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Co-CEO Song Lin described a future where the browser acts as the operating system for AI services, superior to cloud-only solutions by enabling native access to local files and premium content. He stated Opera is uniquely positioned due to its 300 million user scale. For monetization, he anticipates a hybrid model with free, ad-supported services and paid subscriptions for advanced AI capabilities, noting that the focus is currently on product-market fit.

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CFO Frode Jacobsen described the e-commerce opportunity as globally distributed and growing at over 100% year-over-year. He noted that it is becoming a sizable part of advertising revenue and emphasized that the U.S. e-commerce opportunity is still largely ahead for Opera, highlighting the benefit of an increasingly diversified partner base.

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Co-CEO Lin Song explained that Opera is focused on leveraging its browser architecture to make AI agents more efficient for users, potentially 10x more than current methods. He also noted that AI is being integrated into internal workflows, such as ad creative generation and user intent categorization, which contributed to strong Q4 performance.

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Founder and CEO Brian Leach detailed three priorities: consolidating the sales reorganization, broadening the new go-to-market approach, and scaling the product tools for automation. He acknowledged that while client budget cycles vary, the full adoption process from pitch to scaled rollout can take 9-12 months per client, indicating a staggered implementation across the client base.

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Bryan Leach, Founder and CEO, explained that the Instacart partnership has shown attractive redemption rates and has successfully expanded into the alcohol category, though currently limited by state regulations. He noted that learnings from the Instacart rollout are being applied to the DoorDash integration, which benefits from less change management friction as DoorDash did not have a pre-existing promotions business. Mr. Leach expressed confidence in the steady progress and future growth from these key publisher partners.

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CEO Bryan Leach noted that senior-level engagement at CPGs is driving faster-than-usual adoption of the new measurement tools, citing a quick pilot-to-program timeline with two major clients. He and CFO Sunit Patel acknowledged that while weak offer supply can impact D2C user intensity, overall redeemer growth remains strong, particularly on the third-party network, which grew from 10.4 million to 15.4 million year-over-year.

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CEO Bryan Leach explained that the budget issue is not uniform but can be driven by a few large clients, making it difficult to quantify precisely. He identified three key unlocks for the 'always-on' transition: 1) a credible, real-time measurement framework for incremental sales, 2) sophisticated targeting to improve campaign efficiency, and 3) continued delivery of network scale.

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David Lee, CFO & COO, explained that the Disney collaboration is a major milestone that leverages Webtoon's strong Gen Z user base to introduce iconic franchises to a new generation. He emphasized the long-term strategic value for accelerating user growth and stated that the deals do not involve a significant deviation from their existing strong unit economics. Lee clarified that financial benefits are expected in the mid-to-long term and are not factored into the Q3 guidance.

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David Lee, CFO and COO, highlighted strong growth signals, particularly the 19% webcomic app MAU growth in the English-speaking platform. He stated that investments in content, product, and marketing will continue while maintaining positive adjusted EBITDA guidance for Q2. Lee emphasized the cross-border strategy, citing how Japanese content is now being exported globally and Spanish IP adaptations are succeeding, underscoring the critical role of local creators for both local and global growth.

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David Lee, CFO and COO, stated that investments in product and marketing are being made while maintaining a commitment to positive adjusted EBITDA. He highlighted specific product innovations like revamped user onboarding, an AI personalization engine in Korea, and new business models like unlocking full series, noting their benefits would materialize post-Q1. Marketing investments are viewed as long-term drivers for engagement in key growth markets.

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CEO Ian Siegel explained that being discoverable via AI interfaces is a core part of their strategy to meet job seekers wherever they are. He noted that while traffic from these sources is growing rapidly, it remains a small but high-quality portion of overall traffic, and ZipRecruiter's strong brand recognition helps convert these users.

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CEO Ian Siegel stated that in the current environment, the key competitive battle is for job seeker market share, noting that ZipRecruiter's traffic growth is a leading indicator of future revenue share gains. Regarding AI, he explained that beyond their historical strength in AI-powered matching, the focus is now on improving the post-match experience. This includes using AI to enhance job descriptions, improve resumes, and prepare candidates for interviews, leveraging proprietary data to drive engagement between employers and job seekers.

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CEO George Chamoun and CFO Bill Zarella explained that they could not provide a specific forecast for the Amazon partnership, viewing it as a medium-to-long-term growth driver. They clarified that the financial impact of new initiatives like the Amazon partnership and Project Viper is not materially baked into the current year's guidance. Instead, the P&L is currently absorbing the investment costs, with revenue benefits expected to materialize more significantly in future years.

