Twitter (TWTR) 23 Jul 212021 Q2 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Twitter Second Quarter 2021 Earnings Conference Call. [Operator Instructions]. I would now like to turn the call over to your host, Krista Bessinger, VP, Investor Relations. Please go ahead.

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

the us Jack Investor published with had of a and you've have read hope today. ago Relations a and hours Ned and chance our We all on with We that couple Letter our website it. to SEC Shareholder

keep remarks to brief we'll questions. your that we usual, As so our opening right can get

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

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

results to Letter. These like non-GAAP our a our to it our over few upcoming for SEC. Also and certain We Jack. and be Relations from substitute finally, recent actual number being XX-K with non-GAAP the differ an the XX-Q Shareholder a measures filed -- measures. results. to and with in our replay will I'd financial is that, to on of comparable uncertainties, not the turn XX-Q and will that audio available Twitter are website, most and Our And entirety a call upcoming risks GAAP be this Investor we intended discuss webcast be website in GAAP financial will most those measures in directly and materially its our risk could during due including factors call, on this reconcile hours. to in And

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Jack. Thanks,

get we I'll a topics. few Q&A, into Before cover

audience, impact launches all quarter, on global A improve and our a April across March advertiser and the products, momentum As Jack performance. sales and and quarter brand noted, across better QX DR, exited ongoing execution, strength to major a big with ad events product particularly continued both was had advertising. throughout all trends with for strong geographies. We growing strong products

spend exceeded to ATT equally impact or weighted too saw grew brand to X% end the January and on too brand million. and high in our more provided we mDAU the may the strong long-term in conservative. and guidance a we quarter-on-quarter, quarter which result, we with in The the saw in we outlook was second our that In XX% slower by in year in As $XXX to range March, April. also hindsight, our U.S. that line was, start we year-over-year trends the with the return early impact. growth the expected, February guidance, sequential global get of of XX% growth the muted assess historical although in XX%, some we seasonal than of our it's Within mDAU attention. approximately

million COVID, Here reported years mDAU growth ranged in are second for some X X prior In from quarter the to context. to the quarter-over-quarter million down. up U.S. has X

atypical consistent as communities historical cycles backdrop, not the year as the behavior lighter well performance this this relatively includes with of U.S. reopening consumer where So news across yet our is beginning in which despite has range an likely normalized. many

people's QX may flat news change last reopen ranged others how 'XX. over from some up suggesting tell are product deliver confident to have early mDAU results. the our for advertiser ability too while and better the U.S. still struggling, I'd there these that to of is and mDAU has with our X million, it's growth the economies our years to return And global sequential behavior as that in in are remind advertisers, over U.S. launches QX products flat While The And year. sequential in be longer of to could X good a basis you events, all ad ROI course strong and great driving about changes our no trends been term. improved the mDAU thinking we're accelerate growth a ability for same near to term, on in to

point the low growth QX low expect likely now with and QX in to continue year-over-year double-digit behind us. We

we're Given our enter updating and the seeing year, revenue. thinking the we the investment on momentum we're half of as second

more Our than expectations too expenses XXXX growth for appears low. faster XX% expense in and growing or revenue now

with costs or expect and more year expenses, investments are headcount, on the engineering with the and and a We for to XX% total accelerating along products. focus full our now grow

base rollout XXXX incremental regard from grow and assuming will associated As total XXXX. With into flow continue continues we in changes expense to iOS in you'd XX.X. global pandemic continue expenses see expect, the to than our revenue we the to XXXX, expect impact of annual modest in that revenue, to with to headcount faster improve, investments

may the twice likely in also summary, little forward, purchased a varying reflecting your and capital our on price shares repurchased our nimble we're move pace pleased we're QX, of and QX, with share enter in You Letter that, noticed $XXX million ready be We'll continue half have year. the the we as take than the In we early in we results Shareholder May. second operating environment, see conditions. Operator? we to we saw questions. our amount that based pullback and in as our market momentum in we the And thoughtful with the more needs Twitter of to

[Operator Instructions].

