Twitter (TWTR) 23 Apr 192019 Q1 Earnings call transcript

Company Profile

Participants

Krista Bessinger	Vice President of Investor Relations
Jack Dorsey	Chief Executive Officer
Ned Segal	Chief Financial Officer
Heath Terry	Goldman Sachs
Justin Post	Merrill Lynch
Douglas Anmuth	JPMorgan
Richard Greenfield	BTIG
Ross Sandler	Barclays
Lloyd Walmsley	Deutsche Bank
Colin Sebastian	Baird
Anthony DiClemente	Evercore
Brent Thill	Jefferies

Call transcript

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Operator

Good day ladies and gentlemen and welcome to the Twitter First Quarter 2019 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

for QX thanks conference and everyone joining earnings our call. Hi

us Jack and have today. Ned We with

and Before opening they shareholder has the wanted SEC had our we Investor start, a I detail, website a about call. remarks format of Relations into keep your then read and will We lot for an the chance hour dive of published hope with to right letter a and letter brief ago our to on our the remind everyone everyone Because it. questions.

asked We take Twitter. also will questions on

So strategies. #TWTR. the make and please call our tweet forward-looking us during will QX and at for full-year @TwitterIR XXXX like using we things outlook Also, the and statements. our are Those plans this operational

from an indication future results by should differ contemplated you and actual our of as consider statements could our results not materially those performance. reported forward-looking Our

in We XX-Q duty the differ. especially of unless are as look statements and us forward-looking take SEC, Please filings today we at on update to available call, a a will our to with section based risk information making factors by for results the for law. our could discuss that cause discussion non-GAAP these Also XXXX and during the our financial disclaim measures. fiscal them to XX-K any year of required factor this certain our we of later

financial our in with on audio our and intended a shareholder Twitter few this measures finally, from would website our We Jack. have and to to that, its results. webcast it for our like reconciled I an substitute being are And the in turn replay entirety those a over GAAP in will is to call GAAP These comparable be non-GAAP Relations directly letter. hours. most be measures available not website to And on Investor

Jack Dorsey

take a meaningful. us highlights quarter start for share just the few Thanks to some everyone. joining we really good minutes QX from for to found had year, We XXXX a and want morning, our the Good call. that

number health. as First Company foremost, priority continues our a and one to be

been of around abuse have focusing terms our and that the service. we So this detection quarter service, proactive any harassment violates of on content on is

of are are for every victims from bunch making more abuse process service. on this harassment much the and are a step all abuse take tweets week our taking of we now Of learning the we What we applying that a as our efficient. but else. down detected XX% working a to times new this recognize shared all happens that but focusing information and a have physical process. above We That learning is we of reporting that introduced deep ramifications, report on that someone's have learning reporting easy process. on more safety the we we has and everything platform, lot making To machine online and protect that system, on the And zero the and was been lot away now that them by easier have offline why our just work on removed sure are getting means everything a is private ago. new information more practically with this X.X a This agents private is more our been huge we burden effective percent it year of is machine of much content, models.

progress. make learning applying health to to and and facing, technology, to machine deep are specifically to that challenges steady going we are continue to continue learning We expect the we

A recap top much and organizing should commentary each more Each that to sources. shows an the events. we have making everything in the around better that On with sure events experience events, of event sporting you started a extend might products focus come fluid and the longer the We event. are about on everything interest continue live is we from conversation credible intend the a have and going the to event easy term to conversation late event topics be should as it an believe latest We on within missed into if interest we or follow person. this and to as it way. you into follow also and

well. also making But people been we We what is have the world. happening conversational. about Twitter focusing our a just what why more are lot talking reason showing is differentiator believe within is on as The people not

try why it I prototype test any is best very we quickly. and more conversational. twttr, think t what to see allows call fast a the small of places bunch Twitter to half allows created We and sentiment. a with basis including want of ago base what us And all on a very we to issue people feel month that to think released testers lot a of app an to Twitter and issue, experiments a the move is it on that about ideas to conversational we weekly people update make little That one iOS. about this a a some us experiments to

a multiple push conversation. to to to participate to find one and one to they more a enable instead a of suite gist conversation the people the has enabling We efforts tweets a is been entire way see the first in readability surface organize entire them. quickly conversation on better The much lot in when tapping of our conversation within get a much people of through that to the on focus relevant

to everyone. to Ned to remarks. production continue candidates then I'm to build some with that any going and going resonate this for of will over his audience now are with it our into We to hand experiment for look

