Pinterest (PINS) 27 Oct 222022 Q3 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for attending today's Pinterest Third Quarter 2022 Earnings Conference Call. My name is Tia, and I will be your moderator for today's call. [Operator Instructions] I would now like to pass the conference over to your host, Neil Doshi, Head of Investor Relations.

You may proceed.

you. Thank thank us. and for you afternoon, joining Good Welcome Ended September Earnings Call Third Quarter for the XX, to Pinterest XXXX. I'm Neil for Pinterest. Doshi, Head of Investor Relations

Joining Chief call and me of the Ready, today CEO; Pinterest Business are Operations. Todd Officer Financial Bill our and Head Morgenfeld, on

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In QX addition, of preliminary not outlook our future results, trends indication XXXX and and for an are and beyond performance. are

We and required are available today, we information disclaim on any by law. update statements making unless these duty based later of to us as to forward-looking them

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automation performant making tools, formats. insights-led ads more better selling, on measurement we're improved and through Pinterest and Moreover,

improvements attributed show grew use XX% is our visibility. And year-on-year XX% optimization by results QX, of ads over in advertisers active this bidding. in and Approximately our automated working. we've Our made conversion driven conversions that now

want thoughts to we investment into a will Pinterest to we of long-term over share that drive the of on was growth. leaned how business. my as we initiatives operate durable, hand I XXXX number year I a believe elevated for Before Todd,

coming additional the I of in also We're sure particularly focused focused are we're highest-yielding Additionally, of be driving the impact, review through in and that in product initiatives business. on of heightened benefits portfolio the on team our engagement an to The activities. and focus revenue. and efficiencies gone through extensive investment have

meaningful we have last to we discussed margin efforts. those intend the to year and call, next expansion As started return on already

roughly Lastly, strong billion flow. we cash business balance cash equivalents, free sheet continues strong and to in have our cash $X.X generate with a and

drive of to primary growth. the Our business continued invest use in capital is to

compensation. stock-based to addition, including strategy, I evaluate and a allocation In plan Todd from capital broader manage to continue our dilution

it financial Todd our turn to I'll to over and Now discuss guidance. results

Bill. Thanks,

Our for delivers that from across performance the our QX and advertising of demonstrated a compelling platform, full-funnel inspiration advertisers user multiple to results objectives, effectiveness journey financial the that platform mirrors action When conversions. monetization and it's and consideration strategy it you can been for awareness, opportunity. on entire address significant while, including focused We've been working. a consumer the a this presents journey,

we while at QX the this a revenue same time to XXXX, last X grow results the QX XX% Over to Xx users innovation. more at in lot area. driven faster today, our And users there's grown growth a than global an happy from frame, XX% than of by with we're This ability CAGR. we've our of has more revenue XXXX come In compound our grew ads been annual faster to think years, rate.

in that we're opportunity episodically deepening the users. users to engagement Bill We per mentioned our momentum with we visit by strategy. an monthly and who revenue now this sessions user existing more also grow than seeing leaning active into Pinterest further growth, we're believe have

engagement our to Turning quarter. the third trends in

that XXX million quarter-over-quarter. global up flat drivers user return X% experience the and were investments QX XX and users to the to QX. active to believe we've million came made to from primary the During quarter, seasonal year-over-year growth the or Pinterest, monthly We patterns

users active Canada a XX update modest to onetime which U.S. We benefit monthly iOS September, growth contributed the in sequential global also our and in monthly and users. active from received

users Canada. XXXX. increasing Looking sequentially with million, MAUs since first have million XX addition grown quarter of the region U.S. were users. sequentially This the active and of this the X at the in monthly is first X% time

year. to users in first year-over-year, MAU application mobile Our for global QX, this U.S. XX% app accelerated and showing and year-over-year growth Canada grew positive the X% growth time mobile

app our MAUs in while So continued declined mobile resilience. desktop mobile web MAUs to our and show greater QX,

