Meta Platforms, Inc. (FB) 2015 Q3 法說會逐字稿

Good afternoon. My name is Chris and I'll be your conference operator today. At this time, I would like to welcome everyone to the Facebook third-quarter 2015 earnings call.

午安.我叫克里斯，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 2015 年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

This call will be recorded. Thank you very much.

本次通話將會被錄音。非常感謝。

Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

您可以請 Facebook 投資者關係副總裁 Deborah Crawford 女士開始發言。

Thank you. Good afternoon and welcome to Facebook's third-quarter earnings conference call. Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, 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；以及財務長戴夫·韋納 (Dave Wehner)。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements and actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想藉此機會提醒您，我們今天的評論將包括前瞻性陳述，實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website, at investor. FB.com.

在本次電話會議中，我們可能會展示 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。新聞稿和隨附的投資者介紹可在我們的網站投資者處找到。FB.com。

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

現在我想把電話轉給馬克。

Thanks, Deborah. And thanks, everyone, for joining us today.

謝謝，黛博拉。感謝大家今天的參與。

This was another good quarter, and we continue to grow the size and engagement of our community. 1.55 billion people now use Facebook every month. And more than 1 billion people use Facebook every day. On mobile, we continue to have a lot of momentum. 1.39 billion people now use Facebook on mobile devices, including more than 1 billion on Android. 50 million people also use Facebook Lite, our app for people on low bandwidth connections and one of our fastest-growing interfaces. This is a great sign for how our mobile strategy continues to make progress across markets, devices, and platforms.

這又是一個好的季度，我們繼續擴大社區的規模和參與。目前每月有 15.5 億人使用 Facebook。每天有超過 10 億人使用 Facebook。在行動領域，我們持續保持強勁發展勢頭。目前有 13.9 億人在行動裝置上使用 Facebook，其中超過 10 億人在 Android 裝置上使用。5000 萬人也使用 Facebook Lite，這是我們為低頻寬連接用戶提供的應用程序，也是我們成長最快的介面之一。這是一個好兆頭，顯示我們的行動策略在各個市場、設備和平台上繼續取得進展。

When it comes to our business, we're also pleased with our results. This quarter, total revenue reached $4.5 billion and advertising revenue grew by 45% from a year ago. We've already accomplished a lot this year, and these results show how we're getting stronger as a community and as a business. But we want to serve the entire global community, not just the people who are on Facebook today. Connecting everyone is one of the fundamental challenges of our time; and to achieve this, we need to continue innovating faster and investing for the long term. That means continuing to invest in our core products and services, as well as technologies and strategies that allow us to achieve a truly global reach over time.

就我們的業務而言，我們也對我們的業績感到滿意。本季總營收達45億美元，廣告收入較去年同期成長45%。我們今年已經取得了很多成就，這些結果表明我們作為一個社區和一個企業正在變得更加強大。但我們希望服務整個全球社區，而不僅僅是今天使用 Facebook 的用戶。將每個人聯繫起來是我們這個時代面臨的根本挑戰之一；為了實現這一目標，我們需要繼續加快創新並進行長期投資。這意味著我們將繼續投資於我們的核心產品和服務，以及使我們能夠隨著時間的推移實現真正全球影響力的技術和策略。

Let's talk about how we're doing this. And let's start with how we're improving our core products to better serve our existing communities and businesses. This quarter, we introduced some big updates on Facebook to give people more options for expressing themselves. We began rolling out an improved mobile profile design, including the ability to add a profile video instead of just a photo. We also started testing Reactions, a new version of the Like button that provides more ways of expressing love, awe, and sympathy. We think this going to provide a much more engaging experience.

讓我們討論一下我們是如何做到這一點的。首先，我們要改進核心產品，以便更好地服務現有的社區和企業。本季度，我們在 Facebook 上推出了一些重大更新，為人們提供更多表達自我的選擇。我們開始推出改進的行動個人資料設計，包括添加個人資料影片而不僅僅是照片的功能。我們也開始測試“反應”，這是“讚”按鈕的新版本，它提供了更多表達愛、敬畏和同情的方式。我們認為這將提供更具吸引力的體驗。

Another way we're working to improve people's experiences on Facebook is by helping them to share many different types of content with different groups of people they care about. One example is our progress with Groups on Facebook. More than 925 million people now use Groups each month; and in some countries, more than half of the population is participating. From a youth organization in Chicago to aid workers dealing with the refugee crisis in Europe, we've seen many inspiring examples of people using Groups to collaborate.

我們致力於改善人們在 Facebook 上的體驗的另一種方式是幫助他們與他們關心的不同人群分享不同類型的內容。其中一個例子就是我們在 Facebook 群組方面所取得的進展。目前每月有超過 9.25 億人使用 Groups；在某些國家，超過一半的人口參與其中。從芝加哥的青年組織到應對歐洲難民危機的援助人員，我們看到了許多人們使用群組進行協作的鼓舞人心的例子。

Video is another area where we continue to make progress. On average, there are now more than 8 billion daily video views on Facebook and more than 500 million people who are watching daily. To offer even more engaging video experiences, we've added live video to our Mentions app for public figures and we now support interactive 360 videos and news feed. We've also rolled out new video tools for Pages and begun testing a dedicated video section on Facebook. Over the next few years, video is going to be some of the most engaging content online. And by continuing to innovate here, we have a chance to build the best place to watch and share videos.

視訊是我們不斷取得進展的另一個領域。目前，Facebook 上每天的影片觀看次數平均超過 80 億次，每天觀看影片的人數超過 5 億。為了提供更具吸引力的視訊體驗，我們在「提及」應用程式中為公眾人物添加了即時視頻，並且現在支援互動式 360 度視訊和新聞推送。我們還為 Pages 推出了新的影片工具，並開始在 Facebook 上測試專門的影片部分。在接下來的幾年裡，影片將成為網路上最吸引人的內容之一。透過不斷創新，我們有機會打造觀看和分享影片的最佳場所。

When it comes to serving businesses, we continue to create a lot of value. We now have more than 2.5 million active advertisers on Facebook, and more than 45 million small- and medium-sized businesses actively using Facebook pages. This quarter, we continued to focus on helping marketers achieve results while using our ad products, including video and carousel ads, as well as on Instagram. And, as usual, Sheryl can talk more about this in a moment.

在為企業提供服務時，我們不斷創造大量價值。目前，Facebook 上活躍廣告商超過 250 萬，活躍使用 Facebook 專頁的中小企業超過 4,500 萬。本季度，我們繼續專注於幫助行銷人員在使用我們的廣告產品（包括影片和輪播廣告以及 Instagram）時取得成果。和往常一樣，謝麗爾稍後可以就此進行更多討論。

Now let's talk about how we're working to develop our next generation of apps and services. For Instagram, this was a busy quarter. The community celebrated its five-year anniversary and reached a new milestone of 400 million monthly actives. More than 80 million photos are now shared on Instagram every day; and the pace of adoption among public figures, organizations, and people around the world continues to grow really well. When President Obama visited Alaska in September, he used Instagram to document his trip. And this is a great example of how Instagram is changing the way that people see the world.

現在讓我們來談談我們如何開發下一代應用程式和服務。對於 Instagram 來說，這是一個繁忙的季度。該社群慶祝成立五週年，並達到了每月 4 億活躍用戶的新里程碑。現在每天在 Instagram 上分享的照片超過 8000 萬張；並且世界各地的公眾人物、組織和人們採用該技術的速度持續保持良好增長。歐巴馬總統 9 月訪問阿拉斯加時，使用 Instagram 記錄了他的行程。這是 Instagram 如何改變人們看待世界的方式的一個很好的例子。

With our efforts in messaging, we're also making progress at building WhatsApp and Messenger both into great platforms with global scale. Last quarter, WhatsApp reached 900 million monthly actives and continues to be on a path to reach 1 billion people and beyond. Messenger has over 700 million monthly actives and we continue to focus on improving the core messaging experience. A good sign of our progress is the more than 9.5 billion photos now sent monthly on Messenger. We're also building many different tools that can offer useful experiences to people beyond just traditional messaging. One example is M, a digital assistant we introduced this quarter that, over time, will use AI to help people complete tasks.

透過我們在訊息傳遞方面的努力，我們也正在將 WhatsApp 和 Messenger 打造為具有全球規模的優秀平台。上個季度，WhatsApp 的每月活躍用戶數已達 9 億，並將繼續朝著 10 億甚至更高的目標邁進。Messenger 每月活躍用戶超過 7 億，我們將持續致力於改善核心訊息體驗。我們進步的一個好跡像是，現在每月透過 Messenger 發送的照片超過 95 億張。我們也正在建立許多不同的工具，除了傳統的訊息傳遞之外，還可以為人們提供有用的體驗。其中一個例子就是我們本季推出的數位助理 M，隨著時間的推移，它將使用人工智慧來幫助人們完成任務。

Finally, let's talk about some of our longer-term efforts in innovation to help connect the world. With Internet.org, we have a lot of momentum. We've now rolled out free basic internet services to people in 29 countries and overall brought more than 15 million people online. As we've rolled out the program, we've made a number of improvements based on feedback from communities and partners, including opening up our platform for free basic services to all developers who want to build. Meanwhile, our work on new technologies to connect people in the most remote regions continues to make progress. This quarter we revealed Aquila, our first aircraft designed to beam internet into communities down from the sky. And we also announced a partnership to bring internet to large parts of Sub-Saharan Africa, using a satellite which is launching next year.

最後，讓我們談談我們為幫助連結世界所做的一些長期創新努力。有了 Internet.org，我們擁有了巨大的發展動力。目前，我們已向 29 個國家的人們推出了免費的基本網路服務，總共讓超過 1500 萬人上網。隨著該計劃的推出，我們根據社群和合作夥伴的回饋做出了許多改進，包括向所有想要建立的開發人員開放我們的平台，提供免費的基本服務。同時，我們在連接最偏遠地區人民的新技術方面的工作繼續取得進展。本季度，我們推出了 Aquila，這是我們第一架旨在從空中向社區傳送網路的飛機。我們也宣佈建立合作關係，利用明年發射的衛星將網路覆蓋撒哈拉以南非洲大部分地區。

And with Oculus, we're in a great position to begin delivering a new generation of shared immersive experiences. We plan to ship the Rift headset early next year; and Gear VR, our mobile product with Samsung, is going to have its first consumer release this holiday season, retailing for $99. And we also announced new partnerships with Minecraft, Netflix, and Twitch, and many other content partners. Virtual reality has the potential to be next computing platform that changes all of our lives. It's important also to recognize that this is going to grow slowly, like computers and mobile phones when they first arrived. So we're committed to Oculus and virtual reality for the long term.

借助 Oculus，我們有能力開始提供新一代共享沉浸式體驗。我們計劃明年初發售 Rift 頭戴裝置；我們與三星合作開發的行動產品 Gear VR 將於今年假日季首次向消費者發售，零售價為 99 美元。我們也宣布與 Minecraft、Netflix、Twitch 以及許多其他內容合作夥伴建立新的合作夥伴關係。虛擬實境有可能成為改變我們生活的下一個運算平台。同樣重要的是要認識到，這一領域將會緩慢增長，就像電腦和手機剛出現時一樣。因此，我們長期致力於 Oculus 和虛擬實境。

So that's how we've continued to make progress on our strategy this quarter. The results we've achieved show that our investments are creating a lot of value for our community and the world. I just want to thank the entire Facebook community -- our employees, our partners and our shareholders -- for helping us to continue moving forward. We've done a lot, but there's always more to do.

