Twitter (TWTR) 30 Apr 202020 Q1 Earnings call transcript

Good day, ladies and gentlemen. And welcome to the Twitter First Quarter 2020 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, Cherryl Valenzuela, Director, Investor Relations. ahead. go Please

thanks And our earnings QX Hi, for call. conference everyone. joining

us and Jack have today. Ned We with

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

We also take questions asked on Twitter.

Tweet @TwitterIR us So #TWTR. please at the using

Also business during regarding call, will our expenses future and expectations COVID-XX timing the operational our Those make forward-looking the this expectations things those regarding like are our the expenses. we and and impact our strategies, of on plans of statements. pandemic

market those future Our by of reasons, risks actual as related contemplated to number of our an business. reported not our results consider forward-looking on and materially could impact of differ for a And you including conditions indication results the should performance. on our from statements COVID-XX

to of will discussion Risk the a filed subsequently be and results which factors first Factors XX-K to in a are them by with forward-looking statements based cause XXXX, duty as of for unless our in section most on later We of the in look the take today, at and especially our making our that for quarter differ. law. disclaim SEC, our any recent available Please to could required we XX-Q information these us update filings the

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And to turn like it with I’d over that, to Jack.

thoughts us. take work be able do your against sacrifices joining is us, questions. Good the the to incredible before morning, you who few everyone, we me the and not battle feeding thanking Ned We’d all appreciate us, Thank do us, yours. and in for our caring around by and making frontlines for us, currently feeling on without everyone to for you’re A we our you. us, to are treating from who COVID-XX. I building you see start want you. the and folks world thank we To

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share and to People us we are in turning and Average rate our growth million, informed, stay reported brings to to $XXX a the which ask to Twitter it see for support highest solutions mDAU help and to XX% date. year-over-year, of another, grew total to numbers. one

more conversation new and the here and to over in confident remain and on unlocked, for we accessible lists world. right. Twitter Our consistent work real through of enable continues however, to all of interest, making The focus though, increasing will and our relevance people entirely participation be power powerful is forms

is million in a $XXX was in advertising global numbers. COVID-XX, Total There due reflected has QX, up been decrease also which spends our rapid to X% and significant in year-over-year. revenue

our increase before, is goal about on to a MAP. starting revenue with by these calls durability our performance ads talked building world-class we’ve As product,

one this our deliver product as the work, as importance so increasing roadmap. now we’ve and the of number accelerate our quickly product possible light of can In the priority revenue made environment we and Direct our Response

to be also our to we’re our to a continues engineering customers. able agility ship of efforts We’ve seen decentralize the significant team COVID-XX which the of as our from which for no us features focus in goal decrease our future. rate accelerated home first productivity, to lot gives Development March. with velocity workforce of we’ve a at doubling working a since week optionality the all for and been

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now over you. And to Ned. Thank

Jack. Thanks, Great.

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our consider to our slow and quickly hiring expenses ramp. moved We’ve

broader to & Engineering, grow headcount Trust our functions monitor and to our current other Safety and at while continuing Design, teams, the operations. we levels and holding largely Research, environment We’re Product own as continue

expenses such made in growth dynamic likely year-over-year with in travel to to expense at this be that been significantly activities decisions QX year-over-year costs, observed growth and expect year have considerably business reduce the non-labor Lower expected future the curtailed, unfold, headcount and we’ve are as meaningfully less to than make low-teens. beginning from we to combined we a below growth We events environment XXXX will be result as year. customer full closer the the savings QX, rate XX% percentage continues currently to decisions in growth, very total of that expected we

current to As institutions, answers, their like environment. adapted leaders and Live deferred to Brand studio brands offers to streaming and Video live events, awareness for they’ve raise also leverage awareness to our the Cards turn We’ve utilized about program new people advertising loss as drive Hyundai seen Salesforce Twitter protection their while for to Verizon their job current brands brands, that Website or respect owners. payments we’ve seen turn for

marketing with our on creators through content ArtHouse done and supported launch XX the the and broadcast stream execution remotely through entire We to Mi Twitter. live team phone Xiaomi series

most Coupled work. examples significant growth, to We the we’re so term confident in demonstrate our opportunity passionate remain these mDAU with record continuing in growth for handful our about invest long of Twitter. impactful why

