Meta Platforms, Inc. (FB) 2012 Q3 法說會逐字稿

Good afternoon. My name is Jay and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook third-quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

午安.我叫傑伊，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。

(Operator Instructions)

（操作員指示）

Thank you very much. Ms. Deborah Crawford, Director of Investor Relations, you may begin.

非常感謝。投資者關係總監 Deborah Crawford 女士，您可以開始。

Thank you. Good afternoon and welcome to Facebook's third-quarter earnings conference call. Joining me today to talk about our third-quarter results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and David Ebersman, CFO.

謝謝。下午好，歡迎參加 Facebook 第三季財報電話會議。今天與我一起討論我們第三季度業績的有執行長馬克·祖克柏；謝麗爾·桑德伯格（Sheryl Sandberg），首席營運長；以及首席財務長戴維·埃伯斯曼 (David Ebersman)。

Before we get started, I'd like to take this opportunity to remind you that during the course of this call, we will make forward-looking statements regarding the future events and the future financial performance of the Company. We caution you to consider the important risk factors that could cause actual results to differ materially from those in the forward-looking statements in the press release and this conference call.

在我們開始之前，我想藉此機會提醒您，在本次電話會議期間，我們將對未來事件和公司未來財務表現做出前瞻性陳述。我們提醒您考慮可能導致實際結果與新聞稿和本次電話會議中的前瞻性陳述有重大差異的重要風險因素。

These risk factors are described in our press release and are more fully detailed under the caption Risk Factors in our quarterly report on our Form 10-Q filed with the SEC on July 31, 2012. In addition, please note that the date of this conference call, October 23, 2012, and any forward-looking statements that we make today are based on assumptions as of this date. We undertake no obligation to update these statements as a result of the new information or future events.

這些風險因素已在我們的新聞稿中進行了描述，在我們於 2012 年 7 月 31 日向美國證券交易委員會提交的 10-Q 表季度報告中的「風險因素」標題下有更詳細的說明。此外，請注意，本次電話會議的日期是 2012 年 10 月 23 日，我們今天所做的任何前瞻性陳述都是基於截至該日期的假設。我們不承擔根據新資訊或未來事件更新這些聲明的義務。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。

This call is being broadcast on the Internet and is available on the Investor Relations section of the Facebook website at Investor. FB.com. A rebroadcast of the call will be available after 6.00 PM Pacific time today. The earnings press release and an accompanying investor presentation are also available on our website. After Management's remarks, we will host a Q&A session.

這次電話會議正在網路上播出，您可以在 Facebook 網站的投資者關係部分（網址為 Investor）上查閱。FB.com。這次電話會議的重播將於今天太平洋時間下午 6 點後提供。收益新聞稿和隨附的投資者介紹也可在我們的網站上查閱。管理層發言結束後，我們將舉辦問答環節。

And now I'd like to turn the call over to Mark.

現在我想把電話轉給馬克。

Thanks, everyone, for joining us. I'm going to use this time today the same way I will use it on most of these calls, to talk about our vision and strategy. Our mission is to make the world more open and connected. We do this by building services that give people the power to share whatever they want and stay connected to whomever they want no matter where they are.

感謝大家加入我們。我將利用今天的時間來討論我們的願景和策略，就像我在大多數電話會議上一樣。我們的使命是讓世界更加開放、更互聯互通。我們透過建立服務來實現這一目標，這些服務使人們能夠分享他們想要分享的任何內容，並且無論身在何處都可以與任何人保持聯繫。

For at least the next few years, there are three pillars to our strategy. First, we want to build the best and most ubiquitous mobile product. Second, we want to build a platform so that every new app that gets created can be social and enable people to share. And third, we want to build a strong monetization and economic engine to build Facebook into one of the world's most valuable companies. I'm going to give an update on where we are in building each of these pillars.

至少在未來幾年，我們的策略有三大支柱。首先，我們想要打造最好、最普及的行動產品。其次，我們希望建立一個平台，以便每個新創建的應用程式都具有社交性並可供人們共享。第三，我們希望打造強大的獲利和經濟引擎，將 Facebook 打造成為全球最有價值的公司之一。我將介紹我們在建立每個支柱方面的最新進展。

Let's start with mobile. I think our opportunity on mobile is the most misunderstood aspect of Facebook today. Most people underestimate how fundamentally good the trend towards mobile can be for Facebook. This is because there are three trends that are compounding together.

讓我們從行動裝置開始。我認為我們在行動領域的機會是 Facebook 目前最被誤解的方面。大多數人都低估了行動化趨勢對 Facebook 的根本性利好。這是因為有三種趨勢正在相互疊加。

First, mobile will give us the opportunity to reach way more people than desktop. Second, people on mobile use Facebook more often. And third, long-term, I think we're going to monetize better per amount of time spent on mobile than desktop. All of these combined together make mobile a much larger opportunity for us than I think most people realize.

首先，與桌上型電腦相比，行動裝置可以讓我們有機會接觸到更多的人。其次，手機用戶使用 Facebook 的頻率更高。第三，從長遠來看，我認為我們在行動裝置上花費的時間比在桌面上花費的時間更能帶來收益。所有這些因素結合在一起，使得行動領域對我們來說成為一個比大多數人意識到的更大的機會。

Now let's go through each of these points. First, we should be able to reach more people on mobile than desktop. To us, this isn't really controversial. In the coming years, there could be billions more smartphones than desktop computers. We already reach more than one billion people worldwide, including 600 million on mobile, growing quickly and up from 376 million last year. Facebook is the most widely downloaded app on basically every smartphone platform so we are well-positioned to reach the growing smartphone population.

現在讓我們逐一討論這些要點。首先，我們應該能夠透過行動裝置而不是桌面裝置接觸到更多的人。對我們來說，這並不是什麼爭議。未來幾年，智慧型手機的數量可能會比桌上型電腦的數量多出數十億。我們的用戶已遍佈全球十多億，其中行動用戶達 6 億，較去年的 3.76 億迅速成長。Facebook 基本上是所有智慧型手機平台上下載量最大的應用程序，因此我們有能力接觸到日益增長的智慧型手機用戶。

Second, people use our mobile app to visit Facebook more frequently. Someone who uses only our desktop product has only a 40% likelihood of using Facebook on a given day. But someone who uses mobile has a 70% likelihood of using Facebook on a given day. This stat is surprising to many people and very good news for our opportunity on mobile.

其次，人們使用我們的行動應用程式存取 Facebook 的頻率更高。僅使用我們的桌面產品的人在某一天使用 Facebook 的可能性只有 40%。但使用手機的人在某一天使用 Facebook 的可能性為 70%。這個數據讓很多人感到驚訝，但對於我們在行動領域的機會來說卻是好消息。

Another thing I found encouraging is that we've shown that we can really increase mobile engagement. Over the past year, a lot of people gave us feedback that our mobile apps were just too slow. So we took the time to rewrite them to make them faster. And since we released of the new faster iOS app, we've seen an 80% increase in iOS News Feed loads, and more than a 20% increase in iOS engagement in terms of likes and comments. We haven't released the rewritten Android app yet, but we have many more updates on the way. So people in mobile are already more engaged than people on desktop, and there's a lot more we can do to help drive deeper mobile engagement as well.

另一件讓我感到鼓舞的事情是，我們已經證明我們確實可以提高行動參與度。在過去的一年裡，很多人回饋說我們的行動應用程式太慢了。因此我們花時間重寫它們以使它們更快。自從我們發布新的、速度更快的 iOS 應用程式以來，我們發現 iOS 新聞提要的加載量增加了 80%，iOS 參與度（以點讚和評論計算）增加了 20% 以上。我們尚未發布重寫的 Android 應用程序，但我們正在推出更多更新。因此，行動端用戶的參與度已經高於桌面端用戶，而且我們還可以做更多的事情來幫助推動更深入的行動端參與度。

Third, as people spend more time using Facebook on mobile, the business question becomes, how much money we can make from that time? I believe that over the long run, we're going to see more monetization per time spent on mobile than on desktop. Now, this isn't proven yet but we're committed to getting there.

第三，隨著人們在行動裝置上使用 Facebook 的時間越來越多，一個商業問題就變成了：我們可以從中賺多少錢？我相信，從長遠來看，我們將看到行動裝置上單位時間的貨幣化效果比桌面裝置更高。現在，這還沒有得到證實，但我們致力於實現這一目標。

The reason why I believe this is that on mobile, monetization has to be integrated deeply into our product. On desktop, we built a multi-billion dollar business with ads on the side, separated from people's primary experience. But on mobile, we believe ads will be more like TV, high quality and integrated into the experience rather than off to the side. Mobile is a forcing function for us to rethink these experiences to be in line.

我之所以相信這一點，是因為在行動領域，貨幣化必須深度融入我們的產品中。在桌面上，我們透過側面廣告打造了價值數十億美元的業務，與人們的主要體驗分開。但在行動裝置上，我們相信廣告將更像電視，高品質並且融入體驗中，而不是放在一邊。行動裝置具有強制功能，迫使我們重新思考這些體驗，使其保持一致。

Since monetization needs to be integrated directly into the core product experience, I've now asked each product group to own the mobile monetization experience for their product. This is already unlocking a lot of ideas and creativity. And we're starting to see higher quality monetization experiences in terms of better ad products for people and better results for advertisers.

由於貨幣化需要直接融入核心產品體驗，我現在要求每個產品組擁有其產品的行動貨幣化體驗。這已經激發了許多想法和創造力。我們開始看到更高品質的貨幣化體驗，也就是為人們提供更好的廣告產品，為廣告主帶來更好的效果。

Finally, I wanted to dispel this myth that Facebook can't make money on mobile. This may have seemed true earlier this year because we hadn't started trying yet. Today, after just six months of ramping up our mobile ads business, we're already at a point where 14% of our ad revenue this quarter is from mobile. That's about $150 million. And the most important thing to understand here is that we're just getting started with our mobile product development and monetization.

最後，我想打破「Facebook 無法透過行動平台賺錢」這個誤解。今年早些時候這可能看起來是真的，因為我們還沒有開始嘗試。如今，經過短短六個月的行動廣告業務擴張，我們本季的廣告收入中已有 14% 來自行動端。這大約是1.5億美元。這裡最重要的是要明白，我們才剛開始行動產品的開發和獲利。

So in mobile, we have these three forces compounding together; we can reach more users; those users visit Facebook more often; and I think we will make more money. So I'm excited about this opportunity.

因此在行動領域，這三種力量共同作用；我們可以接觸到更多的用戶；這些用戶訪問 Facebook 的頻率更高；我認為我們會賺更多的錢。所以我對這個機會感到非常興奮。

Next, I want to talk about platform. At a high level, for our platform the last 5 years to 10 years has been about getting everyone in the world connected and mapping out all the relationships between people. The next 5 years to 10 years are going to be about all the apps and experiences that are now possible to build now that all of these connections have already been mapped out.