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CEO George Chamoun stated that the forecast assumes a flat wholesale market with continued market share gains at the current pace, though new value-added services could accelerate growth. CFO Bill Zerella added that the company balances investment with earnings growth, noting the 150% projected improvement in adjusted EBITDA. He mentioned that historically, some overperformance has been passed through to the bottom line while still investing for future growth, a balance they feel good about for the initial 2025 guidance.

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CEO & Chair Fidji Simo explained that growth comes from both onboarding new retailers and deepening integrations with existing partners through services like EBT SNAP and alcohol delivery. She noted that these efforts, combined with new categories like restaurants via the Uber Eats partnership, are driving strong user growth, higher order frequency, and improved retention for new 2025 customer cohorts. Simo also highlighted that growing selection reinforces the value of the Instacart+ membership, leading to increased member growth and engagement.

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CEO Fidji Simo stated that Instacart's user base now mirrors the U.S. market across income levels, making it more resilient as groceries are an essential spend. CFO Emily Maher added that the company's strong balance sheet and profitability provide flexibility. She explained they have 'fast twitch' levers to adjust short-term spending while protecting long-term growth initiatives, and noted they have not yet seen signs of a weaker consumer.

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CEO Fidji Simo explained that the introduction of non-grocery categories like restaurants creates a "halo effect" that strengthens the core grocery business by increasing user stickiness and the value of an Instacart+ membership. She emphasized that the verticals are synergistic and the company expects continued growth from their combination.

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CEO Fidji Simo explained that deep retailer integrations are a primary growth predictor, citing the 150 new features built for Sprouts on a scalable platform that benefits the entire ecosystem. For 2025, she highlighted continued investment in restaurants, Caper smart carts, ad tech, and broader in-store technologies, all funded by operational efficiencies. Simo emphasized that these investments build on 12 years of specialized grocery data and integrations, creating a significant competitive advantage.

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CEO Bill Ready noted a more constructive environment in Q2 than initially expected. CFO Julia Donnelly added that strength in retail and financial services continued. She acknowledged some impact from tariff changes on U.S. spend from Asia-based retailers but noted this was offset by diversification to Europe and Rest of World. Donnelly stated that while some uncertainty persists into Q3, the environment is more constructive than feared.

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CEO Bill Ready noted a more constructive environment than expected. CFO Julia Donnelly added that retail and financial services remain strong. While some tariff-related uncertainty persists, the environment is better than feared, and the consistency in revenue growth highlights the business's resilience and durable growth drivers.

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CEO Bill Ready described a 'flywheel effect' where making Pinterest a shopping destination drives user engagement, which in turn provides unique signals for AI-powered ad tools like Performance+. He emphasized that this successful playbook is now being exported to international markets and that the company is still in the 'early innings' of this journey.

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CEO Bill Ready described 2024 as a transformative year with doubled revenue growth and record user numbers. For 2025, he outlined three priorities: 1) growing users and engagement through actionability and curation, 2) improving advertiser performance via tools like Performance+, and 3) diversifying demand with partners and resellers. CFO Julia Donnelly added that retail remains strong and emerging verticals like financial services and technology offer significant opportunity.

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CEO Ariane Gorin stated the company is well-positioned with its diversified portfolio of consumer and B2B brands and is actively integrating with AI partners to capture traffic shifts. She emphasized that improving supply, product, and loyalty aims to boost direct traffic. CFO Scott Schenkel added that direct and app traffic show continued strength and improved conversion, with social emerging as a strong channel.

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CEO Ariane Gorin described AI as a major accelerator, similar to the advent of mobile. She outlined a four-pronged strategy: 1) enhancing products with AI-powered features, 2) driving traffic by appearing in new AI search experiences, 3) identifying new partnership opportunities, and 4) improving internal team effectiveness. She emphasized that while progress is significant, the company is still in the early stages of this transformation.

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Founder and CEO David Baszucki described the strategy as building an ecosystem with a diverse range of monetization tools for creators, including virtual currency, ads, and even physical commerce. CFO Naveen Chopra added that the immediate priority is driving user and engagement growth, which creates a flywheel effect that enhances the potential of all future monetization models.

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CEO David Baszucki described a platform approach, providing creators with a range of monetization tools including virtual economy, rewarded ads, and even physical shopping. CFO Naveen Chopra added that the immediate priority is driving user and engagement growth, which creates a flywheel effect that enhances the potential of all future monetization models.

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CEO David Risher reframed the concept from pure affordability to broader 'value to customer,' highlighting operational excellence (like reduced driver cancellations), product innovation (such as Price Lock), and value-added partnerships (Chase, DoorDash). CFO Erin Brewer added that affordability has long been part of Lyft's portfolio, noting strong Q2 growth in active riders and frequency with prices remaining relatively stable quarter-over-quarter.

