Truth Popat (CFO, Alphabet) :
Google: Hello, I'm Truth Popat the current CFO of Alphabet Inc. I've put years of experience at Wall Street, later applying at Google to bring about financial discipline at Alphabet.

Uneven Williams (Former CEO, Twitter) :
Twitter: Hi, Even Williams here. I am a programmer turned internet entrepreneur. I coined the word 'blogger' and have been the former Chairman and CEO of Twitter.

Sheryl Iceberg (COO, Facebook) :
Facebook: Sheryl Iceberg - you've probably heard of me. I was the first female board member at Facebook; the current COO. Before this, I was at Google and helped set up their philanthropic arm.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Guys, tell me someone whom you can't imagine your life without.

Truth Popat (CFO, Alphabet) :
Google: It's pretty simple. Family: my mom and dad!

Sheryl Iceberg (COO, Facebook) :
Facebook: Well, they are no more. My husband and our baby. I spend the majority of time thinking about them!

Person 5 :
Analyst 2: My girlfriend (she's my baby) ;)

Uneven Williams (Former CEO, Twitter) :
Twitter: Nope, the answer is simple: Facebook and Twitter. You just can't live without them. Oh yes, it's a part of most of our lives, and there's a great deal of valuation I've learned from them.

Truth Popat (CFO, Alphabet) :
Google: Well, there's not much to talk of their valuation when compared against each other. The numbers speak for themselves. Twitter is 50% down, and Facebook is 50% up!

Person 5 :
Analyst 2: Our entire communinity of tech analysts was discussing them after their earnings report released so as to understand what they share in common and their differences!

Truth Popat (CFO, Alphabet) :
Google: Oh, we forgot that Gross is an analyst. We have a techie on the board!

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Yes, thanks for that. In its most recent earnings report, Facebook reported numbers that beat expectations on almost every single dimension. The higher earnings per share than expected, they report higher revenues than expected, they have more users than expected. Guess how many?

Uneven Williams (Former CEO, Twitter) :
Twitter: I estimate it at one billion users? That’s more than the population of more than 50-60 countries combined!

Sheryl Iceberg (COO, Facebook) :
Facebook: No Uneven, we now have over 1.6 billion users! But, what's even more interesting is that they reported amongst those, almost 1.45 billion were mobile users!

Uneven Williams (Former CEO, Twitter) :
Twitter: Oh, it's a huge jump forward for the company which could not do mobile when it first went public. We started off with app-only. In fact, since our name was Twttr back then (like Flickr), we hadn't even purchased the website domain twitter.com. It came only after 6 months after incorporation.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Oh, I did not know that. But talking of numbers, its reported revenues made by a user is $3.73, about 30 cents higher than what analysts were expected to make per user, so in every dimension, the stock beat the numbers.

Person 5 :
Analyst 2: I've been tracking it for 2 years and in all 8 quarters, Facebook beats earnings expectations. Mark & Co. have impressed the analysts over and over again. Watta management! The stock was up 14% post this report.

Truth Popat (CFO, Alphabet) :
Google: When you talk about pricing, let me take you back in time to 2012, May 17th 2012, to be specific. It was the day before their IPO.

Sheryl Iceberg (COO, Facebook) :
Facebook: Aah, this is a trip down memory lane. It was the day the pricing was going to be set for Facebook at 4pm.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Yeah, and let me confess about the story I was telling about Facebook in 2012: I was describing it as an incredibly successful online advertising company, but, sadly the way I described it, I called it a 'Google wannabe'.

Truth Popat (CFO, Alphabet) :
Google: Not just you, even industry insiders thought it to be a company that would trace or track Google on how quickly it grew but wouldn’t be as successful.

Sheryl Iceberg (COO, Facebook) :
Facebook: I'm sure Mark has changed your perspective, didn't he? This was meant to be more than a college project from the start.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Now I have to tell you, each time I value Facebook, my value has gone up. The company keeps changing my perspective on what it can do. It's diversifying; it's expanding!

Person 5 :
Analyst 2: Yes, each time I look at it, it continues to impress me by how much it continues to grow, how well it delivers profits and how it’s starting to, in fact, do much better than what I thought it would do in 2012. And addressing the comment on a Google wannabe, I think this company now has the potential to be bigger, more profitable and more valuable than Google.

