Douglas Anmuth • JPMorgan Chase & Co.

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CEO Bill Ready reported notable early adoption of Performance Plus, especially from mid-market advertisers, with the share of lower-funnel revenue through these campaigns more than doubling since late 2024. He highlighted new Q2 features like Creative Previews and Campaign Customer Groups, which enhance advertiser control and targeting. Ready reiterated that this is a multi-quarter adoption cycle aimed at making the platform more accessible.

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CEO Bill Ready stated that Pinterest Performance Plus has seen notable early adoption, especially from mid-market advertisers, with the percentage of lower-funnel revenue flowing through it more than doubling since the end of 2024. He emphasized it's a multi-quarter adoption cycle that is successfully expanding reach beyond the largest retailers.

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CFO Julia Donnelly stated that the capital allocation framework from the 2023 Investor Day remains unchanged. The priorities are investing in product innovation, considering opportunistic M&A, and using the buyback program to mitigate dilution over a multiyear period, particularly when the stock is at an attractive valuation.

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CEO Bill Ready identified driving advertiser adoption of privacy-resilient measurement tools (like CAPI) as the key to converting value creation into value capture, noting there is still room to grow coverage. CFO Julia Donnelly corrected the premise on Rest of World, clarifying that the segment is actually seeing good quarter-over-quarter and year-over-year acceleration, driven by new partnerships.

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CEO David Risher positioned AVs as a major Total Addressable Market (TAM) expander, citing 5x industry growth in markets where AVs operate. He outlined Lyft's value proposition for AV partners, which includes providing demand, a marketplace, customer support, and sophisticated fleet management via its FlexDrive subsidiary. For Europe, he emphasized FreeNow's strong regulatory and taxi fleet relationships as a critical differentiator.

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CFO Erin Brewer attributed the lower gross bookings per ride to a mix shift, as Lyft sees strong growth in historically lower-priced markets like Canada and certain underpenetrated U.S. cities. Regarding the Delta partnership, she confirmed that while it is still early, the company's long-term outlook for an impact of approximately 1% on rides and 2% on gross bookings remains unchanged.

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CEO David Risher explained that reducing Prime Time by 40% YoY boosts conversion and ride growth, citing Chicago as an example. CFO Erin Brewer attributed the higher FCF guidance to increased ride volume driving higher insurance accruals and lower cash payouts on legacy claims from lower-volume years (2021-2023).

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CEO Brian Chesky explained that Services is in an early stage, with a focus on building the catalog and attach rates in test markets like Los Angeles. Regarding events, he described them as strategic for building supply (e.g., +50% listings in Paris for the Olympics), strengthening policymaker relationships (e.g., Italy/Olympics), and enhancing brand trust through associations with FIFA and the Tour de France.

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CEO Brian Chesky explained the Co-host Network's success is driven by inviting only top-rated hosts, resulting in higher-quality listings and double the revenue. He noted its expansion from 10 countries to now include Japan and Korea. CFO Ellie Mertz identified incremental efficiencies in variable costs like payment processing and customer service, plus disciplined G&A and marketing spend, as funding sources for new investments.

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CEO Dara Khosrowshahi noted a positive consumer response to lower prices, explaining it has both an immediate conversion benefit and a delayed effect of increasing future app usage. This trend was observed in July, supporting the Q3 outlook. CFO Prashanth Mahendra-Rajah clarified the new $20 billion authorization is additive to the ~$3 billion remaining on the previous one. He stated Uber has been allocating about 50% of free cash flow to buybacks, expects to continue this multi-year plan, and noted that the company's share count is now declining.

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CEO Dara Khosrowshahi explained that mobility pricing elasticity remains consistent with historical trends, with a focus on how stable prices affect long-term user habits. He highlighted that Waymo AVs in Austin show exceptionally high utilization, with the average Waymo vehicle being busier than 99% of human drivers in the city, signaling strong early results for the partnership.

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CEO Dara Khosrowshahi explained that Uber is extending its existing fleet operations expertise, which currently accounts for 15% of global mobility supply hours, to the AV space. The goal is to provide cost-effective local logistics like charging and cleaning for AV partners. In San Francisco, he noted Waymo has achieved a notable category position in its operating areas but has not had a discernible impact on Uber's consumer volume, frequency, or loyalty, adding that Uber is focused on its own partnership with Waymo in other cities.

