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Twitter (TWTR)

Participants
Krista Bessinger Vice President of Investor Relations
Jack Dorsey Co-Founder & Chief Executive Officer
Ned Segal Chief Financial Officer
Doug Anmuth JPMorgan
Justin Post Bank of America
Lloyd Walmsley Deutsche Bank
Ross Sandler Barclays
Rich Greenfield LightShed Partners
Mark Mahaney Evercore ISI
Brian Nowak Morgan Stanley
Colin Sebastian Baird
Dan Salmon BMO
Call transcript
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Operator

Good day, ladies and gentlemen, and welcome to the Twitter First Quarter 2021 Earnings Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. I would now like to turn the call over to your host Krista Bessinger, VP 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

As usual, couple to get our a opening and and we remarks published that your chance with Relations our hope that We'll the questions. website to Investor brief, read SEC keep all so right a you've of it. ago shareholder hours had letter our on can we

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

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

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

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

Jack Dorsey

MAP languages On growing with increasing us. revenue revenue. you in reached and the our main at fastest can thank products, Twitter or we This of Twitter revenue on made joining pick we in shared the get be people and more We sign best We Spaces, moving and We're with a expanded feature X,XXX division. accelerating QX. hosts nine immediately. focus the value and of first reliability. faster offer on billion, everyone our and and more on topics we're goals the to interest significantly Analyst iOS Android for to revenue. timeline. our year. development being Day; weekly XX% million, Hello, than year-over-year. We and up progress products with in up newest shipping DAU across made audio in We now each remain focused velocity as mDAU better to and a monetizable tools well moderation year-over-year interface on controls Twitter discovery better growing to ad talking conversations way Krista. Total when XXX updates also great had Thanks, reached they giving Average continues as $X.XX XX% growth start and out the three

In rebuilt in moving out launch alike. reinforce were positively than for response launched Amplify the and opportunities our and Twitter the conversation improved a first one advertisers. QX, ever small with of businesses and viewer experience step products direct App the ads brand unlocking we products safety Installs faster revenue revenue another. improved for offerings, large website controls click of across suite with that before, is MAP Our building

content. brand-safe companies in progress features. see a our and been it's on premium run February, new next. laid map I'm way categories, curated for to what's launched ads Ned? to our individuals against out exclusively and using We're excited we also We video advertisers how great the and products and our road pre-roll delivering focused are about

Ned Segal

Jack. Thanks,

audience, benefiting in better strong a strong driven start March year-over-year revenue growth secular the billion, As relevance growing from February. a improved Overall, mDAU outlook in formats, trends. the to grew XX% and year. accelerating Total brand reached that QX year-over-year, with shared XX% MAP. ad solid by line year-over-year. mentioned, and ads in in advertising was revenue grew $X.XX we're XX% up Jack we Total

like I'd three questions, your topics. to to turn we touch on Before

highest like is to deliver expense before to and people and to or growing in year. a to are First, ramping start. headcount growth total XXXX, Twitter with attracting of basis now on growth We on our course great in dollars great a our XX% and mirror products thinking platform. revenue. headcount products, more investing than no XXXX, costs more closely expenses absolute the ever performance, in to our goals consumer expect over in priorities year-over-year on and There across more revenue changes the hiring off We're long-term our

rollout with see We the global grow revenue assuming continues than faster impacts changes and in to total the modest XX.X. we associated iOS expenses XXXX, expect improve that of from pandemic to

either. mDAU. There the lapping on we unusual significant Second, pandemic-related we're year. last that that I'll are surge given here you no saw remind changes comps

result, released mDAU just the for rates to and changes a in of low iOS in that growth year-over-year QX, we continue We've to XX.X. the point As on preparing double-digits a finally been as on basis expect X actively ATT. Apple And the likely low be X part with QX. in

executing forward that, to outlook XXXX we progress that brand operated along across Operator? our impact updating confident changes Analyst and iOS ads the look We're goals. Q&A. that strategy strength way. laid move and position advertising their QX better to modest plans. us assumes There let's advertisers at the on you long-term achieve Our a we owned the associated on to no MoPub. of against our help out and rollout the and for Day are with XX.X well laser-focused our With to changes performance in we're products from Long-term,