Ned Segal

revenue year Jack. on up a a strength with or revenue currency add with is year-over-year QX where States, the growth XX% XX% strong particular XX% to was Thanks year-over-year. starts the constant United basis, in

Q&A, into just wanted get a highlight of points. we to couple Before I

contributed. is first factors GAAP than expected reported we a The that QX, in income number better significantly operating

obviously is one. outperformance Our revenue

start had some QX work, we payments and in future was benefits expect that to we there happen not reversing a do was tax reserve one-time there including in make. It to for did in addition, which address not that included In guiding was periods planning. we occur, will hope some operating Company tried income we in our many our retrospect, ultimately to GAAP have as we We first a conservative our guidance. scenario to time too cases and also in that to QX, in QX

GAAP XX%. strategy of growth increase combination in ability Second, are talent pace and the with key we to execution XXXX and the XX% the our to year recruit year's as as XX% about growth and relative mentioned and revenue, we approximately expect to pleased sales year-over-year, and which is product our platform. talking a priorities QX, our headcount have us been quarter, expenses invest time operating to Health, to hiring and up our support drive our on audience, we to last to of conviction retain the for for allowing some is and And in we top drive we continue last conversation to increased basis, year-over-year now:

would we your GAAP course some, we expenses expect, over of and the starts to believe questions. with the forward we As will are year Operator. answering the to our look ramp you pleased year. In

Operator

Our question comes from Thank first from Sachs. you. Instructions] Goldman Terry [Operator Heath

open. is line Your

Heath Terry

of Ned, to quarter the was can come double-digits. of But in of terms understanding that provide about anything are monetization the markets? that way know got? to of is that us of So we Is the saw either seen is call of through wondering a the Just the to there, so versus just of U.S. extent of sort platform that the the at the numbers in trust where most I is down. competitive the of underlying a we that you to the another and look the looks the there we think in what growth gross off MAU mDAU people give in to growth you audience a health a people way driving new some sort the Twitter. considered because initiatives if the do is that the particular outsized sort out Jack, of quarter, And growth in us flat incremental advertising number have the This you there like? joining that have of to that in this adds of what probably you rest bit could performance anything platform think safety versus of and platform you obviously, better financials world? then would underlying

Ned Segal

we a in product Great, will at thanks actually the to a works of doing will drive utility. the stab are first Heath. daily I Twitter usages as Jack take that on and part some of chime

it usage active Remember last daily best going Twitter against has people things the we will people is like experiences are you that drive usage. not way how utility that driving we which trying quarter active ads, we MAU who about measure receive of this and are monthly the Remember, that. be a disclosing be to that apps. we as we the monetizable things to via over are and see to where going the website daily internally, talked growth usages the message, So don't to control, time is Twitter trying can't is experiences where that we aggregator receive via - text services, and

we best XX% organic So about, that this that stronger you benefited quarter be typical need along to we QX, timeline marketing improvements to product growth that DAU in and see may that well as that to stuff with growth measure to the way from to this product all is ongoing drivers other number be where and million and we relevance talking that are the improve as we going incremental notifications both tends the in that were quarter. did, XXX

mDAU. messages be have quickly to then about we Jack. look to turn feel touch financials will We best advertisers like talking to are the really it that resonating. the will place So been on that I

with show new and them. ongoing Twitter We with Twitter [how connecting some differentiated and together provide we ROIs are what the the is conversations world about how we ad understand to is launching improved improved and people better to advertisers at They to We get and when are cause works] happening copy come on improving from feedback in that and lower an Twitter. it's talking for factors it engagements it's perspective that really ad our per relevance, largest on advertiser the hear [ph] CES to strong about them. increasing what how in And talked formats, engagements for, products Twitter. are cost Whether get services or working. all on able them that from offering them, how

it turn incremental over are people Twitter. talk some that are me to Let to we of things doing about the product to driving Jack those

Jack Dorsey

Yes.

to for us. vector believe do of broader speak from to point a that growth growth view, long-term is we Just a health

participate in we a that want that place Over the they day. people single contribute, to believe can do long-term and every find more do will ensure they and that can more work