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CEO David Risher described AVs as an 'extraordinary opportunity' to add new supply and broaden use cases, referencing the upcoming May Mobility launch in Atlanta. He detailed Lyft's strategy to be the premier monetization platform for any AV supplier by leveraging its full value chain, including its FlexDrive fleet management subsidiary, and noted that suppliers will likely seek multiple partners.

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CEO David Risher highlighted a 16-point driver preference gap over its largest competitor, driven by initiatives like the 70% earnings guarantee, improved support using AI, and partnerships for skill-building. He explained that these efforts lead to higher driver retention and lower acquisition costs. For 2025, the focus will be on a new rewards program to recognize great service, which is expected to have a large long-term financial impact.

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CEO David Risher positioned the DoorDash partnership as a top-line driver for rider acquisition over time. He detailed the AV strategy, emphasizing Lyft's role as a partner of choice for demand generation, marketplace management, and fleet utilization, noting that asset utilization is key to AV unit economics.

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CEO Brian Chesky outlined a strategy to market a bundled offering of homes, services, and experiences to increase efficiency, with a channel shift from TV to social media. CFO Ellie Mertz clarified the $200 million investment in new businesses is for field operations and supply acquisition, not increased programmatic advertising, which remains stable as a percentage of revenue.

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CEO Brian Chesky addressed the AI question, highlighting customer service and engineering productivity as key areas for efficiency gains, though noting step-change improvements are still a few years away. CFO Ellie Mertz confirmed no meaningful change to the capital allocation strategy, which continues to prioritize core operations, M&A, and shareholder returns, suggesting 2024's repurchase volume is a guide for 2025.

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CEO Jeff Kip detailed a multi-faceted product overhaul, including new Q&A tech and an online enrollment system, expecting over 80% implementation within a year. CFO Andrew Russakoff translated this into a financial outlook, projecting solid mid-single-digit revenue growth for 2026 with roughly flat contribution margins and modest adjusted EBITDA growth.

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CFO Andrew 'Rusty' Russakoff addressed the macro environment, noting that while consumers pull back on large discretionary projects, they focus on necessary maintenance, which provides some countercyclical protection for Angi. He highlighted that their biggest competitor remains word-of-mouth and that pro acquisition becomes easier in weaker environments. Regarding margins, Russakoff explained that significant past investments in customer experience are now driving operating efficiencies and profit growth despite lower revenue. He stated that the company has reduced overhead by $100 million since 2022 and believes the current fixed cost base is sufficient to support a return to growth in 2026 with high incremental margins.

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CEO Dara Khosrowshahi explained that while difficult to execute, cross-platform promotion is a key focus, noting that users of both services have 35% higher retention and generate three times the gross bookings. He highlighted the use of AI for hyper-personalized offers and the structural advantage of having both divisions under COO Andrew McDonald. Khosrowshahi described the current strategy as the 'best of both worlds': highly tuned separate apps that intelligently cross-promote, with the Rides app already driving $10 billion in annualized Delivery bookings, representing a gradual move toward a super app.

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CEO Dara Khosrowshahi described the global market as consistently competitive, citing Lyft in the U.S. and other strong international players. He emphasized that competition is increasingly focused on service and quality rather than just price. He also noted the ongoing consolidation in the food delivery sector, expressing confidence in Uber's ability to maintain its market-leading position due to its global scale and unique platform.

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CFO Prashanth Mahendra-Rajah explained that expanding into less dense areas, a global initiative for both Mobility and Delivery, is driving faster growth (1.5x or more) by using supply incentives and product enhancements like Reserve and flexible wait times. CEO Dara Khosrowshahi added that Delivery growth is fueled by improving selection with over 1 million merchants, enhancing affordability through merchant-funded offers and Uber One memberships, and focusing on quality.

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CEO Dara Khosrowshahi described the expansion into less dense areas as a significant, previously under-recognized opportunity. He explained that this focus began with Delivery, where such markets constitute a majority of the U.S. market, and is now being applied to Mobility. The strategy involves investing in both supply and demand to create a positive liquidity cycle, improving ETAs and service levels. Khosrowshahi anticipates this will be a key growth tailwind for the next 2-3 years.

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CEO Mark Zagorski acknowledged the trend but stated that 'reports of the death of the open web have been greatly exaggerated,' pointing to DV's strong programmatic growth. He affirmed that DV's long-term thesis is based on this shift, which is why the company is doubling down on strategic growth areas like social, CTV, and retail media, where its role as an independent verifier is critical for advertisers.

