So there were a lot of reasons that Quest 2 was one of the hot holiday gifts this year. Communities, private messaging, commerce tools for small businesses, and building the next computing platform. Read the full post on Motley Fool usx:fb Like add a comment. That means improving our products and tools to help businesses seamlessly manage their online presence, advertise across our apps and communicate with customers through business messaging. 3 0 obj Now our messaging services continue growing, but it is an uphill battle and our services just need to be that much better as private social platforms to succeed. I think the context is we’ve had a tremendously strong quarter Q4 of this year. And as the lockdowns have continued, we saw more businesses, more small businesses, and creators also use paid online events as a way to make money. The biggest factor there is iOS 14. So we’ve supported changes in this for a while. Some of these changes also impact developers and other forms of businesses. Contact. And I think that we can potentially do a better job of those core jobs that we have, and do a better job of helping to bring people together and helping to promote healthier communities, if we can reduce the amount of politics on our services. And business messages will only be hosted on our infrastructure if the business chooses to do so. So even if you can send messages across the different apps and there’s more interoperability and we bring the same world-class privacy features to both, I think that that will still make the apps feel fairly distinct. Mark Zuckerberg: (40:55) And third, they need their voices to be heard. Excuse me, this is the operator. And we recently expanded checkout to all US businesses, making the process of buying a lot more seamless. So I believe that if people want to be able to discuss this stuff or join groups there, they should certainly be able to do that. Business owners like Asia and Paola have worked hard to adapt and grow online, but lots of businesses will continue to struggle in 2021. Mark Zuckerberg: (06:05) Your next question comes from the line of Ross Sandler from Barclays. I think that Facebook has done more than any other company to help bring virtual reality to the mainstream. Facebook Q1 2021 Earnings Listen to Webcast. So that’s going to be true, whether you’re using IDFA or not. On the first, we accelerated our work-on tools to make it easier for people to find brands and products they love, and for businesses to manage their online presence and connect with customers. 2.6 billion people now use one or more of our apps each day, and more than 200 million businesses, mostly small businesses, use our free tools to reach customers. Dave: (31:17) Was there another question on that last one that I was supposed to answer? Mark Zuckerberg — Founder, Chairman and Chief Executive Officer. Deborah Crawford: (00:45) Mark Zuckerberg: (03:47) Thank you very much. We believe our business has benefited from two broad economic trends playing out during the pandemic. So Apple and governments have the ability to access most people’s messages. With so many businesses struggling when the pandemic hit, we asked our team, what do businesses need and how can we help? And the same identity and graph that you use on Facebook comes with you to Messenger. Something that’s so important given current unemployment rates. We also continued to invest in making our products as attractive as possible, so businesses can get more value for every dollar they spend. Mark Zuckerberg: (01:03:09) Facebook (symbol FB) reported Q4 2020 earnings on January 27, 2021. Mike: (00:00) endobj There are people who, it’s their full-time job to basically help people engage and basically help people navigate them. Apple recently released so-called nutrition labels, which focused largely on metadata that apps collect rather than the privacy and security of people’s actual messages. Back in 2018, we supported a change to prevent sex trafficking. It’s helped give a rise to the internet as we know it today, and it’s given internet platforms tools to be able to balance free expression and safety. Our total revenue for Q4 was $28.1 billion, which is a 33% year-over-year increase. Dave: (32:05) Thank you for joining us. Facebook Inc Earnings Call Date 27-01-2021 Time (ET) 17:00 Fiscal Quarter Q4 Fiscal Year 2020 Live Webcast URL https://investor.fb.com/investor-events/?section=upcomingevents Replay Webcast URL https://investor.fb.com/investor-events/?section=upcomingevents « endobj Fiserv Reports Third Quarter 2020 Results 307.1 KB. And it means finding more ways to amplify their voices. Dave: (50:31) As it relates to specifically the audience network products, obviously that’s going to have a significant impact on audience network on iOS as we’ve explained in the past. The first one for either Mark or Cheryl. So those numbers give a sense of scale, but some of the stories we hear show the impact. Thanks. Mark Zuckerberg: (15:42) Mark Zuckerberg: (13:50) And now I’d like to turn the call over to Mark. And then we’re also continuing to make iterative improvements that enhance the performance in benefit pricing over time. Your next question comes from the line of Eric Sheridan from UVS. Well, there was a question about the FTC. Actual results may differ materially from those contemplated by these forward looking statements. January 29, 2021 at 9:00 AM EST Listen to Webcast. Cheryl: (35:15) Please pick up your handset before asking your question to ensure