Twitter (TWTR)

Cherryl Valenzuela Director, Investor Relations
Jack Dorsey Chief Executive Officer
Ned Segal Chief Financial Officer
Colin Sebastian Baird
Doug Anmuth JPMorgan
Ross Sandler Barclays
Rich Greenfield LightShed
John Blackledge Cowen
Lloyd Walmsley Deutsche Bank
Brian Nowak Morgan Stanley
Justin Post Bank of America
Eric Sheridan UBS
Heath Terry Goldman Sachs
Call transcript
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Good day, ladies and gentlemen. And welcome to the Twitter First Quarter 2020 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, Cherryl Valenzuela, Director, Investor Relations. ahead. go Please

Cherryl Valenzuela

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

us and Jack have today. Ned We with

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

We also take questions asked on Twitter.

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

Also business during regarding call, will our expenses future and expectations COVID-XX timing the operational our Those make forward-looking the this expectations things those regarding like are our the expenses. we and and impact our strategies, of on plans of statements. pandemic

market those future Our by of reasons, risks actual as related contemplated to number of our an business. reported not our results consider forward-looking on and materially could impact of differ for a And you including conditions indication results the should performance. on our from statements COVID-XX

to of will discussion Risk the a filed subsequently be and results which factors first Factors XX-K to in a are them by with forward-looking statements based cause XXXX, duty as of for unless our in section most on later We of the in look the take today, at and especially our making our that for quarter differ. law. disclaim SEC, our any recent available Please to could required we XX-Q information these us update filings the

non-GAAP financial discuss during Also measures. certain will we this call,

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

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

Jack Dorsey

thoughts us. take work be able do your against sacrifices joining is us, questions. Good the the to incredible before morning, you who few everyone, we me the and not battle feeding thanking Ned We’d all appreciate us, Thank do us, yours. and in for our caring around by and making frontlines for us, currently feeling on without everyone to for you’re A we our you. us, to are treating from who COVID-XX. I building you see start want you. the and folks world thank we To

public We’re us it common faster, we’re and proven here conversation this. the shows helps learn that the to serve the this together. problems COVID-XX believe has in because all solve we world

problem. For solve how global entire focused the history, on learning one world first to time is in the

share and to People us we are in turning and Average rate our growth million, informed, stay reported brings to to $XXX a the which ask to Twitter it see for support highest solutions mDAU help and to XX% date. year-over-year, of another, grew total to numbers. one

more conversation new and the here and to over in confident remain and on unlocked, for we accessible lists world. right. Twitter Our consistent work real through of enable continues however, to all of interest, making The focus though, increasing will and our relevance people entirely participation be power powerful is forms

is million in a $XXX was in advertising global numbers. COVID-XX, Total There due reflected has QX, up been decrease also which spends our rapid to X% and significant in year-over-year. revenue

our increase before, is goal about on to a MAP. starting revenue with by these calls durability our performance ads talked building world-class we’ve As product,

one this our deliver product as the work, as importance so increasing roadmap. now we’ve and the of number accelerate our quickly product possible light of can In the priority revenue made environment we and Direct our Response

to be also our to we’re our to a continues engineering customers. able agility ship of efforts We’ve seen decentralize the significant team COVID-XX which the of as our from which for no us features focus in goal decrease our future. rate accelerated home first productivity, to lot gives Development March. with velocity workforce of we’ve a at doubling working a since week optionality the all for and been

We been ideas, never some incredibly us powerful important the role people value service appreciate critiques in commentary more I’ve to Folks available making it. acknowledge like and most everyone. nothing else and of the carry There to is sure Twitter our the to questions, the trust day in world. of around brings world. accessible directly this and every

now over you. And to Ned. Thank

Ned Segal

Jack. Thanks, Great.