Barclays. with comes first from Our Sandler Ross question

the leadership a organization had You change in recently. sales

business increased areas? So of in new now. group? Obviously, a from anything ad expect new that should Any sales on right lot we momentum focus your

So any with Ned, color a I on U.S. surprised little to helpful. on all DAU. innovation be guess the now, that And the see just a product right little would we're more there then, going decline. follow-up

burn-off just other that any us can Or So line? is that COVID kind impact? give you on of on color retention

Yes.

us really that's there. we're has our So confidence Derella, stronger, really Sarah's amazing for, to of engine. what changes what an on even who's to the And a specific someone team, moving so Products, to incredible full your years, leadership really our -- to has question, And strong and has push looking part kind will excited Sarah, Bruce. Matt about after in We're Matt Sarah collaboration including Head bring of from Ned? team. no an we leaving built of ability someone have with Revenue and the continue first leadership team also X

typical question, we the past we've you 'XX the X and somewhere that reported where seasonal look down -- million in you X second look numbers. million part or in to COVID when of to the On 'XX, or 'XX, I'd just one, you so point trends up Ross, before flat seen when between COVID were your

doing plays a the those keep So who cycle U.S. out in and active in the people in whom at we When habits, communities end how we're the But including ritual this onboarding to context product they're I quarter the it people haven't feel in change can of XXXX call what for mind those, this XXX our giving number likely Twitter slower that and people to good faithful, adding they and exactly over that. are out Twitter really take -- in in feels the looking topics you all people as of the new curve all topics when and in news here we we out of make such who their already respond beforehand, X,XXX that look place DAU in about it's ability that easier control many the their think here. who shelter those million of initiatives from between for that for to to of flow, you that trajectory it work U.S. and and more a coming them find other the early for, put to normalized hit with is to there. daily too part consistent

question next Your Anmuth comes JPMorgan. with Doug from

how that Ned. One advertiser one changes the your Twitter and becoming any Ned, for ad inflection can can just or And other Spaces moving acceleration commentary so advertisers. it talk and about over time? engagement are strong know around on with seeing You've I integrated revenue? both brand and an Bitcoin couple you for and quarter, see that deeply talked hoping increase about probably monetization product a for those Followers like just base? But you more more scale and quarters. you and early you are Super the MAP could in how newer Jack, it's then, Twitter, DR how of particularly some was of resonating products Jack the And over drive talk into DR MAP around of last mix. more about

Yes.

a it been to important I've my more and Bitcoin, little in a talking as I that thought I so explain opening So was obviously, why bit and tweeting remarks. lot about

of because Jar, native really case such actually -- currency should use of Tip known can If that Bitcoin the with to the on best Internet going market approach. Internet role, what person and that's best candidate on a able Super having for has of focusing native we planet much commerce, currency, be by market probably single as we faster subscription, so reach currency, is the are move -- the the market Follows, not -- on on. we every instead focus products by think to a down and global that the I I that think

big a is this part of think our I future.

and I about as social be more think to innovation providing there's a above incentive. just decentralizing think more media economic lot especially currency of we had,

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up allows everyone use It Ned? entirely opens more So I and there. really a out allows lot do speed. it for new innovation, cases think it

the them put when far make and we so. there, Twitter, been work easier number while things. of of spend us. in far existing proposition couple about version more front customers for help a inflection do we to to that's on another SMB, back of it which part pilot doing going buy has on small of new to in in doing question, continue second but your an work had ads so terms One, strong the out well which of value to we're Business grow Promote the and Profiles the of from so in advertisers quarter, businesses we of think Twitter April, point for Doug, a the on the Quick with to while understand help is The

a I'll there. into we we out in of product With to In you some to see their terms there, services, sequentially continued new MAP, The XX% in momentum QX. feel momentum February, good grow that fun progress spend QX. and and they Twitter with of really business get grew our as about strong give revamped their couple their facts. continue streamers, and a they shows launch interested in people over began

a that ad. of game piloting inside playable can are We for ad so play an gamers you a format

MAP, different the are age-based, ads carousels great to ability before you you but backs and of a those here we've These part people on tracking show earlier as can half. now of have got SKAdNetwork, so the We multi-destination the up ad inside the we had a When MAP better better on second report send places. examples limit MAP made folks our can to at add innovation. where to we good we of couldn't targeting with going of into them really those some location-based on the like progress and who wind feel

with Your next Greenfield question LightShed. Rich from comes

were I of want about last you to up, sort talking Ned, that follow local. question on that just

reason I your in ability for to of a release XXX,XXX letter, think target. guess, out like terms in press in you in sort called the, there's like the or cities I And it seems the comment. that investor of

