Twitter (TWTR) 29 Oct 202020 Q3 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Twitter Third 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, Krista Bessinger, Director, Investor Relations. Please go ahead.

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

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key number we'll the Ned? a So both questions. cover your points our Ned into shareholder is to going and get of from letter then quickly

Good Thanks, afternoon, everyone. Jack.

around world larger and engage seeking We increased events quarter, significant on launches. investment results, to saw significantly product revenue QX. delayed of their increased our in audience to can hard the you their advertisers turn work deliver our the much As strength as or throughout our around Twitter from improvement see Twitter, positioned

weeks year-over-year of In ROI, from product period. during three with QX, that spend consistent so significant the QX weeks not of year-over-year, we rates delivery online was up and That's accelerate that when good and we and perform many in as Twitter. in last which products three services. XX% typically to driving the their revenue launches, and demonstration events revenue businesses people are decrease of the perhaps a Our can XX% of all digital window, product are better driving fall of that fairly improvements how growth last the and a daily ad advertisers saw improvement more

early we durability year priority you made we're results. revenue highest our this see to and As the know, beginning

moving measurement We QX, ad the ad better our faster we're more. updated formats, rebuild response on and and made direct server delivering complete, prediction. in With progress and improved brand with products

and There year. integrate to Audience industry Ongoing more improvements continue due million towards QX. time mDAU were saw tail QX than XX there impacts on this requirements. are to revamped decided new XXXX, spike tremendous to have Remember, engagement and when delay into in we expected MAP the have of availability COVID. iterate product a basis, efforts from daily end us product consumer privacy general we at also our X value confidence in retain better retaining to to can and QX, deliver were mobile standard increased trends allowed March have to in and big We in offering people our them positive such such also increase in year-over-year are that in resulting gives we a reactivated more us of is these road previous mDAU surge in than accounts periods, new which we XX% up on a see and sequentially. map. those in last our To million

lot to is it of to unique ahead look As we there's navigate much to a XXXX. QX, and

happening. we're And with launch new side, events a we've likely to play with year has buy may coming looks than benefiting this from looking hard done even advertisers and and season what's October the to products differently the also The positive buying September, and services season to must timing goods the Twitter like than lot make for product more of a the all and On back. to and work with launches in it of terms is out accelerated connect holiday before. strength of shopping that delivery digital ever of be advertising and historically, and services

could only to predict spend approach to paused we out. slowed however, catch election, in U.S. many civil quickly U.S. reaction relatively an spend As behavior unrest, to increase play QX, effort thereafter In how the hard or in it's advertiser brands to up.

the as great and As our somewhat September's no larger the coupled outside election the or that the revenue choices continue made election-related We reason improvements, we and window. ongoing launches product revenue that can't trends to audience, but surrounding product periods have we've believe service, confident improve drive new U.S. the the remain uncertain, is time. outcomes grown advertisers ahead with even look to can we've respond events we positively to of over of tendency

intend for pandemic. improving and GAAP expenses to and total our XX% before continue Given Remember in cost QX. closer year-over-year grow also in was our the expect we to investing we the conditions, business full that to intention work most year important

of of resilience. service, continue in be expect ongoing the $XXX and see at serve our our the data our million their of to to and purpose of They dedication compensation QX, importance everyone CapEx build-out. public a stock-based Twitter want incredible to sequentially relatively incredible potential the we for our business value result conversation. flat the to and thank to remain as center over expect We We

XX, look Analyst more sure in it saw Finally, be Day virtual. we're our This that, is detail. ready first to our we questions. in all will our worry Analyst to With be February take Day XXXX. we all years Don't you announced held many and I'm to discussing on work as forward your

Bank. Deutsche Lloyd from Your Instructions] first [Operator Walmsley from question comes

is line open. Your

Two taking can. the I for Thanks question. if

the in the guess broadly, stepping I talk direct I letter. some direct we the about back data for kind shareholder and First, you is you the sounds And would much be, guess give guys guess other existing as in spending you with any with you and better much -- like delayed idiosyncrasies previously? and in ambitions a elsewhere? of election come rollout how your holiday. it the look then, thanks MAP can good to sense position second of versus of But attacked of from on the boycott on of I the strength feel on your can response then one to or response And just a what how and much perhaps it interesting why may MAP coming boycott just think from advertisers? DR sense the of us that absent you quarter new the from any execute is how kind you're for about have now commentary, the outlook the decision how versus more guys pretty