Before few to of strong the to a that impacted a outset mentioning Q&A, in call. we merit the widespread are which spend. letter, start highlight into economic leading a get had quarter things was the related at to March, COVID-XX advertising I the We global decrease by want disruption in in but to significant

complete year-over-year. revenue XX% increase approximately I’m mentioned resilient increased March may building and that March QX. economic our on something to end also server product downturn, ad response would pleased while direct An from MAP more rebuild that launch brands through noted the on format and of XX with new and we helping ad addressable by should more market the with focus connect advertising As an what’s XX to ad letter, Jack to improved demand our DR. be more our be strengths happening. our share in declined exposure

our consider to our slow and quickly hiring expenses ramp. moved We’ve

broader to & Engineering, grow headcount Trust our functions monitor and to our current other Safety and at while continuing Design, teams, the operations. we levels and holding largely Research, environment We’re Product own as continue

expenses such made in growth dynamic likely year-over-year with in travel to to expense at this be that been significantly activities decisions QX year-over-year costs, observed growth and expect year have considerably business reduce the non-labor Lower expected future the curtailed, unfold, headcount and we’ve are as meaningfully less to than make low-teens. beginning from we to combined we a below growth We events environment XXXX will be result as year. customer full closer the the savings QX, rate XX% percentage continues currently to decisions in growth, very total of that expected we

current to As institutions, answers, their like environment. adapted leaders and Live deferred to Brand studio brands offers to streaming and Video live events, awareness for they’ve raise also leverage awareness to our the Cards turn We’ve utilized about program new people advertising loss as drive Hyundai seen Salesforce Twitter protection their while for to Verizon their job current brands brands, that Website or respect owners. payments we’ve seen turn for

marketing with our on creators through content ArtHouse done and supported launch XX the the and broadcast stream execution remotely through entire We to Mi Twitter. live team phone Xiaomi series

most Coupled work. examples significant growth, to We the we’re so term confident in demonstrate our opportunity passionate remain these mDAU with record continuing in growth for handful our about invest long of Twitter. impactful why

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


Instructions] Please comes from Sebastian Baird. from ahead. Thank first you. question Colin [Operator go Our

Your open. line is

Colin Sebastian

good very much, Thanks and morning.

off, much but response, needed frame direct framework are hoping stabilization up and to out more possible of for much activity First changes you importantly, heard If could MAP terms then, other to who of the Thank services? to you work products roll in is is formats, MAP, way additional finish on very how response users and more there’s required the to perhaps, how any bit Twitter a provide you April. from us market as post of to in that. I Ned, broadly process the into more much. some was March We’ve give trends. other sense in direct could a trends of a maybe and topic timeline or And on perhaps about a platforms

Ned Segal

Hey. good questions. Thanks, Colin,

to like for XX also discern I’d navigate through been or dynamic to change not That us, on First, sense you when us for we point to continues the a March be tremendous evolve, such think to what point the to just in this that best also like economy trends advertiser XX out, been as gives good think based environment, March for unprecedented about you the prudent. may would and to I behavior, time, what it’s in to be a it’s you timeframe. timeframe try

XX back you I’d So, to timeframe. March March that XX to point just

point been by where in that had they out, March a US in timeframe. that was of quarter earlier other more less earlier parts the COVID-XX, should had than they were I Asia, been impacted the when at you and places the especially bad within that things impacted that, bit world, look

your we’ll making our part where number of our roadmap, changes no and priority. The was work hard around there product question Jack DR. as are one second accelerate mentioned, There revenue our thinking MAP long-term to to

work MAP will year. our continue this So, throughout

hope we’ll this have We that work a on hands get launched good with they over actually new pilot, that, of and from that advertisers course we formats, we a campaign of launching MAP parts build year. have feedback where and the can where the can recently we of some upon in new

over we’ve test to Remember, impact gradually advertise MAP MAP from our product more services, that things that time dollar got out market to Remember, felt to able is see the those of of be said roll adjust. today. that performing delivery this things, as believe mobile then advertisers’ able models be a to ought is we’ve we people games, food and we and out multi-tens a we we’re video models that billions the work other and services, one than will adjust roll to and once quickly

as So, we’ll keep you that updated unfold. on things

Cherryl Valenzuela


please. question, Next


ahead. the line Anmuth Doug from comes question go next of Please of JPMorgan. Our

is open. line Your

Doug Anmuth

for the Maybe one question. taking Ned. for thanks Great, and Jack for one

teen growth, election in about doing the Jack, to you First, now of you’ve cover accelerating cycle? [ph] users things just XX% the five QX. [ph] some including who of Can seen quarters talk you're user