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MD & CEO Johannes Thomas explained that logged-in users, who now account for 20% of referral revenue, have a 25% higher conversion rate due to features like price alerts and exclusive deals. He expressed confidence in Q3 growth, citing strong double-digit branded traffic and revenue growth in July and August. He attributed July's slower overall growth to a temporary headwind from a non-recurring marketing push by a major player in the prior year, an effect that has since ceased.

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CEO Andy Jassy explained that while future tariff impacts are unknown, Amazon has not yet seen diminished demand or significant price hikes in the first half of the year. Regarding AWS, Jassy attributed growth rate differences to AWS's much larger base and highlighted its superior operational performance and security. He also confirmed that AWS currently has more demand than supply capacity, which is a constraint on revenue.

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CEO Andy Jassy addressed both questions. On tariffs, he stated that while the future is uncertain, Amazon has not yet seen diminished demand or broad price increases in the first half of the year. Regarding AWS, he attributed the perceived growth gap to AWS's significantly larger revenue base and emphasized its superior operational performance, security, and functionality, noting that AWS currently has more demand than supply.

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CFO Brian Olsavsky credited strong AWS margins to operational efficiencies like server optimization, custom networking gear, and cost-effective custom silicon like Graviton. CEO Andy Jassy stated that Alexa Plus's ability to perform complex, multi-step actions will naturally drive user adoption through superior experience, leveraging its existing distribution across over 500 million devices.

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CFO Brian Olsavsky addressed AWS margins, stating they will remain 'lumpy' as early-stage AI investments are a short-term headwind, but he expects long-term AI margins to be comparable to the non-AI business. CEO Andy Jassy handled the UPS question, noting that Amazon's own logistics network can handle the volume that UPS, a long-term partner, may have walked away from due to its lower-margin nature for them.

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CFO Brian Olsavsky attributed the strong AWS margin to accelerating revenue, cost controls, and a 200 basis point benefit from extending the useful life of servers. CEO Andy Jassy projected that 2025 CapEx would exceed 2024's expected $75 billion, driven primarily by investments to support the rapid, triple-digit growth of the generative AI business within AWS.

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CEO Mark Zuckerberg stated that the open-source philosophy remains consistent: Meta will continue to release some leading models but not all, especially as models become extremely large or approach superintelligence, raising new safety concerns. CFO Susan Li confirmed that while Meta expects to self-finance a large portion of its CapEx, the company is actively exploring co-development partnerships with financial partners for data center projects.

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CEO Mark Zuckerberg stated that the open-source strategy remains consistent: some models will be shared, but not all, especially as they become larger or approach superintelligence. CFO Susan Li confirmed that while Meta will self-finance a large portion of its CapEx, the company is actively exploring co-development partnerships with external financial partners for data centers.

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CEO Mark Zuckerberg stated that Meta's open-source philosophy hasn't fundamentally changed; they will continue to release some models while keeping others proprietary, especially as models become extremely large or approach superintelligence, raising safety concerns. CFO Susan Li confirmed that while Meta expects to self-finance a large share of its CapEx, the company is actively exploring working with financial partners to co-develop data centers to provide financing flexibility.

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CFO Susan Li explained the increased CapEx reflects both flexing the data center build strategy to bring capacity online faster and higher expected hardware costs due to supply chain uncertainty. On partnerships, she stated that while partners like AWS and Azure help host Llama, Meta funds the core infrastructure for training its models and does not expect that to change.

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CEO Mark Zuckerberg acknowledged learning from competitors' advances but reiterated that investing heavily in infrastructure remains a strategic advantage, especially for serving billions of users. CFO Susan Li detailed that the 2025 CapEx growth will be driven by servers, data centers, and networking to support both generative AI and core business needs. She noted that while the majority of CapEx is for the core business, the infrastructure is often flexible and can support various workloads.

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CEO Mark Zuckerberg hinted at significant new capabilities with Llama 4 next year but deferred specifics. He expects AI Studio and business agents to become more widespread. CFO Susan Li clarified the Q4 CapEx step-up is due to server spend and timing of payments for Q3 deliveries, cautioning against extrapolating a single quarter's lumpy figure but confirming significant growth is expected in 2025.

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Micha Kaufman, Founder & CEO, responded that the supply of AI-skilled freelancers is meeting demand, as freelancers are typically early adopters of new technologies. He stated that while the company's AI and upmarket initiatives are expected to return the Marketplace to growth even without macroeconomic improvement, they are not yet ready to incorporate this into guidance due to ongoing uncertainty.

