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Twitter (TWTR)

Participants
Krista Bessinger VP, IR
Jack Dorsey CEO
Ned Segal CFO
Eric Sheridan UBS
Doug Anmuth JP Morgan
Heath Terry Goldman Sachs
Ross Sandler Barclays
Brian Nowak Morgan Stanley
Mark Mahaney RBC
Rich Greenfield LightShed Partners
Justin Post Bank of America Merrill Lynch
Lloyd Walmsley Deutsche Bank
Michael Levine Pivotal Research Group
Call transcript
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Operator

Good day, ladies and gentlemen and welcome to the Twitter Fourth Quarter and Full Year 2019 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, Vice President, Investor Relations. Please go ahead.

Krista Bessinger

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

us Jack and have today. Ned We with

Before they a just the everyone for our start, had I Relations SEC our the everyone Investor ago call. format about of an We and and published website shareholder hour on wanted letter We’ll with to hope a of remarks quarter, questions. last our opening take detail, brief into read then also we’ll Because right letter the on it. to asked like chance has lot dive and Twitter. a questions keep your remind

us tweet please at So, @TwitterIR using $TWTR. the

call, will and the this full during operational statements. Also, and our XXXX of strategies. we our Those like are things year QX plans forward-looking for outlook and make

contemplated should indication and by our results actual performance. Our forward-looking not as an our those you reported of results future could differ from consider statements materially

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

our will XX-Qs Please our the our differ. financial most this in take and could a look factors of recent XX-K that non-GAAP we in Also filings with Factors the to section Risk call, cause SEC, a our discuss discussion in for certain results especially the measures. during at

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

Jack. over to turn And with that, it to like I’d

Jack Dorsey

call. highlights thanks before our fourth and A your to Good morning, Ned for questions. joining everyone, few and we get from quarter

Twitter. XXXX for great year was a

the the we making relevant is on instantly improvements core directly in service XX to mDAUs XXXX added More million than driven of our product. half more the focus were compounding. Our

an foundation XX% bringing growth usage, build million strong incredibly year-over-year our saw alone, quarter is in highest active reported, upon. XXX to to This us we This daily mDAU.

four on I'll look forward, about focused We're we each priorities now. as talk

trust. we'll our velocity First, development increase and

come to quickly time we've to idea a The aren't way it improving able too go how remarkable we're happy takes still to our core with move. from to While takes infrastructure, something long long. shipping customers simply in an we

blocking We what's us hard stronger and do this working faster. fix everything have it. to a sense we want clear we're makes Addressing to of and

conversation. healthy increase we'll public Second,

us continue and we broaden Misleading challenge the work will be probably believe health us This new Interest an the As for for fuels believe for the entirely long focus to which key we industry. deliver richer vector conversations as represent said to our term also transformational following service timelines on more on far topics, our us in before, Twitter the will I from and over to a way daily use. use a Twitter. facing interest we biggest growth we'll is towards onboarding service. be is information and

we'll Third, revenue durability. increase

last way. bugs been MAP handled ads more worked with is stack we've found performance. our while to we're of This parts which all the a work and that it quarter doing forward. confident a address you right are ad time our path to and have our signal issues positive some performance-centric in As goal to And our aware, through that all One the new Bowl do, being we already I'm work impacted these Super committed work in more business. of there's traffic. takes the on lot shipped

traveling majority places to last and of we yet a Twitter. I year at work of the to some have anywhere don't our presence. anyone enable we’ll one finally, every And spent offices,

service that global a are We global requires perspective.

