Meta Platforms, Inc. (FB) 2017 Q3 法說會逐字稿

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Third Quarter 2017 Earnings Call. (Operator Instructions) This call will be recorded. Thank you very much.

午安.我叫麥克，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 2017 年第三季財報電話會議。（接線員指示）此通話將會被錄音。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 2017 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。下午好，歡迎參加 Facebook 2017 年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. 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，我想藉此機會提醒大家，我們今天的發言將包括前瞻性陳述。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 investor.fb.com 上查閱。

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. Our community continues to grow, now with nearly 2.1 billion people using Facebook every month and nearly 1.4 billion people using it daily. Instagram also hit a big milestone this quarter, now with 500 million daily actives. And we saw good results in the business where total revenue grew 47% year-over-year, and we had our first-ever quarter with more than $10 billion in revenue.

謝謝黛博拉，也謝謝大家今天加入我們。我們的社群不斷壯大，目前每月使用 Facebook 的人數接近 21 億，每天使用 Facebook 的人數接近 14 億。Instagram 本季也達到了一個重要的里程碑，目前每日活躍用戶數已達 5 億。我們的業務取得了良好的業績，總收入年增 47%，我們有史以來第一個季度收入超過 100 億美元。

But none of that matters if our services are used in a way that doesn't bring people closer together or the foundation of our society is undermined by foreign interference. I've expressed how upset I am that the Russians tried to use our tools to sow mistrust. We built these tools to help people connect and to bring us closer together, and they used them to try to undermine our values. What they did is wrong, and we are not going to stand for it.

但如果我們的服務無法拉近人們之間的距離，或是我們的社會基礎受到外國干涉的破壞，那麼這一切都毫無意義。我已經表達過我對俄羅斯人試圖利用我們的工具來散播不信任的不滿。我們發展這些工具是為了幫助人們建立連結並拉近我們之間的距離，而他們卻利用這些工具試圖破壞我們的價值觀。他們的行為是錯誤的，我們不會容忍這種行為。

Now for those who followed Facebook, you know that when we set our minds to something, we're going to do it. It may be harder than we realized up-front and may take longer and we won't be perfect, but we will get it done. We're bringing the same intensity to these security issues that we brought to any adversary or challenge that we have faced.

對於那些關注 Facebook 的人來說，你們知道，當我們下定決心做某件事時，我們就會去做。這可能比我們事先意識到的要困難，可能需要更長的時間，而且我們不會做到完美，但我們會完成它。我們對待這些安全問題的重視程度與對待任何對手或挑戰的重視程度相同。

The first step is doing everything we can to help the U.S. government get a complete picture of what happened. We've testified in Congress over the past couple of days about the activity we found in last year's election. We're working with Congress on legislation to make advertising more transparent. I think this would be very good if it's done well.

第一步是盡一切努力幫助美國政府全面了解事件的經過。過去幾天，我們在國會就去年選舉中發現的活動作證。我們正在與國會合作制定立法，使廣告更加透明。我認為如果做得好的話這會非常好。

And even without legislation, we're already moving forward on our own to bring advertising on Facebook to an even higher standard of transparency than ads on TV or other media. That's because in traditional media, there's no way to see all of the messages an advertiser is showing to different audiences. We're about to start rolling out a tool that lets you see all of the ads a page is running and also an archive of ads political advertisers have run in the past.

即使沒有立法，我們也已在自行推進，使 Facebook 上的廣告達到比電視或其他媒體上的廣告更高的透明度標準。這是因為在傳統媒體中，無法看到廣告商向不同受眾展示的所有資訊。我們即將推出一款工具，讓您可以查看頁面正在運行的所有廣告以及政治廣告商過去運行的廣告檔案。

We're also working with other tech companies to help identify and respond to new threats because as we've now seen, if there's a national security threat involving the Internet, it will affect many of the major tech companies. And we've announced a number of steps to help keep this kind of interference off our platform.