And in impact going timing? you a spending? little to think you just then back about term, bit just Ned, XXXX? MAP product, help DR positive talk Thanks. can you can do the longer you when think have MAP in actually more get a And performance majority-based you MAP to look a Do then can

Jack Dorsey

Thanks, Doug.

said I focus our focus powerful more on much our on as to in and and off. conversation making accessible continues pay opening relevance remarks, more So my

the more to critical, great relevant strides making the as that timeline within more work that we’re service. and powerful, whole a lot doing a in come the making So, lot relevance been has back people really we’re whole

I in like me, from is the see interests, and And biggest potential what what’s our who come work Twitter. COVID-XX Lists, the people stay the on around is us to because for unlock will know this of think informed really makes happening someone and shift that Twitter To particular. biggest Topics, thing they want to

the to that doing our particular find business. the and also all It had past just be People us interest. to hasn’t a or stronger to should This our work to revenue that follow an for them. into accounts related people. and much, much gives We signal have been accessible in products topic

and you powerful signals those topics we to see the obvious lot may to of following we the lot or with candidate directly that make doing a as to or happening work a we we’re with, experience COVID-XX, can in you. are it’s have where experience then topics at lot put and about make that onboarding it’d the learn about a engage what’s Tweets So all make suggests so for be interest is and that go you that into, you great you but of people that you to whether Tweets perfect on on like follow right also accounts and Lists based for more an come you, easier, that we so now a whole to right can

signs service today, interests also important looking that are really the strategy everything they on and new looking think and emerging back topics of true, at complete. patterns, to really to come we’re our these remains that’s So any but we and in for all durable going

Ned Segal

as Remember, the underway roll work second this the perspective, gradually product, new part this MAP we’ll to have ought the on impact your impact be From we’ve to call as we question. is said gradual today unfolds. and you on of able updated over keep to Doug, as so that and a Hey, are ought felt out timing it time.

direct remind me let you about a just broadly, of response. few things more step But back,

or clicks The where whether is past. the for a good moving we the installs, already for is us today long area an important way Cards we've we this do the not can Video it’s and important better this job all Website, for download, time. been with of through know over to funnel but - ads, app first down certainly it’s in app time with done Cards Video, App website advertisers, just But is, a us something

perspective, just so happening, hard is advertising not services make new something accelerate roadmap and that to down can help And all the what’s with that here sure to brand that we’ll and connect awareness from but a advertisers we products work way launch and the funnel.

is we to signal now, in the on use risk people lot as awful that personalization helps today advertising there of think And over we we be really the we a ahead and some service how us side. timeline-related also that it more the mentioned continues we than Remember, response and that people of have an Jack or from just time. benefits about said more that an Tweets-related past how opportunity can to the serve of think ads to for direct but look

Doug Anmuth

you. Thank

Cherryl Valenzuela

Next question please.


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

Your line is open.

Ross Sandler

kind happening or it’s decline, parse assess but how these side of much the advertising that fall, Twitter you point, do to this of is, to with start would tandem events from expect hard impact to that with at Hey, brand brand events guys. sports with? delays advertising can pick in And flip out sports I associate public that? March if you major advertising of was the other big up on this of cancellations try know or that brand

conversation a And Twitter kind the how there now? a are makes of is messaging this a of which of around to like retooling of if or ad Thanks the sense the to anything take on from like standpoint approach kind Is adapt way sales sales current right to that? to tweak situation process lot. the environment advantage most COVID-XX, you

Ned Segal

Thanks, Sure. Ross.