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CEO Micha Kaufman described the AI personal assistant as a first step that will evolve to provide business insights and, through the developer platform, enable complex 'agentic AI' for automated tasks. CFO Ofer Katz clarified that the 2025 guidance assumes flat to slightly down marketplace revenue due to macro factors, with overall growth driven by the Services segment. A macro rebound is the necessary catalyst for marketplace growth.

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CEO Micha Kaufman expressed satisfaction with AutoDS, noting it had a better-than-anticipated quarter and contributes to the take rate, though its overall contribution is still small. He explained that loyalty programs, for both buyers and sellers, are designed to increase engagement and retention, which are the key success metrics. These programs reward repeat business, a common behavior on the platform, and are shaping up well.

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Executive Philipp Schindler confirmed that AI Overviews are driving higher user satisfaction and that monetization is nearly on par with existing Search. CFO Anat Ashkenazi stated that strong demand for Cloud AI products exceeded available capacity in Q4, impacting the growth rate, and that the company is investing heavily to bring more capacity online.

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Philipp Schindler, SVP and Chief Business Officer, reiterated that monetization for AI Overviews remains at approximately the same rate, providing a strong base for innovation, but declined to detail specific metrics. CFO Anat Ashkenazi stated that the company's approach to durably reengineering its cost base has not changed, focusing on continuous efficiency to fund long-term innovation and offset rising depreciation costs from CapEx.

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CEO Sundar Pichai emphasized Google's comprehensive AI infrastructure, including its sixth-generation TPUs, which provide best-in-class efficiency for both internal use and Cloud customers. CFO Anat Ashkenazi added that Q4 CapEx would be similar to Q3's $13 billion, with an increase expected in 2025, driven by investments in servers (TPUs and GPUs), data centers, and networking.

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CFO Ruth Porat stated that while Alphabet expects full-year 2024 operating margin expansion, Q3 margins will be impacted by higher depreciation and hardware launch costs. CEO Sundar Pichai confirmed AI Overviews are rolled out in the U.S. and will scale globally. CBO Philipp Schindler added that they will soon test search and shopping ads directly within AI Overviews.

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CFO Ewout Steenbergen attributed the Q3 guidance to very high comps from August and September 2024 but highlighted the upgraded full-year guidance. On alternative accommodations, he noted that growth at 10% still outpaces traditional lodging and the business is maturing with 8.4 million listings. He stressed the company's focus is on overall growth, serving traveler preferences for any accommodation type.

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CFO Ewout Steenbergen confirmed the Q3 guidance reflects steady demand through July but faces very high comps from August and September 2024, emphasizing the strong, upgraded full-year guidance. On alternative accommodations, he stated that growth at 10% still outpaces traditional lodging and the segment is reaching maturity with 8.4 million listings, with the company's focus remaining on overall growth across all accommodation types.

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CEO Glenn Fogel expressed confidence in a dual approach, partnering with hyperscalers like OpenAI while also developing proprietary, data-rich AI agents to drive direct traffic. CFO Ewout Steenbergen highlighted that while some travel corridors are shifting, the company's global diversification allows it to capture demand redirected to other regions, resulting in stable overall demand. He noted that booking windows are expanding and on-the-books data for the summer looks healthy.

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CEO Peter Stern explained the marketing strategy involves a holistic look at the entire customer lifecycle, using sophisticated measurement to optimize spend across brand, performance marketing, pricing, and partnerships to drive profitable growth. CFO Liz Coddington addressed free cash flow, stating that while she would not provide FY26 guidance, she expects 'meaningful positive free cash flow.' She cautioned that the significant working capital tailwind from inventory optimization in FY25 will be more modest in FY26.

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Interim Co-CEO Chris Bruzzo highlighted a disciplined holiday strategy focused on member referrals, targeted marketing, and new third-party relationships like Costco, with less media spend than last year. CFO Liz Coddington noted that third-party data shows the connected fitness hardware market continues to decline year-over-year, partly due to Peloton's own strategic focus on profitability over volume.

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CEO Tony Xu acknowledged there is a long way to go, focusing on basics like order accuracy, affordability, and service quality. He also highlighted opportunities for the online experience to exceed offline, such as with the DoubleDash feature, which allows shopping from multiple stores in one order. CFO Ravi Inukonda added that DoorDash's large existing consumer base provides a strategic advantage for growing the grocery vertical.

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CEO Fidji Simo clarified that these smaller orders are economically sound due to high order density, which allows for increased batching (e.g., four orders at once). She added that these orders often contain high-margin advertising categories like snacks and beverages. For store checks, the model leverages the high frequency of shoppers already in or near stores, creating incremental earning opportunities without significant new costs.

