Doug Anmuth • JPMorgan Chase & Co.

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CEO Ariane Gorin affirmed the belief that Brand Expedia is taking share, driven by its strong value proposition in packages and bundling, which has led to record attach rates. She also cited new supply partners like Southwest and Ryanair as contributing factors. CFO Scott Schenkel clarified that there was no material difference in the ex-FX guidance raise for full-year revenue versus gross bookings.

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CEO Daniel Ek confirmed the court ruling positively impacted conversions, as Spotify can now directly communicate with users about payment issues and provide a call to action in the app. He explained this opens the door for a third revenue driver, 'a la carte' transactions for items like audiobooks or new digital products, which is a key part of the future strategy alongside subscriptions and ads.

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Co-President & CBO Alex Norström highlighted the enormous total addressable market across music, podcasts, and audiobooks, indicating plenty of headroom for growth. He noted that the strategies are working, citing high time spent on the platform and a strong conversion funnel, with the sub-to-MAU ratio at roughly 40% globally and over 50% in developed markets.

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CEO Daniel Ek clarified that 2025's story is "growth with profitability," emphasizing that the company can deliver both simultaneously. He highlighted that Spotify will remain profitable while making disciplined investments to seize technological opportunities that add long-term consumer value.

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Co-CEO Ted Sarandos emphasized that while hits accelerate growth, the business relies on a 'steady drumbeat' of diverse content, as no single title drives more than 1% of viewing. He expressed high confidence in future momentum, detailing an extensive slate of returning and new titles for the remainder of 2025 and into 2026.

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Co-CEO Ted Sarandos responded that while big hits can accelerate growth, the core strategy is to maintain a 'steady drumbeat' of beloved shows and films. He emphasized that no single title drives more than 1% of viewing. To demonstrate confidence in future momentum, he provided an extensive list of returning and new series and films slated for the remainder of 2025 and throughout 2026, spanning global productions and various genres.

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Co-CEO Ted Sarandos responded that while big hits accelerate growth, the core strategy is a 'steady drumbeat' of diverse, quality content at scale. To demonstrate confidence in future momentum, he provided an extensive list of new and returning series and films slated for the rest of 2025 and into 2026.

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David Lee, CFO and COO, clarified that collaborating with global franchises like Batman or Godzilla is not new and serves to attract a larger audience, benefiting all content on the platform. He acknowledged a margin difference between discovered amateur content and licensed franchises but stressed that both are vital for growth in new markets like the U.S. Regarding the English app, Lee described the changes as extensive, covering onboarding, home/search tabs, and a 'new & hot' feature, all based on global learnings and local A/B testing that showed a 9% lift in episodes read.

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CEO Brian Chesky emphasized that Airbnb's 'superpower' is design and making complex processes easy, which will be applied to new offerings. He also highlighted the role of AI in improving customer service, noting a new AI agent has already reduced contacts with human agents by 15%. CFO Ellie Mertz added that the core business has incremental efficiencies to fund growth, and new businesses are expected to have compelling margins over time as they scale.

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Executive Robin Harries attributed the guidance raise to the success and scalability of brand marketing investments, evidenced by Q1's 22% revenue growth with stable ROAS. He noted brand spend is still only 50% of 2019 levels, indicating significant room to grow. Executive Johannes Thomas added that trivago can cut ad spend quickly in response to volatility, as shown in the past. He also highlighted that a significant, ongoing increase in site conversion rates is a key driver of marketing efficiency, with returns being reinvested into the brand.

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CEO Dara Khosrowshahi noted that while AV deployments are small, early experience with Waymo shows Uber's network drives significantly higher utilization and high customer opt-in rates. CFO Prashanth Mahendra-Rajah stated that insurance cost pressures are easing, with U.S. Mobility insurance costs per trip expected to be in the high single digits in 2025. This improvement is driven by tech innovations like the driver insights dashboard and progress on state-level regulatory reform.

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