接下來我想講一下平台。從高層次來看，對於我們的平台來說，過去 5 到 10 年一直致力於讓世界上的每個人都聯繫起來，並規劃出人與人之間的所有關係。未來 5 年到 10 年，我們將致力於建立所有可能的應用程式和體驗，因為現在所有這些連接都已經規劃好了。

The social graph is a new critical infrastructure for companies. Since the majority of people who use their services are on Facebook, increasingly, developers are building social apps. To date, 8 of the top 10 iOS apps integrate with Facebook and 40% of the top 400 apps use our SDKs.

社交圖譜是企業新的關鍵基礎設施。由於大多數使用其服務的人都在 Facebook 上，因此越來越多的開發人員正在開發社交應用程式。到目前為止，排名前 10 的 iOS 應用程式中有 8 個與 Facebook 集成，排名前 400 的應用程式中有 40% 使用我們的 SDK。

We believe that social apps will be the best product in every business category. In some categories it may be an abrupt, disruptive or revolutionary change, and in others, the change may be more subtle or rollout more slowly over time. But over the next 5 years to 10 years, we believe that the best product in every category will be social. We've already started seeing this with media and games and in the future, we expect to see this in areas like commerce and even finance.

我們相信社交應用程式將成為每個商業類別中最好的產品。在某些類別中，這可能是突然的、破壞性的或革命性的變化，而在其他類別中，變化可能更微妙或隨著時間的推移而更緩慢地推出。但在未來5年到10年內，我們相信每個類別中最好的產品都將是社交的。我們已經開始在媒體和遊戲中看到這種情況，未來我們預計在商業甚至金融等領域也會看到這種情況。

One question I often get is, what's our business here? As these apps get built and industries gets transformed, why is this good for Facebook? We believe that over time, the more value we provide, the more revenue we'll be positioned to get back, whether that's through developers buying ads, running our ads, through our network, using our payments service or other possible ways. We're committed to building a sustainable and profitable platform.

我常被問到的一個問題是，我們在這裡做什麼生意？隨著這些應用程式的開發和產業的轉型，這對 Facebook 來說有什麼好處呢？我們相信，隨著時間的推移，我們提供的價值越多，我們獲得的收入就越多，無論是透過開發者購買廣告、投放我們的廣告、透過我們的網路、使用我們的支付服務或其他可能的方式。我們致力於建立一個可持續發展且獲利的平台。

Now, I want to talk specifically about games for a bit because I think the stories here is a little misunderstood as well. Overall, gaming on Facebook isn't doing as well as I'd like, but the reality is that there are actually two different stories playing out here. On the one hand, our payments revenue from Zynga decreased by 20% this quarter compared to last year. But the interesting thing is that the rest of the games ecosystem has actually been growing. Our monthly payments revenue from the rest of the ecosystem increased 40% over the past year, since payments has been adopted. This evolution is pretty encouraging.

現在，我想具體談談遊戲，因為我認為這裡的故事也有點被誤解了。整體而言，Facebook 上的遊戲表現不如我所願，但事實上，這裡正在上演兩個不同的故事。一方面，本季來自Zynga的支付收入與去年相比下降了20%。但有趣的是，遊戲生態系統的其餘部分實際上一直在增長。自採用付款方式以來，過去一年中，來自生態系統其他部分的每月付款收入增加了 40%。這種演變是相當令人鼓舞的。

Additionally, I want to talk about Instagram. This is really a platform success story. We got to know them because they built a social integration with us that a lot of people really liked and both companies saw the opportunity to do even more together. When we agreed to acquire them, Instagram had 27 million registered users. Today, they have more than 100 million.

此外，我想談談 Instagram。這確實是一個平台成功的故事。我們之所以認識他們，是因為他們與我們建立了一種社交整合，很多人都非常喜歡這種整合，而且兩家公司都看到了合作做更多事情的機會。當我們同意收購時，Instagram 已經有 2,700 萬名註冊用戶。如今，他們的客戶數量已超過 1 億。

The most recent comScore Report showed that in the US, there's more mobile time spent on Instagram than on Twitter. By giving Instagram access to some of the tools we have internally here at Facebook, they can grow even faster than they would have alone.

comScore 的最新報告顯示，在美國，人們在 Instagram 上花費的行動時間比在 Twitter 上花費的時間更多。透過讓 Instagram 使用 Facebook 內部的一些工具，他們的發展速度將比單獨發展更快。

Finally, I want to switch gears and talk a bit about monetization. The most important thing to understand here is that we're just getting started on this. I'd like to mention a few of the monetization products I'm most excited about, before handing it off to Sheryl to go into more detail on them.

最後，我想換個話題，談談貨幣化。這裡最重要的是要明白，我們才剛開始做這件事。我想先提一下我最感興趣的幾種貨幣化產品，然後交給 Sheryl 進行更詳細的介紹。

We just rolled out a new product called Mobile App-Installs. Every developer wants more people to use their app. We can provide distribution to help developers increase discovery of their apps. I'm excited about this because it helps developers with one of the biggest problems they face. I'm also excited about this because it's truly a mobile first ad product.

我們剛推出了一款名為「行動應用安裝」的新產品。每個開發人員都希望更多的人使用他們的應用程式。我們可以提供分發來幫助開發人員增加其應用程式的發現率。我對此感到很興奮，因為它幫助開發人員解決了他們面臨的最大問題之一。我對此也感到很興奮，因為它確實是一個行動優先的廣告產品。

A lot of what the desktop web is optimized to do, allow you to click from page to page, just isn't the basic behavior on mobile. On mobile, you have to install an app first, so installs are way more valuable. I'm excited to see how developers use our Mobile App product.

桌面網路經過最佳化，可以實現從一個頁面點擊到另一個頁面，但這並不是行動裝置上的基本行為。在行動裝置上，您必須先安裝應用程序，因此安裝更有價值。我很高興看到開發人員如何使用我們的行動應用產品。

We've also been rolling out Facebook Exchange and a product called Custom Audiences. The idea is that we want to improve our targeting capabilities so that it's easier for marketers to reach their customers and so that our ads are relevant and interesting to people on Facebook. This will create much better experiences for everyone using our product.

我們也推出了 Facebook Exchange 和一款名為 Custom Audiences 的產品。我們的想法是，希望提高我們的定位能力，以便行銷人員更容易接觸到他們的客戶，並且我們的廣告對 Facebook 上的用戶來說更相關且有趣。這將為使用我們產品的每個人創造更好的體驗。

I'm also excited about the Gifts launch we're in the early days of. I think there's an opportunity here to bring more commerce to Facebook over time and Gifts is a logical first step. People already send millions of birthday messages a day using Facebook, and a lot of them have asked to be able to do more. Gifts provides us with the opportunity to learn about how people buy things, and will hopefully help us build better services in the future.

我也對我們剛推出的禮品產品感到很興奮。我認為這是一個機會，可以隨著時間的推移為 Facebook 帶來更多的商業活動，而禮品是合乎邏輯的第一步。人們每天已經透過 Facebook 發送數百萬個生日祝福，其中許多人希望能夠提供更多功能。禮品為我們提供了了解人們如何購買東西的機會，並有望幫助我們在未來打造更好的服務。

And of course, beyond these products, there's a lot more we plan to do and I look forward to talking about those things on future calls. So thanks for taking the time to be here with us today, and giving me an opportunity to report on how we're doing in the three core areas of our strategy; mobile, platform, and monetization. We have a lot going on right now and I'm excited about the progress we're making.

當然，除了這些產品之外，我們還計劃做更多的事情，我期待在未來的電話會議上討論這些事情。感謝您今天抽出時間來參加我們的會議，讓我有機會報告我們在策略的三個核心領域的進展；行動、平台和貨幣化。我們現在有很多事情要做，我對我們的進展感到非常興奮。

Thanks, Mark. We had a lot of progress in our advertising business in the third quarter. Our total third-quarter revenue was $1.26 billion, with $1.09 billion coming from advertising. This represents a 32% year-over-year increase in overall revenue and a 36% increase for advertising.

謝謝，馬克。我們的廣告業務在第三季取得了很大進展。我們第三季的總營收為 12.6 億美元，其中 10.9 億美元來自廣告。這意味著總收入年增 32%，廣告收入較去年同期成長 36%。

With a billion people using Facebook monthly, we have created the largest, most engaged community of real people in the world. Building on this extraordinary asset, the goal of our advertising business is to transform how people and businesses connect.

每月有十億人使用 Facebook，我們創造了世界上最大、參與度最高的真實用戶社群。基於這項非凡資產，我們的廣告業務的目標是改變人們和企業的聯繫。

Our scale and targeting capabilities make Facebook increasingly important for marketers; brand marketers, direct marketers, local businesses and developers, as they move customers all the way through the marketing funnel. For brand marketers like Walmart and Procter & Gamble, Facebook offers the ability to reach customers, build awareness, and drive positive association affinity and consideration. We help brand marketers develop ongoing and often daily relationships with customers in many cases for the first time. Facebook is starting to combine the science of CRM with the scale of brand marketing.

我們的規模和定位能力使得 Facebook 對行銷人員來說越來越重要；品牌行銷人員、直接行銷人員、本地企業和開發商，他們將客戶引導至整個行銷管道。對於沃爾瑪和寶潔等品牌行銷商來說，Facebook 讓他們接觸客戶、建立知名度，並激發積極的聯想親和力和考慮。我們幫助品牌行銷人員在許多情況下首次與客戶建立持續的、通常是日常的關係。Facebook 開始將 CRM 科學與品牌行銷規模結合。

For direct marketers, like Amazon and Capital One, working with Facebook can achieve higher ROI by tapping into our incredibly accurate targeting capabilities. This represents a significant opportunity for us in a $55 billion global market. For the 12.8 million local businesses that already have Facebook pages, our products, including Location and Interest Targeting and Offers, keeping customer relationships and drive sales. With tens of millions more local businesses around the world not yet on Facebook, we offer a simple path for SMBs to go digital and drive customers into their stores.

對於亞馬遜和 Capital One 等直接行銷商來說，與 Facebook 合作可以利用我們極其精準的定位能力來實現更高的投資報酬率。對我們來說，在價值 550 億美元的全球市場中，這是一個重大機會。對於已經擁有 Facebook 頁面的 1,280 萬家本地企業，我們的產品（包括地點和興趣定位和優惠）可以維持客戶關係並推動銷售。由於全球有數千萬本地企業尚未加入 Facebook，我們為中小型企業提供了一條走向數位化並吸引客戶光顧其店舖的簡單途徑。

And for developers, we explore app downloads and installs and help them re-engage customers to generate revenue. Facebook is uniquely positioned to succeed in this rapidly growing global market.

對於開發人員，我們探索應用程式的下載和安裝，並幫助他們重新吸引客戶以創造收入。Facebook 擁有得天獨厚的優勢，能夠在這個快速成長的全球市場中取得成功。

We believe that each of these market segments could, over time, become multi-billion dollar opportunities for us. To realize this potential, we're focused on three priorities. One, building products that create value for every type of marketer. Two, demonstrating that value to marketers. And three, taking advantage of the opportunity we have in mobile.

