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    Daniel Salmon • New Street Research

    Daniel Salmon's questions to Match Group Inc (MTCH) leadership

    Daniel Salmon's questions to Match Group Inc (MTCH) leadership • Q1 2025

    Question

    Daniel Salmon asked for commentary on recent Board of Directors changes and their strategic implications, as well as an update on the company's dialogue with activist or publicly active investors.

    Answer

    CEO Spencer Rascoff expressed excitement about new board members Darrell and Kelly, highlighting their deep consumer, product, and technology expertise. Regarding investors, he confirmed he is personally and actively engaging with all key shareholders, including those who have been publicly active. He stated that he values these conversations, learns from them, and looks forward to continued engagement with all shareholders.

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    Daniel Salmon's questions to Match Group Inc (MTCH) leadership • Q3 2024

    Question

    Daniel Salmon asked if the Board is considering divestitures, noting that the new business segment disclosures and the exit from live streaming could facilitate such actions.

    Answer

    CFO Gary Swidler stated that while the board is open to any action that drives shareholder value, the new segment disclosures are not tied to divestiture plans. He clarified the goal was to provide investors with deeper insight into the business units ahead of Investor Day. CEO Bernard Kim added that the team's focus remains on core execution.

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    Daniel Salmon's questions to Reddit Inc (RDDT) leadership

    Daniel Salmon's questions to Reddit Inc (RDDT) leadership • Q1 2025

    Question

    Daniel Salmon asked for more details on the performance of the 'ads in comments' placement, which now accounts for 6% of impressions, and how it informs the broader monetization strategy.

    Answer

    COO Jen Wong highlighted that the ads in comments placement is unique to Reddit due to the high engagement and commercial nature of conversations on the platform. She noted they are pleased with advertiser adoption and performance, as the format reaches users with very high intent who are actively seeking answers.

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    Daniel Salmon's questions to Snap Inc (SNAP) leadership

    Daniel Salmon's questions to Snap Inc (SNAP) leadership • Q1 2025

    Question

    Daniel Salmon asked about the next steps for growing the small and medium-sized business (SMB) advertiser base, especially after lapping the launch of Snap Promote, and inquired about the rate at which these SMBs transition to the main ads platform.

    Answer

    CEO Evan Spiegel explained that while Snap Promote remains important for advertiser count, the company's acquisition focus is shifting more towards medium-sized advertisers, which can drive more significant dollar volume. He mentioned plans to streamline the Snap Promote product and ease the transition to the full Ads Manager, but emphasized the current focus is on the mid-sized customer segment.

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    Daniel Salmon's questions to Snap Inc (SNAP) leadership • Q4 2024

    Question

    Daniel Salmon of New Street Research asked for more details on the growth of small and medium-sized business (SMB) advertisers. He specifically sought to understand how Snap helps these advertisers graduate from the simple 'Snap Promote' tool to more sophisticated use of the full Ad Manager, and what other initiatives are in place to accelerate this growth.

    Answer

    CFO Derek Andersen explained that SMB growth is driven by a combination of more performant direct-response (DR) ad products, optimized go-to-market operations, and a simplified, automated ad buying experience. He noted that CAPI integrations and the 'Snap Promote' tool, which helped double active SMB advertisers year-over-year, are key drivers. Andersen added that the future roadmap includes features like 'smart budget optimization' to further support this segment.

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    Daniel Salmon's questions to Snap Inc (SNAP) leadership • Q3 2024

    Question

    Daniel Salmon asked about the strategy for managing the potential risks of the 'Simple Snapchat' transition, particularly how the company is ensuring it avoids monetization headwinds in its most valuable markets.

    Answer

    CEO Evan Spiegel explained that while the company is excited about the long-term engagement opportunities, especially with new users, they are taking a cautious 'test-and-learn' approach. He highlighted the need to better understand shifts in ad inventory, such as moving from tile-based ads to interstitial placements, before a broader rollout to ensure both the community and advertising partners benefit from the changes.

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    Daniel Salmon's questions to Trade Desk Inc (TTD) leadership

    Daniel Salmon's questions to Trade Desk Inc (TTD) leadership • Q3 2024

    Question

    Daniel Salmon asked for quantification of the 2024 political ad spend impact, whether non-political ad dollars would offset this in 2025, and for an update on the CapEx outlook.

    Answer

    CFO Laura Schenkein stated that political spend is expected to be in the low single digits as a percentage of overall 2024 spend. She advised that when modeling Q1 2025, analysts should account for this contribution in Q4. She also reiterated that CapEx is expected to be around 5% of revenue for both 2024 and 2025. CEO Jeff Green added that advertiser dollars that shifted due to the political environment in Q4 would return in 2025, leading to a more typical and predictable spending cycle.

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    Daniel Salmon's questions to Pinterest Inc (PINS) leadership

    Daniel Salmon's questions to Pinterest Inc (PINS) leadership • Q3 2024

    Question

    Daniel Salmon inquired about Pinterest's third-party partnership strategy, asking if it makes sense to add more partners beyond Amazon and Google to target different verticals or markets.

    Answer

    CEO Bill Ready affirmed that the company's ad platform was built to ingest demand from multiple partners and that the long-term intent is to work with more. While no new partnerships are being announced at the moment, he emphasized that this strategy is crucial for addressing the platform's significant undermonetization relative to its high commercial intent, complementing their first-party and reseller efforts.

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