Twitter (TWTR) 30 Apr 212021 Q1 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Twitter First Quarter 2021 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, VP Investor Relations. Please go ahead.

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

us Jack and have today. Ned We with

As usual, couple to get our a opening and and we remarks published that your chance with Relations our hope that We'll the questions. website to Investor brief, read SEC keep all so right a you've of it. ago shareholder hours had letter our on can we

using tweet the also take questions on us As at reminder, please @TwitterIR we will a #TWTR. Twitter, asked so

call, These this forward-looking plans, including based During of will we statements, time. strategies our over as statements make outlook, business today, and about change which predictions on comments our and expectations long-term may goals. are

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

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

MAP languages On growing with increasing us. revenue revenue. you in reached and the our main at fastest can thank products, Twitter or we This of Twitter revenue on made joining pick we in shared the get be people and more We sign best We Spaces, moving and We're with a expanded feature X,XXX division. accelerating QX. hosts nine immediately. focus the value and of first reliability. faster offer on billion, everyone our and and more on topics we're goals the to interest significantly Analyst iOS Android for to revenue. timeline. our year. development being Day; weekly XX% million, Hello, than year-over-year. We and up progress products with in up newest shipping DAU across made audio in We now each remain focused velocity as mDAU better to and a monetizable tools well moderation year-over-year interface on controls Twitter discovery better growing to ad talking conversations way Krista. Total when XXX updates also great had Thanks, reached they giving Average continues as $X.XX XX% growth start and out the three

In rebuilt in moving out launch alike. reinforce were positively than for response launched Amplify the and opportunities our and Twitter the conversation improved a first one advertisers. QX, ever small with of businesses and viewer experience step products direct App the ads brand unlocking we products safety Installs faster revenue revenue another. improved for offerings, large website controls click of across suite with that before, is MAP Our building

content. brand-safe companies in progress features. see a our and been it's on premium run February, new next. laid map I'm way categories, curated for to what's launched ads Ned? to our individuals against out exclusively and using We're excited we also We video advertisers how great the and products and our road pre-roll delivering focused are about

Jack. Thanks,

audience, benefiting in better strong a strong driven start March year-over-year revenue growth secular the billion, As relevance growing from February. a improved Overall, mDAU outlook in formats, trends. the to grew XX% and year. accelerating Total brand reached that QX year-over-year, with shared XX% MAP. ad solid by line year-over-year. mentioned, and ads in in advertising was revenue grew $X.XX we're XX% up Jack we Total

like I'd three questions, your topics. to to turn we touch on Before

highest like is to deliver expense before to and people and to or growing in year. a to are First, ramping start. headcount growth total XXXX, Twitter with attracting of basis now on growth We on our course great in dollars great a our XX% and mirror products thinking platform. revenue. headcount products, more investing than no XXXX, costs more closely expenses absolute the ever performance, in to our goals consumer expect over in priorities year-over-year on and There across more revenue changes the hiring off We're long-term our

rollout with see We the global grow revenue assuming continues than faster impacts changes and in to total the modest XX.X. we associated iOS expenses XXXX, expect improve that of from pandemic to

either. mDAU. There the lapping on we unusual significant Second, pandemic-related we're year. last that that I'll are surge given here you no saw remind changes comps

result, released mDAU just the for rates to and changes a in of low iOS in that growth year-over-year QX, we continue We've to XX.X. the point As on preparing double-digits a finally been as on basis expect X actively ATT. Apple And the likely low be X part with QX. in

executing forward that, to outlook XXXX we progress that brand operated along across Operator? our impact updating confident changes Analyst and iOS ads the look We're goals. Q&A. that strategy strength way. laid move and position advertising their QX better to modest plans. us assumes There let's advertisers at the on you long-term achieve Our a we owned the associated on to no MoPub. of against our help out and rollout the and for Day are with XX.X well laser-focused our With to changes performance in we're products from Long-term,

JPMorgan. is Doug, Yes, sir. Anmuth first [Operator question, For line Instructions] our Doug open. we have your from

much. so Two thanks questions. Hey,

First, major large growth them we've off meaningfully XQ and accelerating week quite online seen in so, bases. of just some show last every very platform of or ad over the

of bit similar you. some the on explain And the was audience a Thank So you I just think your curious why that didn't expands there just quarter? the about dynamics MAP little by see you around a hoping you you then secondly, SKAdNetwork, talked dynamic how just XX%. could in more?