Thanks kick it Lloyd. I'll off.

bunch this think app all digital over the past to and the quarter we've map benefit to give But all sell there grew of Twitter. that of work on that us time. through for to and down of on about road we we road like ads leveraged back So response advertisers opportunities actually faster-growing to install way for advertisers. that is put been And for we've got clicks When people today stay way the direct map just we the comps. and focused something signal move faster their getting the we remember a step DR there's easier albeit to think than a and to know want important the we've we important when feel funnel the reach the against our them we to about on website historically Twitter the part in doing overall talked about to ad customers Twitter, although where advertising and to is opportunity TAM. larger that And do for that haven't it's work it how we use have is. understand and lot on

summer help them understand You the benefits help it to over flow historically than reprompted benefits people different of understand of it. noticed we is has been The personalization. to that the onboarding the people

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you. Thank right. All

question please. Next

from will Doug Your from Anmuth question JPMorgan. come next

line Your is open.

then, and could the for results early these that seeing we're was benefits few to rebuild some the ad ad appears the update you're quarter. following months. taking Thanks you're in over provide seeing server hoping fourth an perhaps improvements you be And just the question. first meaningfully I on that just that load getting ramping of

by just how load And much And that forward? this Thanks. Just of curious going how was does you or think what count pure like-for-like advertiser about demand. mean ad pricing? for limits do increased driven

Doug. Thanks,

comments. Let overarching me couple with a start

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that and we're test move is at a faster as more time to able same just Second the things result.

to retain ask in teams to technology. great go to see on We're and continue engineers Our attract new other work teams they're don't because through. need tests able their to able to to order pause

Ned. you, Thank

Thank you.

question? Next

come Morgan from question will next Nowak from Stanley. Your Brian

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capture sort even ad still the server see a us a the areas you sort improvements improve about to my Can is bigger think taking related you you from fruit picture. you to that the data overall of even I better of about maybe for analytic of about capture about it's talk from data targeting Ned ad capture question in of what low-hanging us really maybe Thanks the – question. to think your changed what's just could to targeting? Talk do data you you have it's And drive maybe that potentially perspective perspective? helping a units? areas users that a

of there consumer products us it there done this and can a off where little add may work some bit help I'll Brian, this. we've that the and kick into gets thoughts some around Jack Hey, as

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anything of benefits see can the just we similarities, people compelling data there's used like lot them feel Jack, as signal today been us you a want with of show that find because help the to then historically ads. understand that it that people we So to of to I'm because we that also people can that who not And available and there's to a on-boarding of well. that add? re-prompting now we personalization, benefit refine where have there's just has there. more works haven't way the to more understand so more flow There and is our the access people us if personalized models helps sure, ads

Yeah.

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Great. both. Thank you,

you. Thank

question? Next

from Your Greenfield next LightShed. question come from Richard will

line open. is Your

Jack. Hi. Thanks XX on from U.S. in I guess million more the both XX for that the up for Really, taking you, you're for DAUs it's million. great it's product but question. probably of side the obviously

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interest to So and in how very earlier show it's bring people it of we really a do niche we tend how do well of and do how get like to do customer the which experience. extremely we question Topics, in breadth more the

have since give any I rolled many topics how know early. sense it you you've actually us still it's people used of Can out?

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example, XX out are dollar so make the experience for with a that more. one the people interact could on sign even there really XX of to couple months ago roll Those watching cashtags there those So those we can we're that out today and how and it just better ticker follow. weren't

-- because East If see you have topic topic follow graphs, probably I different Coast. me we the we'd West and the a with follow the Coast because we're and like NFL both things on on you we different follow

great these are so examples. And

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Thank you.

you. Thank

please. question, Next

comes Your from Sandler Barclays. next Ross from question

Your open. line is

for Great. guys. Hey, This is Deepak Ross.