So growth. health believe number one lead to will is a we priority, this ultimately

notifications. want We people that goal the a work around from a that starting faster, ton the to the the we in so make timeline it you see related that have make to they is as for and conversational. also accounts within lot is in in quickly interest in account. to participate interests, We that follow ultimately are very us. a interested refinements a making for enables continue moments, come can more location, interest Twitter change follow URLs, follow app, on-boarding around goes home any people an work, put all Removing those our it to because to make the to into growth niche And off to more specifically accounts, they around Twitter, And better to This steady to believe conversation to are would the that follow it making to interest about. very, provides the interest. today The currently help interests you Twitter easy us do We you to particular find the we The that events, care for more the to them, of as relevance, believe that it topic, people throughout they building product biggest relevant be something a interest we are way much these that is whether be priority to them, an experience. faster event is going of the and an something topics. and impact tweets, find follow related anything interests. that which very there goal

thinking So about it, Twitter saying believe happening, the those they are that about people daily just for people, where we are people most it. the initiatives what and value as are but are what create will what not seeing is

Heath Terry

Okay. Thank you both.

Krista Bessinger

you. Thank

Next question please.

Operator

Your next Post question will come from Merrill from Lynch. Justin

open. is line Your

Justin Post

A Great. couple questions. of

switching that a I platforms. other So DAUs, audience is to perception smaller think first, than your is there obviously from MAUs

you with with you you. those feedback second we how perception. platform? Thank direct of then Just just response your do that Does about DAUs? when And getting? advertisers, with more the wondering that issues to the feel on feel the And update maybe how an create any see advertisers? are about question, And you your ad loads could what is initiatives on

Jack Dorsey

changed to seems nothing’s from the the year, number might that a even the ad transparency come experience number continuous will today, we ad first. specific feel constrained Advertisers about internally. crack Thanks opposed come come work most in on people specific to they When be like as also towards the do we They come buying. we are mind. relevance are that most constrained feel to demand us that can how connect we conform asked Justin. objectives to internally Twitter, a the and supply They that appreciate are they on with they improve that that go ad perspective we people the copy drive those the is as I their to in platform, take helping audience with they a do launch surface achieve an load, make we and they for that feel happening. objective times what They have things, make have a what valuable formats better advertiser, number exactly providing most different use more twitter that advertisers continue receptive. to a than at you to the that But to of it part we the across geographies. service towards to important different other audience improve with areas, to it we to to number ads And their the because there see new. know look when and the people know who isn't formats, but look are reach something campaign we of like you different of sure service. is are as

think do can you as about DR there product, know, we and better successful mobile but better direct Lastly response application we do asked a have you promotion we that we can feel time. we across over

the year products. is of for our this one the improve application to so team biggest And revenue endeavors continuing mobile two product promotion

And target direct them thunder, time. improvements that is Twitter a reveal is where do or somewhere So car country that know at We ourselves drive a an when is a going a launch response. service to new we audience. create Twitter more better a or or from to there over path can do will as us know to we for phone to relevance the be right a will not see a we to they can that and app that want as new app just and rolling to our launch it place opposed TV or would in something But help ongoing world, show. somebody advertisers more company look big launching we to know this for We to to where do that work you we a more happens game once. the believe help them in a is all better as this them for that we movie come a

Justin Post

you. thank Okay,

Krista Bessinger

please. question next Thanks,

Operator

Anmuth Douglas The next question comes JPMorgan. from is

Your open. line is

Douglas Anmuth

questions. feedback prototype some Jack, the more early give app. for can on hope Ned. One the Jack, taking for I Thanks us for one you

about half kind drivers Thanks. comp figure at about looking timing also XX% and XX to little just improvements XX%, else like trying you And revenue Ned, of slowed more growth out for bit Japan the there? a what the sounded between early advertising and the be at are what - more first additional a GAAP just international talk the some you are tougher to think about pointing So you is there could broader neutral, anything if could rollout? of FX from talk recovery to the then you of U.S. can of

Jack Dorsey

prototype. Yes, early the feedback I’ll start on with talking about some just

We days, weekly, to We just update every have live have week two in faster, move XX been for XX the or those days. one we much to refine having intend updates, experience.

get have I tweet think made whole we through to the to multiple you taps the go biggest that today change replies, see through was you when a you conversation. and into go

more one much So the of Twitter this. this the the love simplest They And production on putting people was thing experience app. over we did all replies love surface.