我們相信，隨著時間的推移，這些細分市場中的每一個都可能為我們帶來數十億美元的商機。為了實現這一潛力，我們將重點放在三個方面。第一，打造能為各類行銷人員創造價值的產品。二、向行銷人員展示這項價值。第三，利用我們在行動領域的機會。

I'll start with the first products. In Q3, we increased our investment in monetization products. The result has been rapid innovation and new product introduction to serve each of the market segments more effectively. I will highlight four.

我將從第一批產品開始。第三季度，我們加大了對貨幣化產品的投入。其結果是快速創新和新產品推出，以更有效地服務每個細分市場。我將重點介紹其中四點。

Custom Audiences, introduced in early September, helps marketers use their customer list or other data to target Facebook ads in a privacy protective way. This allows them to send the right message to the right person at the right time. For example, an automaker can advertise to customers who are looking to buy a new car.

9 月初推出的「自訂受眾」功能可協助行銷人員使用其客戶名單或其他資料以保護隱私的方式投放 Facebook 廣告。這使得他們能夠在正確的時間向正確的人發送正確的訊息。例如，汽車製造商可以向想要購買新車的客戶做廣告。

We frequently see a match rate of over 50% and sometimes as high as 95%, which we believe to be much higher than industry norms. In September, we expanded the rollout of FBX, the Facebook Exchange, which allows businesses to bid on specific impressions in real-time. For example, if a customer visits a home furnishing website to view a particular rug, the business can deliver Facebook ads to remind him that the rug is still available.

我們經常看到匹配率超過 50%，有時甚至高達 95%，我們認為這遠高於行業標準。9 月份，我們擴大了 FBX（Facebook Exchange）的推出範圍，它允許企業即時對特定的展示進行競價。例如，如果客戶造訪家居裝飾網站查看特定的地毯，則企業可以投放 Facebook 廣告來提醒他該地毯仍然可用。

A month ago, we reintroduced Offers, which provides businesses a powerful new way to acquire new customers and drive loyalty. Every time someone claims an Offer on Facebook, he or she creates a story that is shared with friends. Since launch, approximately 100,000 pages have created an Offer and approximately 30% of Offer claims are coming from mobile devices.

一個月前，我們重新推出了優惠活動，為企業提供了一種獲取新客戶和提高忠誠度的強大新方法。每當有人在 Facebook 上領取優惠時，他或她都會創建一個故事與朋友分享。自推出以來，大約有 100,000 個頁面創建了優惠，其中約 30% 的優惠請求來自行動裝置。

Finally, we launch Promoted Posts, which make it easy to turn any page post into an ad. This simplicity is especially valuable for local businesses. Since launching in Q2, we have seen promoted posts from over 300,000 pages, over 25% of which are new advertisers to Facebook.

最後，我們推出了“推廣貼文”，可以輕鬆地將任何頁面貼文變成廣告。這種簡單性對於本地企業來說尤其有價值。自第二季度推出以來，我們已經看到來自超過 300,000 個頁面的推廣帖子，其中超過 25％ 是 Facebook 的新廣告商。

These new products enable marketers to achieve more of their objectives on Facebook. And more importantly, by improving the targeting and quality of our ads, we also create a better experience for our users.

這些新產品使行銷人員能夠在 Facebook 上實現更多目標。更重要的是，透過提高廣告的針對性和品質，我們也為用戶創造了更好的體驗。

But we know it's not enough to rollout new products. Our second strategic priority is to prove the value of our products to marketers.

但我們知道推出新產品還不夠。我們的第二個策略重點是向行銷人員證明我們產品的價值。

Brand marketers increasingly recognize that they can have impact on Facebook similar to that on TV. Our daily reach is more than 3 times larger than the total viewing audience for this year's Super Bowl, and it happens every day. Prominent brand marketers, such as McDonald's and Gerber, have publicly recognized the high ROI Facebook delivers. We have shown that Facebook ads drive sales and ring cash registers. Based on studies of more than 60 campaigns, we learned that 70% of those campaigns showed a return on ad spend of 3 times or better and 49% showed a return of 5 times or better.

品牌行銷人員越來越認識到他們可以在 Facebook 上產生與在電視上類似的影響力。我們的每日覆蓋人數是今年超級盃總觀眾人數的三倍多，而且每天都是如此。麥當勞和嘉寶等知名品牌行銷人員已公開承認 Facebook 帶來的高投資報酬率。我們已經證明 Facebook 廣告可以推動銷售並增加收銀機的收益。根據 60 多個廣告活動的研究，我們了解到其中 70% 的廣告活動顯示廣告支出回報率為 3 倍或更高，49% 的廣告活動顯示廣告支出回報率為 5 倍或更高。

Samsung Mobile USA's experience demonstrates the value our ads deliver. Samsung used Facebook to build awareness of their new Galaxy S3 smartphone, reaching 105 million people and driving a 10-point lift in brand favorability among relevant customers. Even better, they determined that customers who saw the ads bought their new phone at an 85% higher rate than those who didn't. As a result, the Company realized more than $129 million in sales attributable to Facebook, nearly a 13x return on advertising spend.

三星移動美國公司的經驗證明了我們的廣告所帶來的價值。三星利用 Facebook 宣傳其新款 Galaxy S3 智慧型手機，覆蓋人數達到 1.05 億，相關客戶的品牌好感度提升了 10 個百分點。更棒的是，他們發現看到廣告的顧客購買新手機的比例比沒有看到廣告的顧客高出 85%。結果，該公司實現了超過 1.29 億美元的 Facebook 銷售額，幾乎是廣告支出回報的 13 倍。

Our new Targeting Capabilities, Custom Audiences and FBX greatly increase the value Facebook provides direct marketers as significantly increasing efficiency through better precision. MGM Resorts International has been testing Custom Audiences to provide offers on hotel stays to repeat guests. After seeing returns on advertising spend range from 3X to 12X, they are expanding their use of this product.

我們新的定位功能、自訂受眾和 FBX 大大增加了 Facebook 為直接行銷人員提供的價值，並透過更高的精確度顯著提高了效率。米高梅國際酒店集團一直在測試客製化受眾，以便為回頭客提供飯店住宿優惠。在看到廣告支出的回報率從 3 倍提高到 12 倍後，他們正在擴大產品的使用範圍。

Initial results from data partners showed that FBX ads can achieve results equal to and often greater than those of other ad platforms. For example, MediaMax found their clients achieved 40% better performance on FBX than other platforms. Teleport clients using FBX experienced a 10X return on ad spend at a cost per acquisition comparable to other platforms.

數據合作夥伴的初步結果表明，FBX 廣告可以取得與其他廣告平台相當甚至更好的結果。例如，MediaMax 發現其客戶在 FBX 上的表現比其他平台高出 40%。與其他平台相比，使用 FBX 的 Teleport 客戶在每次獲取成本上獲得了 10 倍的廣告支出回報。

All other products are demonstrating similar results. Lawson, a leading convenience store chain in Japan used Facebook Offers to advertise a discount on fried chicken. Over 0.5 million people claimed the offer, 93% of whom did so from their mobile device, generating a 7X return on advertising spend. And Sam's Chowder House, a local restaurant, used promoted posts to drive a 19% increase in both their number of guests -- in both their monthly number of guests and monthly gross revenue.

所有其他產品都顯示出類似的結果。日本領先的便利商店連鎖店 Lawson 使用 Facebook Offers 來宣傳炸雞折扣。超過 50 萬人認領了該優惠，其中 93% 的人是透過行動裝置認領的，廣告支出回報率為 7 倍。當地一家餐廳 Sam's Chowder House 利用推廣貼文使其客人數量（每月客人數量和每月總收入）增加了 19%。

Finally, I want to talk about our progress in mobile. Marketers want to reach mobile customers because that's where people are spending more of their time. We believe that no one is better positioned than we are to help marketers capitalize on the transition to mobile. Our mobile user base is huge, growing, and even more engaged than our desktop users. And importantly, we deliver an experience that works for ads since a significant portion of time on Facebook mobile is spent using News Feed.

最後我想談談我們在行動領域的進展。行銷人員希望接觸行動客戶，因為人們在行動端花費的時間更多。我們相信，沒有人比我們更有能力幫助行銷人員充分利用向行動端的轉變。我們的行動用戶群非常龐大，而且還在持續成長，而且參與度甚至比桌面用戶更高。重要的是，我們提供適合廣告的體驗，因為 Facebook 行動版上的大部分時間都花在了使用新聞推送上。

In Q3, we saw marketers embrace News Feed on both mobile and desktop as a growing part of their advertising strategies. This is driving results, given that Page Post Ads and News Feed on both mobile and desktop are more than 8 times as engaging as Page Post Ads on the right-hand side. Advertisers are also seeing a 10X greater ad recall per impression. We see significant opportunity for future revenue growth from products and mobile News Feeds such as Page Post Ads and Mobile App-Install Ads which we launched just last week. We also recently announced that we're working with partners to test mobile ads and apps off of Facebook on both iOS and Android.

在第三季度，我們看到行銷人員將行動裝置和桌面裝置上的新聞推送作為其廣告策略中日益重要的一部分。這帶來了顯著的效果，因為行動裝置和桌面裝置上的專頁貼文廣告和新聞推播的吸引力是右側專頁貼文廣告的 8 倍以上。廣告商也發現每次展示的廣告回憶率提高了 10 倍。我們看到，我們上週剛推出的產品和行動新聞推播（例如頁面貼文廣告和行動應用程式安裝廣告）未來收入成長的巨大機會。我們最近也宣布，我們正在與合作夥伴合作，在 iOS 和 Android 上測試 Facebook 的行動廣告和應用程式。

We only started our mobile monetization efforts in March and already in the third quarter, 14% of our advertising revenue came from mobile. Many of the products I've highlighted in this are still early in their history and will take time to generate revenue and scale. But our results to date suggest that we're on the right track. We're rapidly launching and scaling products that deliver value for marketers. We're increasingly demonstrating the value that Facebook ads can deliver. And we have become one of the largest mobile advertising platforms in less than eight months.

我們從三月才開始移動貨幣化工作，到第三季度，我們的廣告收入已有 14% 來自行動領域。我在這裡重點介紹的許多產品仍處於發展早期，需要時間來創造收入和擴大規模。但我們迄今為止的結果表明我們走在正確的軌道上。我們正在快速推出和擴展為行銷人員帶來價值的產品。我們不斷在展示 Facebook 廣告所能帶來的價值。我們在不到八個月的時間裡已經成為最大的行動廣告平台之一。

Now I'll hand it over to David.

現在我將把它交給大衛。

Thanks, Sheryl, and good afternoon, everyone. I want to build on Mark and Sheryl's comments and share our progress in the areas of user growth, revenue and financial performance. Let's start with users.

謝謝，謝麗爾，大家下午好。我想基於馬克和謝麗爾的評論，分享我們在用戶成長、收入和財務表現方面的進展。讓我們從用戶開始。

We ended September with 1,007,000,000 people using Facebook, up 26% from a year ago. 584 million people accessed Facebook each day on average in September, up 28% from the prior year. We grew monthly and daily users in all geographic regions, led by Brazil, India and Japan.

