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Founder and CEO Brian Leach described the publisher side, especially Walmart, as a 'real bright spot,' citing deeper collaboration on in-store and digital marketing and friction-reducing features like phone number ID at checkout. He stated these efforts are successfully driving loyalty and adoption, but emphasized that the primary challenge remains unlocking more offer supply from CPG clients.

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Bryan Leach, Founder and CEO, confirmed that significant untapped opportunities exist but was intentionally circumspect to protect competitive strategy. He hinted at several avenues for growth, including expanding services with current publishers, integrating with adjacent marketplaces, and entering new verticals entirely, such as specialty retail. The response suggests a broad and active pipeline for future publisher growth beyond the current focus.

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CFO Sunit Patel explained that the Q4 trough is primarily due to lapping difficult year-over-year comparisons in the D2C and ad revenue segments. He stated that as these headwinds recede in 2025, the continued strong growth from the third-party publisher network and the ramp-up of new partners like Instacart will mathematically drive a significant acceleration in the overall growth rate.

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CEO Lauren Antonoff stated that user penetration is showing consistent progress across all markets with no major changes. She affirmed her priorities are aligned with the company's established strategy: focusing on user engagement, growing the advertising business, driving international expansion, and solidifying Life360's position as the family 'super app'.

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CEO Jeff Green responded that the 20% KPI lift is 'merely scratching the surface' of what AI can achieve, with future gains dependent on client engagement and campaign optimization. CFO Laura Schenkein addressed the verticals, explaining that Home & Garden (~8% of business) is seasonal, while Style & Fashion (~4% of business) is a smaller category, and it's normal for some verticals to perform below the company average in any given quarter.

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Co-Founder and CEO Jeff Green identified hiring a world-class Chief Operating Officer (COO) as a key priority to enhance operational rigor. Regarding reacceleration drivers, he pointed to the massive $1 trillion TAM, of which they have a small share, and significant growth vectors including CTV, international markets, the largely untapped audio channel, and their increasing ability to drive supply chain efficiencies at scale.

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CEO Ariane Gorin highlighted accelerated momentum in B2B, advertising, and Brand Expedia as improvements, while noting Vrbo and Hotels.com are still on a journey to fill gaps post-migration. She sees an opportunity to move faster, enabled by internal AI. CFO Scott Schenkel pointed to the 150 bps of margin expansion in H1 as evidence of progress and sees further opportunity in H2 from cost actions and rebalancing marketing investments to drive productivity.

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CEO Ariane Gorin explained that Vrbo's acceleration was driven by 2024 initiatives in product, supply, and marketing, but acknowledged more work is needed to win back travelers lost during its replatforming. For Hotels.com, she noted the brand returned to modest growth after being impacted by its tech migration and loyalty program changes, with significant plans to reinvigorate the brand in 2025. She expressed overall conviction in the trajectory of both brands.

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CFO Matt Skaruppa confirmed that pricing experiments were beneficial to bookings, but clarified that the primary driver of ARPU growth is the mix shift to higher-priced plans like Family and Max, not direct price increases. CEO Luis von Ahn reflected that the key lesson from the controversy was the need to provide more context in external communications. He dismissed concerns of market saturation, stating that some of the most penetrated markets are growing fastest and that the total addressable market, including new subjects, remains vast and largely untapped.

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CFO Matthew Skaruppa confirmed that pricing experiments were successful and led to price increases, but noted that ARPU growth was more significantly driven by FX and plan mix shifts. CEO Luis von Ahn stated the key lesson was the need for more context in external communications. He dismissed concerns of market maturation, pointing to the massive TAM for language learning and new subjects, and noted that some of the most penetrated markets are still growing the fastest.

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CEO Luis von Ahn Arellano confirmed U.S. growth is solid and roughly in line with the global average. While not providing specific numbers, he said Max traction is 'very good,' especially after adding the easily understood Video Call feature. CFO Matt Skaruppa noted that ARPU growth was flat year-over-year and should increase as Max adoption becomes more material in the amortized revenue figures over time.

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CEO Brian Chesky expressed satisfaction with the high awareness and guest ratings (4.93 stars) for Experiences. He stated that while no specific attach rate targets are being shared, the goal is to increase it by improving supply, integrating more entry points in the booking flow, and raising awareness. Chesky highlighted Paris as a key test market and noted that 40% of "Airbnb Originals" bookings are from locals, indicating a new demand vector.