我們也與其他科技公司合作，幫助識別和應對新的威脅，因為正如我們現在所看到的，如果存在涉及網路的國家安全威脅，它將影響許多大型科技公司。我們已經宣布了一系列措施來幫助防止此類幹擾進入我們的平台。

This is part of a much bigger focus on protecting the security and integrity of our platform and the safety of our community. It goes beyond elections, and it means strengthening all of our systems to prevent abuse and harmful content.

這是我們更加重視保護平台的安全性和完整性以及社區安全的一部分。它超越了選舉的範圍，它意味著加強我們所有的系統以防止濫用和有害內容。

We're doing a lot here with investments both in people and technology. Some of this is focused on finding bad actors and bad behavior. Some is focused on removing false news, hate speech, bullying and other problematic content that we don't want in our community. We already have about 10,000 people working on safety and security, and we're planning to double that to 20,000 in the next year to better enforce our community standards and review ads.

我們在人才和技術方面都進行了大量投資。其中一些重點是尋找不良行為者和不良行為。其中一些重點是刪除我們不希望在社區中出現的虛假新聞、仇恨言論、霸凌和其他問題內容。我們目前有大約 10,000 名員工從事安全工作，我們計劃在明年將這一數字增加一倍至 20,000 名，以更好地執行我們的社區標準和審查廣告。

In many places, we're doubling or more our engineering efforts focused on security. And we're also building new AI to detect bad content and bad actors just like we've done with terrorist propaganda. I am dead serious about this. And the reason I'm talking about this on our earnings call is that I've directed our teams to invest so much in security on top of the other investments we're making that it will significantly impact our profitability going forward. And I wanted our investors to hear that directly from me. I believe this will make our society stronger and, in doing so, will be good for all of us over the long term. But I want to be clear about what our priority is: protecting our community is more important than maximizing our profit.

在許多地方，我們都加倍甚至更多地投入了安全方面的工程精力。我們也正在建立新的人工智慧來檢測不良內容和不良行為者，就像我們檢測恐怖主義宣傳一樣。我對此非常認真。我之所以在收益電話會議上談論這一點，是因為我指示我們的團隊在我們正在進行的其他投資的基礎上，在安全方面投入大量資金，這將對我們未來的盈利能力產生重大影響。我希望我們的投資者能夠直接從我這裡聽到這個消息。我相信這將使我們的社會更加強大，並且從長遠來看，這對我們所有人都有好處。但我想明確我們的首要任務是什麼：保護我們的社區比最大化我們的利潤更重要。

So security and the integrity of our services will be a major focus. Beyond this, our focus is on building community. I talked about this last quarter when we changed our mission to focus on building community to bring the world closer together. And that's more important now than ever. And this gets into our road map for the next 3, 5 and 10 years.

因此，我們服務的安全性和完整性將成為關注的重點。除此之外，我們的重點是建立社區。上個季度，當我們改變使命，將重點放在建立社區、拉近世界連結時，我談到了這一點。現在這一點比以往任何時候都更重要。這已納入我們未來 3 年、5 年和 10 年的路線圖。

Over the next 3 years, the biggest trend in our products will be the growth of video. This goes both for sharing where we've seen Stories in Instagram and status in WhatsApp grow very quickly, each with more than 300 million daily actives. And also for consuming video content. We recently launched the Watch tab where you can discover shows, follow creators, connect with people watching an episode and join groups with people with similar interests to build a community.

未來3年，我們產品的最大趨勢將是影片的成長。這對於分享功能同樣適用，我們看到 Instagram 上的故事和 WhatsApp 上的狀態成長非常迅速，每天的活躍用戶都超過 3 億。也適用於消費性影片內容。我們最近推出了「觀看」標籤，您可以在其中發現節目、關注創作者、與觀看劇集的人聯繫以及加入興趣相投的人組成的團體來建立社區。

But as video grows, it's important to remember that Facebook is about bringing people closer together and enabling meaningful social interaction. It's not primarily about consuming content passively. Research shows that interacting with friends and family on social media tends to be more meaningful and can be good for our well-being, and that's time well spent. But when we just passively consume content, that may be less true.