截至 9 月底，Facebook 用戶總數達 1,007,000,000 人，較去年同期成長 26%。9 月份，平均每天有 5.84 億人造訪 Facebook，比去年同期成長 28%。我們在所有地理區域的月度和每日用戶數量都有所增長，其中巴西、印度和日本最為活躍。

Mobile continues to drive our user growth and we ended Q3 with 604 million monthly mobile users, up 61% versus last year. None of the user numbers include Instagram, which as Mark mentioned, passed 100 million registered users and continues to grow. We're pleased that engagement patterns remain impressively strong around the world in terms of visitation as well as content shared and feedback created as measured by likes and comments. We still see 58% of our monthly users coming back to Facebook each day even with more than 1 billion people using Facebook including later adopters and despite a constantly evolving competitive environment. This speaks to the value of our service and the strength of our network.

行動端持續推動我們的用戶成長，截至第三季度，我們的每月行動用戶數為 6.04 億，較去年同期成長 61%。這些用戶數量都不包括 Instagram，正如馬克所提到的，Instagram 的註冊用戶已超過 1 億，並且還在繼續增長。我們很高興看到，就訪問量、分享的內容以及透過點讚和評論衡量的反饋而言，全球的參與模式依然保持著令人印象深刻的強勁勢頭。儘管 Facebook 的用戶（包括後來的用戶）已經超過 10 億，競爭環境也不斷變化，但我們每月仍有 58% 的用戶每天回到 Facebook。這體現了我們服務的價值和網絡的實力。

Now turning to revenue. As Sheryl said, total revenue was up 32% from last year and ads revenue was up 36%. If exchange rates had stayed constant, total revenue would have increased 38% and ad revenue, 43%. Over the first two quarters of 2012, our ad revenue growth with constant exchange rates was 38% and 33%. So our Q3 number of 43% demonstrates we're seeing positive impact from our recent investments in monetization.

現在談談收入。正如謝麗爾所說，總收入比去年增長了 32%，廣告收入增長了 36%。如果匯率不變，總收入將增加 38%，廣告收入將增加 43%。2012年前兩個季度，我們的廣告收入以固定匯率計算分別成長38%和33%。因此，我們第三季的 43% 的數字表明，我們最近在貨幣化方面的投資產生了積極影響。

Ad revenue growth was driven by 27% increase in the number of ads delivered and a 7% increase in the average price per ad. The increase in ads delivered is similar to the year-over-year rate of user growth as the reduction in ads per user from engagement shifting to mobile was generally offset by product changes that increased ad inventory. In terms of ad price changes versus last year, the 7% increase was driven primarily by the ramping up of ads in News Feeds as these ads continued to have higher levels of user engagement as measured by click rates; and therefore, higher price per ad compared to ads in the right-hand column.

廣告收入的成長得益於投放廣告數量增加 27% 以及每則廣告平均價格增加 7%。投放的廣告數量的成長與用戶的同比增長率相似，因為由於用戶參與度轉向行動裝置而導致的每位用戶廣告數量的減少通常被增加廣告庫存的產品變化所抵消。與去年相比，廣告價格變化方面，7% 的成長主要得益於新聞推播中廣告的增加，因為這些廣告以點擊率衡量的用戶參與度持續提高；因此，與右側欄中的廣告相比，每個廣告的價格更高。

In the US and Canada, where the shift to mobile continues rapidly, price per ad increased by 20% relative to last year and price per ad also increased significantly in Asia and rest of world. Europe remains challenging with price per ad down from a year ago.

在美國和加拿大，行動端的轉變持續快速推進，每個廣告的價格較去年同期上漲了 20%，亞洲和世界其他地區的每個廣告的價格也大幅上漲。歐洲仍面臨挑戰，每個廣告的價格都比一年前下降。

Payments and other fees revenue in the third quarter totaled $176 million, up 13% from last year, but down 9% compared to the second quarter driven by a decline in payments from Zynga. Payments revenue from non-Zynga developers in aggregate continued to grow from Q2 to Q3. In Q3, Zynga represented 43% of our Payments revenue, down from 51% in Q2 and 62% in Q3 last year. Including its ad spend, Zynga comprised 7% of our total revenue this quarter, down from 10% in Q2 and 12% in Q3 last year.

第三季支付及其他費用收入總計 1.76 億美元，較去年同期成長 13%，但受 Zynga 支付金額下降影響，較第二季下降 9%。從第二季到第三季度，來自非 Zynga 開發商的支付收入整體持續成長。第三季度，Zynga 占我們支付收入的 43%，低於去年第二季的 51% 和第三季的 62%。如果算上廣告支出，Zynga 本季占我們總營收的 7%，低於去年第二季的 10% 和第三季的 12%。

An additional reminder on payments, in Q4 we plan to recognize revenue from four months of payments transactions. For accounting reasons noted in our last 10-Q, and repeated on slide 10 of the earnings slides on our website.

關於付款的額外提醒，我們計劃在第四季度確認四個月的付款交易收入。由於我們在上一季 10 季報告中提到的會計原因，並且在我們網站的收益幻燈片第 10 張中重複提到了這一點。

In terms of revenue per user, worldwide ARPU increased 4% versus Q3 2011. North America and Rest of World ARPU increased by around 20% each while Europe and Asia ARPU each increased by a few percent, with Europe negatively affected by exchange rate changes.

以每用戶收入計算，全球 ARPU 與 2011 年第三季相比成長了 4%。北美和世界其他地區的 ARPU 分別增長了約 20%，而歐洲和亞洲的 ARPU 分別增長了幾個百分點，其中歐洲受到匯率變化的負面影響。

Turning now to expenses, our Q3 GAAP expenses were $885 million, an increase of 64% from last year. Excluding the effect of stock comp our remaining expenses increased 57% to $737 million, driven by headcount growth and investments in infrastructure. We ended the quarter with just over 4,300 employees, a quarter-over-quarter increase of 9%. We plan to continue to invest aggressively in the business in Q4 with a sharp focus on the three priorities Mark described.

現在談談費用，我們第三季的 GAAP 費用為 8.85 億美元，比去年增加了 64%。不計股票補償的影響，我們的剩餘支出增加了 57%，達到 7.37 億美元，這主要得益於員工人數的成長和基礎設施投資。截至本季末，我們的員工人數剛超過 4,300 人，較上季成長 9%。我們計劃在第四季度繼續大力投資該業務，重點關注馬克描述的三個優先事項。

We view the product development investments we're making in mobile and platform as critical to drive continued user growth and deepen engagement and to grow our strategic importance for developers and advertisers. We're also investing more in monetization in order to build out and improve the products we offer advertisers, and also to fund new initiatives such as Gifts.

我們認為，在行動和平台上進行的產品開發投資對於推動用戶持續成長、深化參與度以及提升我們對開發者和廣告商的策略重要性至關重要。我們也在貨幣化方面投入了更多資金，以建立和改進我們為廣告商提供的產品，並為禮品等新措施提供資金。

We had GAAP operating income of $377 million in the third quarter. Including the effects of stock comp, our operating income was $525 million, representing a 42% non-GAAP operating margin. Our GAAP tax rate for Q3 was 116%, driven by the unusual amount of stock comp this year, a portion of which is not tax deductible. Excluding the effect of stock comp, our non-GAAP tax rate was 40%.

我們第三季的 GAAP 營業收入為 3.77 億美元。包括股票補償的影響，我們的營業收入為 5.25 億美元，非 GAAP 營業利益率為 42%。我們第三季的 GAAP 稅率為 116%，這是由於今年的股票補償金額異常大，其中一部分不能免稅。不計股票補償的影響，我們的非公認會計準則稅率為 40%。

For Q4, we expect our GAAP and non-GAAP tax rates to be similar to Q3 before our GAAP tax rate returns to more typical levels in 2013. The amount of cash tax we pay will be significantly different from the tax provision I just described due to deductions from investing of RSUs and exercise of options. At today's stock price, we estimate tax deductions of over $10 billion that will reduce our cash tax payments in 2012 and in the future. Driven by our tax provision in Q3, we reported a GAAP net loss of $59 million or $0.02 per share. Excluding stock comp and its tax effects, we had a non-GAAP net income of $311 million or $0.12 per share.

對於第四季度，我們預計我們的 GAAP 和非 GAAP 稅率將與第三季度相似，然後在 2013 年我們的 GAAP 稅率恢復到更典型的水平。由於投資 RSU 和行使選擇權的扣除，我們支付的現金稅金額將與我剛才描述的稅務準備金有很大不同。以今天的股價，我們估計稅收減免將超過 100 億美元，這將減少我們 2012 年及未來的現金稅支付。受第三季稅收撥備的影響，我們報告的 GAAP 淨虧損為 5,900 萬美元，即每股 0.02 美元。不包括股票補償及其稅務影響，我們的非 GAAP 淨收入為 3.11 億美元或每股 0.12 美元。

Turning to cash metrics, we purchased $171 million of property and equipment in Q3, and acquired another $161 million of equipment financed through capital leases. For 2012, we expect to come in at the low end of the CapEx range we provided last quarter, which was $1.6 billion to $1.8 billion. In Q3, we also paid $300 million upon closing the Instagram acquisition. And we ended Q3 with $10.5 billion in cash and investments.

談到現金指標，我們在第三季購買了價值 1.71 億美元的財產和設備，並透過資本租賃融資購買了價值 1.61 億美元的設備。對於 2012 年，我們預計資本支出將處於上個季度提供的資本支出範圍的低端，即 16 億美元至 18 億美元。第三季度，我們還在完成對 Instagram 的收購時支付了 3 億美元。第三季結束時，我們的現金和投資總額為 105 億美元。

In Q4, RSUs that we granted employees between 2007 and 2010 will vest and settle for the first time. On the vesting dates, we'll withhold from employees approximately 120 million shares and we'll pay income taxes for the employees. The total tax payments will equal the value of the 120 million shares on the vesting dates or approximately $2.4 billion at today's stock price. As we've previously disclosed, we expect to fund the tax payments from cash on hand and our amended term loan facility. After the withholding dates, the 120 million shares will no longer be considered outstanding for accounting purposes, reducing our shares that are used to calculate EPS.

在第四季度，我們在 2007 年至 2010 年期間授予員工的 RSU 將首次歸屬並結算。在歸屬日，我們將從員工扣留約 1.2 億股股票，並為員工繳納所得稅。稅款總額將等於歸屬日的 1.2 億股股票的價值，或以今天的股價計算約為 24 億美元。正如我們之前所揭露的那樣，我們預計將利用庫存現金和修改後的定期貸款來支付稅款。在扣留日期之後，這 1.2 億股股票將不再被視為會計目的的流通股，從而減少用於計算每股收益的股票數量。

In closing, we're pleased with our business progress over the past few months, and how we're positioned for the future. We're excited about the product development investments we're making in order to build out better and deeper social experiences for the people who use Facebook. And we're focused on executing on our advertising payments and new business opportunities to translate our product successes into a strong and valuable business.

