Ross Sandler

Asked for an update on GMV lapping dynamics; Peggy detailed Klarna, marketing-efficiency, Pokemon and bullion laps while affirming most growth is durable.

Jamie cited eBay's strong organic momentum in C2C (mid-teens U.S. growth), $10B+ fashion category with 10% U.S. growth, over $500M incremental U.S. fashion GMV in 2025, and Depop's younger demographic and 60% U.S. growth as complementary strengths.

Peggy detailed lapping dynamics: Pokemon deceleration, bullion moderation after Q1, Klarna U.S. lapping from Q2, and marketing efficiency lapping from Q2, while emphasizing broad-based durable growth from strategic priorities.

Jamie attributed ASP growth to forward-deployed China inventory replenished at higher tariffs and Klarna U.S. expansion driving high-ticket items at approximately 3x marketplace average, rather than Temu pullback.

Jamie expressed strong excitement about fashion, citing $10B+ GMV base, generative AI discovery tools, brand direct sales, influencer marketing including the Met Gala presence, and transferring U.K. fashion innovations to the U.S.

Steve acknowledged the indirect exposure exists and is contemplated in their scenario planning but did not quantify the US-seller-sourced-from-China portion directly.

Jamie noted the focus on non-new in-season and higher-income categories like handbags and trading cards makes the platform more resilient than in prior downturns.

Steve clarified margins are roughly flat despite ~70bps net headwinds (depreciation 50bps, managed shipping 30bps, M&A 20bps, offset by 30bps FX tailwind) as the company targets OI dollar growth.

Jamie confirmed the UK trajectory mirrors Germany, noting Germany maintained momentum even a year post-launch; expects similar sustained trajectory in the UK.

Sundar: expects to pick up the release pace toward a near-monthly cadence while investing heavily in the more ambitious Gemini 4 base model.

Schindler focused on user experience design rather than directly addressing pricing dynamics, noting advertising models will follow from good UX.

Pichai said Q4 was extraordinary growth period for Gemini app with not just MAU growth but sharp increase in engagement per user. All metrics including active usage intensity retention showed distinct progress across iOS web Android and globally. Product improvements Nano Banana and Gemini model progress translated to strong momentum continuing. Also noted many people getting deeply AI native experience in AI Mode in Search with strong growth since Gemini 3 introduction.

Schindler said AI Max improves advertiser ability to target wider range of queries but important to separate from whether queries increase with AI Mode. Sees opportunity to take queries that are not fully commercial but have adjacent commercial relationship and expand into more attractive ad offerings while creating interesting user experience. Pichai added AI Overviews and AI Mode dramatically improving search with universal improvement in user satisfaction across breadth of human needs naturally applying to commercial categories over time.

Schindler said AI Overviews continue driving higher satisfaction and search usage scaled to over 2 billion users in 200 countries. Monetization at approximately same rate providing strong base for innovative next-generation ad formats. Pichai said very excited to partner with OpenAI on Google Cloud as an open platform with strong history of supporting great companies startups and AI labs. Looking forward to investing more in that relationship.

Pichai said product innovation driving increased adoption and usage including model advances. 1.5 billion users interacting with AI through AI Overviews plus Gemini app and AI Mode. By many metrics now has best model driving further adoption. Schindler said brand and direct response both solid in Q1 with cultural moments like Coachella and March Madness. Watch time robust in Shorts and Living Room. Too early to comment on Q2.

Pichai said end-to-end stack approach drives differentiation on cost latency and performance. TPU advantages passed on through pricing enabling flash models at attractive value props. Doubled developers to 4.4 million in 6 months with Vertex usage up 20x. Ashkenazi said financial services lapping relates to structural insurance changes as one-time step-up seen throughout 2024. Declined to quantify 2025 impact but noted strength across all verticals.

Evan framed FCF inflection as funding Specs plus dilution offset but gave no specific investment magnitude.

Derek walked through FX, Middle East and comp dynamics and attributed the ~2-point midpoint acceleration to the North America ads business; direct.

Evan acknowledged shareholder input and cited discipline actions but did not engage the specific proposals; partial.

Evan cited 28% active-advertiser growth, medium-customer strength and a stable macro assumption behind the guide; direct.

Evan said Specs is now a wholly owned standalone subsidiary, creating optionality for partners; direct.

Evan cited strong early conversion and engagement lifts from Sponsored Snaps while managing supply with frequency caps; Derek gave the revenue topography; direct.

Derek cited de minimis-affected advertisers and macro uncertainty behind the guidance decision and cost trims; direct.

Tony said DoorDash has expansion plans and is securing permits but would share more later, emphasizing execution before scaling.

Tony said majority of tech stack work to be completed in 2026. Benefits already visible from shipping features across platforms. Hundreds of opportunities identified in single-stack migration.

Tony said SevenRooms adding venues 50% faster post-acquisition. Best-in-class CRM combined with largest demand generator platform creates unique value for restaurateurs.

Ravi clarified $200M is Deliveroo's EBITDA contribution including product, selection, quality and people investments. Separate from broader tech platform spend.

Tony cited confidence from Wolt track record. Combined presence in 20+ European countries with strongest positions in biggest profit pool cities.

Tony addressed both vectors thoroughly, explaining room to run in penetration through geography expansion and frequency through product quality improvements.

Zuckerberg addressed both parts, explaining the scaling ladder for model size and committing to a mix of open and closed releases.

Zuckerberg positioned Meta as delivering polished, billion-user-scale agents vs. developer-focused tools, and confirmed self-improvement research is table stakes but Meta stays consumer-focused.

Zuckerberg framed immersive/interactive content as the next content evolution beyond video, with Horizon as one flavor of that theme.

Zuckerberg framed MSL as a capability factory that will feed multiple products (assistant, business AI, ranking, creative), expecting winner-take-most dynamics per capability.

Susan Li declined to commit to a timeline on the compute supply/demand crossover, described landscape as dynamic.

Zuckerberg was explicit that meaningful Meta AI monetization contribution is beyond 2025; 2025 is about product scale.

Bill said the sophisticated-advertiser pilot is expanding in Q3 and the shift beyond last-click attribution favors Pinterest.

Julia said the ad environment is consistent with last quarter and the Middle East impact is small, isolated to oil-affected verticals.

Bill cited doubling managed-SMB growth and accelerating international revenue, but said execution must move faster.

Julia reaffirmed the 30-34% long-term margin target; Bill positioned Pinterest as distinct from chatbot product research.

Julia detailed R&D and sales-capacity investment; Bill explained Instacart brings actionability to food and beverage.

Julia cited reduced Asia-based e-commerce spend from the de minimis change, offset by geographic diversification.