start First, ended let there. where me you

be world make we’re it learn coming point we’re or to Although, working trusted around their the the are this of we sources, to in verify can. a part as sources more Twitter that CDC them people trusted to lot agency as COVID-XX of the to quickly hard to and relevant moving to sure information

bring happening with are more colleagues room in much the they the like they’re and of that that to where parts connection be room looking Last for their so the Draft world with people Twitter the allowing it’s people can’t right Dance is the now, they conversation There or and other on today, that who other in NFL whether feel in things friends conversation. around and together

and And so products I been Twitter connecting that launch launched want to advertisers example whether and ton of recently is that happening that we tablets services, stuff a and earlier to gave have continue and see other new or have on new it’s been advertising to there launched whether with or services Intuit who Xiaomi video that pivot what’s advertisers a sofa have around Pepsi it, concert before their been GoFundMe businesses. advertising it’s is QuickBooks, happening, helped we now or global their everybody brings where to help they’re advertising to small their watch campaigns may have but

pivot and of part all our the adapt their done on of so advertisers a customers. and team help commercial the has they’ve work to proud video that been we’re Helping of quickly efforts

because out, and that to the will of to between will ahead we how to really hard the because look When lot canceled, happen things been parse postponed has environment both and things a happen from that there’s play it’s things, road, now then. economic those events have that or out down broader

to back this in increased only But that in the this be doing help new that the come other improve ad next will the come doing that help of these we’re can we’re it’s the year. or the continue the us to audience work Olympics year the events things the that more up, people and who road work down to future, to our Twitter formats some fall of with will whether

Cherryl Valenzuela

please. question Next


line go Our ahead, is from line open. the of Please of next question Greenfield LightShed. Rich comes your

Rich Greenfield

Ned, bit to detail the more MAP Hi. us the MAP, on few just I new of you compare out you’ve marketplace. issue. of said old hammering got questions. just MAP to little keep give could you in already taking this a like kind guess, want Thanks for I pilots a

like? I’ve they Like, just look what sense us Is MAP is the Like, did old new the And pilots follow-up. Do what looks give different? look then versus like? a it some of got different? targeting

Ned Segal

fall buckets. Thanks, different few Sure. Rich. It a into

your to easy. you’re really we’ve is, the be else part launching you’re the campaign advertiser to have work minutes. somewhere you pilot has has campaign, to might got It that’s there, and you in if what It First do launch to what people. experience a similar and of be we or to do

is, to have and that and Twitter. don’t and second that work we that them we have we resonate too really give need The that choices sure really formats make we’ve people for choices the seen on things compelling many that we are

may we’re not things improve things relevance. third that they in that background sure but that is, to the make we’re to see continuing The doing

engagements we to today, quarter have the of even were appreciate continue see we but up that can experience improve, ad understand more the a improvement people the rates benefits better future, do You relevance leveraging and the where in both click-through this on we personalized signal where know helping XX%, service.

go better helping and updated things learn got you out those into All go. and on improving excited the to keep we’ve going MAP product from more time pilot and the we soup we’re over now us of roll as to a

Rich Greenfield

brands many pilot? are How that in

Ned Segal

really haven’t Rich. said, We

think continue trusted if better can And that we it. customers understanding The what them I and is feedback go to and is probably, though, did feedback try us to from something, - over experiences get test these it. we do I’m make let you’d to to we’ll too for their point even not important you’d critically learn we much adapt them. from just time, sure partners, our to we glean

Rich Greenfield

gotten schedule just much theoretically on was events, events whether we them, then tournaments at that but have events NCAA of it’s of of a a to for lot events big the so you lot pushed, or movie - XXXX. have look obviously canceled, the just side, tied And Twitter is

the versus the meaning revenue revenue canceled? delayed get you much revenue do think that lost, which in was somewhat just it And I’m is revenue to of versus curious like just that’s you’re going shortfall like how tournament things - XXXX

