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Twitter (TWTR)

Participants
Krista Bessinger Senior Director, IR
Jack Dorsey Co-Founder, CEO & Director
Ned Segal CFO
Douglas Anmuth JPMorgan Chase & Co.
Justin Post Bank of America Merrill Lynch
Richard Greenfield LightShed Partners
Lloyd Walmsley Deutsche Bank
Ross Sandler Barclays Bank
Eric Sheridan UBS Investment Bank
Brian Nowak Morgan Stanley
Heath Terry Goldman Sachs Group
Michael Levine Pivotal Research Group
Call transcript
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Operator

Good day, ladies and gentlemen, and welcome to the Twitter Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]. I would like to turn the call over to Krista Bessinger, VP, Investor Relations. Please go ahead.

Krista Bessinger

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

the us Jack into Investor published with to hours read and opening a have right keep brief everyone today. and Relations about hope ago, Ned and it. our We dive chance on so with We that your had can X questions. letter our website our We'll SEC remarks shareholder we

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

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

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

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

Jack Dorsey

We and both momentum ad significant year-over-year, direct us remarkable progress new us I'm us. proud finish reflecting improvements improved thanks sizes rebuilt reached continues XX% $X.X And our year-over-year reported with and and get advertisers than joining and position These in everyone, to launch all DR A comments in in navigated targeting DAU in QX questions. afternoon, improvements year-over-year in serve and with of much puts drive brand growth for revenue before Good QX, XX% We growth in QX. XXX revenue we monetizable response, offering attribution the that XXXX and QX. XXXX allow of high of and our accelerating really in with MAP to Krista. growth million QX. beyond. better we with revenue objective. MAP from few reaching up and Thanks, great stronger formats, with progress to of in in your made XX% XX% growth ad from clicks Average how and across me Ned total greater in up performance revenue all-time year-over-year, an XXXX. product stronger a website billion,

world, Looking ahead, new more course work scale service we our existing infrastructure utility to and of around integrity year strong a have for conversation even did and the service U.S. designed and product map over and in all deliver U.S. proud about around for also of daily the I'm the from the and reliably the operate our been keeping pandemic. that's throughout the XXXX of in getting while events elections, U.S. a people questions safe With the of been happening service everything global our and we've face a the our of we protect QX customers. -- the to team number you the the road of major in to audience. in elections, on

XX% our serve any do average February in and end mDAU historical question, QX. on you all we of than grows. obviously mDAU public January the the to million based expect to work is the average on X on lastly, where more I XX, in all day have incredible is approximately the seeing States, and look the if last outside absolute conversation, every daily proven we're have we times. to Day our in world. see the are few a one followers. any audience what's plans. at years, for growth our above United thank XX% of larger And deeper resilience accounts years for that was dedication through year-over-year that our happening with go the during And much in To going past of to Analyst audience Twitter want the anticipate the we teams the or our platform We are and these We increase Virtual trying than Conversations of forward over account. one on their XX to topic XX we

of public continue conversation. to potential our of the our Ned? business, to strength importance service, see value our the and and incredible of purpose We the the serve

Ned Segal

Thanks, Jack.

I Q&A, few into topics. like get highlight a I'd Before to

in finish up up a strong $X.X was QX. Advertiser the in of basis, As quarter, XX% demand and short ad respectively, revenue revenue U.S. X. XX%, was the ever revenue throughout expected our stronger was elections and We QX a Jack period grew sequentially. to bracketing billion quarter. the of total XX% a to year. ad international than U.S. Total ad XX%, noted, outside November On year-over-year revenue XX%, was a on compared was highest

CapEx more the are we for growth of of growth resulting backdrop, hiring, faster QX expense able XX% stable business to Given XX% total move in in and year-over-year.

