Shweta Khajuria

Ravi said demand trends are strong with MAUs at all-time highs, and framed the philosophy as reinvesting efficiency gains to build a durable business.

Tony framed partnerships through best-of-breed lens. Avoided specific travel discussion, emphasized DoorDash category strength and DashPass engagement.

Tony gave thorough vision of agentic ordering, discovery improvements, and end-to-end catalog advantages. Directly addressed the AI product roadmap.

Ravi confirmed full-year 2026 EBITDA expectations unchanged. Redundant tech stack costs mostly in 2026, smaller portion in 2027. Autonomy and merchant services spending will continue if customer benefit materializes.

Tony said DoorDash is leading in many European countries. Deliveroo growing faster than expected at same profit. International growing faster than U.S. which itself had 2 fastest quarters in 4 years.

Tony described multimodal autonomous delivery platform: Dashers, land vehicles, drones, in-house and partner-built. 2026 will be commercialization year. Testing within one market first.

Tony said Deliveroo in better shape than expected. First priority is best-in-class product, then cost efficiencies from combining European teams. Ravi confirmed growth exceeding underwriting with double-digit growth.

Tony said advertiser demand exceeds willing supply of ad surfaces. Symbiosys enables off-platform marketing as an agent for merchants. Ravi clarified ads discipline unchanged.

Tony emphasized compounding effects of multi-year product improvements across selection, affordability, quality and service. No single factor; consistent execution over 12 years.

Tony said no effects seen from tariffs. Food delivery is the most resilient category. Continuing to invest in selection, affordability, quality regardless of external factors.

Tony gave high-level strategic rationale for Deliveroo but could not share specific combined share figures due to deal restrictions.

Tony outlined consistent investment philosophy: invest behind product-market fit, focus on five core areas (U.S. restaurants, international, non-restaurants, commerce platform, ads).

Ravi emphasized focus on absolute profit dollars over margin percentages. International portfolio is gross profit positive with improving trajectory.

Chris said international retailer conversations mirror North America's; on price parity, non-markup retailers grow more than 10 points faster and retain better.

Chris said Instacart wants to be wherever customers are while controlling the experience and its data to minimize disintermediation risk; Emily tied the 10% order step-down to lapping the $10 minimum.

Rogers said international markets differ but sees product-market fit, entering with existing enterprise tech like Storefront Pro and Caper.

Rogers cited 40 new H1 storefronts and Europe/Australia inroads with existing products; Reuter framed EBT SNAP scenarios. Direct.

Directly framed on-platform and off-platform as one network via universal campaigns/optimized bidding, positioning as the aggregator for CPG.

Positioned as a performance-driven, at-scale aggregator; caution from advertisers is present but not drastic or widespread, only in pockets.

Fidji outlined four ad-growth pillars, performance, scale (Carrot Ads), diversification, and format innovation, with supporting metrics. Fully answered.

Asked about session time as attention spans shrink; Luis acknowledged the challenge and said they are still experimenting on session length, with Math and Music smaller than chess.

Von Ahn cited AI and human evaluations plus staged user testing and said content quality has actually increased over recent quarters; direct.

Luis and Gilian said retention is stable over long periods, with possible upside from multi-subject users; nothing material modeled. Direct.

Asked about Max renewal trends and China; Matt said Max cohorts are still small but renewed slightly better than Super, cautioning it is early with a larger cohort due in Q4.

Management said it does not track downloads and does not know the trend, dismissing intra-quarter engagement fears; emphasized Video Call engagement over voice-translation comparisons.

Luis said the goal is to maximize conversation practice by making Lily more engaging and lower-latency, boosting engagement and Max word-of-mouth.

Jamie cited 90% non-new inventory, 16 million enthusiast buyers purchasing 70% of GMV in considered purchases, and the unified agentic commerce platform enabling plug-in to third-party agents including an early OpenAI Ads Pilot Program partnership.

Peggy noted OI growth as the primary EPS driver, with below-the-line headwinds (lower cash balance, higher interest expense, tax rate increase to 17.5%) roughly offsetting share repurchase accretion, while targeting ~$2B buybacks within 90-100% FCF return framework.

Jamie cited a long runway with line of sight to at least 3% GMV penetration as a medium-term goal rather than ceiling, with advertising expected to outpace GMV growth for the foreseeable future, enhanced by AI-driven optimization.

Jamie confirmed the growth framework: focus categories growing well above core, horizontal initiatives helping both focus and core, and geo-specific C2C investments as the three key drivers contributing in 2024-2025 and beyond.

Steve carved between US (resilient) and Europe (UK consumer confidence depressed, Germany predicting third year of zero GDP growth).

Steve indicated the company has been effective in marketing investments and continues to balance efficiency with long-term growth investment.

Bill attributed durable engagement to AI powered by unique human taste and curation, and Gen Z seeing Pinterest as more personalized.

William framed Pinterest's safety-first choices (under-16 private by default) as a competitive advantage with Gen Z.

Bill said Magnite is still in early testing and teased exploring off-platform value of Pinterest's high-intent audience.

Bill said strategy is unchanged and named Magnite as the next SSP partner to aggregate smaller demand sources.

Bill stressed compounding multiyear effects with more opportunity ahead than behind.

Evan benchmarked app-subscription penetration at 7-12% long term, implying headroom from under 3%; direct.

Derek cited capacity-utilization gains, cloud pricing and cost-to-serve calibration as levers to hold infra flat; direct.

Derek said DR demand is strongest in verticals with product-market fit (retail, CPG, health/wellness) and compute costs keep improving; direct.