這就是我們本季在策略上繼續取得進展的方式。我們所取得的成果表明，我們的投資正在為我們的社區和世界創造巨大的價值。我只想感謝整個 Facebook 社群——我們的員工、合作夥伴和股東——幫助我們繼續前進。我們已經做了很多，但總是有更多的事情要做。

And now I'm going to hand it off to Sheryl.

現在我要把它交給謝麗爾。

Thanks, Mark, and hello, everyone.

謝謝，馬克，大家好。

We had an excellent third quarter. Results were strong across the board. Ad revenue grew 45% year over year, or 57% on a constant currency basis. Mobile ad revenue was $3.4 billion and grew 73% year over year. Mobile now makes up 78% of our total advertising revenue. Our business grew across all regions and marketer segments. Like last quarter, we saw especially strong growth in our North America and Asia-Pacific regions. Overall, we're really pleased with marketer adoption of our ad products around the world.

我們的第三季表現非常出色。各方面的結果都很優秀。廣告收入較去年同期成長 45%，以固定匯率計算成長 57%。行動廣告收入為 34 億美元，年增 73%。行動端目前占我們總廣告收入的78%。我們的業務在所有地區和行銷商領域都有所成長。與上一季一樣，我們在北美和亞太地區看到了尤其強勁的成長。整體而言，我們對全球行銷人員採用我們的廣告產品感到非常高興。

Our results show that we continue to make progress on our three priorities: capitalizing on the shift to mobile; growing the number of marketers using our ad products; and making our ads more relevant and effective. First, capitalizing on the shift to mobile. People have already shifted to mobile and this shift is driving engagement on Facebook. The average American adult spends 25% of their media time on mobile, and Facebook and Instagram together continue to account for over 1 in 5 minutes on mobile in the US. Businesses are lagging behind consumers in making this shift to mobile and we believe we're well-positioned to help them catch up. Facebook pages are already the mobile solution for millions of businesses. Pages now offer better messaging capabilities, call to action buttons, and new sections that enable businesses to highlight important information.

我們的結果表明，我們在三個優先事項上繼續取得進展：利用向行動端的轉變；增加使用我們廣告產品的行銷人員數量；並使我們的廣告更具相關性和有效性。首先，利用向行動端的轉變。人們已經轉向行動設備，這種轉變正在推動 Facebook 的參與度。美國成年人平均有 25% 的媒體時間花在行動裝置上，而 Facebook 和 Instagram 加起來佔據了美國行動裝置上超過五分之一的時間。企業在轉變為行動端的過程中落後於消費者，我們相信我們有能力幫助他們迎頭趕上。Facebook 專頁已成為數百萬企業的行動解​​決方案。頁面現在提供更好的訊息傳遞功能、號召性用語按鈕以及使企業能夠突出顯示重要訊息的新部分。

We're also capitalizing on the shift to mobile by expanding ads on Instagram. This quarter on Instagram, we introduced new ad formats and objectives, opened up our API, and launched self-serve ad capabilities. Instagram ads are now available in all countries where we offer Facebook ads, and marketers can manage campaigns across both platforms with the same targeting. We're really pleased with the marketer demand for Instagram ads.

我們也利用行動端的轉變，擴大 Instagram 上的廣告。本季度，我們在 Instagram 上推出了新的廣告格式和目標，開放了我們的 API，並推出了自助廣告功能。Instagram 廣告現已在我們提供 Facebook 廣告的所有國家/地區推出，行銷人員可以使用相同的定位在兩個平台上管理廣告活動。我們對行銷人員對 Instagram 廣告的需求感到非常高興。

Our second priority is growing the number of marketers using our ad products. In September at Ad Week, we announced that we have over 2.5 million active advertisers on Facebook. With more than 45 million active SMB pages on Facebook, we think there's a lot of opportunity to turn even more of these businesses into a marketers. Marketers come to Facebook and Instagram because we have the best performing mobile ad products, and video is making them even better. Marketers have always loved using videos to tell stories.

我們的第二個優先事項是增加使用我們廣告產品的行銷人員數量。9 月的廣告週上，我們宣布 Facebook 上活躍廣告商已超過 250 萬人。Facebook 上有超過 4500 萬個活躍的 SMB 頁面，我們認為有很多機會將更多這類企業轉變為行銷人員。行銷人員選擇 Facebook 和 Instagram 是因為我們擁有表現最佳的行動廣告產品，而影片讓它們變得更好。行銷人員一直喜歡使用影片來講述故事。

As Mark discussed, video is a natural and growing part of our mobile news feed experience. Video on Facebook gives marketers not just mass reach, but better cross-device targeting and measurement than we believe is available on any other platform. We're especially pleased with the breadth of marketers using video on Facebook, from brands to direct response to SMBs. Over 1.5 million small businesses posted video, which includes organic video posts and video ads on Facebook in the month of September alone.

正如馬克所討論的，影片是我們行動新聞推送體驗中自然而然且不斷發展的一部分。Facebook 上的影片不僅為行銷人員提供了大規模覆蓋面，而且還提供了比任何其他平台都更好的跨裝置定位和測量能力。我們對在 Facebook 上使用影片的行銷人員的廣泛性感到特別高興，從品牌到直接回應中小型企業。僅在 9 月份，就有超過 150 萬家小型企業在 Facebook 上發布了視頻，其中包括自然視頻帖子和視頻廣告。

Video ads complement TV ads. According to a recent study with Nielsen Research, marketers using Facebook ads with TV ads saw higher reach, ad recall, brand linkage, and likeability. To share one example, GMC used video and other ads on Facebook to extend the reach of their TV brand campaign highlighting their premium trucks and SUVs. The Facebook campaign drove a 13 point lift in ad recall and a 6 point lift in brand favorability. We recently introduced Target Rating Point, TRP buying, so that marketers can plan, buy, and measure video ads on Facebook the same way they do on TV. We're pleased with the feedback we're receiving on this from marketers and agencies.

影片廣告是電視廣告的補充。根據尼爾森研究公司最近的一項研究，行銷人員將 Facebook 廣告與電視廣告結合使用，獲得了更高的覆蓋率、廣告回憶度、品牌關聯度和受歡迎程度。舉一個例子，GMC 使用 Facebook 上的影片和其他廣告來擴大其電視品牌活動的覆蓋面，重點宣傳其高檔卡車和 SUV。Facebook 活動使廣告回憶率提高了 13 個百分點，品牌好感度提高了 6 個百分點。我們最近推出了目標收視點 (TRP) 購買，以便行銷人員可以像在電視上一樣在 Facebook 上規劃、購買和衡量影片廣告。我們很高興收到來自行銷人員和代理商的回饋。

Our third priority is making our ads more relevant and effective. We know relevant ads are more engaging for people and therefore drive better results for businesses. Products like carousel ads and dynamic product ads help improve effectiveness for marketers. Carousel ads show multiple images, and now videos, and drive 30% to 50% lower cost per conversion than single-image link ads. Dynamic product ads, which allow marketers to upload their product catalog, are driving ROI comparable to search. For example, Marriott uses DPA to retarget travelers based on their travel search habits, and they are now scaling globally across their portfolio of brands. LatAm e-commerce company Mercado Libre uses DPA to remarket over 38 million products in over 13 countries. Both are seeing high ROI and continuing to invest.

我們的第三個優先事項是讓我們的廣告更具相關性和有效性。我們知道相關廣告對人們更有吸引力，因此能為企業帶來更好的績效。輪播廣告和動態產品廣告等產品有助於提高行銷人員的效率。輪播廣告可展示多張圖片，現在還有視頻，與單張圖片連結廣告相比，每次轉換的成本可降低 30% 至 50%。動態產品廣告允許行銷人員上傳他們的產品目錄，其投資回報率可與搜尋相媲美。例如，萬豪使用 DPA 根據旅行者的旅行搜尋習慣重新定位旅行者，現在他們正在全球範圍內擴展其品牌組合。拉丁美洲電子商務公司 Mercado Libre 使用 DPA 在 13 個國家重新行銷超過 3,800 萬種產品。兩家公司都獲得了高投資回報並繼續投資。

On the measurement side, Conversion Lift is helping clients see the real business results from their campaigns. Boost Mobile, a Sprint brand, showed ads to people eligible for device upgrades. Using Conversion Lifts, they were able to attribute a 4% lift in in-store sales to their Facebook campaign.

在測量方面，轉換提升可以幫助客戶看到其活動帶來的實際業務成果。Sprint 旗下品牌 Boost Mobile 向有資格升級裝置的用戶顯示廣告。透過使用轉換率提升，他們能夠將店內銷售額的 4% 提升歸功於他們的 Facebook 行銷活動。

Finally, we're continuing to invest in ad tech across Atlas, LiveRail, and the Audience Network. This quarter, we expanded the ad format so publishers in the Audience Network can add to their mobile apps. On LiveRail this quarter, we began testing age and gender targeting. LiveRail can now deliver over 90% accuracy on age and gender segments across desktop, mobile web, and mobile apps versus a non-target rate of only 31% to 55% when not using LiveRail technology.

最後，我們將繼續投資 Atlas、LiveRail 和 Audience Network 的廣告技術。本季度，我們擴展了廣告格式，以便 Audience Network 中的發布商可以將其添加到他們的行動應用程式中。本季度，我們開始在 LiveRail 上測試年齡和性別定位。LiveRail 現在可以在桌面、行動網路和行動應用程式上實現超過 90% 的年齡和性別細分準確率，而不使用 LiveRail 技術時非目標率僅為 31% 至 55%。

I want to take a moment to thank our clients around the world for their continued partnership and congratulate our global Facebook teams on great execution. Looking forward, we're going to stay focused on our priorities to continue to build a solid foundation for our long-term business.

我想藉此機會感謝我們世界各地的客戶一直以來的合作，並祝賀我們全球 Facebook 團隊的出色表現。展望未來，我們將繼續專注於我們的優先事項，為我們的長期業務奠定堅實的基礎。

Now here's Dave.

現在輪到戴夫了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，謝麗爾，大家下午好。

Echoing Mark and Sheryl's comments, Q3 was another strong quarter for Facebook. We generated $4.5 billion in revenue and over $1.4 billion in free cash flow. Growth in engagement of our community again provided a great platform for our strong financial performance this quarter. In September, we reached a new milestone, with over 1 billion people using Facebook on an average day, an increase of 17% compared to last year. This daily number represents 65% of the 1.55 billion people who used Facebook during the month of September.

與馬克和謝麗爾的評論一致，第三季對 Facebook 來說又是一個強勁的季度。我們創造了 45 億美元的收入和超過 14 億美元的自由現金流。我們社區參與度的成長再次為我們本季強勁的財務表現提供了良好的平台。9月份，我們達到了一個新的里程碑，平均每天有超過10億人使用Facebook，比去年同期成長了17%。這一每日用戶數量佔 9 月 Facebook 使用人數（15.5 億）的 65%。

Mobile continued to drive our growth. In September, approximately 1.39 billion people accessed Facebook on mobile devices, up 23% from last year. Additionally, our next generation of services continued to grow, with Instagram, Messenger, and WhatsApp now exceeding 400 million, 700 million, and 900 million monthly actives, respectively.

