Colin Sebastian • Baird

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CEO & Chair Fidji Simo identified Storefront as the key initial product for retailers, which then opens up cross-sell opportunities for solutions like Carrot Ads, now used by over 240 partners. She also highlighted growing interest in in-store technologies like CaperCarts and CarrotTags, which create omnichannel solutions and improve fulfillment efficiency. Simo described the enterprise offering as a critical and underappreciated competitive advantage that competitors cannot easily replicate.

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CEO Fidji Simo explained that the strong Q1 advertising performance was driven by both large and emerging brands, with over 7,000 brands now on the platform. She attributed the success to high-performance metrics (ROAS, CTR) and the expansion of Carrot Ads. Regarding agentic commerce, she stated that while it's early, Instacart is embracing new technologies to accelerate online grocery adoption and extend its category leadership, citing its work with OpenAI as an example.

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CEO Fidji Simo stated that while they don't break out the segments, both are strong and address the full market. She noted the enterprise business, including Caper carts, has massive potential as 87% of grocery is still offline. Regarding advertising, Simo confirmed Instacart is pioneering standardization with MRC accreditation, which she believes is a lever for growth as it helps prove the superior performance of their ads compared to other platforms.

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CEO Bill Ready explained that the visual search tool, powered by a proprietary model that outperforms off-the-shelf alternatives by 30 percentage points, drives deeper engagement and retention. CFO Julia Donnelly noted that while some seasonality exists, year-over-year MAU growth accelerated across all regions in Q2, driven by improved relevance and actionability.

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CEO Bill Ready highlighted that Pinterest's proprietary AI model for visual search outperforms off-the-shelf models by 30 percentage points in relevancy, a key differentiator driven by its unique curation data. CFO Julia Donnelly noted that while some seasonality exists, MAU growth accelerated year-over-year across all regions in Q2, driven by improved relevance and user re-engagement.

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CEO Bill Ready did not break out new versus existing advertisers but confirmed growth in the total number of active advertisers and strong share-of-wallet gains with large and mid-tier retailers. CFO Julia Donnelly addressed the Europe question, stating that Q3's 20% growth was strong despite a much tougher year-over-year comparison. She expressed confidence in the region, citing broad-based strength in retail.

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President & CFO Craig Abrahams explained that while specific deal terms with Disney are confidential, the title has a license fee and is scaling much faster than previous Super Play titles. He also noted their investment strategy focuses on category-leading games. CEO Robert Antokol added that the success of Disney Solitaire demonstrated that launching a new game can grow an entire category they already dominate, which is influencing their future strategy for new game launches.

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Craig Abrahams, President and CFO, confirmed that new game revenue is considered immaterial for 2025 guidance and that no future M&A is embedded in the outlook. Regarding Slotomania, he noted that game economy adjustments led to near-term improvements and that the company is strategically investing in a new slots title to regain market share.

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CEO Brian Chesky described a major behavioral shift, with more users booking from the redesigned homepage, moving from search to browse/discovery mode, which helps direct traffic to available supply. CFO Ellie Mertz confirmed that booking lead times, which were compressed in April, have normalized and even lengthened slightly into Q3, signaling strong guest demand.

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CFO Ellie Mertz responded that Q4 and full-year 2024 results support continued market share gains against the industry, particularly from hotels, driven by product improvements and brand consideration. She also noted strong performance in non-urban U.S. markets against competitors like Vrbo and leadership in exclusive supply growth. The transcript did not include a response to the Experiences question.

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CFO Brian Olsavsky attributed the International segment's margin strength to established countries like the UK and Germany achieving US-like profitability through operational efficiencies, alongside progress in emerging markets. CEO Andy Jassy positioned Project Kuiper as a key future player in LEO satellite internet, highlighting its performance, pricing, and AWS integration as differentiators, with a commercial beta targeted for late 2025 or early 2026.

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SVP & CFO Brian Olsavsky attributed the International segment's strength to margin profiles in established countries like the UK and Germany now resembling the US, alongside progress in emerging markets. CEO Andy Jassy discussed Project Kuiper, highlighting its large market opportunity, performance differentiation, and strong enterprise interest, targeting a commercial beta later in the year or early 2026.

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CEO Andy Jassy explained the third-party unit mix shift was due to strong growth in 'everyday essentials,' which tend to be first-party (1P) items. Regarding Alexa, he shared the vision of it becoming the world's best personal assistant by rearchitecting its 'brains' with generative AI, enabling it to not just answer questions but also take actions for customers.

