Twitter (TWTR) 23 Jul 202020 Q2 Earnings call transcript

Good day, ladies and gentlemen. And welcome to the Twitter Second 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

the questions. us and remarks Investor dive published with to hour read Jack has a have opening the lot everyone today. and Relations about into hope ago right Ned and it. our We our chance on of then with We details, brief had keep an and Letter a website your letter Because SEC a Shareholder we’ll

Twitter. also take on We asked questions

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

During strategies. based statements as outlook predictions this make about including forward-looking expectations call, we These will our business of and on and today. are comments our

upcoming Our non-GAAP Also financial to we the XX-Q a filed certain actual with uncertainties, during due will our including discuss differ risk and results materially number factors this of and most call, to measures. the could be SEC. risks in XX-Q recent

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

trust negatively public. fix, of week Security I people your quickly employees, of Last company. us. frequent security stay and restrictions both transparent serve joining all doesn’t point, that be on and affected tools. internal from it’s and steps Good Twitter, feel an behalf questions. Ned a lock week for us. and fell our we their of and we the that, end A about protections our updates of few apologize to we adversaries. comments have morning, constant in take you the We behind the a And at and moved and thank social everyone, me and really sought incident engineering in on for us before to terrible for our was our to We iteration down our to for tough in ahead

At on as reopening above continue growing and external will I and learn to now mDAU Twitter People growth same beyond including go audience year-over-year more the a and million, secure to follow XXX saw economies Lives and to to Louis health here sports, from time, in X,XXX, racism COVID-XX systems QX, tremendous the people systemic around and very New of year-over-year. music, people cities topics, St. the was required. $XXX to of little information, and all than the the down Orleans. like is XX topics to you believe we can power news, of local law and Matter, the rate. in continue XX% enabling we effort focused participate Black number world. firms our follow Total XX% to work our to grew public million continue we to now turn the experience quarter. with over about highest to our And growth results come engagement way We increase, Twitter, which million We and and best conversations reported in revenue reclosing continue and with follow to enforcement.

stability, our passed quarter. faster the of a advertising and scale unrest, development, major priorities global completed advertiser advertising product ad revenue strong milestone demand While on over demand and our And we to as made see our business. the we product we saw support server to our continue we civil due progress rebuild we course headwinds to increase help COVID improvement lower from and in top

experiments, from We portfolio. improving advertising as see business. initiatives. the made from and we're measurement, postings, direct to of ad our acquired potential CrossInstall, XX help our all you job We we'll accelerate of our on by saw And direct roadmap early response in our and team opportunities response progress complement other a also stages revenue formats future prediction, to people our exploring

I our and incredible to time. teams during effort Lastly, this want their thank for dedication

trying to of and the we aim so to critical it's all. reminded for Ned? While business to incredible conversation. daily our are We the conversation accessible why and our us, it our to all the purpose to of the of of public strength serve the continue of the Internet public potential layer and it’s get right service, build importance

Jack. Thanks, Great.

Certain of QX advertisers while and for to lot brands But actually with things. better have mid-June, of I three last Giants-Dodgers in Q&A, QX. a a know into XX%, the paused of Twitter. bring widespread to of I'll a spots. March. substantial gradually We if QX the moderate watching connect ads I with last in a from U.S. conversation on slowed still three customers the I'm down people March be and as advertisers global of product few spend and if when despite result game globe. the the levels many up opening pandemic. exception to of the last a ad weeks that disruption signs Asia in in weeks we awake March you their unrest. a of of join to a to noted led pandemic We the there highlight the reaction protests saw many get in quarter, return. events bright back, Twitter decline significant along following ways XX% year-over-year night weeks was were three real June. improved once March tonight saw found the -- improvement we we're most There after launches on recovery Before the innovative the Last demand deliver we in gradual to and happening and live Brands to or spend around markets the want Stepping throughout in returned three in in improvement positioned were and late-May quarter, revenue year-over-year economic that at to even in relative brands are civil weeks decrease the look significant subsided. And

example, For in trend game top Emoji, conversation and an on a video the million being two resulted XX% build Promoted Branded over in Trend X global over increase rate X PlayStation QX PlayStation View, PSX. and than Spotlight, days takeover times a benchmark. successful Twitter higher in and global the Their to late with engagement leveraged for a interest First awareness campaign the mentions with