lot So the conversation who the where to is participating. We headed, within interface of people you the a call that well. out provide authors follow context the context. as The is interface more shows and threads and added

seeing is controversial we engagements. most to readability people to on network. get conversation to want generally, access a one much on well, positive that People the first the So prototypes did great did entire readability focus tweets, net we it our decided text for of are that had more The really that into for which and as we the mixed faster. is and produces some was In of functionality which the much easier reviews.

takes that a So recent our we and way new touchscreens. most prototype back advantage brought that in in of unique

the And with crowded bit playing get that too the so the some replies density. felt on much can little screen a

app, main then into decisions app. quickly, production really those most it prefer very generally, us So very way people of the within learn quickly. building great at to for prototype been the experience a that a Twitter And And informed make testing high production. about level, this experiment is the over have better

are in put should work but have are heading we feel confident we when direction, some do before right production. we still to that we showing we So the

Ned Segal

about States. Hey, the the we think A XX% that which most Doug, is the the really first, it versus came year the early the reported second on things few the And that more is started out it work, international, of of in second began I to to the currency two out of question United And and last way States U.S. it point prevalent quarters where point half recovery outside was was International. numbers basis that constant the I the year like year. there XX. a first United really the the

platform just So from are I in the States amalgamation mention year half did an in things, excuse and and the about U.S. sure United particular don't yourself side, revenue doing half just deliver deliver if on that responsibility reality; first it. we of geography, trying whatever period. a continue knot thinking it overanalyze to we are work the at we are the in formats despite map. what in did year. up are them an the even look year. trying to the the being I you then to strong a of great we comps ad the the or the the might that the results, geography that the think prior are to a given through one of results period examples think greater When we that can make campaigns, also But to you on great outside the the we just the doing objectives, end could are we we in that in work of doing a worth second twist to as ad to things And it’s job product These improve the regardless prior our repeat to work these in read and try period, as events, themselves given most ad just which is resonate another. a not in about campaign

Douglas Anmuth

Thank you both.

Krista Bessinger

Thanks, next question please.

Operator

comes next from from question Rich BTIG. Your Greenfield

Your line is open.

Richard Greenfield

question. Hi, I the thanks a for couple. taking got

seeing Wondering advertising. have the photo are multimedia when video that it's Twitter. for the what seen takeaways, think any swipe, before follow-up camera, rolled type are using First Have you time about wanted is a for was it? functionality two, in you overall of you if I et learnings simply flowing or the where using either give it Ned people you of into you new and then And you engagement that cumbersome about on had early, camera you Kind a know pretty notable cetera? in the tweets? could to performance comment out are increasing increase key spent

called Could still the letter. performance You video advertising or think today. Obviously, in shareholder X% Facebook I what that. brands performance huge advertising us the actually the like a just they give cards you of examples major companies Thanks. over with maybe big is with platform? out for have Wondering been sub that last today? sub on several Twitter we sizing for it's success XX% And like used performance you to advertising doing years. how a few this advertising your ad should how then is and are attached that about mean, performance

Jack Dorsey

Yes.

So thanks, Rich.

capturing this lot news video was way we easier to a quite to want some the haven't sure a from was camera, it periscope we people make for pave access around generally. updated picture made much also our go recently instantly to moves live overdue and topic. refined the around towards really camera the we because and that video in wanted or paying some attention corrections, time to more On to of we was that enabling we the But to in of integrating it conversation

it. So we around to highlighted locations broader within linking and hash conversations it tags and

see integrate that time too we right build so to still impact we us and it's the early been. into refinement But gives can the better foundation of was has the it So the all what conversation. media types the felt at to

Ned Segal

we last It's innovative broadly. over Twitter in of performance formats has the of and the couple a of brand pointing worth blending ways Because second that about out that some was with. really been just there years. Your advertising ad question performance come have on out

in click comes sharing promote video card an brand a buys advertiser a focused, a mobile to in success today. Twitter largely numbers that But historically continue to application So if whole we app you be but are it with we performance and video the and to where can surface. when the download to they through ad brand was it it the performance was on. later a video, that whole the a purchase - lead a ad successful a app. want, you Was don't watch If or you

even through was click ad, objective watch or ad, you the very performance that ad ad. a just for was though unsuccessful you If to brand the that an was successful that

we that sure information look to next was to more running see Star may you you of seeing some you is number run their and one. performance I application Trek also will campaign where is two, that on me promotions that that Star do see more are download blending response opportunity as get be us we but may notify notified point product go the they is the will think from an their are opposed and more now, they see is to they for in campaign about going launches, would you Wars Number something with direct mobile Disney things having manufacturers So a you it The app. also blending first, the a make devices, phone that have a out me for largest right I but where their service us and run are about get a brand It’s overtime. excited services who overtime to about the of ad out hopefully it. the when where click a available to today play information more go through examples that and to world like along I

play blending brand So opportunity there definitely around you first see that performance overtime, is the and advertising. around us more for between out it and will