MAUs As XX% reminder, for of a revenue. impressions application mobile our account over total and

MAUs. lapped the user we the much about that grow health deepening on on ability end unwind. our will per we've moved feel Google we're the by good of And revenue have driving the engagement of an XXXX Looking ahead, now from more to the November beyond Search year, update We and base, pandemic had focused user. impact algorithm the and

financial Turning our to performance.

year. chain XX% year-over-year. and U.S. these first year-over-year revenue that from global Third XX% shopping supply ARPU as large reported a strength issues year-over-year a faced Canada goals. CPG X% rate. time on and businesses U.S. X% an of increase retail often X% quarter's grew we have revenue all objectives million, lapped advertiser been U.S. $XXX quarter year grew is Better-than-expected this and last growth or and acceleration on revenue was grew constant $XXX million basis. resilient seek basis who came currency lower-funnel for last advertisers This Canada an initial modestly more year-over-year. from $X.XX Total of the time the of

trusted Our XX% the emerging automotive, year-over-year, than from evolve to some reported constant overall segments always-on more prior. previously declining X% in to verticals platform catalogs, quarter an from foreign $XX was from million, like And revenue and due revenue. and from shopping we accelerating ads services growing X% a Europe We're revenue, see grew on experimental partner. Total a significantly our a of faster promoted travel. but headwinds. significant in advertising continue beginning which general, on to basis These grew exchange basis currency traction financial comes into our

current affecting remain demand. Total and basis. reported as currency World XX% that basis growing revenue region our was recession advertisers consumer region inflation are from the on Our on costs of European energy $XX million, XX% Rest a concerned about constant impacting and a

and our to During Colombia market. the Chile quarter, we the as we in added LatAm launched presence Argentina, advertisements in

more However, global weak mid-market consumer challenges and for spending SMB created advertisers. price-sensitive our

more advertisers been meet on CMOs than focused that focused advertising across earlier, drives building users spend marketing I to entire has been mentioned important durable we've allows funnel. today a This when business the performance As on that never returns. measurable are

leading develop performance. In that positive to to on QX, ability based advertisers addition, In with the tool relevant that trends general selling into Canada to on our that's Pinterest stage. user deliver to and users' just we've expanded helps our for find planning to from platform, behavior Pinterest difficult their intent help to planning deeper value inform XX the availability resonate elsewhere. In from increased around the unique October, announced insights Trends Pinterest we the early beta Trends with campaign insights-led Aligning our advertisers expanded world campaigns commercial audience advertisers additional get drive the we real-time and countries. interests, tool U.S., U.K. to

on Furniture Knowing top Furniture example, align and in in into drove click-through home rates using to Pinterest, tool campaign so, Ashley on on their Canada their our life. a Trends Boho Pinterest like to growing increase to their doing in For campaigns. designed terms home XX% returns these styles. decor they with decor spend a ad trends XX% conversion trends Ashley could tapped that emerging their and were how bring trends visuals farmhouse In products Pinterest modern highlight chic products home increase

We to innovate continue automation. formats tools to improve in and

Our new impressive seeing volume adoption XX% explain XX% contribution shown compared lower-funnel most have our API case when its the being helps only. as checkouts. attributable -- frequent results performance tags tags actions conversion advertisers. in API conversions to conversions to increase and attributed Beta using conversion with for tool such with advertisers, Pinterest's of both a use using We're by to encouraging

quarter-over-quarter. Adjusted beginning advertisers. lower decision in in to in XX% users year-over-year also time. Non-GAAP were that equivalents in while expense will about our relevant We're our both third cash, for of delivering results ROI to models personalized XX%. sequentially. over and to from portion experiences securities. marketable in third and our further current and our impact investments drive $XX engagement was and up improvements revenue product to make Cost these prior We're adjusted in quarter. believe our see for ended improved operating EBITDA more revenue our guidance million in due part $XXX investing from profile. to fourth of the quarter, third quarter they to cash the Turning increased continue expenses the to X% with quarter the and spend This up marketing million We with margin year-over-year brand EBITDA a billion shift the a an than was of $X.XX and

for preliminary the Turning quarter. fourth outlook to our

mid-single foreign the range are globally. challenging greater and demand. inflation of in when grow advertisers quarter. Many demand creates third weakening navigating to with higher revenue consumer approximately from volatile environment This environment compared percentage headwind percentage year-over-year. expect slightly our X of to That points digits exchange, We a the includes a