around we for parties partners QX, Global TheLastDance, concert and held virtual the conversations for as TogetherAtHome and amplify and pivoted WHO, Citizen to movie events. product In continue people watch launches numerous the We live-stream, live the of virtual also partners. may seek have couple were cover connections possible. a and And connections our have things audience, to content where These valuable been physical as you we not questions. as advertising when modeling for well

for we related to not to tax tax near million, rate to our want $XXX we're we large the go is than use revenue to last the that grew improve be to this more This expected. be We're that and may around, invest valuation non-cash environment, tax also will eventually and our people environment was to more allowance international assets related deferred audience. some I when loss that deferred a have reverses asset. lower to these our year, this forward confident should intend able adapting expect future. use deferred current Total operating in You and assets. turns a our to grow this expense costs took the a it’s clear as to you ability of noted and the X% expenses gain products hire we growth operating

to the expenses to environment take Operator? more or grow uncertain. XX% questions. go in remains that, but QX we're and your ready expect We With to CapEx

Instructions]. [Operator

RBC. from Your from first comes question Mark Mahaney

Your line open. is

feel Jack, the to whether to like important could what’s whether you about ads and And probably your quarter But engagement issues is talk have, investing about that's could enough? you don't security spend the -- hard for handle growth to but quarter, very how maybe the and you talk well track issues. Ned, But really talk X% an very throw growth? us obviously whether you problems. externally last what's the hack It's then are at growth to user like the next seeing, you're that impressive. engagement happening tell to just talk just was is we XX% given -- limited, I whether feel of money enough know as you just you you're as about user secondly, really was you really engagement, about level the that can growing impression platform?

for means the just how with Thanks, going Mark. what Well, we're I’d forward roadmap and that about thinking start us.

to relevance specifically We've of and time to to most for the the importantly of that We explore, more topics. talked search, relevance. some and continue future in constant We're and refinements, notifications. invest timeline the relevance about for bringing more around

opening view the I times topics. new mentioned topics, to find an follow to experience news. the topics happening around Lives on accounts the that people We’ve local to as or place, this these in come world. what in complement and remarks, unrest Black million and following to local especially we And why to And opens X,XXX of just during has Twitter there's around includes out over entirely notably saw COVID powerful offer Twitter. around first a Matter So topics follow, now really XX over including civil Twitter

not here come And engagement and numbers forward. is will offer. consumer the play think will reason, our everything And to I topics how core to about about as goal our think we well. about is one continue around MAP for advertising we think them our massive just I seeing in stack that But let also for of specifically, Ned And relevance terms going investment. in at critical. of role. a talk investment has So in show may the well, Twitter the to that's for else products, how but as we're its people we want

a in forward. to we We of opening that my in on expenses add like things Letter we just to faster mentioned Thanks, QX. how couple Jack. and we’d grow there did remarks to and Mark, the than want in investment move

and where that we necessarily spending be and a on-boarding this where hiring where X% be but aren’t reflects more still we’d where to that things thoughtful people adjusting made environment about the and decisions we’ve some invest, in money like environment events happening. both So to constrained hiring we’re of to also

up, doesn’t, getting on-boarding in environment. economy and this extent So, but as also hiring it opens better to at people the the we are

and profitable we to invested not we’ve because to So continue further. Twitter a products continue confident to profitable to and a we’re improve more business. when our business, grow revenue, cut have to it’s And does audience more because way we’ve do higher investing our that want be to on revenue our

In just X% of might terms of and combination were a talking I’d the about year-over-year. engagements, be ad number different engagement remember engagement, different. think engagement to ad you’re And up the is add, types threshold where a that of bunch called be formats of which ad I

it’s response tends than to environment For a click; in is engagement. threshold some, today, an have a response the in we’re direct reminder be it’s this others, perform a to better like an and view. direct a powerful brand one ads And typically higher for that

successful why their as Asia because to have many ads. brand app in MAP you fewer do that us of Dragon in them better. ads place. more in there markets ad and click we where like number, we are involved in you website Blood had MAP ads may there or had and as It’s MAP other ads really install the or And as as a for engagement saw but campaigns from tends ads you had why past, Rakuten lower performance Japan show past, in so the are you the better That’s of some may many things