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President & CEO Jamie Iannone affirmed the critical role of both active buyers (which grew 1% to 134 million) and enthusiast buyers (who drive 70% of GMV). He stated that the current performance validates their existing strategy of focusing on focus categories, geo-specific investments, and horizontal initiatives like AI, and that the company will continue to execute this successful playbook.

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CEO Jamie Iannone highlighted eBay's significant progress in AI, citing the 'Magical Listing' tool used by over 10 million sellers to generate billions in GMV. He mentioned that AI is being broadly integrated across marketing, customer support, and product discovery, such as the new AI-powered fashion experience. Iannone also noted early tests with partners like OpenAI, indicating that AI is a core part of the company's strategy.

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CEO Jamie Iannone attributed the 16% first-party ad growth primarily to the strength of the core Promoted Listings General (CPA) product, driven by ongoing optimizations. For trading cards, he explained that success was due to a combination of innovations, including 'magical listing' and deeper integrations with partners like PSA. He expressed bullishness that making listing easier across all categories will unlock significant inventory from households.

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CEO Jamie Iannone stated that the initiatives are converting new buyers, evidenced by a 1% growth in active buyers to 133 million. He highlighted that C2C sellers bring unique inventory and become twice as valuable as buyers, creating a positive flywheel. CFO Steve Priest confirmed the Q4 guidance accounts for headwinds like the U.S. elections, a shorter holiday season, and Hurricane Milton, but did not quantify their individual impacts, stating the forecast balances strong execution with these factors.

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CFO Stuart Canfield reported that live services, excluding Apex Legends, grew in the low single digits. He also noted that the negative impact from Apex was less than expected and that momentum is improving, positioning the title well for the rest of the year.

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CEO Andrew Wilson detailed a strategy to transform American football into a 365-day fan platform by creating a symbiotic relationship between Madden and College Football, which has already doubled the player base. For the EA Sports app, he described a phased, learning-based rollout starting in Spain with La Liga, aiming to merge real-world and virtual sports content by leveraging EA's extensive global partnerships.

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President, CEO & Director Alex Chriss reported that the Fastlane rollout is progressing with large merchants, and the previously cited 50% conversion uplift is holding strong. He noted that 75% of Fastlane users are new or dormant PayPal customers. The next major inflection point will be the rollout of multi-processor support, which is expected in the coming quarters.

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CEO Alex Chriss detailed that AI is being used for customer support efficiency, personalizing the commerce journey, and automating back-office risk decisions. CFO Jamie Miller added that marketing spend will increase slightly in 2025, weighted towards Q2, and that while customer acquisition costs are budgeted, they have not been significantly deployed yet.

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CEO Strauss Zelnick attributed the success to talented creative and publishing teams at Zynga, Peak, and Rollic, who are consistently creating new hits like 'Match Factory!' and 'Color Block Jam'. CFO Lainie Goldstein explained that the fiscal 2026 forecast anticipates some moderation for mature, top-performing titles after their outstanding results in fiscal 2025.

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CEO Strauss Zelnick explained that industry maturation naturally leads to the 'big and good getting bigger' and emphasized Take-Two's focus on creativity, innovation, and its strong portfolio of owned IP. CFO Lainie Goldstein added that the improved GTA performance was broad-based and driven by strong engagement.

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CFO David Schwarzbach expressed confidence in sustaining strong performance in Services, citing 15 consecutive quarters of double-digit growth and opportunities to expand into more categories. COO Jed Nachman attributed the headwinds in the RR&O segment primarily to macro factors, rather than competitive pressure, and stated Yelp is well-positioned for when the market turns.

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President Harley Finkelstein stated the goal is for Shopify to be the 'gold standard for commerce,' with the Shop platform driving trust and providing an owned channel for merchants. CFO Jeff Hoffmeister addressed capital allocation, noting the company will maintain a healthy cash cushion, has a convert maturing this year, and will continue to make small, strategic 'acqui-hires,' particularly for AI talent. He stated there are no plans for big acquisitions or an immediate return of capital.

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President Harley Finkelstein explained that larger brands are seeking unified commerce systems to consolidate their tech stack, and Shopify's platform meets this need. He highlighted that Shopify's flexible offerings (Plus, enterprise, commerce components), optimized checkout, and transparent total cost of ownership are key drivers attracting these brands, reinforcing Shopify's strategy to be the central retail operating system.

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Co-Chairman Steven Conine and CEO Niraj Shah confirmed that Wayfair is aggressively adopting new technologies like GenAI for internal efficiencies, such as catalog management and developer productivity. They believe that for a non-commodity category like home goods, AI presents a significant opportunity to enhance the customer's discovery and shopping experience. Niraj Shah mentioned they are actively piloting new tools that are already showing 'really amazing customer engagement,' though it is still early.

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