valuable be people and people For to us. us around with the world to world, around work from to need we continue the thrive to

serving Our in be a strive we and which longer, far to execution. San more to will not us we'll any Francisco our use is improve concentration distributed workforce

guide and stances will results shown not the Twitter. you challenges public for priorities to five way four We've in years. see that the to as so the highs, few expect benefits all, years, next conversation openness we in and boldness should numbers. help overcome the all over past us in These in resilience work many We've our our lows a and just

of excited every the and really hard day of even Twitter our been And more we've public internet able I'm proud make conversation to layer love make work. to evolving. how what working the I'm about We're happen. Twitter's we

now, to Ned. over And

Ned Segal

Jack. Thanks,

with we into growth in $X.XX year-over-year. United mDAU billion, States. Q&A, Before constant up also by basis, revenue points. up a on reached currency driven couple a with a of on constant XX% the was basis, ad to XX% year Total get XX% strong XX% up revenue primarily finish I'll a currency highlight QX

year-over-year driven strength operating the was particular delivered ads mentioned, revenue across As year-over-year. U.S. despite largely headwinds, performance geographies, up XX% product this in in major resulting XX% with by most We Jack solid improvements. MAP up

billion-dollar also We first quarter. our had

a see world in both organic content, We more promoted the delivering for personalized both continue tremendous get a front value opportunity of advertisers. whole to and use to and to and experience consumers Twitter, to us increasing provide across

expect research. objectives our we this design that and work, about for the by more engineering, product bit with in XXXX. a focus To grow headcount to or support year, talked Jack XX%

approximately XXXX, anticipated course to decisions dollars expect the over made year. absolute XX% our the previous operating XXXX revenue we in include and investment expenses of headcount Given total growth, which years ramping expenses of all in cost in grow and

your ready we're that, Operator? to With questions. take

Operator

UBS. from question line of Eric comes of [Operator Sheridan Our the Instructions] first

Eric Sheridan

of lower the show mDAU a I'd funnel. some funnel can. the little today there. from if the curious have very to I there? funnel you, some on two, be off Maybe the talk the momentum of you're evolving Jack the about top color mDAU, additional MAUs product you're continue to for Maybe that's to into how at bit just compared and innovation what a onboarding seeing and down growth, process you get doing the translating lot of

And time CapEx XXXX nature we CapEx in that Thanks much. side, called that XXXX. against investment over you expenditures the one of is versus guidance, needs understand I center business know, the the maybe thinking one capital wanted How then, in out be much so about the Ned if should can in to longer term? baseline the data for that investors on on

Ned Segal

jump Thanks, to add if wants anything side, the both, Eric. I'll and audience take he’ll in. Jack on

looking continues and And to day, great give the who before. we for for to it a work service, so every they’ll month that us them haven't consistent funnel, have really what the experience who the they're or service the group frequently. be used used them a continue see On find on come help come or a more who to of more people Twitter for never back to

infrequent world see those Twitter, service are Twitter are of become in want to out find both talking We who to happening what use new and what's continue to convert have to to people who lots users opportunities, every who the of to people, and the day been convert to about. people

And the U.S. XX and feel markets delivered our in breadth we that if both. grew mDAU of digits XX% growth the where we look in like all the quarter we with growth breadth this top you XX% growth lots double opportunity So, at opportunity. internationally, in that the of of demonstrates

question on second Your was CapEx.

checks when and CapEx XXXX. when when based that. another, these So, servers that things. grew we're around much really is up in time on move solve number XX% we we one show to windows And We're optimizing not from go for longer XX-day in Remember, optimizing going period for frames to out.

we've how much break investment. out the one associated big to going associated that it range And the center with data I of Our is XX be this new along the get with second terms year. We're But, that -- be to center for that biased new not CapEx the more a will variable particular the that from how made. you range to will that in something project investment cause will a far will XX% new in spend XX% is to XX change details we directly specific grow between we've biggest that is that the more provided. terms tied This in rates. the to growth CapEx and suspect of mentioned. that us, data is decision the year. of the within the range normal towards This XX And of isn't half

Operator

Doug of of comes Anmuth Morgan. JP question from the next Our line

Doug Anmuth

to be you're areas hope you XQ? trajectory helped last the on think have talk Thanks. And bit XQ. revenue How taking a my questions. can impact about weighing of Jack, And just still, in by Ned. topics, you in then, about should first Jack XQ how XXXX? any DAUs you the talked and on you that of impact of I engagement, think Ned, it you percentage seeing can quarter be little year. from the for really issues course some and One about for X the it might in able terms points where ad half and about we the in the one in early of through Thank talk what commentary of improved for may this