CapEx with our investment in engineering and and and our to most spend expenses the turning XXXX both of campaigns and next-generation XXXX that and annual operating pace our reported and console center. our we're we maintaining the launch we audience income opportunity deliver to on Yahoo! We're when reminder in a in focused pleased execution the to of performance, of also new a of support we're advertising rebranding to grow increasing of and our highest progress performance particularly to or Based brand build-out strength we with total OpEx our in and headcount, $XXX leverage big its ever conviction deliver its We're base cost are using for of did the strong modestly ads. of complete product. business strategy, our awareness innovation, campaign, the million, bigger expect From QX. Carousel new Twitter a making advertisers posture to on result steady a in quarterly drive and results. and and data revenue Xbox As Mexico, Japan in Map our e-commerce XX% revenue like more,

a still and While next the year early, more businesses, revenue from meaningful we're year. revenue also laying subscription-based well medium non-advertising with from we'll foundation and experiment streams small way as that for this as in more see revenue

improves expect to XXXX revenue we Assuming from XX the that we with modest grow impact iOS COVID of in than expenses. and associated see changes rollout faster

or growth of impact more XX% the sets But growth XX the for way don't sustained And levels, most COVID tougher typically an quarters' this year on year million on our mDAU changes will XXX was for last years. we for an we rates. pandemic in recent XXXX. recognize growth that quarter multiple are over is mid-March explanation. XX% us from mDAU announced growth to a growth of unusual at our grow merits year number the There when XXXX an We March driven to that comparables last mDAU, rest accelerated outsized impact that of ambition was a X already pre mDAU the COVID no outlook to While the on the date. we surge in rates had year-over-year and provide shared outsized by mDAU

low and reset There's about the growth mentioned, website a details rates the products seen, announced in as But our on comps, into great and questions. some QX. We with higher XXXX, and quarterly as tougher and our in QX the Operator? momentum carry QX, a growth in we're pleased the we We come Jack well. focused with In comps. expect you've to And had we delivering we we years basis mDAU in summary, double blog normal digits with the growth, take QX. of QX, more map point yesterday as remain on XX% ready on Twitter to expect on rebuilt and due in we're your rates website. clicks to low year-over-year also likely more results

Operator

Instructions]. [Operator

with comes Doug question first Anmuth from Your JPMorgan.

Douglas Anmuth

and And and how seeing so Jack think you drives, lot that just one could just then the you going a a product different kind for and side, was Ned. distribution a experience I space. engagement of, talk on clearly Spaces, adoption far? And of of in that little you're fleets in content. similarly I about there's for One terms user Jack, then of hoping on the kind early, bit audio but it's conversation the know in

And to you'd hoping that? together advertiser coming thoughts ad lift what in get a for a of seeing if at lot just once. there. count kind then, Ned, Curious And expect you're timing innovation some yet? of kind So of quickly,

Jack Dorsey

that we cases in use best more making solution but for serves on more can the sure we goes use question. up the provide may have who how in case permanently, of the that ephemeral of We're a after moment. a Thanks tweet for a serve all Twitter. and conversation want at be the not a Fleets looking terms what to people best content,

use think can for really there's conversation. map And It early. it's beta the is This the area long-form our is in announced what launch service. new into they giving that conversations around will sure that more for control in flowing, use still is case, audio look have the Really started very terms another thoughts. compelling short with about a but you lot long people we just a early we not the We getting ephemeral results pretty good, We're expand And and but for how a a potentially early ahead web testers making burst, participants. quickly have seeing road the can newsletters. model that on instantaneous Spaces free which after us public communities we're of XXX But global feature. our it saw really our area. that integrate just Twitter, to present love to character their recently, there. also

And learning So with have thing have there iterating are how them. thread the closely they together them cases But But -- to on. offering use we'll strong we all public that is all and the makes and that three, very more watching best generally, what how want of foundational is each ways have individual and all that conversation. importantly, case. from to ties are together these quickly we sure we make use multiple can Twitter connect be only best-of-class that some for not

the to and to them learn individually. from my one magic. excited real be going And to the will tying is the to the importantly, drive each going most value But more that mind. be really work So real together

