GOOG - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Alphabet Third Quarter 2019 Earnings Call. At this time, all participants’ lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I'd now like to hand the conference over to your speaker today, Ellen West, Head of Investor Relations. ahead. go Please

Ellen West

afternoon, XXXX Good Sundar welcome Alphabet's to and Thank conference everyone, call. quarter earnings Porat. are With third Ruth you. and us Pichai today

Safe Now, cover Harbor. I'll the quickly

actual and make Some the our and that of forward-looking, be statements uncertainties expenditures we and involve cause our of of today such risks level expected and results statements that business, materially. regarding performance may to considered differ capital operations, a could number

discussed in refer filed please to factors Form the information, most more XX-K our risk with For recent SEC. the

Investor will this call, GAAP And abc.xyz/investor. both During today's is public Sundar. financial non-GAAP turn Relations measures. I'll included now, our available is reconciliation we earnings call to website present non-GAAP located and over GAAP release, to which the distributed and at of press the in A to measures through

Sundar Pichai

afternoon. XXst good strong YouTube, another and Google's celebrated revenue Ellen, quarter. driven quarter with and by growth you, QX mobile search, birthday at We Google was Thank this Cloud. great

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in a We our Xth announced new Poland, also cloud in region Europe.

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our throughout is launching truly which soon forward platform, wireless Canada the well Pixel headphones, Buds, U.S., team Stadia, will first be the available in as looking to streaming and gaming Europe. Finally, UK,

reviews product positive the by encouraged so far. are We

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on helping advertisers. to we moving how Now, are

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the scale. fact, From right ads efficient Reach spend multiple X And In the create there, video advertisers’ ad search upload year serve help responsive most advertisers of these campaigns new brands campaign. into combination launched learning to marketers to search more apps, Video We and half single ago using a we ads we to is our of audiences for use than have at to machine queries. allow format, via more each reach ad optimized now machine than uses search bidding. full learning million now auto that a

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making are it just easier that. to do We for businesses

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thousands of expand in I’m students. weeks few announced of training community well-paying we see our fast-growing, colleges It's colleges. certificate pursue Just this to will offer helped support ago, IT IT more already to tens pathway a professional to XXX community people support. glad careers course that

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it Ruth. Now, over I’ll turn to

Ruth Porat

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declined which partially Google was accrued the offset year from line $X.X to and a or give shift. In primarily traffic hardware, to of facilities in was TAC was last advertising rate smartphones. mid-tier carries Xa due primarily to the We increased a two servers. by YouTube. buildings and for favorable expand year-on-year, operating the up billion mix billion continued the mix network TAC-free to Total to growth operating TAC centers, area. investments office to from provide XX.X%. Google a office primarily earnings were and acquisition of quarter of the sense a the portfolio followed price the addition, reflecting buildings our mobile, total up revenues revenues, XX% CapEx purchase release in QX, versus higher percentage in TAC $XX.X to billion, down a by our of due the launch reflects shift revenues in costs of primarily total The rate of our advertising metrics you sites. In benefit and was Total TAC of the sites our of Pixel press XX% businesses. as Seattle billion, product the of $X.X in in Sunnyvale, which acquisition impact from margin monetization the year-over-year, favorable shift reflecting XX% income sites data and year-over-year, volume dynamics revenue facilities included $X advertising ongoing Investments year-over-year. presence the network

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the observations of the few relative of up on again of weeks Wing on to quarter sum headwinds its our year, In XXXX. in Sugar dollar we local test Based Los have U.S. the first will longer XD with mapping addition, operating early to a in Angeles. FX I two begun strength now drone Virginia homes in is we and with term in service ago, retailer fourth three outlook. continued the partnership delivery deliveries. launched quarter FedEx, today expect commercial Wing Magnolia. Virginia and on continents Walgreens, in last fourth quarter the And

affect majority the given both exchange headwinds we're to the of foreign of U.S. With income, in expenses reminder, and with our operating revenues business. are a our respect performance the As revenues, pleased advertising

in variability is rates revenue there reminder, from a quarter-to-quarter. As year-over-year growth

from to for As the very-focused on continued we’ve globally. saw the from on experience analytics to BigQuery. our and in customers Google a remain growth revenues, for term. business users region the the in data and each over often to we we long term substantial Cloud discussed, seeing benefits strength in other addition and Cloud continuing manage advertisers implementing Within long as see are basis, quarterly not compute, growth enhance significant continued