Operator

JPMorgan. is Doug, Yes, sir. Anmuth first [Operator question, For line Instructions] our Doug open. we have your from

Doug Anmuth

much. so Two thanks questions. Hey,

First, major large growth them we've off meaningfully XQ and accelerating week quite online seen in so, bases. of just some show last every very platform of or ad over the

of bit similar you. some the on explain And the was audience a Thank So you I just think your curious why that didn't expands there just quarter? the about dynamics MAP little by see you around a hoping you you then secondly, SKAdNetwork, talked dynamic how just XX%. could in more?

Ned Segal

Doug. Great. Thanks

response. and a talk QX side operated XX% XX% out. about let's how the our and first, Remember things brand played bit direct little on about business owned and is So

two those is holidays side, likely side. by Capitol and come brand to that the inauguration and exacerbated how means back factors. riot show things start from want the to in lead slowed aftermath That the typically the all One a and brand States of was they off and that get advertisers a to down slower On the often the that on year, United up bit. we up likely plan

to show or in pushed later had typically also GRAMMYs up We earlier Oscars events the QX. either the the happened or like get out the that quarter in quarter

fewer in that were for brands have that to out year. meant events were against they out there earlier mapping they that which up show mapped the would so plans typically while And still

So a start. and our slower slower, to off brands were March but January February was got strong.

in or relevant betting conversation of give look fact. an download advertisers, spent On strong shared were advertise benefiting XXx-ed offering. who and are and the or is their to active to accelerating a what the ads have have of investing a to for they App people last MAP growing was their direct versions new that February year, crypto for for we're space important Those into in Remember, We great QX format ad And and trends. I'll a of and our those Twitter. we out delivers saw an Installs website large in strong clicks betting saw how side investing demonstrating with secular MAP fun spend QX early apps revenue evidence there's MAP audience conversation we crypto relative that areas quarter. from and of they all and best part the to better topic these around one from QX. a XX% you And MAP that direct that people. growth response we response format we came the on at with that our of

dynamics some we are saw in the QX. those that So of

trends different the the in year. you those If that end on that to that hard in towards think provided. higher year continues likely that those points brand at based MAP that the do throughout range continue points QX, that work play strength we us although saw the saw the And that of the if can that March we done we've strength secular that we comps forward vary those and we

Doug Anmuth

SKAdNetwork? Can you anything about tell

Ned Segal

Sure.

Sorry Doug.

So campaigns performed, more SKAdNetwork their on implement and we of because show were the we with to aggregated people you over you how we way XX% when data can were getting iOS, access MAP that just provide signal to the advertisers that now have ads. from the leveraging

that before the of confidence feel able XX.X. This layered could these back the levels that ATT the for before, that them provided to back people that ads it then way playing that is can guidance people have that give we remediate in but impact us from think to brand. we ads one advertisers we step to in gave a DR when into QX. we're in example target does appropriately were We So this likely field than of the we we we on outcomes more report and just from show good seeing them from that likely has to any it MAP weren't impact the terms it we work signal now. and way We modest changes on them think doing impact

Doug Anmuth

color. the for you Thank great. That's

Ned Segal

Dough. Thanks,

Operator

For Bank our America. next question, we from have Justin Post of

open. is line your Justin,

Justin Post

maybe the on Ned Great. follow-up last question. one

pace? more sequentially last year. guidance US? March remains Was say to did And XQ comes back down your So US tough a or slow you the than guess second revenue in that up, follow was question. especially I at then And assumes

you MAP into you. into half? start do second get second as think of the get we moving the -- you As revenues the towards that product percentage half, will Thank MAP product the

Ned Segal

Thanks Justin.

a had at times parts So varied year. of remember the in world different the first impact different COVID of

basis COVID comps that in than And we the in earlier greater in described quarter, so, brand United earlier had perform with to the the States international got brand-DR and comment that you those about which than to My I to quarter. that March, strong that Europe in it strength higher And range in explain around US. of on saw were regions relative off typically reasons a asking you earlier Doug's easier I meant and did the that point to provided a coupled finished start, that we we saw in was but impact that we in February the earlier. and the to since That in does growth up Asia was pulls question I you year-over-year carry think the that March in slowness the slower that if the guidance the to described of the forward that that relative about. US guidance that you saw better, towards would what internationally we how mix growth tended for the the end ought January what