Given to expenses including sequentially especially this quarter, this portion range QX expenses, believe uncertainty, as we wider percentage in be of low be QX. double-digits grow operating we a we of weighted. On a to campaign our outcomes some as range downside could our shifted risk, non-GAAP expect the marketing there tends brand revenue back-end into

year, For experience the believe both year year. We the the XX% to will around investments communicated us grow expect year-over-year, of the advertising we we low at innovating enhance non-GAAP the and the continue of user made to the at our enable end this range firmly start to OpEx full platform. we

on focused As we these the investments. exit return maximizing XXXX, we're from

are XXXX. We in to committed expansion still meaningful margin

to open Bill I'll turn we it it Now Q&A. to up over before back

the earnings different consider done updates few the feedback as calls I and because words earnings from a about I Thanks, a in analysts. in Todd. overall approach investors it's quarterly how most I with investors past. I to key bit I with we've to the from view a communications analysts Day things want to our and and inform these say our one priority. to how you increase with we more I look And expect when about dialogue best business, XXXX. Investor important and channels in set forward the investors sharing topics of our the

want can advertising come open it I Pinterest, partners Pinterest inspiration. Finally, teams we to up at that, And people find to our thank that to for and all our the questions. with

[Operator Eric The the Instructions] of Sachs. first from Goldman is Sheridan with line question

you back in remarks. a the made prepared point coming Maybe both to

of or from As how it's 'XX investment as what we're as what on priorities building And those about whether and an and revenue are, frame investment think we if 'XX those priorities, we or be the page go potential about year, impact the thinking turn investment the from whether key priorities? you and potential output or those what 'XX? should expansion be for 'XX platform we it beyond and would to highlighted trying in the you 'XX into beyond, product how growth in margin potential

the Eric, for Thanks, question.

of a So I'd couple things say.

say focused that we've clarity, really come intent. X with Internet; all, been And on of that First second, on clarity the I'd of a those, business. we're and focus here attributes: platform on unique we're on high our really place discovery the positive visual to a discipline the bringing users each with operating side, first,

have we're our the which platforms; So quite is then unique. a discovery intent, platform platform, that quite while on happens users third, different is and from curation human other

unique we're platform functions focused and making our different that focused on on drive well we're clarity, that And initiatives across so and differentiation the things our with making we're sure operating highest-yielding those and activities. that can that on really sure attributes these tying of based

side, base stabilized really as of continue that we've As we've doing we user-generated content business. the and attributes publishers find and content of move how on sources driving leaning coming got returned content growth seasonal we well users on as can our shopping, forward Pinterest to more platform as like great from that and inspiration to with on a users. into particularly lot glad progress with to content then like course, users, in but actionable making things we're the do user both to more And the relevant ad we're also. And on we're story more the can bringing on really think into that good and 'XX, with ARPU we've then, what of innovation we is we We're efficient do of users, a more we go think the where with action doing been we what there's platform, making take unique finally, relevance on that creators we these terms by that there. ad tech, tech

of of that? So think to we those some but anything, you're reflected pause. I'll this to want the there Todd, you add upside seeing go in again, to I lot think yet each of results quarter, there's this Is a points. on

U.S. the saw that to now saw, we Bill's in No, the have large a even that base would creates many saves, good add. us. to on it's the the We results addition from in our our we're some noting retail drive Bill worth to that with that customer starting impressions, the user signals in But market story financial even to growth strength in you above stability to see don't sessions the ARPU point in user core base position results, growth. described. of in that, I much saw sequential say it that and and other had some I meaningfully an growth CPG improvement the also for referenced Bill and falling board in in

