“`json
[
{
“Analyst name and firm name”: “Doug Anmuth from JPMorgan”,
“The question”: “First, just on Mobility as you work to keep prices low, curious what kind of elasticity you think you’re seeing in terms of the response and how that’s showing up in Rides? And then on AV, you talked about, almost 100 cars in Austin on the way to hundreds. What are you seeing there in terms of utilization of those Waymo’s relative to some of their other markets?”,
“The response”: “On mobility, elasticity similar to past; short-term and long-term elasticity examined for consumer habits. Satisfied with pricing results. AV in Austin shows high utilization; Waymo cars busier than 99% of Austin Drivers. Excited for expansion in Atlanta and more.”
},
{
“Analyst name and firm name”: “Eric Sheridan with Goldman Sachs”,
“The question”: “Update on broader competitive landscape, especially regarding pricing dynamics and supply/demand incentives across both mobility and delivery. Any specific geos with competitive intensity?”,
“The response”: “Markets remain competitive globally. In the US, intense competition with Lyft, focusing on service and quality. Strong international competition from Bolt in Europe and Didi in Latin America, but Uber remains market leader. Consolidation in the delivery sector observed; positive results continue. Confident in maintaining category position.”
},
{
“Analyst name and firm name”: “Brian Nowak with Morgan Stanley”,
“The question”: “On Austin, plans for fleet size and timeline when Austin Waymo combined with human drivers could better match supply/demand? Also, update on U.S. Mobility trends in suburbs vs. urban areas?”,
“The response”: “Focus is on providing an excellent experience daily as fleet grows. Long-term goal: highly reliable service leading to business growth. US Mobility shows strong trip growth led by audience growth; U.S. mobility expansion in the suburbs representing 20% of trips, growing faster than urban areas.”
},
{
“Analyst name and firm name”: “Ross Sandler with Barclays”,
“The question”: “On delivery margins and advertising’s role in their expansion. Also, update on grocery and retail margin expansion?”,
“The response”: “Delivery profit driven by advertising, scale leverage; Q1 Incremental margin of 9%. Grocery and retail business now contributing positively to margins. Steady but cautious margin expansion expected as investments align with opportunities.”
},
{
“Analyst name and firm name”: “Mark Mahaney with Evercore”,
“The question”: “Insurance headwinds largely behind? Also, which AV partners are close to Waymo in rollout capabilities?”,
“The response”: “Expect high single-digit insurance cost increases; positive momentum from safety and policy initiatives. Waymo is leader in AV, but other notable players include WeRide, Baidu, Pony, and others investing in scalable and flexible AV tech.”
},
{
“Analyst name and firm name”: “Justin Post with Bank of America”,
“The question”: “Macro impact on rides, pricing, AOVs, and update on competition in Bay Area and LA, where Waymo operates.”,
“The response”: “No significant macro signals affecting consumer behavior or basket sizes yet. Consistent audience growth and pricing management despite macro uncertainties. Competitive environment in Bay Area and LA stable. Support for local recovery initiatives.”
},
{
“Analyst name and firm name”: “Ken Gorelski with Wells Fargo”,
“The question”: “Impact of affordability initiatives, insurance commentary, and potential Go! Get! Event impact on mobility margins. Also, view on AV landscape inside/outside U.S. and when AV could be a commercial scale option.”,
“The response”: “Commitment to steady YoY margin improvement while balancing growth investment. AV tech advancements promising; Waymo leading, others like WeRide, Baidu, collaborating globally. Software-hardware separation improving, leading to potential scaling in the future.”
},
{
“Analyst name and firm name”: “Shweta Khajuria with Wolfe Research”,
“The question”: “Expand on delivery affordability efforts and competition in Europe, especially after recent majority stake acquisition and DoorDash entry.”,
“The response”: “Focus on membership and merchant-funded offers for affordability. Strong market position in Europe with organic growth, particularly in the UK and ongoing category improvements in Germany.”
},
{
“Analyst name and firm name”: “Michael Morton with SVB MoffettNathanson”,
“The question”: “Partnerships with retailers in context of large language models like ChatGPT? Sparse markets growth potential and how it counters urban market deceleration, including margin profile differences?”,
“The response”: “Focus on improving customer experience through AI models rather than merchant concentration. Sparse market trips are 20%, growing faster than core urban markets. Urban areas still growing double-digits, and sparse markets adding to sustained growth for overall business.”
},
{
“Analyst name and firm name”: “Nikhil Divani with Bernstein”,
“The question”: “Slope of Mobility gross bookings deceleration and trip frequency opportunity in less dense markets compared to urban areas.”,
“The response”: “Trip growth expected to continue, led by audience growth; impact of pricing dependent on insurance. Frequency in less dense areas likely lower due to higher car ownership, but reserve product demand still strong, indicating growth potential.”
}
]
“`