MAP about in the half asked You of year. the second

you we're year. the per real for So half there get more MAP we gained reaching an see a because confidence the but comps lap MAP to crypto year-over-year ones. that, advertisers, who advertisers improvement The ongoing on where may we were At and examples deliver certainly second only basis, they're for basis, perform spaces where of good and have them. high install not last we're in the more to start for trickier and improvement are showing MAP can able really of same cost absolute are betting the investing that like now time, on feel we just

brand time. of make was goal And mix we frame an put the so to to on but to DR XX-XX brand we'll and on to DR it work said the basis. long-term get is we'll that XX-XX, way haven't and our annual over time hard to a on XXXX there We for report

Justin Post

you. Thank Great.

Operator

have Sandler is our For we from line Ross Ross, question, open. next your Barclays.

Ned Segal

we can't Hey, Ross, hear you.

Operator

Ross, is open. line your

Krista Bessinger

Operator, Ross, are the next there? queue. in just should to go maybe you person the we

Operator

Yes.

Lloyd, Walmsley Bank. Lloyd For open. line is your next have we the one, from Deutsche

Lloyd Walmsley

of brand riots their that Two some may like point XXx-ed is you like? early first the give And can for this I can. looks Capitol And just of then what have what And of brands for if you the second that ad said impacted feel as planned of quarter, sense maybe sense questions rest of you related in XX% brand into you on categories at that, the you the a percent us Or about that do Thanks. way year? planning visibility year typically in a short-lived? these the revenue talked worry drag do they a kind any to you could one, was revenue the spend and given Yes, O&O MAP. have be that of for at of all that year?

and a share So them they're have spenders that just those more? much wondering where Like to function been there seeing year was that of really the the spent would what's performance ago performance? about as had a untapped performance anything much can direct spend who the are you excited Thanks. getting now

Ned Segal

Lloyd. Thanks

the forms So typical side. every terms visibility, happen global visibility looking up been can and performing prices things them, these most years And which to larger get first from different four sometimes and can in that think than from It advertisers can or higher products are how year show against past much through to pre-selling when at of come years. takeover pandemic where thinking a come brand of audience. isn't there better every you typically able we that a we've in events in about lots the when in it events can come happen

more their for spend there's it an of that customers When the certain with better they haven't important around need and they June in us perform another or It incentive to product. then haven't spend to for able and formats from changed. an ability conversation or given when day from agency them the upfront willing a commit they how any in certain than more them there changed audience us, they how day. this incentives objectives unrest spend around advertiser the they spend indication which number example comes pleased to to results them just and is in have in which great an the we're a with growing spend contracting they're to their advertisers What around for past. it at and advertisers past auction often given do should a how come than back But shorter real that a we've an ad of and pause a brand, comes the frame. on of are upfront yield any a when the to to our more also thing. better on and then to a is went lot to with noticed last one of try can reach Their often is for to Sometimes really signs level, from conversation come reason same this that for time is us

see a And so we often catch-up.

and year. So advertising see doesn't opportunity at March how us beginning are the when brands decided and up lots of for to of the a we out a look momentum. start and we show brand want look this got opening things year if slower of up things off they see the at give that to We the how pause about have positive can play perspective from we how as economies rest

to a trends. grow about Your point these different caused second so I'd them and significantly what to was and question their MAP few advertisers maybe spend

amongst become becomes the as the topics the to their that were same they think have for past for is betting I crypto consumers investing. a in leagues than comes here, even and first The United could and mainstream in you say retail States perhaps thing years bigger more conversation

perform conversation it high they're them coming use is second perhaps their for But been which appealing their great audience lifetime that than performing back is better and ads to that, it's value we to them, more. they're have on willing The it. and if not their means there's to been more performing, others spend And keep where doesn't at a have topics. to allows spending for that performing Twitter then let those reach them around going ad more format

are time for that of that optimistic some Twitter. trends on but they're continue for secular ability our right that can against to deliver we're the moment indicative right these advertisers also the conversation So at

Lloyd Walmsley

Thank you.