行動領域持續推動我們的成長。9月份，約有13.9億人透過行動裝置造訪Facebook，比去年同期成長了23%。此外，我們的下一代服務也持續成長，Instagram、Messenger 和 WhatsApp 的每月活躍用戶分別超過 4 億、7 億和 9 億。

Now turning to the financials. All of our comparisons are on a year-over-year basis, unless otherwise noted. Additionally, our non-GAAP measures exclude stock-based compensation and the amortization of intangibles. Total revenue was $4.5 billion, up 41%, or 51% on a constant currency basis. Ad revenue was $4.3 billion, up 45%, or 57% on a constant currency basis. The strengthening of the US dollar continued to have an unfavorable impact on our revenue in Q3. Had foreign exchange rates remained constant with Q3 2014 levels, our total revenue would have been approximately $340 million higher. Regionally, US and Canada and Asia-Pacific were our strongest markets, producing ad revenue growth of 56% and 48%, respectively. Europe and Rest of World grew more slowly, at 33% and 29%, respectively, impacted by our currency exposure in both of those regions.

現在談談財務。除非另有說明，我們所有的比較都是基於同比的。此外，我們的非公認會計準則指標不包括股票薪資和無形資產攤提。總營收為 45 億美元，成長 41%，以固定匯率計算成長 51%。廣告收入為 43 億美元，成長 45%，以固定匯率計算成長 57%。美元走強繼續對我們第三季的收入產生不利影響。如果外匯匯率維持與 2014 年第三季水準一致，我們的總營收將增加約 3.4 億美元。從地區來看，美國、加拿大和亞太地區是我們最強勁的市場，廣告收入分別成長了 56% 和 48%。歐洲和世界其他地區的成長速度較慢，分別為 33% 和 29%，受到我們在這兩個地區的貨幣部位的影響。

As Sheryl mentioned, mobile continued to drive our revenue growth. Mobile ad revenue was $3.4 billion, up 73% from last year, representing 78% of our advertising revenue. Revenue from ads served on personal computers was down approximately 8%. We have been very pleased with the sustained high growth of mobile advertising revenue. There are a number of important factors contributing to that growth, both from the supply and demand sides.

正如謝麗爾所提到的，行動業務繼續推動我們的收入成長。行動廣告收入為 34 億美元，比去年增長 73%，占我們廣告收入的 78%。個人電腦廣告收入下降了約 8%。我們對行動廣告收入持續高速成長感到非常高興。從供給和需求兩個面向來看，有許多重要因素推動了這一成長。

The drivers of year-over-year mobile revenue growth fell into three main categories. First, as Sheryl covered, we've continued to have success driving strong advertiser demand. Second, we've grown both the number of people using Facebook and the time that they spend with us. And third, the growth in advertiser demand and ad quality has enabled us to increase ad load over time. As we have grown mobile advertising, we have remained very pleased with overall engagement levels, user satisfaction with news feed, and the overall quality of the ads themselves.

行動收入年增的驅動因素主要有三類。首先，正如 Sheryl 所說，我們繼續成功推動強勁的廣告商需求。其次，使用 Facebook 的人數和用戶在我們這裡花費的時間都有所增加。第三，廣告商需求和廣告品質的成長使我們能夠隨著時間的推移增加廣告負載。隨著我們行動廣告業務的成長，我們對整體參與度、用戶對新聞推播的滿意度以及廣告本身的整體品質一直非常滿意。

Turning now to our overall price-volume metrics. In Q3, the average price per ad increased 61%, while total ad impressions declined 10% on a year-over-year basis. As I've indicated on prior calls, the changes in our reported price-volume metrics have been driven recently by the change in the number of right-hand column ads and the shift to mobile. These factors will have a less significant impact on the reported price-volume metrics going forward, now that a full year has elapsed since the redesign of right-hand column ads and now that mobile impressions have grown to become the majority of impressions. In fact, the quarter-over-quarter trends already point to that. In Q3, total ad impressions increased 7% sequentially and average price per ad increased 5%.

現在來談談我們的整體價格-數量指標。第三季度，每則廣告的平均價格較去年同期上漲了 61%，而廣告總展示次數較​​去年同期下降了 10%。正如我在先前的電話會議中所指出的，我們報告的價格量指標的變化最近受到右側欄廣告數量變化和向行動裝置的轉變所驅動。由於右側欄廣告重新設計已經過去了一年，而且行動展示已成為展示的主體，因此這些因素對未來報告的價格-數量指標的影響將不會那麼顯著。事實上，季度環比趨勢已經顯示了這一點。第三季度，廣告展示總數較上季成長 7%，每則廣告的平均價格上漲 5%。

Total payments and other fees revenue was $202 million, down 18% compared to last year. The decline was expected and was driven by a reduction in payments revenue related to games played on personal computers.

總支付等費用收入為 2.02 億美元，較去年同期下降 18%。這種下降是意料之中的，原因是個人電腦遊戲相關支付收入的減少。

Turning now to expenses. Our Q3 total GAAP expenses were $3 billion, up 68%, and non-GAAP expenses were $2.1 billion, up 51%. Similar to last quarter, stock-based compensation and amortization expenses related to the WhatsApp acquisition contributed significantly to the year-over-year growth in GAAP expenses. Non-GAAP expenses were driven by increases in headcount-related costs, cost of revenue, and marketing expenses. We ended Q3 with nearly 12,000 employees, up 44% compared to last year. We added over 1,000 employees to Facebook in the quarter and we are pleased with the continued strength in our recruiting efforts.

現在談談費用。我們第三季的 GAAP 總支出為 30 億美元，成長 68%，非 GAAP 支出為 21 億美元，成長 51%。與上一季類似，與 WhatsApp 收購相關的股票薪酬和攤銷費用對 GAAP 費用的同比增長貢獻巨大。非公認會計準則費用的增加是由於員工相關成本、收入成本和行銷費用的增加。截至第三季度，我們擁有近 12,000 名員工，比去年同期成長了 44%。本季度，Facebook 新增了 1,000 多名員工，我們對招募工作的持續強勁感到滿意。

Our Q3 GAAP operating income was approximately $1.5 billion, representing a 32% operating margin. Our non-GAAP operating income was $2.4 billion, representing a 54% margin. Our Q3 GAAP and non-GAAP tax rates were 37% and 32%, respectively. Our Q3 GAAP net income was $896 million, or $0.31 per share, and our non-GAAP net income was $1.6 billion, or $0.57 per share. In Q3, capital expenditures were $780 million, as we continued to invest in servers, network infrastructure, and the buildout of data centers and other facilities to support the rapid growth of the business. We generated $1.4 billion of free cash flow and ended the quarter with over $15.8 billion in cash and investments.

我們的第三季 GAAP 營業收入約為 15 億美元，營業利潤率為 32%。我們的非公認會計準則營業收入為 24 億美元，利潤率為 54%。我們第三季的 GAAP 和非 GAAP 稅率分別為 37% 和 32%。我們第三季的 GAAP 淨收入為 8.96 億美元，即每股 0.31 美元，非 GAAP 淨收入為 16 億美元，即每股 0.57 美元。第三季度，資本支出為 7.8 億美元，我們繼續投資伺服器、網路基礎設施以及資料中心和其他設施的建設，以支援業務的快速成長。我們產生了 14 億美元的自由現金流，本季末的現金和投資超過 158 億美元。

Turning now to the revenue outlook. We remain focused on growing the number of people who use our services, increasing advertiser demand, and improving the quality and relevance of our ads. Across these dimensions, we continue to see healthy growth opportunities ahead for Facebook and Instagram. Given the strengthening of the US dollar over the past year, we will continue to face currency headwinds next quarter, particularly in Europe and Latin America. In addition, we expect our total payments and other fees revenues to decline sequentially from Q3 to Q4, similar to the trends that we have experienced over the last couple quarters.

現在來談談收入前景。我們仍然專注於增加使用我們服務的人數、增加廣告商的需求以及提高我們廣告的品質和相關性。從這些方面來看，我們繼續看到 Facebook 和 Instagram 未來健康的成長機會。鑑於過去一年美元走強，下個季度我們將繼續面臨貨幣逆風，尤其是在歐洲和拉丁美洲。此外，我們預計我們的總支付和其他費用收入將從第三季到第四季連續下降，與過去幾季經歷的趨勢類似。

Now turning to the expense outlook. We expect the year-over-year growth rate for total full-year 2015 GAAP expenses to be approximately 55% and for total full-year non-GAAP expenses to be approximately 50%. We anticipate our 2015 capital expenditures will be in the range of $2.5 billion to $2.7 billion. We continue to expect our 2015 stock-based compensation to be in the range of $3 billion to $3.2 billion, approximately half of which is related to our prior acquisitions, most notably WhatsApp. We expect amortization expenses for the full year 2015 to be approximately $700 million to $800 million. And lastly, we anticipate our Q4 and full-year 2015 GAAP and non-GAAP tax rates to be several percentage points above their respective Q3 rates.

現在來談談費用前景。我們預期 2015 年全年 GAAP 總支出年增率約為 55%，全年非 GAAP 總支出年增率約為 50%。我們預計 2015 年資本支出將在 25 億美元至 27 億美元之間。我們仍預期 2015 年的股票薪酬將在 30 億至 32 億美元之間，其中約一半與我們先前的收購有關，最著名的是 WhatsApp。我們預計 2015 年全年攤提費用約為 7 億至 8 億美元。最後，我們預計 2015 年第四季和全年的 GAAP 和非 GAAP 稅率將分別比第三季高出幾個百分點。

In summary, Q3 was another strong quarter for Facebook. We are pleased with the growth and engagement of our community and the momentum in our business, which together support our ability to continue investing to build our next generation of services and execute on our mission of connecting the world.

總而言之，第三季對 Facebook 來說又是一個強勁的季度。我們對社區的成長和參與以及業務的發展勢頭感到高興，這些共同支持了我們繼續投資建立下一代服務並執行連接世界的使命的能力。

With that, Operator, let's open up the call for questions.

接線員，現在讓我們開始提問吧。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Your first question comes from Eric Sheridan with UBS. Your line is open.

您的第一個問題來自瑞銀的 Eric Sheridan。您的線路已開通。

Thanks for taking the questions. Mark, maybe one for you and one for Sheryl. For Mark, on virtual reality and Oculus, how do you see the development of the entertainment and content ecosystem around virtual reality playing out in 2016 and beyond? And what's the role Facebook's going to have to play in maybe seeding some of the content and entertainment side of VR.

感謝您回答這些問題。馬克，也許一個給你，一個給謝麗爾。對於馬克來說，關於虛擬實境和 Oculus，您如何看待 2016 年及以後圍繞虛擬實境的娛樂和內容生態系統的發展？Facebook 在 VR 內容和娛樂方面將扮演什麼角色？

And then for Sheryl, any color you can give us on Instagram? We've obviously seen a ramp-up now in advertising on the property. How the Company's thinking about ad load monetization, some of the opportunities and how those will be balanced against engagement. Thank you.

然後對於謝麗爾，您可以在 Instagram 上給我們什麼顏色？我們顯然已經看到該房產的廣告業務正在增加。公司如何看待廣告負載貨幣化、一些機會以及如何平衡這些機會與參與。謝謝。

I can start off talking about Oculus and virtual reality. So the first thing that I want to stress here is that these kind of new platforms take a long time to develop. So we've said often that we think that virtual reality and augmented reality could be the next big computing platform. But just to put that in perspective and compare it to the development of previous computing platforms, like phones and computers, I think the first smartphones came out in 2003. And in the first year, I think BlackBerry and Palm Treo were the initial smartphones that came out. I think they each sold in the hundreds of thousands of units. So just to kind of give a sense of the time frame that we're thinking about this and how we expect this to develop, that's how we're thinking about that.