clarity. That’s why I’m hopeful for the year ahead and grateful that you are all on this journey with us. We’re seeing people use it to play games with friends when they can’t be together in person, to do workouts in their living room, or to meet with colleagues while they’re working from home. We’re continuing to work on new hardware as well. For many small companies, these steps, or even just setting up a website or a mobile app, can be difficult and expensive. Thank you for your patience. Continue reading. I guess, given the ongoing efforts in private messaging, I’m curious, ultimately, what differentiate messenger from WhatsApp other than branding or geography, if there’s an inevitable consolidation of functionality there. Thank you. We’re still working on some of the foundational technology to underpin these, and the ultimate product is still some years away. Teachers are sending class assignments to students through WhatsApp. One notable area of progress this past year was in Stories ads, which have become more effective for direct response advertisers. One of my favorite campaigns ever. We introduced carts, which lets people browse catalogs, select multiple products, and send the order as a message to a business. And then finally, there’s the safety net that society and government provide. ET. There are sub communities. I guess the question is when you talk about this shift in consumer expenditure toward products away from services and how that could potentially be a headwind in the back half as it reverses, the glass core, you mentioned you had 10 million advertisers. Cheryl: (21:07) So when you hear people say that we hold a lot of data, that’s because hundreds of millions of businesses, that would have otherwise had to do this individually and would have had no easy way of doing so, are now using our services to help them reach customers. Thank you. Mike: (39:53) Second, they need the digital skills and know-how to succeed. Thank you. In the fall, we also rolled out Facebook Business Suite, a new interface to help businesses manage their pages or profiles across our apps. All lines have been placed on mute to prevent any background noise. And then secondly, on Reels, I know it’s still early, but any update on performance or uptake, as well as the roadmap for monetization, I think will be helpful. We’ve been pleased with our team’s ability to adapt in order to maintain the reliability of our services, deliver new products and experiences, and support the millions of businesses who use our platforms to reach consumers. Mike: (52:51) Your next question comes from the line of Collin Sebastian from Baird. I can take the first one. They’re folks different types of content that show up in News Feed and that people interact with. Good afternoon and welcome to Facebook’s Fourth Quarter and Full Year 2020 Earnings Conference Call. If you look at the history of computing, every 15 years or so, a new major platform emerges that integrates technology more naturally and ubiquitously into our lives. In Q4 we also saw a strength with sort of our full range of advertisers. Joining me today to discuss our results are Mark Zuckerberg, CEO, Sheryl Sandberg, COO, and Dave Wehner, CFO. <> And I think that that could be a very big contribution and something that I’m excited about taking on. So as we continue to focus on this, we need to make sure that the communities that people connect with are healthy and positive. Ms. Deborah Crawford, Facebook’s Vice President of Investor Relations. Now, along these same lines, we’re also currently considering steps that we can take to reduce the amount of political content in newsfeed as well. So we should make messaging as interoperable as possible across our apps. We continue to be pleased with our ability to recruit onboard and retain talent in this environment. But from where you stand, how do you see Facebook, and not just really Facebook, but social media platforms, dealing with it, and if it was either to be narrowed, or even completely eliminated? But the broader impact given the size of that business is really to the core advertising business on iOS. I don’t think we have anything we necessarily are commenting on at this point. And certainly, on the ads front as well, political is extremely small, it’s low single digit revenue, even in an active political quarter like we had. The increase in average price per ad was driven primarily by Facebook Mobile Feed, as well as pricing improvement in Instagram Stories. We’ve been encouraged by the positive perception of Quest 2 since it’s October launch. Our tax rate was 14%. It’s still really early days, but we think businesses are having a good experience, and people are having a good experience. Fourth quarter operating income was $12.8 billion, representing a 46% operating margin. It’s founder, Asia Grant, appeared on the Buy Black Friday show and that became one of her most successful sales days ever. Today, more than 600 million people are now members of a group on Facebook that they consider to be meaningful in their lives. So as you look out in 2021, I think we’re just going to be facing tougher comps in the back half of the year. Dave: (26:50) Dave: (53:26) So we called that out as well as being a driver of price improvement. Turning to the financials. Facebook, Inc. (FB) Fourth Quarter 2020 Results Conference Call January 27th, 2021 Deborah Crawford, VP, Investor Relations Thank you. In the past year, we added a record 13,600 net employees and