Matthew Cost

Adam detailed interactive page generator widespread adoption and video tool in testing, rolling out shortly. Clear product roadmap.

Adam explained model improvement cycle driving consumer vertical acceleration, analogizing to LLM model releases. Clear and detailed response.

Adam said moat is not mediation alone but the 360 bundle: publishers depend on APP for over 50% of UA spend plus best monetization. Switching degrades advertising performance, creating structural lock-in.

Adam explained Meta increased bidding on IDFA-on traffic but not no-ID traffic. Historical competition additions have never harmed APP because low-value impressions shift to competitors while APP earns 5% marketplace tax.

Adam said conversion funnel quality and user experience are more important than spend growth for deciding GA timing; expects launch in 2026.

Adam described active testing with small budgets; full automation vision replaces large sales force with performance marketing to acquire advertisers.

Adam explained MAX audience grows organically as marketing tech improves; not from mediation share gains but from more gaming engagement.

Adam described plans to use own models to recruit advertisers from own inventory; LTV-to-CAC economics support growth without large sales force.

Adam described LLM-based ad creative as a high-impact low-cost lever for response rate improvement, with a long pipeline to production.

Adam said they're not actively pushing new categories yet due to resource constraints; demand already exceeds capacity with existing pipeline.

Chopra said engagement, sign-ups and retention look healthy; the weakness was monetization, which continues, while Q3 DAU trends benefit from seasonality and Russia.

Chopra said the guide cut is largely safety-related (age-check, comms follow-on, monetization-biased discovery); Roblox Reality needs no incremental 2026 CapEx.

Baszucki framed AI as an expansion opportunity beyond gaming and differentiated Roblox's multiplayer 3D cloud synchronization from video-latent-space AI.

Baszucki described Cube 4D real-time multiplayer generation of interactive objects as the near-term AI unlock toward the platform's ultimate spec.

Baszucki said Creator Rewards shifts from raw-time engagement payouts to rewarding creators who drive organic/viral traffic; Chopra sees no near-term P&L impact.

Baszucki said genre expansion (RPG, sports/racing, battle) driven by platform tech, economics and discovery is the roadmap to 10% share.

Guthrie attributed the DAU step-down to lapping the PlayStation launch and Xbox step-up, plus Turkey coming off in Eastern Europe.

Management detailed the flywheel and Vector's acceleration; answered directly.

Management stressed Unity-specific context and project awareness as differentiators; direct.

Management pushed back on ceiling concerns, citing continued strong Vector growth; direct.

Management attributed growth to Vector's scalable self-learning model and broad strength; direct.

Management confirmed Vector is modular and being applied across other ad products; direct.

Management said performance advertisers spend to ROAS targets and are spending more broadly; direct.

Management attributed the guide-down to Vector-transition prudence plus nonstrategic runoff; direct.

Strauss said Take-Two is already 90%+ digital so the shift is immaterial, and separately confirmed direct-to-consumer continues to grow and lift mobile margins.

Strauss gave a quip rather than a substantive breakdown, suggesting both GTA and pipeline will contribute to sustained scale. No specific mix guidance provided.

Strauss praised Zynga leadership and creative teams, noting a more disciplined approach with fewer titles and willingness to walk away early from underperformers. On M&A, emphasized selectivity and discipline with every past acquisition working out.

Karl attributed continued NBA 2K strength to relentless focus on engagement quality rather than economy tweaks, with MyTEAM having a fantastic quarter.

Lainie declined to confirm deal economics but noted such arrangements are spread along with overall deal value to the organization.

Strauss emphasized consumer-centric distribution strategy, valuing the Netflix relationship and willingness to work across multiple channels.

Canfield confirmed reiteration of Investor Day margin framework. Pointed to FY26 guidance showing margin expansion, cash flow growth of 6-17%, and power of owned IP at scale.

Wilson provided thorough post-mortem: post-COVID catch-up delayed by World Cup and FC rebrand, then competitive cohort found defensive tuning unsatisfying. Fixed via personalized marketing to migrate players and biggest gameplay update in franchise history.