Google week. weeks of X announced new was by last with Our shelf hitting Made two hardware pixel lineup late ago store

introduction the we With the second of in be hardware Pixel quarter, our of Xa business seasonality the to expect somewhat. the moderated

expenses. of elements to Turning Google operating regard profitability. With to our

high, XXXX. with for line third was be on remain the on in growth in growth the in growth XXXX an usually addition headcount new While of quarter in pace to absolute college basis we headcount hires, reflecting do

Our businesses our in particular ongoing talent our across support momentum in investments cloud. in support innovation and

sales expenses, we mentioned tend heavily holiday of to toward see. as year expenses prior the more half Regarding be particularly invest I’ve for long-term are to the Bets, and season. to on elevated continue opportunities we quarter and and these meaningfully the back in typically thoughtfully the marketing Other In the that calls, weighted fourth support

Turning third consistent CapEx. authorization billion to XX% increase and to to $XX capital an capital in by allocation billion, the nearly buyback returns, to repurchase up quarter. quarter levels stock in step last our announcing respect With $X.X were to we with pleased

to heavily in XX% terms office facilities and split of the XX%. about has to couple and between to for of more be infrastructure a sizable the weighted accounted Due data CapEx continued of years, and servers. total office technical infrastructure over as the technical we averaged construction center In purchases reminder, last QX, facilities approximately CapEx, to made XX% of only

machine for At business Search primary and chain. tight continue remain questions. investment, driving and confident our our well optimization we across efficiency of take requirements, the Cloud, through expected about learning for and conclusion, compute investment your demand be we the ongoing to to as In of anticipate will we Sundar will of management forward, as support YouTube. CapEx on supply Looking opportunities ahead. particularly scale remain fleet I now driver very-focused our this

Operator

question And instructions] from first [Operator Eric comes Sheridan UBS. our from

open. Your line is now

Eric Sheridan

Thanks I Maybe can. for if questions. two, taking the

on picture question. Sundar, with a of bit earlier you It Alphabet First, want capitalize what investments prevalent of year. recently. to guess, bigger might Google that ambient this that? computing talk tell about into think big I key a theme, three-part maybe of Google by on some just event picture at positioned layer? maybe nature. capitalize How the of product concept is up in a long-term? I the you to sort sort So, could and Made I/O broader make feels the at show to started like the of How It you it a Google was what shift opportunity the of Can at question, more services

Sundar Pichai

Eric. Thanks,

are evolving of that. excited the computing We ambient by and very vision

date the I computing services that's not it's platforms center under be that computing have in ambient our over of most a around. developer more adapt think, intuitive for I have till other and And foundations to think future. the this computing built. And to the be there. should continuity computing the done is consumer we the with way work time at we and and will to The the all of all users phones platforms successful should sense the investments users, the continue of of

So, are invested in. that's important piece another where already we

which products, that's and wearables your with focused in Nest with family Wear do I OS on, family the is of we so expand Google by what think, products home beyond and we and Made as on. our

works. at whether go that sure and making or it ecosystem, you're work, the so home at supporting on or So,

playing end the think, key and Company, investments will role, Assistant. AI I Our across AI in the up a

better. can and be anticipate center think, them the users of making I they'll we serve at want what sure

Operator

question Doug JP And comes our from Anmuth next Morgan. from

now is line open. Your

Doug Anmuth

network talking just how Sundar, forward? yet you you breakthrough advertising about business understand that’s out can in new help talked neural the about us side going that monetization in the or if kind the biggest play of of Search techniques and the Could years. impacting

Sundar Pichai

of obviously, of engage Anytime Search out name -- better, as our more. technique goes better users queries, rolled now. can anytime And make sense that’s we is maybe answer the we which can and engage quality we’ve using, I’ll search it, BERT, -- in up, serve we're the people and it and

quality. better. a been the in of but long experience search sort it's one working There So, And is of queries. a help we've it terms us it our of capture many this things run breakthroughs already and improve of and which well, queries will of part working bigger helping in on, search helps but nuance context understand help set certain we’re remember, us are human

a that engage people I virtuous And just creates and search improvement, improves as so, cycle which would more. this big characterize by quality which

the course, well. on we'll take the as Of a it the of and learning sometimes techniques. lot there sense side, and times, down makes techniques, And we app machine deploy same line, it