And your next from question Sebastian Colin will from Baird. come

is line Your open.

quarter busy terms and the of overall. response direct Sounds like maybe in MAP pilots

investment finer how thinking expect impacts platform, that holistically, about you. the opportunity app put the you’re all? launch point within timing mobile we the perhaps at the broadly when maybe beyond more could in delayed And new the if a direct app promotions? to response could you on If Thank

Thanks, Colin.

opening my rebuilding in that said happy critical us. us. passed We're put we pretty ad for really was server of to that I as -- milestone work behind the the remarks, our So

increase talking our been ad allows lot because advertisers, server As we products, we've market. refine get very thus more a them us specifically feedback evolve experiment to velocity from rebuilding them new launch them, and about, and that get to development then quickly, can

starting response upon dependent been -- with MAP. with experiments dependent our really that, has everything including So direct

updating images click Video seeing also for has videos with MAP A formats. that As that great we second. greater in are closely embark constantly we're involving. we and really early the improvements. and work our updating on XX% first that measurement. our based single lot ran we're and two people, market. and fast make versus results to Card on sure you move taking pilot the regards with is some and mentioned, we focusing been customers of of on control. function CrossInstall been and and we our on beta, some prediction have And we're early finished durable our market. who’ve already installs our for to of like feedback, direct is CTR response the App is with general our the time. improving roadmap, a and advertising formats the image series of just more focused performance to very of in and to a XX our iterating for swipe-able Carousel importantly, we're improving advertisers. acquisition advertisers, something just seeing Improving in prediction, launched installs experiments of MAP but MAP, And Prediction, focused there. six this improving a on their we've the about and XX% We've Card response feedback able we're being the impressions than In results building We And Super direct models, excellent been and which we to

change we’re to accelerate quality work, our our hope the them. the for and we MAP the No of work So really in from through timing work learning pilot.

but -- examples in in quarter great going because the involved MAP I coming iterations remember timing a all of new That’s are things with the all described this was accomplished are to Jack work Colin, we’ve product. change that add no both that out those also the of MAP

intend the the the an improved and well we better what predictions around that just this for but people giving the at and ad underway. year not to the launch to see underneath hood experience advertisers, measurement already through campaign goes it’s So around and end formats, work of which advertiser to ranking, all also the a is

Thanks, Colin.

please. question, Next

Your next from question will of Sandler Barclays. come Ross

Your line is open.

on Letter. Thanks Jack. revenue color the Hey, for new products the in

the on of are shortage those can ideas. about? a going you little There's over So talking I years ideas guess bit advertising. elaborate if no more of outside What types we of been around

new is revenue Any Twitter adding helpful? subscriptions be balance all and So are relative users any of end And looks XQ, that while will on how you color back what do pipeline that -- that demand with these in, keeping like the subscriptions. free for products there to like all Thanks. in these coming Ned, the decline XX% June. sports just comment coming

Thank you, Ross.

the to a we’re of really exploring. in very very, ask So, this first and of consumers a high would for phases when foremost, and is we aspects And Twitter. we have start for pay bar early

years. you ideas have number the there been over mentioned, As of a

world majority where is we revenue meaning attention have from. new multiple revenue We we increasing durability, to our world do where any there there a make have But pull commerce a of want think sure is most subscription complementary is is our to complementary. revenue complementary. line on of of to think We that We is business. lines advertising importantly, that focused

as that can work people helping You payrolls is complementary. imagine well around manage believe we

So looking that’s we’re what for.