Doug. Great. Thanks

response. and a talk QX side operated XX% XX% out. about let's how the our and first, Remember things brand played bit direct little on about business owned and is So

two those is holidays side, likely side. by Capitol and come brand to that the inauguration and exacerbated how means back factors. riot show things start from want the to in lead slowed aftermath That the typically the all One a and brand States of was they off and that get advertisers a to down slower On the often the that on year, United up bit. we up likely plan

to show or in pushed later had typically also GRAMMYs up We earlier Oscars events the QX. either the the happened or like get out the that quarter in quarter

fewer in that were for brands have that to out year. meant events were against they out there earlier mapping they that which up show mapped the would so plans typically while And still

So a start. and our slower slower, to off brands were March but January February was got strong.

in or relevant betting conversation of give look fact. an download advertisers, spent On strong shared were advertise benefiting XXx-ed offering. who and are and the or is their to active to accelerating a what the ads have have of investing a to for they App people last MAP growing was their direct versions new that February year, crypto for for we're space important Those into in Remember, We great QX format ad And and trends. I'll a of and our those Twitter. we out delivers saw an Installs website large in strong clicks betting saw how side investing demonstrating with secular MAP fun spend QX early apps revenue evidence there's MAP audience conversation we crypto relative that areas quarter. from and of they all and best part the to better topic these around one from QX. a XX% you And MAP that direct that people. growth response we response format we came the on at with that our of

dynamics some we are saw in the QX. those that So of

trends different the the in year. you those If that end on that to that hard in towards think provided. higher year continues likely that those points brand at based MAP that the do throughout range continue points QX, that work play strength we us although saw the saw the And that of the if can that March we done we've strength secular that we comps forward vary those and we

SKAdNetwork? Can you anything about tell

Sure.

Sorry Doug.

So campaigns performed, more SKAdNetwork their on implement and we of because show were the we with to aggregated people you over you how we way XX% when data can were getting iOS, access MAP that just provide signal to the advertisers that now have ads. from the leveraging

that before the of confidence feel able XX.X. This layered could these back the levels that ATT the for before, that them provided to back people that ads it then way playing that is can guidance people have that give we remediate in but impact us from think to brand. we ads one advertisers we step to in gave a DR when into QX. we're in example target does appropriately were We So this likely field than of the we we we on outcomes more report and just from show good seeing them from that likely has to any it MAP weren't impact the terms it we work signal now. and way We modest changes on them think doing impact

color. the for you Thank great. That's

Dough. Thanks,

For Bank our America. next question, we from have Justin Post of

open. is line your Justin,

maybe the on Ned Great. follow-up last question. one

pace? more sequentially last year. guidance US? March remains Was say to did And XQ comes back down your So US tough a or slow you the than guess second revenue in that up, follow was question. especially I at then And assumes

you MAP into you. into half? start do second get second as think of the get we moving the -- you As revenues the towards that product percentage half, will Thank MAP product the

Thanks Justin.

a had at times parts So varied year. of remember the in world different the first impact different COVID of

basis COVID comps that in than And we the in earlier greater in described quarter, so, brand United earlier had perform with to the the States international got brand-DR and comment that you those about which than to My I to quarter. that March, strong that Europe in it strength higher And range in explain around US. of on saw were regions relative off typically reasons a asking you earlier Doug's easier I meant and did the that point to provided a coupled finished start, that we we saw in was but impact that we in February the earlier. and the to since That in does growth up Asia was pulls question I you year-over-year carry think the that March in slowness the slower that if the guidance the to described of the forward that that relative about. US guidance that you saw better, towards would what internationally we how mix growth tended for the the end ought January what

MAP about in the half asked You of year. the second

you we're year. the per real for So half there get more MAP we gained reaching an see a because confidence the but comps lap MAP to crypto year-over-year ones. that, advertisers, who advertisers improvement The ongoing on where may we were At and examples deliver certainly second only basis, they're for basis, perform spaces where of good and have them. high install not last we're in the more to start for trickier and improvement are showing MAP can able really of same cost absolute are betting the investing that like now time, on feel we just

brand time. of make was goal And mix we frame an put the so to to on but to DR XX-XX brand we'll and on to DR it work said the basis. long-term get is we'll that XX-XX, way haven't and our annual over time hard to a on XXXX there We for report

you. Thank Great.

have Sandler is our For we from line Ross Ross, question, open. next your Barclays.

we can't Hey, Ross, hear you.