Operator

from And question comes Heather our next from Sachs. Goldman Bellini

Heather Bellini

and you. if versus where some up to how you've maybe Cloud, I just products start date. just year? on the trajectory, changed to give made benefits, of And I'm couple mix comments course GCP the backlog. to uptake of of the offerings talk I to service compute aggressively? the to just start positive more mentioned how follow size the a the of wanted seen if some just could see then, shifts you And like of you this your we through Sundar. the ramp the of strength we last these of that's about you color strength traditional over to about just premium and And Thank margin, level should the wondering as even think on think if BigQuery, a was some wondering, trying start you us

Sundar Pichai

you out And as momentum wins, been periodically. get time. scaling and He’s continued teams. invest definitely Thomas deal it's those focused which Overall, partner to board. has it's many we'll accrues Heather. be across And, I in to come since this In do over has sales important business our the has as for know, possible playing situations lot on up Thanks, in, Obviously, a and operational he ever our well. gave great. business, the visibility some and cloud continue into we to that

if momentum. huge And an it's so so, for sense is, is as natural we has well. a the -- product, definitely last either TAM, ago BigQuery look of get are to percentage I we at aggressively lot seeing are TAM completing us. in years Thomas strength certifications of we the of is my a we compared set two to And such seeing a or we the strength. were number year of product which which as area, our the now, a area to area, eligible, Analytics is feature for it's And shifting expertise due strong to that And be completing some need.

the And time. are forward so, indicators forward-looking several I and sharing at think, look strong more to there right

Operator

And our Mark from Capital comes Mahaney Markets. from RBC next question

Your now line is open.

Mark Mahaney

businesses a that’s to Google a for the now out tap I into don't year to whatever, the purchase Can marketing little you nicely that what going Maps? making bit just it ask more for to at I where integrated or path I earlier seems know in small the stage like you're -- on leads. draw qualified really that know, into that's be easier better it's be should

pace the the which of ad you. Thank offered the businesses? about just will small be or to monetization opportunities that talk Just at that --

Sundar Pichai

of connects Maps. are businesses engage, important building is been reach invest has we for and to through -- area are and In that Search users. experience Business Google general, local an Today My advertisers millions in and and our both continuing effort major merchants, there. us,

for our local still I we’ll and properties. presume users And about. in reach GML, able that's what early. Specifically, to expand easier across want campaigns. that Google and set announced be owned you're we advertisers, it It's particularly general, to make we SMBs operated in come of to to talking

it Search, So, focus way represents medium and long-term we maps the Discover, be YouTube, be it it opportunity that. us. business is for that's of But, big and a a area small Maps, be big, it be and envision

Ruth Porat

add And as to just you well. quarter I there, talked last on referenced and about to think we this back GML, given

GML, were introduced previous that to over rolled is phases, in like the that Our they're this view they're time. out products adopted years, in year,

the to this products year's than view perspective. just keep kind don't at of from launched the in so events, differently previous we so, from And impact were potential that impact and slate that

Operator

question Bank. Lloyd our And Deutsche next from Walmsley from comes

Your now is line open.

Lloyd Walmsley

where ask different Search guys another of that properties one you YouTube you over you into announced for the properties us And should how think a this like Discover. at YouTube thinking and be wanted Can in that new And functionality Thanks. Shopping across are some of product what give moving new evolve? on experience elaborate of Image was really earlier that? migration, I about long-term just shopping moving bit kind that maybe GML. to vision and about we then, and the and sense a Google year you timeframe that will like

Sundar Pichai

as is an at YouTube, area, call think across Google. to and journeys Search by I In general, looking important well. degrees I We commercial it’s us. Search, great interest, users think of Image come paid discover opportunity what would I Maps commercial surfaces Obviously varying for which see transact all tons user with of times

people better. to can experiences the more make make but involves about it, it improve So, we’ve started how to easier That transact. interested able those when being experience, what helping thinking Discovery are holistically are we much it and in

So, equivalent then the being course of signed of logistics. want and able being and to the fulfillment when you and pay

across user interest, area think have So, I I ahead. opportunities our the to and that we we're see it’s an end are all significant experience investing. the and surfaces end thinking through But,

Ruth Porat

excited -- stage about of longer still we’re impact. term are But, we’re stages the make earlier it these and again, it’s And just just clear again earlier testing. still the in

Operator

Brian comes question from Nowak Stanley. Morgan next our And you. from Thank

Your now line is open.