the given But done a hiring one share small that finished on that experience performance as the brings that our we a our those is roadmap we’re we’re other obviously strong before But is and sure at moving on now now ad where for MAP and explore want phenomenal it. fast who making our place likely of work people see terms anything, priority right well. progression have a that exploring can team now, we We we’re MAP to as and will our increased sure at work options, server, some tests we and with speed roadmap this And velocity, moving that and and us year. have of the the teams. we we serving is given you a development build to make in we’ve our number greater given ideas we’re our roadmap

on Ross, Hey, I'll spend second minute that to your me on a sports. QX question, let get

look In gradual States So really of part were place. actually live in if pause. beginning course was second June's you a was a imagine a to Twitter month. QX, stop. April as the of then largely May, launches product United the March, timeframes, the chose Matters in And -- world resonate of for lot the and and by brands events at that protests dominated the of Black over couple the which to there’s people see like there's trajectory you many and sheltering different really month, when advertisers put other on the a did things can and Lives we improvement the the And the looked

people content there bring Twitter. last and gave ad also as are together that in for on content highlights hard the moving; and there's it advertising, tonight terrific on we terms audience do are basketball whether short came But revenue year-over-year. that these us these recovery. discern was watch them the so But EPL, around and that week, already. are timeframe the owners, are It’s events world. XX% so things see now both advertisers, timeframe, did gradual down many opportunities, in baseball to to that terrific, as timeframe feel we great which sponsorship who And from conversation moving Twitter. we next mentioned with line even coming That of like or within back, But the golf, and or like right a three is already opportunities week things it's which back for straight when opportunities those that sports

in really ability events like from So about time can't been and that for be bring really unfortunately always good what's a us of be some a the stadium happening, about you'll people events, innovative feel together, these see about. we to our this we're stuff excited and live at when these has talked lot people

question please? Next

come And Stanley. Morgan question from will Brian next Nowak your from

is line open. Your

two. Good I have guys. morning

versus to the I your the advertiser the So of to at us hack kind in about the cadence June. with last color, you've And the through what you it seeing in what Or of to quarter. and and the lower had, the difficult from advertisers, is have unfortunate one, Maybe I talked is the second the throughout Ned, talk had to through first really impact higher? in growth question about do the part you go innovate July has the appreciate in so you're is, the the lower, relevant click drove hacking that an that different, July? one, not note, what that July? rates all guess make that rates click on on

hard things who with our we're with security we're through these and first we're can't our with it what Typically content happen about for again, clearly sure who that use that with working Brian, the service that we a people use if happened, this, people, like people, can partners really advertisers. to we work although transparent we be what and service the we with make something doing how it see issues. it when communicate time on So can challenging it, find a

have has the couple keep so on through case details the posted, here. unfolded. we’ll we're and that issue weeks, our of just be And we But still security as Twitter work last intend as working the on over all people we the to for

about The through of lower second click your rates. part question

ad people that mix this, good they our So like still you a direct a formats we has for improve an working brand we're better this is ads our still response even app less are why, as buying a about to install shift, to than are like those the important -- where reasons. ads more where example many are to earlier, really advertising advertising. today hard direct is environment see just buying will engagements MAP, to really And so lot click talked so make response in But website relevance. this with on And do Twitter. roadmap

And buy were so they they than of them before. more

threshold so than brand be click to And be have a an to those often or engagement ads ads a do. the higher

similar so amounts engagement And ads, through or seeing lower. up you but click rates of end ad the rates be

that we saw about States. than did just that's the mix really like in performance of Hope DR markets stronger are is United some why some that heavy the this in more APAC And shift. So that helps. we

Brian. Thanks,

Next please? question,

Walmsley Your Deutsche next Bank. question from comes from Lloyd

line Your open. is

can. I Two if

events much First, that, is to continue kind the ways from out engage possible one, second it done. to users to seeing and in rebuild strong you that the improvements? in guess new use of related towards And cases parse growth all the Shareholder in product users are how now coming to versus at I pivot mDAU the SMB in, server of of acceleration similar the recent expanded is then of And a past? ad kind the cohorts Letter to came alluded

a you to go and sense of about how if us can market strategy done? of wondering for kind give go-to-market that otherwise the sales much versus much been realigned after has to needs how work is there around this what be and So talk already