Just a of questions. couple

in first growth to continue -- the actually last likely kind The pretty But spend and with possibility And strong. still second ad do to worse? three But record uncertainty from -- of COVID to play see is question ad pretty gain fewer XQ momentum you you trends early impact question the opportunity most think many XX% weeks still brand in continue with XQ? advertising enough COVID-related markets some was in was the the get for to in persists trial out three the steam? the just is big on getting -- sports related Or Clearly, is events correlation last things XQ. worse. significant there you budgets and a late there then somewhat were there months are is for Do having how think if was part? do lose

there. Thanks, questions Deepak. Good

and we three easy on we're can their quarter, last of talk in revenue the larger as of advertisers and Remember for during when back we that about sequentially are a a we had quarter. and when opposed next let XX% three when which else. grew me growth Twitter weeks got operate it work audience you in advertisers fairly to we've dollar the put rates making quarter. events the and for gives coming topics to up deliver third how for daily sense to somewhere weeks We QX our ads first ads last in fourth were XX% consistent the So year-over-year

which linear lot of previous of were others September is sometimes just like and happening where you've coming which Let that planned, and me remember secular because -- because back on launches of stadiums delivery coming terms happening from got this periods. but about and looks the it are talk advertising Product of were delayed events a and goods of TV also and in QX the what's in shift online in where services. where people delayed some back aren't things October more both

the and they our for back often goals haven't set movement more service, budget probably play you've through they because because learned you but And at so our past, the out a think the when we for a spend advertisers creates where to hopefully that or well. they is is has Twitter of But what United of States do in on reach plays predict as because good season election. September. then Black important to buying that all I that think there's that digital that in around a Twitter think down Lives benefit when the November had also setup holiday November to happening aside in could October their little more harder objectives December is pause why and out come Matter which And setup they and I got got and have discussion similar a that their I slow earlier than choose different changed. a

that previous cohort that when around all we could So of came better in health what the harder part March to ones. a are. against can themselves what had the deliver topics to control. second that can we predict other on proved when do we'll extent like things they're a work our in group else. is And or and want COVID. just continue because we COVID that and to the we people opportunities that or those November little to down on hard We place, us Twitter want to economies closing do looking more than largely really to the focus something world that that whether around for can want around people is shelter to find your we We sure periods on COVID little hard we recognizing retain question of And to it's that make than the we find focus people went

quickly we in so down should situation a unfortunate able up the where fourth there sentiment, to environment. do show adapt we play to a that up and see. that to wait advertisers I since environment. do quarter them are to all to this how to an thought And future we choose what economies it to and expect they want learned and any lot about through where exactly are And good the as things we're shutting them again. of we in March. how the have and continue terms And that the lot things are about they to feel of important have way of might indicator show be But out in they advertiser do that They've about think, really

it. Got

so that's helpful. much. you Thank Now very

next the question. And

Levine Michael comes Pivotal from Research. question next from Your

Your line open. is

about into an about a I Twitter in XXXX the Question specifically to from talked there you is do as say, guys. declines. So that quarter, revenue it beyond we been looking ratings people of around just next result perspective? Great of the if, different know look is Or learning thinking comp have like you they're and -- letter, and of engaging stands as lessons at think perception a with back are ad normalcy these advertisers sort as platform even let's that about just that this? you? and people the changing you're or feel way mean, like have certainly be year something is going just are from it mean in the I you the sports. like you I

think I is worked these improved way to baseball platform that content half playoff more other with or revenue FOX than that a partners they NFL audience, so perception get get we cam, Michael. many the the of do and on whether video Twitter the but on service the we to fact partnered it's larger to of on the also showtime a on much come any league for with with could games lot the they're major a people different up levels but seeing Thanks, innovation innings views the lead-in to have that of through products, else. on -- come somewhere conversation hard the the their These people change sofa to shifts buying doesn't to on one one online a work period are things partnership for service. another, innovation where And more the where it may they're whether happens nor to they're to the want public secular that advertising from ourselves things do back customers and they don't with these Twitter these day watch their because soon. more meet online to given they we go people I are able get differentiate that or to to partners stadium and

[ph]. next our Thank comes from question @RomanRubenstein account we take the Twitter will you. And from

as $X to eased. now that to better higher? yet future the when admit buy COVID initiated a has Twitter repurchase you is billion disruption represent not this these and QX program Doesn't the of in back uncertainty shares have been opportunity note uncertainty You than due rather undervalued considerations