Ned Segal

to might it’s another handful that ad it move Rich, formats, from you if would variables, endeavor favor, to a if period just to but improved into that try, environment you those of break something appreciate about you growing one affect that might go our audience, what are think hard from in I like why about others if could the year think removed economic might a now a be not, you one. that relative think you out. I about some the think and today,

So things work come better they’re come them looking had have than relevant of today, products they so on. economic more environment on deliver the next can we we finding year, appropriate advertisers so make are regardless service even when happen to events and that around better improving an revenue to and sure to even those having be timelines got they know for people notifications when the of regardless that experience that we’ve than even may for, we’ll Twitter the the they do, to find the the focus we year continue have these the ourselves Olympics who and giving to this

Cherryl Valenzuela


question Next please.


of Our go next ahead. the line comes Cowen. question Blackledge of from Please John

is line Your open.

John Blackledge

Great, thank you.

should XQ the over So user out about to figure again shape of the of of quarter. the year. this user you the just trying and pulled rest think growth growth year? some forward course the you of user we the the Do great through growth? I’m in adds think How

pre-COVID? bulk intermediate with working that Jack, versus for change just then employees how the of about, kind And from over longer the thoughts term, curious might question your of and home, the second

Ned Segal

John. Hey,

don’t and day, think people out X first still the live of available, can question, Just and use the it around are events every where world you in in on about of be the we of service is Twitter who benefit the topics there on all the Twitter. that get parts conversation can part learn who your billion or who

that not we a forward, think when about consider. we So pulling that’s term really

and at March And in ongoing the in seasonality the about world learn we about learn flocked strength have Having behaviors really product tied that the see as people there then, way we if and was more what March the to out, talking happening DAU we their was were that service to look a the in to February said delivered. came quarter surge improvements and that, we’ve Twitter the to January COVID-XX to about. what did played as they changed people more and typical

off That the March. of did end towards level

service make daily opportunity And their today part Twitter frequently in so found continuing buckets. of who and the a have lots haven’t used lives. new see opportunity of we and to think both We who to the to people daily are still as about continue to those add Twitter help them us the and people in the make of or help to lives as service out a recently part past their of those

Jack Dorsey

work-from-home, week this And pretty home. for talking us. we to transiting some time for workforce. They folks our the decentralization about John, early March and of quite from first in on started been were is work due the had to We

a to company productive lot world great be engineer we that had a them be. we So the creative they extremely a we make optionality and be around wanted somewhere help to for could we happen - that wherever founded of could that sure

in home and the productivity as saw working from no significant people very were flip switch every We change able quickly day. started we to single

the So lot optionality. of us lot out it optionality, more employees as orders, more gives think stay-at-home emerge a gives our a we I

the have of company our effective. that been has and infrastructure All is this within practice we a tuned now extremely for

So wherever a options it happen to feel be, they people, to wherever lot have to most that means hire creative. happen we they’re more they

John Blackledge

you. Thank

Cherryl Valenzuela

more talk next market you, its how take Twitter’s And his we’ll defending comes our Twitter And is, John. @realdarkromance. D is can share? from question question and Twitter. competition about from Thank It you Dr.

Jack Dorsey

the Thank you for question.

understanding us service, of of the anything so is the and else on the really comes Twitter incredible. is power down focus service think our is and that I out really different power has So the And what blocked there. in what just conversation is unique to people public the it so past from and

that find are the things us. the interest, I all work, is we’ve identified for particular a topics why mentioned this as that lacking their follow people have interests to to and are to high of that’s that and related earlier, do so One accounts such priority that

the participate And in conversations, but into. the the find see them. get they also also buried to just grasp too of Twitter that in far power could conversation, and too We far in they being conversations, being past, it’s really able were now something easily and follow inaccessible,

work more a off. recently of So much lot organized, to make our paying conversations more intuitive is really