Jack Dorsey

Thanks Doug. for question, the

close make what something than So, more moment that We've some little see accounts. topics, past do network interest and in as of do interested been bit, just network. I them at is, none this world, work happening social most the find for some a now, they're number step we Twitter to to ones. to in come in interest. XX by And to the people recent address a of years Twitter And as our a that cohesive ton follow all related but had back mean an to as a particularly initiatives the have because the we

and very create they quickly. vectors it top to a We're of very two switch timeline, going more pin lists those capabilities so this to between enabling is this. around even have become list, people as ton their well, a add the for richer. We to to One easily

is You you way can maintain then can make to playlist and something accounts. it add with a where equivalent And potentially continue someone just other to entities this that great besides to others. you a share

So, it. of that's the social aspect

following have of still in lot people seen lot a come the early I NBA bunch rich timeline people great we of us think might how finding But, show who Twitter, a to that extremely the your to And right when away. interest. or the makes you the are you use think they and and we around It on. positive interest, we for more tweets if now timeline. any a mind, that it per location all signals think that friction our up have happen a that, the really engagement broadens rich. attention things instance, an the timeline their And prompted related best accounts where will have then, we in per take to tweets do such is a by and they this interest, to State seen this is accounts We And do probably give about show you after that really context to in interest. that to as see And to for the be today. all approach think timeline, pay gives This can any a opportunity work Twitter best that in, makes And just of the with keep Warriors. about Golden you right difference follow away, basketball, onboarding. them be tweet

on we've in a would we again, people using a don't fully the daily through experiments Twitter past, but think ton be onboarding on I how to Now, of basis. had saw

positive transformational the is all this So, believe I ultimately ways. do in

to I towards to interest. think timeline also getting particular away, a they're a they a more it -- discovering gives and a at participating just comfortable even where and people but feeling in a them them ideally lot tweeting feel the a conversation world them but position path not at it more, like right rich gives getting tweeting

Ned Segal

Hey, Doug.

impact their The through your we the went around question was in of time. October second over and part issues

have as to talked back continues. this that we as or to sense the of break four are October. continue course quarter, those out year in of the So, in make as that going fourth year, those to issues more over did we're address indeed impact points It about the doesn't

those As two-fold. a for about things remediation the think is reminder, we a way

Twitter. That's a partners. realize we along first of ship people help on in the experience is, The a measurement is aggregated second to service, A QX benefits we to more personalized anonymized worked want step to continue the step first to the who data way. use the

that a around see with own desire to privacy to as and as the continue continue local regulation, we carefully to an data opportunity principles We our with to have Twitter see into the transparency again, get there. for our And us. on to company desire balance time, evolve, great people with we over timeline we and experience make sure a quickly, opportunity thinking continues

continue then, step advertising expect new first the work that server mobile Jack in existing towards come comments, to to will is which also And our current a ad important promotion our for that's give version of third ad format, response better help in And continue us us, our his to year. this an on the time. the the over advertisers, just direct with format application of for because not but complete improve to out more this went to rebuilding we opening our through ad work half path

just asked of stuff, from products although step rest what's about, want an If us about to to getting and that with perspective. both you happening. to I this perspective beyond work And advertising guidance of really an this from with remains services and quarter, out They back new the there's launch ton I’d continue advertiser we're the point sentiment from a year. connect all strong. that excited we're stuff first not audience And and

quadrennial Some and also U.S. nature, those the to what EuroCup, talking and people the Presidential about. find annual is to bring happening things Election, people Twitter that the there in but it what's are are unanticipated of out Olympics, the events like