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CEO Brian Chesky outlined a three-horizon strategy. The near-term focus is perfecting the core service by improving reliability, affordability (e.g., global total price display), and usability to boost conversion. The second horizon is accelerating growth in international expansion markets, which are growing twice as fast as core markets. The long-term horizon involves expanding beyond homes.

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CFO Ellie Mertz confirmed that the booking acceleration was seen globally as lead times normalized throughout the quarter, though she noted a particular pickup in EMEA after the Paris Olympics. Regarding co-hosting, she stated that while it will take time to scale to a material level, successful multi-year pilots, particularly in France, provide confidence in the strategy's potential to attract high-quality listings.

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COO Chris Innes explained that the minimum spend was lowered from $25,000 to $500 per campaign, enabled by improved targeting, which has opened the platform to more customers without yet significantly altering the average budget. CFO Patrick Pohlen confirmed that for Q3 guidance, the organic growth adjustment (excluding the Maxim Effort divestiture) would likely be in the high single digits, similar to the delta seen in Q2.

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CEO Oran Holtzman stated that the core strategy remains direct-to-consumer, leveraging Oddity's existing user base and technology. The primary operational difference is the new infrastructure for pharmacy and fulfillment. He emphasized that the key differentiator is deep personalization, with over 20 customer cohorts receiving unique treatments, which has shown a 50% improvement in satisfaction in internal tests. He described the overall go-to-market approach as 'pretty much the same' as prior brands.

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VP of Investor Relations Dave Fildes stated the AWS backlog was $195 billion, up 25% year-over-year. CEO Andy Jassy added that supply constraints, primarily power, will likely take several quarters to fully resolve but should improve each quarter. Jassy sees long-term financial potential for Alexa Plus through device sales, increased shopping, and future advertising and subscription revenue opportunities.

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VP of Investor Relations Dave Fildes provided the AWS backlog figure of $195 billion. CEO Andy Jassy added that resolving supply constraints, primarily power, will take several quarters but will improve sequentially. He explained that Alexa Plus could drive financial benefits through device sales, enhanced shopping experiences, advertising, and a subscription model.

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CEO Andy Jassy confirmed that the Q4 capital expenditure of $26.3 billion is a reasonable annualized run rate for 2025, with the majority funding AI infrastructure for AWS, which he views as a positive long-term signal. He also acknowledged that while AWS's AI business is growing rapidly, its growth is indeed constrained by the availability of third-party chips, the ramp-up of Amazon's own Trainium2 chips, and power availability, expecting these issues to ease in the second half of 2025.

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COO Alex Hungate explained the growth is sustainable and 'exponential,' driven by both new advertiser acquisition (with merchant penetration still below 50%) and increased spending from existing clients who see an average 8x return on ad spend. He noted that as Grab's network scales, its value to advertisers increases. Citing other markets, he suggested long-term advertising penetration could reach 2-4% of GMV, significantly higher than the current 1.7%.

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President and COO Alex Hungate responded that Grab is excited about the potential of AVs and aims to be at the forefront of exploring the technology. He positioned Grab as an attractive partner due to its regional leadership and AI focus. While declining to provide a specific timeline for pilots, he stated the goal is to understand the operational and insurance requirements for AV fleets, leveraging Grab's existing expertise. He characterized the current phase as early-stage exploration.

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CFO Peter Oey clarified that incentive fluctuations are deliberate and intentional to drive product adoption and are not a structural shift, pointing to stable year-over-year mobility margins. President & COO Alex Hungate added that MTU growth is driven by affordability products and high-value travelers, with new users showing strong cross-sell engagement and older cohorts continuing to increase their spending.

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Chief Operating Officer Alex Hungate explained that while the long-term trend for incentives is downward due to AI-driven efficiencies, short-term fluctuations are expected when launching new products. He attributed the strong MTU growth to affordability strategies attracting new users and highlighted significant upside potential in converting the large base of annual transacting users into more frequent monthly users.