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CEO Mark Zagorski stated that DV is heavily leveraging AI in its core products, including its Universal Content Intelligence and the Scibids optimization engine, and for internal efficiencies. CFO Nicola Allais explained that the 2025 margin trajectory will follow historical patterns, with growth through the year, and the 32% full-year guidance accounts for the dilutive impact of the near-breakeven Rockerbox acquisition and its integration costs.

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People Inc. CEO Neil Vogel explained the name change reflects the company's goal of achieving platform scale with premium, human-created content, noting 'People Inc.' is simple, ambitious, and resonates with clients and employees. IAC CFO & COO Christopher Halpin addressed M&A, stating IAC is actively pursuing opportunities for People Inc. and new platforms, focusing on defensible businesses and AI applications, while balancing acquisitions with potential share buybacks.

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An Angi executive explained that proprietary traffic channels are returning to growth while the third-party business is stabilizing, which will combine to drive overall growth in 2026. He added that the single pro product initiative will improve operational efficiency and revenue per transaction. Barry Diller, Senior Executive and Chairman, reiterated his long-held philosophy that businesses, once they achieve sufficient scale, should be spun off to operate independently, stating that if IAC operates a business for too long, it has likely failed.

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IAC CEO Joey Levin described Care.com as a category leader with significant growth potential by improving product conversion with AI/ML, expanding its growing Enterprise business, and innovating in underpenetrated markets like senior and pet care. On capital allocation, Levin stated that while all options remain on the table, the near-term priority is 'slimming down' and focusing on execution, maintaining a high bar for M&A while accumulating cash.

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IAC CEO Joey Levin explained that shrinking the discount relies on execution, smart capital allocation, and crystallizing value, with a current focus on finding disciplined M&A opportunities. He expressed satisfaction with the current path for MGM and Turo, where IAC is accreting ownership without deploying new capital. IAC Executive Christopher Halpin noted IAC's ownership in Turo increased to 32% via a net warrant exercise.

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CEO Randy Altschuler confirmed Xometry is expanding its domestic supplier base, which sources the majority of U.S. orders, and noted that while reshoring could be beneficial, it's too early to tell. President Sanjeev Singh Sahni explained the new mobile app is focused on the supplier experience, allowing them to view 3D files, share progress, and receive notifications, thereby improving engagement and data flow on the platform.

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CEO Randolph Altschuler explained that the international growth target will be met through continued expansion in EMEA, which recently hit a $100 million run rate, and a more meaningful contribution from the growing APAC region in 2025. He added that multimodal AI will allow customers to get instant quotes from 2D drawings, not just 3D CAD files, significantly reducing friction and expanding the addressable market for legacy parts.

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CEO Randy Altschuler outlined a two-pronged AI investment strategy: launching more instantly quoted processes to attract new buyers and enhancing pricing and matching algorithms to improve profitability. CFO James Miln explained that having achieved breakeven ahead of schedule, the company expects to maintain 20%+ incremental adjusted EBITDA margins as it scales towards $1 billion in revenue. He emphasized that this leverage will be driven by gross margin expansion and efficiencies in variable spending, enabled by continued technology investments.

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President & CEO Jamie Iannone explained that eBay benefited from a full-funnel marketing approach and saw efficiencies in lower-funnel channels due to competitive dynamics. Regarding AI, he outlined a strategy focused on being a destination for enthusiasts with unique inventory, value-added services like authentication, and developing eBay's own on-platform agentic capabilities to thrive in an agent-driven e-commerce future.

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CEO Jamie Iannone explained that while the macro environment is uncertain, eBay is well-positioned due to its value proposition. He noted that in past periods of consumer pressure, buyers gravitate towards eBay's extensive non-new and pre-loved inventory, which makes up over 40% of goods. Iannone also highlighted that these environments can attract new sellers to the platform and that eBay's agile seller base can adapt quickly to changes.

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CEO Jamie Iannone stated that the macro environment remains dynamic, with more resilient demand in the U.S. compared to weaker trends in the U.K. and Germany. He noted that more affluent customers continue to perform well, driving double-digit growth in collectibles. He highlighted continued innovation in P&A, collectibles (via PSA and TCGplayer integrations), and fashion (AI-powered discovery) as key drivers for sustained focus category growth.

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CEO Mark Zuckerberg explained that the aggressive, faster timelines for AI development have proven correct, prompting a focus on elite, talent-dense teams and leading compute infrastructure to build superintelligence. CFO Susan Li detailed that 2026 expense growth will be driven primarily by accelerated depreciation and operating costs for infrastructure, followed by compensation for new AI talent. She noted 2026 CapEx growth will also be significant, driven by scaling GenAI and Core AI capacity.