Baird. question is with Sebastian of next line Colin from The the

I have couple. a

First the QX to bit just guide with discussed and on given moving off, Todd, and macro puts I the expand various was parts hoping takes platform respect a the the initiatives. on you you front the could

could the of expand maybe integrations, the you then and hoping some was I Bill, then, including shopping And tests. lower-funnel checkout on beta

next year strategy contribute to are growth. evolved time or Pinterest since longer moving already you needle these the first the before here has joined they perhaps meaningfully or if they cycle if have view in and a your If

that the to opening that our that speaking, very can well and and is headline you the I'll guidance. as overall guidance at we is And first very the work October this speak We've Bill the range low QX has been one in QX with relative remarks. some of mentioned, for then thanks guidance that to described start your puts the on environment around lower-funnel question. been encouraging. trending, doing. Colin, others we're roughly takes in of of executing the in which industry, end very Currently,

at in is noting X this demand November trending guide percentage that the low you downside risk guidance. When headwind our points holiday some could given to And of back-end call which the guidance third though, about to and a headwinds, point, fourth a including pickup at guide. during today and revenue quarter. range, range mid-single our be guidance assumes outcomes, weighted wider It's rate QX worth given seasonal market to of is know, the October As overall there December revenue the this November compared ad moments. and is volatility, and from July our foreign was modest the that slightly indicated gave today. we QX earnings for of from end July, trending of in QX also in our we December above slightly to And that exchange when our guide quarter greater growth growth includes QX digits

Yes. very with drive different And lower think action makes think and the on lot a other things one we have purpose. do to of questions us is there's on your the that we across that we than shopping, Colin, is intent discovery intent This to discovery more platforms, platform. can we funnel and

that. on that more lot a action. area is there's so drive can do to of Shopping for that we us to a intent And focus particular

Pinterest where directly. but been core We than shopping really shop. the the us there, we've necessarily more They're part experience. been platform. tabs the the to of And on to are to had are strategy looking telling that see they go experiments experience here is the with half what that sort of like things that not meet we're doing users On user on of have a

more are Moving so from for user quite we're shopping confident That's looking what need. experience. making meeting Pinterest forward, core in real the already to a that we're users

on the shopping front see And already. you can progress

shopping For XX% example, year-on-year. revenue grew our QX from ads

us, more in look starting every So can to sure clear been and then all shoppable products they progress of And discovery in content. And that regardless on or comments, are on from of that, that's that's you that way a on a the has not the users scene indication Pinterest, Pinterest see happening you taking the mentioned for as product product that that case things I user-generated there. which to to finding good making encounter historically. on always a the my take that appeared whether make action have discovery Pinterest great

go only lot buy oftentimes buy. And our So the since or the we want historically, Pinterest the then find out engagement actionability that, we sure them. Shopify, platform do to directly on the that. but search retailer it doing that users high-quality actionability going forward, because mobile a a to address deep checking our of make things think on would less, as user actionability platform to and on what link not in with more to be can where much can that find that can where where it still or else is a merchant gives user like doing with there's checkout a handoff someplace the to the connection And we was to hosted merchant, seamless we're they're like leaked on it the context with be with have

ads, we As of shopping event to engagement as platform, continue. that user our back platform, expect give think we more it's the monetizable on highly well. and our engagement that we plugs only on you're from deepens seeing -- the already that more a also to actionability, progress engagement And very leaked not brings

from ISI. Mark comes question line next Mahaney of Evercore The with the

that. if lead investments Bill, music? would newer I you machine of you intelligence monetize want investments. that to in investment artificial just done kind the there greater at Pinterest Can is be I learning? that to ways about and to try music How just dramatically That's possibly secondly, And you across something AI you X learning then do machine dramatic Are and there it. -- be that questions, to see And seems revenue step-up talk please? in First, in different there a about, industry can with these different think streams? bring you in ask partnerships