Richard Greenfield

you. Thank helpful. Very

Krista Bessinger

you. thank Great,

Next question, please.

Operator

from Ross The Barclays. from next question comes Sandler

open. is line Your

Ross Sandler

Hey, guys, two quick ones. just

So you on since than you DAUs metric this broke quarter out. added the DAU, more this you have ever

color we, have seasonality the So just and the you is of you product Are marketing better then be tax with color the Jack mentioned DAU used Thank in and you impacted made. operating But Any where the expect know on is any XQ? in from the helpful. you. strength to letter Ned MAUs? one-time impacted additional coming have some will provide that XQ can and the color as that mentioned additional just any additional improvements on And the else changes thing on to strength you I anything quarter? items the income on you

Jack Dorsey

Ross. Thanks,

people we of DAU, had DAU in in internationally. uplift people the It States, alike. on service see X% breath the was, typically apps new QX and a did using So the enjoy devices growth And we growth do downloading have came new from. terms we seasonal where with in in we XX% United

us absolute it's other our the people year. you period they all is numbers than It ago items. of well you at couple times and outset. was things in a disclosed number come look absolute Then of And will and and each a that seasonality more did years they If just the back in onetime more. for is you helping over of that of at We frequently that about back I the reserve easily make think mentioned so those combination asked of things not to that And later up is in payments going the tax people a that to been now has DAU end sure are is or make case, that that from there up this XXXX that to we that into those as as often the starting QX looking work already that just seasonal some events hopefully we is see often having uplift greater would that drive XXXX, there you service ended started. Twitter topics the for see that find in and QX, the start of some periods, as its typical from the and year, there of is work make. quickly to

period income so another. operating I the too conservative expenses the were to think we of scenario all shifted probably GAAP from in in were And the planning, that outcomes doing Then were our range. we for one we as solving

of you much focus And any just I one the a on each of it's those wouldn't or too so things. combination other.

Krista Bessinger

Okay, thank you.

please operator. question, Next

Operator

Lloyd from from comes Deutsche question Your Walmsley Bank. next

Your line is open.

Lloyd Walmsley

Two. Thanks.

progress First been a wondering that a harder can it priority new us safety on-boarding, around how of sounds lot that an and But it on your trends a if high you I kind like at user of much process. flow has on we update of kind the two actors in the an it's of of give for of kind priority like just, the comp. with blocking is guess secondly, it six Cup look seeing are despite XQ acceleration of end in cohorts? guidance about point faces, you the then, points, ex-World user And just looks for engagement

kind strong XQ. I the less top-line, to is XQ any are outlook operating income change I you over how sales and performance like there of this to a that us for and on in But of go-to-market the sense guess, line strength? has the you for kind it how on sounds guiding give really Any, really guess, change conservatism sales difficult line. the year approach related changed comps? So that in Can then, last driving,

Jack Dorsey

on-boarding. will Yes, Lloyd, so start with I

major experience We quite for shifts haven't time. our some had any on-boarding in

those in topics And website. that start looking us a And changed compelling iterate experience very of so that been year, continue when the experience that that on tell their looks But the or forward right in But tweet that not of at on pretty have graphs speed first and build some have we events very, can that they and experimenting as recently, deeply, are interests coming on-boarding whatnot. to in we downloading seeing ultimately are interests app people focused We interest something top very the that it’s following first number are that and really get interest are on. two that. experience, are like topics is doing people tweets participating them that following and of we with means to immediately the what such accounts, people ideally is a column just It's events faster. can that they to are they that way and years success and a new internally we conversation. in much and entirely on

to just be look two about actually think to not the to the month. We is and are guiding is our the not years first we one that make that So building just usage day, to what beginning, valuable to usage is out that very to first how us. But - want on-boarding individual. sure healthy we cohesive,