Brian Nowak

the or cetera. I become KPIs rate, know you us more think of volumes, response that the contributors to might you're through desktop then, types going two. I relevant Thanks sort it about with users? have you’ll just for the impressive, continue relevant comes some Can just my when what Desktop Ruth, I time, you have verticals of Thanks. you has for bit results given little more talk taking of exciting of get confidence growth? with that or that been are Search you to around. overall questions. on really still you’re growth. monitor all talk more you et changes what query long been seeing one search to your And click you products seeing Sundar, of Can mentioned what gives seeing the this about search and how

Ruth Porat

does described tasks. contributor for to more remain terms a certain in I it growth. that important factor complex we see desktop, what So, is of as revenue desktop solid And an form

like planning or what mobile. And is notwithstanding mobile users utility the desktop, vacations users very the experience also to So, been of advertisers. focused one of see options, that that things enhance go growing I and the on we’ve think assessing benefit desktop is innovations that for we to things insurance back continue

Sundar Pichai

-- all time, are a what sessions measuring they for And continue search deeper, terms But, getting through sometimes users been -- and example search. take experience of was the That's have then, earlier commerce. experience are is undertaking, and understanding vertical team do of of Health Those we around what do vertical we which focused the another a to obviously, their helping in-depth sense is are what whole for? get and would question understanding their through make Health is overall are across sense experience of that in vertical to a to in is shopping work better looking in metric tracking user that search. engagement, search developed Google such work give satisfaction quality the better. kind -- understanding -- on are that realize what give can we’ve how you we an the comprehensive and -- over we've we of users. an quality to deeper very how There session, we they of some and at searches by we satisfaction also

effort are same So, and do to comprehensive and broader we constantly time. very deeper the at looking it

Operator

question Baird. And our Sebastian from next from comes Colin

now Your open. line is

Colin Sebastian

over second, scrutiny time, but new part and the at ad you display clearly in lot Ruth, this ask all around think And wondering, as and to there's Sundar, the or just competitive? about oversight don't do how a to view ultimately Sundar business the network, like, ability overall markets Google. wondering concerns But, blocking remain new your or two. have the given I of privacy, increase how often the strategically, about we you explore ecosystem? do services innovation I'm and possibly impacting happening of

Sundar Pichai

On part, work benefit the we that ecosystem. and support to consistently products want the first and build users

benefit And prices consumers, and and medium small choice. advertisers, services overall, they and so, reduce products our help expand and businesses,

which us that's to approach, think, and explain regulators what do continue that. underlying so, to and our And we’ll I engage is helps

many also for opportunities the entrant are many are of these of there competition. in areas think, areas and new available we new us, I we create and

And sometimes lead to concerns can others. pressures from the competitive

on And are other markets, is, our in addition But, as users. part the going deeply well. investing we what's so, next billion area of that's developed to in

So, markets like for APAC bit opportunities continue to long be term as us well.

Operator

And our from Ross from Sandler comes question Barclays. next

Ross Sandler

changes called may how just, out we clock a if year, time fluctuate that bit, some you a growth product to to entered quarters. rates of had you couple rewind haven't cause in from heard And year-over-year the Ruth, little time. this we when

to meaningful YouTube do then, color changes like any beyond, look rate prior far and just but Asia be more good subtle more little we as Search queue future, the as the impact towards on out might as solid could and trend. in or the feel bit a like a tad the a of forward, that having there? these and region, you the quarter, product growth than was going the place, third in we XXXX lot are product And concerned, So, lower return a is

notable anything out call APAC? on to So,

Ruth Porat

our about, comments seen the term. billion billion invest that that long-term. around a long quarter. terms of investing That's a it results underscore as last the we'll And is your growth long-term thing in the in year. quarterly beginning quarterly in make again rates to continuing I IPO, generated Sundar think, make particularly last view that for We're the business opening And the has the the actually with we've on tried the for the to business. would strength the you've and XX result, true the to And growth clear I the year, our we I total think seen pleased vary And the quarterly to vibrancy $XX do very the first third revenues. size, business to always varied. said, in and since in And as question, keep we're in here our right of strength us the growth you've focused I maximize the do manage that's over $XXX at can talked we in the the months term. about and So, question, are and long in we lens of for that of I don't opportunities. since But, we point as