Thanks questions, for Mark. the

look music at to the way we as on that content for more a First, really attractive users. our partnerships, make

efficient You've on that, progress seen particularly new us good source ways finding to in making content.

all If example you publishers of creators of on almost sources look we been, on look creators. and looking part a strategy, We where at content is now strategy but including And that an partner. as of from this a at focused entirely was content, there's at a it partners. and broader had the

upon. and more more resonate that the I signal this on in satisfy view as with that to curation helps users, intent the overall and the on I joined time. On to. fantastic getting is broadening good question, Pinterest better of learning, purpose, generally other content refined quite I it's your compelling has that which user fundamentally kinds happens is So think, why different happens about our that we're of Machine we're should machine of access fact of that is platforms. have broader the over the to Pinterest, tend one our though, that it's things many for a and opportunities that our monetization as users content found that, as how And human machine I the content content only engagement sources part strategy acting learning which is question. And be on lead than that out utility a learning that a

privacy platforms. And consumption that on cookies. stand out. seeing lean-back arena a implemented seeing third-party the intent Pinterest like platforms you're have platforms platform think have to has that Most Apple is signals other different see you're ability be on impacts the and In platforms, use that the user platform, why like to diminished and in I different like of changes this you discovery tend the

think signals of our upon rich get would that than a-lean kinds that what machine primarily associations we make together, we learning intent. different decorations together go the visual very machine making engaging, and a the on we what consumption really of is platform. And things in back human seeing that's you of views on think go of on arena decor signal continue types a that directly act really and versus the lack curating, great outfits relevant rest show of the that feeding to happening our able learning platform, have where to go Pinterest creating, what what that relevance these types -- being resilient together, more be You're of to home where is fact is or of to signal is advances think in the us that platform, where powerful lean there's signal come lot outpace here, that the users. But discovery curation to really and our tell a users we can well, your and intent fundamentally can lack a user be we forward, tends our

have already And something we some future you're our where that's so results a the continue. of a think improvements place seeing user engagement where and that But in it's to of there. lot we potential

The the next with from question is of Barclays. line Ross Sandler

the question quarter. international. on job on Nice A

than engage ARPU if than versus they shopping at look with on. far opportunity So if at robust normal Facebook, places we some commerce, with country like the mature mature in RoW. And apps there where Pinterest is like the one the are and spread like other And and countries. is There's different consumers more the these be U.S. more U.S. that the countries gap U.S. business your reflecting between more could a your international pretty the revenue maybe obviously Europe like And do look of other. here there's in live monetization hence, going in some we ad things the international opportunity, peers

the your up? is how do should make think you anything And it that question you just different? to And we that then newer direct new structural these can you're sales, there expect these like international quickly of would countries that of kind So or some Japan like, countries, a about up? up Is story ramp is they're explain self-serve? quickly lighting how ramping

and All some think the to on I'll question. definitely to for it there. International, right. we Thanks there's give there Todd then fill opportunity more in start it.

the visual see platform, position a of other on platforms for our lower think the We're with funnel in human the markets, the solve we and platforms, you our the talk been gives and think full resonating thing of discovery signal us would we've some richer us to platform, curation will a mid. about find I've about different lot a generally in doing makes much believe really historically that. would puts in us that -- us Todd say more than and intent you I full-funnel from we our more on What growth advertisers shopping. We're platform on on I great good shopping I very talked around that in that which than is see You other platform. And in stronger funnel. upper

shopping fully solving In think not we're first been rich recommendations full the not and discovering. us what you for world of to yet. full-funnel general the really mall that from in were of the a lot but markets been equation, fully walking digital ability digital sense buy solved as not into going of and solved what So of a much our just years then visual in think a great address signal really I was exploration world. And funnel. and way buying to the solve experience the first-party That you XX-plus uniquely e-commerce hasn't in with sort go having the I ways, part bazaar, of great has the which across lets to around that knowing positioned that for and see us wanted as create