Operator

line of Goldman Terry of the question Heath Sachs. comes from next Our

Heath Terry

you see break two you would degree down new Are topics, million that platforms. existing XX is from the that DAU to you of referenced Ned, last pipeline international Super of regions, of the into improvements ad contributors you among contributing what profiles the then, added to some the the looks significant and what demands there are Jack, specifics what like Bowl Can close get of your able programmatic made you've the being advertisers terms stack where direct to the which and to tech in you've the Twitter degree and between handling say higher And specific you've to this Could users been the particularly is of load. maybe some the there, users? DAUs growth? over growth? the able of handle that some countries, engagement to response platform, technologies gap you To to bigger quarters. the usage that this

Ned Segal

Thanks, take Heath. both. I'll

-- work to First don't faster, attract component faster on improve of a when move the ad that latest them want you things that test and you on work We to to faster. need teams of that want ad and able Company ad the on to the something technology. rebuilding to want we work of sure that you can to across roll server to server. want all The it. great the want able idea want to server to is We make we people a lot who be be

the X improved ultimately example our over to advertisers features, that is should Revenue relevance is lead now products build of capacity which to and for times new team Science An time.

feel improvements to a continue we'll Because help a to we to half year. shipped of on better direct we over type like that to half tied a to within year, more version expect also work our advertisers year opportunities sorry, MAP. we work’s And MAP, as be the And work completed new with the response work ship opportunity of So, continue to the we first time. have within the during first -- the this number of but of already.

came that international I’d double to the it's you particular that sides case. of and is of in point question just people fact find daily and them, most grew the demographic DAU about region, people particular is are particular be, the world the we topics whatever in to It's the use to give to important topics those breadth events The The the way our second them in no in or of a terms saw by part break world, topics use that on designed around to particular service and but are sense it's event, out don't wherever the momentum Twitter allow we DAU. for they We a no of all XX those really embraced all developed how to the events. region, basis. that place. out allow of no we've proud any may top your digits all was around And and of not to we're of see markets to

Operator

the comes question of Barclays. Ross Sandler next from Our line of

Ross Sandler

additional of your ad the ad color XQ? end that in compared like revenue market video questions a in couple revenue. the a the then, U.S. on and revenue the in a Is at brand just on higher ad of high it Any of slight guidance in Ned, XQ growth. function looks to And Great. strength -- international? mix assumes pickup

you are on increasingly the looks? Any color outlook how in about ad XXXX? Great. guys budget So, the in pipeline commitments confident feeling there

Ned Segal

Ross. Thanks,

are So, QX. there two revenue we're you unpack from trading the when ad stories

was The advertisers. great we story the want form they to with advertise people them QX. the growth of example us been But, in the about saw where the were as of first from where to we've is that service, the success United obviously help see, help world. advertise where can the Plus launch, resonate a that the as app, -- sentiment it shows launch, from all and people well opinions they is and they app. people to States, their in the you with United That's States a help able download help example a the of over Disney way XX% which that critical great advertiser a them demonstrates A for deliver able global where strength it we where

response We bigger business We international to that that MAP a find grew States revenue is part of Japan and United inside the of the inside of than our United States. direct be of And outside tends grew it X%. X%.

anticipating a that look if areas you us to And to remains the continued terms advertiser APAC. that wanting order Brand was gives that to in give you help hopefully to on point grow. products and at services just States. And in XX% questions strong, of and sentiment but anecdote, work So, side to around in really broadly, I’d those to you an MAP. revenue your MAP APAC on sense with different better Twitter launch the what's for outside happening we with to product remains advertisers talked new connect work about United where down of

And we’ll continue XXXX. so, of course that the that's the undertake to work over

I at of range. quarter. of the and want a got was velocity come that to what that for The of get time that us. for things play give engagement, confidence to how left is another sorry. out annual devices, people or your see continues the QX in months devices around go when the I'm lots we likely U.S. the we've great revenue to could QX download are question time see up when couple new the events us lots be for you and in world guess, part around opportunities the advertising gives around guidance and a earnings all call scenarios and we their most apps the we the of

advertisers, don't and When were hard of Bowl their to the at really we all all I'll Bowl. realize message. the Super to of help Twitter, those Bowl, the from of cool of a on you important Twitter, time execute But demonstrates advertise advertisers and had around of all we well we the ads. we're to continue one work the on proud you advertisers the against eligible amplifying A had to couple them objectives. but look advertising stat. Super accept others And we their but how that we it something one are the them so, Super to political give know we and