Operator

we Ross of Barclays. have line Sandler Again the from

Your line open. is

Ross Sandler

guys about Can you Sorry now? that. me hear

Ned Segal

We can hear you.

You're now. on copper

Ross Sandler

off the anyway. get cell, I now on I’m voice,

higher areas and bit into. a a you'd for talk that after of but advertisers back be and step like Analyst is just Obviously the a we was and how of the area mix can accelerated, then that getting on more good what an U.S. stuff international a lot any to that's And would you budget time bringing new happen international? little And stronger? the bit on direct just of any are one to the might strategy during you going Or color e-commerce the your on you little about for you MAP. mentioned go e-commerce area talked that DR about peers step if in some Day line seems response? why that’s Ned It So color of be the guys on? where

a So advertising? any Thanks color lot. on e-commerce

Ned Segal

Thanks Ross. Okay.

So at COVID the first, it's one comps I than impact geography play. world, COVID first United impact was around on a think earlier the more earlier. and started international there's are them But in two and Europe different quarter if Asia in all bigger mentioned the about broadly, things the it was in in when you to States. around

And January some that performing you're when up, those how March that, that things February better it's for were side example, saw business for bigger of the a showing outside day MAP-heavier still that MAP But means really carrying weren't up you we are some they brand be can they And United part so brands and want as were too growth where when in have or that. naturally. MAPs show markets to as when great States. examples to MAP well and the deciding strong on the the that, so lead trend of is the that, can, Japan, described of Europe that year-over-year and markets we this -- can in seeing. that

now when that, definitely States. that the two United on gaining and for things And So the bodes brand international you -- look side at or see we got were on combined we've us -- where we things March, side. momentum the helped those better well

side, point e-commerce are there out. a the On we things should couple that of

The side to on week, can over and businesses, the profiles first hundreds a yours us both is hopefully be product course phone over last where to this steady the number, you'll of example see might and We'll their which released that's revenue different continue and have business those Twitter a we we the their just than year. of improvements product folks, move cadence service. from further of one, their is to they more customers the mine time that's consumer find help point profile of with to a or advertisers to operation, out it's something or the just to on their a do menu relevant roll business. that on hours things down of to funnel, further good and I'll need

Krista Bessinger

two to And next you. going account take Thank Great. questions. has and he the from question of we're comes It from the Rajeev, Twitter.

The around And usage onboarding XXXX or in first not if share is Spaces and and Spaces, and plans accelerate metrics was one to about whether asking then any share second you engagement. the any we improve around question and can can onboarding.

Jack Dorsey

Yes.

area doing an topics behind, focus and I mainly that, lot we power is a interests. think with we're onboarding So to the and now everything great of have of because put ability

built now this topics and across X,XXX have We we've languages, onboarding. into nine

you go your and So no interest. that longer to match follow find and all the have accounts might do

continue is timeline, and we will timeline. during you follow, accounts the and you're then already for new we've We long that and as two on can, XX% sign led introduce topics an actually topics right follow in a can boost to and also that to experience the accounts to improvement you you you this seen huge tweets, you we pick in use well. And some also people's customers up. interest, going following Now that give can more think be then might once term Twitter,

everyone. dividends, me things this is to and iterate early. and Spaces area rest We're very, published road still into including it the Spaces. and we focus take plans pay to share feedback designs with our So ecosystem, like can less of be or continues goes the every most And it week very map that We've more will updating our our so very app a the because quickly.

tweets use important don't about what And and you share see complement one can well. If complements any that @TwitterSpaces, do doing metrics excited everything it's what nearly what right do new you important format we're it, we're will doing. follow cases day. content long-form everything that as every and with an believe we're people now. people conversation, do part we of what and we to But will have with with people really serving We are see thinking

talking also within lot hard on surface this really new the pushing direct e-commerce. of and Ned will in features it in we're area. space just terms some correspond and I of to So that was the of things to that response lead imagine, earlier the potential products There's new new and about a

