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Analyst
Youssef Squali
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 28on tracked calls
- Challenge rate
- 25%7 of 28 questions
- Companies
- 4questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 28 of 28 questions from 4 companies
DASHDoorDash13 questions · 7 reporting periods · 4 of 13 challenging
Calendar 2026 Q2
can you maybe just talk about the drivers for the material beat in adjusted EBITDA in Q2?
Show response
Ravi attributed the beat to ads and subtotal unit economics coming in ahead of plan late in the quarter, plus ROO beating volume expectations.
Calendar 2026 Q1
what you are seeing in Europe, particularly Northern Europe, with Uber becoming a little more aggressive
Show response
Tony strongly pushed back on competitive vulnerability premise, citing Deliveroo's highest growth in four years and share gains across markets.
is $50 million a good run rate to assume for the rest of the year, just assuming status quo on the macro environment
Show response
Ravi confirmed $50M Q2 impact, noted H1 investment pushouts to H2, no decision yet on extension. Full-year EBITDA margin outlook unchanged.
Calendar 2025 Q4
as Amazon is doubling down on those categories, can you maybe talk a little bit about what you're seeing in terms of your growth within that category
Show response
Tony said no competitive impact. Average customer buys from multiple grocers. DoorDash offers maximal choice. DashMart Fulfillment Services enables grocers to compete with Amazon on delivery capability.
can you just help us kind of quantify the impact of the higher Dashers costs
Show response
Ravi cited three Q1 headwinds: front-loaded Deliveroo investment ($25M lower than Q4), $20M winter storm impact, and seasonal Dasher costs. Dasher cost as % of GOV still generating YoY leverage.
Calendar 2025 Q3
how you think the entry of Amazon in that space is likely to kind of impact you guys
Show response
Tony said market still very underpenetrated. DoorDash created to offer maximal consumer choice from any retailer. DashMart Fulfillment solves core inventory accuracy challenge.
how that potentially could impact Dashers pay, eventually Dashers organizing
Show response
Tony advocated for commonsensical policies. DoorDash leads on affordability (SNAP benefits) and Dasher protection (first to offer occupational accident insurance in 2019).
Calendar 2025 Q2
If you had to dream the dream with kind of building a SaaS model around SevenRooms
Show response
Tony described SevenRooms as third B2B product adding omnichannel marketing intelligence alongside Drive and Storefront. Goal is growing city GDP by solving more problems for physical businesses.
can you just provide an update on how has it progressed as your growth has accelerated?
Show response
Ravi confirmed unit economics improved YoY. Structural advantage from existing consumers and Dashers means high gross-profit-to-contribution flow-through. Focus is on driving scale.
Calendar 2025 Q1
Are there any structural issues in Europe, maybe Deliveroo's competitive positioning, et cetera, that makes these margins structurally lower?
Show response
Tony focused on maximizing long-term profit dollars through adding scale and applying lessons learned from Wolt integration. Limited in what he could share about Deliveroo specifics.
can you expand a little bit more on the affordability initiative and mix shift that caused net revenue margins to be down
Show response
Ravi attributed take rate decline to seasonality, affordability investments, and grocery mix shift. Expects Q2 take rate higher than Q1 and H2 higher than H1.
Calendar 2024 Q4
can you talk a little bit about the importance of DSPs on the platform?
Show response
Tony described DSP partnerships as par for the course, part of natural roadmap evolution from restaurant ads to CPG to global, integrating with existing advertiser ecosystems.
Can you talk the take rate was sequentially flat about 13.5%, I think the first time in while
Show response
Ravi attributed flat take rate to seasonal Dasher Pay investment to support Q4 growth. Reiterated focus on growing absolute profit dollars over margin percentages.
METAMeta Platforms, Inc.8 questions · 4 reporting periods · 2 of 8 challenging
Calendar 2026 Q1
on that 10% RIF, how much of that is due to efficiencies for maybe AI implementation versus just the need to stay fit?
Show response
Li acknowledged rapid change from AI but did not quantify the split between AI-driven efficiency gains and operational trimming.
ray-Ban, Oakley AI glasses continue to perform really well for you guys, but Essilor-Luxottica owns and manages a lot more brands.
Show response
Li discussed strong demand and the shift to latest-gen Ray-Ban Metas but did not address specific gating factors for additional Luxottica brands.
Calendar 2025 Q3
on wearables, in particular, do you think you'll be able to sell enough hardware to recoup your investment? Or is that dependent on maybe creating new avenues for revenue from things like advertisi...
Show response
Zuckerberg said both device sales and AI services will contribute, framing the path to profitability as reaching hundreds of millions of users.
how do you see the on-balance sheet versus off-balance sheet financing of your AI initiatives? You've recently struck a deal with Blue Owl for the Louisiana data center. Is that part of the CapEx g...
Show response
Susan Li confirmed Blue Owl JV construction costs will flow through other investing activities rather than CapEx, a meaningful off-balance-sheet shift.
Calendar 2025 Q2
Just as you look at the spend on stock-based compensation over the next couple of years with all these hires, I'm assuming that we're going to see that materially -- or grow materially faster maybe...