maybe of advertising I sort topics and you're lot leaving on of and cities adjusting? what on very sense focused know of getting local and give not you're you think how offering that seeing last were expand I done I you're then it -- Could your does question Topics we're mean? you like put a I to Can increasingly seems Like, sort being you're -- to like you're a was it specific you focused doing a advertising. big context? aside, with And Jack. in point, you more Bitcoin What look topics to that you've And -- what more of biggest how -- or product I make think before? many learning over things up. comment years. really of just there's are if those curious of topic local that tie terms the sort couple -- the side of how do you things for into picture that has on I'm ad suggestions, that things that the other think can one been just other that at appealing. We're us like about been starting to think

and Sorry. your of the unique how using start people we I'll on get signal topics the like When they really we've first -- we in and -- I'll got of feel start our follow service. this quarter. more sorry. X,XXX then one are Rich, part differentiated question. topics X,XXX

those what are be in, As the from people are where they signal X,XXX we topics, get more to a can whether that those differentiated a interested signal are are for might great have not small many about even really that market, businesses local base find customers they we today. we they or customer places find specific their their a customers, way. care where Leveraging small about in get or small that that help most us many, help are to businesses businesses distributed to think

advertisers. plays or that I advertisers quarter advertiser when and can better in of it's given is that you're this or made improvements targeting certain and our for of It either customers of way. So as you impact the out you're out why terms we're help an age-based we're this how a from large example their some things you in see an plays are are time. the a now their customers see as an who at age, because at cities, well right in in We've that. know getting you ad find state a look seeing helping country better And target Topics people or smallest help well. that I to think as location. we a the over advertisers These that

as and understand is within want we're are usually, the for interests is people our particular get focused including even able on one everything like app on conversation which more to and into what to the experience they it newer more understand more important we dig snippets both break around create we very service, And those great Spaces sign-up how a to value. sometimes, do, and that continue also hopefully and it But allows more, learning topic-focused. of that and also are we is foundation the into And very, content many. those And and Spaces, things how from to conversations topic. how being Topics, for

mechanism the forward from think purely away where reasons... move on look people more But in We specific broadcast interest feels narrowcasting add and to this the in is work mechanism a but continue foundation room much one just topics, as also use of can which how view to more to a very the and and the I languages. not more a important a of we only that into get smaller than speaking a world, is participate whole the topic world, to

Spaces about are So you're you talking about you say are Spaces, about you talking when more or narrow, specifically broadly? talking you're -- talking or

we one but this. Spaces broadcast end. the of solve, use can More that, broadly a example the be like and to in is Spaces narrow for used Narrowcasting case is also want that

Analyst where tweets community directly at Rich, an we people to who about cookies remember Think for Day about as talked back example. community. the a the that to guy over tweet a There's Twitter advertiser communities lot. a leveraging an ability to about and time,

And may in be some not tweets... interested people those

Nabisco [ph].

and think that. you It'd rest he a if too. his other of of tweet the and just spare things in of for buy people examples, like chips environment or you cookie few sure the because relevant And other to Twitter. CFO there'd wanted tweets people cookie he's be be the be interested can chocolate a who tweets I'm could target-rich may not cool those community some to

of Absolutely. That's Thanks around little frame helpful. that. a putting for bit a

Your with next from question Mahaney Mark ISI. comes

have Could you expect like in there? events what have please. the on time questions, you impact called time Two World talk outlook? you would know Olympics from Cup to out your about I contribution. embedded What's to

is than it the type we less from about impact be to commentary likely you impact, helpful. muted think hear Olympics Are other why guess, be just than the Apple like your of advertiser any the I would particular just outlook reasons advertising would or more certain, seems IDFA And crowd-less is changes, color little would it formats? of clearer would then there So your base with little about or for the a a uncertain be your what be IDFA on year. a you what almost be than this Just platforms. maybe to that that more talk

Thanks, Okay. Mark.

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to and how that to this been It's it working make any for we've uncertain Olympics can exactly plays going be it's be a hard still sure an us. other, out. success So unlike

them don't judge we'd haven't some back But audience step less dollars in we when habit. World and their to a Cup is it advertisers. of quantify for true event time from people think got is And to opportunity justice. We much it. because a the these from spend much Twitter is specific having to incremental. last do tend There's same of the or for as great was in the the of how a it part days that to and that, -- thing Twitter how better this is broken it terms We the daily out Olympics the day, given or subjectivity I we'd different opposed how as truly showcase a they do that you've came, on if

So really shortly. opening the getting the to forward Olympics we're looking with ceremonies going here

far, to long-term of part ATT early I'd or IDFA, your you a on we've a we're it's call with few question too different pleased trend. second what but point The seen, to so things.