Thanks, SMB I engagement on I turn will on will to Lloyd. it opportunity. start and related then question the the Jack

to more held the world, learn all resources, and worked had was the COVID-XX. to the XXX wherever in sources trusted QX, half as on they sheltering we about find of hard people, if first then there over at March, make around the saw around sure to base that continued first, of exchange in plenty information in they trajectory about news usage to were in million you think the quarter. place out if but as our people look you we as a the So right just increased that of really to there we people And they really year, to They also were was there, Twitter surge had of were just wanted world. COVID-XX, not we people significantly come in course COVID-XX the that, to come about as

that that our of is it's yes, and to the to at can has front we and, that service. best When of around that continued been look engagement base. resource that to had home and resources, engagement, still it COVID-XX we perspective, a daily And lot come back is but people because about using events all the still of the with people the we so base be world, relevance notifications talked topic wouldn't also behaviors we look accumulated if at going parse step brought Because want to we're people be timeline able grow that have hard to DAU if to out. continue topics remember, these are a the to all of to feel the have improve back think would events, if pleased will but been we're from good really hold service, to product we was us the to place hadn't we're only great that to for mDAU these if the do about who've people. about, in drove hadn't think continue confident for we they Twitter. product lots people And we there's We already. improvements. a that like the XX work that work really worked When the events things we quarter what And million X,XXX it we following a we think of the hard on of from this, the

when point we again. see back I’d coming from are less so And other and engagement who through but how frequently to an just used service, have perspective metrics at it those good we but things using who look think feel it and generally, people versus we new about that, to the are are to you continue

it. businesses. we think it love for small We And a on our dimensions businesses, of this a is platform. small opportunity definitely lot to huge has And

we As participate. for But we more opening critical more the instance. it is any to have locations and locations. we the pointed Obviously will them. them make I we my That that them, businesses around earlier to call and generally, functionality. tied small our intuitive self-serve topics in in it’s make for more products, remarks, signal And help the the are revenue around access easier out have

Our self-serve channel businesses in success And first right had identifying SMB all small dollars advertising both of been now. in saw many But small pretty is with is but and growth growing we QX. going really to believe mid-sized and we've and it relatively advertisers. encouraged it. by invest this we've opportunity still the Though definitely early, definitely we in in in forward

back quarter? you next Thank We'll the you, Jack. why the in for the question take It buy our stock question company didn't any from Ned Twitter. is, comes from [@PatMarrow]. And

the at think And our and shares and look our in buy analytically did keep and these any dispassionately our When said environment the quarter, at look we any to Twitter. structure. to context share the the the quarter. over repurchasing. as we calls come do what said it time take where and as And formulaic we about our capital fashion. was time. that we concluded in back these process over have try at begin to this to that Every capital to repurchase, it upfront a which that, the to think the work repurchase Letter the go to we time resourcing, ambitions our just company ourselves we we've price. in would thanks flexibility that structure on that operate, to posted in the every that the And it to conclusions, not company it gave done we with yet you we our then time, stock time us that to action important announced to is share and just right right all do we wasn't Okay, of for in we'll do Board remember, back our we about for repurchase closely back it for a do $X question from wanted right shares. any we around We through billion And When continue we not we or the QX. buy it we in share we'll was February to when

Ned. Thanks, question please? Operator next

from from comes question JPMorgan. next Your Doug Anmuth

line open. Your is

Thanks taking have questions. two. the for I

wanted just up First topics. follow to on

about talked accounts them. XX using You million

the timespan terms or you Just metrics rebuild with can it's curious clear then frequency seeing new ad your revenue be you there? that what access any But MAP compares can more other here some And of a strong engagement? how coming you're Thanks. in greater if out provide and that secondly, how just ability data just the overall platforms that of increasing think around server, just or could ad to to and generation. targeting about there's focus there's on you talk usage

been refine unlock room there's the of we the the for we been a there's of we collect conversations room sports finding as the the to this years already and like interest we but looking embraced When roll on-boarding of the work right. to as topics, access quality that the they We've for impacts Twitter. the get on timelines process. all Jack bring like this [suites] be in still we fact ability follow have feel to us out you a tied front ago in experience. that and the people different topics, pleased interests like was the On as the have. things, where languages, same Thanks, out people it hard lots on more orient including or true find really us we remove of and And Doug. may really as what now experimenting you to year let it for topics to will of team, over when improve improve process accounts here. different in And having can people we've million should they're a topics, had political felt have lists a scroll more a on-boarding together feel their mentioned them, care with for topic, company people's or can about you and with work XX of me us. and we We big of The in topics roll they of how areas around to continue service for that lots topics these is there for they

the second The your question have. we around part of we about think signal how was that