reached our goal of adding 10,000 employees in tech and product roles. Starting with mainframes and then PCUs. Rest of world growth improved to 25%, but continues to be significantly impacted by currency headwinds. My name is Mike and I will be your conference operator today. Sheryl Sandberg — Chief Operating Officer. Facebook FB Q4 2020 Earnings Call Transcript, Congressional Testimony & Hearing Transcripts. Listen to Webcast Good day, and welcome to the CME Group First Quarter 2021 Earnings Call. Sheryl Sandberg: (55:23) So today, I’m going to focus on our product work and specifically, I’m going to focus on four themes that I’m excited about for the year ahead. We’re also seeing a growing ecosystem of developers building amazing new experiences for the platform. Good afternoon. Justin Post: (45:17) Some of those things related to the pandemic have the potential to revert, whether it’s more consumer expenditure shifting towards services away from products. Q4 ad revenue was $27.2 billion, up 31% or 30% on a constant currency basis. Question about the price versus volume metrics. We continue to expect our full year 2021 tax rates to be in the high teens. And it’s what we’re building towards at Facebook Reality Labs. If you are streaming today’s call, please mute your computer speakers. Our goal here is to give every, every individual entrepreneur and small business access to the same kinds of tools that historically only the big companies had access to. It’s also very detrimental to economic growth, because so much of our job growth comes from small businesses. Mark, do you want to take this? Sheryl Sandberg: (01:05:55) In commerce and supporting small businesses, I think there you have some of the iOS 14 changes that we think are going to be very problematic, especially for small businesses. Comment. And I think that helping people build community is one of the most important things that we can do. January 26, 2021, at 8:30 AM EST … Your next question comes from the line of Justin Post from Bank of America. Mark Zuckerberg: (08:11) Great. Now, we’ll have to balance this carefully, because we have a deep commitment to free expression. Q4 2020 Revised Financial Workbook 109 KB. Brian Nowak: (34:21) Now, we don’t think Apple is contemplating going that far that quickly, but that is the general direction of what would happen. And so it will impact everyone. So small businesses are very reliant on personalized ads, the ability to use data in a very privacy safe way, to get the customers who are interested in their products and services. In closing, 2020 was a unique operating environment that introduced a number of unforeseen challenges. And hi, everyone. Mark Zuckerberg: (10:15) Mark Zuckerberg: (16:20) We expect that to roll out sometime we expect later in Q1, but the timing is uncertain and Apple hasn’t given clarity on that at this point. Q4 2020 Facebook, Inc. Earnings Call 01/27/2021 05:00 PM (EST) FB. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Dave: (32:56) And we’ve said that we will launch ads. Almost overnight, businesses had to create digital storefronts, figure out how to take online orders, and find new ways to reach their customers. And to be clear, this is a continuation of work we’ve been doing for a while to turn down the temperature and discourage divisive conversation and communities. Then the second one, Dave, appreciate the comment on the forward outlook and the outlook commentary. The growth in advertising revenue was largely driven by a strong holiday shopping season for retail, which benefited from the ongoing shift to online commerce. This is one of the areas that I’m most excited about our progress heading into 2021. Dave: (36:11) Cheryl: (35:49) Facebook’s Q4 2020 ‘Other’ revenue was more than double Q4 2019. Q4 2020 Earnings Presentation 6.9 MB. We had seen sort of small and medium sized businesses come back and start getting strength in Q2 and Q3 or Q3 specifically, and then Q4 we also saw strength from some of our largest advertisers as well. Thanks. And all the feedback that we have from our community suggests that the vast majority of people would like it to stay that way. At this time, I would like to turn the conference over to John Peschier. Mark Zuckerberg: (01:45) And this isn’t something that we can solve alone, but I think we can help. We launched Quest 2 in October, and it is on track to be the first mainstream virtual reality headset. If you’d like to ask a question during that time, please press star and the number one on your telephone keypad. Thanks, Mark. More than 175 million people message a WhatsApp business account every day and we’re building new features to make it even easier to transact with businesses in the app. Colin Sebastian: (52:57) So when it comes to what matters most, protecting people’s messages, I think that WhatsApp is clearly superior. Net income was $11.2 billion or $3.88 cents per share. Q2. Measures for reconciliation of gap to non-gap measures is included in today’s earnings, press release. Turning now to the outlook. We designed it so that anyone could jump in with the best and most immersive experience out there, and at a price that makes it available to as many people as possible. That’s going to mitigate it to some extent. And what’s happening with IDFA is that small businesses are really concerned. Mike: (47:36) So I don’t think our outlook has changed in any significant way on iOS 14. And during this pandemic, we’ve also seen Portal has proven to be a great