The from as Twitter hard we've trust as they're and has who the worked build be around means we give first explanation Hopefully, they're long is accept we're the asking, means really them to a than service. that that likely they to of use more when with prompt our been really what company people us from clear the from hopefully might that prompted others.

to SKAdNetwork, to ads can implement Second, we have data third-party to a ways who hard continue now work to help that really to measurement MAP world. -- ad on people with limited show worked that partners, attribution to post-cookie in on, to tracking give the we

But have. and brand, it's this and I'd are point thing us and adjusted have we things and better advertisers signal first-party there's us to bunch people we're were not to just likely still going with upgraded plays XX% lots DR, for who ecosystem historically XX% long remember, The of of advertisers not the opportunity at been than end given out our completely. is year, last these the see last we wait here, out how leverage broader all service. to and everybody's yet, agencies and a the think really I use with helping hasn't fully that

it other at opportunity probably we're we from different than coming and so see see platforms this are, a may differently. ad many where others angle And

comes next Post Your question from with Justin of Bank America.

drove quarter. more less to in just top-of-funnel change XXX. your the quarter-over-quarter like reiterated on Ned, What or top then, conversion people Is you Great. it decline? confident. view of the kind And sounds funnel DAUs? less coming of of It that users DAUs U.S. feel remind Can you you're drive repeats? Is you you really on the your at be Maybe look products feel in one Any the the you as usage what for Or at us are what's here? that the new do coming going just out, from that? you pipeline -- U.S. you're optimistic seeing products? confidence? to on it gives How about maybe do

first, Justin, on DAU.

we year it's are when geographies, back and remarkably people coming been and of how to step Twitter, and across healthy. So across times look consistent

geography they're really a U.S., So year, cycles that come we're be evolves evolve another new as lot healthy. fast. hopefully, overall, go, different the one continues post in of and In to the but as at COVID to out -- It getting from points habits their old new means are that on kinds new -- have for many still Many people habits it's they're with different in lives. that that Twitter, their habits. pre-COVID their merging people, -- their changed and sorting all of things

we we sure trend, So yet. just it read much exactly consistent at that when plays DAU how not we're saw there's And the what we're since to continue it was But QX, into out. not with sure healthy pre-COVID, look we to see that usage of service.

then And Okay. on...

Twitter, usage question we world like groups don't whole The at lots about then you're million in of we the at see the sorry. who XXX. the look asking are for U.S. find them people getting to add conversation. part, still States, and we a those that whether people the second of the parts in Twitter all just part the to look than opportunity we of That product road -- to better map, get help to other help who have service they're Justin, funnel, to confidence top our what that of and when the use the they people fast, yet out in designed United of being today, gives our part XXX in of X that about be And billion them look in of the the who just use your we us world. second When it's of to safe of today. feel work And think do or healthy and we're when consistent, which continues they're continue looking

asks, Blue he subscription-type comes take does Thank any to like for from roll going things to Twitter "When Twitter. account out next the for question there our It we're And are And offerings you. TyLanceJones. plans globally? other from plan And Twitter TweetDeck?" of

Yes.

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So we're that we it fast learning hard-earned compelling everywhere phases. want something can, dollars still want their people out as roll that we before sure as actually for. have We're we moving in that to the we but make to exchange

you. Thank

Your next question comes from Maria Ripps with Canaccord.

placements And group then this like on of sales that that focused headcount road more enhanced of sort that a of whether quick and advertisers is follow-up. this on front, functionality. for clearly of see is revenue share expanding have you accelerating on looks Is SMB it's any like I types color the cohort or segment? maybe nice a area, seems sort focus be can there for what to it growth and within It -- exploring map you're

them sure any to Yes. to we're to including our part critical Small This see really be lot that well. that of serving better, focus is a There's of within big are for and Topics. as neighborhood on small businesses local like that the to all focus business A doing us. make foundationally follow my neighborhood important it. is businesses we're able also

as a we're age launched also, workflows. location, But Promote with consumer a revenue as perspective, the product redesigned offering Quick the from the rebuilt lot. targeting So and we side, extended well doing on gender

of XX a up. something then campaign increase So launch. of get we per profiles But just in a businesses versus [indiscernible] their or so alone this change back they and what nonprofits lot pilot launched will a business drove revenue or know building of and more what need exactly and And with nonprofit, small be well. professional can for to business before people the to sort business that similarly with businesses, or engaging that professionals for lead other a tools can they engaging they're that so as type which publishers accounts a of might nonprofit