Krista Bessinger

the next Great. Thank you. question And take operator. we'll

Operator

for next from is And you. Rich Thank the LightShed Greenfield one, open. line your we Rich, Partners. have

Rich Greenfield

going questions. said of taking understand side. Thanks switch you Two, sort year of to delay that, things to out have for then one the and push to didn't Last IDFA, you fast were them up. to for Hi. and want too the MAP on MAP parts you

progress terribly that sort that that of you're big concerned, what two or else to and are now now needs got updated MAP are done still things there and like of on? that pushing are just delayed are maybe that to be out there curious you And done? a you then us of of But picture for launch? evolving. seeing it's pieces major comfortable pieces I'm or Jack. a of on always things question more a sure waiting seem you're waiting just lot you've still sense obviously and don't need MAP Just give Like still

do long guess million in need or guess you and -- North think whatever about And in to from how Europe XX move you added towards mDAUs what your do million. to America US can think be Europe big you how the for term XX do you You've have Like goal five TAM added domestically? do Twitter? what you've million just US, I the the think mind? is you to I about market

Ned Segal

XX the The has take improvements part over on MAP. ago team where were over from we first I'll implemented a on year MAP, Rich.

Some and the policies of we've sure making right access them are right got signal. about to the

the are to carousel multiple access images them able what of deep how sit the images. has a Some the improving advertisers. Others we're show like of are opportunity you access look them -- the giving outcomes them to models and them for run and to we what quickly how where in models who and deliver better

look more As I map of want it that better. improvements we it ahead deliver drumbeat. there's to Rich to of we any call to them for want ought will steady MAP that road be a make like because out a wouldn't one

As much broadly just for MAP is opportunity though point DR to you important the want I more as us. to

from of XX% we XX% -- DR the way need of funnel. the revenue revenue to As ads down all We move move over time. to

a begin purchase Twitter. be to to able on need You

with them them be to know you're for happening. just what's need people able to business want products things such to case for and about that and about the not connected over has services learning be to comfortable great as that all a transacting launched been new time use Twitter them share things with which you with so to they the able You a and all

and better funnel So as an on should you to better also down you looking and the deliver helping outcomes. advertiser improvements continuing look for you MAP, for should but move us keep

Jack Dorsey

at quite The the I the Richard reason use it's obviously is, happening size think just I under what's use of case large. the terms question these market why asking and the are case look to case has failed everyone get we informed. where wants not that serving fast have what people use to enabling enough. in that in to they're use and question interested case. And Everyone be In is

easy, topics make and global to a of that's that over, progress to and it the we machine So audience. time benefits catalog there. more terms and point of more world in more why the to it continue more around the more take algorithms our every over continue The larger a have we US topics learning lot interest certainly of day single we topics our and certainly enabling I the make benefits

they these see to our to of in that talk provide of for what's terms fundamental. do people secondary when And topics it. case order believe case I making particular for to that. easiest regularly And come about core able it So and are being flow do question we happening you that the of person the is just them that behind talk more be around use there's into a And use retain updated and in answering follow is able sure thesis we the and whole the COVID, Twitter question interests on it's in much also so came are and to but that events topics niche you that them. can about now of then that

So unlock those we massive that's and that's core And parts reason really around the serving is to important human because it. continue two doing we fundamental of behaviour and as a is everything we're that jobs it go on. it's

Rich Greenfield

users? the looked has of surge COVID of been retention of that sort of the at COVID people those the and what with you Have in came cohort

Ned Segal

day. as economies It Rich not they've I group for things should as around open COVID-XX, been us that have. they've -- previous continue -- the And Twitter work entertainment, preface better and make rich after the than are in whether it's environment service. out, for And in we early sign Twitter they just coming that every politics, that's to them the call and have. cohorts has for accessing the investing that around that watching sports and can positive not because up, their that better. a they retained and other it all they've come on sofas March just we're pleased to hasn't us that of Twitter around see is to they we're all conversation to from at that in events changed since much solving job to been as or which retained really too last point but year, means I the available find that coming first so they're now that sure person, that for to the should started

Rich Greenfield

Thanks. Very helpful.