Show response
Susan Li confirmed buybacks will continue to offset equity compensation dilution.
Where are we on the development of glasses? And has that new computational platform that you've talked about in the past, is it moving faster or slower than you thought?
Show response
Zuckerberg restated glasses thesis and flagged that AI progress is outpacing holographic display progress, driving faster glasses development.
Calendar 2025 Q1
on the EU decision connection with the DMA, what kind of modifications will you need to make to the apps? And can you maybe just help us gauge the potential financial fallout
Show response
Susan Li quantified European exposure at 16% of worldwide revenue in 2024 but said it is too early to specify required modifications.
Do you think this is a market much like Search, where the winner takes most, or is it likely to be much more fragmented?
Show response
Zuckerberg framed chatbots as a fragmented market with personalization and multimodality as key differentiators.
TTDThe Trade Desk, Inc.6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
the short-term guide, which I think implies about 12% decline year-on-year for Q3
Show response
Green separated controllable factors (product and team execution) from the macro, secular tailwinds in technology and pharma versus pressure on bifurcation-exposed categories, without quantifying the split. On agency partner Publicis, he characterized the past public disputes as essentially a negotiation that is now behind them and called the decade-long partnership phenomenal.
Calendar 2026 Q1
Could you maybe flush that out a little bit for us? What are the gating factors to kind of make -- to start making that a reality and have it start impacting kind of the P&L?
Show response
Green argued LLMs have Netflix-like monetization dilemma with expensive compute costs. Prompts are much more detailed than legacy 2-word search queries, enabling video ads and higher engagement. Sees opportunity for both top and bottom funnel that legacy search never provided. Said still in first inning but represents tremendous TAM expansion for TTD.
Calendar 2025 Q4
How does Agentic AI change the monetization model potentially for Trade Desk?
Show response
Green explained Agentic AI enhances decisioning in high-complexity environment. Third-party data ecosystem becomes more powerful when used with AI vs simple algorithms. AI improves supply path optimization, efficacy, client stickiness, and go-to-market efforts across all parts of business.
Calendar 2025 Q3
Can you maybe share your thoughts about potential fallouts for Trade Desk from that?
Show response
Green argued Google's antitrust problems came from open internet actions but most money comes from owned-and-operated, so they'll retreat regardless of ruling. On products: highlighted Deal Desk (forward market foundation), trading modes (different user interfaces), and Audience Unlimited as potentially one of most significant innovations in company history.
Calendar 2025 Q2
how are you evaluating the evolving competitive landscape? And I guess more specifically, have there been any meaningful changes in how Amazon has shown up competitively in the market?
Show response
Green argued Amazon nearly doubled Prime Video supply creating objectivity conflicts. Amazon competes with most Fortune 500 in retail/CPG/cloud, making data trust difficult. Positioned Amazon as potential partner if they open Prime Video to external demand rather than long-term competitor.
Calendar 2024 Q4
are you already observing a significant shift in an advertiser sentiment? Or is the transition occurring at a much more gradual and measured manner
Show response
Green argued Google's network business has been shrinking for years, their DSP is deprioritized, and most DV360 spend routes to YouTube. Believes Google will distance from open internet regardless of trial outcome.
RDDTReddit, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q3
It seems like new types of AI content are rising and users are also consuming more video. So just curious what Reddit's strategy is in this environment.
Show response
Steve (via a stand-in for Youssef Squali) positioned Reddit as by-humans-for-humans, with video its fastest-growing content type.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| DASH DoorDash | 13 | 31%4 of 13 questions |
| META Meta Platforms, Inc. | 8 | 25%2 of 8 questions |
| TTD The Trade Desk, Inc. | 6 | 17%1 of 6 questions |
| RDDT Reddit, Inc. | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 3 | 33%1 of 3 questions | 2 |
| 2025 Q1 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q2 | 5 | 20%1 of 5 questions | 3 |
| 2025 Q3 | 6 | 33%2 of 6 questions | 4 |
| 2025 Q4 | 3 | 0%none of 3 questions | 2 |
| 2026 Q1 | 5 | 20%1 of 5 questions | 3 |
| 2026 Q2 | 2 | 50%1 of 2 questions | 2 |
- 2024 Q43 questions · challenge rate 33% (1 of 3 questions) · 2 companies
- 2025 Q14 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q25 questions · challenge rate 20% (1 of 5 questions) · 3 companies
- 2025 Q36 questions · challenge rate 33% (2 of 6 questions) · 4 companies
- 2025 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q15 questions · challenge rate 20% (1 of 5 questions) · 3 companies
- 2026 Q22 questions · challenge rate 50% (1 of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics9
- Margin7
- Revenue Growth6
- Cloud & AI5
- Product Launch5
- Cost Pressure4
- Innovation & R&D4
- Regulation Policy3
- Capital Allocation3
- Geographic Expansion2
Show all 15 topics
- Demand2
- M&A2
- Pricing2
- Labor Market1
- Capex Investment1