但隨著影片的發展，重要的是要記住 Facebook 的宗旨是拉近人們之間的距離，以實現有意義的社交互動。這主要不是被動地消費內容。研究表明，在社群媒體上與朋友和家人互動往往更有意義，對我們的幸福有益，而且這是值得的。但當我們只是被動地消費內容時，情況可能就沒那麼真實了。

When done well, video brings us closer together. We found that communities formed around video, like TV shows or sports, create a greater sense of belonging than many other kinds of communities. We found that live videos generate 10x the number of interactions and comments as other videos.

如果做得好，影片可以拉近我們之間的距離。我們發現，圍繞著影片（如電視節目或體育節目）形成的社區比許多其他類型的社區更能創造歸屬感。我們發現直播影片產生的互動和評論數量是其他影片的 10 倍。

But too often right now, watching a video is just a passive consumption experience. Time spent is not a goal by itself. We want the time people spend on Facebook to encourage meaningful social interaction. So we're going to focus our products on all the ways to build community around video that people share and watch. That's something Facebook can uniquely do.

但目前，觀看影片往往只是一種被動的消費體驗。花費的時間本身並不是目標。我們希望人們在 Facebook 上花費的時間能促進有意義的社交互動。因此，我們將把我們的產品重點放在圍繞人們分享和觀看的影片建立社群的所有方式上。這是 Facebook 獨有的才能。

Moving along, over the next 5 years, I expect us to make some good progress on several newer initiatives. In messaging, today, already more than 20 million businesses are communicating with customers through Messenger. Now we're starting to test business features that make it easier for people to make the same kinds of connections with businesses through WhatsApp.

展望未來五年，我預計我們將在幾項新措施上取得一些進展。在訊息傳遞方面，如今，已有超過 2,000 萬家企業透過 Messenger 與客戶溝通。現在我們開始測試商業功能，讓人們可以更輕鬆地透過 WhatsApp 與企業建立相同類型的聯繫。

We rolled out Marketplace to Canada and 17 countries across Europe, giving people the ability to discover, buy and sell things in their local communities. Today, more than 550 million people are using Marketplace and buy and sell groups on Facebook to connect with other people for transactions.

我們將 Marketplace 推廣到加拿大和歐洲 17 個國家，讓人們能夠在當地社區發現、購買和銷售商品。如今，已有超過 5.5 億人使用 Facebook 上的 Marketplace 和買賣群組與其他人聯繫進行交易。

We're also seeing good progress with Workplace, helping companies connect their own teams internally through their own versions of Facebook. It's been less than a year since we launched Workplace, and today, more than 30,000 companies are using it. This quarter, we welcomed on Walmart, the largest employer in the U.S.

我們也看到 Workplace 取得了良好的進展，它可以幫助公司透過自己的 Facebook 版本在內部連結自己的團隊。我們推出 Workplace 還不到一年時間，如今已有超過 30,000 家公司正在使用它。本季度，我們迎來了美國最大的雇主沃爾瑪。

Over the next 10 years, we are working on the foundational technologies needed to bring the world closer together. I'm proud of the work we're doing with AI. We're now using machine learning in most of our integrity work to keep our communities safe. When Hurricane Maria hit Puerto Rico, we used AI to look at satellite imagery and identify where people might live and need connectivity and other resources. Progress in AI can unlock a lot of opportunity. So this quarter, we opened a new AI research lab in Montreal, and we're building another lab in Paris as well.