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CEO Glenn Fogel stated that while Booking Holdings doesn't detail individual country performance, Asia remains the highest long-term growth region, driven by its Agoda and Booking.com brands. CFO Ewout Steenbergen added that it's too early to see a definitive impact from LLMs on traffic diversification but highlighted active partnerships with major AI players, a 25% YoY increase in social media channel spend, and the continued strength of the direct channel, now in the mid-60% range.

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CEO Glenn Fogel stated that while Booking Holdings doesn't break out individual country performance, Asia remains the highest long-term growth region, supported by a dual-brand strategy. CFO Ewout Steenbergen added that it's still early for LLMs to show a definitive impact on traffic diversification, but noted the direct channel mix continues to grow, now in the mid-60% range, and social media spend increased 25% year-over-year, indicating active channel diversification.

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CEO Glenn Fogel credited the growth in Asia to both a market recovery and strong execution by the Agoda team in areas like localization and inventory. Regarding alternative accommodations, he noted the company's strong growth but stated he doesn't know the ultimate market share, emphasizing the significant remaining opportunity, particularly in the U.S.

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CFO Derek Andersen explained that the lower SBC guidance reflects a disciplined and focused hiring approach aligned with strategic priorities. CEO Evan Spiegel stated that Spotlight revenue is a growing share of the total, with its high-consideration inventory performing well for direct response advertisers. He added that Spotlight now accounts for about 48% of total time spent watching content, making it an increasingly meaningful part of the business.

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CFO Derek Andersen explained that the reduced SBC guidance reflects a more careful and focused hiring strategy aligned with core priorities. CEO Evan Spiegel reported that Spotlight revenue is an increasing share of the total, performing well for direct response advertisers, and now accounts for over 48% of total content viewing time.

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CFO Derek Andersen confirmed that the company is being thoughtful about managing its cost structure and balancing investments with growth. He explained that Q1 hiring was focused on core priorities like go-to-market for SMBs and engineering. Since personnel costs are a major part of operating expenses, the adjusted cost outlook for the year will naturally involve managing the pace of hiring to align with financial goals.

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Philipp Schindler noted strong Q2 ad performance but stated it was too early to comment on the H2 outlook. Sundar Pichai defended the two-surface approach, explaining that Search and Gemini serve different core functions (information vs. assistance), which allows for focused innovation, with the potential for future integration.

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David Lee, CFO and COO, explained that Korea is a mature market with high penetration, making MAU fluctuations common. He emphasized focusing on the 3.6% constant currency revenue growth, driven by a 6.7% increase in ARPU due to product improvements. He noted that webcomic app MAU is a better long-term predictor. Regarding North American advertising, Lee stated it's still 'early days' and a mid-to-long-term opportunity, with the primary focus remaining on paid content and advertising in more developed markets for now.

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David Lee, CFO and COO, expressed high confidence in the business fundamentals, particularly describing the Japan segment as a "rocket ship." He clarified that the Q1 guidance reflects discrete, short-term issues such as IP slate timing and product development being sequenced for the back half of the year. Lee also noted the guidance accounts for historically weak FX rates but reaffirmed Japan's strength, citing a high number of new local titles and its number one revenue ranking in the non-game app market.

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CEO Junkoo Kim and CSO Yongsoo Kim clarified that while specific components are not disclosed, the business model is 'derisked' and not capital-intensive. The primary model is licensing, which involves minimal direct costs. When costs are incurred, they are for smaller development expenses like scripts, not large-scale studio production. Yongsoo Kim added that co-productions, which have a different cost structure, are not their main business model for IP adaptation.

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CEO David Rosenblatt responded that there has been no fundamental change in the sources of buyers, although organic traffic has improved while paid traffic softened. He directly linked active buyer growth to improvements in conversion rates, which is the company's top priority. Rosenblatt noted that the sustainability of this growth will depend on future conversion trends, which are currently being impacted by the macroeconomic environment, as evidenced by a significant change between March and April.

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CEO David Rosenblatt stated that the auctions feature was financially minimal, accounting for about 2% of revenue, and that reallocating resources to machine learning-based pricing tools would be a more effective, marketplace-wide strategy. CFO Tom Etergino clarified they were not providing 2025 guidance, but rather stating a goal to lower the revenue growth threshold required to generate operating leverage to the mid-single-digit range.