我可以先談談 Oculus 和虛擬實境。所以我在這裡要強調的第一件事是，這類新平台需要很長時間才能開發出來。因此，我們經常說，我們認為虛擬實境和擴增實境可能是下一個大型運算平台。但從這個角度來看，並將其與先前的運算平台（如手機和電腦）的發展進行比較，我認為第一部智慧型手機是在 2003 年問世的。在第一年，我認為黑莓和 Palm Treo 是第一批推出的智慧型手機。我認為它們每台的銷售量都達到數十萬台。因此，只是為了讓您了解我們正在考慮這個問題的時間框架以及我們預期這個問題將如何發展，這就是我們對此的想法。

In terms of the actual content, first, we think gaming is going to be the most obvious market. There are around, I think, more than 200 million, almost 250 million people who have either an X-Box, a PlayStation or a Wii. And we think that that audience is going to the type of people who are going to be very excited about the type of experiences initially that you can have with virtual reality. And the advantage of that is also that some of those can be single player experiences. They don't require a big network effect or a lot of people having the technology or large installed base.

就實際內容而言，首先，我們認為遊戲將是最明顯的市場。我認為大約有 2 億多，幾乎 2.5 億人擁有 X-Box、PlayStation 或 Wii。我們認為，這些觀眾會對虛擬實境的最初體驗感到非常興奮。這樣做的好處還在於，其中一些可以是單人體驗。它們不需要巨大的網路效應，也不需要很多人擁有技術或龐大的安裝基礎。

Once we start getting a bit further along with that, then the next thing that we think is going to be huge is video and immersive experiences, both things that people can create, like the social content that they share on Facebook today, and more professional and premium content, both short form and longer form. But we'll start to see some experimentation with that. There already is some very good content. But until there are millions of units out in the market, I don't expect that to be a big industry for folks to be investing a huge amount in in 2016.

一旦我們在這方面取得進一步進展，那麼我們認為下一個會蓬勃發展的領域就是影片和沈浸式體驗，這兩樣東西都是人們可以創造的，就像他們今天在 Facebook 上分享的社交內容一樣，還有更專業、更優質的內容，包括短篇和長篇。但我們將開始看到一些這方面的實驗。已經有一些非常好的內容。但除非市場上有數百萬台這樣的產品，否則我並不認為這會成為一個值得人們在 2016 年投入大量資金的大產業。

Then when they're starting to get to be more units, just like every other major computing platform before that, what we expect is that a large portion of what people do in it will be communication and social behavior, and that's where Facebook really has the DNA and experience to, I think, build the best experiences. And we're investing in trying to figure out what that's going to look like. That's ultimately a lot of what we're extremely excited about for a number of years down the road.

然後，當它們開始變得更加單元化時，就像之前所有其他主要計算平台一樣，我們預計人們在其中所做的很大一部分將是交流和社交行為，而這正是 Facebook 真正擁有 DNA 和經驗來打造最佳體驗的地方。我們正在投資並試圖弄清楚它將會是什麼樣子。這最終是我們在未來幾年裡感到非常興奮的事情。

On Instagram, we think that with Facebook and Instagram, we now have the two most important mobile platforms out there. And what we bring to this is a common ads infrastructure. So Instagram ads, now that we've rolled out as we have this past quarter and gotten to a really good product offering, combine the creative format of Instagram, which is very visually compelling and has a lot of engagement from people, with the back-end infrastructure and marketer base that Facebook has.

在 Instagram 上，我們認為，有了 Facebook 和 Instagram，我們現在擁有了兩個最重要的行動平台。我們為此帶來的是一個通用的廣告基礎設施。因此，Instagram 廣告，我們已經在上個季度推出了，並且獲得了非常好的產品，它結合了 Instagram 的創意形式（視覺上非常引人注目並且吸引了大量用戶的關注），以及 Facebook 的後端基礎設施和營銷人員基礎。

So now we have self-service ads rolled out. We've rolled out in all countries where we offer Facebook ads. We have new ad formats for Instagram, all of which can use the same targeting as we have on Facebook and all of which are increasingly tapping into our measurement capabilities. On ad load, we have a lot of experience rolling out ads into feed-based products and we monitor it very carefully and we're going to continue to monitor really carefully.

因此現在我們推出了自助廣告。我們已經在所有提供 Facebook 廣告的國家推出了這項服務。我們為 Instagram 推出了新的廣告格式，所有這些格式都可以使用與 Facebook 相同的定位功能，並且都在越來越多地利用我們的測量功能。在廣告加載方面，我們在將廣告推出到基於 feed 的產品方面擁有豐富的經驗，我們對此進行非常仔細的監控，並且我們將繼續非常仔細地監控。

We're also excited about how they work together. To share one example, American Express, working with Digitas, rolled out carousel ads on Instagram that targeted travel-related interest groups for people who are 18 years and older. They then retargeted those same people on Facebook. And what they created was a really visual journey, using both the format that is Instagram, the format that is Facebook and combining the two platforms with their targeting. We've think we're at the very beginning of what's possible when we combine these two.

我們也對他們的合作方式感到興奮。舉一個例子，美國運通與 Digitas 合作，在 Instagram 上推出輪播廣告，針對 18 歲及以上的旅遊相關興趣群體。然後他們在 Facebook 上重新定位了這些人。他們創造了一次真正的視覺之旅，同時使用了 Instagram 和 Facebook 的格式，並將兩個平台與他們的目標結合起來。我們認為，當我們將這兩者結合起來時，一切皆有可能，而我們才剛開始探索這種可能性。

The next question is from Heather Bellini with Goldman Sachs. Your line is open.

下一個問題來自高盛的 Heather Bellini。您的線路已開通。

Great. Thank you. I had two quick questions, as well. One, Sheryl, just to follow up on what you mentioned about Instagram, obviously, it's a very visual experience. I'm just wondering, when you're talking to advertisers, are they viewing this as a separate channel? So I think there's been some questions as to the incremental nature of Instagram. It would seem like it could be extremely incremental, given these are the two top platforms in mobile. I was wondering if you could talk a little about what the advertisers say about blending the experiences.

偉大的。謝謝。我也有兩個簡單的問題。首先，謝麗爾，我只是想跟進你提到的 Instagram，顯然，它是一種非常直觀的體驗。我只是想知道，當您與廣告商交談時，他們是否將其視為一個單獨的管道？所以我認為人們對 Instagram 的增量性質存在一些疑問。考慮到這兩個頂級行動平台，它看起來可能會有極大的增量。我想知道您是否可以談論廣告商對融合體驗的看法。

And also, a question for Mark. I was just wondering if you could share with us how we might see your content strategy evolve over time and, in particular, just wondering what your view is on longer form content on the video side? Thank you.

另外，還有一個問題想問馬克。我只是想知道您是否可以與我們分享您的內容策略如何隨著時間的推移而發展，特別是想知道您對影片方面的長篇內容有何看法？謝謝。

To the Instagram question, what we see in the short run is that some of the spend on Instagram is incremental to Facebook and some isn't. Some clients are comfortable with Instagram and bringing a new budget to bear. Some clients are shifting some of their Facebook budget. For us in the medium to long run, we believe that we're not competing between Facebook and Instagram. We're competing with other forms of media. And if you want the most eyeballs, and we think the highest ROI, over time we think that will benefit Facebook and Instagram.

對於 Instagram 的問題，我們在短期內看到的是，在 Instagram 上的一些支出對於 Facebook 來說是增量，而有些則不是。有些客戶對 Instagram 很滿意，並願意承擔新的預算。一些客戶正在轉移部分 Facebook 預算。對我們來說，從中期來看，我們認為我們不是 Facebook 和 Instagram 之間的競爭對手。我們正在與其他形式的媒體競爭。如果你想要吸引最多的眼球，並且我們認為投資回報率最高，那麼隨著時間的推移，我們認為這將使 Facebook 和 Instagram 受益。

So for us, what we really want is people to experiment and learn and get to experience Instagram as they have on Facebook so that we can make the case and prove the ROI. And then we believe if you look at the consumer metrics of where people were spending their time, we will be able to gain share compared to almost anything else you can buy out there.

因此，對我們來說，我們真正想要的是人們嘗試、學習並體驗 Instagram，就像他們在 Facebook 上一樣，這樣我們就可以證明投資報酬率。然後，我們相信，如果你看看人們花時間的消費者指標，你會發現與市場上幾乎任何其他產品相比，我們都能獲得更大的市場份額。

And to your question about long form content, the more natural starting point for us is shorter form content, which can either be social content or premium short form content. But the vast majority of the content that's consumed on Facebook, just talking about video right now, is people browsing through feed, they discover something interesting that they weren't necessarily looking for previously. That's very powerful, because that's a behavior that there isn't really anywhere else to do at scale on the internet today in a great way. And then people watch it there or they bookmark it to watch later.

對於您關於長篇內容的問題，對我們來說更自然的起點是較短的內容，可以是社交內容，也可以是優質的短篇內容。但目前 Facebook 上消費的絕大部分內容（僅就影片而言）都是人們瀏覽資訊流時發現的一些有趣的東西，而這些東西以前並不一定在尋找。這是非常強大的，因為這種行為在當今互聯網上還沒有其他地方能夠大規模地實現。然後人們在那裡觀看或將其​​添加書籤以便以後觀看。

But if you're talking about watching inline and feed, that's not the place where you're necessarily going to see a TV show and then watch an hour-long clip right there. So what we're actually seeing is that a lot of the best -- or at least from my perspective -- TV shows that we see folks like Jimmy Fallon breaking up their show into clips that they can now share to be consumed over social media and on the internet in three- to five- or seven-minute segments, which are more of what people want when browsing through news feed.

但是，如果您談論的是在線觀看和訂閱，那麼那裡就不一定是您去看電視節目然後在那裡觀看長達一小時的片段的地方。因此，我們實際上看到的是，許多最好的（至少從我的角度來看）電視節目，我們看到像吉米法倫這樣的人將他們的節目分成幾段，他們可以在社交媒體和互聯網上以三到五分鐘或七分鐘的片段來分享，這更符合人們在瀏覽新聞提要時想要的內容。

I do think over time we will get to more different types of content and we'll build products that serve that. The current market of trying to help people share and experience all these shorter form clips is massive. We are nowhere near serving that as well as we want to. I actually think in a lot of ways, though, the more interesting question is not in the near term what we're going to do to develop ways to consume long form content, but what traditional media and content producers who have traditionally produced long form content are going to do to chunk their stuff up better, so that way it can be more easily consumed by this big community online.

我確實認為隨著時間的推移，我們將獲得更多不同類型的內容，並打造服務這些內容的產品。目前，試圖幫助人們分享和體驗所有這些較短形式的影片的市場規模非常大。我們還遠遠沒有達到我們所希望的水平。但實際上，我認為在很多方面，更有趣的問題不是我們在短期內要做什麼來開發消費長篇內容的方式，而是傳統媒體和傳統上製作長篇內容的內容製作者將做什麼來更好地分塊他們的內容，這樣它就可以更容易地被這個龐大的在線社區消費。

The next question is Douglas Anmuth with JPMorgan. Your line is open.

下一個問題是摩根大通的道格拉斯·安穆斯 (Douglas Anmuth)。您的線路已開通。

Thank you for taking the question. One for Mark and then one for Dave. Mark, you recently spent time in China and India. I was hoping to get some of your key takeaways, both in terms of Internet.org and also about Facebook's potential in China.

感謝您回答這個問題。一個給馬克，一個給戴夫。馬克，您最近在中國和印度待了一段時間。我希望了解您的一些重要觀點，包括有關 Internet.org 以及 Facebook 在中國的潛力。

And then secondly, Dave, was hoping to get some early thoughts on OpEx for 2016, at least perhaps qualitatively, if you could walk us through some of the puts and takes for next year, Oculus in particular. Thanks.