Great. trended on there how follow the share just is iOS can IDFA, versus during on CPMs anything users And Android quarter? up for you to

a do broken may think Maria, agencies, a that just between point we you it, in -- if you've a the I measure the too it points. to even There's may data line straight past. to adjust will that got decisions be they around data broader haven't out data draw lot when their early advertisements. to ecosystem, where of think, about different I the how that in they've they got quarters advertisers, do success advertise coming the make and they

good continue leveraging movements we near-term on lots really from we When and -- to back be first-party we've and better step we're a it, here. of there ability it's helping time will better little to going support when how advertisers do about unique I our so but shown would leverage up job be And there just to data feel a take theories, think Twitter. our and anecdotes far so to

Morgan Nowak question from Your comes next Stanley. Brian with

bit. day of are I the have the one are more the what's trends a little just actual of little important yes, help DAU, number us spent or people. parts engagement to lot of little a Maybe a getting it's Could Maybe that bit clear world per two. of on, spent Suddenly, U.S. sort a way you on attention. reopened? up going that more in the than per time time the user understand

overcome So DAU. drivers platform. us sort the And hurdles the of X could. earlier the time use back Americans need more on who a on more them to the just U.S. key regularly? of What is are forward of Justin's to those help little There's the like not think bit, on to or you really you Americans. are if to platform convert one, to of question million-ish X It a second XXX go you lot spent of

the question, turn of it work. part opportunities to then some first product I'll of Jack the on in the On the

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turn the on me part second Jack question. to the of Let

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looking them for in however people we're reason, So from cases itself for that sign-up small in much to and the more the friction onboarding when removing flow re-sign-up broader one X relevant was a they're that one in to that's followed or X is, and than on found that tweets they it an universe for the past many come more re-onboarding seeing lot make a more a and sure lot only basis. episodic relevant when much account

of now chance It's we So that we better much sure making a doing the right have get entry path. that. just

Your with Deepak Research. comes from Mathivanan question Wolfe next

other a was ask be to successful to proven What then it the has for other some Fleets. The news challenge to shut you saw Twitter actually days, follow-up ads or to down? Is on very engagement those wanted related few and an there. decision ads for big I that, ads platforms. advertise the about like there to make opportunity to into tested a form the feels of better full Given premium app? the have there pricing. we feed bring the screen brands factors, areas it And

there. to wanted Just get your thoughts

to really purpose the a the adopted it platforms that worry a sharing and problem [indiscernible] public format don't records Snapchat. The of was it and was they fleet Yes. comfortable the and around a feel between a We to of with the stories bit Fleets -- because something fit, original we so But forever. is from about on chose solve have it it have fleet. wasn't general confusion little what people being caused and were trying many understood, job was helping because

we're ecosystem with that constantly a lot trying to going of solve. we a the a with better evolve on unique playing tends So rather can our Twitter, can is in after that to to like do solving really based job. think [indiscernible] visual that problem, much format more grow format because we it of a instead do important it just And which cues will than is help jobs that I I think

So wanted see going spend unique really time not and exactly and but stuff needle it acting more when make move we to on kept have rather We very without many it to we for a sure I'd could and work, years the be us we're wasn't fit. Twitter something that to hesitation made the that's for it that.

advertisers the connect add, just don't I'd order help their Fleets more customers. screen to we of with in Deepak, to need use

the And so the that when that quarters. leverage ways out to broader opportunity we're ad about formats, in excited have other see us should we think advertisers. play to And you testing you help can coming innovation in how about

next comes Capital. from Your Rob question Sanderson Loop with

revenue contributors great the we're business more time? want share obviously And seems opportunities to opportunities of the some at they to should the building term? that question to awareness look understanding about a Ned, culture there like how dig but services. and people across just the Twitter of where and here? want durability Will these monetization. we very on Ned. Twitter? around over and for your at develop Pacific, obvious, one. line, things compensate the starting I networks. we're might the We revenue significant be. think maybe looking little framing focus the is revenue specifically, the near helping guess opportunities creator model That's new longer-term revenue models gifting are be the a in This deeper revenue I course, potential help efforts, for assume the on here, Blue -- for initial for Chinese And -- we products are the social in will fairly adoption Is Should new and