Operator? take questions. With that, to we’re ready your

Instructions] Please comes from Sebastian Baird. from ahead. Thank first you. question Colin [Operator go Our

Your open. line is

good very much, Thanks and morning.

off, much but response, needed frame direct framework are hoping stabilization up and to out more possible of for much activity First changes you importantly, heard If could MAP terms then, other to who of the Thank services? to you work products roll in is is formats, MAP, way additional finish on very how response users and more there’s required the to perhaps, how any bit Twitter a provide you April. from us market as post of to in that. I Ned, broadly process the into more much. some was March We’ve give trends. other sense in direct could a trends of a maybe and topic timeline or And on perhaps about a platforms

Hey. good questions. Thanks, Colin,

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point been by where in that had they out, March a US in timeframe. that was of quarter earlier other more less earlier parts the COVID-XX, should had than they were I Asia, been impacted the when at you and places the especially bad within that things impacted that, bit world, look

your we’ll making our part where number of our roadmap, changes no and priority. The was work hard around there product question Jack DR. as are one second accelerate mentioned, There revenue our thinking MAP long-term to to

work MAP will year. our continue this So, throughout

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as So, we’ll keep you that updated unfold. on things

Great.

please. question, Next

ahead. the line Anmuth Doug from comes question go next of Please of JPMorgan. Our

is open. line Your

for the Maybe one question. taking Ned. for thanks Great, and Jack for one

teen growth, election in about doing the Jack, to you First, now of you’ve cover accelerating cycle? [ph] users things just XX% the five QX. [ph] some including who of Can seen quarters talk you're user

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Thanks, Doug.

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direct remind me let you about a just broadly, of response. few things more step But back,

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you. Thank

Next question please.

Our go comes ahead. Sandler next line Ross from of the Please question of Barclays.

Your line is open.

kind happening or it’s decline, parse assess but how these side of much the advertising that fall, Twitter you point, do to this of is, to with start would tandem events from expect hard impact to that with at Hey, brand brand events guys. sports with? delays advertising can pick in And flip out sports I associate public that? March if you major advertising of was the other big up on this of cancellations try know or that brand

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Thanks, Sure. Ross.

start First, ended let there. where me you

be world make we’re it learn coming point we’re or to Although, working trusted around their the the are this of we sources, to in verify can. a part as sources more Twitter that CDC them people trusted to lot agency as COVID-XX of the to quickly hard to and relevant moving to sure information

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pivot and of part all our the adapt their done on of so advertisers a customers. and team help commercial the has they’ve work to proud video that been we’re Helping of quickly efforts

because out, and that to the will of to between will ahead we how to really hard the because look When lot canceled, happen things been parse postponed has environment both and things a happen from that there’s play it’s things, road, now then. economic those events have that or out down broader

to back this in increased only But that in the this be doing help new that the come other improve ad next will the come doing that help of these we’re can we’re it’s the year. or the continue the us to audience work Olympics year the events things the that more up, people and who road work down to future, to our Twitter formats some fall of with will whether

please. question Next

line go Our ahead, is from line open. the of Please of next question Greenfield LightShed. Rich comes your

Ned, bit to detail the more MAP Hi. us the MAP, on few just I new of you compare out you’ve marketplace. issue. of said old hammering got questions. just MAP to little keep give could you in already taking this a like kind guess, want Thanks for I pilots a

like? I’ve they Like, just look what sense us Is MAP is the Like, did old new the And pilots follow-up. Do what looks give different? look then versus like? a it some of got different? targeting

fall buckets. Thanks, different few Sure. Rich. It a into

your to easy. you’re really we’ve is, the be else part launching you’re the campaign advertiser to have work minutes. somewhere you pilot has has campaign, to might got It that’s there, and you in if what It First do launch to what people. experience a similar and of be we or to do

is, to have and that and Twitter. don’t and second that work we that them we have we resonate too really give need The that choices sure really formats make we’ve people for choices the seen on things compelling many that we are

may we’re not things improve things relevance. third that they in that background sure but that is, to the make we’re to see continuing The doing

engagements we to today, quarter have the of even were appreciate continue see we but up that can experience improve, ad understand more the a improvement people the rates benefits better future, do You relevance leveraging and the where in both click-through this on we personalized signal where know helping XX%, service.