其次，戴夫，希望對 2016 年的營運支出有一些初步了解，至少是定性了解，您可以向我們介紹明年的一些利弊，特別是 Oculus 的情況。謝謝。

Sure, I can start off with the India and China question. They're very different situations. So India is a unique country where there are 1.25 billion people, more than 1 billion of them are not on the internet. It is the country in the world that benefits the most from connectivity. And there's a lot of research that we've seen and reports that third parties have put out that show that when you connect to places like India, it makes a very big difference socially and for the economy there.

當然，我可以從印度和中國的問題開始。他們的情況截然不同。印度是一個特殊的國家，它有12.5億人口，其中超過10億人沒有上網。它是世界上從互聯互通中獲益最多的國家。我們看到的大量研究和第三方發布的報告都表明，當你與印度這樣的地方建立聯繫時，會對那裡的社會和經濟產生巨大的影響。

A lot of us here, everyone we know is on the internet and we think about the internet as an entertainment and basic communication. But if you don't have access to a good school, then getting basic internet access could be your best educational information. Or if you don't have access to a good doctor, then getting access to the internet could be the only way that you can learn about how to avoid certain diseases or how to raise your kids and help them avoid certain diseases and find jobs and a lot of stuff.

我們這裡的很多人，我們認識的每個人都在使用互聯網，我們認為互聯網是一種娛樂和基本的交流方式。但如果你無法進入一所好學校，那麼獲得基本的網路存取可能是你最好的教育資訊。或者，如果你找不到好醫生，那麼上網可能是你了解如何避免某些疾病或如何撫養孩子並幫助他們避免某些疾病、找到工作等等的唯一方法。

What we find through the research is that for every 10 people that get connected to the internet, a little less than, or right around one person gets lifted out of poverty and one new job gets created. We're very focused on this. It's a huge priority for the Indian government. And anything that we can do to help there, we think is very good for the world and we're invested in that and we're happy to support.

我們透過研究發現，每10個人上網，就能幫助近一人或約一人擺脫貧困，創造一個新工作。我們非常關注這一點。這是印度政府的首要任務。我們認為，只要我們能為那裡提供幫助，就對世界非常有益，我們對此進行了投資，並樂意提供支持。

And Internet.org in India now, there are already more than 1 million people who now have access to the internet who didn't otherwise, because of our efforts. So we're proud of that. But obviously, that's still very early on. We're only working with one operator currently and part of the country, so there's a lot of room to expand that. And that's just a big opportunity for the internet overall and for India over the next decade, and we hope to play a role in that.

現在，由於我們的努力，印度的 Internet.org 已經讓 100 多萬原本無法上網的人能夠上網。所以我們對此感到自豪。但顯然，這還為時過早。我們目前只與一家營運商合作，並且只在部分地區開展業務，因此還有很大的擴展空間。這對於整個互聯網以及印度未來十年來說都是一個巨大的機遇，我們希望能夠在其中發揮作用。

On China, that is a more complex situation. Obviously, you can't have a mission of wanting to connect everyone in the world and leave out the biggest country. So over the long term, that is a situation that we will need to try to figure out a way forward on. For now, the thing that I would leave you with is that people think that Facebook isn't in China at all, and that's actually not true.

對中國來說，情況更加複雜。顯然，你不能肩負起連結世界上所有人的使命，而忽略最大的國家。因此從長遠來看，我們需要努力尋找解決這個問題的方法。現在，我想告訴大家的是，人們認為 Facebook 根本不在中國，但事實並非如此。

Our consumer service isn't active there, but it actually is already one of the biggest advertising markets that we have. Because there are a lot of really big and important Chinese companies who sell a lot of products to people outside of China. And they use Facebook as one of their primary tools, in a lot of cases, to spread information about what they're doing and grow their customer base. So we're happy to do whatever we can to help develop the economies in both of those countries and they're both long-term efforts for us.

我們的消費者服務在那裡並不活躍，但實際上它已經是我們最大的廣告市場之一。因為有許多真正大型且重要的中國公司向中國以外的人們銷售大量產品。在許多情況下，他們使用 Facebook 作為主要工具之一，來傳播有關他們所做的事情的訊息並擴大客戶群。因此，我們很樂意盡我們所能幫助這兩個國家發展經濟，這對我們來說都是長期的努力。

Doug, on your question on 2016, yes, we're not going to, obviously, give specific guidance at this time. That will be coming with our Q4 call. But we're focused on continuing to invest heavily in the business across our near-, mid- and long-term opportunities, and we see a bunch of great opportunities to invest there. So in the near-term, we're focused on growing the community and executing on our existing business. In the medium term, we're focused on those next generation of services, Instagram, Messenger and WhatsApp. And in the long term, we've got the investments we're making in things like artificial intelligence, VR, and obviously, the Internet.org efforts that Mark just spoke about.

道格，關於你關於 2016 年的問題，是的，我們顯然目前不會給出具體的指導。這將在我們的第四季電話會議上進行。但我們專注於繼續在短期、中期和長期機會中大力投資該業務，並且我們看到了許多很好的投資機會。因此，短期內，我們將專注於發展社區和開展現有業務。從中期來看，我們專注於下一代服務，Instagram、Messenger 和 WhatsApp。從長遠來看，我們在人工智慧、虛擬實境等領域進行了投資，當然還有馬克剛才提到的 Internet.org 工作。

Specifically with regards to Oculus and how that could impact the plan for next year, we're, as Mark said, very bullish about the long-term opportunity for VR and excited about the launch for Rift next year. But VR is still very much in the development stage, so it would be early to be talking about large shipment volumes.

具體來說，關於 Oculus 以及它如何影響明年的計劃，正如馬克所說，我們對 VR 的長期機會非常樂觀，並對明年推出的 Rift 感到興奮。但 VR 仍處於發展階段，因此談論大規模出貨量還為時過早。

The next question is from Brian Nowak with Morgan Stanley. Your line is open.

下一個問題來自摩根士丹利的 Brian Nowak。您的線路已開通。

Thanks for taking my questions. I have two, one for Mark and one for Sheryl. Mark, can you talk a little about what factors and metrics you consider when you're thinking about a multi-app strategy versus rolling out more products and offerings on Facebook? There's a difference in Facebook Paper, Messenger, the video viewer on the platform. Just be curious how you think about multi-app versus adding more functionality to the mother ship.

感謝您回答我的問題。我有兩個，一個給馬克，一個給謝麗爾。馬克，您能否談談，當您考慮多應用策略而不是在 Facebook 上推出更多產品和服務時，您會考慮哪些因素和指標？Facebook Paper、Messenger 和平台上的影片檢視器之間存在差異。只是好奇您如何看待多應用程式與向母艦添加更多功能。

And then for Sheryl, it sounds like there's still a lot of SMBs on the platform that are not yet paying advertisers. Can you talk about some of the biggest hurdles you need to overcome to get more SMBs paying and initiatives you have in place? Thanks.

然後對於謝麗爾來說，聽起來平台上仍有許多中小企業尚未向廣告商付費。您能否談談為了讓更多的中小企業付費您需要克服的一些最大障礙以及您已採取的舉措？謝謝。

So I can talk to the multi-app question first. So we view the social space as almost this matrix. You can think about it as a two dimensional grid, where there's one axis is the richness of the content that people want to share. Then the other axis is the size of the audience, or intimacy of how people want to share. So on the first axis, you get everything ranging from text to links to photos to videos to immersive 360 videos and virtual reality content, and this progression. And on the other axis, you get everything ranging from one-to-one messaging to small group communication to communicating with all your friends at once to big interest groups to completely public.

所以我可以先談談多應用程式問題。因此，我們幾乎將社會空間視為這個矩陣。你可以把它想像成一個二維網格，其中一個軸代表人們想要分享的內容的豐富程度。另一個軸是觀眾的規模，或是人們想要分享的親密程度。因此，在第一個軸上，您可以獲得從文字到連結、從照片到影片、從沉浸式 360 度影片和虛擬實境內容的所有內容，以及這種進展。而在另一個軸上，你可以獲得一切，從一對一訊息傳遞到小組通信，從與所有朋友同時通信到大型興趣小組通信，再到完全公開的通信。

And what we believe is that you can intersect at any point on that, and there will be something interesting to build. So a small group product for sharing video, that's like -- that's going to be a thing. A one-on-one product for sharing text or calling, that's clearly a thing. A public sharing and consumption product for video, that's a thing. And what we've tried to do is basically figure out the areas that we think are open and are not currently served by the set of products that the industry has built and figure out a way to offer those.

我們相信，你可以在任何一點上進行交叉，並且會建立出一些有趣的東西。因此，用於共享影片的小組產品將會成為一種趨勢。用於共享文字或通話的一對一產品，這顯然是一件好事。視訊的公共共享和消費產品，就是這樣的。我們嘗試做的基本上是找出我們認為開放的領域，而目前產業所建構的產品尚未涵蓋這些領域，並找出提供這些產品的方法。

So one of the big opportunities that I'm really excited about right now is I think that there's a pretty big opening between very private messaging, kind of the one-on-one messaging products like Messenger and WhatsApp, and products like Facebook, where you share with all your friends at once, or Instagram, and in between there, what we're seeing is this huge growth of private groups. And Groups remains one of the, I think, least talked about products on Facebook. But I just said earlier that we have more than 900 million people are using that every month. It's a huge thing and it's a big area that we can develop going forward.

因此，目前令我感到非常興奮的一大機會是，我認為在非常私密的消息傳遞（例如 Messenger 和 WhatsApp 等一對一訊息傳遞產品）與 Facebook 或 Instagram 等產品（可以同時與所有朋友分享）之間存在著相當大的差距，而在兩者之間，我們看到了私人群組的大幅增長。我認為 Groups 仍然是 Facebook 上談論最少的產品之一。但我剛才說過，我們每個月有超過 9 億人在使用它。這是一件大事，也是我們未來可以發展的一大領域。

So we experiment with all these things in terms of some of them make sense to naturally have inside the Facebook app because you're using the same set of friends and network and connections. Some of them get clear value by being separate, like Messenger, for example, where we can make sure that everyone has their push notifications turned on, which is extremely important for our messaging app. But overall, there's just a lot of stuff in this space and the amount that people want to share and communicate is boundless. And that's I think partially why we're seeing the growth that we are with so many of these products.

因此，我們對所有這些東西進行了實驗，其中一些在 Facebook 應用程式中自然存在，因為您使用的是同一組朋友、網路和連接。其中一些透過獨立獲得了明顯的價值，例如 Messenger，我們可以確保每個人都打開了推播通知，這對於我們的訊息應用程式來說非常重要。但總的來說，這個領域裡的東西太多了，人們想要分享和交流的東西是無限的。我認為這就是我們看到如此多此類產品實現成長的部分原因。

On SMBs, I think it's one of the most compelling opportunities we have for Facebook. And that's because I think we solve a really big problem for SMBs, which is how are they going to reach customers. In the United States, which is usually the most advanced market, 35% of small businesses have no web presence at all. And building a mobile presence is even harder than a web presence, because most people don't use the mobile web, and mobile apps are expensive to build and hard to get people to use, especially if you're a small business.