Sheryl Iceberg (COO, Facebook) :
Facebook: Absolutely, it's much more than a Google wannabe! You could look at the distribution utilities, the online ad market; there’s a lot more potential upside than downside.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Sorry Uneven, but not all companies in the online ad markets are worth it! I mean, just look at Twitter's recent earnings announcement! You may have been a platform that astronauts use to tweet from space, but your earnings are under the surface.

Truth Popat (CFO, Alphabet) :
Google: Yes Gross, it contained bad news on every single dimension you would think but mostly on the user dimension, the number of users at Twitter essentially stayed stagnant. Stagnant users in a growing market aren't good. Especially for a company that kept pushing for more users for much of its life. You have scope. Twitter first took 2 years and 3 months to reach 1 billion tweets. Now, this happens within a week. But, you still disappoint.

Person 5 :
Analyst 2: Hold on. I heard the earnings per share were a bit higher than expected!

Uneven Williams (Former CEO, Twitter) :
Twitter: You know what, the earnings per share for both Facebook and Twitter are completely distorted by the adding back of stock-based compensation expense to come up with the adjusted earnings.

Sheryl Iceberg (COO, Facebook) :
Facebook: Yes, this is what accountants do! Twitter gave guidance saying that the next quarter would be lower than expected, which was almost a death knell for the stock. The stock dropped 11% (1.2 Billion) from the announcement to hit its lifetime low.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Don't worry, it can recover. I always saw Twitter going to be a successful advertising company but a secondary online advertising company, nonetheless.

Uneven Williams (Former CEO, Twitter) :
Twitter: Successful but secondary. Why so? :(

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Well, the 140 character limit! (which then changed to 280) No advertiser would use Twitter as a primary advertising venue. They may use it as a secondary advertising venue.

Sheryl Iceberg (COO, Facebook) :
Facebook: Right from the beginning, their story was that Twitter's biggest asset is the user base, the quality over the quantity. I wish, I wish it found ways to monetize it's user base, like Facebook has done that quite effectively.

Uneven Williams (Former CEO, Twitter) :
Twitter: We try hard, Sheryl. My mind finds ways to do so quarter after quarter, but the company has not been able to perform in converting users into revenues.

Truth Popat (CFO, Alphabet) :
Google: I probably got more depressed about Twitter’s future because Jack Dorsey seems to have not done much for the company and in fact, might have made things worse with some of the actions he has taken.

Uneven Williams (Former CEO, Twitter) :
Twitter: Oh boy, don't be short sighted, look at the broader picture. He's not that bad as you might think.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Even in the long term, I see Twitter go into one of those death spirals that you see young companies going to (especially the in the technology sector).

Person 5 :
Analyst 2: Yes, the bad news converts into a self-fulfilling prophecy. The perception that the company’s not going to do well drives out employees, customers, and advertisers to other venues.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: So, when I say for Facebook that there's a lot of upside than downside, for Twitter, I'd feel exactly the opposite.

Sheryl Iceberg (COO, Facebook) :
Facebook: Yay! So who's running to short-sell Twitter and buy Facebook?

Truth Popat (CFO, Alphabet) :
Google: Oh, if it's on the discussion, then let me caution you, I took the Facebook's side when 'compared' to Twitter. Individually, I find many more companies as a better investment than Facebook. Not that Facebook isn't a great company but markets have realized this long back and the value has already appreciated.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Truth, trying to get people to invest in Google?

Uneven Williams (Former CEO, Twitter) :
Twitter: So, if you take Facebook and Google, the market is pricing these companies just on the assumption that they will win the online advertising game but they will be dominant winners - as big as both combined will have a 75% market share of the online ad markets.

Person 5 :
Analyst 2: That's just an assumption. If they don't get that market share, you're overpaying for their share and it would be very difficult to even justify today's price!

Sheryl Iceberg (COO, Facebook) :
Facebook: I think the market will get a clearer picture in the coming 2-3 years.

Gross Seymore (Analyst, Deutsche Bank) :
Analyst: Yes, all analysts are waiting to see what story unfolds.