最後，我們對過去幾個月的業務進展以及未來的定位感到滿意。我們對正在進行的產品開發投資感到非常興奮，我們希望為 Facebook 用戶打造更好、更深入的社交體驗。我們專注於執行廣告付款和新的商業機會，將我們產品的成功轉化為強大而有價值的業務。

Now let's open the call for questions.

現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Justin Post, Bank of America Merrill Lynch.

美銀美林的賈斯汀波斯特 (Justin Post)。

A couple questions for you on mobile. First, can you talk about total engagement as you look at individual users both on PC and mobile? Are you seeing that engagement grow if you add up both in minutes or likes or other metrics? Can you talk about total engagement of your user base and how that's trending?

有幾個關於手機的問題想問您。首先，您能否談談 PC 和行動裝置上個人用戶的整體參與度？如果將分鐘數、按讚數或其他指標加起來，你是否看到參與度有所成長？您能談談您的用戶群的整體參與度以及趨勢如何嗎？

And then thanks for the mobile disclosure, 14% of revenues. Can you say -- last quarter you gave us how you were ending the quarter. Can you say if that mobile was accelerating as the quarter progressed? Thank you.

然後感謝行動業務的揭露，佔收入的 14%。您能否說一下—上個季度您告訴我們您是如何結束該季度的。您能否說說隨著本季的進展，行動業務的成長是否正在加速？謝謝。

Sure. I can take both those questions. First of all in terms of engagement on mobile and web, we continue to see that content created grows -- is growing across the world and feedback which we measure in terms of likes and comments continues to grow well as well. So the engagement story on Facebook continues to be a strong one that we're pleased about.

當然。我可以回答這兩個問題。首先，就行動和網路參與度而言，我們繼續看到所創建的內容在增長——在世界範圍內不斷增長，而我們以點讚和評論來衡量的反饋也在持續增長。因此，Facebook 上的用戶參與度持續保持強勁，我們對此感到高興。

In terms of the feed revenue, at the end of the second quarter, we disclosed that at that point we were running about $1 million a day. And we use that metric because we just started ramping up towards the end of the quarter so we felt like giving you the numbers for the whole quarter was not representative of where we were. Those numbers continued to ramp through the quarter. We ended the third quarter with more than $4 million a day coming from feed and about three quarters of that coming from mobile feed. But going forward, I think we'll stick to the metric of mobile as a percentage of revenue.

就飼料收入而言，我們在第二季末披露，當時我們的日收入約為 100 萬美元。我們使用該指標是因為我們剛剛在本季結束時開始加大投入，因此我們覺得向您提供整個季度的數字並不能代表我們的現狀。本季這些數字持續上升。截至第三季末，我們每天從資訊流中獲得的收入超過 400 萬美元，其中約四分之三來自行動資訊流。但展望未來，我認為我們將堅持以行動收入佔比作為衡量標準。

Gene Munster, Piper Jaffray.

吉恩‧蒙斯特 (Gene Munster)，Piper Jaffray。

Following up on Justin's question, can you talk -- obviously you guys have been putting the pedal to metal. I think Dave, you just gave some metrics around the impact to the overall experience, but first question is, is there anything that makes you believe that the acceleration in mobile is impacting the experience? And second, can you talk about any cannibalization from the desktop to mobile, in terms of ad revenue?

接下來回答賈斯汀的問題，你能否談談——顯然你們已經全力以赴了。我認為戴夫，你剛剛給了一些關於對整體體驗的影響的指標，但第一個問題是，有什麼讓你相信行動領域的加速正在影響體驗？其次，您能否談談從桌面到行動端在廣告收入方面是否存在蠶食現象？

I can take this. We are carefully monitoring user engagement and sentiment, and we're pleased with the results so far. We look at how users are engaging on our platform, and as we've increased the number of ads in News Feeds, we've been carefully monitoring that engagement. Our revenue is growing and that means, as I discussed, we have a lot of new clients.

我可以接受這個。我們正在仔細監控使用者參與和情緒，我們對目前的結果感到滿意。我們關注用戶在我們平台上的參與度，隨著我們增加新聞推播中的廣告數量，我們一直在仔細監控這種參與度。我們的收入正在成長，這意味著，正如我所討論的，我們有很多新客戶。

We also have a lot of clients and customers who are spending more with us. So we're seeing increased revenue and increased budgets from them. Some of the revenue also is moving over from the right-hand column to News Feed and that's part of our strategy. We are putting more emphasis on the products that are running through News Feed, rolling out products because that's where the natural ad format is for mobile.

我們也有很多客戶和顧客在我們這裡花費更多。因此，我們看到他們的收入和預算都在增加。部分收入也從右側欄轉移到新聞提要，這是我們策略的一部分。我們更重視透過 News Feed 經營的產品，推出這些產品是因為這是行動端的自然廣告形式。

Youssef Squali, Cantor Fitzgerald.

優素福·斯誇利，坎托·菲茨杰拉德。

I was just wondering if you can give us some examples of instances where you guys are already seeing better monetization on mobile than on desktop. David, can you just quantify the contribution of Instagram in the quarter, both top and bottom line, if possible?

我只是想知道您是否可以給我們舉一些例子，說明行動裝置上的貨幣化效果比桌面裝置更好。大衛，如果可能的話，您能否量化 Instagram 在本季度的貢獻，包括營收和利潤？

We've been working on ad products that monetize on mobile, as I said, into News Feed. One example of a product that is uniquely mobile is Mobile App-Install Ads that Mark mentioned and I mentioned as well. That's an experience that's uniquely mobile and it's a good example of an ad product that really works in that format.

正如我所說，我們一直在致力於開發能夠在行動裝置上獲利的廣告產品，並將其融入 News Feed 中。一個獨特的行動產品的例子是馬克提到的和我都提到的行動應用程式安裝廣告。這是一種獨特的行動體驗，也是真正以這種形式發揮作用的廣告產品的一個很好的例子。

In terms of Instagram, we closed the acquisition towards the end of the third quarter so the impact was next to zero, certainly zero in the top line and next to zero on the bottom line. In the fourth quarter, we will have expenses both from the employees and the investments we're making in Instagram and also the amortization of the intangible assets that we acquired.

就 Instagram 而言，我們在第三季末完成了收購，因此其影響幾乎為零，對營收的影響肯定為零，對利潤的影響也幾乎為零。在第四季度，我們的支出包括員工支出、對 Instagram 的投資支出以及所收購無形資產的攤銷支出。

To add one more thought on monetization on mobile versus desktop which I think is the heart of the question, [we're] measuring engagement and the results from Page Post Ads, comparing them when they're placed on the right-hand side to those that are being placed in News Feed. Comparatively, the ones in News Feed, and that's on both mobile and desktop, are 8 times more engaging and we see 10 times the ad recall.

再補充一點關於行動裝置和桌面裝置上的貨幣化的想法，我認為這是問題的核心，我們正在衡量頁面貼文廣告的參與度和結果，並將它們放置在右側與放置在新聞提要中的廣告進行比較。相較之下，無論是在行動裝置還是在桌上型電腦上，News Feed 中的廣告吸引力要高出 8 倍，廣告回憶率則高出 10 倍。

That makes sense because News Feed is where a lot of the engagement on Facebook takes place. So by moving those Promoted Post or Page Posts into News Feed, we're increasing engagement and results as well.

這是有道理的，因為 Facebook 上的許多互動都是在 News Feed 上進行的。因此，透過將那些推廣貼文或頁面貼文移至新聞提要，我們也提高了參與度和效果。

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

I had a question for Mark. I was wondering, given the monetization products that you mentioned at the start of the call, if you could maybe rank order for us, how would you rank those in terms of their ability to drive revenue in calendar '13? And which ones should [we] be watching most closely? Thank you.

我有一個問題想問馬克。我想知道，鑑於您在電話會議開始時提到的貨幣化產品，您是否可以為我們進行排序，您會如何根據它們在 2013 年推動收入的能力對它們進行排序？我們最應該密切關注哪些方面？謝謝。

Yes. I look at it in terms of, we're building a lot more integrated ad products now. If you look at where we were historically, most of the ad inventory was in this right-hand column. It was a separate experience and we had this ad team and their job was to drive that service and they could provide that service to every other product team so the messages team focuses on building the best messages product and now they can run that on the side to make money.

是的。從我的角度來看，我們現在正在建立更多整合的廣告產品。如果你回顧我們的歷史，你會發現大部分廣告資源都位於右側欄位。這是一次獨立的體驗，我們有這個廣告團隊，他們的工作是推動這項服務，他們可以向其他每個產品團隊提供這項服務，因此訊息團隊專注於打造最好的訊息產品，現在他們可以透過運行該產品來賺錢。

Now what we're basically doing is, we've told every product team that they're responsible for the advertising experience within each of their products so the News Feed team is coming up with better ad experiences than just being able to run general ads on the side.

現在我們基本上在做的事情是，我們告訴每個產品團隊，他們要對每個產品中的廣告體驗負責，因此 News Feed 團隊正在提供比僅僅在側面投放一般廣告更好的廣告體驗。

What we're seeing is that across each of these consumer products that we have, we're just getting more tailored advertising experiences. So I think there are multiple ways to look at it. You can look at it by market segment for advertisers or you could look at it by consumer products; that tends to be how I look at it more. But whether it's a News Feed, or the mobile apps that we're building or timeline or any of these things, I think we're just going to see a lot better products for both users and advertisers.

我們看到，在我們擁有的每一款消費產品中，我們都獲得了更客製化的廣告體驗。所以我認為可以從多個角度來看這個問題。您可以按照廣告商的市場細分來查看，也可以按照消費品來查看；我往往是這樣看待這個問題的。但無論是新聞推送，還是我們正在開發的行動應用程式或時間軸或任何這些東西，我認為我們都會看到對用戶和廣告商更好的產品。

Scott Devitt, Morgan Stanley.

摩根士丹利的史考特·德維特。

Mark, you mentioned ad network in your commentary and you also discussed search as a business opportunity for Facebook in the middle of the quarter at an event. So I just wonder if you could talk a little bit more about those opportunities in terms of the approach that you would take to build businesses such as that. Then secondly, David, you mentioned changes in the ad product as a driver for growth in ad served and what were those changes that were made? Thanks.

馬克，您在評論中提到了廣告網絡，並且還在一次活動中討論了搜索作為 Facebook 本季度中期的一個商業機會。所以我只是想知道您是否可以從您將採取的方法來建立這樣的企業的角度進一步談談這些機會。其次，大衛，您提到廣告產品的變化是廣告投放成長的驅動力，那麼所做的改變是什麼？謝謝。

On platform, the basic approach that we have is we think that almost every product category is going to get transformed in some capacity. Some abrupt, some subtle transitions over time where we think that at the end of this process, the winning products in every category are going to be social ones. One question that I get frequently is just how, if we enable companies to build better products, how does Facebook make money from that? I think it's a fair and good question because then we have to build our platform in a sustainable and profitable way.