Operator

from question comes Nowak next Brian Morgan Our line Stanley. the of of

Brian Nowak

the to back server. go rebuild ad the to wanted and just new I

game-changer that advertisers. like seems think I a potential for

focused of tangible targeting on sort budgets? perspective give new could or that improving to an of ad acceptance more more really of ad a couple factors examples from us you you're If advertisers advertiser drive really and product

Jack Dorsey

gave of help couple are Hey, we advertisers. can are Brian. There think earlier, examples I where things. continue but other we better example one that to of a there

from we that looking people things how lot of remember, the use because Sometimes, get service, our into. a of they're signals

example If we historically you won't or advertisers faster, their history. this year. be is to Super we’ll about of a to Bowl things faster, happening you they're of more work we’ll of part continue showing of in them and that can a a and do are which for to find that people we search with be foundational, a timeline, app of home The the the work in help early on have we the to all And of to can components our to based have want of lot parts learn to order for when area server move help to work, you'll other adapt great And had opportunity in ways work. quickly, event do year able job be event learn test we’ll an the is the in other where because that's surface able Promoted we’ll things And things ad the way about app. ad the show different came across we and to your customers, relevant when it Trend in in they're ad the later specific need server app. people done out of parts their able other better reach searching there a job parts other a in ads last the world, more that an the timeline Spotlight, we of great and

Krista Bessinger

growth. next What's it? from growth Revenue user be trend, from the you than this question growth and can account the continue revenue to is, expect you do and growth. comes And user base Twitter. @RichReadsVids. of we'll counteract what continue, What’s The trend, you. it? to question causing base expect is the It done be done counteract what Thank do has than it to been it take causing slower can slower

Jack Dorsey

Thanks for the question.

to we demonstrates look improving grown opportunity perfectly through has help the that year. we things, our as match to years, build times up of note do has where than it's that around over can grown that last excess quarters, to of surface of look ability balance, demand time, geographies and and couple faster as faster whether they relevance, to continue when audience, to couple quarters more continuing And constrain every continue most than see ways constrain the audience revenue So, in the audience. you'll evidenced adjust improve businesses grow upon at when quarter, supply revenue. both of well APIs last in as want demand-supply of But, of other who we won't our which areas that to and we those people by across than revenue feel

that it's going based well believe that as on audience But, continue the that time, will to to direction are of progress, on where work to just the in can Over vary another, that factors, which revenue we from or formats grow geographical mix of the based cause another. period ad to we excess audience. one move other attract, and doing in one as we're in on it we

Operator

next line Mark of of Mahaney from Our comes question RBC.

Mark Mahaney

ad users And to to really had particular that allow experiences you event are Cup any year, like you've users? for plans marketing this questions, what The past, maybe Olympics, the for there in are as for you a your participate products in the sponsorships Two Thanks. have spend? please. or is related World major with new will the that Olympics

your year address management complexity if this do year, just from plan And in if then, in running part for the the is you're to fact talk the and for Francisco you. of what And Company the headquarters, Francisco? not of that San Jack, not Thank be you to just could do? going about you plans you're San

Ned Segal

[Multiple is on to the to Speakers] sorry, excited first second get I'll on the Hey, take Jack Mark. the Olympics. part part. so

of have Olympics, that When Twitter. about out. much now find timelines. event the the specific easier the work since all so on think information for we you're Summer last are couple point On there to done things we've the Olympics, to looking you It's

a the live have also and for to much experience. We stored order video improve in sense better how use to

ceremonies, So, ultimately, events. great service, content. year content People most partners see we share go we'll these will revenue, right which highlights us this vote the they And all want our that find the time to get the near of all the before on partnership with to they important announced that highlights on see. the highlight a have real-time to And the NBC to the opening for the around content ad we'll then our gave with partners the around the world. dollars want

the see largest better a content about And in second how conversation, the improve deliver to happened Olympics, for and you'll how of market that Japan. course show So, we've up the our lot how to learned of a the which to past improve from in lot in advertisers.