Ned Segal

go-to-market revenue second broadly. Lloyd around was Your question and

is changed guidance trying capture a just the XX revenue a we time are which to weeks is hasn't all, earnings the likely our few believe the we at week call, which So what most quarter. are into philosophy outcomes at of

the going got have play to outcomes left work the of we to over and of best the deliver we lots to can So we course period. are hard game

Twitter. it's revenue time. in around how the means around our valuable we it do have we which you changed. and has are service start to the about most them, they we launching question have want got you some think second to connect or go-to-market place to just we audience are We product with don't and with had changed, for on that is strategy on The think want or when happening, continue if you talked a most receptive execute what new that was we When

It that feel talking a time of have that fit does we all resonating campaigns advertisers. those needs objectives it's really about and with around the like And the for are part for advertisers. We been world. meaningful some

continue and selling sure invest to advertisers products the to to the well are that are they positioned make that who connecting people working in in we on advertisers. as tools are best help with We the as

playing an our out. it's ongoing part strategy and how to are So this is pleased we of see

Krista Bessinger

next to [Dan follow our help content? specific people platform, the don't Twitter going And the are particularly [ph]. Twitter he its are comes content is we that Semoa] account to that from how It take if users and question of delivering users live live discover asks, Great, going on from Twitter.

Jack Dorsey

Thanks question for the Dan.

So one following that. there at interests is following are what based our here, a sure looking few are ways want to and we that we is on make people

particular you live with not may account the is the content, broadcasting be live following So a content. but that associated

sports more your following doing an whether of associated put commentator. those signals, players we and are be So be top account or a right a live Based for particular event on basketball timeline, you at mom, we more it a or that. player, and instance, basketball, the of team, or might can that with

over might there within interested explore be you that We so be of top explore more right explorer on hash tag. events you able the also are go and all to live in when should we what signal to don't utilizing the have of can you see trending terms live are content, at moments

strategy So this to easy eventually what speaks event, our today in, a But see really our interest account. on it is making broader based follow. default people to or an is interested an as follow they to to make will an sure it that to we be follow of are who they topic enabling

will the more So that the that content service. happening longer And questions. is interest Thanks term. we live for is directly to on to able over match be your the much

Ned Segal

Hey just add Dan, one thing more I to would that.

had ISO up is the great can you five TNT when for from on were game set at because and notification hands to night get call time. a watch same morning before. the you NBA the and A trouble you Harden an from Twitter earnings Rockets sleeping the live the If at thing in do notifications in watch or you you camera those your James playoff handle, having

there when are we easier lot As do it's do a you can it. Jack to but it make these find great things, able is to mentioned,

Krista Bessinger

question please. we are Operator, for ready next

Operator

Okay. Baird. question from come Sebastian will The Colin next from

Your line is open.

Colin Sebastian

thanks. Great, couple. have a I

type that will pricing of to else one based I advertisers worth then you. to you changes preferences or to First advertisers? the or else trends think performance or be off, understand perhaps targeting the for out? within there terms prototype calling changes noticing anything as auction on any that app of are related ad the inventory towards you are more the within and conversations bidding something that And format stabilization the Thank clarify. for or you referring I opportunities opportunities Did in specifically

Jack Dorsey

Okay, Colin. thanks,

First on pricing.

The about engagement, report you wouldn't want are up stabilizing, wouldn't that when about too as against another. you are think X%, We towards engagements delivering XX%. ad you see things into cost zero, want think you advertisers see or to it's one moving the we it that. much objectives. down way to read you we don't read that we we and into And per pricing see So

forecast outcomes, are that that objectives bunch whole a happen around or of In most the are year are happening things even time events that advertiser so don't fact, these campaigns on. formats of different things ad resonating we people that around the at around and that the running on

same will places just overtime. prototype through is have fall too that period things and now ads on aspects I'm conversation others do it in from the around the was to of a all goes in conversational way. that Jack see Around app, opportunities and the news where based disorder of app the you When response. direct to sure, an you to find fall the So the that to he will They and another the for those and you move see are describing, all that on see part timeline allowing I easier or just one Twitter be things should easier, easier I to things prototype the not would much read we and them continue in describing. the use,

today. for better And ultimately ads to should that to similar highly just compelling as their opportunities lead show so do experience throughout people and relevant us we to

Colin Sebastian

Thank you.