在平台上，我們的基本方法是，我們認為幾乎每個產品類別都會在某種程度上轉變。隨著時間的推移，一些突然的、一些微妙的轉變，我們認為在這個過程結束時，每個類別的獲勝產品都將是社交產品。我常被問到的一個問題是，如果我們幫助公司打造更好的產品，Facebook 如何從中賺錢？我認為這是一個公平且好的問題，因為我們必須以可持續且有利可圖的方式建立我們的平台。

But rather than focusing too early on, on trying to figure out exactly what the economic relationship is going to be with each of these partners, what we're primarily focused on is just enabling these companies to grow. The basic idea is that there are many different ways that we make money from the different platform partners.

但我們不會太早關注與每個合作夥伴究竟建立什麼樣的經濟關係，我們主要關注的是幫助這些公司成長。基本概念是，我們可以透過多種不同的方式從不同的平台合作夥伴那裡賺錢。

Most of the companies that develop with us, of course I shouldn't say most, but a lot of them buy a lot of ads with us. Some of our biggest advertisers, if you look at the list of advertisers. We're running a few tests now where on mobile apps and on desktop, some developers are running our ads on their sites.

大多數與我們一起開發的公司，當然我不應該說大多數，但其中許多都向我們購買了大量廣告。如果你看一下廣告商名單，你會發現其中一些是我們最大的廣告商。我們現在正在進行一些測試，在行動應用程式和桌面上，一些開發人員在他們的網站上投放我們的廣告。

That's another way that we can get a revenue-sharing, can get some revenue and profit from these developers growing and engagement. We obviously have the payments system as well, so developers can integrate that and we take a cut of that. There may be other ways in the future that make sense as well that we can talk to developers about exploring. But the basic idea is that we are first focused on helping developers transform these categories and then we believe that there are going to be a number of different ways that revenue can come back to us.

這是我們獲得收入分成的另一種方式，可以從這些開發人員的成長和參與中獲得一些收入和利潤。我們顯然也有支付系統，因此開發人員可以整合它，然後我們從中抽取一部分。未來也許還有其他更有意義的方法，我們可以與開發人員討論探索。但基本的想法是，我們首先專注於幫助開發人員轉變這些類別，然後我們相信會有許多不同的方式讓我們獲得收入。

Scott, you were asking about the comments I made that in this quarter, the number of ads we showed grew at a similar rate to user growth after -- In the recent past we've been growing ads more slowly because of the shift to mobile, and the product changes helped to offset that.

斯科特，你問我在本季度發表的評論，我們展示的廣告數量的增長速度與用戶增長速度相似——最近，由於向移動設備的轉變，我們的廣告增長速度有所放緩，而產品變化有助於抵消這一影響。

So one product change, for example, would be in this quarter we showed ads in News Feed on both mobile and personal computers; in a year-ago quarter, we didn't. We have made other changes through the period of time, several of which I think had a positive impact on the number of ads we show per page on personal computer use.

例如，本季的一個產品變化是，我們在行動裝置和個人電腦上的 News Feed 中展示廣告；去年同期我們並沒有這樣做。我們在這段時間裡還做出了其他一些改變，我認為其中一些改變對我們在個人電腦使用中每頁顯示的廣告數量產生了積極的影響。

Ross Sandler, Deutsche Bank.

德意志銀行羅斯桑德勒。

Just two quick questions. First for Mark on the platform, one of the things we all hope to see Facebook do one day is monetize your strong distribution without touching the user experience with ads. We assume that you guys have thought about this quite a bit, so is there any strategy in the works where you guys could potentially charge for API calls or something that isn't related to the advertising products?

只要問兩個簡單的問題。首先，對馬克來說，我們都希望看到 Facebook 有一天能夠實現的一件事就是在不影響用戶體驗的情況下，將強大的分銷能力轉化為收入。我們假設你們已經對此考慮了很多，那麼你們是否有任何策略可以對 API 呼叫或與廣告產品無關的內容收費？

And then, David, I had a question about the geographic revenue mix. Most of the ad acceleration happened in the US. Most of your other regions on a local [ethics] basis decelerated a little bit so have the new mobile apps been rolled out in those other regions yet? Or is that a catalyst that we will see in the coming quarters?

然後，大衛，我有一個關於地理收入組合的問題。大部分廣告加速發生在美國。您所在的其他大多數地區在地方[道德]方面的進展都略有放緩，那麼新的行動應用程式是否已經在其他地區推出？或者這是我們將在未來幾季看到的催化劑？

I'll just talk a bit about how we're thinking about platform monetization. One of the reasons why we favor approaches like having developers by ads or run our ads or accept payments is that we end up getting a portion of revenue where the value that's created as opposed to if you were doing something that was tied to our cost spend then that's just -- it's a less efficient way to get value that we're helping other folks create. So it's definitely something that we think about.

我只想簡單談談我們對平台貨幣化的看法。我們之所以傾向於採用諸如讓開發者投放廣告或接受付款等方式，原因之一是，我們最終可以從所創造的價值中獲得一部分收入，而如果你做的事情與我們的成本支出掛鉤，那麼這只是——這是一種效率較低的獲取價值的方式，我們正在幫助其他人創造價值。所以這絕對是我們正在考慮的事情。

One thing that I talked about earlier was how each product group now is in charge of the ads experience for that product. What you're seeing the platform team build are things like Mobile App-Installs, which is an advertising product for providing distribution for developers, and that's one of the things that I'm really excited about. It's a Mobile First product for developers. A lot of folks who aren't traditionally Facebook developers still want to spread their apps on mobile, so I think that it has a lot of potential.

我之前談到的一件事是，每個產品組現在如何負責該產品的廣告體驗。您所看到平台團隊建立的是諸如行動應用安裝之類的東西，這是一種為開發人員提供分發的廣告產品，這是我真正感到興奮的事情之一。這是一款針對開發人員的行動優先產品。許多傳統上不是 Facebook 開發人員的人仍然希望在行動裝置上傳播他們的應用程序，因此我認為這具有很大的潛力。

In terms of the geographic mix for advertising revenue, the new products that are most important to us, or were most important in the third quarter, which is the Ads and News Feed, are adopted or were adopted more quickly by our US clients than globally. And that's what we would expect just given how these things tend to play out.

就廣告收入的地理分佈而言，對我們來說最重要的或在第三季最重要的新產品是廣告和新聞推送，我們的美國客戶採用它們的速度比全球客戶更快。考慮到這些事情的發展趨勢，這也是我們所預料到的。

But if you look at ad revenue year over year across the world, actually in Asia and Rest of World grew at a faster rate than the US did and Europe grew a little bit more slowly. So while I do think the US is growing more in terms of dollars because the base is bigger, we are pleased with how we're growing across the world with Europe lagging a bit more than we'd like.

但如果你逐年觀察全球廣告收入，實際上亞洲和世界其他地區的成長速度比美國更快，而歐洲的成長速度則稍慢一些。因此，雖然我確實認為美國由於基礎更大而以美元計算增長更多，但我們對全球的增長感到滿意，而歐洲的增長速度比我們預期的要落後一些。

Mark Mahaney, Citi.

花旗銀行的馬克‧馬哈尼 (Mark Mahaney)。

Great, thanks. I hate to ask about desktop but I will. It looks like the desktop ad revenue actually declined sequentially. Is that just normal seasonality FX or is there any color there? I'd assume that you'd expect that to normally grow sequentially. And then could you talk about where you think advertisers are in terms of developing good creative for a sponsored story ads?

太好了，謝謝。我不想問有關桌面的問題，但我會問。看起來桌面廣告收入其實是連續下降。這只是正常的季節性效應還是有什麼特別之處？我認為你會期望它能正常地連續成長。然後，您能否談談您認為廣告主在為贊助故事廣告開發良好創意方面處於什麼位置？

We've seen mixed success in the ads we've tried to track to date. Do you feel that, that's a process 6-month, 12-month process of advertisers really coming to grips with the most effective way to display those ads? I know it's a -- you have to do work, they have to do work. Where do you think the advertisers are in doing the work to help that product?

到目前為止，我們所嘗試追蹤的廣告取得了不同的成功。您是否覺得，這是一個為期 6 個月、12 個月的過程，廣告主需要真正掌握最有效的廣告展示方式？我知道這是──你必須做工作，他們也必須做工作。您認為廣告主在哪些方面對該產品有幫助？

I don't think the desktop trend is a seasonal one. I think that we opened up a lot of inventory on mobile in this quarter. So we had advertisers who shifted some spend that might have been on the desktop computer into mobile feeds because our relationships with advertisers, they're not different advertisers on the two sets of devices. So I think that's the trend you're seeing there.

我不認為桌面趨勢是季節性的。我認為我們本季在行動裝置上開放了大量庫存。因此，我們的廣告商將一些原本用於桌上型電腦的支出轉移到了行動端，因為我們與廣告商的關係，他們在這兩組裝置上並不是不同的廣告商。所以我認為這就是你所看到的趨勢。

On the question of where advertisers are, as I've said before, we are a third [thing]. We're not TV, we're not search. We are social advertising, and I would say our clients are on different parts of that adoption curve. We have clients who have done a lot with us. They have now increasingly, especially this year, seen the results and seen how it affects their actual in-store sales. And they really understand it, and they're doing more and more.

關於廣告商在哪裡的問題，正如我之前所說，我們是第三個。我們不是電視，我們不是搜尋。我們從事社交廣告業務，我想說我們的客戶處於採用曲線的不同階段。我們有一些與我們一起做了很多事情的客戶。現在，尤其是今年，他們越來越看到了結果，並看到了它如何影響他們的實際店內銷售。他們確實理解這一點，並且正在做得越來越多。

We have some clients who haven't done as much and haven't quite figured out how to do this. I think it's going to be a slow but steady progression. We see more people doing more and understanding how to make social ads really work for them. We're also working hard at developing better tools.

我們有一些客戶還沒有做太多，也還沒有完全弄清楚如何做到這一點。我認為這將是一個緩慢但穩定的進展。我們看到越來越多的人做更多的事情並了解如何讓社群廣告真正為他們服務。我們也在努力開發更好的工具。

So it's some of those things we're announcing and working with, if you think about Custom Audiences. Custom Audiences enables you as an advertiser to segment to different parts of their customer segment different ads. That's really important for making those ads perform better as well. And all the work we're doing on measuring is also really important because by measuring we not just prove the results we have to marketers but we then get results which we can then use to improve the ads.

如果您考慮自訂受眾，這就是我們正在宣布和進行的一些工作。自訂受眾使您作為廣告商能夠將不同的廣告細分為客戶群的不同部分。這對於提高廣告效果也非常重要。我們在衡量方面所做的所有工作也非常重要，因為透過衡量，我們不僅可以向行銷人員證明我們的成果，而且還可以得到可以用來改善廣告的結果。

Jordan Rohan, Stifel Nicholas.

喬丹羅漢，史蒂費爾尼古拉斯。

I hope this question comes across okay. Click-through rates may indeed be high on the feed. I'm curious if you're able to measure how many of these clicks are accidental and intentional or due to smaller form factors of smartphones. Put another way, do you see a difference between the click-through rates in the feed between small form factor handsets, which are mobile and larger form factor tablets, which may also be considered mobile but where one could see fewer fat-fingered clicks?