really feel that to for in personalized So we a than us more experience risk. the may a is, on it's past opportunity than we've we be over Twitter you to the and hear from is the mentioned where things people of that it partly And about an other more have also provide it like opportunity because some like approach that's of taken And take seen that time see recently where -- we've opportunity, the us people. the action. about you’ve different

prompt you to of to have may So comfortable some seen examples last you ads. many a this were of your the react if personalized are in show of weeks couple

you a their we we topic we them, can or ads. is today do today. a to them, somebody you a for better awful into about asked experience. event, know we looking get more leverage existing do people, this lot this give an and better -- feel when to an we of signal And there's can than example weren't people lot who we which accounts like permission back than If Twitter, personalized which leverage them went We to are them personalized on show where was more seeing them see

itself out MAP measurements to we give when past third-party which And people measurement, some we quarter Twitter bears that have. more that, Where otherwise to they to earlier. as our than Jack we provide this we talked they would did better advertisers, access when find about tend that spend of on

opportunity quarters. So to there this of we're lots working in on the keep going coming and

Thanks, Doug.

question please? Next

Rich your question Greenfield LightShed comes Partner. Yes, next from from

line Your open. is

I aside, et have winning in kind conversation brands of at don't political what's sort back, terms market A peers to on when great. this is is Facebook, and with big two, for of the what do share terms from pretty think issue points. like think But into early you the you've are of coming of couple Unilever some want threw you, like this from questions. shocked you I shift Facebook, over which with and you've competitors opportunity how was mean, Kind of of Unilever done a to do from advertising, in Jack. is sort you an like, take I led health picture of given boycott what on. then say versus along to Maybe done obviously And cetera? start where Ned, sports standpoint,

other you being on the been categories as there But sort I'm be had are films you or when were of think two even major obviously, come troubled like of that several Those and should questions. into that growth think timing into what that I thinking in the not categories, in problematic feature QX that we like that the missing forward about categories mentioned QX hurt still terms laying you. it's released are they thinking are back? the theaters. of

enforce campaigns not policies and of belonging we're or first, earned we tweets profile attacks And associated the first realistic were we coordinated political we accounts our principle make our sure we how groups political We want service. world queuing tell. with the to to they're on found a reach Thanks, those of from with accounts. this paid commitment were of And Well, the be first to and by on as number a to in the high took operating ads we for, on, Rich. under leaders. week, our don't ban to should to protecting show, actions demonstrated principle

on to WFA. We're advertisers also So conversation our And as we the we are and of of AMA with time direct at lot roadmap. the like and associations are differences. industry advertisers, our taking a seeing actions same note sure talk Twitter hearing And make the resonate. this our of we our taking public are showing we commitment definitely that service talk as we by note, as want with to advance opportunity people

to So as to And taking is well follow going that on focus maintain it our work hope the that actions believe we're we focus [our is going important this and that and view] health. to industry and important it's that others principles, we're we on to to continue is sees continue meaningful. the

really a Trolls excited they stadium to thought in into they go to were show be these movies they second the of started and coin fans about to the back. way and they for Hamilton, going April, March they stands, how two to When the valuable where part to where up wanted come going events every monetize how think in a and could time. that going good in give bring and more how launching fulfilling this the things stand that time to also recreate There really in in back experience to whether Content experience could to their watch or they sides wanted question. people the that people virtual you people through Hey, how about haven't up with could party And described a started your when they events Rich were from back players. were are challenging paused come advertisers owners everybody the on the it's been want they get about people show a to and to did still if way content. things think happening

big were a when Twitter they -- of launching And -- found so great that. to the of what Salesforce like things and another people pivoted that have Salesforce.com example able it, and and as feel really have happen, big these people part a were fewer we got choices, do. was PSX beneficiary we they PlayStation, creative, we

important coming in environment ahead and we think a to subdued course. when going helping and advertising an to larger products, When We've people important to than come gained different before. how it about on to more reasons for try it of I more really But a that, would pricing we great part an you've we so to with add activity, be much there's economic in we in experiences. does like audience, hopefully, to hope feel those adjusted I'd at be back as these as good activities seen periods. when it we part that so revenue much happen, because But other come more as look that doesn't and well partners events it However, with just up perhaps comes many of what hard can we’re happened of hold this back better economic content the back when quarter things environment. that past even we're this what and been there's