在接下來的十年裡，我們將致力於開發讓世界更加緊密連結在一起所需的基礎技術。我為我們在人工智慧領域所做的工作感到自豪。我們現在在大部分誠信工作中使用機器學習來確保社區的安全。當颶風瑪莉亞襲擊波多黎各時，我們使用人工智慧來查看衛星圖像並確定人們可能居住的地方以及需要連接和其他資源的地方。人工智慧的進步可以帶來很多機會。因此本季度，我們在蒙特婁開設了一個新的人工智慧研究實驗室，並且我們也在巴黎建立另一個實驗室。

This quarter, we held Oculus Connect and we announced Oculus Go, our first-ever all-in-one headset that's great for feeling like you're present with someone when you can't physically be together in person. It's great for playing games, watching movies or hanging out with friends. And at $199, we think it's going to help us bring great virtual reality experiences to more people. It ships next year.

本季度，我們舉辦了 Oculus Connect 大會，並發布了我們的首款一體式耳機 Oculus Go，它可以讓您在無法與他人親自見面時，感覺自己就在他們身邊。它非常適合玩遊戲、看電影或與朋友出去玩。我們認為，199 美元的售價將幫助我們為更多人帶來出色的虛擬實境體驗。該產品將於明年出貨。

At Connect, I also showed off our new Santa Cruz prototype, which is the first time any company has shown the full experience of positional tracking with stand-alone headset and controllers. It's a major technical achievement, and I'm looking forward to getting this into developers' hands next year.

在 Connect 上，我還展示了我們新的 Santa Cruz 原型，這是任何公司第一次展示使用獨立耳機和控制器進行位置追蹤的完整體驗。這是一項重大的技術成就，我期待明年將其交到開發人員手中。

In order to support our communities' growth, we need to keep investing in our infrastructure. This quarter, we broke ground on our New Albany data center, and we announced that we'll build our 11th major data center in Henrico County, Virginia. As always, all our new data centers are powered by 100% renewable energy.

為了支持我們社區的發展，我們需要繼續投資我們的基礎設施。本季度，我們在新奧爾巴尼的資料中心破土動工，並宣布將在維吉尼亞州亨利科縣建設第 11 個主要資料中心。像往常一樣，我們所有的新資料中心均採用 100% 再生能源供電。

These long-term investments are important for our community's future. We can do a lot to help people connect through phones and computers, but so much more will be possible in a world where everyone has Internet access, where AI improves all our services and where we -- where we can basically teleport anywhere or be within -- with anyone anytime we want.

這些長期投資對我們社區的未來至關重要。我們可以做很多事情來幫助人們透過手機和電腦進行聯繫，但在一個人人都可以存取網路、人工智慧可以改善我們所有服務、我們基本上可以隨時隨地傳送到任何地方或與任何人在一起的世界裡，我們可以做更多的事情。

With all the issues we face, it would be a lot to just invest in addressing those. But we know that we also have a responsibility to deliver these fundamental technical and scientific advances to fulfill the promise of bringing people closer together. So we're going to keep making significant investments looking ahead towards the future, too.

考慮到我們面臨的所有問題，光是投資解決這些問題就需要花費很多錢。但我們知道，我們也有責任提供這些基礎技術和科學進步，以實現拉近人們距離的承諾。因此，我們也將繼續對未來進行大量投資。

We've made some real progress this year. Across the board, we have a lot of work to deliver on our mission of bringing the world closer together, but we're committed to rising to the challenge and doing what we need to for our community. Thanks to all of you for being a part of this journey, and I'm looking forward to the road ahead.

今年我們取得了一些真正的進展。總體而言，我們還有很多工作要做，以實現讓世界更加緊密聯繫在一起的使命，但我們致力於迎接挑戰，為我們的社區做我們需要做的事情。感謝大家參與這趟旅程，我期待未來的道路。

And now here is Sheryl to discuss our business.

現在 Sheryl 來討論我們的業務。

Thanks, Mark, and hi, everyone. We had a strong third quarter with growth across all regions, marketer segments and verticals. Ad revenue grew 49% year-over-year. Mobile ad revenue was $8.9 billion, a 57% year-over-year increase, making up approximately 88% of total ad revenue.