way for people to stay connected. So for example, we stopped recommending civic and political groups in the US ahead of the elections and we’re continuing to define fine tune how this works. All right. I personally believe that technology can unlock progress and opportunity, and that the full story of the internet has not yet been written. Whether it’s sharing the stories of small businesses worried that Apple’s iOS 14 changes will hurt their ability to reach customers or showcasing small businesses and gift guides and products, like businesses nearby. It means making more training available through programs like She Means Business for women and Elevate for diverse communities. WhatsApp is also an important part of our strategy here. We are starting to hear from creators and developers, who are worried that some of their free services will have to start charging or shut down, force them into subscriptions or other in-payments for revenue. We launched shopping in Reels. Past Events. Colin Sebastian: (53:14) Now, here’s Dave. viewed. Dave: (38:58) Yeah, I can take the first one. Your first question comes from the line of Brian Nowak from Morgan Stanley. And like other companies in our industry, we are closely monitoring the potential impact on our European operations as these developments progress. Mark Zuckerberg: (59:33) I think WhatsApp has always had… We’ve always focused a lot on making it a very utilitarian experience, and placed more of a premium on simplicity there. And now is Cheryl to talk about our business. Dave: (33:28) I do think that Congress should update Section 230 to make sure that it’s working the way that people intend. This continues to be a long-term investment. To ask a question, press star followed by the number one on your touch tone phone. Sheryl Sandberg — Chief Operating Officer. Other revenue was $885 million, up 156%, due to strong Quest 2 holiday sales. Two questions. Your partnership helps us build the tools you need so you can continue to grow and hire. Youssef Squali: (56:04) On regulation overall, because I think some of the question was focused on that. And we’re in the process of updating WhatsApp privacy policy in terms of service to reflect these optional experiences. In previous quarters I’ve talked about our long-term future goals when it comes to virtual reality, but I think that this quarter’s results show that this future is here. On a user geography basis, ad revenue was strongest in Europe, which grew 35% and benefited from currency tailwinds. And as always with our ad products and with our commerce products, we want to make sure we provide a great experience to the end user so that they can find the things they’re looking for. Small businesses are severely disadvantaged and competition is diminished. It was business as usual for Facebook in the unusual year of 2020… First, they need the tools to get their business up and running online. Mark Zuckerberg: (08:48) But now we plan to keep civic and political groups out of recommendations for the longterm. Explore interests, develop skills, grow as individuals, and then meet new people. This has grown steadily over time. January 26, 2021, at 8:30 AM EST Click Here for Webcast. Facebook will be holding an earnings conference call … Facebook generated around $21.5 billion in revenue in Q3 2020, up 22% year-on-year. Great. Mark Zuckerberg: (05:24) I have two. Yeah, no, I was just going to say that exact thing Youssef. Q4 2020 Earnings Call . Dave Wehner — Chief Financial Officer. A conference call to discuss fourth quarter 2020 operating results is scheduled for today, Wednesday, February 24, at 9:00 am ET. My notes on Tesla 2020 Q4 earnings call was around x1.5 of other companies even before going into slides/filling. In the US, Black owned businesses closed at twice the rate of others after the start of the pandemic. First we have friends and family, that’s the most personal layer. Hey guys. Because they’re worried that they’re not going to be able to buy effective advertising. Thank you very much. And how do you think about aligning investments against the opportunity in the coming years? Now I’ve spent a fair amount of time on recent earnings calls talking about our election integrity efforts. Yes. And this impacts the growth of millions of businesses around the world, including with the upcoming iOS 14 changes, many small businesses will no longer be able to reach their customers with targeted ads. Act 1.8 Est 1.39 Q2 2020 Facebook Inc Earnings Call 07/30/2020 06:00 PM (EDT) FB. Yeah, sure, Ross. Mike: (48:25) Mark Zuckerberg: (43:04) I apologize, but there will be a slight delay in today’s conference. Lastly, GNA expenses decreased 13% as we lap charges related to the [bifo 00:30:09] legal settlement recorded in the fourth quarter of 2019. I appreciate the caller on commerce. Please hold and the conference room will resume shortly. So Apple has every incentive to use their dominant platform position to interfere with how our apps and other apps work, which they regularly do to preference their own. Great. Corporate Participants: Deborah Crawford — Vice President of Investor Relations. Sir, please go ahead. This year we’re focused on expanding the role of Portal and virtual reality presence into the workplace. And can we build new ones to help them? <> Facebook, Inc. (FB) CEO Mark Zuckerberg on Q4 2019 Results - Earnings Call Transcript Jan. 29, 2020 • 6 Comments Facebook, Inc. 2019 Q4 - Results - Earnings Call Presentation Dave: (48:31) 