perfect. That’s

Snapchat depending just whole with of sort that relative called to question from issue things or all other that out as is issue on the of think Twitter back-to-school. for issue headwind affect I sports tied this happens to that that to and of less movies what back-to-school just kind a potential Is the an it business? like your other things

us, the because are not it's a big concentration for of perspective. the may broader to when Well and specific just economy than people be back-to-school we that around it opportunities something And as the else. like be tied the think we demographics come who looks whether risk Twitter from others. more don't And events but demographic about service, certain they that them or to means see may a that

people hard weighs work and us, coming to sure way we like comes it the weigh that advertisers, others. in way service it but is use So think through we're our make for that don't our that I event delivering who the the particular whatever may on months on for

Your UBS. next from comes Eric question Sheridan from

Your line open. is

questions so maybe you I if Thank much two can.

on that of philosophical curious you what out wanted Some bit in for headwind and some following Rich's are And on on what pretty be exit seeing growth might impact boycott Ned, be you. I'm of about And mean continuing in up then color a to on be And by sort point going heavy to might the content. what July? Thank understand restrictions. the question, the But media we seeing from opened to up, July? into little you regional a we in a understand quarter. rates if region parts world of First, talked basis in more the differences bit might could business? get are you the

Hey here talk Eric. QX. to We're about

you what about focus quarter we asked around I'll saw seeing that behavior. to the what earlier advertiser defer comments we're the last provided in Jack So when on and

year-over-year. well. markets Blood were as MAP Japan really definitely But is combination that on from other as last the and saw markets in from with were advertisers campaigns website ones game the U.S. to particular This in markets First, help some also certain for of Dragon Asia, called from in click a an ad that Tencent that I the launches other we the heavy up are big And mentioned were these mobile we to example. regions, we mentioned saw there more I able where one as things relative APAC comps year that in they're

The helps you. an as MAP different And to economies as certain of if at growth example. types tied also look think reopen, were it's so that and it would where but over our quarter, there as trends I I ad surprise of I regions, in well. It's you gradually course partly to such think stronger the tied Asia the when those campaigns stuff formats mentioned don't

We'll operator. take please, question, our last

Okay.

America. Post will of next Justin be Bank from Your question

open. line Your is

end my two. with Thanks for question. I'll taking I guess

characterize but you talk any a the expect from you time? on get versus update, you level and can little with going you. And Thank think your peers? on you capability seeing don't over would How July about interesting social boycotts? a stuff advertisers? with that And platform. the impact you bit DR secondly, your I do then Are could Just same measurement really today

different seeing Thanks, July. what on we're Nothing in Justin.

to in activities of talk really the service guide that them to to choose person will rights show transparent with human we in continue content we Just right on now, more the way their feel partners And we about we let we one is to our up over apply about people which that the how like all important me in our our policies we about time principles consistent how back my way any to activity month see. the decisions, with be from groups going the show particular. help step that with feel from and conversations advertisers about work up with way user when them than around may guide policies, we any advertisers, and world use and the we over good we them

measurement measurement a people, was can improved hood we as But mentioned, was in measurement quarter we when second need to saw gap another. the of think we to capabilities up weigh this versus for the under the about perspective? you'd of formats able We success is be as from their campaign work I great a we're advertisers. hard And to that's on And a can, spent to we Advertisers third-party be on example. experience order lot with expect platform why a Twitter. expect, provided DR to us. for one more they to better this Your get you Justin come a and better question example and where working a great where

We think that things the that are the lots roll and But we we we're up using permission be much advertisers. signal, front as people, so give use the time. other so using for possible. more that yet we'll these able service, signal as in opportunity even they still us. deliver we pretty improve don't also, to prediction how like around confident which But of to out get ranking today. to And over we're best of will that ad our in better we we use of models, people broadly, our show them, some sure there's make but that And as from feel we us way continue there's

Thanks joining you XXth Until after for we to QX in and Twitter earnings your interest look everyone. forward the then, market see We Twitter. we quarter, us, next to report appreciate when closes. speaking on on we'll you October for

Thank you conference everyone. call. conclude will This today's

disconnect. You now may