對於中小企業來說，我認為這是 Facebook 面臨的最引人注目的機會之一。這是因為我認為我們解決了中小企業的一個大問題，那就是他們如何接觸客戶。在通常是最發達市場的美國，35％的小型企業根本沒有網路存在。建立行動應用程式比建立網路形象更難，因為大多數人不使用行動網絡，而且行動應用程式的建置成本很高，很難讓人們使用，特別是對於小型企業而言。

That's why there are 45 million SMB pages on Facebook. These are people who are using Facebook and this free product to create an online and increasingly, a mobile presence. And then our job is to make sure that free product works for them and then over time, bring them into our paid products.

這就是為什麼 Facebook 上有 4500 萬個 SMB 頁面。這些人正在使用 Facebook 和這款免費產品來創建線上形象，並且越來越多地在行動端上展現自己的形象。然後我們的工作是確保免費產品適合他們，然後隨著時間的推移，將他們引入我們的付費產品。

We have 2.5 million advertisers and over 80% of them started on Pages and then started with simplified ad products; and that's what we've done over time and will continue to do that. And what you see is that it's as easy for them to use it as profile and we can give them opportunities to do things they otherwise couldn't do. So to what I said in my transcript before, 1.5 million SMBs posting videos in one month alone. 1.5 million SMBs have not posted or created video on any other platform. But with us, it's cheap, it's very easy to use, and that gives us a way to continue to work with SMBs and increasingly grow our business with them.

我們有 250 萬廣告商，其中 80% 以上都是從 Pages 開始，然後從簡化的廣告產品開始的；這就是我們一直以來所做的，並且將繼續這樣做。您會發現，他們可以輕鬆地使用它作為個人資料，我們可以為他們提供機會去做他們原本無法做的事情。正如我之前在記錄中所說的那樣，僅一個月就有 150 萬家中小企業發布影片。150 萬中小企業尚未在任何其他平台上發布或製作影片。但對我們來說，它很便宜，使用起來也很容易，這讓我們能夠繼續與中小企業合作，並與他們一起發展業務。

The next question is from Justin Post with Bank of America Merrill Lynch. Your line is open.

下一個問題來自美銀美林的賈斯汀波斯特 (Justin Post)。您的線路已開通。

First one, Mark, could you talk a little about how much activity you see around Events on Facebook and maybe your views on whether Facebook could benefit from political activity or advertising? And then Sheryl, could you talk a little bit about where ad loads are today? Is there still room there? And also just what your feedback you're getting on advertiser ROIs, is there still more room there? Thank you.

首先，馬克，您能否談談您在 Facebook 上看到的活動數量，以及您對 Facebook 是否可以從政治活動或廣告中受益的看法？那麼謝麗爾，您能否談談當今的廣告負載情況？那裡還有房間嗎？另外，您對廣告主投資報酬率的回饋是什麼？是否還有更多空間？謝謝。

I'll start with the question on ad load. It's Dave. And then Sheryl can follow up on the political question. So Justin, over time, ad load has been one of the factors driving year-over-year growth. It's just worth noting that it is up significantly from where we were two years ago. Looking forward, we continue to feel like there are good opportunities to grow the business. I talked about the three factors that contributed to growth this quarter, ad demand, users and engagement, and ad load. And we see all of those continuing to be factors for growth going forward. And then Sheryl, did you want to take the question on the political?

我首先要問的是廣告負載問題。是戴夫。然後謝麗爾可以繼續討論政治議題。因此，賈斯汀，隨著時間的推移，廣告負載已成為推動同比增長的因素之一。值得注意的是，與兩年前相比，這一數字已有大幅上升。展望未來，我們仍覺得業務有良好的成長機會。我談到了本季促進成長的三個因素：廣告需求、用戶和參與度以及廣告負載。我們認為所有這些都將繼續成為未來成長的因素。那麼謝麗爾，你想回答有關政治的問題嗎？

And I'll take Events, too. Just as Mark said with Groups, Events are growing quickly on Facebook. We don't break out by product, but we're pleased with the growth.

我也會參加活動。正如馬克在談到群組時所說，Facebook 上的活動正在快速成長。我們沒有按產品細分，但我們對成長感到滿意。

On the elections and political activity and political advertising, we're excited about the elections, because we think we give politicians and people a really compelling way to interact. If you wanted to feel like you were interacting with someone running for office before, you had to go to a town hall meeting. And increasingly, that's happening on Facebook. Between January 1 and October 7 of this year, over 68 million people on Facebook in the US made over 1 billion interactions about the campaign alone. And every candidate and every member of Congress is on Facebook now.

關於選舉、政治活動和政治廣告，我們對選舉感到興奮，因為我們認為我們為政治人物和人民提供了真正引人注目的互動方式。如果您想感覺自己正在與某個競選公職的人互動，您必須參加市政廳會議。這種情況在 Facebook 上越來越常見。今年 1 月 1 日至 10 月 7 日期間，美國 Facebook 上有超過 6,800 萬人就該活動進行了超過 10 億次互動。現在每位候選人和每位國會議員都在使用 Facebook。

In terms of the revenue impact, no one vertical drives our business. We have a very large and diversified business. But we think we offer something pretty compelling, which is the reach of Facebook with very unique targeting. So on Facebook, you can target an ad by district, by interest. Ben Carson ran 240 different ads targeted at different audiences. And so we're starting to see candidates use our platform to communicate, to advertise and to share.

就收入影響而言，沒有哪個垂直行業推動我們的業務。我們的業務非常龐大且多元化。但我們認為我們提供的東西非常引人注目，那就是 Facebook 的覆蓋範圍和非常獨特的定位。因此在 Facebook 上，您可以按地區、按興趣定位廣告。本卡森針對不同的受眾投放了 240 則不同的廣告。因此，我們開始看到候選人使用我們的平台進行交流、宣傳和分享。

Next question is from Anthony DiClemente with Nomura. Your line is open.

下一個問題來自野村證券的 Anthony DiClemente。您的線路已開通。

Thank you very much. Mark, on the subject of media content on Facebook, it seems like the big opportunity is for Facebook to be the portal with which to access the short form video content that you mentioned earlier, and maybe the idea is to keep the consumption of that content in line or inside the Facebook wall, the garden. So the follow-up question that I would have is how do you think you could best partner with the media providers and convince them the merits of bringing their valuable, in some cases expensive, content into the Facebook world, particularly at a time in media when they're really trying hard to guard their own existing ecosystems?

非常感謝。馬克，關於 Facebook 上的媒體內容，Facebook 最大的機會似乎是成為訪問您之前提到的短視頻內容的門戶，也許我們的想法是讓這些內容的消費保持在 Facebook 牆內或花園內。因此，我想問的下一個問題是，您認為如何才能最好地與媒體提供者合作，並說服他們將寶貴的、有時昂貴的內容帶入 Facebook 世界，尤其是在媒體行業正努力保護自己現有的生態系統的時候？

And then a question for Sheryl. I wonder if you could just touch on the relative growth of branded advertising versus direct response ads. You mentioned Total Ratings Point buying. Can you help us think about the mix of branded versus DR? And for you, do you think that DRP buying and video is going to shift your ad mix more towards branded over time? Thanks.

然後問謝麗爾一個問題。我想知道您是否可以簡單談談品牌廣告與直接反應廣告的相對成長。您提到了購買總分點數。您能幫助我們思考一下品牌與 DR 的結合嗎？對於您來說，您是否認為隨著時間的推移，DRP 購買和影片會使您廣告組合更加偏向品牌化？謝謝。

I can talk about video and the business model around that. So you're definitely right that there's a certain class of content which is only going to come onto Facebook if there's a good way to compensate the content owners for that. And we've recently rolled out the business model for this, which is for premium content, we'll give a revenue share on a portion of the views to the content owners. And we've got good feedback so far on that. We're working with a small set of partners to start, and we'll roll it out beyond that as that keeps on going.

我可以談談影片及其相關的商業模式。所以你說的絕對正確，只有當有好的方法補償內容擁有者時，某一類內容才會出現在 Facebook 上。我們最近推出了針對優質內容的商業模式，我們將根據部分觀看量向內容所有者提供收入分成。到目前為止，我們收到了良好的回饋。我們目前正與一小部分合作夥伴合作，隨著合作的不斷推進，我們將進一步擴大合作範圍。

But it's important to keep in mind that there are a few different reasons why people share content on Facebook, and that's just one of the use cases. So there are a lot of people who are sharing content socially, because they want to get a message out. That may not be business motivated.

但重要的是要記住，人們在 Facebook 上分享內容的原因有很多，這只是其中一個用例。因此，有很多人在社群媒體上分享內容，因為他們想要傳達某種訊息。這可能不是出於商業動機。

There are a lot of folks who are business motivated, but who primarily post content in order to promote something or gain distribution for something and that, you can gain value without some kind of rev share. And that's why the video ecosystem has grown so quickly, even before we rolled out a revenue share.

許多人都有商業動機，但他們發佈內容的主要目的是為了推廣某些東西或獲得某些東西的分銷，這樣，你就可以在沒有任何收入分成的情況下獲得價值。這就是為什麼在我們推出收入分成之前，視訊生態系統就已經發展得如此迅速。

And now the third class of content, which I think is going to be important, and increasingly important over time, is the one that you basically want to essentially trade the content for money. And that is one where you need the rev share to unlock that. But we're getting good feedback on that upfront. So we're looking forward to seeing how that trends.

現在，我認為第三類內容將會變得很重要，而且隨著時間的推移會變得越來越重要，那就是你基本上想用內容來換取金錢的內容。而這正是您需要轉速共享來解鎖的地方。但我們預先就收到了良好的回饋。因此我們期待看到這一趨勢如何。

On to our marketer segments. We don't break out by segment, but all of our marketer segments are growing. We're seeing strong growth in brand. And we believe that's because we're delivering on the promise of personalized marketing at scale. We've worked hard on things that will help brand purchasers feel comfortable on the platform and measure their ROI. So that's where TRP buying comes in, allowing people who usually buy TV ads to plan, buy, measure Facebook ads the same way enables an apples-to-apples comparison that we believe is very strong for our ROI. We've also worked on brand awareness optimization, mobile polling to measure campaign effectiveness, and we're working client by client.

進入我們的行銷人員細分領域。我們沒有按細分市場進行細分，但我們所有的行銷商細分市場都在成長。我們看到品牌的強勁成長。我們相信這是因為我們正在兌現大規模個人化行銷的承諾。我們一直努力幫助品牌購買者在平台上感到舒適並衡量他們的投資報酬率。這就是 TRP 購買的作用所在，它允許通常購買電視廣告的人以相同的方式規劃、購買和衡量 Facebook 廣告，從而實現同類比較，我們相信這對我們的投資回報率非常有利。我們也致力於品牌知名度優化、行動投票以衡量活動效果，並且我們正在與客戶合作。

Our other segments are growing, as well. We're working hard in the direct response area, rolling out things like carousel ads and dynamic product ads. And one thing that's worth understanding is that all of these different marketer segments often work together. To share one example, Ikea wanted to boost their online sales when their stores were closed. So in Norway, most retailers are closed Saturday to Sunday night. So they invested in carousel ads and only showed them when their stores were closed. And they turned a $35,000 investment in carousel ads into $2 million in sales, which happened precisely when they want it to happen. That's a direct response ad buy, because it's very specific, carousel ads product. But it's also a brand play for them, as they strengthen their brand and get people to interact with them as they want them to.

我們的其他部門也在成長。我們正在直接回應領域努力工作，推出輪播廣告和動態產品廣告等。值得理解的一點是，所有這些不同的行銷人員群體經常一起合作。舉一個例子，宜家希望在其門市關閉時提高其線上銷售額。因此在挪威，大多數零售商週六至週日晚上都關門。因此，他們投資了輪播廣告，並且只在商店關門時展示。他們將 35,000 美元的輪播廣告投資轉化為 200 萬美元的銷售額，而這恰好在他們希望的時間發生了。這是直接反應廣告購買，因為它非常具體，是輪播廣告產品。但這對他們來說也是一種品牌推廣，因為他們可以強化自己的品牌，並讓人們以他們希望的方式與他們互動。

The next question is from John Blackledge with Cowen and Company. Your line is open.