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CEO Fidji Simo outlined primary investments in the core business (selection, affordability, convenience), enterprise solutions including Caper Carts, and advertising innovation. CFO Emily Maher clarified that steady EBITDA expansion refers to year-over-year growth in both absolute dollars and margin percentage, while allowing for quarterly fluctuations for reinvestment.

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CFO Emily Maher explained that Q4 EBITDA guidance reflects positive ad seasonality being offset by holiday-related investments, such as shopper onboarding, while maintaining a commitment to gradual annual margin improvement. CEO Fidji Simo added that the restaurant service is designed to increase overall platform stickiness, noting that users who adopt it spend more on grocery. She highlighted that Instacart sees higher restaurant basket sizes than competitors but will not break out the metrics as it's an integrated flywheel strategy.

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Co-President and CBO Alex Norström explained that strong user engagement, a leading indicator for MAU growth, is being driven by product improvements like Jam and new content experiences in video and audiobooks. CEO Daniel Ek added that the seasonality of the business is a major factor, with the annual Wrapped campaign consistently driving significant outperformance in Q4, which contributes to the confidence in a stronger back half of the year.

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Executive David Reeder and CEO Sumit Singh clarified that over 50% of volume now flows through automated facilities, with plans to ramp up newer facilities to progress towards the long-term target. They detailed that the new proprietary sponsored ads software, which has now launched, enables new formats like video, off-site advertising, and a more seamless self-service experience for vendors, which are key to reaching the long-term goal of sponsored ads representing 3% of net sales.

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Executive David Reeder reported that the vet clinics are showing promising results, including high operational utilization, strong customer engagement, and significant cross-category shopping from new-to-Chewy customers. CEO Sumit Singh stated that on the automation front, just under half of the company's volume now passes through automated facilities, which is driving significant OpEx leverage and efficiency gains, contributing to strong execution during peak periods.

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CEO Sumit Singh confirmed that positive household formation trends are continuing, with pet adoptions up and relinquishments down, though absolute levels are still recovering. Regarding fiscal 2025, Singh expressed hope for a return to more balanced growth, attributing the recent sequential increase in net adds more to Chewy's internal initiatives, such as improved customer retention and reactivation, rather than a significant macroeconomic turnaround.

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CEO Sumit Singh attributed Autoship's success to strong retail fundamentals like assortment and availability, combined with a personalized digital experience. For hardgoods, he cited assortment freshness (over 150 new brands), a 40-50% reduction in SKU onboarding time, and improved discoverability. CFO David Reeder confirmed that growth was broad-based across nearly all hardgoods subcategories.

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CEO Sumit Singh attributed Autoship's success to retail fundamentals like assortment and in-stock levels combined with a superior digital experience. For hardgoods, he cited a refresh of assortment with over 150 new brands and a 40-50% reduction in SKU onboarding time. CFO David Reeder confirmed that growth was broad-based across almost all hardgoods subcategories, reflecting strong execution.

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David Lee, CFO and COO, clarified that the IP adaptation business is a small part of total revenue, so delays affect quarterly timing but not the long-term outlook. He acknowledged that successful adaptations provide a strong organic lift to the platform but emphasized the business is not dependent on any single hit. He confirmed the impact of these short-term issues is contained within the Q1 guidance.

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CEO Evan Spiegel responded that testing results are encouraging, particularly with increased content active days among more casual users. However, he highlighted two key challenges being addressed: migrating story ad demand to new formats like Sponsored Snaps and recapturing engagement from a cohort of power users who preferred the previous tile-based layout. Spiegel confirmed the team is actively developing solutions for these issues.

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Gregory Peters (Co-CEO) detailed the ad plan's success, noting it represented over 55% of sign-ups in Q4 and membership grew about 30% QoQ. He stated that 2025 marks a 'crawl to walk' transition with the rollout of their own ad stack, starting in the U.S. in April. Peters highlighted that this move will offer more buyer flexibility, improve the user experience, and enable enhanced targeting and measurement, positioning Netflix to capture a larger share of the $25B+ CTV ad market.

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CEO Steve Huffman stated that while Reddit is in talks with potential data partners, any deal must be respectful of users and fair to the business, noting they are complex and not existential for Reddit. Regarding Google traffic, he described it as a symbiotic relationship that serves as a great source of new users, and while volatile, the core logged-in user growth and business remain stable.

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