Operator

is one, Evercore ISI. your Mark line Mark, For we next open. Mahaney the have from

Mark Mahaney

do Question outlook. to with has the mDAU growth outlook growth

You the talked and quarters next you've comps. of growth XX% couple Day kind of tougher Investor about at got your for

about than so you're talking lower that. And

that how just talk we what's confidence gain Just you growth to Thanks confidence of get -- doing do could the that? like -- do couple -- to we next this how go low post comps? these can a And quarters? how why in when tough about lot. pathway how XX% And double-digits the say back gain you you

Ned Segal

Mark. Hey

look for have roadmap, given with When events Twitter when and that of don't at us of XX get at look about events, them, we look people QX able QX, we people, mDAU things a than to and discuss million. our So, to been can average QX, in product were to the hear about to people joined last of we had how we bring look because about the calculated events more for for. feel we're been on roadmap at us said to year we've in of what get Twitter that the for those there. people is about give people and to of When they from the time year-over-year that We DAU are are different all the at the at double-digits QX us looking mDAU Twitter back, obviously what way the to in confidence the new with that to opportunities is or know compounded they they're basis events XX our a QX will who service, which find days and but QX we a the given XX% that And QX. from point us quarter. to of would who impact the comping QX way the the that grow past QX who the number healthy for in cadence likely we them about funnel this learn tend help XX%-plus really last front people good drive all growth some both those that got so it we for we or top product low help on the bigger those to take as we've group of days the of and bring and average those events us XXX perspective know service number to on our coming present us on to the March low haven't steady

Mark Mahaney

Okay. Ned. Thank you,

Operator

Brian we next our from Stanley, line have is For open. Nowak. Morgan your question, Brian

Brian Nowak

it. have might the Ned SKAdNetwork taking Great. a you of but by kind questions. to explain Thanks might just missed again have I -- my little you why for missed increases side? us just it I I'm I of have integration audience that. can two. can your the confused

that is actually how how and and can help later on audience growing? advertisers that maybe MAP, increases fast the year. this secondly how me you And on let help the us grew that of So, monetization quarter-over-quarter know just could base the MAP advertisers just then whether

Ned Segal

Brian. thanks Hey

So, first on SKAdNetwork.

ad. confidence to don't So, that campaign to success SKAdNetwork a able we another to in something was the out weren't somebody, MAP ad to there of or the like report weren't advertisers was having MAP -- if can their us. showing access And to provide that without something relevant the them we a we measurement able we deliver partner to have past

iOS. people using better able a to with we're And SKAdNetwork, so before reporting able who were across to we to advertiser a than broader group are MAP provide of

an to in ecosystem as be advertisers much willing device-level they aren't customers. Certain same that. and economics objectives will aggregated to because ads the They opposed entire getting them they'll as number that have price data show to the in to of to data to data what know those their getting changing. order about aren't businesses deciding will campaign-level adjust to order and world they changing. They they're they're want and decide MAP hit acquire to or remember want want can ATT their to the for as in pay ads advertisers' Now, the for have if

while QX a for us is know take to out. this for from ATT broader to will into to to And play some said, going a as ecosystem take and modest it's adjust all incorporated exactly while it we've So, to going how impact the we this.

about was question MAP your number of part second the advertisers. The of

over deliver increasing it's more formats for of ROI more on important to large strong than So, already. DR success, advertisers But a better against where for that going than the objective they the because whether is them we so or they broadly put But time. of larger more could Twitter better we are near-term with before, an number not before. better MAP dollars Twitter relationships we with us audience be outcomes ads many best of and it's can advertisers them relevance, can a there measure even with or have therefore whom, and could with brand

grow. brand business really easily nicely easily you could side grow, number could the without growing The the of meaningfully. MAP of so seeing And advertisers

find important the that's the best those who staffed to talked we for teams is a than as be about number engineering down to on why SMB not overtime case sales really an help it like is but Twitter, the measure grow businesses over the although, of the business running a an us advertisers things important. should them their objective to Jack will dynamic And campaign. a launch And help help has businesses before topics it's it's launch understand campaign advertiser that advertise because bring might and we use small can time those entrepreneur to product overtime, closer it of to number help their and customers their on the be launch street Twitter, near-term them Now different customers, advertisers. help an so the campaigns, smaller help their on side, small

Brian Nowak

guys. Thanks, Okay.