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CFO Prashanth Mahendra-Rajah confirmed that insurance cost inflation has moderated to high single digits, a significant improvement, aided by Uber's safety tech and policy initiatives like tort reform. CEO Dara Khosrowshahi acknowledged Waymo's leadership but pointed to promising AV development from partners in China (WeRide, Pony) and others like May Mobility and Momenta, indicating a growing and competitive field.

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CFO Prashanth Mahendra-Rajah confirmed that rising insurance costs are primarily a U.S. phenomenon, noting that while costs are still increasing, the rate is moderating. CEO Dara Khosrowshahi added that the advertising business has significant room for growth, with Delivery ads currently in the mid-1% range of gross bookings, targeting over 2%. He detailed progress across SMB, enterprise, grocery CPG, and mobility journey ads, expressing confidence in continued expansion.

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CFO Ravi Inukonda stated the company's minimum cash target is roughly $1 billion for working capital, with the goal of reinvesting excess cash to generate long-term free cash flow. CEO Tony Xu noted that while 7 Rooms could be expanded, the immediate focus is on sequencing and execution within the restaurant vertical, where significant runway still exists.

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CEO Tony Xu explained that the commerce platform has seen strong adoption, with hundreds of thousands of businesses using products like Storefront and Drive to become digital-first. Regarding DashPass, CFO Ravi Inukonda added that the program hit a record of over 18 million subscribers in Q3, with strength seen across both urban and suburban markets, reflecting broad-based share gains.

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CFO Susan Li identified gaming and politics as other weak verticals in Q1. CEO Mark Zuckerberg addressed Reality Labs, stating that while the focus is on efficiency, the success of AI glasses warrants further investment to scale distribution quickly. He indicated that monetization would become the primary focus only after reaching sufficient scale, implying significant investment will continue in the near term.

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CFO Susan Li stated that events like the Olympics historically do not provide a meaningful incremental contribution, and this year was similar. For WhatsApp, she highlighted that click-to-message ads, particularly click-to-WhatsApp, remain the focus and show strong growth. Paid messaging is also growing strongly and was the primary driver of the 48% growth in the Family of Apps 'other revenue' line.

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CFO Anat Ashkenazi acknowledged that while they continuously push for efficiency, offsetting the accelerating depreciation from significant CapEx investments will become more difficult. CEO Sundar Pichai addressed Waymo, stating the focus is on building the 'world's best driver,' which provides optionality. He highlighted progress through partnerships with Uber and Move, indicating that a successful ecosystem of partners is key, while also exploring various business models without committing to a specific one or timeline.

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CFO Anat Ashkenazi stated that Cloud's margin expansion to 17% was driven by scale and efficiency efforts, but noted continued investment is required. For the broader business, she plans to build on existing cost discipline by optimizing operations and using AI internally to fund innovation, while balancing this against substantial planned capital investments for 2025.

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CFO Tim Yarbrough highlighted the high variability of sales and marketing spend as the primary lever for cost control, noting its flexibility to be adjusted based on ROI. CEO Ian Siegel addressed the long-term view, stating that based on 15 years of experience through various cycles, he believes recoveries are inevitable and that new technologies historically create more jobs than they destroy. He expects the market to eventually return to a more stable and predictable state.

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President Harley Finkelstein stated that Shopify likes its current size and shape and expects to grow the business with a fairly flat headcount. Regarding pricing, he noted that merchants, including at the enterprise level, see Shopify as the 'best deal in town' and that past price increases saw very little pushback, indicating a strong price-to-value ratio and future elasticity.

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CEO Sumit Singh clarified that net new customers were a larger contributor to gross additions than reactivated customers. He also highlighted positive trends in cohort stabilization and improved reorder rates. Singh described the competitive environment as rational and moderate, stating Chewy is focused on executing its own playbook of differentiation through service, assortment, and innovations like Chewy+, the mobile app, and sponsored ads.

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CFO David Reeder explained that as an at-scale business with highly predictable Autoship revenue, Chewy can leverage its fixed costs in fulfillment, software, and human capital, allowing SG&A to remain relatively flat while still investing for growth. CEO Sumit Singh added that the Canada expansion is proceeding as planned, with high customer NPS and growing assortment, and no material incremental investment is anticipated for the remainder of the year.

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CEO Sumit Singh expressed confidence in the sustainability of customer growth, attributing it to internal efforts like a broader marketing strategy and improved product experience. He noted that the Q1 2025 new customer cohort shows a low single-digit higher net spend and improved reorder rates compared to the prior year's cohort, indicating higher customer quality and stronger retention.