Ross, is open. line your

Operator, Ross, are the next there? queue. in just should to go maybe you person the we

Yes.

Lloyd, Walmsley Bank. Lloyd For open. line is your next have we the one, from Deutsche

of brand riots their that Two some may like point XXx-ed is you like? early first the give And can for this I can. looks Capitol And just of then what have what And of brands for if you the second that ad said impacted feel as planned of quarter, sense maybe sense questions rest of you related in XX% brand into you on categories at that, the you the a percent us Or about that do Thanks. way year? planning visibility year typically in a short-lived? these the revenue talked worry drag do they a kind any to you could one, was revenue the spend and given Yes, O&O MAP. have be that of for at of all that year?

and a share So them they're have spenders that just those more? much wondering where Like to function been there seeing year was that of really the the spent would what's performance ago performance? about as had a untapped performance anything much can direct spend who the are you excited Thanks. getting now

Lloyd. Thanks

the forms So typical side. every terms visibility, happen global visibility looking up been can and performing prices things them, these most years And which to larger get first from different four sometimes and can in that think than from It advertisers can or higher products are how year show against past much through to pre-selling when at of come years. takeover pandemic where thinking a come brand of audience. isn't there better every you typically able we that a we've in events in about lots the when in it events can come happen

more their for spend there's it an of that customers When the certain with better they haven't important around need and they June in us perform another or It incentive to product. then haven't spend to for able and formats from changed. an ability conversation or given when day from agency them the upfront willing a commit they how any in certain than more them there changed audience us, they how day. this incentives objectives unrest spend around advertiser the they spend indication which number example comes pleased to to results them just and is in have in which great an the we're a with growing spend contracting they're to their advertisers What around for past. it at and advertisers past auction often given do should a how come than back But shorter real that a we've an ad of and pause a brand, comes the frame. on of are upfront yield any a when the to to our more also thing. better on and then to a is went lot to with noticed last one of try can reach Their often is for to Sometimes really signs level, from conversation come reason same this that for time is us

see a And so we often catch-up.

and year. So advertising see doesn't opportunity at March how us beginning are the when brands decided and up lots of for to of the a we out a look momentum. start and we show brand want look this got opening things year if slower of up things off they see the at give that to We the how pause about have positive can play perspective from we how as economies rest

to a trends. grow about Your point these different caused second so I'd them and significantly what to was and question their MAP few advertisers maybe spend

amongst become becomes the as the topics the to their that were same they think have for past for is betting I crypto consumers investing. a in leagues than comes here, even and first The United could and mainstream in you say retail States perhaps thing years bigger more conversation

perform conversation it high they're them coming use is second perhaps their for But been which appealing their great audience lifetime that than performing back is better and ads to that, it's value we to them, more. they're have on willing The it. and if not their means there's to been more performing, others spend And keep where doesn't at a have topics. to allows spending for that performing Twitter then let those reach them around going ad more format

are time for that of that optimistic some Twitter. trends on but they're continue for secular ability our right that can against to deliver we're the moment indicative right these advertisers also the conversation So at

Thank you.

we Ross of Barclays. have line Sandler Again the from

Your line open. is

guys about Can you Sorry now? that. me hear

We can hear you.

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off the anyway. get cell, I now on I’m voice,

higher areas and bit into. a a you'd for talk that after of but advertisers back be and step like Analyst is just Obviously the a we was and how of the area mix can accelerated, then that getting on more good what an U.S. stuff international a lot any to that's And would you budget time bringing new happen international? little And stronger? the bit on direct just of any are one to the might strategy during you going Or color e-commerce the your on you little about for you MAP. mentioned go e-commerce area talked that DR about peers step if in some Day line seems response? why that’s Ned It So color of be the guys on? where

a So advertising? any Thanks color lot. on e-commerce

Thanks Ross. Okay.