下一個問題來自 Cowen and Company 的 John Blackledge。您的線路已開通。

Great. Thank you. Two questions. With the explosive video consumption growth and growth in public content being consumed in the news feed, could engagement perhaps materially increase from current levels over the next couple years?

偉大的。謝謝。兩個問題。隨著影片消費和新聞推送中公共內容消費的爆炸性增長，未來幾年內參與度是否會從當前水準大幅提升？

And then on WhatsApp, as it heads towards 1 billion [miles], and/or greater, could you give us a sense of how you're thinking about monetization of that platform and perhaps timing of the monetization? Thank you.

那麼，對於 WhatsApp，隨著它朝著 10 億英里甚至更大的目標邁進，您能否向我們介紹您對該平台的貨幣化以及貨幣化時機的看法？謝謝。

On engagement, John, I think we're obviously focused across a number of different dimensions to drive engagement. Videos had a big contribution there. So that's certainly been helpful in terms of making news feed even more engaging and we'll continue to be focusing on a number of initiatives, public content and just sharing with your friends. So there's lots that we are working on engagement to continue to derive time spent.

關於參與度，約翰，我認為我們顯然專注於多個不同維度來推動參與。影片在那裡做出了巨大貢獻。因此，這對於使新聞推送更具吸引力無疑是有幫助的，我們將繼續專注於一系列舉措、公共內容以及與朋友分享。因此，我們正在大力開展參與工作，以繼續節省時間。

On WhatsApp, I don't think there's a particular magical number with 1 billion users. The focus really for our messaging products is to continue to drive user growth and continue to build great products that are fast, useful, engaging and fun. And on that front, they're both doing great. Messenger has over 700 million users and WhatsApp, obviously, has over 900 million users. So the business side is not the main focus right now. We believe there are going to be opportunities as we further scale those properties.

對於 WhatsApp，我不認為存在一個擁有 10 億用戶的神奇數字。我們通訊產品的真正重點是持續推動用戶成長，並持續打造快速、實用、引人入勝且有趣的優秀產品。從這方面來看，他們都做得很好。Messenger 擁有超過 7 億用戶，而 WhatsApp 顯然擁有超過 9 億用戶。因此，業務方面目前不是主要關注點。我們相信，隨著我們進一步擴大這些資產，將會有更多機會。

The next question is from Paul Vogel with Barclays. Your line is open.

下一個問題來自巴克萊銀行的保羅·沃格爾。您的線路已開通。

Great. Thanks. Two questions. One, big picture, Mark, there's a lot of debate around what content is appropriate for Facebook to block and not block. I'm wondering if you could talk a little about how you decide what to censor and not censor in terms of on the content side. And then less big picture, but just in terms of fourth quarter, given it's a big retail quarter, any increased testing around direct retail on the platform? Thanks.

偉大的。謝謝。兩個問題。首先，馬克，從整體來看，關於 Facebook 應該封鎖什麼內容、不封鎖什麼內容存在著許多爭論。我想知道您是否可以談談在內容方面您如何決定審查什麼和不審查什麼。然後就不那麼宏觀了，但就第四季度而言，考慮到這是一個重要的零售季度，平台上直接零售的測試是否增加？謝謝。

I can answer the policy question, and then I guess Sheryl will take the other one. The guiding principle for us on this is that we want to give the most voice to the most people. And the idea is that there are all these different barriers that any given person has to being able to share and express everything that they want, from technical barriers -- it's really hard to communicate with someone if you're not on the internet and they're far away -- to product barriers -- it's hard to share videos if we don't have a good product for sharing videos -- to legal barriers -- it's hard to share content that your government says is illegal for you to share. And at the end of the day, there's also policy, and you're in a community and we have community standards for how we think people should communicate in order to be safe.

我可以回答政策問題，然後我想謝麗爾會回答另一個問題。我們在這方面的指導原則是，我們希望讓最多的人發出最多的聲音。這個想法是，任何人都必須面對各種各樣的障礙才能分享和表達他們想要的一切，從技術障礙——如果你不在互聯網上並且他們離你很遠，你就很難與某人交流——到產品障礙——如果我們沒有一個好的視頻分享產品，我們就很難分享視頻——到法律障礙——如果你分享的內容被政府認為是非法的，你很難分享。歸根究底，還有政策，你在一個社區裡，我們有社區標準來規定人們應該如何溝通才能確保安全。

Because even if you have all of the internet connectivity and the products and the legal framework that you need, if you don't feel safe saying what you want to express, then you're probably not going to share it. And we see a lot of that online and that's a pretty big issue. Everything from bullying to terrorism, there are lots of reasons why people might otherwise have the tools to share what they would want, but feel silenced. And that isn't giving the most voice to the most people. So we feel a responsibility to have policies for our community which limit hate speech and limit things which are going to create just an overwhelmingly uncomfortable environment for people that is going to silence other people's speech, in order to make sure that over the long term we are enabling the most people to be able to express as much as possible as they can. And that's the philosophy that we have.

因為即使你擁有所需的所有網路連線、產品和法律框架，如果你覺得不能安全地表達自己想表達的內容，那麼你可能就不會分享。我們在網路上看到很多這樣的情況，這是一個相當大的問題。從霸凌到恐怖主義，有許多原因導致人們本來可以分享自己想要的東西，但卻感到被壓制。而這並沒有給最多的人提供最多的發言權。因此，我們感到有責任為我們的社區制定政策，限制仇恨言論，限制那些只會給人們帶來極度不適的環境、壓制他人言論的行為，以確保從長遠來看，我們能夠讓盡可能多的人能夠盡可能多地表達自己的意見。這就是我們的理念。

On commerce going into the holiday season, commerce is a really important vertical for us and we're working hard to make our ads more effective. So what we're seeing from DPA ads and carousel ads, we're really happy with. We're seeing lower cost per conversion when people do multiple objectives and video. We're seeing lower post per click than single image link ads. And importantly, we're also creating better experiences for people.

對於即將進入假期季節的商業活動來說，商業對我們來說是一個非常重要的垂直領域，我們正在努力使我們的廣告更有效。因此，我們對 DPA 廣告和輪播廣告的效果感到非常滿意。當人們實現多個目標並製作影片時，我們發現每次轉換的成本會降低。我們發現每次點擊的貼文費用低於單張圖片連結廣告。重要的是，我們也在為人們創造更好的體驗。

Because when an ad is more targeted, more relevant, when you see a product you're interested in or a service you're interested in, that's a better experience. So we go into the holidays feeling that we have a really strong product offering, certainly the best product offering we've ever had, to connect people to the products they're going to buy this holiday.

因為當廣告更有針對性、更相關時，當您看到您感興趣的產品或您感興趣的服務時，那是一種更好的體驗。因此，我們在假期開始時就感覺到我們擁有非常強大的產品供應，這無疑是我們有史以來最好的產品供應，可以把人們與他們在這個假期要購買的產品聯繫起來。

The next question is from Rich Greenfield with BTIG. Your line is open.

下一個問題來自 BTIG 的 Rich Greenfield。您的線路已開通。

Hello. Thanks for taking the question. When you look at ad quality, I think when Facebook started, Sheryl, you were really adamant that you were focused on improving the ad quality and really making sure you were serving the highest quality ad to the right person. When you look at Instagram, I felt like you took incredible care to make sure that the advertising, like every ad was of the highest quality. As you've opened up the API, there's a tremendous amount of ads, some of them incredibly good quality, but some of them of lesser quality. How do you work to make sure that Instagram maintains what you started it with, which is incredibly beautiful ads that fit the platform, and so that you don't get criticized by users for pushing, not so much the amount of ads, but the type of ads?

你好。感謝您回答這個問題。當您考慮廣告品質時，我認為當 Facebook 剛開始時，Sheryl，您確實堅持專注於提高廣告質量，並確保向正確的人提供最高品質的廣告。當你查看 Instagram 時，我感覺你非常用心地確保廣告，例如每個廣告都是最高品質的。當你開放 API 時，就會出現大量的廣告，其中一些品質非常好，但有些品質較差。您如何確保 Instagram 保持最初的樣子，即推出適合該平台的精美廣告，並且不讓用戶批評廣告類型而非廣告數量？

You're right that quality is really important to us. Because your experience on Facebook or Instagram is about the quality of what you see, both in terms of the organic posts you see from your friends or public people you're following and the ads, as well. And what we do is we monitor it carefully. We ramp slowly. We monitor engagement sentiment, quality of ads. We get a lot of feedback directly from people who use Facebook. They can X out the ads. If they do, we ask them why they're X'ing out the ads. And we just continue to monitor the metrics.

您說得對，品質對我們來說確實很重要。因為您在 Facebook 或 Instagram 上的體驗取決於您所看到內容的質量，包括您從朋友或您關注的公眾人物那裡看到的自然貼文以及廣告。我們所做的就是仔細監控它。我們緩慢地提升。我們監控參與情緒和廣告品質。我們直接從 Facebook 用戶那裡獲得了很多回饋。他們可以將廣告刪除。如果他們這樣做了，我們會問他們為什麼要在廣告上打 X。我們只是繼續監控指標。

We're pleased with what's happened with quality on our platform overall. And a lot of the product innovations and investments I've been talking about on this call feed into quality. The carousel ads, they're not just that they're showing multiple products, it's that they're showing products that are more specifically directed at the person. And so a lot of the underlying things we do to build our ad systems don't just feed into revenue, they feed into quality. And that's important, because over the long run, our quality today is our revenue tomorrow.

我們對平台整體的品質感到滿意。我在這次電話會議上談到的許多產品創新和投資都與品質有關。輪播廣告不只是展示多種產品，而是展示更有針對性地針對個人的產品。因此，我們為建立廣告系統所做的許多基礎工作不僅能帶來收入，還能提高品質。這很重要，因為從長遠來看，我們今天的品質就是我們明天的收入。

The next question is from Mark May with Citi. Your line is open.

下一個問題來自花旗銀行的馬克梅 (Mark May)。您的線路已開通。

Thanks. I had two, if I could. We noticed a very impressive acceleration in user MAU growth, I'm focused on in the quarter. It seemed like it was pretty much in every region of the world. What, if anything, can you attribute that to? I know that you seem to be running more TV ads, at least where I live. But wonder if anything you could attribute that to.

謝謝。如果可以的話，我有兩個。我們注意到用戶 MAU 的成長速度非常驚人，我本季重點關注的是這一成長。似乎它幾乎遍布世界各地。如果有的話，您認為這是什麼原因造成的？我知道你們似乎正在播放更多的電視廣告，至少在我居住的地方是這樣。但不知道您是否可以將其歸因於什麼。

Secondly, again on video, as more and more people and businesses are uploading video, I assume that there's a lot of good video content on Facebook, but I don't see all of it. Question is really around video discovery. What strategies do you have going forward to improve video discovery from what is today more of a push based model to something that may be akin to a pull based model where I can enjoy all the great video content that's on Facebook? Thanks.