我希望這個問題能夠被順利回答。該 feed 的點擊率可能確實很高。我很好奇您是否能夠測量其中有多少次點擊是意外的、有多少次是故意的，或者是由於智慧型手機的外形尺寸較小造成的。換句話說，您是否發現小型手機（屬於行動裝置）與大型平板電腦（雖然也屬於行動設備，但誤點擊的次數較少）之間的資訊流點擊率存在差異？

Separately, do you have any feel for post-click conversion rate metrics that could enable an advertiser to equate the value of a click from Facebook, whether it's mobile, desktop or whatever, and a click from Google or -- how do you think about that?

另外，您是否對點擊後轉換率指標有任何看法，該指標可以讓廣告商將來自 Facebook 的點擊（無論是行動裝置、桌上型電腦還是其他裝置）與來自 Google 的點擊的價值等同起來——您對此有何看法？

I think on the first question, there are inadvertent clicks on every platform for every company that shows advertising, so it's just something for us to continue to be aware of and monitor. But I don't think it's a specific issue to Facebook and I do think over time, it's the issue we'll be able to make good progress at managing.

我認為關於第一個問題，每個展示廣告的公司的每個平台上都存在無意點擊的情況，因此這是我們需要繼續注意和監控的事情。但我不認為這是 Facebook 特有的問題，而且我認為隨著時間的推移，我們將能夠在這個問題的管理上取得良好進展。

On the second question, which is basically the efficacy and the value the ads provide, it really depends upon what the different products are and what people are measuring. We are seeing our products create great value and create increasing value in many cases for our customers but different people are measuring different things. So it's brand advertisers, they're looking for a brand list. All the brand metrics people look at ad recall, affinity, and then sales, which we've just started the process of measuring this year. With other advertisers like Mobile App-Installs, they're looking for those mobile apps to be installed and we're measuring all of those across the spectrum.

第二個問題，基本上是廣告提供的功效和價值，這實際上取決於不同的產品是什麼以及人們衡量什麼。我們看到我們的產品為客戶創造了巨大的價值，並且在許多情況下創造了不斷增長的價值，但不同的人衡量標準不同。因此，對於品牌廣告商來說，他們正在尋找品牌清單。人們關注的所有品牌指標都是廣告回憶率、親和力以及銷售額，我們今年才剛開始對這些指標進行衡量。對於像 Mobile App-Installs 這樣的其他廣告商，他們正在尋找那些可安裝的行動應用程序，而我們正在對所有這些應用程式進行全方位的衡量。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Just wanted to ask two questions. First, just going back to ads in the News Feed, can you talk about where you think you are now in terms of coverage and inventory levels versus where you could potentially be going forward? Just trying to get an understanding here for how much more gains there are from inventory versus advertisers, more advertisers coming on board and driving pricing up higher?

只是想問兩個問題。首先，回到新聞推播中的廣告，您能否談談您認為目前的覆蓋範圍和庫存水準以及未來可能的發展方向？只是想了解一下，與廣告商相比，庫存能帶來多少收益，更多的廣告商加入並推高價格？

And then secondly, can you talk a little bit about the early benefits that you might be seeing from the Facebook Ad Exchange, how much inventory has been opened up here? And is there any chance that the Ad Exchange can help stabilize the sequential desktop declines that you're seeing?

其次，您能否談談您可能從 Facebook 廣告交易平台看到的早期好處，這裡已經開放了多少庫存？那麼，Ad Exchange 是否有可能協助穩定您所看到的桌面端持續下滑趨勢？

On the mobile ads, as you've seen, we've definitely put a lot more ads in the feed as part of growing the mobile revenue. I think you'll see us increasingly put ads in feed as well but there's a lot of growth that comes not just from more ads in feeds but from better ads in feed. Every time an ad is more targeted, more relevant, a marketer gets better value and it's better for the people in feed.

在行動廣告方面，如您所見，為了增加行動收入，我們確實在資訊流中投放了更多廣告。我想你會看到我們在資訊流中越來越多地投放廣告，但許多成長不僅來自於資訊流中更多的廣告，還來自於資訊流中更好的廣告。每當廣告更有針對性、更相關時，行銷人員就會獲得更好的價值，這對資訊流中的人來說也更有利。

If you look at the types of ads we have in feed, while we're really pleased with the progress of increasing our mobile revenue, we also think we have a long way to go in making those ads better, more relevant, higher value. We are at the very beginnings of that. We're measuring across all our different ad products, the value they provide for marketers and people. I think you'll see a lot of progress in quality and we believe that progress in quality will translate to revenue as well.

如果你看我們在資訊流中投放的廣告類型，你會發現，雖然我們對行動收入的成長感到非常高興，但我們也認為，要讓這些廣告變得更好、更相關、更有價值，我們還有很長的路要走。我們正處於這一進程的起步階段。我們正在衡量所有不同的廣告產品為行銷人員和人們提供的價值。我認為你會看到品質方面的巨大進步，我們相信品質的進步也會轉化為收入。

On the Facebook Ad Exchange, it's really early. We just took the Facebook Ad Exchange out of beta in September. We're not really seeing breakdowns of how much each product is generating in terms of revenue. But that one is small and we are going to scale each product as we feel comfortable that they are a great experience for people and for our marketers.

對於 Facebook 廣告交易平台來說，現在還為時過早。我們剛剛在九月完成了 Facebook Ad Exchange 的測試版。我們實際上並沒有看到每種產品產生的收入的細目分類。但這個規模還很小，我們將擴大每個產品的規模，因為我們覺得它們能為人們和我們的行銷人員帶來很棒的體驗。

Brian Wieser, Pivotal Research.

Brian Wieser，關鍵研究。

Can you dimensionalize the nature of your advertiser base between small advertisers versus large brands that work with agencies? Secondarily, can you talk through the geography of the advertisers, not the users, but how to break down [divergence] and specifically with mobile, is much of it coming from the US versus internationally?

您能否將您的廣告客戶群的性質細分為小型廣告客戶和與代理商合作的大型品牌？其次，您能否談談廣告商的地理位置，而不是用戶的地理位置，但如何打破[分歧]，特別是對於行動端，大部分來自美國還是國際？

Well, we think about the four key marketer segments we have -- brand, direct, local businesses, and developers. They're all very important to our revenue in advertising, and they are important in different ways. The brand advertisers are really important for the engagement they drive and the reach that they're buying, and the sales that able to generate. The direct marketers, as we've done more with FBX, Custom Audiences, those products work across the board but they're particularly important for direct marketers.

嗯，我們考慮一下我們擁有的四個關鍵行銷商細分市場——品牌、直銷、本地企業和開發商。它們對我們的廣告收入都非常重要，而且它們的重要性體現在不同的方式上。品牌廣告商對於他們所推動的參與度、他們所購買的商品的覆蓋範圍以及能夠產生的銷售額確實非常重要。對於直銷商來說，正如我們在 FBX、自訂受眾所做的那樣，這些產品可以全面發揮作用，但對於直銷商來說尤其重要。

The local business story is a very good one this quarter. We've long believed and I've long believed that this is the Holy Grail of the Internet, that local businesses have the ability to really generate a lot of revenue, and provide a lot of value for the people who see those ads. But it's just really hard to get local businesses online. We've had great numbers of local businesses who are using our paid -- our free products -- 12.8 million have Facebook pages, 8 million of them use that page monthly, and over 3.5 million post weekly.

本季本地商業表現非常好。我們一直相信，而且我一直相信，這是網路的聖杯，本地企業有能力真正創造大量收入，並為看到這些廣告的人提供大量價值。但要讓本地企業上網確實非常困難。有大量本地企業正在使用我們的付費產品（免費產品），其中 1280 萬家企業擁有 Facebook 頁面，其中 800 萬家企業每月使用該頁面，每週發布帖子超過 350 萬條。

So what you saw this quarter with the launch of Promoted Posts is a really big step function in converting those page, people who are using our free page product into paying customers with over 300,000 pages using promoted posts. 25%, more than 25% of those are from new advertisers. So we've always had this thesis that people will use our free products and then as we roll out products that are easy and simple for local businesses, we'll see broad adoption and I think we really saw that here.

因此，您在本季度看到的推廣貼文功能的推出，對於將那些使用我們免費頁面產品的用戶轉化為付費客戶而言，是一個非常大的進步，使用推廣貼文的頁面數量超過 30 萬個。25%，其中超過25%來自新廣告主。因此，我們始終堅信，人們會使用我們的免費產品，然後，當我們推出適合本地企業使用且簡單的產品時，我們將看到廣泛的採用，我認為我們在這裡確實看到了這一點。

And with developers, we continue to iterate on both the payments side and the advertising side. We think Mobile App-Install Ads, this is very early and I want to stress how early it is but they're also very promising.

和開發人員一起，我們繼續在支付方面和廣告方面進行迭代。我們認為行動應用程式安裝廣告還處於非常早期的階段，我想強調的是，它還處於早期階段，但它們也非常有前景。

In terms of advertising revenue by geography, the discussion I've provided thus far was by user geography you were asking about where the revenue is attributed if you focus on where the advertiser comes from or where we are billing. As you would imagine, the revenue is going to skew more to the developed world in that comparison because you have large global companies that are trying to advertise to users throughout the world more than you have people in developing markets who are trying to reach people in the United States, for example.

關於按地區劃分的廣告收入，到目前為止，我所提供的討論是按用戶地理位置劃分的，如果您關注廣告商來自哪裡或我們在哪裡計費，那麼您詢問的收入來源於哪裡。正如你所想像的，在這種比較中，收入將更偏向已開發國家，因為大型跨國公司試圖向世界各地的用戶投放廣告，而發展中市場中的公司則試圖接觸美國用戶。

So if you were to pick the US as an example, by advertiser attribution of our ad revenue to the US is going to be considerably -- maybe not considerably but a bit higher than if you look at it by attribution in terms of user geography.

因此，如果您選擇美國作為例子，按廣告商劃分，我們來自美國的廣告收入將會相當高——也許不是很高，但會比按用戶地理位置劃分的收入高一點。

Daniel Ernst, Hudson Square Research.

丹尼爾‧恩斯特（Daniel Ernst），哈德遜廣場研究公司（Hudson Square Research）。

Mark, a big picture question for you. As you've transitioned to more of a mobile environment where on the web, Facebook is essentially a platform application run on to the mobile environment where Facebook, for the most part, is an application that runs on other people's platforms, whether it's Apple or Android from Google. How does that change the opportunity the way you look at the business long term?

馬克，我想問你一個大問題。隨著網路環境向行動環境轉變，Facebook 本質上是一個在行動環境中運行的平台應用程序，而 Facebook 在很大程度上是一個在其他人的平台上運行的應用程序，無論是蘋果平台還是谷歌的安卓平台。從長遠來看，這會如何改變您對業務機會的看法？

As a related matter to that, as you look to monetize the Open Graph network with so many applications and websites that link in to you, what do you see as the opportunity to begin to push the ad network beyond mobile into other websites and use your social data to actually push ads outside the network? Could that be a business that takes a life of its own above advertising on your own site itself?