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CEO Mark Zuckerberg explained that the fastest assumptions about AI's progress have proven correct, necessitating elite talent and leading compute infrastructure to pursue superintelligence. CFO Susan Li detailed that infrastructure costs, driven by depreciation, and employee compensation for new AI talent are the primary drivers for the increased expense and CapEx outlooks for 2026.

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CEO Mark Zuckerberg explained that the rapid pace of AI progress has consistently validated aggressive timelines, prompting a focus on building elite, talent-dense teams and securing a leading compute fleet to pursue superintelligence. CFO Susan Li detailed that 2026 expense growth will be driven primarily by infrastructure depreciation and operating costs, followed by compensation for new AI talent. The 2026 CapEx increase is for scaling GenAI training capacity and supporting Core AI.

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CEO Mark Zuckerberg stated that Meta will pursue both integrated and stand-alone strategies. He explained that a stand-alone app offers faster access and a more built-out feature set, and will be particularly important for establishing leadership in the U.S. where Meta is not the primary messaging provider, unlike in other parts of the world where WhatsApp drives AI usage.

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CEO Mark Zuckerberg compared the Llama open-source strategy to the Open Compute project, explaining that standardization drives down costs for the entire industry as supply chains adapt. He noted that as Llama becomes more widely used, it encourages optimization from silicon providers and developers. He also framed it as a matter of U.S. strategic advantage to have an American open-source standard, a conviction strengthened by recent global competition.

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CEO Mark Zuckerberg emphasized that AI is broadly applicable across the business, from enhancing core products like feeds and ads to enabling new services like Meta AI and business agents. He noted that while some opportunities like Meta AI are long-term, others in the core business offer strong near-term ROI. The goal is to invest appropriately to capture this very large opportunity.

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Micha Kaufman, Founder & CEO, stated that Fiverr expects services revenue to maintain healthy double-digit growth, driven by the expansion of value-added services like financial and productivity tools. He noted that synergies with AutoDS, such as the new AI-powered Shopify store builder, are also key catalysts. Kaufman added that Seller Plus adoption is increasing as freelancers recognize its positive impact on their business growth.

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CFO Ofer Katz explained that enterprises are increasingly using freelancers to fill skill gaps for critical projects, especially amid market volatility and new technology adoption. He also stated there is more room for margin expansion in both marketing and R&D, as marketing becomes more efficient with a focus on high-value buyers and R&D grows more slowly than revenue at scale. CEO Micha Kaufman added that focusing on high-value, mission-critical buyers reduces exposure to macro flatness.

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CEO Micha Kaufman explained that Fiverr Go is fundamentally a conversion tool, with its AI assistant providing instant client responses and its creation model giving buyers confidence in a freelancer's style. CFO Ofer Katz added that while investments in the product will continue, the 2025 adjusted EBITDA guidance already incorporates these costs.

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CEO Andrew Wilson highlighted the success of the dual-purchase bundle and described the two games as a connected 'American football ecosystem' with a long-term vision for deeper integration. He sees significant global growth potential for Madden, drawing parallels to FC's growth in North America as the NFL's international popularity rises.

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CEO Andrew Wilson highlighted that 'Battlefield Labs' provided crucial feedback on map construction, weapons, and progression, ensuring the final product is aligned with community expectations. CFO Stuart Canfield clarified that the primary incremental investment in FY26 is the go-to-market marketing cost for the launch, as most R&D has already been expensed in prior periods, reflecting the company's disciplined cost management.

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CEO Sundar Pichai emphasized Google's leadership on the cost-performance frontier due to its full-stack approach, including custom TPUs and models like Gemini 2.0 Flash. He noted that the proportion of spending on inference is increasing, which is a positive trend for ROI, and that lower costs will unlock more use cases, expanding the overall opportunity.

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CEO Sundar Pichai explained that differentiation for Gemini comes from their frontier model progress with Gemini 2.5 Pro, which is seeing strong reception. He highlighted its integration into Search via AI Overviews and AI mode, as well as momentum in the Gemini app. CFO Anat Ashkenazi added that while the company plans to invest approximately $75 billion in CapEx to meet strong customer demand, they are focused on driving productivity and efficiency across the business to remain resilient regardless of macroeconomic conditions.

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CEO Sundar Pichai stated that Waymo has seen positive consumer adoption, surprising on the upside, and is accelerating its rollout through direct expansion and partnerships like Uber. CBO Philipp Schindler noted that YouTube Shorts watch time continues to grow robustly, and the monetization gap with in-stream video is significantly narrowing, particularly in the U.S.