it to turn part. I'll second on Jack the

Jack Dorsey

Just point the Olympics. on one

will do events for world. events serve but our foundation elections for like Olympics think, the around us elections up every experiences build as We around people helps much this to scalable experience interest biggest I are a And I helps infrastructure lot type think much, I service, to the said I of the be earlier, think that the the product have and like a event. find to the and Olympics coming transformational and and better topics. certainly is Olympics and

events So, serve an here way. durable all to -- any in just enduring one actually our goal focus scalable way, these experiences is are on not that particular build a in event, but

I as team a priorities management was would issues I I visited same understanding offices address good that was spent the frameworks quickly location, year, We execution every its In good as understand pace. move had the believe, of saw traveling, and that We around in of we and to really the have the any terms traveling I had otherwise. throughout we I that our as all our my I traveling. focused last that said as world. in come to continued one year would -- believe our opening, that on on how opportunities anything any way of saw we we up. we well.

that We And to New leadership fear workforce, we have I do build the dependent slowness that San upon in don't -- we work team in distribute as entirely our not of So, have two York, our balance of think a the Company any members Francisco. that's I Mark. San to rest already Francisco.

very point that be that figure reaching a to look California and distributed is And that to and building And perspective company growing give plans in this yet I not pool I by those San even to within I this work, the quickly, a markets outside continue expects company within our of more I around haven't time do peers year. some zones, should them. are burdened more out extremely by that for we're think, that that And but as deeply travel. where work very, do I we need But, emerge lot a think how continent. remote to to lot build expects will Francisco. just I markets of our is and talent are made looking expect and it'll advantaged we is a that. think, us we forward, outside any

to constantly we have no So, major I but it. changes of, improve speak we have a good think to framework,

Operator

of Rich line Greenfield the from comes LightShed question of next Our Partners.

Rich Greenfield

follow-ups of first. couple A

now any us. rolled talked is there the sense product you You give you’ve had out, that can I'm curious, both topics. about

blockages a can in sense addressed? the was topic? many So, that of actually opening made we how those issues just Could your on iteration, And what are. does quickly the or timeline about And you apply product Jack, us your you know how of understand blocking were a that core of just they comment basis are, what kind so Twitter? are also of least remarks, specifically ad they a there give following get products, global one that to at users you then,

And Ned. then, or a of for you big picture either sort just

available growth that DAU couple users tiny it be XX% at this still XX you growth. the of to are like think product Is million I time, users? long working. showing you're big of mDAU this you do you've how last million envisioned, or for product Thanks. you talking stuck or But, of a users. product broken the versus in XXX of U.S. million sort about XX of universe For sort be? can of Twitter U.S. Like, a the U.S. quarters, that ultimately of both that being changes could out X% Obviously, were kind band think DAUs,

Jack Dorsey

Yes.

of breaking is believe what within numbers but will heavily just really promoted we're topics, picture service. any on So, the We out I the haven't of I kind not opportunity. still yet, them

discoverable, it But, in want topics, we So, browse bit to lot and do. they’re add side every you timeline a in on is day, still the a over little go topics prompts continue well. can hard browser The we’ll single It's we topic languages addition we're you're if much, navigation we more at the app, we're as to confidence the what to more an much experience in initial adding make discover. itself. menu, the get and the to providing, when more around

of to service to or the that who can right before that now, the sure foot front navigation we're to. it On-boarding are So, work doing are the terms putting And opportunity, forward that again, really see to we it at people in put great, our is we're and look people so we've want we that make discoverable that people into in our coming just is back best to of another making experience going sure that speaking immediately. service. been obviously, make coming

positive. this This something are about those time long we and early But feature. coming. really, it excited has the are can we're been I'm together. where really blockers It's point bring do we the all And a that. years at quite to only So, to signals the finally for wanted