And hours. people would that finally, you there comfortable work there no in a is Replies. in of themselves share Likes, is for XX is here something Re-Tweets, no lot And expressing feel making to and to is no around there people sure a This Twitter. disappears There point I is tweets. opportunity

reason want be followers the don’t but friends express but group who don’t to And disappear. something or it necessarily of They’re to something content, people a to they this to that helps is to to built thoughts say and say we have want Tweet of-the-moment around necessarily do it should that something because and the forever. world, that have just

in we Brazil. So launched this

We’re world. it, and seeing as we much of to and people possible out they in also around us roll usage how feedback quickly the telling both incredible hope all it as like terms

Cherryl Valenzuela


please. Next question


the Deutsche from comes Our your Walmsley of Lloyd go ahead, line Bank. next is Please of question open. line

Lloyd Walmsley

of algorithmic with would talked be, and of kind one just Two, you Thanks. nature adjustment. guess trials the about longer-term to back going it I first the MAP,

client work spend kind behavior creative their they much how have of they learning users that to going trying to it and as be where and your the money of get of side, is ad Just improve, on side systems effectively? kind can versus different to wondering, before time that with scale there Twitter even

a engage format ad there past format the the that get you could will then the maybe kind lean if broad one of targeting Twitter product? with forward would much challenges just right? you be a evidence Thanks. of in of how share related user server MAP color from base format past the second a appreciated. challenges as this And Any be, would there portion Is related versus in of or just the to deployments

Ned Segal

Great. Thanks, Lloyd.

around for easy work MAP, the Advertisers launch where what can and of attribution quickly end. bulk where for it. a success on comes use, ought our they on a to is where really they the sits work performing from can we campaign product to First have like that’s want feel and pay where they clear the

And so we is a really like of lot feel end. on the work our

it on we out and own play adapting ought advertisers and in in through them and our out to work models to install that app use the that when buy business we we’ve not ads As both it, believe over directions roll That the that testing improving their favorably hurt as adapt can seen time. you do can you’re performing.

dollar ads. growing in our multi-tens a of install app of market So we this for control feel like a billions is in of lot

of around of was our the in that revenue second around about Your products. we’ve the part your question talked some issues past

Super work the people about more began Bowl in ought many a time. Let will modular server and that in faster. traffic work record that ad the talking me ways architecture that be us on allow were that server at to new on We’ll completed technology ad a to server QX. We have remind work you allows ran in move more that we ad actually the the XXXX, pleased to on

so we’re excited there And over and that to do what allow and progress really will the us time. about pleased

us from that opportunities even direct benefit up clicks the to whether ones service the it’s leverage do the today. up to feel them with signal than formats, Twitter, like help and work come think to and are we to or to do use now the compelling we right more great people ads already about how use these we we we have that response find website tremendous it’s how there from today, When beyond people app downloads

Lloyd Walmsley

thank Okay, you.

Cherryl Valenzuela


question Next please.


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

is open. line Your

Brian Nowak

the you taking can sort improved, just the go to March have that that those two, or or ad versus ad into back from any us might of earlier guys? question are we so talk any about April, for on to certain have verticals sort March in Thanks questions. you April areas trends I my what’s late about going improving Ned, trends, to and better the markets understand trends of on geographies can upward just with

the secondly OpEx temporary for year as for term? then efficiency you opportunities year, OpEx sort of to over the for how long this the see and reduction the is on the increased opposed a structural in much changes OpEx of And Thanks. pullback

Ned Segal

Hey. Thanks, Brian.

for March so, timeframe So the first, what when us environment, think very remind from if think business. see to to I want we this look XXst, been at dynamic strengths saw a which the to some you’d we the think about our at, things you best real XX to few about I of look navigate at it’s and play, it’s like of you what unprecedented

first The events, is and learn of people public customers’ when events they’re launching service them a events, to a or and both a around the in them. about involved beneficiary big conversation service we be our bring product new to are that to

by so I some or canceled in kinds of were And impacted delayed both of those think we events cases. being