go better helping and updated things learn got you out those into All go. and on improving excited the to keep we’ve going MAP product from more time pilot and the we soup we’re over now us of roll as to a

brands many pilot? are How that in

really haven’t Rich. said, We

think continue trusted if better can And that we it. customers understanding The what them I and is feedback go to and is probably, though, did feedback try us to from something, - over experiences get test these it. we do I’m make let you’d to to we’ll too for their point even not important you’d critically learn we much adapt them. from just time, sure partners, our to we glean

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to might it’s another handful that ad it move Rich, formats, from you if would variables, endeavor favor, to a if period just to but improved into that try, environment you those of break something appreciate about you growing one affect that might go our audience, what are think hard from in I like why about others if could the year think removed economic might a now a be not, you one. that relative think you out. I about some the think and today,

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Great.

question Next please.

of Our go next ahead. the line comes Cowen. question Blackledge of from Please John

is line Your open.

Great, thank you.

should XQ the over So user out about to figure again shape of the of of quarter. the year. this user you the just trying and pulled rest think growth growth year? some forward course the you of user we the the Do great through growth? I’m in adds think How

pre-COVID? bulk intermediate with working that Jack, versus for change just then employees how the of about, kind And from over longer the thoughts term, curious might question your of and home, the second

John. Hey,

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that not we a forward, think when about consider. we So pulling that’s term really

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Great.

please. Next question

the Deutsche from comes Our your Walmsley of Lloyd go ahead, line Bank. next is Please of question open. line

of algorithmic with would talked be, and of kind one just Two, you Thanks. nature adjustment. guess trials the about longer-term to back going it I first the MAP,

client work spend kind behavior creative their they much how have of they learning users that to going trying to it and as be where and your the money of get of side, is ad Just improve, on side systems effectively? kind can versus different to wondering, before time that with scale there Twitter even

a engage format ad there past format the the that get you could will then the maybe kind lean if broad one of targeting Twitter product? with forward would much challenges just right? you be a evidence Thanks. of in of how share related user server MAP color from base format past the second a appreciated. challenges as this And Any be, would there portion Is related versus in of or just the to deployments

Great. Thanks, Lloyd.

around for easy work MAP, the Advertisers launch where what can and of attribution quickly end. bulk where for it. a success on comes use, ought our they on a to is where really they the sits work performing from can we campaign product to First have like that’s want feel and pay where they clear the

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dollar ads. growing in our multi-tens a of install app of market So we this for control feel like a billions is in of lot

of around of was our the in that revenue second around about Your products. we’ve the part your question talked some issues past

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thank Okay, you.

Great.

question Next please.

of Our Morgan Stanley. next comes line ahead. from Brian the question Nowak of Please go

is open. line Your

the you taking can sort improved, just the go to March have that that those two, or or ad versus ad into back from any us might of earlier guys? question are we so talk any about April, for on to certain have verticals sort March in Thanks questions. you April areas trends I my what’s late about going improving Ned, trends, to and better the markets understand trends of on geographies can upward just with

the secondly OpEx temporary for year as for term? then efficiency you opportunities year, OpEx sort of to over the for how long this the see and reduction the is on the increased opposed a structural in much changes OpEx of And Thanks. pullback

Hey. Thanks, Brian.

for March so, timeframe So the first, what when us environment, think very remind from if think business. see to to I want we this look XXst, been at dynamic strengths saw a which the to some you’d we the think about our at, things you best real XX to few about I of look navigate at it’s and play, it’s like of you what unprecedented