performance of look FX the pleased your the with about on the we performance fixed globe, question terms a again the When in around quarter. basis at In geographies. third

it boosted which at growth about FX rate pleased in really fixed what question, year-on-year the all business, basis, quarter, reflected lower changes. third second in your the Pixel growth we’re second reflected team to the the than running was with and I doing in of revenues, But, in the the was billion is You the on rate. also APAC aptly bit out, in think primarily in the fact also policy That part growth second in Xa now launch It the a quarter year-on-year year-on-year slower implicit network the quarter. quarter. due point in a that year-on-year was $X quarterly XX% growth the growth that and

Operator

from Dan And Markets. BMO Salmon question our next Capital comes from

Dan Salmon

I product feed. maybe you past us lot out of more that the Sundar, of on update of. are That's give use in we featured a that Discover the bit getting a know new could users an little a

I monthly bit been past. there drive energy updates your You total at of follow-up in Ruth. Company costs goes be DA to operating maybe maybe second, the usage theme active more. little help -- is country the or and of spoke keeping think users for would Sundar featured on just gave then, us there, overall? the how the a is And color across earlier you maybe with Any length on efficiencies about amounts that's that update a on some and or earnings the understand of obviously sort maybe users additional could renewable us helping use across great any how Thanks. not your call, the investments in or

Sundar Pichai

the is we Discover product are very excited about.

users, is, proactively looking I think, where the other information, they or it helpful to quality definitely our are actually relevant what Discover we them. users when we us our useful. Search. to it, of come with to and them completes they half the it find and the making engage Search And product are getting definitely be most it and And we other to is might they we is helpful for for sure understanding and when are focused mission making on be it's do product helpful half progress.

helping Our investments us learning machine and well. are

We are them give to definitely better and information able proactively. anticipate

user to maybe you able you're you're Discover, and discussion I a a may on continue looking So, And And over for started particular cycle. see knowledge of that it can that creates important journey Search, to do trip a area imagine, be and us. or it's time, session, in somewhere, close. that, you take search efforts. and topic, and query as a we virtuous the as researching part it's may in a done have our It's we

continually, way for Search So, we us the and them, users helps are do and that. want these to that makes -- sense a in to combination Discover more of be helpful

Ruth Porat

an we consider your that the about proud element our every business our energy doing thinking was across terms helped cuts We what but for on sustainability machine do infrastructure, it offset an centers, we in and in in Sundar recently AI. products think overall cost. renewable and about we’re we’re think that was what our have investing talked That investment on net our growth view the we're And year in doing. to have and we're energy do efficiency what how that -- investment equal to financials. work we're it’s of consumption, making purchasing, are doing were we in did use it is us data a the we XXX% part sustainability, positive It with technical in effort. do, impact we're the is only electricity think fact energy, modest announced that learning And renewable. in But, I we we energy. of with Sundar not renewable. It talked commitment a question what are valuable part about, about the efficiency of our we to of this the ago our on And that of really the talked doing traditional it’s going of a applying reduce about way facilities, in do, our catalyzing with catalyzing increase further to a beneficial benefit. we what short-term

are there that proud to doing we are sustainability. So, across puts support we're that the and everything and takes work of

Operator

question next comes Suisse. our Ju from Stephen from And Credit

is open. line Your now

Stephen Ju

sort some you So, launched. investment to Sundar, of computing can if when Compute Google into first exponentially higher be wondering quantum put I versus was have the you perspective. for needs

compute are get you’ll impatient further, guys And progress. this if arms find around you your are So, wondering as need. think I ever-increasing helps for investors as we’re you that that

or other you this kind doing you services products talk that about even can you think couldn’t of So, Thanks. help what before? create about will

Sundar Pichai

the I’m team advancement the incredibly whole excited proud of and did the in about the that work industry.