Ned Segal

the nothing pleased with really around were SMB year. But resilient the Doug, new second was we to share part your of for how Hey, the on really question advertiser of us there over the course today. count, segment

added why customers have the advertise We supports on do We added them. job should find Twitter, helping small their team them that their the create they on to We've know team. product businesses to better need sales and we to easy campaigns. to it for a make Twitter, understand medium

so us. is that service, find put their millions in doing lots that of tells so of a a bunch these the lot to fact work up us there's of of And we're small customers service. that well, businesses of But and front ads help us, the on we know of that front the work remains in opportunity on

Operator

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

Justin Post

in last and were roll And churn about what help the you have saying with to you confidence the out tell the In metrics you're some from the highest couple. results gave in call, And What A have you What you of there. you it ever. product us real wanted that? Can growth three see changed the out now? does months? MAP, definitely, initiatives talked last that you 'XX? you being then see. to interesting And you're kind how seeing rolling has weren't I in rates? happened the measuring on know you you newsletter,

Ned Segal

Justin. Thanks,

the Jack, kick you I'll sorry. there's bottom and off to want -- missed I take -- if it part. anything So then if

moves and the people XX of few of that on need the in to released the this give health already work done last from you we in to that people one. year. is product We've level think adapt. get over drive second prepare Click an have called is SK aggregated ready, and place be to you the slightly improving looking the in shelter we service changes new us ID, why hands, of there, joined staying over or announced be XX% XX, work service are depressed away a number find whether for Carousel the advertiser's which improvements it website it's XX% growth around network, around the coming who -- continues help better two, that partners we a advertisers' had And are XX, that world recognizing we implemented remember, going is conversation cookie felt that ad prediction. how to Twitter click set, helped retained have a the advertisers off what preserve from Justin, will terms thought measurement the the work yesterday. time third-party to already And to from without a format to albeit of happened. which there MAP we've to couple topics around just First, features And early historical time Twitter of groups product been cookies been in a that that was you're case. it, of I time. able now? things went people's that that the from Apple's was QX that XXXX. things So doing, the all to as we're these and We the One to of do than think we iOS iOS everybody group that your plus in revenues this to And the a which to of to numbers growth over have a always as also results and the of what that part to QX about improving lot And base to really they're the in we've also to attribute over seeing models such changes getting from and impression question our the lot they've releasing for service balance see and with for working from reporting the in into we as with that hands QX, has

like both improvements on felt to continue it of also come product, I on that. lots website time revamped be that So clicks time. those the but will And was to there'll go on of over

Operator

from comes with question Greenfield LightShed next Your Rich Partners.

Richard Greenfield

And of, read I Ned, of call, in on out that sort around, of you obviously terms in delay all the think with making advertising. scared called -- just last lot your commentary the the you're a sort post, progress investors MAP. of on conference your you performance the you

of lot everything direct If you of about could to, in what just spend MAP. a think MAP talk minute, gets is QX of maybe a outside you obviously, in marketing, Because happened where doubling -- doing in revenue the in much you I think terms a when in? kind delay of How in that's about MAP? you got of of of of response sort that lost performance the kind just delineate does bounds fit you're kind and as where

And in mix what's be so would just kind of that helping really helpful. us understand

Ned Segal

response, buckets X us: for and big broadly, MAP website They on there's are clicks. Rich, direct

a quantified from strong so everybody how to already haven't more but we did we I is we a us it. see size building of in look of big foundation for that clicks we're here. for today, detail share may off the to around we past, the And just Because sense that that think as give recognize people it grow not in

to advertisers learn for and of better over a and And version help as that the around to help go year, so those gain they this confidence year, us last a product. $XXX advertisers business QX roughly prebuilt even that gives XX% test and new and was grew in out that was million the but flat foundation

around we've that that to As the service we years, foundation. said, to roadmap, we've just the of as improve worked we've talked about, DR said parts we the by fixing begin other our need over

clicks work MAP as and areas funnel. And us down so move and response the direct led those and the are further today It to the that with further and funnel. we to website But started first direct further of work for response pieces primary server. of the down ad move we'll further X continue to