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US the if than timeframe Secondly, the more impacted look geographies, Asia. in at that was you

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OpEx Your question, year. second sorry, the for

about on good already, where from and a & decisions the how continuing of we to will what we’ve and are hold the we Research other made headcount adapted company Product headcount when there we focus that previously, flat. really We’ve we of Safety lot we’ve relatively had Design, this So about environment. expected to growth Engineering, feel Trust areas our reduced think

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advertisers. We we look you it’s temporary the and right help to exactly continue insightful year. people we term the even very nimble our versus continue the When more such environment, while to more for staying to the long [ph] to as dynamic play ask adapt to hard to environment, really, opportunity service that of to improve to out and the assess over out structural, revenue want to things year, of products the to in the see now to improve bring a product continue what’s rest will how be

about over talk balance we those, it year. the we’ll course of to have the as more So just

Okay. Thanks a lot.

Brian. Thanks,

Next question please.

Our next line of question Post Please Justin from America. comes the go ahead. of Bank of

is Your open. line

questions. Great. A of couple

the side? about and at Is you side, about talked usage on how will to we revenue on news able over the affect how are flow as summer and First, that events offset you that but the May? the that thinking April look the user

these with as advantages platforms could of in Google revenues? Thank competitive maybe and Twitter user DR, area. think a lot you. then for platform against you of some about that talk Facebook And with get data. you be large DR as do secondly, you’d of And a your How you competing into some competes

Justin. Thanks,

what First, improvements us are too it’s the about other in talked happens grow whether use that terms us it’s designed the about to growth call over to any the March early environment. of I in of predict in more course think for in the who went what product or audience earlier learn this Remember as to one through year. help really service the people to of base flocked the we people any service through like COVID-XX timeframe, Jack

how can that the events behave perspective, or because we people how so keep but we’ll possible. wouldn’t it’s predict I an hard from service, and happen the of as predict that out will on predict to help it’s to improving So to them when hard either want them, as many plays events just

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like do advertisers for we easier performance, us on with campaigns opportunity to service. and feel So launch there is a more to for the tremendous ad still more formats

you. Thank

Next question please.

comes question of Please go the next of Eric Sheridan Our line UBS. from ahead.

Your open. line is

that for in recent we’ve talk Yeah, the hi, of picture big Ned, the reference company fact, taking both on X, past. the of long over for operate one. and positioning from and the environment how the how from just perspective maybe one the way you next Maybe the to one macroeconomic your lot the in view then, own XX, see are Jack they macroeconomic healthcare this thank ask you leaders, your love to I'd and We’d heard you’re to the question. a organizations get landscape. see Jack, angle what you the in landscape. XX against love for healthcare on persisting evolving about months sort in on

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bit maybe March Thanks or much, for little what So be guys. now. read about of the out a understanding just have of communication so end the to XXrd in a played might that might March

Yes.

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in remained provided as relatively when environment from say remained But played March of and deteriorate another through differently second that others may Hey, to things or in update Eric, advertisers we may to thought is guidance steady things I we late still than continued may thought consistent from directionally, March. have XXst different things actually timeframe to back the in expected. that they we outcomes relatively different we to timeframe. see out late the when one events that there part day have continuation and when from wide XX some steady, we were question, deteriorating March, of of on a And your and that we relatively that the range

much, Okay. guys. so Thanks

Great. Operator...

Thanks, Eric.

for last have we one question. time think I

Thank you.

comes Heath of Terry go from the of line Our Sachs. ahead. Please question Goldman last

Your line is open.

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on the to to that biggest service and service that COVID-XX-related with. are test other of interest right is engage for coming sure see quickly information very, topics the and the now folks very find to the make all something Our can

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you. Great. Thank

Until report then, thank everybody opens. XXrd July Okay, us. you with when on before in I see for we’ll thank interest for to on joining market next appreciate We the speaking you. to forward Twitter. want quarter we Twitter. We look QX earnings your you

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

all good day disconnect. everyone. Have may You a