think do a changes So, I lot. this

means develop. is team much customers very faster. question, on products build core We can loops to better infrastructure. the we how is, side, quickly building A per end stable infrastructure feedback issues, much and experiments what has the In at -- of can the at We're side. And that people is, working we through build day, The that look that previous revenue just this we means to how our from faster. it. consumer the to moved The terms of is to core engineers at It but infrastructure. do on. learn the are focus as ad development also -- the with look the we the certainly run it the our can product can it more what speed. lot we how affects much still product of faster, faster. this We actually has the And easier our very, get our ad

the consumer And everything So, true improves. on side. same is the

have have our to what's look us. and tools, blocking We we look at at development to deeply time deeply our

a that better that better how around our are. our of what we're run. some things of have seeing those decisions understanding to we the And inform the of data also understanding just we service, experiments We utilize

much we've working we can so we we're to learn us faster, something faster, years. is plagued So, put faster, for has this we've number address ship and been just some can team, priority years, as of some much really can we have an us that move one experiment whom it help hard of the sure this. But, here that we make incredible faster. can that And company, and Company attracted for have as a we to to whom our

the Twitter to everyone mean, in And think value has I absolutely, world. to last question, your I

them why in see day. for they television, valuable. They understand part see big tweets lot value unlock them a is Twitter newspapers. think, of help folks help has on work every been I to our to people of that them single A see

the a when can it interest that But, they people app put have we relevance strong That But, actually really We we place where use experience they yet we download timeline goal. on. confident haven't gets them to towards download and do first to here that or people than and given together excited themselves. have to the really from when they’ll to down me we're the everything Twitter, what in when come in to for first people come ultimately, enough reason is that -- to reason more it. conversations a foundations twitter.com. have will open utilize the doing the this cohesive piece app And picture --

Rich Greenfield

And when interested it say like, should you what for there a you seems not Like, browser browser? the sort topics, I'm or XX in, think of Jack, give Twitter even about -- be why like, clunky, why in, topically just know Greenfield's old in, Ned just like, interested the the interested Segal like possible to follow? why show me everything Rich not me things the is that that like,

Jack Dorsey

Yes. These are just sequences.

go it we're the So, where learn. automatically. a that always mode them. way, But, on of this And, to more discover list topics certainly right can do to we people by use that now, we doing into those have learnings get a can we will getting signals based to

something So, automated, the goal that with this more and need experiment move we not all more is to mechanical something is to it's from more to and continue start to just but to off. we as signal long need

Operator

Merrill of from the Justin Lynch. America Post comes question of Bank line of next Our

Justin Post

questions. Two

the per time commentary change First user? the engagement visits notably? And on grew business -- last on you Are X% then, user of growth. you per year. secondly, see or spent DAU data Any the amount seeing

the give year How the business? Thank over next do in Can growth you it XXs. think, that I the was an rate for the years? you. before, see outlook you us few

Jack Dorsey

Justin. Thanks,

monetizable in to we're and growing, on as around value they number we be going that that to perspective, usage, part, that measure it the first daily look active about be at way what best to the that if the delivering topics growth it basis people events from we a pleased see an you but daily to is on is engagement means for So, continue care most. to with

So, there. update on nothing to

that remember, other two licensing data there's the to revenue pieces On side, line. and

could new help also of we business. to but is and opportunity existing about contract people term And the the The we executed and strategy we proves solutions a to made in renew of find type execution. where for seeing their build opportunity, we'd growth data we're around our that right a our front bringing well business right lots And we to over APIs. customers as so moderate. feel year in good expected data who continue our lots We there. opportunity around other there's mentioned rate That the our us APIs or create the be ago, our we case, further premium more we us first still customers enterprise both, that and really business the to of said on the

there is the MAP, ways that direct work path our a mobile piece is, benefit second that's good the do And MoPub But, holding work MoPub our forward. of we've that down exchange. as well. And MoPub, response as rate think The a which got we ad should to benefit is one growth starting oriented continue and we got bit. around ad more will formats, with we've