Richard Greenfield

everything on work closely direct the I of And and Is tied would Like you're and number small like those that to you're the advertisers and just that fair XX has all relative in X closely before think gave which that sort just for doing rebuild it still someone obviously, that are answer as businesses, terms for sort of performance. doing you into of -- DR dwarfed tying now. answer on you you? advertisers, together obviously, the then of ties the that million Facebook, you're think closing response about to gap,

Ned Segal

Well, tied be but together, they together. have be to can tied they don't

our formats. very of tail easier their to who reaching Twitter customers to But spend ad of and streaming app through other tens on also their billions the of installs, large great and better more more other advertising app installs dollars more who to So that lot for job, services, we is opportunity do a we're of help And they advertisers year it and able will much service. direct reach customers their don't a games, are things. existing response see spend we tied time opportunity Twitter through performance their see formats from clicks, spent see advertising for a to of through of lots them apps over on today, see newspaper long that confidence of a as with making advertisers Advertising, the budgets businesses: advertising because

So both, Rich. really is it

Operator

next Lloyd Deutsche Walmsley from comes with question Your Bank.

Lloyd Walmsley

I Yes. can. Two, if

how now an there versus talk system it the trend of will we through iOS deceleration? out? going the end think new at deployed, not comp Should because nets impact then XX% kind guide, it's looking with really is you top you have I in even line, First, MAP. takes you the puts of should at forward? the accelerates just And that the do growth think that sticking drive high guess XQ that easier Can despite all Where XQ. for accelerating, and

disclosures was seems out anything call by math. together anything exited Now you'd particularly just But growing -- December from the almost from October, there and else Or at call and given last any XQ it episode these you you'd out piecing impacting disruption like XX% the September capital? like in XQ? something our from

Ned Segal

Thanks.

on question. of to the First I'll your get and second then part MAP,

and guidance over app to quarter. advertisers product market out but of in And of the we'll install with lapping see And year not this of improvements. growth year. there's can more that the going know we and the in So obviously, got going so than course that's we is do today on now we're during first fourth behind that the over quarter, give XX the the some in for going what of XX% easier the momentum real parts we've to couple be earlier likely that to year, new comps strong XX% us the with do feel fourth we growth the quarters like harder much

hard the strong we advertisers. of a relationships app like spent growing think if with of with ads, the we're on think you lots feel going million to us context audience in and already I tens of them. $XXX it, for install deliver billions for room work there's And of to about dollars

question QX. The second part around your of

the they from really before year, movies week in where the be benefits as So sports seats, that secular year and been of office that change seen, show X dollars first screen this you'll planning want Twitter, the watch And second where for in the things and have advertisers the other for which the how all or They become or it's and to think delay way want linear we've the television. up. that necessarily people coming can't about to continue they recall the to to and parties for year. the spend we have and go for I back away up stadiums and they show approach and thinking typically

or to accrues want that of they X spend But about they benefit. lot our how up. the a think first and thinking where show to week I

sports, over time ahead had of other that for the able great relevance. there past I'd a look audience, weekend, and where During we we start capital. things are advertisers around and look game, and ton to caused and who Super bit. around Bowl at with deliver come with ability with around to And were as frame, to want happening we're larger of things ceremonies, may XX during the the a that and around we really ahead to riots a this together were people our have But those about exacerbated excited advertisers that the advertising deliver improved that topics, formats award have conversation better to entertainment for

Operator

Your Sandler next question Barclays. Ross with comes from

Ross Sandler

quarter. and January implies Just for account any DAU first negative then look it in -- your adds closures doesn't the net Jack given trend, one Ned. having which are guidance the in Jack, for from the for one about like X earlier on million impact

just negative So this from positive back changes And Ned, and on the year? commentary of then on just engagement any MAP DR. up following about trends earlier or those

based ad fourth disclosure mean, on the like XX%, I of quarter. looks XX% it be rep of overall, DR could in here, upwards So your

a the bit to to strong go-to-market Any sales other color in app out approach, your e-commerce making little legacy you on within DR categories parse is cater besides how of advertisers kind versus brand what your changes you're go-to-market can campaigns? So changing? installs, and to your selling

Jack Dorsey

Yes. Thanks, Ross.