與此相關的是，當您希望透過連結到您的眾多應用程式和網站將 Open Graph 網路貨幣化時，您認為有哪些機會可以開始將廣告網路從行動領域推廣到其他網站，並使用您的社群數據將廣告真正推送到網路之外？這是否是比在自己的網站上做廣告更有生命力的事業？

I think it's a good question. This is why in my opening remarks, I spent a bunch of time talking about how I think that, in this counterintuitive way, I think a lot of folks have the question that you have of whether the fact that iOS or Android or these mobile platforms, is that a worse environment for Facebook?

我認為這是個好問題。這就是為什麼我在開場白中花了大量時間談論我的想法，以這種違反直覺的方式，我認為很多人都有和你一樣的疑問，即 iOS 或 Android 或這些行動平台是否對 Facebook 來說是一個更糟糕的環境？

I think what we've found is that because of these three compounding factors -- more users, more time spent, and the ability to have more monetization, which we're not there yet but we think we're going to get there, that we're actually much better positioned on mobile than we were on desktop before. I think some of the trends and data points that we're laying out here today start constructing that case a bit more.

我認為我們發現，由於這三個複合因素——更多的用戶、更多的時間投入以及獲得更多貨幣化的能力，雖然我們還沒有達到這個水平，但我們認為我們將會達到這個水平，我們在行動裝置上的地位實際上比以前在桌面上要好得多。我認為我們今天在這裡列出的一些趨勢和數據點開始進一步建立這個案例。

In terms of the actual platform, we're really an information-sharing platform. We never were an environment for running apps. Even on desktop when you have these games that are very deeply connected to Facebook, they're not building in some Facebook environment. They're basically building websites that connect with Facebook and make it so that you can pull your friends in and use Facebook for distribution and sharing.

就實際平台而言，我們實際上是一個資訊共享平台。我們從來就不是一個運行應用程式的環境。即使在桌面上，這些遊戲與 Facebook 的聯繫非常緊密，但它們並不是在 Facebook 環境中建立的。他們基本上是在建立與 Facebook 連接的網站，以便您可以吸引朋友加入並使用 Facebook 進行分發和分享。

So what I see on mobile is, I don't think that developers are going to be building apps that are literally inside the Facebook app, but what we do see is a lot of success in getting developers to connect their apps to Facebook. So I mentioned the stats where 8 of the top 10 iOS apps are connected to Facebook and 40% of the top 400 iOS apps have the Facebook SDK, and are using that in some capacity. So to me, that's a good sign.

因此，就行動領域而言，我認為開發人員不會真正開發內建於 Facebook 應用程式的應用程序，但我們確實看到，開發人員在將他們的應用程式連接到 Facebook 方面取得了巨大成功。因此我提到了統計數據：排名前 10 位的 iOS 應用程式中有 8 個與 Facebook 相連，排名前 400 位的 iOS 應用程式中有 40% 擁有 Facebook SDK，並且在某種程度上使用它。所以對我來說，這是一個好兆頭。

We don't directly compete with iOS or Android to be a platform for developers to -- as an environment for building apps. We think that we can basically build an environment or build this information platform that goes across iOS and Android and mobile web and every other mobile platform that's out there where every developer who's building anything on any of those can use Facebook. We think that puts us in a really strong position.

我們不會直接與 iOS 或 Android 競爭，成為開發人員建立應用程式的平台。我們認為，我們基本上可以建立一個環境或建立一個資訊平台，該平台可以跨越 iOS、Android、行動網路和其他所有行動平台，每個在這些平台上建立任何東西的開發人員都可以使用 Facebook。我們認為這使我們處於非常有利的地位。

Rory Maher, Capstone Investments.

Rory Maher，Capstone Investments。

First question is for Mark and then I have one for Sheryl. On a lot of the calls, it's been taken up by creating better monetization products for some of your advertisers. I've been hearing recently about some juxtaposition between user rules and advertising rules. I know a lot of people point towards the Burger King ad that -- the ad that got pulled because people were de-friending people. I'm just curious, is improving making that process more clear, is that part of your strategy to build out more monetization products? How do you manage between that and your users?

第一個問題是問馬克的，然後我還有一個問題問謝麗爾。在許多電話會議上，我們都在討論如何為一些廣告商創造更好的獲利產品。最近我聽說了一些關於使用者規則和廣告規則之間的並列關係。我知道很多人都指出漢堡王的廣告——廣告被撤下是因為人們開始與其他人取消好友關係。我只是好奇，改進是否會讓這個過程更加清晰，這是您打造更多貨幣化產品的策略的一部分嗎？您如何在它和您的用戶之間進行管理？

And then, Sheryl, you said, I think, the payments from Zynga were down about 20%; other games were up about 43%. Did we see similar movements in advertising from games on your platform to acquire users?

然後，謝麗爾，你說，我認為來自 Zynga 的支付額下降了約 20%；其他遊戲上漲了約43%。我們是否看到您平台上的遊戲透過廣告吸引用戶採取了類似的舉措？

Starting off with the Burger King. That Burger King thing, if I'm thinking of the right thing, was many, many years ago. It was an old app that was --

從漢堡王開始。如果我沒想錯的話，漢堡王的事情已經是很多很多年前的事了。這是一個舊的應用程式—

It was violating our policy --

這違反了我們的政策——

It was violating our policies by encouraging people to de-friend. It was -- I literally think it might've been two or three years ago so that's long gone. But in terms of the balance between good experiences for users and good experience for marketers, we don't think these are in conflict. We really think they work together. When an advertisement is better for people because they like it better, it also creates more value for marketers.

它鼓勵人們取消好友關係，這違反了我們的政策。我確實認為那可能是兩三年前的事了，所以那早已過去了。但就使用者良好體驗和行銷人員良好體驗之間的平衡而言，我們認為這兩者並不衝突。我們確實認為他們可以合作。當人們因為更喜歡某個廣告而覺得它更好時，它也會為行銷人員創造更多價值。

So our strategy, going into the strategic priorities we have, is to build products that create value for all of these marketers, measure that value, make it all work on mobile. We're not really trading off the user experience versus the marketer's experience when we do this well. When we do this well, we launch products like Offers that see broad adoption and see people passing it off to their friends.

因此，我們的策略重點是打造能夠為所有行銷人員創造價值的產品，衡量這種價值，並使其在行動裝置上發揮作用。當我們做得好的時候，我們實際上並沒有在用戶體驗和行銷人員的體驗之間做出權衡。當我們做得好時，我們就會推出像 Offers 這樣的產品，這些產品會得到廣泛的採用，人們會把它傳遞給他們的朋友。

In the Offers example, since launch just this quarter, 100,000 pages created an offer. And of our top 100 offers, on average, three-fourths were done by non-fans. That means that people are passing this through the social ecosystem and their friends are finding it valuable. That's an experience that's great for people and great for marketers.

以優惠為例，自本季推出以來，已有 10 萬個頁面創建了優惠。在我們收到的前 100 個報價中，平均有四分之三是由非粉絲提出的。這意味著人們正在透過社交生態系統傳遞它，而他們的朋友也發現它很有價值。這對於人們和行銷人員來說都是非常棒的體驗。

To answer your question about Zynga and about advertising in general, as our games ecosystem has become more diversified in terms of the companies who are doing well, generating payments revenue for us, we would imagine and do see also a diversification of ad spend from those developers.

回答您關於 Zynga 以及整體廣告的問題，隨著我們的遊戲生態系統變得更加多樣化，包括表現良好的公司，為我們創造支付收入，我們可以想像並且也看到來自這些開發商的廣告支出也變得多樣化。

So, Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Anthony DiClemente, Barclays.

巴克萊銀行的安東尼‧迪克萊門特 (Anthony DiClemente)。

Sheryl, just wondering if you could point to any particular success stories on sources of off-line demand generation in dollars that maybe you could point to? I would imagine early on a lot of the sources would be from online [be it] display or fulfillment but is there anything, for example, like print media dollars moving over from newspapers and magazines or otherwise?

謝麗爾，我只是想知道您是否可以指出任何關於美元線下需求產生來源的具體成功案例？我早期會想像很多來源會來自網路（無論是）展示還是履行，但有沒有像印刷媒體美元從報紙和雜誌或其他方面轉移過來的情況？

And then another question, on the competitive environment perhaps for Mark, just wondering what you're seeing in terms of users and engagement in international markets where there are other social media platforms that are incumbents there. Is Facebook complementary in some of those markets? How are you seeing local behavior in terms of users and engagement?

然後另一個問題是關於競爭環境的，也許對馬克來說，我只是想知道在有其他社交媒體平台存在的國際市場上，您對用戶和參與度有何看法。Facebook 在某些市場中具有互補性嗎？您如何看待本地用戶和參與度方面的行為？

To your first question which is where the budgets are moving from as Facebook revenue increases, it's really client by client, account by account, how people are doing their spend. We do know that every time we compete for $1 of advertising, we're competing against every other opportunity a customer has, whether that's off-line or online. Our goal is to compare really favorably across all of those. I think the way we're doing that now is by putting more products into the market that do a better job of serving the different needs of our different market segments.

對於您的第一個問題，即隨著 Facebook 收入的增加，預算從何而來，這實際上是根據每個客戶、每個帳戶來決定人們的支出方式。我們確實知道，每當我們爭奪 1 美元的廣告費時，我們就在與客戶擁有的所有其他機會競爭，無論是線下還是線上。我們的目標是對所有這些進行真正有利的比較。我認為我們現在的做法是向市場推出更多產品，以更好地滿足不同細分市場的不同需求。

I think one question people have had is, you guys are rolling out so many products. Why? Why are you doing that? And how does that all tie together? For us, we are very clear we have four market segments, we have three priorities. But we need multiple products to serve those different market segments and that's what you're seeing from us. I think that's what enables us to compete against all the other advertising opportunities out there.

我想人們有一個疑問，你們推出了這麼多產品。為什麼？為什麼這麼做？這一切是如何連結在一起的呢？對我們來說，我們非常清楚我們有四個細分市場，我們有三個優先事項。但我們需要多種產品來服務不同的細分市場，而這正是您從我們這裡看到的。我認為這正是我們能夠與所有其他廣告機會競爭的原因。

In terms of the competition, we compete in all markets for user attention and time and things like that. The competition looks different from market to market, so it's hard to give you a blanket to that question.

在競爭方面，我們在所有市場上爭取用戶的注意力和時間等等。各個市場的競爭看起來都不同，因此很難對這個問題給出一個概括性的答案。

Thank you, everybody, for joining us today. We appreciate your time and we look forward to speaking with you again.

感謝大家今天加入我們。感謝您的時間，我們期待再次與您交談。

This concludes today's conference call. You may now disconnect. Thank you.

今天的電話會議到此結束。您現在可以斷開連線。謝謝。