Operator

Baird. have, is your we question, next Colin the Sebastian For line from Colin, open.

Colin Sebastian

on on afternoon. first, the swing Good like guess, guidance. Thanks. a Looks Hi. Ned, big there's I the follow-up pretty a in QX. guide profit

mentioned quarter? secondly, question. picture parts for in But are step-up think bigger count. for curious head maybe Jack, there number other in a a big then And I obviously the moving that You

about, Analyst talked features kind reducing to new that shopping a Day of I down year some a for business You some expect to during a launch thing. and small weeks. feature urgency the up time of the to And rollout it you profiles from to few have takes

the what you year, leverage as might as wonder, timeline you now? is be, I the And the new that start in Thanks. to So headcount. engineering get what further

Ned Segal

the can in you larger first for base. you've when grow the part, guidance, that, from Colin, And expense head QX. Hey, XX% got One and continue so count mind keep a or QX, is expenses grow our QX, on in tell, range outcomes a you few revenue. to in you things around of

a over you start with in impact a that of where homes. the base because But Twitter, X,XXX growing we hire as quickly we that place you grow this revenue person done manager add if who QX their we've we that, in think outsized underneath point, So you're revenue last and in grants, P&L, the in QX at who lapping out we're matching falls to about that do steadily when an to with hire-people-from-home that a environment. we'll and QX's continue adjusting from some one that have didn't And the expense guidance. on their well. met vest When actually people have that base they the of At acquisitions with onboarded pace. shelter recent of the year never happen we work as in steady period, that refreshes have this to QX share headcount annual at were were things

a QX you refresh catch-up. as that happen We dynamic So we absolute because grants. dollar we're way. to in long And compensation same as year, stock-based granting same as expect granted biggest this, increase the the same the the so last those QX continue you have should had from to thing will little of

I'll the that you some point Colin. I'd So for those of part. to the to Jack turn second are things

Jack Dorsey

mean, out to continue And further. at be get for estimate. to even to I consumer parts in the products this a revenue current Hi. speed for up point products both just Yes. moving of of to the than weeks push month. would any three that of matter can any engineer revenue much the we that, matter it are and to two we'll there's project to other faster that within to get update production the would complexity say within things it, being that come week. I It's like able our others. say like a is months, and pulled we've be along, for a push and to we're within few idea a goal products for trend. single I But able and updating that down gotten like every instance, to Spaces of it there's And

learn. best And we as as So can iterate we can experiment. we And can possible.

So we track. are on the

it to definitely going and track on some in are seeing products. products, And we're in that. to We the revenue of see more consumer our do a we're definitely it lot of

betas to that complete. going the urgency. better have going as now we anything than the been and with foundations be those to On can gaps, can that fully a move from something be and very, to out and make lot the put small we And start, intend commerce side much we'll They're stronger very we hopefully learn are then soon. grow to going underlying from past. in from are We're subscription, see excited to it not live we learn as products to them. see we're of but learn we it they And so

Colin Sebastian

Thank you.

Operator

we Dan from open. your question, BMO. line Dan, For Salmon is the next have

Dan Salmon

part. Good a you part afternoon, including Birdwatch. Ned. always think Hi. hear a for advertisers and what's then one I'd of positioning on and has your can And love for Twitter's everyone. One Jack, so we health be important to Jack you been mentioned it initiatives? Jack, is the to bit that. a Do little previously, live expand big happening meaningful know safety for Ned, events

and so X.X we nature lean of back thinking ahead the that new of? an week as be that where and take team life great. to changed events the into much advantage years think past over sales is advantage So, can you That would normal the front thinking that back has next and Thanks. come live the to