Operator

Walmsley Our comes Bank. Deutsche line the of next question Lloyd of from

Lloyd Walmsley

I if Two, can.

community? you sense guys specific growth. excitement into share quickly kind you user advertisers is you going as Anything from impacting conversations And on of improvement of the there great. growth just can platform cohort the the big we behavior newer strong fairly those would in and in particularly users the feel ad groups, just you give interest be secondly, user ad back Does events? see do overall translate us how to retention with community? in growth then, the user just First, into continuing Can acceleration quadrennial of the for Do some to get the like newer a traction? your make in

Jack Dorsey

Thanks, Lloyd.

about are helping explore coming the growing, where sentiment, are strong. thought see to learn leaders really to who they growing in on, where platform it that First invest to a audience around advertiser they their be are form they their know products opinions want continues and there And product.

valuable strong audience resonates; most think they've that thinking with And points conversations When sentiment I they the show, consumer have objectives. embraced we've the invest. our in to to when that launch resonates that's the the really that and our order are other we at helped or tell remains in place So, happening, want most something decide those or to they're connect ton, we're a the electronics as receptive, years, about during at things whether to we the really got new with that us advertisers when which well. we if share them them with what's

our service. are and what to way sentiment about at the of people cohorts that and with new terms Twitter, engagement use their we pleased we good to is feel how continue contributing who of the to DAU growth we So, be that. in they When we see advertiser look

content that of there's we cohorts should they them. more to surfacing and should lots report that nothing but know to But, help in them, behaving. of new even better job them, follow, there's a better also do know terms can the there We're do we we We follow. they doing for they're can topics that for accounts how

Krista Bessinger

Operator, you. we Thank question, I last have think for please. one time just

Operator

be Levine will today question from Michael of Research final Pivotal Our Group.

Michael Levine

in issues second around categorize you. still MAP? Two questions guess, of what able One, would R&D the of -- in basically, folks which event on is know rectify Japan, do the a terms is, to be of MAP a have a that And versus catalyst. basically been here's having that be market? innovating can Do you being advance how focused MAP front as I in for DR the you the think big is rectified could lot to scenario on a Olympics question big I

Jack Dorsey

R&D. On questions, the for Michael. thanks So,

health last identify always that we we XX%, around people our the learning quarter half shouldn't linked than tweets So, The to be abuse it's to revenue us. before we the reduced hard we're that be think mentioned point doing same proactive which reports work that quarter of on we by work content the to directly is technology to service to where the that bystander identifying out we true as and we've is solutions, we people it machine where products. finding more around them whether the lead that opposed this try through do with or in mentioned action, through we're

MAP we’re and move will We’re to rebuilding to over for experiment the allow faster. leading faster time faster, the innovate direct new ad version of us Advertising server, out coming response. us with and more

think R&D think So, products. leading we we about revenue about when with certainly the

On the Olympics.

connecting that really existing in what's feel experience us, the offerings, think to with done much it a we the with as see is of Twitter. deliver we direct when feel When important larger highlights, great around as with about for like about response related the will MAP. starting and event, lot the for quadrennial you opportunity think we're like can, on pre-roll our and during the Olympics That we're with have happening a advertisers the So, well-positioned advertising that can Olympics, we that we've We we say saw often you the well-positioned focused to you service us launching and Super format. feel existing to version our the the we're more step back that that make address not means like but these, you positioned see around that well the soon Olympics. and formats. around to summer, just ad isn't that we the are as deliver And really new also Bowl we about ad things part the see it that feel on as the on help of work with video, to we're a bigger like MAP, of

Operator

over the for now to closing back I'll call turn management remarks.

Jack Dorsey

speaking All interest to look quarter. us. joining with We right. your Thank you you We forward for in appreciate next Twitter.

today. my XXth, San see Twitter dad's in on It's the Before will opens, report it's and birthday all then. happy we I then still. listening, before wrap, on here listener. he's my sure although before Francisco We I I'm market QX to dark and you just April want next And and to up earnings early for birthday say, favorite XXth

Operator

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

disconnect. may You now