So at COVID the first, it's one comps I than impact geography play. world, COVID first United impact was around on a think earlier the more earlier. and started international there's are them But in two and Europe different quarter if Asia in all bigger mentioned the about broadly, things the it was in in when you to States. around

And January some that performing you're when up, those how March that, that things February better it's for were side example, saw business for bigger of the a showing outside day MAP-heavier still that MAP But means really carrying weren't up you we are some they brand be can they And United part so brands and want as were too growth where when in have or that. naturally. MAPs show markets to as when great States. examples to MAP well and the deciding strong on the the that, so lead trend of is the that, can, Japan, described of Europe that year-over-year and markets we this -- can in seeing. that

now when that, definitely States. that the two United on gaining and for things And So the bodes brand international you -- look side at or see we got were on combined we've us -- where we things March, side. momentum the helped those better well

side, point e-commerce are there out. a the On we things should couple that of

The side to on week, can over and businesses, the profiles first hundreds a yours us both is hopefully be product course phone over last where to this steady the number, you'll of example see might and We'll their which released that's revenue different continue and have business those Twitter a we we the their just than year. of improvements product folks, move cadence service. from further of one, their is to they more customers the mine time that's consumer find help point profile of with to a or advertisers to operation, out it's something or the just to on their a do menu relevant roll business. that on hours things down of to funnel, further good and I'll need

two to And next you. going account take Thank Great. questions. has and he the from question of we're comes It from the Rajeev, Twitter.

The around And usage onboarding XXXX or in first not if share is Spaces and and Spaces, and plans accelerate metrics was one to about whether asking then any share second you engagement. the any we improve around question and can can onboarding.

Yes.

area doing an topics behind, focus and I mainly that, lot we power is a interests. think with we're onboarding So to the and now everything great of have of because put ability

built now this topics and across X,XXX have We we've languages, onboarding. into nine

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everyone. dividends, me things this is to and iterate early. and Spaces area rest We're very, published road still into including it the Spaces. and we focus take plans pay to share feedback designs with our So ecosystem, like can less of be or continues goes the every most And it week very map that We've more will updating our our so very app a the because quickly.

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talking also within lot hard on surface this really new the pushing direct e-commerce. of and Ned will in features it in we're area. space just terms some correspond and I of to So that was the of things to that response lead imagine, earlier the potential products There's new new and about a

the next Great. Thank you. question And take operator. we'll

for next from is And you. Rich Thank the LightShed Greenfield one, open. line your we Rich, Partners. have

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do long guess million in need or guess you and -- North think whatever about And in to from how Europe XX move you added towards mDAUs what your do million. to America US can think be Europe big you how the for term XX do you You've have Like goal five TAM added domestically? do Twitter? what you've million just US, I the the think mind? is you to I about market

XX the The has take improvements part over on MAP. ago team where were over from we first I'll implemented a on year MAP, Rich.

Some and the policies of we've sure making right access them are right got signal. about to the

the are to carousel multiple access images them able what of deep how sit the images. has a Some the improving advertisers. Others we're show like of are opportunity you access look them -- the giving outcomes them to models and them for run and to we what quickly how where in models who and deliver better

look more As I map of want it that better. improvements we it ahead deliver drumbeat. there's to Rich to of we any call to them for want ought will steady MAP that road be a make like because out a wouldn't one

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and better funnel So as an on should you to better also down you looking and the deliver helping outcomes. advertiser improvements continuing look for you MAP, for should but move us keep

at quite The the I the Richard reason use it's obviously is, happening size think just I under what's use of case large. the terms question these market why asking and the are case look to case has failed everyone get we informed. where wants not that serving fast have what people use to enabling enough. in that in to they're use and question interested case. And Everyone be In is