US the if than timeframe Secondly, the more impacted look geographies, Asia. in at that was you

impact more little as impact there to March on saw that XX Asia the did March we example, timeframe. that from come and economies a things in the back and some quarter began to earlier an - XX As in bit, see

being have lot a are on them who media, the consumer companies most, When services is good, at telco, we’re impactful. of front the in remember and consumer of that tech financial their to that businesses these at times verticals customers are we large out really packaged and advertise Twitter important look

purchases travel than have or some like from we So things less considered others tend advertising may. to

the And we this with to be position that more attribution in our direct at further them work help to think of ad will really as assign constrained as to want a help even everything down that hard to us that. - response to us more they’re environment, improve we we better least offerings, able measure funnel, doing, group they advertisers will better economic think, with are formats

OpEx Your question, year. second sorry, the for

about on good already, where from and a & decisions the how continuing of we to will what we’ve and are hold the we Research other made headcount adapted company Product headcount when there we focus that previously, flat. really We’ve we of Safety lot we’ve relatively had Design, this So about environment. expected to growth Engineering, feel Trust areas our reduced think

events Also, and more are of non-labor decisions in growth, dollar some is real happen that travel to a things prioritize most and then other we’ve spent the every that make made we’ve sure can’t appropriately things in like spend cut that this environment. environment just constrained that and

advertisers. We we look you it’s temporary the and right help to exactly continue insightful year. people we term the even very nimble our versus continue the When more such environment, while to more for staying to the long [ph] to as dynamic play ask adapt to hard to environment, really, opportunity service that of to improve to out and the assess over out structural, revenue want to things year, of products the to in the see now to improve bring a product continue what’s rest will how be

about over talk balance we those, it year. the we’ll course of to have the as more So just

Brian Nowak

Okay. Thanks a lot.

Cherryl Valenzuela

Brian. Thanks,

Next question please.


Our next line of question Post Please Justin from America. comes the go ahead. of Bank of

is Your open. line

Justin Post

questions. Great. A of couple

the side? about and at Is you side, about talked usage on how will to we revenue on news able over the affect how are flow as summer and First, that events offset you that but the May? the that thinking April look the user

these with as advantages platforms could of in Google revenues? Thank competitive maybe and Twitter user DR, area. think a lot you. then for platform against you of some about that talk Facebook And with get data. you be large DR as do secondly, you’d of And a your How you competing into some competes

Ned Segal

Justin. Thanks,

what First, improvements us are too it’s the about other in talked happens grow whether use that terms us it’s designed the about to growth call over to any the March early environment. of I in of predict in more course think for in the who went what product or audience earlier learn this Remember as to one through year. help really service the people to of base flocked the we people any service through like COVID-XX timeframe, Jack

how can that the events behave perspective, or because we people how so keep but we’ll possible. wouldn’t it’s predict I an hard from service, and happen the of as predict that out will on predict to help it’s to improving So to them when hard either want them, as many plays events just

DR think side, use lot growing think platforms tend if There play DR with lot the faster and than advertising about side. markets, about the about advertisers brand to at more big many On reasons you dollars less that we that these of the the a Twitter. are that digital such largest are piece is the ads specific competing so is a market

sharing Last the the ourselves happen launch or Dance, or different to today. that’s to even one come which come they like whether new events in in with we brings this other find ride a And happening, in connect product to or one. environment food a in that people like service, shelter-in-place it’s They what’s Twitter whether environment can something the delivery a in environment

like do advertisers for we easier performance, us on with campaigns opportunity to service. and feel So launch there is a more to for the tremendous ad still more formats

Justin Post

you. Thank

Cherryl Valenzuela

Next question please.


comes question of Please go the next of Eric Sheridan Our line UBS. from ahead.