I think cuts that's across differentiator, it our markets. primary and

year is quite international grow shopping tune that to to are EU. last we funnel we in believe, think one may things cuts time, the and generally in together, But We markets. may specific markets I that full in to or different be there I next. markets. managing launched differentiation unique that At in e-commerce And the market and across same that are tying the

but I'll there it to So the Todd it's off relatively new, well. And to seeing across hand the grow maybe we're efforts various markets there. about talk

for the question. thanks Ross,

you same commercial use Pinterest and people to the planning intent non-U.S. that back that's in that when our think too. in users, user you for, similar experience bring very step cases the markets, the of and U.S., think the come mindset to and take I Pinterest our about a folks mindset that

just which outside Japan were ago. then and more America later monetizing So generally in the to cases, good Western similar Europe then and of We starting a begin to similar use in point. Latin moving months a just few demographics, starting launching U.S., is

but general, especially early in in in early very APAC. and LatAm So

aspects that's of these There a markets are little unique.

So noted one or agency-centric more for example, differences you we selling. more in Europe were agency may time EMEA or the about at concentration is in we the of the recall scaling talking when market that that

about a access navigate the us to launching there. as tool And so talked we business help relationships agency

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guys. helpful, Super Yes.

Morgan is question the from Stanley. Nowak next The Brian of with line

know per who what a in or growth. you X. your search faster the maybe and to and driver. And the the people behavior where integrated the the about share color you're whether are on another understand anything, really quite has give for accelerate I'm with I see you technical, going perhaps have the partnership then Bill. Can interesting. into a time you can merchant are number of hear. it's background, just now. that I queries just pace? appreciate behavior, curious us monetization back help come be one, able it's on search I you blocking I'd in examples merchants but some searching, to searching could the be SKUs and of little be us to been about around Shopify some second curious platform It's to tackling hear search pretty to experience session end at the The

Thanks, Brian. Great questions.

that So there, highlights with our for the growth, yes, us opportunity session we're we're drive and users about we continue on engaging feeling think the to indicating good to progress deeply the from going those to bring of think we to users more more than the which opportunity even as forward growth, more growth usage do to important frequent episodic ARPU usage. given MAU

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to billions catalog integrations easier Shopify. your we And put the merchants the accelerating about more so question that it We add now. think publish that. merchants much on at good shopping those efforts to second can items go API us. to around I we've so makes had talked really there's out their to we to that in with that catalog for We're billion bring X --

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LightShed question line of with is Partners. Rich from next The the Greenfield

One, the at of sort end about talking you range. Bill, X. up. bottom I sort implied the got in or want I of follow of to just October being inferred

I QX Just given this sort it or where the why a ago, looking it or you in Amazon sort be to to in and gives curious, the I'm Meta you pickup why be a of of talking back minutes of Is or Is challenging October not quarter? printing, that the in the Pinterest due guess months or everyone guide just of sort we've very just conservative from shopping more whether sort macro. few November morning Snap of in sort sort Comcast you're that rough December? of of macro of headwinds was and about heard is think there the X of confidence nature sort trending? a specific that something you accelerate improve given

of Pinterest next of of, lot really course And I then laid a think, few -- just the you years. plausible out good drivers the over

or so thing, you've but call sort of you're that far, one on point the to teeth the you Now your of out mentioned that had and not the months? if most thing excited months creating value had what's next about few Pinterest you it at one kind whether to XX a sink over

start to give it I'll with then on a fill to question macro, of Rich. Thanks, there. your the on and in couple right. thoughts All Todd

you're a to go of at as seeing continue clear think I And around expectations peer there's from lot in into that, to market. outpace found QX, you yes, you ad decelerate. relative that that look will and as at decelerating to projections differentiate a others, this we I a think we pretty us look tough and quarter, macro, If ways our set, it's