0. Footer 1. The point that I would highlight is I actually think it would be very helpful to us and the internet sector overall for there to be clear rules and expectations on some of these social issues around how content should be handled or on how elections should be handled, around what privacy norms governments want to see in place because these questions all have trade-offs, right? Dave: (30:34) Speaker 2: (01:06:42) Facebook, Inc. (FB) Fourth Quarter 2020 Follow Up Call January 27th, 2021 Operator: Good afternoon. Mike: (01:01:28) And I’m excited to be able to unlock that, and I also think strategically it’s important for us to have a little more control of our own destiny in terms of the operating systems and platforms that all of our services operate on. And Wehner can jump in if there’s any more that you want to add on that. This includes the impact of platform changes, notably iOS 14, as well as the evolving regulatory landscape. The first is the ongoing shift to online commerce. Mark Zuckerberg: (09:58) They come to our services to connect with friends and family, to connect to communities that they care about. The results come as Tesla plans to expand international manufacturing, develop its new battery technology, improve … This is going to unlock the types of social experiences that I have dreamed about building since I was a kid. On the second, with Reels, we’re really pleased with the early data on consumption, and we have a bunch of work ahead of us to make it easier for people to create and discover content. All right, so now let’s talk about commerce. I guess I’ll ask about regulation. Thanks for taking my question. But iMessage stores non-intend encrypted backups of your messages by default, unless you disable iCloud. Consistent with our outlook, US and Canada DAU declined 1 million sequentially, as usage continued to normalize from peak COVID levels experienced earlier in the year. Thanks a lot. Augmented reality glasses are going to be a key part of this vision too. Mark Zuckerberg: (04:55) There’s still a gap with Stories ads and feed ads, but we’ve been pleased with the progress we’ve been making on that front. 4 0 obj With our commerce tools, we’ve made it so that a business can set up a shop once, and then they will have it online storefront in both Facebook and Instagram immediately, and eventually on WhatsApp and Messenger as well. Your next question comes from the line of Doug Amit from JP Morgan. Thank you everybody for joining us today. On the second, resources and training, we did some big things in 2020. And I think it would be much better to have just clear guidance and clear rules for the internet. Turning now to expenses. All lines have been placed on mute to prevent any background noise. With Instagram shopping, we launched a new shop tab on Instagram in Q4, and this has built on other shopping efforts we’ve had. The positive revenue results show the company is starting to … CFO David Wehner explained the increase to investors as “due to strong Quest 2 holiday sales”. Is there a way to quantify it or quantify the engagement with it, to see if this is one of the headwinds that you guys talk about in terms of potentially emerging in 2021? Thanks. And we’ll also support any push to make content moderation systems more transparent. Was curious as for any encouraging quantifiable signposts or learnings that you’ve seen so far on Instagram shopping that give you confidence you’re making progress and building out this opportunity. And in addition over time, we hope to help businesses by providing more onsite conversion opportunities through initiatives like shops and also click the messaging ads. In Q4, the total number of ad impressions served across our services increased 25%, and the average price per ad increased 5%. And you should have choice over what services you use. Our product focus now is to develop this community infrastructure beyond the feeds and message boards, to help people build and run full self-sustaining community institutions. Cheryl: (25:08) We created a business resource hub, a one-stop shop for resources and trainings for small businesses that we’ve continued to build out through the end of the year. And then maybe, I don’t know if it’s for Cheryl or Dave, but maybe I could just follow up a little bit on Doug’s question. During Q4 FY 2019, Facebook's adjusted EPS rose 14.1%. I’m proud of the role that our services played in helping people support each other during what has been such a hard time. And second, on the regulatory headwinds, there is just increasing talk of about Section 220 protection. Sheryl Sandberg: (01:04:59) Mark Zuckerberg: (42:12) <>/OutputIntents[<>] /Metadata 468 0 R/ViewerPreferences 469 0 R>> Like last year, we shipped the ability to do now hand tracking, which no one expected to be possible yet, but the team working on that did some really great work and it just made the device better and increased the value. I know there’s a lot of factors. And good afternoon, everyone. She used personalized ads on Instagram to reach new audiences and even found her first international customers with campaigns targeting California and Texas. So that’ll make it a little bit of a tougher comp, and then you layer on top of that headwind to growth related to privacy related headwinds. Mike: (37:16) stream Q3 2020 Earnings Presentation 196.5 KB. So absolutely, I think as this continues to grow, it should be in in the future. 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