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CEO Sundar Pichai described AI as a significant long-term driver for Cloud, highlighting that over 2 million developers are using Gemini tools, though unlocking full value will take time. CFO Ruth Porat confirmed that subscription revenue growth remains strong, led by YouTube TV and YouTube Music Premium, despite a growth rate deceleration from anniversarying a prior price increase.

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CEO Glenn Fogel explained that the Connected Trip requires continuous supply expansion across all verticals, with the critical factor being the use of data and AI for personalization. CFO Ewout Steenbergen added that payments are a crucial strategic underpinning, improving economics by acquiring multi-vertical customers once, which increases their loyalty and direct booking behavior.

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CEO Glenn Fogel explained the focus is on continuously expanding selection across all verticals and using data science to personalize offerings, noting Connected Trip transactions grew over 30% YoY. CFO Ewout Steenbergen added that payments are a crucial strategic underpinning and the model is economically favorable, as it lowers customer acquisition costs and increases loyalty.

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CFO Ewout Steenbergen stated that the company is not making major short-term shifts in its long-term investment strategy, continuing to focus on its transformation program and reinvestments in areas like attractions and GenAI. He clarified that the marketing comment referred to finding new opportunities with positive, albeit lower-than-average, ROIs that are still above the company's floor, allowing for capturing more traffic economically.

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CFO Ewout Steenbergen highlighted successful investments in flights, payments, and geographic expansion, funded by operating leverage from slowed hiring and other efficiencies. CEO Glenn Fogel added that the foundational investment to shift from an agency to a merchant model was critical for the long-term connected trip vision and is now showing benefits.

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Gustav Söderström, Co-President and CPTO, explained that Spotify's strategy is to follow user behavior, and users are increasingly watching video podcasts. He framed video as a very exciting opportunity due to strong user love, rather than a 'critical' necessity for the company's success, emphasizing that Spotify is a resilient company and is pursuing the opportunity because it is so promising.

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CFO Christian Luiga clarified that the company's first priority is investing in the business for attractive returns, but will consider shareholders if excess capacity arises. CEO Daniel Ek added that 2025 will focus on music innovation, including a 'super fans' tier, to move beyond a one-size-fits-all product and cater to specific user subgroups.

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CFO Christian Luiga explained the strategy involves moving towards a more automated business to better meet external demand. He highlighted the rebranding of the self-serve platform to SPOT's Ads Manager and the pilot of the SPOT's Ad Exchange. He confirmed programmatic is a large part of the solution, alongside diversifying ad formats and improving measurement.

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CEO Evan Spiegel explained that AI is accelerating Snap's vision for "making computing more human." He said Snap will invest where it can differentiate, such as in on-device generative AI and 3D generation. He envisions a future of on-the-fly generative AR experiences where Snap's competitive advantage will be its developer tools and the contextual awareness provided by the Spectacles form factor.

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President Karl Slatoff described the partnership as fantastic, citing Netflix's seriousness about gaming and its massive consumer reach as a recipe for success. He confirmed they are open to bringing more titles to the platform. Regarding other media, he noted they are already doing a 'BioShock' movie with Netflix, viewing such synergies as a 'nice to have' but not the primary driver of the partnership.

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CEO Strauss Zelnick noted that while there are selective opportunities in sports, the company has significant growth potential within its current portfolio. On new IP, he stressed its critical importance for long-term value, stating that the company must take creative risks to avoid stagnation, and pointed to recent mobile hits as evidence of success.

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CEO George Arison explained that growth is product-led, with new features designed to attract more users both domestically and internationally. He identified significant opportunity abroad, where brand awareness is lower, noting that improved localization is a key long-term strategy. CFO Vanna Krantz added that the product roadmap is resonating globally, as evidenced by steadily increasing payer conversion rates in every region.

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CEO George Arison outlined a philosophy of releasing minimum viable products, tracking usage metrics, and gathering user feedback, while using new app sections like the 'Discover' tab for experimentation to avoid disrupting core features. CFO Vanna Krantz addressed the ad tech question, stating that while performance is strong, 'we still have a long way to go on advancing our ad tech,' indicating significant work remains ahead to introduce new formats and increase CPMs.

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CEO Dusan Senkypl explained that in a volatile macro environment, merchants are increasingly drawn to Groupon's performance-based platform, leading to a stronger supply pipeline and faster inflow of new brands. Regarding marketing, he noted the strategy is to maintain a 100% ROI in a 7-day window on new customer acquisition. He stated that improved conversion rates are allowing for increased marketing spend at the same ROI, and the company is now exploring new channels like social media.

