Twitter (TWTR) 27 Oct 212021 Q3 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Twitter Third 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 will now like to turn the call over to your host, Krista Bessinger, VP, Investor Relations, please go ahead.

Hi, everyone. our Conference joining for thanks QX Call. Earnings And

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

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

also we a will take questions on reminder, Twitter. As asked

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

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

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

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up of QX. a questions. XX% increase quarter. products Revenue year-over-year had from few accelerating to me revenue growth continue and from year-over-year, audience which in We increased growth. with highlights QX ad of Ned performance you XX% A get XX% significant billion Thank was today. everyone. we to growth us continued million Hello, DAU your monetizable joining we revenue for with in QX. and And before XXX X.XX Average, across year-over-year solid this to strong see an increased

that and you into sell we the have seen, we deep at AppLovin. announced as year, quarter we may rest MoPub of to how the looking Before agreed we're get the to

contributions time I categories, years. to news, and commerce and paid. First, customers of communities. for our jobs; to put build intention you connected team allowing Follows, The In and including on our who The to roadmaps. Twitter, the strategy, and focused all our talk many launched hard and our work casting team product last refocus resources us energy demonstrates across people helping Spaces, revenue services we about and on an our Ticketed sales thank narrow to in our confidence Tips, for in want get these core products response, MoPub us us the ecosystem QX, MoPub of SMB all talked, direct their X features Super trust serving heard core with discussion, we and and

favorite payment pay the ability We a including the first-time Bitcoin. variety methods, your to of also had for using creators

systems continue to to which just well, product. feels personalization more Twitter and more We upgrade our improving getting machine come started, are as already the learning lot's here. responsive but intuitive, We're throughout

on we're of Ned. Overall, the priorities. more where clear Company to XXXX, focused approach that, course with the year, with confident feel pass we're end about we we As to over I'll leave it headed. a And

last pandemic up year-over-year at mDAU driven XX% Total silent and essentially end in grew QX million, quarter surge from mDAU both a the guidance. XXX revenue U.S. by expectations. our to coupled X% to the grew XX% X Jack. unusual and the line seasonality. our Thanks, with year-over-year, quarter-over-quarter, focus was typical year, year-over-year with comps of Due execution. high with

rate of to to basis. XX% believe mDAU back XXXX people and COVID we The every We optimistic has more of to product those serve expect growth, more given day. for our across continue And on point believe healthy our us normalize. we QX and conversion to a which in the uncertainties, impact total low remains in due up our top behavior remain above funnel, QX or the of mDAU we Despite the at fragmented year-over-year world, was tough grow and QX year-over-year these yet comps. to roadmap, consumer rate allow

related DR Let some of more official Olympics-related Olympics share the XX event Olympics on sponsors Olympics. of of XX There on highlights from than the me to the were content Olympics Twitter. strong for times from And us. tweet reviewed billion were QX. The billion X our tweets Twitter. Roadmap a advertised XX impressions the video on

also made great Our strides. ads shift direct to response

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take and sale the to on deliver to expected Ads resonate sale sale SMB close accelerate more go-to-market As to and and expect DR, to Twitter. the although with Jack for associated it impact a more investing and to the has general increasing on connect more it the our to $XXX better upon loss of billion QX, annual teams total to not a lot the their half the with is there positions of additional addressable share. supply revenue associated October, We digital by loss, for continues our resources engineering announced proposition, MoPub recoup XXXX. there share no monetizing results. working product increased in are worth goal billion generating and will with the or chain moment full and and and launching in I've some market closing, changes Despite largely on do revenue work development shift in time of between of MoPub. estimated X.X mentioned it's well, while product dollars. Which growing focus economy year-to-date, are MoPub sale revenue commerce XXXX $XXX associated are And million website in of XXXX, us spending the expected $XXX our advertisers on is of of noticed of on also in and to be The the reallocate to more happened on expected and been than across market that value earlier, team's apps. our and economy. in with services revenue advertising Both to goods. ad our resources pleased The I'm particular. focus focused broadly and the

a also ATT. on me moment spend Let

both impact around into for impact ad supporting sequential campaign scale to the remediations continue and across leverage and in the is plus adopted vary with through as minimizing and put on QX support we changes our remains The XX% revenue given The improve we And to see resulting on the to as but SKAdNetwork, likely changes, to basis, The opportunities seen effective we and more personalization the mitigations iOS on factors. the We long-term still too assess in opening people's have improve from that mix incorporated privacy-related more impact as contributed April, standards, inventory to QX and each, to distinct up development, unique our experienced. for technical Twitter impact us. place Manager. attribution we've the formats, well revenue related management of our better across SKAdNetwork and early and we've we've expected, experienced Twitter response. our impact features Since product stack Ads the signal, on expect which modest. modest 's invested signal like and launched and speed other ATT impact Apple products, ongoing launch revenue ATT, but iOS, in across of Ads both platforms to lower We've ID than performance our new them of continue. view and we've a guidance. of ad was to in ATT of from the increased direct Twitter an brand FK show ATT It's QX unique

Let couple quickly a our outlook. regarding to me of turn points

XXXX, grow a provide little as in enter to expenses talk announced posture expect we more to revenue here. me in settlement litigation total investment the continue about And more our We'll continue year. expect We let to next we excluding QX. but faster XXXX context than February. in

for Our XXXX, into a we're increase to results, data additional XX% bring likely investments we've our with in or expenses headcount hiring in XXXX. in investments QX and flow with QX. expenses prior any excited next pleased more we our us the momentum about during XXXX growth plus people and with metric other We're annual total resulting including year made XXXX, annual into will mid-XX% center, increases in new

Let's to go questions.