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CEO Sumit Singh expressed confidence in the sustainability of customer growth, attributing it to internal efforts like a broader marketing strategy and an improved product experience. He provided data showing that the Q1 2025 new customer cohort has a higher Net Spend Per Active Customer (NSPAC) and better reorder rates than the prior year's cohort, driven by a strong mix of Autoship and consumables.

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CEO Sumit Singh expressed confidence in the sustainability of customer growth, attributing it to internal efforts like a broader marketing strategy and an improved product experience. He provided data showing the Q1 2025 new customer cohort has a higher Net Spend Per Active Customer (NSPAC) and better reorder rates than the prior year's cohort, driven by a strong mix of Autoship and consumables.

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CEO Sumit Singh expressed confidence in the sustainability of customer growth, attributing it to internal efforts like a broader marketing strategy and an improved product experience. He provided data points showing that the Q1 2025 new customer cohort has a higher Net Spend Per Active Customer (NSPAC) and better reorder rates than the prior year's cohort, indicating higher quality customer acquisition and retention.

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CEO Sumit Singh expressed confidence in the sustainability of customer growth, attributing it to internal marketing and product improvements. He provided data showing the Q1 2025 new customer cohort has a higher Net Spend Per Active Customer (NSPAC) and better reorder rates than the prior year's cohort, driven by a strong mix of Autoship and consumables.

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CEO Sumit Singh expressed strong confidence in the sustainability of customer growth, attributing it to internal efforts like marketing and product enhancements rather than market trends. He provided data showing that the Q1 2025 new customer cohort exhibits higher spending (NSPAC) and better reorder rates compared to the prior year's cohort, indicating an improvement in customer quality.

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CEO Daniel Ek stated that the company has "turned a corner" on MAU growth. He attributed the success primarily to numerous small product improvements that boosted engagement. He also noted that marketing spend increased, but only after the team confirmed it was efficient, as measured by the SAC-to-LTV ratio.

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CEO Bill Ready confirmed that both partnerships continue to build sequentially, with the Amazon relationship now expanding into Canada and Mexico. He noted that while the international partnerships with Google and resellers are in earlier stages, they are performing as intended by filling gaps in the ad auction. He suggested it is still early to see a major impact on Rest of World ARPU, but progress is encouraging.

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CFO Jeremy Hofmann stated that Zillow has not seen significant changes, noting that commission rates for their top-tier agent partners have remained in a tight band. On SBC, Hofmann explained the plan is to leverage it going forward. Since 90% of SBC is in the fixed cost base, which is expected to grow modestly, revenue growth will drive leverage on the SBC line and lead to greater GAAP profitability over time.

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CFO Jeremy Hoffman responded to both questions. On the NAR settlement, he stated that commission rates for Zillow's top-tier agent partners have remained in a tight band and reiterated that Zillow expects to be an 'outsized beneficiary' of industry changes. Regarding SBC, he explained the plan is to gain operating leverage on the expense, as 90% of it sits within the controlled ~$1 billion fixed cost base, which will help drive GAAP profitability as revenue grows.

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CEO Jeremy Wacksman and CFO Jeremy Hofmann explained that while not providing a specific market's share, the key proxy metric, revenue per total transaction value, has accelerated from 50% to 80% year-over-year growth in their first four enhanced markets. Hofmann added that this strong, steady growth gives them confidence in their strategy and justifies the accelerated rollout of enhanced markets.

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CFO Jeremy Hofmann attributed the softer Q2 outlook to headwinds from struggling first-time homebuyers and a 'wait-and-see' approach from Premier Agent partners due to the recent spike in interest rates, noting this was similar to a situation in 2022. COO Jeremy Wacksman reported positive traction for Listing Showcase, highlighting benefits for sellers (faster sales, higher prices) and agents (winning more listings), and stated it's still early in its national rollout.

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CEO David Risher responded that it is too early to identify specific preferred use cases for AVs. He noted that current observations are influenced by the novelty effect and tourism, especially in San Francisco. He stated that Lyft is in a learning and monitoring phase and expects to gain more insight from its new partnerships, such as with May Mobility in Atlanta.

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