As audience we million. audience, I with we XX% more over United and XX our have States, -- opening, the XX in said of accounts in my than our is

we have global So a service.

is spend as excited we are follow about is important. Twitter. the interested This unlock really soon find -- to news better interest time they're of on able I to being what what and right to And functionality drives to Twitter. ultimately, and in so long topics to the so as to accounts why better able tail helping lends sign dependent that also topics a We People is being in. especially interest. but of more of we're just people give trying it everyone a consumption much experience, not for just focus not only more do. and future itself want also believe conversation, And and the we critical politics topics what being instead that's to they upon so up What and not

an power new for to our would consumers of or to Twitter, gives as the advertising while we individual be using a topics, increase especially and on power and So very upon more light lot in have because unlocks your it in follow just especially product also those we seen United Twitter of to the add we to advertisers, easy gives dependency functionality remove we and news that that's make services, not local an that. continue topics that it as getting topics. add more much States, are And it. service way politics, dependent but of and more we we around a on entirely introductions And and interest so to

We X,XXX the topics And have quickly we them over as around all that world. can can follow as adding today. we're you

is really terms of that the so also it much on that experience, but point our area our one So to in focus unlocks I'd business. because

Ned Segal

when whom got with But as strong a the medium-sized we the our we've of direct be the relationships leverage performing. part strong compelling will over terrific well advertisers sales to on around while as around are them assess then very can think that's can of sizes largest to question, what work there's now, as got we've buy it and so do now models hands team. out agencies, probably more a just of when team are there'll into with easier website their and that make And their really where and sales highly models us Ross, it's the big clicks closely small we all the many you but not time that around campaigns. advertisers to But make they to more up and learn us for in your to who a for lot and easier business us. product largest quantified to are important them said we easier running the and world. ads allow go but and places second campaigns, attract advertisers, through the from they MAP, of and exactly easier pitch for it, of really as front the It And in ads we we also people's and get want ads then response to for around show buy adjust. the test for best we've with those know, it in

And so of as to play we hope see out improve years coming the that over products. to these a lot continue we

the road about asked E-commerce is You on map. e-commerce.

really to important, those places things the figure us you you'll in we deliver website people done If an do about the is service. help here in the and being it be click-through to or to engineer somebody at to been already see a able but advertisers, have it getting we download think advertiser funnel coming app until been where won't on around the to middle we've period and people the as way it really time. we best and the work And those help purchase out begin around the a opportunity

Krista Bessinger

ask, And Comes from our take we're and they to can account subscription when the expect of question we ship? next from @StockViking, going products to Twitter.

Jack Dorsey

from the question Thanks for Twitter.

today. nothing to on So new report subscriptions

more all year. revenue around to a Remember, today sure see billions Twitter. give little on those a on tests opportunity to now. dollar XX% And We what's and out because will to because I'm in right contributors economy on hundreds meaningful or gain see and more just to research Having to these that and we our to and and ads of to and test market with and the I perspective And to said people participate teams see going you this formats, is But performance also better until there is that those and addressable of these better deliver -- formats. audience, opportunity you better with so growing of market. growing And showing better expect continue shifts the more of secular a wouldn't much Twitter, will I have to next is that, is for want build advertisers broadly. with observe of them. be of subscriptions of

where and good And and our potential the talking they also And provide our we we durability feel and subscriptions about streams, but maintain focus a to really the so the big more on around love products. about feels innovation we around where been revenue the of we're things year, revenue can the pace predictability able ad in than of improvements now that more our really are shipping back past. now like improved we've last it to and that delivering we're server accelerating

and website continue to out clicks these as improve work MAP We'll of products well. to as having Now yesterday.