to advantage. well relied when is drive I change to computing for we an I in able ahead, need we’ve as think us the And we of here pace of see general, what advances think, being obviously, important definitely fastest as we do. competitive in source look able on be do to

we of tool arsenal. is effects have can diminished, what continue are need we As important think, And that variety looking we into approach I an Law to. this to sure make at Moore’s in doing

to we want years cloud we of many the think be I see cutting take interest will making time do difference, for quantum computing. start of itself, over don’t particularly a at verticals cloud quantum from about While a sure, customers, lot in cutting-edge edge to it. really driving

health, be think in that's we as it so, we long and where in, where area in an will And more I across it an other business, the are verticals be will example, think we as value run. I deliver importantly a participate applying we’ll

Ruth Porat

extremely of near our about we're requirements. question about for as much excited computing, quantum long-term as part implications And the your computing term there

across in technical learning, do the Search in demand we've Google, machine be growth, particularly expect for of Cloud, to and expectations our infrastructure, so to driver CapEx see to particular outlook compute And for about investments ongoing investments the today. compute Given support primary we our requirements, continue YouTube. as does talked our for

Operator

Jefferies. Thill Brent And question comes from next from our

Your now open. line is

Brent Thill

Thanks. Ruth. a a really how GCP. Can you I you with can in infrastructure And just need a of investments There's ways productivity you up in you're Google walk headset. Sundar, the lot two prioritize buckets? through big applications. want having unique situation, different built on and just GCP, to follow in just go

if or G You prices I were in earlier referring some to was know pricing in And some that were to the changes. something the year. were year there And changed curious alluded change or you Suite that I price was new? earlier if just there

Sundar Pichai

GCP Javier coming now in with to GCP, experience we as right. announced in about And, are just treat very Soltero there area talked turbo-charge mean, we I differentiated. big G Suite lots having this of a conversations Obviously, versa. I them Suite And these mean, be you're and general, are a and to two well. with lot are continues we've many but leader we G way. vice new that customers buckets who

effort, and given paths So, the have in more different I through general, breadth to a we organization. go-to-market the us big conversations allows engage think have have many into you

synergistic So, well. very as it's

Ruth Porat

the in outlined Suite all in back in post. And It's we blog April. referencing of pricing pricing, terms the I was that G a announced

change. as here is are right the that ongoing said, increase and included And the given what functionality to the time I to in Our within view we're was tools price benefit it the prices, seeing Suite. G was, from addition

to continue growth. have nice also seat We

Operator

of from Justin comes of line question final the our Post Lynch. Merrill from And Bank America

line Your open. now is

Justin Post

ask anything on strategy? Obviously, your on could is subscription OTT us growth, an any about viewing click I especially YouTube you related And are high give on paid how XX%, your growing. YouTube, bit there, level we anything subscriptions little product coverage I’ll Thank think the should you. Maybe decelerated then, YouTube, talk about? expectations? update going a out to doing change it versus on to know or to call

Sundar Pichai

is definitely area an about. different Subscription we excited are

Premium. across five our with Music both, at far options now XX pleased YouTube XXXX. available so the YouTube from of markets start in and They're countries are We

we So, up seeing great are traction. we're and definitely scaling that

also is doing TV well. YouTube

Amazon just in I TV PBS that is to think, coming is we we now announced Fire YouTube YouTube month, announced select TV launching on devices. Last July. TV

So, there's definite -- the is the user on product satisfaction high.

are great on and service expansion, so, we building building our continuing And a out awareness service. focused for the

YouTube offerings I think, with us. definitely are overall, efforts, engaging is premium users focus the on And the So, showing traction. while for early, strong

Ruth Porat

affecting And trends ads. then, engagement growth continues to the you YouTube asked the about be driver click growth trend of click biggest the there, and the

in growth that We're as related and As we've growth. first really third in on the had YouTube, have related to actions quarter, they made changes policy on XXXX. does about impact prior that a that talked also improve decelerated not advertiser calls, and YouTube in negligible YouTube weren't click to the And early experience. XXXX as to user of the did in click rate changes those enforcement continue we they about, an talked reflect second quarter. the That to But on revenues. we the impact

through. read not a So,

Operator

to turn today. for closing Ellen session question-and-answer the West conference to any our for concludes that over back And remarks. I'd like

Ellen West

speaking a evening. We on joining again for to you have again quarter call. good and everyone, us fourth you forward our Thank look with today. Thanks,

Operator

this you may today's conference now you and call. and for participating Thank Ladies disconnect. gentlemen, concludes

Alphabet (GOOG) 29 Oct 192019 Q3 Earnings call transcript