Twitter, Inc. (NYSE:TWTR) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 08:00 am ET


Twitter, Inc. (NYSE:TWTR) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Twitter's Second Quarter 2020 Earnings Conference Call [Operator Instructions].

I would now like to turn the call over to your host, Cherryl Valenzuela, Director, Investor Relations. Please go ahead.

Cheryl Valenzuela

Hi, everyone, and thanks for joining our Q2 earnings conference call. We have Jack and Ned with us today. We published a Shareholder Letter on our Investor Relations website and with the SEC about an hour ago and hope everyone had a chance to read it.

Because the letter has a lot of details, we'll keep our opening remarks brief and then dive right into your questions. We also take questions asked on Twitter. So please tweet us at @TwitterIR using the hashtag TWTR.

During this call, we will make forward-looking statements including about our business outlook and strategies. These comments are based on our predictions and expectations as of today. Our actual results could differ materially due to a number of risks and uncertainties, including the risk factors in our most recent 10-Q and upcoming 10-Q to be filed with the SEC.

Also, during this call, we will discuss certain non-GAAP financial measures. We have reconciled those to the most directly comparable GAAP financial measures in our Shareholder Letter. These non-GAAP measures are not intended to be a substitute for our GAAP results.

And finally, this call in its entirety is being webcast from our Investor Relations website, and an audio replay will be available on Twitter and on our website in a few hours.

And with that, I'd like to turn it over to Jack.

Jack Dorsey

Good morning, everyone, and thank you for joining us. A few comments from me and Ned before we take your questions. Last week was a really tough week for all of us at Twitter and we feel terrible about the security incident that negatively affected the people we serve and their trust in us. Security doesn't have an endpoint, it's a constant iteration to stay steps ahead of adversaries.

We fell behind, both in our protections against social engineering of our employees and restrictions on our internal tools. And for that, I apologize on behalf of our company. We moved quickly to lock down and fix and sought to be transparent and frequent in our updates to the public. We will continue to go above and beyond here as we continue to secure our systems and work with external firms and law enforcement.

I'll now turn to our results from the quarter. We saw tremendous growth in audience and engagement growing mDAU to 186 million, a 34% year-over-year increase; our highest reported growth rate. People continue to come to Twitter to learn about and participate in conversations focused on systemic racism and Black Lives Matter, COVID-19, and the reopening and re-closing of economies all around the world.

At the same time, we grew the number of topics people can follow to more than 4,000, including public health information, sports, music, and local news, enabling you to