其次，再次談到視頻，隨著越來越多的人和企業上傳視頻，我認為 Facebook 上有很多優秀的視頻內容，但我並沒有看到全部。問題實際上與視頻發現有關。您有什麼策略可以改進影片發現，從現在的基於推送的模型轉變為類似於基於拉取的模型，讓我可以享受 Facebook 上所有精彩的影片內容？謝謝。

Hello, Mark, it's Dave. Just on the user growth point, we're obviously pleased with the growth we're seeing across the globe. In terms of DAU growth, the three largest countries were India, the US and Brazil. So we're seeing good, diversified growth.

你好，馬克，我是戴夫。僅就用戶成長點而言，我們顯然對全球範圍內看到的成長感到滿意。從DAU成長來看，成長最快的三個國家分別是印度、美國和巴西。因此，我們看到了良好、多樣化的成長。

Specifically, we've made a lot of initiatives to help improve and invest in the Facebook experience in emerging markets, and that has helped drive some of the acceleration and growth. So we've made a number of product and performance investments there, with Facebook Lite being a good example of that. The question then was on video and discovery.

具體來說，我們採取了許多措施來幫助改善和投資新興市場的 Facebook 體驗，這有助於推動一定的加速和成長。因此，我們在那裡進行了大量產品和性能投資，Facebook Lite 就是一個很好的例子。當時的問題是關於視頻和發現。

And also just on the growth point, I just think the team that's working on that is executing extremely well. Sometimes it's not that you came up with some brilliant strategy, it's just like really good work consistently over a long period of time. And I think they are.

就成長點而言，我認為致力於此的團隊表現非常出色。有時，這並不是你會想出什麼絕妙的策略，而只是長期堅持不懈地做好工作而已。我認為確實如此。

On video, yes, right now the strength in our system is definitely through helping people discover content that they hadn't really asked for through news feed. And a lot of I think what we need to do is give people a way to see all of the videos that page that they like or follow is interested in sharing on Facebook. And that's -- there's a pretty clear road map of stuff we're going to do over the next couple of years that I'm quite excited about to add some more dimensions to the video experience on Facebook. But we're just so early in this right now. It's pretty amazing how quickly it's growing, but there's a lot more to do.

就影片而言，是的，目前我們系統的優勢肯定是透過幫助人們透過新聞推送發現他們實際上並沒有要求的內容。我認為我們需要做的很多事情是讓人們能夠看到他們喜歡或關注的頁面在 Facebook 上分享的所有影片。這就是——我們在未來幾年要做的事情有一個非常清晰的路線圖，我很高興能為 Facebook 上的視訊體驗增加更多維度。但我們現在才剛開始這一階段。它的發展速度令人驚嘆，但還有很多工作要做。

The next question is from Ross Sandler with Deutsche Bank. Your line is open.

下一個問題來自德意志銀行的羅斯桑德勒。您的線路已開通。

Great. I just have one for Sheryl. Sheryl, you mentioned that Marriott and Mercado Libre are both using DPA and seeing comparable ROI to paid search. That's a pretty incredible data point. So I guess the question is, what kind of lift in ROI and overall budget do you see as e-commerce or travel marketers migrate from your first few products, like custom audiences and other, to DPA? And are the yields that you're getting from DPA ads higher than other formats, like video and app downloads and those types of things? Thank you.

偉大的。我只想給謝麗爾一個。謝麗爾，您提到萬豪和 Mercado Libre 都在使用 DPA，其投資回報率與付費搜尋相當。這是一個非常令人難以置信的數據點。所以我想問題是，當電子商務或旅遊行銷人員從您的前幾個產品（如自訂受眾等）遷移到 DPA 時，您認為投資回報率和總體預算會有什麼樣的提升？您從 DPA 廣告中獲得的收益是否高於其他形式（例如影片和應用程式下載等）？謝謝。

Our goal is to give marketers the highest return they can and over time, to capture the amount of budget that's equivalent to the percentage of media time we capture. And we're not there. Consumers have shifted to mobile and consumers have moved to Facebook and Instagram more quickly than ad budgets, and that's the opportunity we have in front of us.

我們的目標是讓行銷人員獲得最高的回報，並隨著時間的推移，獲得與我們佔據的媒體時間百分比相當的預算金額。但我們還沒到達那裡。消費者已經轉向行動裝置，消費者轉向 Facebook 和 Instagram 的速度比廣告預算更快，這就是我們眼前的機會。

What product you use really depends upon what you're trying to do. If you're trying to tell a brand story, then you want to do a video ad. If you're trying to sell a direct product, then you want to use DPA ads. And all of these products and all of the underlying targeting, like custom audiences, are designed to help people meet different objectives. And we're trying to be really clear on that. If you're trying to move a brand objective, if you want to move favorability or brand sentiment, we can do that. And that's often a video ad or one of our branded ads or you optimize for brand awareness. If you're trying to sell a product, you might want to use carousel ads or dynamic product ads. And the targeting that is custom audiences underlies all of our product offerings. So our goal is to have lots of different things we can do for our marketers and measure them really deeply all the way through to business results.

您使用什麼產品實際上取決於您要做什麼。如果您想講述一個品牌故事，那麼您需要製作影片廣告。如果您想銷售直接產品，那麼您需要使用 DPA 廣告。所有這些產品和所有底層定位（例如自訂受眾）都是為了幫助人們實現不同的目標而設計的。我們正在努力明確這一點。如果您想改變品牌目標，如果您想改變品牌好感度或品牌情感，我們可以做到。這通常是影片廣告或我們的品牌廣告之一，或者您針對品牌知名度進行最佳化。如果您想銷售產品，您可能需要使用輪播廣告或動態產品廣告。我們所有產品都以客製化受眾為目標。因此，我們的目標是為行銷人員做很多不同的事情，並深入衡量他們的績效。

And Ross, you just asked about yields. The way the auction system works, it's going to be just be whatever is the ad that is going to necessarily have the best return is going to win in the auction. So it doesn't necessarily mean you're paying a premium for a given product. And so if we've got a good DPA ad, that might win in the auction for a given user.

羅斯，你剛才詢問了收益率。拍賣系統的運作方式是，任何能帶來最佳回報的廣告都會在拍賣中獲勝。所以這並不一定意味著您要為某種產品支付額外費用。因此，如果我們有一個好的 DPA 廣告，它可能會贏得特定用戶的競標。

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。

Certainly. The final question is from Mark Mahaney with RBC Capital Markets. Your line is open.

當然。最後一個問題來自加拿大皇家銀行資本市場的馬克‧馬哈尼 (Mark Mahaney)。您的線路已開通。

Okay. Let me try going back to future use cases, and Mark, I think this was touched on a couple times. Can you talk about whether you're seeing greater attempts to do search, the search functionality on the site and how that could change over the next three to five years, and also comment on news and to the extent to which you're seeing a rising utilization by regular users of Facebook as a way to get news and what you can do to make that even easier for people, if that's something, a behavior you want to facilitate? Thank you.

好的。讓我嘗試回顧未來的用例，馬克，我認為這已經被觸及過幾次了。您能否談談您是否看到人們越來越多地嘗試進行搜索，網站上的搜索功能以及在未來三到五年內將如何變化，以及對新聞的評論，以及您看到普通用戶在多大程度上越來越多地使用 Facebook 來獲取新聞，以及您可以做些什麼讓人們更容易地獲得新聞，如果您希望促進這種行為的話？謝謝。

Sure. So on search, we already have one very big use case, which is people basically using our search engine to look up pages and people who are on Facebook. And that by itself is already one of the biggest search engines in the world.

當然。因此，在搜尋方面，我們已經有一個非常大的用例，即人們基本上使用我們的搜尋引擎來尋找 Facebook 上的頁面和用戶。它本身已經是世界上最大的搜尋引擎之一。

The next big use case that we've really been working on for a couple of years now and I think is going to -- is starting to roll out and is growing quickly is people finding content on Facebook. So that's Trending. It's people finding posts that their friends or others had posted on news feed that they saw but might want to go check out later. And I think this is going to be a very important part of the video experience, as well, because one half is push, going to news feed and not asking for content, but just coming across and discovering it. And then the other half is pull and going to some experience where you're asking for some type of content. And getting to a point where we can do that very well is just going to add a whole new dimension to the service.

我們已經研究了好幾年的下一個重要用例，我認為它即將開始推廣並且成長迅速，那就是人們在 Facebook 上尋找內容。這就是趨勢。人們可以發現他們的朋友或其他人發佈在新聞提要上的帖子，但可能想稍後再查看。我認為這也將成為視訊體驗中非常重要的一部分，因為其中一半是推送，進入新聞提要，不是要求獲取內容，而只是偶然發現它。然後另一半是拉動並去體驗一些你要求某種類型內容的經驗。如果我們能夠很好地做到這一點，那麼這項服務將會變得更加全新。

So that's something I remain very excited about. In some ways, it's taken a little bit longer than I'd expected to get to a point where it's growing quickly. The people and page look up part is doing very well. The post part has taken a bit longer, but I'm very excited about that going forward.

所以我對此感到非常興奮。從某種程度上來說，它達到快速成長的階段所花的時間比我預期的要長一些。人員和頁面查找部分做得很好。帖子部分花費的時間有點長，但我對接下來的進展感到非常興奮。

In terms of news, the biggest issue with news today in Facebook is that it is the slowest part of the experience. You go to load a video and it loads quickly. We made it auto play to load even quicker. You tap on a photo, you expect it to expand immediately. But you tap on a link and often, it can take 10 seconds to load. And if you're on a 2G connection somewhere in the developing world, it could take 30 seconds to load.

就新聞而言，Facebook 上新聞目前存在的最大問題是它的體驗最慢。您去加載視頻，它加載得很快。我們使其自動播放，以便加載得更快。您點擊一張照片，希望它立即擴大。但是你點擊一個鏈接，通常需要 10 秒鐘才能加載。如果您在發展中國家的某個地方使用 2G 連接，則可能需要 30 秒才能加載。

The big initiative that we have here, which I'm really excited about, is Instant Articles. And the big thing that that does is just it lets publishers basically put the content on our servers ahead of time, and that way, when people tap on it, it loads instantaneously, and it can be a much more immersive experience. And we've already found, from the initial experiments that we've done, that the engagement is positive, and we're starting to roll that out more broadly. I think that's going to be a really big deal for improving the experience of reading news on Facebook, and it's something that we've been working on for a while and I'm very excited about it.

我們在這裡推出的一項重大舉措是“即時文章”，對此我感到非常興奮。其最大的作用就是讓出版商基本上提前將內容放到我們的伺服器上，這樣，當人們點擊它時，它會立即加載，從而帶來更身臨其境的體驗。從我們所做的初步實驗中，我們已經發現這種參與是正面的，我們開始更廣泛地推廣這種參與方式。我認為這對改善在 Facebook 上閱讀新聞的體驗將產生重大影響，這也是我們一直在努力的事情，我對此感到非常興奮。

So yes, I would expect that we will see an expansion of sharing and consumption of all of the different types of things that you asked about, news, video, search and the different experiences there. And these are some of the big areas that we're investing in. And they're long-term investments and they're big investments and we're going to keep on pushing on them. But I think that's what we need to do to serve our community well and ultimately connect everyone in the world. So thank you, guys.

所以是的，我希望我們能看到您所問到的所有不同類型的事物的共享和消費的擴展，包括新聞、視頻、搜索以及其中的不同體驗。這些就是我們正在投資的一些重要領域。這些都是長期投資，也是大投資，我們將繼續推動這些投資。但我認為，為了更好地服務我們的社區並最終讓世界上的每個人都聯繫在一起，這就是我們需要做的。所以謝謝你們，夥計們。

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

偉大的。感謝您今天加入我們。感謝您的時間，我們期待再次與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路了。