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users? the looked has of surge COVID of been retention of that sort of the at COVID people those the and what with you Have in came cohort

day. as economies It Rich not they've I group for things should as around open COVID-XX, been us that have. they've -- previous continue -- the And Twitter work entertainment, preface better and make rich after the than are in whether it's environment service. out, for And in we early sign Twitter they just coming that every politics, that's to them the call and have. cohorts has for accessing the investing that around that watching sports and can positive not because up, their that better. a they retained and other it all they've come on sofas March just we're pleased to hasn't us that of Twitter around see is to they we're all conversation to from at that in events changed since much solving job to been as or which retained really too last point but year, means I the available find that coming first so they're now that sure person, that for to the should started

Thanks. Very helpful.

is one, Evercore ISI. your Mark line Mark, For we next open. Mahaney the have from

do Question outlook. to with has the mDAU growth outlook growth

You the talked and quarters next you've comps. of growth XX% couple Day kind of tougher Investor about at got your for

about than so you're talking lower that. And

that how just talk we what's confidence gain Just you growth to Thanks confidence of get -- doing do could the that? like -- do couple -- to we next this how go low post comps? these can a And quarters? how why in when tough about lot. pathway how XX% And double-digits the say back gain you you

Mark. Hey

look for have roadmap, given with When events Twitter when and that of don't at us of XX get at look about events, them, we look people QX able QX, we people, mDAU things a than to and discuss million. our So, to been can average QX, in product were to the hear about to people joined last of we had how we bring look because about the calculated events more for for. feel we're been on roadmap at us said to year we've in of what get Twitter that the for those there. people is about give people and to of When they from the time year-over-year that We DAU are are different all the at the at double-digits QX us looking mDAU Twitter back, obviously what way the to in confidence the new with that to opportunities is or know compounded they they're basis events XX our a QX will who service, which find days and but QX we a the given XX% that And QX. from point us quarter. to of would who impact the comping QX way the the that grow past QX who the number healthy for in cadence likely we them about funnel this learn tend help XX%-plus really last front people good drive all growth some both those that got so it we for we or top product low help on the bigger those to take as we've group of days the of and bring and average those events us XXX perspective know service number to on our coming present us on to the March low haven't steady

Okay. Ned. Thank you,

Brian we next our from Stanley, line have is For open. Nowak. Morgan your question, Brian

it. have might the Ned SKAdNetwork taking Great. a you of but by kind questions. to explain Thanks might just missed again have I -- my little you why for missed increases side? us just it I I'm I of have integration audience that. can two. can your the confused

that is actually how how and and can help later on audience growing? advertisers that maybe MAP, increases fast the year. this secondly how me you And on let help the us grew that of So, monetization quarter-over-quarter know just could base the MAP advertisers just then whether

Brian. thanks Hey

So, first on SKAdNetwork.

ad. confidence to don't So, that campaign to success SKAdNetwork a able we another to in something was the out weren't somebody, MAP ad to there of or the like report weren't advertisers was having MAP -- if can their us. showing access And to provide that without something relevant the them we a we measurement able we deliver partner to have past

iOS. people using better able a to with we're And SKAdNetwork, so before reporting able who were across to we to advertiser a than broader group are MAP provide of

an to in ecosystem as be advertisers much willing device-level they aren't customers. Certain same that. and economics objectives will aggregated to because ads the They opposed entire getting them they'll as number that have price data show to the in to of to data to data what know those their getting changing. order about aren't businesses deciding will campaign-level adjust to order and world they changing. They they're they're want and decide MAP hit acquire to or remember want want can ATT their to the for as in pay ads advertisers' Now, the for have if

while QX a for us is know take to out. this for from ATT broader to will into to to And play some said, going a as ecosystem take and modest it's adjust all incorporated exactly while it we've So, to going how impact the we this.

about was question MAP your number of part second the advertisers. The of

over deliver increasing it's more formats for of ROI more on important to large strong than So, already. DR success, advertisers But a better against where for that going than the objective they the because whether is them we so or they broadly put But time. of larger more could Twitter better we are near-term with before, an number not before. better MAP dollars Twitter relationships we with us audience be outcomes ads many best of and it's can advertisers them relevance, can a there measure even with or have therefore whom, and could with brand

grow. brand business really easily nicely easily you could side grow, number could the without growing The the of meaningfully. MAP of so seeing And advertisers

find important the that's the best those who staffed to talked we for teams is a than as be about number engineering down to on why SMB not overtime case sales really an help it like is but Twitter, the measure grow businesses over the although, of the business running a an us advertisers things important. should them their objective to Jack will dynamic And campaign. a launch And help help has businesses before topics it's it's launch understand campaign advertiser that advertise because bring might and we use small can time those entrepreneur to product overtime, closer it of to number help their and customers their on the be launch street Twitter, near-term them Now different customers, advertisers. help an so the campaigns, smaller help their on side, small

guys. Thanks, Okay.