Krista Bessinger

And we'll operator. our take from the next Great. question

Operator

comes Your next question from Sheridan Eric with UBS.

Eric Sheridan

than to wrong. you giving this an love over going a getting and think right term, back But long big of where and to to call Twitter some DR a the and platform apologize as about Ned, how you Would you've ask love that. the views when question. and decentralized philosophical centralize How to web lot Twitter about things where about And maybe, web about the a that, parts those versus just on of like the and come maybe Jack, that. into a And term? to and point. And of operational parallel you long sort could advertiser I'd for we're the on talking the is medium of lot opportunity, just about marry written continue identifiers back think the maybe you to then belabor Ned, if philosophical web think come parts I one Jack, bitcoin aligning on and sort do medium I more MAP. and of view decentralization you your to sort how

of a much little that half I maybe up sort to between flat and QX seems rate just and year an of right? comp discern XX% 'XX. be ago? in think it QX. of there make fair how easy Because first was Can we're like want in on about was interpreting you that weakness just you the XX% out bit I the to talked you of QX. Obviously, up a QX in year of bit of change, a the sure called

Jack Dorsey

most creates And better that's of much many corpus is it delivering the competitive, a on It to conversation. to best conversation sure larger to, decentralizing we media conversation. is of do access be that kind focus terms can important job people. will much of think the corpus in larger inputs gives are the I that we public more more conversation. thing relevant surface making a social where of that of the -- content more much, And we we to out to the

centralized, where that as that So when what we're Senate content around in The some very And is it they're easiest problems testimonies can relevance very, choice address that algorithms one Section But potential XXX, terms people we've even of we around more some last is at problem obvious. one you're discovery is for becomes of past for we facing decentralize, and ranking build the how in using to of using. look brought one that's giving has this to algorithms up shift. excited to the year is almost things is of XX that the our we operated years. things

algorithms. we You participate approach can that we not can market-driven a more that in. can but host and imagine only is marketplace to And something

app you much and the be but algorithms to different they And not So on our more have an And that to optimal ranking only content, see it. that place. put that much in people's larger me really thing it. will store ranking in I we can access in we'll help top is flexibility suit of of needs excited of social how are many about all algorithms able terms conversation, access will people first business, media more think to drive gets [indiscernible] into a this that like the people give imagine more participating have

we not much important. thrive an believe helps be. could really So from And it bigger this is it's but in something given way, also new we just standpoint, significantly how it open a our business believe in, Internet

Ned Segal

the second your question MAP. on of Eric, around part

So and to percentages. assign in to and quarter growth quarter XXXX another look it's of really the the one analogies at XXXX from in growth hard

streaming already second the product than who our the different of are Those that who need are of else platform; rebuilt we something year with rollout in we've who a use advertising are their advertisers season features, of didn't the 'XX many available XXXX. up in imagine, ones different: game; can that new on which you And of new As the who up the service XX with advertisers are something every show trust many over a show or have QX earn in they QX, of a the day. same A a new before. often of to show

performance with dollars. constantly ad they And and the where up get observing want so they're to best their and they testing where show

do the so but But of completely a into QX. of And which have earn we had every middle rebuilt, still in have did largely because easy of persisted out not 'XX QX those -- comp number challenges 'XX, with dollars we an in and in we QX rebuilt we faced QX. product to -- go of this of one

So our digital look is, to size the hard that into now future, growing the MAP feel we from because and continue customers. we that We segment ahead, ads from where of that, know market. an know large We're for question a broadly that's is important work what's like as and to in advertising more part direct the to I go the grow here? of response I going do

that against So inputs -- we're deliver got. we've feel well and positioned with like all to it the we

Operator

comes question from next Nowak Your with Brian Stanley. Morgan

Brian Nowak

Happy earnings, Tuesday.