Krista Bessinger

please. question Next

Operator

question will come Anthony from from next Our DiClemente Evercore.

open. line Your is

Anthony DiClemente

very with Thank like is Ned, good the that the partnerships the James for content the a at ISO-CAM you Maybe one have Harden. that much. about a entree NBA. you question

the the can in that asked content So And every regulation regulation, delivering? of benefits new maybe engagement strategy Twitter, frame content. privacy for partnerships next either And not the ad to terms from the and week. where are here, the content build what Jack, has what How to revenue is of is then out success about on help of the think or are fronts strategy, you benefits forward I your we partnerships? say sure anyone

One and of a is and government extent for January What that regulation the your to Thanks updated social role how compliance the a for is Twitter lot. view taking rules California investors what XXXX? for of regulations in and is the increasingly publicly prepared latest regulated. your to and CCTA peers on with effect active media open more state take is

Ned Segal

start will will I through the and Anthony then Jack go regulatory.

content different broadly. a happening, partnerships partnership ad is So the part content Video on to on owner. of of content a Twitter, people video from way for or licensed share with kind any or whether first organic to we where great be conversation it's a and one what of and dollars the is the have share a us, content

we content and some got announced We signed QX. great in have that

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we where about the and they We looking On through for can already are talking content that to the Twitter are people the service. at getting on looking where conversation. and robust things is conversation off there the add improve and

have opportunity, excited to service, many they the be They conversation are either also conversation or people advertising because aren't are that. a partnerships around reading well. ad typically share of, the are about But of been. incremental then opportunities related engagement these where the something are so us with that people roll, want otherwise just and they we bring the sports dollars But bring world great able show they all richer, part to so they more And the through partners. the both they examples other make that that there as are dollars make to to an we pre might terrific they the are

to Let on me turn regulatory. a Jack it

Jack Dorsey

Yes.

the for we they open regulation, regulation the world completely the help is to positive being is protecting so to role secular of It's we or help and how to in to with our have Their are believe we we terms make educate need sure we industry that conversations just broader educate. general. not playing the trends around any improve used lot world, do believe more is about help field Twitter, what are like that regulators clarity individual, it people are job GDPR around been we leveling within a our our a can the we Regulations a have to also service, technology are the seeing serve. sense that for lot these in makes industry. and that around data in but privacy leaders So and where added of net we important

us that look also to So with the and make we regulation to do that we can and is regulators regulations broader will beneficial our rather smart that the the right we around work questions. way. to are comply way Thanks in crafted and And and world sure the believe continue like industry. for

Anthony DiClemente

Thanks a lot.

Krista Bessinger

Thank please. you. last we Operator, for I think have more one question, just time

Operator

Okay.

today So question from come Brent final from Jefferies. our will Thill

line open. Your is

Brent Thill

kind in on been to to a Japan of as important Thanks. Japan to sense see you events that strength. market of it’s won't second consider seeing from in are you just the and Ned one-off give happen the do continue lapping just any XXXX? And and quarter market Can are an third what you

Ned Segal

last about It's up are market dynamics events are the enjoyed the We our excited of about. second were there. the a the recovery XX% year we its revenues formats, drove It is that against Part and of through is we largest market. XX% really that total we grew places one year-over-year, tougher and execution. our the recovery year. Thanks is it last continues Japan and of Part began things revenue. of and Brent. driving auction we to about that other comps and that market so objectives that be where

compelling them we it's people We are that a grow find work ads. quarter - way and to our the service highly always through bring through to every job world, are hard lapping to relevant and doing all around to to the events show the

them Cup thing. opportunities great XXXX as that us, that people service ads. for is of in bring show didn't we front the in to like events that have We the a occur to XXXX to global us as in are World comps have great of happening course But far and things also

Krista Bessinger

Great, thank you for that with our last question.

Jack Dorsey

us. you for joining Thank all

on to our We to XX% while start off basis, growth of or number XX% one constant revenue a balancing strong XXXX a are priority health. of currency with

market by things We and speaking you those look our about to us the DAU your XX are that July forward great again to next drive $XXX to invest interest We before it’s execution, here. appreciate on open. to allowing also our in million. we We to strategy report grew about earnings from Twitter feel and when our growth XX% and quarter we

We will see you on Twitter.

Operator

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

all day Have may a everyone. good You disconnect.

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