Your open. line is

Eric Sheridan

that for in recent we’ve talk Yeah, the hi, of picture big Ned, the reference company fact, taking both on X, past. the of long over for operate one. and positioning from and the environment how the how from just perspective maybe one the way you next Maybe the to one macroeconomic your lot the in view then, own XX, see are Jack they macroeconomic healthcare this thank ask you leaders, your love to I'd and We’d heard you’re to the question. a organizations get landscape. see Jack, angle what you the in landscape. XX against love for healthcare on persisting evolving about months sort in on

just quarter mid-March sense positive the of to to market XXrd us quarter can of by that you growth Any And ended be what Ned, number. March March? give down you the then, the end year-on-year on you a producing revenue going the would in change back, and communicated you knew

bit maybe March Thanks or much, for little what So be guys. now. read about of the out a understanding just have of communication so end the to XXrd in a played might that might March

Jack Dorsey


offline we’re of terms world new then re-engaging mean orders I much coming find in them they seeing variability again, So, cases. lifting the because so and and online the around stay-at-home nations

into So our of the work most important thing a to from that’s that flexibility we way build is agents, how customer all engineers. and service together the we and enforcement our lot do

been we in our for building March, decentralizing work-from-home, And we everyone for some quite time. early mandated have said, workforce as I

is be So and we any do months. to that, were XX the flexibility we able as was out for switch and important to quickly without able flip to loss next imagine a look that productivity going to everyone in that year we

make development agility. We around want the progressing to a has people we focus rate is that and build to they work are the double able to and what wherever We features new quickly. of world at to products ship which new lot all really turns our then happen want sure our everyone to be. need and to they that to velocity And very

us. this So of environment we’re able be macro really do excited around independent to to the

Ned Segal

in remained provided as relatively when environment from say remained But played March of and deteriorate another through differently second that others may Hey, to things or in update Eric, advertisers we may to thought is guidance steady things I we late still than continued may thought consistent from directionally, March. have XXst different things actually timeframe to back the in expected. that they we outcomes relatively different we to timeframe. see out late the when one events that there part day have continuation and when from wide XX some steady, we were question, deteriorating March, of of on a And your and that we relatively that the range

Eric Sheridan

much, Okay. guys. so Thanks

Cherryl Valenzuela

Great. Operator...

Ned Segal

Thanks, Eric.

Cherryl Valenzuela

for last have we one question. time think I


Thank you.

comes Heath of Terry go from the of line Our Sachs. ahead. Please question Goldman last

Your line is open.

Heath Terry

year Jack, generating - itself only Twitter think how - perspective on going period a users I’m relying into from any product of revenue obviously, the product more to likely go that’s focus as as sort to product the the of the you you expect into thanks. extent you’re and - increase work ever, as you here, the a are we fall. necessarily about been having that than where line events that work a product core the doing that’s curious products prioritization things going is you’ve to get that draw and doing Great, on a that products of to the you’re products into to and to and of may get follow done that us impacting environment? itself impact announced impacting some to the continuing this be of might you’re around around of that below simply this all sort been this engagement, line aren’t get at high that, be in which might have haven’t not done ability being how those work there pipeline, future going done or the think sort would you impacted, that

Jack Dorsey

on the to to that biggest service and service that COVID-XX-related with. are test other of interest right is engage for coming sure see quickly information very, topics the and the now folks very find to the make all something Our can

one. So right the strategy, remains our believe, we

sure onboarding. them in service, are away the and that engage all and that so first over interests foremost topics need putting particularly right see make they to we as We they those and can

and work our out on to topics of learnings has a us number of lot roll those given starting A now. of interests around make some right to and features much, we’re stronger events how much

what we’re to of We don’t We a ship significant there able on is some believe faster the seeing it the in shift and paying want as behavior that we that new make doing. sure that we’re that are emergent just service much to well. to attention we’re

ask-for-help service and we’re parties, watch of lot lot a of seeing a as donations the seeing well. around We’re

forward having But follow of and do and we and to all would accounts. the back content all find be topic to the work comes really, instead all Tweets those interest-focused the how all this of model and organize typical and that to the of

So remains we’re very that the on and important moving them. most work fast very,

Heath Terry

you. Great. Thank

Ned Segal

Until report then, thank everybody opens. XXrd July Okay, us. you with when on before in I see for we’ll thank interest for to on joining market next appreciate We the speaking you. to forward Twitter. want quarter we Twitter. We look QX earnings your you


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

all good day disconnect. everyone. Have may You a