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question is JPMorgan. Doug Anmuth from from first Your

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Hey, Doug.

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you And a we'll for your investment do. we P&L add decisions typically mentioned of we're through as mindset to around you in the roll goals as the math or were year, already with full on invest everybody, put it's growth. give February joined the so have And when in one When we expenses, just continue on long part on. to going question the people data and vested for posture a and we've second do we center who in work, XXXX arm those whether the drive hiring a back on want to merit to Company. The that already more our you changed. So color February, to as hasn't increases remind track just as But

and You doesn't datacenter. actually start use for which to, to depreciation naturally get datacenter, includes example, the for you the this until start

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I that. so growth want get to continue year decision want we but do next that drive of to and would And don't we to front on be invest do in resource anything that isn't a that, top of reallocation to decide to else

clarifying. for Thanks Great.

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Hey on side. Justin. Couple the revenue of product things

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guidance. your question second revenue For around

see normal look you the was a four last by year, prior which mid-XXs. us the QX if in was So sequential out means back you no year from you growth for at years, and to that the mid-teens

so to when And you this that compare

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to us And little the ac [Indiscernible] we're strength got feel to off the with X able Being the expected than to consistent a continued able having how that the see were for that's start deliver in really reasonably a our QX out them the The seen pleased what throughout billion Olympics we had to at quarter strong we're QX. in tweet past. that from like with revenue went perspective, we've billion we X.X Olympics bit entering can a you with the We backs, with better to advertisers. wind space. range,

Great. Thank you.

Rich Your LightShed from next question from is Greenfield, Partners.

open. is line Your

for sort taking the on want a about think Thanks Doug of question I at to the question. beginning. 's follow-up

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Your next Goldman from from question Eric is Sachs. Sheridan

open. is line Your

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Thanks, Ned.

open. Baird, from Sebastian line is next question Your your Colin from is

communities I in I letter, off, users. thanks very much. in has uptake maybe the think Good afternoon with quite guess, that first strong topics mentioned the you and been with new

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question next Your --

your of on, part second question sorry. The

interruption, that me sir. for Pardon

No problem.

The second part the of your start question was around in I'll on MoPub. expenses. just

that to to many remain broadly the other will DR. of More time Twitter organization. Commerce of we from reallocate their many will to lot people go-to-market SMB it to of And turn that can, MoPub for our at work Colin, sales as is revenue. So into will a to whom as move parts take thought we the people will

that that ground get back on more we we solid than we million billion with will but and time towards can goal around for XXX before. over expect track more do XXX be focus think or Twitter more monetizing on XXXX all to recoup been that So don't that X.X we had

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Your from Canaccord. next from is Ripps question Maria

open. is line Your

that you growth growth new year you And customers just a their going that for compared do Thanks login then or engagement more was your talk just snap Can it in whether you around to with and about treated the And what taking my efforts AppleID. supporting show Can that Great. you to user in quarter? or was for with as you to not effective it see functionality the noteworthy sign that say that up on Google secondly, the shareholder mentioned forward? questions. user to you how made SKAdNetwork testing? for needed elaborate effective. account you seem letter, Can maybe contributor

Maria. Thanks,

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people topics into single before. closer great about important what refining lever to finding able their sign-on of when another we them them the suggest to were onboarding. we topics example accounts most process the a talked to they get we follow able that accounts that topics about than showing a value suggest or as to through them those want as So want to they where to and in to and find is topics learn faster what the timeline and get closer We're Jack help that. of

very much helpful. for the color. Thanks so Great, that's

from Your next question Brian Nowak.

Apologies, Operator. I'm sorry.

last this I we'll so make for one. last have we think one the question, Thank time you. just

question next from Stanley. Your Morgan Nowak from is Brian

open. Your line is

squeezing be performance bit little for of thanks Great, your the about situation. to ATT in of be now. the to sizable. couple talk and business I performance, years like revenue how response, in you're order to seems for the to get go half of thinking the is you on a pretty going back Can next about direct it wanted DR,

straight in making you you and going sort signal technology of are investments to 'XX already 'XX? see of have made or that and Apple already kind AT&T potential loss making yourselves line. or other are what you any to do changes about already, So Just the in think disruption from you minimize place, they've just

through how top the lost. business more is to right at ability that's lot this them front of other that after show we opportunity them a as DR others, we that extent with that works experience us, it turn it's the algorithm to off and to how not of A and So a -- their leveraging perhaps a having same Company timeline It's we're asking because X, the by on their and overtime. app, as the whether things people grow personalized to Brian. at we in the show there trying have right Twitter trust isn't signal permission do we've up so, giving built of been smaller not do. we've we're or

Twitter. can show typically to that there's the leveraged as haven't as that to as or well or talking by-products services Secondly, we ads, show help earlier historically about them map that goods on we website, Jack was just click people signal and them

lot a additional be with to over the map that future we've that the just may DR, can a few monetizing last to resources the be and as quarters, on improve of to of to that it focus the about on expect is signal with the that done where DR brand we good we've do we out in past. it continue that been of talked Twitter with road there's or in Ads and relevance optimistic So unique Twitter, relative in laid we're as past job we haven't Twitter leveraging

clear. Thanks, Great. Ned. Very

Thanks, Brian.

or you. does for Thank today. the turn And I closing Segal, will remarks. conclude our session to any for that additional call back CFO, Q&A Mr. Ned

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

does conference this and have Thank conclude a Ladies gentlemen, call. and great day. you today's for your participation