time holiday just spend not people their think activities, how back-weighted we're but inherently At something doing And about that how is time, holiday It Todd holiday cutting shopping that. shopping. and so all a for there's talked a during decor, these and wider the that of around same the I Pinterest But lot I'll range quarter that to is like lot part is with about they wider an quarter shopping, come think how through. it's do why there's we recipes of range a the that's on outcomes let they planning a question. engagement your the about second a Todd around about of add as into events, for kinds lot before pause and Todd of things QX. back-weighted But do think think mentioned, they drive really that things

in the sure with QX call and for the I wanted in of I with CPG others to those the did. In falling And that quarter. general quarter. crypto, there and a hoping we environment, to more take we're advertisers quarter a weak aware we for the wider we're retailer the disproportionately of slowed. in I this range what's some have you make risk want from clock seeing quarter, gaming and there looked to mean, environment call CPG we're I what larger sure that the of expecting call I relatively and those of -- operating the that in of to extent if we're didn't for keenly resilience Rich, the in that that days with was advertisers apps, when out pandemic, can that were download sure were the third And the is the And because saw large Yes. nature advertisers you to the strength that we understood make earlier happening fourth of us we're back-end-weighted and industry wider industry. larger some headed And unfold. But we range the concentration we in away years couple the app back that folks were large out outcomes, is have where in relative the compared the on resilience roll of think more best may market, this retailers. the our in

indications of graduating say my commitments. We but XX% in grow JBP made of -- number around from And would terms third first called of in joint our deal I -- that saw volume to mention spend year noncontractual thing the words in we the joint talked had last that year-over-year to volume, quarter year-over-year. of we out partnership last deal are in grown about experimental had quarter. how partnership kind volume, always-on Those budgets. advertiser XX% deal it of business script the had The I half large year-to-date is in business

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cut for on asked but you we And most. I'll one me X, question, the related. that Rich, through your give they're you thing second

to but intent about easy first is driving made the on action. We that. haven't could take as bunch, know the be as always intent to of which So more talked here, it I've it strong action the user a them we for has

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seeing you're make so And us maturing platform. advancements the in

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Todd. Can as half or the does factor of for Is a helpful. or which that, the of follow-up quarter? November, really Bill back back in the months in That's lapping For quarter the of I the sort just that acceleration happens well? that on into ask the X how Google

bit that mobile was general, the lapping the we've users called traffic in to resilient mobile from we an majority. be most to were search mean, out web-based more getting success tended effectively which, impressions has engagement almost through little not Google from -- The a base, our a we of our it's activity, platform, right? growing of That's and users. I app algorithm I part story. been Well, application XX% our make user coming user indirect, come all, those of slowed the so in the to the change platform our Over where significant which had our search all revenue users.

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The line UBS. question Walmsley Lloyd of the next with comes from

and Bill, analysts. for of in investors thank the Not so necessarily just you air. interest with the space, I norm fresh engaging to First, nice in breath want your

So thanks for that.

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to one first, your question. Yes. it take Maybe on the and then Todd first I'll second give

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it the question. efficient turn sourcing that's well. And to over of content So really other Todd I'll for part as your

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users go our from to that have intent We action.

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large lot advertisers So I of pretty the platform. good sophisticated -- confidence think in with a

with from last line Doug of JPMorgan. is The the Anmuth question

a are driving use for you also, innovation then a quick Just the you leverage talk just how X about platform you and repeated Gen and in building XQ, engagement? far to in Shuffles along going forward. Z into tech core that And lot you mentioned here? how out Bill, self-serve the just of Can drive ad do ones. growth minute

Thanks, Doug.

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of appreciate and the your for All going we look right. Thank earlier, this enjoy joining you I keeping rest with questions. to really you. the all your of forward to We you And again for your mentioned feedback, and all day. call as of dialogue

Thank That concludes today's you. conference call.

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