millions Or talked know very I.e., when Thank company? could

Jack Dorsey

be and the can And information what past we're seeing we thing on you for government around on what around we is do important said great the of with us really our week reference. past and we've around number a pretty think governments U.S. the platform in upcoming Mark, the currently most particularly transparent detail seen a we in the we're I we released partnership accounts in elections foreign that the about U.S. just saw to with what seeing. think midterm, world, continue around actors that ago. service. transparent with the be what we're the And seeing and to also we to Certainly

we learn do greater to meaningful elections of team into since We And taken around certainly way And really that And of haven't upcoming the then, with globally. addressing up in activity really the we're to an we concern any one how build seen address addressing is constantly to the proud ongoing need it and the looking, as on more that we're this problems been strengthen we're make but but of constantly and to course, they solutions. sure from more world. the the might also what has variety U.S. or the come agile solutions, we a work.

Ned D. Segal

second part was MAU and health. impact from the your question of Mark, around the potential

couple go things. through a just me Let

hadn't you given around we in MAU able and last do so again platform a important done and quarter. were few prospectively the see we And we've flexibility about the a we GDPR, the it same for we three for if us reasons. be think to when we just back, things down that have First, right things step for front about really to might make take of math us health, decisions until do talked long-term. the highlighted to around health SMS, It's would

Sometimes the impact metrics. accounts from our we will remove that platform don't disclosed

platform. need it long-term, there we the to caught that an a the vast metrics about metrics metrics, of at see them QX, improve flexibility opportunity the not. were affect sign-up. and for read tens it being of when where Other millions removed. articles the affects do of But platform, times will things have because they affect about accounts right inactive didn't to user in were You've accounts those the lot of or the the the just health whether disclosed And we'll we to the majority

than the to rather, we improvements years allow the in prediction And continue continuing see that MAU things last look continue see that us DAU we front in of time. think we've make we so lots we to to we of At the and product still we grow that continue we or ought of look usage when think about XXXX. funnel, health to half continuing the around couple daily to to a at that opportunity at of us opportunity over the the time, still to wouldn't be see top made grow of at MAU, service, I to well want to improve when DAU, less Twitter. MAU of And the and same over those the

Mark Mahaney

Ned. Thanks, Jack. Thanks, Okay.

Jack Dorsey

Thank you.

Krista Bessinger

I we have just Chelsea, And one you. Thank please. for think time question, last

Operator

last Eric from comes Sheridan Okay. And with our question UBS.

open. is line Your

Eric J. Sheridan

the QX to platform not as you're we we bit improvements, starting rate per delevers the driving broadly little trying key I about how advertisers demand in improvements how look wanted forward the on understand guys. are ad XXXX some going on but those the much to Thanks price just to front? should on the think tease across to might only pricing out platform, see click-through a much. of in price metrics Maybe Thanks, so granularity on out by of one of driven pricing.

Ned D. Segal

Thanks, when or think things couple of monetization we pricing. about Eric. A

advertisers. ROI strong The first delivering on focused is, a remember, for we're

lot advertiser you and events mix things success a the seen more continue to one as ads too around might a drive World much they our And so platform actually that quarters, I and auction. on the have basis, were shift are they in remind to continue better metrics you a sheet, basis, Cup a we've to when in they vary advertisers objectives or of from this seen ROI, around up a into XX% certain such the the of engagements can year-over-year a up But Click-through the bunch get as can product the declined these of campaigns happens or auction. for might XX%. quarter just I'll pricing XX%. going is ad they of that ad invest And driven and On engagements, happen video or ad are another look engagements X%. CPE in relevance. the get a be wouldn't platform was down it On drive everybody. so that they at read what rates great an output and our running. good CPE mix Similar that to quarter-over-quarter be such to ad we by past are was because way the of happening to shift better. good much

period one to continue will around those from So to move another.

we'll a to delivering for to growth. As advertisers, long deliver continue and as strong pleased we're outcome able be with ROI the we're

Krista Bessinger

you. Thank Great.

Jack Dorsey

sorry. for remarks. question-and-answer now Go session. like back management ahead, to closing concludes the call That to I'm today's I'd turn

Jack Dorsey

you. Thank

reflect XX% growth value innovative proposition We're year-over-year success demonstrating with and strong in geographies. across QX advertisers, expected than for ad advertisers better of continued and products most ROI. revenue growth driving Our better through results Twitter's and formats, relevance improvement unique our

in long progress the and the on our in accounts quarter. updates suspicious to daily We also of health, you for call we grow We're hold detecting to job conversation. quarter. of term making X the your additional the forward Twitter third meaningful a while support open. and all people doing This number results public show we'll removing participate sharing Twitter. growing quarter's strong spammy continuing can on prioritize We'll look better while health of DAU QX before on see you X% our and next February Thank on progress who

Operator

Ladies This participating the program. today's gentlemen, thanks for in and program. concludes

a disconnect. everyone. Have You may good day, all

Twitter (TWTR) 25 Oct 182018 Q3 Earnings call transcript