again, here, time? the here. net model what I would we can business But types you these things revenue And into new about match fairly marginal as line booked provide, meaningful just about revenue services over starting business grow the contributors and of kind of think should considerations impact can a lines, assuming on hopefully time? framework model have products they're up just at do to these considerations, kind up see of and basis? these costs along catch of So some you think over scale the rounding some of these How that the think

a question. Thanks, great Rob. That's

go and those -- and of dollars transaction. part features attributed to can the help If we're that evolve we us, will would continue we something which to put creators we the tweet a consider them in is then content most in Super long-form then for that sure the creator do that the the be and grow a value a in make content, to as content complemented it's there'll money price Tip would And from Blue, great different we're the follower framing their TweetDeck and Twitter base to it free be point nurture This paid ads build create great also where that, the other facilitating value, to Jar, the somebody They'll test we're service. come would that there's a with their would or for going and ads, and be features and monetize subscriptions that's things they If or like to it puts you the creating service, if or or see Follows, think we content great we helpful without the be will on happening Twitter, whether creator for I accrue that creating learn. you paying include ways create of great would to continue lots on well. otherwise. value us Twitter in as subscription to be customer that good and us. the it's be if for just

base the as the and helping make creators that us value on content there's and the value to other those where way as can services sure get paid think great the they way customer we're the and to what service with exchange providing about creators about for customer make their to sure a think So a find that instead.

comes next Your Brent from Jefferies. question Thill with

that curious on your anything crystal on in half ball didn't versus Ned, if overall half back? just maybe and a you pricing, see you expectations your could you first just frame pricing. surprising I'm quarter And second

Brent. Thanks,

we guided We saw the weighted QX. got First, we the one. of guidance. when off the to too in them guidance we January a at we slower QX, where quarter into and start incorporated of from had I in the March, much strength we brand for really equal crystal that our March on February beginning strength throughout terms And definitely in continued and wish and ball,

ball. the crystal So, so much for

factors second question pricing. of are pricing. that There different the about into your On part lots of play

in see that you throw The on we in seconds likelihood XX get get them, time can growth are or us with Twitter -- be ads down videos there. seen the paid that taken past you've that -- that less. cost those to so and a as long that it as us, to example, And can per It's engagement XXXX dramatically go engagements significant. I for And pretty an their and back the we or times longer if revenue great threshold about look you point objective there are the can where to is realizes for than that go something you more higher mix the is where cost brand example when for videos a is of versus at than now click, that be something This in you think about we're advertiser because the wrench half think typically. of as what as is a at point of per ad the out DR, you comparables a actually engagement.

DR less audience And towards the -- ways formats, out there the brand, location-based for investment over return age-based improving a on targeting, see for of the time when that, mix more from hopefully improving on that we're are to so continue on growing focus advertiser. targeting, that lots at and the the play well pricing the And shift advertisers. and I'd can

and return more where but more pricing therefore Some of higher, our meaningfully lower others reach even include getting is pricing more growing just being them and they're audience. against and invest

with Your Mark Alliance last from Shmulik question comes Bernstein.

the a quick just follow-on answer. last to Ned,

the it can Any appealing to of that, of growing it and platform some these kind the in ties back brand that share a driving is it Is of with what's coming coming on lot exceptional advertisers Or upfront share the Shareholder was you think ever? ways events? and Letter, these first advertisers to it think formats dimensionalize are wallet? new about if of momentum we referred was -- momentum? to. I for new time is And on that color

the who on is we're for those they see previous value on less to new that's driving proposition about historically Quick our also can and about it's the us, Topics, doing work grow broadly incredible in we both job from doing will buy around those doing of and the continue wallet are today, service growing time, things return spending small advertisers Twitter. them our case well of around Boy, small the of But dollars it millions help number medium-sized advertisers we're a had lot easier number or and the can growing advertisers them haven't Over the businesses the and the we do do It's There because meaningfully made show small advertise more it. periods we're to as lots proposition we value been Promote, Twitter grow hopefully us a some share momentum. a yet more can team to where spent of to great our sales ads advertisers ads it do think with of by we easy to advertisers haven't businesses. for because where on advertised those what of good of but make made them don't work advertisers. to the work most than

events the of us. formats, ad So back, and the today that with with coming in come strong backdrop strength seeing of launches better front that of more year I audience the And product about as are second to the lot of relevance, think in the really well. a base more with advertiser larger we're of growing a that is macroeconomic benefits half

over to will This Ned for the closing Segal now Q&A the remarks. concludes call session. turn I back

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

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

disconnect. day, everyone. You all good a Have may