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CEO Dusan Senkypl detailed plans to boost purchase frequency with 'WOW deals,' particularly in food and drink, offered shortly after a customer's first purchase. He explained that enterprises are increasingly using Groupon as a pure performance-based marketing channel, which is highly attractive for businesses with fixed costs or membership models. The primary bottleneck for scaling this segment is improving technical integration capabilities with these large partners.

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Executive Adam Foroughi clarified their proposal is for TikTok's global business outside of China, arguing that operational control is necessary to address national security concerns, a task he believes their AI expertise makes them uniquely suited for. Executive Matt Stumpf discussed margins, stating they expect to maintain a lean operating model. He projected costs would remain relatively flat, with the exception of variable data center costs, which should allow for continued margin expansion as revenue grows.

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CEO Adam Foroughi described the initiative as a core R&D effort focused on using generative AI to automatically create numerous variations of ad creatives. He acknowledged the complexity, especially for video and interactive formats, but confirmed it's a key focus for the year. He suggested its impact would be visible through improved consumer response and ad performance once deployed.

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CFO Erica Gessert clarified that the guidance balances positive impacts from product enhancements against slight macro headwinds affecting top-of-funnel activity. CEO Hayden Brown detailed a dual AI strategy: providing skilled AI talent, which commands premium rates, and integrating the 'Ooma' AI assistant to make the platform more efficient, which is already boosting metrics like proposal volumes and hiring rates.

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CEO Andy Jassy explained that the strategy focuses on long-term principles like broad selection, low prices, and fast delivery, supported by tactical forward inventory buys and supplier diversification. CFO Brian Olsavsky clarified the Q2 guide includes seasonal stock-based compensation increases and Kiper launch costs, but not specific one-time tariff-related investment costs like those seen in Q1.

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CEO Andy Jassy explained that reducing the per-unit cost of technology, such as AI inference, historically leads to more innovation and greater overall technology spending, not less. He compared it to the launch of AWS, where lower unit costs spurred massive adoption and new use cases. He views the declining cost of inference as a positive catalyst for both customers and Amazon's business, as it will encourage broader integration of AI into applications.

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CEO Andy Jassy noted that price-conscious consumers are driving growth in lower-ASP everyday essentials, which he views as a positive for building stickier customer relationships. CFO Brian Olsavsky added that the company's focus on lowering its cost-to-serve is what makes it economically feasible to supply these lower-priced items and capture more of customers' shopping missions.

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CEO Steve Huffman identified the key opportunity as building better products for 'seekers'—users who come to Reddit for answers, not just community conversation. COO Jen Wong added that while video is supported, the platform is 'media agnostic,' delivering strong results across formats. They are focused on making all creative types easier to use and optimize.

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CEO Steve Huffman noted that with a 50/50 US/international user split compared to peers' 80-95% international mix, there is a massive user growth opportunity abroad, driven by product quality, machine translation, and in-country community building. COO Jen Wong added that the ad platform is global, and revenue follows users. She highlighted strong growth in EMEA and noted that international ARPU is a fraction of the U.S., indicating significant monetization headroom.

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COO Jen Wong outlined three key areas: 1) Driving CAPI adoption for better measurement, 2) Improving automation and simplicity to make performance tools accessible to smaller advertisers, and 3) Building out shopping capabilities, which is a longer-term journey involving catalog ingest and dedicated machine learning models.

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Executive Patrick Thompson described the company as operating 'very, very lean' and pointed to their 2022-2023 playbook as their strategy. In a downturn, they would implement belt-tightening measures but protect the core team and essential capabilities to ensure they are well-positioned to capitalize on the eventual market recovery. He emphasized that being ready for the recovery is paramount.

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CEO Sumit Singh highlighted that new investments like Chewy Vet Care clinics and programs like Chewy+ are proving effective at attracting new customers, while app enhancements are driving engagement across the board. Executive David Reeder added that customer cohort trends remain very strong and consistent with historical patterns, noting that newer cohorts are performing at or even above pre-COVID levels, with customers consolidating their share of wallet with Chewy as they mature.

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CEO Sumit Singh explained that Chewy has intensified its focus on the mobile app in recent quarters, viewing it as a large, untapped opportunity. He noted that while less than 20% of orders currently transact through the app, the goal is to reach levels north of 60%, similar to comparable businesses. Key benefits highlighted include higher average order value, better customer retention in a closed-loop ecosystem, and more effective personalization.

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CFO David Reeder highlighted the successful migration to a proprietary ad platform, enabling new formats and off-site capabilities. CEO Sumit Singh added that Chewy is rapidly expanding its ad supply across categories and channels to meet strong advertiser demand, which is fueled by high ROI. He noted that while off-site ads have slightly lower margins than on-site, they still flow through at a high rate.