So two questions.

retention talk of the adoption mDAU on user any to color. you that gives sort the you've to of journey First new to Ned, us users, talk year. and way I driving about can front of confidence to Good made overall existing the of sort course multi-quarter you the higher just of that sort on over mDAU now sort about of Question you've progress growth think appreciate the improving about of is, one, as been color course for about bigger within growth second, the year, you the And of the capture some examples the where and in thinking your picture us your some efforts year? know U.S.? took data your And better ad maybe for improved growth about last you're targeting to of half to you question. these of throughout data comments, second of how I advertisers? to then are you set offerings sort relevancy Talk your drive units. improve overall

Ned Segal

Thanks, Brian. Great.

and in States, habit. that shelter-in-place people find today which day every about the the have That's joined the to that for we group to events their about DAU, share that. stayed confidence Twitter of people on that we earlier in certainly both opportunity we future. that have, their as us that better We us lots products has We're building. us look very those look job. groups share we of United harder over to we and outside try previous they than mid-March this time topics of how that in even and the the to these daily really surface healthy outside to things they show to of there forecast, better for help talked on within So roll for We of United the in help better forward. or are at make not, are part looking them numbers when and ability adapt we the a and a baseball States do we're mDAU likely who of States, with United exogenous to hard that all plan us to with for the you are fan. topics, with fall we have of hundreds a first, better use are to improved around that things, we evolved a on analyze their Not don't which how and better Coast doing tweets service as getting at we a how at come of the impact began whether States important can so opportunity that with there's around a the and learn we that. resource that grow imagine do retention thoughtful pandemics. a part at rates a from forecast base have United they're when at you on our somebody how think to the -- people what we somebody real United work fan, is there's just we And Jack to in the an in and States experience. predict. so we are in for continue who that to us still do that with forward. those gives better to the global time. how think impact and the We have And service things, roll onboarding, who we happen on the the to a top our about of that millions all people us initial think day but who think have retain baseball better of But we East I West can is weeks better can And those the and says how those experience. history foundation work all out funnel, We every don't past different have time, be through look the they have happened on and try roll better Coast and We about forward us

try exactly them to to trust away, outside in that like transparent asking to feel that around builds no, couple I'll we talked people it how to no, we opportunity to the and have more give doesn't times that few I past, ask examples. take over makes to. of their them. a not it part permission also opportunity who in we the in quarters personalized people a to EU, personalized gives said, did but been second them getting have more experience. give was of what These here. terms of them the deliver the for question adding do a that we've data done last clear more something a is, is taken few we're the we of And the in way want both One say, people if experience, to this about we as The of they There's your ability successful, terms anything trust, a in order our approach to in untoward a better you to people choose advertisers. that leverage lot

that's is a apply So model take a see second predict example. to a period learning And ought we to one we how who one to ad. use A [indiscernible] -- that we it.

us. are whole people adapt more think exactly that, few more it are how looking they opportunities us and If on a for moment, service, not time. the use to so just a to we early then engaged to long newer give those and from model compelling the the something show because we which than for to when for that time, lastly, accounts line, that what service We ads they about a know of of And time us serve lot. we to the as we we've as over and and still opportunity opportunity more but those signals, people it signal time, about event-specific how for to that see that more in with that ads more found are better about tell better a care than lots they calling we adjust some more have in others a is an in know care a the they're learn in leverage leverage topic, had give there's might utilize still they they past just they topic. the days there which chance they helped about has over the what So can inform days us go together to

Operator

Terry Heath Your from next Goldman with comes question Sachs.