Baird. have, is your we question, next Colin the Sebastian For line from Colin, open.

on on afternoon. first, the swing Good like guess, guidance. Thanks. a Looks Hi. Ned, big there's I the follow-up pretty a in QX. guide profit

mentioned quarter? secondly, question. picture parts for in But are step-up think bigger count. for curious head maybe Jack, there number other in a a big then And I obviously the moving that You

about, Analyst talked features kind reducing to new that shopping a Day of I down year some a for business You some expect to during a launch thing. and small weeks. feature urgency the up time of the to And rollout it you profiles from to few have takes

the what you year, leverage as might as wonder, timeline you now? is be, I the And the new that start in Thanks. to So headcount. engineering get what further

the can in you larger first for base. you've when grow the part, guidance, that, from Colin, And expense head QX. Hey, XX% got One and continue so count mind keep a or QX, is expenses grow our QX, on in tell, range outcomes a you few revenue. to in you things around of

a over you start with in impact a that of where homes. the base because But Twitter, X,XXX growing we hire as quickly we that place you grow this revenue person done manager add if who QX their we've we that, in think outsized underneath point, So you're revenue last and in grants, P&L, the in QX at who lapping out we're matching falls to about that do steadily when an to with hire-people-from-home that a environment. we'll and QX's continue adjusting from some one that have didn't And the expense guidance. on their well. met vest When actually people have that base they the of At acquisitions with onboarded pace. shelter recent of the year never happen we work as in steady period, that refreshes have this to QX share headcount annual at were were things

a QX you refresh catch-up. as that happen We dynamic So we absolute because grants. dollar we're way. to in long And compensation same as year, stock-based granting same as expect granted biggest this, increase the the same the the so last those QX continue you have should had from to thing will little of

I'll the that you some point Colin. I'd So for those of part. to the to Jack turn second are things

mean, out to continue And further. at be get for estimate. to even to I consumer parts in the products this a revenue current Hi. speed for up point products both just Yes. moving of of to the than weeks push month. would any three that of matter can any engineer revenue much the we that, matter it are and to two we'll there's project to other faster that within to get update production the would complexity say within things it, being that come week. I It's like able our others. say like a is months, and pulled we've be along, for a push and to we're within few idea a goal products for trend. single I But able and updating that down gotten like every instance, to Spaces of it there's And

learn. best And we as as So can iterate we can experiment. we And can possible.

So we track. are on the

it to definitely going and track on some in are seeing products. products, And we're in that. to We the revenue of see more consumer our do a we're definitely it lot of

betas to that complete. going the urgency. better have going as now we anything than the been and with foundations be those to On can gaps, can that fully a move from something be and very, to out and make lot the put small we And start, intend commerce side much we'll They're stronger very we hopefully learn are then soon. grow to going underlying from past. in from are We're subscription, see excited to it not live we learn as products to them. see we're of but learn we it they And so

Thank you.

we Dan from open. your question, BMO. line Dan, For Salmon is the next have

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Jack. Okay. Ned. Thanks, Thanks,

your and question, last have for one the last have question Thill we open. line And Brent, Jefferies. from is Brent we

James taking Thanks for my is This for on Brent. question. Great.

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but new yet, Fleets. some activity Yes. and we demographics No update utilizing just seeing are on new monetization

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Great. Thank you.

Okay.

look appreciate for We we then, to it market July us. report interest up. see that your closes. on when we'll joining with next earnings Twitter. QX forward on XX wraps for speaking after think Twitter. all you you quarter you I We Until the Thank in

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

disconnect. You now may