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CFO David Reeder highlighted the successful migration to a proprietary ad platform, enabling new formats and off-site capabilities. CEO Sumit Singh added that Chewy is rapidly expanding ad supply across categories and channels, including social, while maintaining strong ROI for partners. He noted that while off-site ads have slightly lower margins than on-site, they still flow through at high margins, and the company remains on track for its 1-3% long-term target.

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CFO Matt Skaruppa identified the marginal AI cost for Duolingo Max as the single largest investment impacting the pace of margin expansion, followed by front-loaded hiring and marketing spend. He emphasized the current priority is driving Max adoption, not cost optimization. Potential upside to margin guidance could come from AI costs declining faster than anticipated.

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Robert Antokol, Co-Founder and CEO, stated that the company is on track with its three-year DTC revenue targets and noted the 8% year-over-year growth for the channel. He highlighted the recent successful expansion of the DTC strategy to more games and emphasized that DTC is viewed as a primary growth engine for EBITDA, enabling more direct engagement with players.

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Executive Steven Yi emphasized that P&C and Medicare remain the largest growth opportunities. Beyond these, he noted investments in other verticals like commercial insurance and a focus on expanding into the agent-based carrier market. For strategic investments, Yi highlighted a significant focus on bolstering data science capabilities to drive greater efficiency for both publishers and advertisers.

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CEO Josh Silverman detailed a full-funnel marketing strategy shift, moving from linear TV to connected TV and YouTube TV for brand campaigns, and increasing focus on mid-funnel opportunities for users in specific life moments. He highlighted using better machine learning (ML) to optimize bottom-funnel product listing ads (PLAs). CFO Lanny Baker added that while the company plans to keep marketing spend as a percentage of revenue stable year-over-year, they will increase spending if they can improve ROI, indicating potential variability.

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COO Jed Nachman stated that while Yelp continues to invest in products for RR&O, the primary focus is on the Services segment, where the company is better positioned to drive demand. CEO Jeremy Stoppelman highlighted the strong momentum in Services, driven by Request-a-Quote growth, the multi-location opportunity, and expansion into new categories like auto services following the RepairPal acquisition.

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CEO Tony Xu explained that grocery delivery is still nascent and the main focus is on fundamental product improvements, particularly in order accuracy. Key learnings include that customers are graduating to larger basket sizes and that grocery partners see DoorDash as a source of incremental demand. The top priority remains perfecting the core product experience.

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CEO Peter Stern explained that Peloton uses a disciplined, balanced approach. Brand marketing is measured via tools like media mix modeling, while the company leans into highly measurable performance marketing where possible. He noted that overall marketing is becoming more efficient, as evidenced by an improving LTV to CAC ratio, with a long-term goal of exceeding a 2-to-1 ratio.

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Interim Co-CEO Chris Bruzzo affirmed that instructor-led content is central to the experience and will see continued investment and innovation. CFO Liz Coddington added that the company is also investing in non-class-based content, like gaming-inspired experiences, to expand offerings and drive engagement, which is a key factor for subscriber retention.

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CFO Karsten Voermann highlighted the power of GoodRx's affordability promise. He explained the strategy involves bringing brand pharma's various affordability programs to the retail counter and investing in technology to create a better consumer product experience (e.g., pre-order, pickup, pre-pay), which helps retailers and captures incremental volume.

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CFO Kimball Shill explained that after previously pulling back too far on marketing, the company is now reinvesting to regenerate enthusiasm. While overall top-line growth has not yet materialized, he cited improving key metrics like traffic to Cricut.com as evidence of progress. Shill mentioned the use of a multimedia mix model to optimize spend by channel and stated that the company is confident enough in the data to continue the elevated spend into 2025, viewing it as a long-term investment. CEO Ashish Arora also noted that this increased traffic and awareness is expected to drive conversion during the promotional Q4.

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CEO Ashish Arora noted that the platform's appeal is broadening and that current platform investments are being made with a view toward future monetization models, including the creator economy. CFO Kimball Shill clarified that recent high cash generation was largely due to inventory reduction. He stated the capital allocation framework remains focused on funding operations, investing for growth, keeping dry powder for potential M&A, and returning capital to shareholders via buybacks and dividends.

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CEO Bill Cobb stated that while competitors have responded to Frontdoor's aggressive discounting, the company feels it is in a strong competitive position. Regarding M&A, CFO Jessica Ross and CEO Bill Cobb emphasized that the immediate priority is the successful integration of 2-10. Cobb noted it is a 'heavy lift' and that while they will continue to evaluate opportunities, the focus for the near future is on absorbing the acquisition and returning cash to shareholders via buybacks.

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