Roman. question the for Thanks

our to team invest and the or a acquisitions in to for our about environment about begin that reason other around of has shares principal to new comes think -- when noted in talent make lot the through and been our that or in capital grow allocation for the to through whether to and share we business that yet company that lot servers and and been purchased the through And factors how that want that's capital when broader letter, bring any have sure to in the environment you the it continue any we we not technology reason investing as through data us So a things. uncertainty we center of we continuing repurchase. have talked there's to

consider said thing over think we balance dilution our amount we letter our our needs to on began we capital talk our think the When in our And the these buy We buying out yet about repurchase plan right to the share have yet. when we is cash in sheet. not also which share things. think issuance that made and many to eased. have that You about time. back other of pointed that of the We about consider we to handful repurchase. employees is of a share do the our one price, after and what And considerations shares from back is we start quarter just hasn't sense us stock structure to caused it

in You'll just hear as letter an the go. keep we about we'll it and filings on you in and earnings the posted call

you, Ned. Thank

Next question, please.

Your next Sachs. Heath comes Goldman from from question Terry

Great. you. Thank

look quarter, that's in guessing growth sort we there some relatively of when that has this taken Was from country was moving I us information or the efforts but probably to would growth? the of flat, movement worth that's a that past have country sequential impacts sort As number I'm impacted a beneath of lot out sort fluctuation that of point user you look considering at you've wondering could initiatives that. maybe surface? there help we kind similar quarter disaggregate any of in quality you if Were within parts the mDAUs this at of

Thanks, Heath.

this the numbers you afternoon. going first since there's lot a me on ground I Let know

markets. XX%. in accounts. to huge was reactivated broad-based the of new mDAU QX United of Remember We up and internationally. COVID, growth surge XX% and in So a saw It double-digit due was all the with XX top towards XX% we lot was audience DAU and of in our million grew that end a XXX States year-over-year

things that may a a happen would better of you every and new reactivated as like much how ongoing news not we Jack that and modeled, out had all then see quarter, in product some maybe As what to that time it play as accounts earlier. of The pretty also to great improvements due doing the is retaining through the those world. we're unique job went be

On the time, increase, to going of sequential we'd that just not the quarter. all it's to all I every kind happen but like as said, have surge

around going other vary. validation quarter. retention our in and to remain conversation pleased to the that are healthy better top funnel politics But a numbers of by ad strategy that of March. focused And we're that group and of that's getting. have things, the events with we as us the to continue backs We demonstrated around come and around pandemic go third on the came in that learning these We're topics and the

a QX about Let's for talk second.

quarter we about with happen So us our fourth around in of than ahead those mDAU. are you that mDAU which remember sure think terms the and look seasonally we've work have for not product in But all feel Twitter. and that is us come can people done when activity the And great the to they is make does slower benefit of Heath, we typically increased potential beyond. terms like U.S. election, as mid-term the things do in help growth that to to we the QX

Great. Ned. Thanks,

Thank you.

Next question please.

Your Jefferies. from next Thill Brent comes from question

is Your line open.

a you to you something to Kind And look of maybe and this advertiser specifically of revenue do out more a how year? then, story? QX to on And capture kind have of my the of last the of of an comment demand wondering you And widely or Could years? more that around infrastructure it to Do next MAP you've then guess you. couple this some a more Thank little XXXX, sidegive year first James. advantage would positioned just you more compared is holiday season. This you on improvements product QX on a second and in Is anticipate available? whether making bit the think you it specifically when last? compared think think think I growth is you product material impact delay? half would you're it's half XXXX second made

Thanks, James.

reasons. so we've First delay couple XXXX to remember for of MAP, decided into a on

advertisers into that wait we we this the and about has done XX them is others adjust, are don't pilots just there's and to platforms that ad And delayed the they're the the iOS going we from that and how to same. that QX. work that specifics to that need learnings and we But we've The the iterate hear to is that changes from other year the on had do IDFA make have will want ecosystem second Apple and and to the first want to think to on.