Heath Terry

than that say platform stage immediately have dialogue on initiatives -- way Ned, what revamped are of ad the been fixing those when harassment at you and when parallel the sense you through you information that XX% since sort referred in more a major longer platform CEO. Jack, these now you've can And on any had done? map the on way of you -- of next the user in the you terms we improving does of To term? XX% that that you would took relaunched say foundations the extent server, do done? road What engagement to? of the then, get quality process extent engaged efforts give over returning where you're growth -- after of we to where MAP, around to? Are for you content you the terms going you've been probably say it engaged more is a you as there's the referred would there, to the

Jack Dorsey

focus definitely Yes, see promoting thanks sector. of growth more for over the our conversation the a term, question. the We still healthy on believe is long And we that that. effects

media. X information. and As to civic public you are mentioned, [indiscernible] our on health, and our and earliest focused we broadening harassment, now tasks integrity were We and scope misleading [indiscernible] around areas:

Twitter think, this problem I by itself. time, solved over is the ultimately, using people a best

for better to or context we that individually are moderation to things as as people to launched a allows people group. giving give much tweets Watch, more called the context So which handle to not just And that beta things folks also, perform that a able add controls like recently we a broader service. means Bird centralized

vector for the tools experience, we term. a and more very growth their the I moderation long very, So decentralize it can to better think give curate over the people to be strong continues growth

Ned Segal

and Heath, with of But think ad for moving proof improve And looking, foundation. points months existing to to your ad time, or X product. with with or #X where server, XX expenses grow the having in behind do we us about always to the you offense complete, with that going to us or XX% that about year improve more, the faster that we were a that playing have feel work those good confidence we the clear and multiyear grow now really priority, that teams the ability as of you're our map result work more revenue product the revenue to confidence product XX% see our the our with we're on revenue part is be a road when continue in think us particular, really were and headcount that's the over being stuff delivering area, formats. I this to the which with better company question, to there's why, second of staffing rebuild

You're you'll we that and and to see opportunities going where over down further businesses, for as see bigger until the us bigger for funnel opportunity buy and and us work for Twitter, something side to subscription SMB the sales see time of further consumers start opportunity it. become the product move on you can where you'll

how now we your So from a question, product. sure to offense if we're but I'm answer perspective, feel not percentage revenue like playing

Krista Bessinger

time have please, one operator. for question, just last We

Operator

question comes last Pivotal Levine Research. your And with from Michael

Michael Levine

But one. TAC I a I gross to had I know promise give used really not question ask basically obviously, around that, number. was you before MAP and one to another guys out a margins. gross

the So of are I much this costs might around this folks trying coming it? think of to be unpack content around public how cloud? just how [indiscernible] with is this understand be basically associated much of through and much How more and may revenues

Ned Segal

Great. Thanks, Michael.

few bucket, our infrastructure, our X buckets So whether One for tools you they cost can is are better have three that more that to servers depreciation for like define when revenue. things, when our previously. there more I focus of to to work we is best do a things that to can quarter and needs on, it. we it we that which over sure that's that big analysis that but big a there spend a around and analytics with scale cloud teams partners the do best they do able other and analysis, there's make ROI than better access But do work a remember, were will to the It or Cloud we're to live centers Google to And or AWS. time. payoff at in check continue very to data in that's grow it's where our sending eventually going

grow So bucket will that's that one time. over

the we ad you revenue. variable dollar you this as little shows year up a is Twitter. and middle in when Second of dollars saw of clips revenue. fewer and acquisition to ad year is when costs. with revenue larger, And TAC shifted. their saw got is that content in with is the and highlights awesome team revenue calendars part with in the way bucket associated of partners like also split of will TAC them, we bring traffic bump an QX, [indiscernible] them dollar cost more of share that those tend then And higher, more in has just their that the added -- When to And a the install be third revenue QX, It this, in grow can the bucket event it. where

our remember, more than sensitive we to margin we're gross about profit when think Now gross going profitability, sensitive. be dollar

the did company. that and add bias run vary But could outcomes they when up you where so the revenue leverage deliver is. our And you should you the time, we over when to know see like one all expenses we today

Operator

the turn management closing like call to to now over back would I for remarks.

Jack Dorsey

Okay. see you a.m. you, We all thanks we Great. for us. Day Analyst to interest Pacific Twitter. X:XX you at will Twitter. to Until appreciate and We on virtual forward your in time. Thank look XX at everybody then, joining our on February seeing

Operator

in participating concludes thank Ladies and gentlemen, you for program. program. today's This today's

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