Jack Dorsey

scale the will friction publicly I specific over give that -- think directly more any times to it intend centralized global just especially doesn't around said Birdwatch the and tools better. that not we what that's do and to people they time. successful the easy we it can is content must to add information, And I've something out. is moderation, try And that many

individuals giving more a bright and strong tools has have it early. a I more away model from it's future a do you'll a to complement generally, experiment. more moderation. global ton find directly all it. to ours right good move wisdom everything centralized think should we And be We're to see more is don't from us. of to a and I and things. of around content be should and to is So, It else But trying learning believe us do balance. that's believe, giving tools a company And to to ultimately these that be like be arbiter the the crowds right, more I It on and happen that communities and we're the the of

Ned Segal

opportunity can back And real about salespeople. around world be how then, events the was Dan those the second part your question of those coming all things and for a and

in partners and ceremonies conversation be up around Euro medal happening be moments on to highlights; relationship on near continues now. sure be closer that's people as be conversation of conversation make starters TV them. we how These there the robust. because about on award their same and happening. true past, but be year talk talking will there'll NBCUniversal important whether they continue may with where or At those a think rich there'll those can happening, launch response, Olympics, continue in the there's sometimes, more direct there to to for to fewer Twitter we than as and It's will important over be have that great to well those got for be spot to around advertisers about easy-to-measure be Twitter outcomes Twitter. conversation for with performance with are us downloads services, advertisers to by of and go awesome side and the they'll that delivering a are be way where find things the we to to that advertisers to their conversations able watching measure because this inevitably soon. waited as on important, I many real-time, with what's can conversation for launch they supply as and really the them connect agencies those purchases on XX-XX want on, and which advertisers different highlights things with success are to Cup, in us the conversations the time, really with These will the are new is things coming because but but Twitter continues and advertisers response products the will so closer too move agencies which those their be who sponsor they pieces pent-up a it's direct directly great We've brand we've the been which on started

Dan Salmon

Jack. Okay. Ned. Thanks, Thanks,

Operator

your and question, last have for one the last have question Thill we open. line And Brent, Jefferies. from is Brent we

Unidentified Analyst

James taking Thanks for my is This for on Brent. question. Great.

then follows I hockey relevant of of targeting more on contextual today your quick diversity can start topics where say still overall of an following if game have improvement interest for lot think ad ads? the have or contextual a you you ahead the of do you someone a think of users instance in As of your advertisers you them let's and quality And ad there's just you serve for seen And do follow-up. work and relevance tickets? sort Or skates side? the have

Ned Segal

of James, we of still is us have levels. we're couple front more there. in the opportunity short on a answer getting But

X,XXX that we're we can. follow people leveraging signal that already one topics as who those and not those is yet first well many The as around

definitely room We you great time use advertisers signal great better in have care those and belongs we of topics you topics second going you the ad, going have can can more to But more more about about care in about, moment to right when what lots the you for signals find those moment. what over but a that to And we're care which topics. the more in topics we're and show to help that you to use we improve. about is have that about there's us

So both breadth them. sides those the topics on follow-up? and started the That out will equation. of other of then on interest I and topics continue getting over side around What the depth time. think the is we're was the in that of who on to those your have And that followership the build against just topics long-tail advertisers of and advertising

Unidentified Analyst

expectations. how it'd there's update quick great one And just and brands engagement great interacting then share if seeing just that's format? Are performing and with It users Thanks. update Fleets the would just been And from follow-up. you you hear. your initial an helpful. That's be against monetization strong could to plans then any on be on if

Jack Dorsey

but new yet, Fleets. some activity Yes. and we demographics No update utilizing just seeing are on new monetization

So we're those learning what ultimately want still be. to

Just it we is to different taken products started it feared like working it's And to but like audience well. And storage long. those too around not seen to wanting then from -- much build staying figure problem that still where than learn of But here. lot tweet solve a reminder terms of Twitter, a within we goes certainly to they a have it normally case very the see. product a for has out people on in we not certainly to use and has because it

Unidentified Analyst

Great. Thank you.

Ned Segal

Okay.

look appreciate for We we then, to it market July us. report interest up. see that your closes. on when we'll joining with next earnings Twitter. QX forward on XX wraps for speaking after think Twitter. all you you quarter you I We Until the Thank in

Operator

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

disconnect. You now may