took will on third remind version hundreds take hear them. that, feel now is remember, that this the year them component although we advertisers. of of it I MAP have MAP One react to year what want a it. that third back measurement measurement, of call how it's we choose to couple of ecosystem good advertisers away the they're be here to from about. a too product we we early party quarter how more. key have we want does And for to continue We of how to so, do but that in all And make revamped improvement out the consistently next third last rest for the predict until and XX% you who step plays I have with of spending we'll to party really out. to the wait a

to So out we're not revamped important version waiting for roll features. this fully

feel data doing other format, that surface got for with MAP off more that while and product next year. revamped underneath out waiting as the sometime the things driving MAP that that such are really We around results some that invest us Carousel, improvements come causing we other and still to are we're advertisers we've good to about

be But I work in around went good little work done, advertisers a about know season, we've here. we've question deliver help point a won't what that to And I there's second unlike the seen the but feel on really we've earlier, going Your detail QX I should belabor we done today. in and bit others a the lot holiday through QX historically.

Thanks, Great. Ned.

Thank you.

Next question?

question next will Shmulik Bernstein. Your come Mark from from

open. line is Your

the Yes, question. hi. Thanks taking for

sounds like from there's new engineering the some the side. server, it ad excitement With

can kind other of into those Thank you is might share and or of on you towards guys road new you. through, ahead thinking online? come incremental what when think kind any of we of revenue beta some the pace As of revenue are types cadence there color map, products or product the

opportunities, which and of today. non-ad an continue report revenue durability our important through part I new So, There's objective, company revenue priority. are some which we to -- work think nothing on is the to one number

work from you'll when tests suspect up us. an see all test on will that this posting for picked we you to I had job the to be their us find going that others another engineer about from if You path to the things both was a And to stuff us isn't that but well. where going about, revenue experimenting well, This Twitter they this talk that them prepared that more And I we're year, time. think and something think opportunity is we about of happen -- see get but with where for on in improve we for there's you're there'll as working us. talk us it consumers is we're for over can you'll businesses more we for for where to Commerce excited as and see where further down want before opportunity publicly. experience about a on subscription and terms

you. Thank

please. question Next

question Your next from comes Patterson KeyBanc. Justin from

is line Your open.

much. very you Thank Great.

Another one on sports.

advertising You've capture past those offline of stadium. virtual how conceivably channels? spoken early period, this product in growth learnings you on about the iterating much. the user some Based to from dollars associated Thanks the the more your think drive on and being with do so engagement typically about

otherwise, for reason when there fans. come interactions true from all also or highlights, for great players that a starts around the us audience opportunities engagement also partners an an watch where a well. them. for as in Hey, to on they're Justin, that have These bring some party. series of to able pre-roll as they you content are sports when big are see TV, over-the-top front both with parties been why are around there of opportunities interact. opportunities But significant advertising wouldn't be move create are do Twitter they around our movie able back participants about work dollars doing Twitter. ways these the where video together leagues those other opportunities it's both They the and lot somebody capture for of been A service to for watch new connect an with what been been a on those and things bringing But look directly more away events they that cares us we've advertisers that ad have about well. we that's around on to are – into we've event line linear to has time and when opportunities launches, engage terrific with or opportunities Twitter topic the opportunity their advertising have when we and the when think as customer These know specific

spend in [ph] comes Twitter. or observed next take we'll October? that speak question @TwitterGoldMatt And decreases? Great. it the the in is the from noticeable Thank to September any far you of a you. Is of increases have "Can question you or ad thus the It trends from account continuation

the happen back feels in results the September for the of October. if there question. previous and months you been here normally some for letter to happened But are in of When talk the October to are the quarter events that on from really October setup Thanks different have about lot we've product opposed from you remember We're lots a audience some that in ago launches to upfront also more a that like much got we which or previous of the the delayed the period year comments XXXX. as shared of larger a there I you surface. that period, when to third what to which in month some bring remember relative and periods

the improve. those XX% why the And see so point continue we that I'd in that can't you or election plus that we no period, in what also we and September to trend saw reason even ads that just growth outside comments said letter of

the no can And there's in queue. you, Thank else one that Ned. we see

you to close. turn over I'll Ned it So back to

report you we'll thank then you for look interest in Okay. be forward Twitter. to Thanks, we earnings February see Twitter. We which will appreciate Krista We your you and when on joining Until quarter speaking X. all us. next with on

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

everyone. all day Have may good You a disconnect.