謝謝，馬克，大家好。我們第三季表現強勁，所有地區、行銷部門和垂直行業均實現成長。廣告收入較去年同期成長49%。行動廣告收入為 89 億美元，年增 57%，約佔總廣告收入的 88%。

We're continuing to build our business by focusing on our same 3 priorities: helping businesses leverage the power of mobile; developing new ad products; and making our ads more relevant and effective.

我們將繼續專注於相同的三大優先事項來發展我們的業務：幫助企業利用行動的力量；開發新的廣告產品；並使我們的廣告更具相關性和有效性。

Today, we're announcing that Facebook has over 6 million active advertisers, and we recently announced that Instagram had over 2 million advertisers. The vast majority of these are small- and medium-sized businesses, which are a major source of innovation and create more than half of all new jobs globally. These businesses often have small ad budgets, so the ability to reach people more effectively is really valuable to them.

今天，我們宣布 Facebook 擁有超過 600 萬活躍廣告商，我們最近宣布 Instagram 擁有超過 200 萬廣告商。其中絕大多數是中小企業，它們是創新的主要源泉，創造了全球一半以上的新增就業機會。這些企業的廣告預算通常很少，因此更有效地接觸受眾的能力對他們來說非常有價值。

A great example is LoveBook, a small business in Michigan, which lets you make personalized books to people you love. During a recent campaign, they used Facebook ads to reach people getting ready to celebrate their first anniversary. They have grown so much for marketing on Facebook that they've been able to hire 10 new employees this year alone. We're proud of the role we are playing in enabling businesses like LoveBook to reach people on mobile to grow and to create jobs.

一個很好的例子是 LoveBook，這是一家位於密西根州的小型企業，它可以讓您為您所愛的人製作個人化的書籍。在最近的一次活動中，他們使用 Facebook 廣告來吸引那些準備慶祝結婚一周年的人。他們在 Facebook 上的行銷取得了長足的發展，光是今年就僱用了 10 名新員工。我們為自己所發揮的作用感到自豪，幫助 LoveBook 等企業透過行動裝置接觸用戶，實現成長並創造就業機會。

One of our strongest areas this quarter was SMBs in Europe, with revenue growing more than 60% year-over-year. When I was in Germany 2 months ago, I had a chance to meet Victor, one of the cofounders of Brooklyn Soap Company, which, despite its name, is based in Hamburg. Victor and his friends came up with the idea for their business while staying in a hostel in Brooklyn. Now they sell their grooming products in 38 countries using mobile video ads on Facebook and Instagram. As a result, their sales increased 62% over the last year. They're one of many small businesses using mobile to find new customers and grow across borders.

本季我們最強勁的領域之一是歐洲的中小企業，其營收年增超過 60%。兩個月前我在德國時，有機會見到了布魯克林肥皂公司的聯合創始人之一維克多，儘管該公司的名字如此，但其總部設在漢堡。維克多和他的朋友在布魯克林的旅館住宿時萌生了這個創業想法。現在，他們透過 Facebook 和 Instagram 上的行動影片廣告在 38 個國家銷售他們的美容產品。結果，他們的銷售額比去年增長了 62%。他們是眾多利用行動裝置尋找新客戶並實現跨國發展的小型企業之一。

Our second priority is developing innovative ad products. Video is exploding, and mobile video advertising is a big opportunity. Until recently, ads were only eligible for ad breaks if they also ran in News Feeds. But in Q3, we gave advertisers the option to run ads in videos alone. We're seeing good early results, with more than 70% of ad breaks up to 15 seconds in length on Facebook and Audience Network viewed to completion, most with the sound on.

我們的第二個優先事項是開發創新的廣告產品。影片正在蓬勃發展，行動影片廣告是一個巨大的機會。直到最近，廣告只有在新聞推播中播放時才有資格獲得廣告插播。但在第三季度，我們為廣告商提供了僅在影片中投放廣告的選項。我們看到了良好的早期效果，Facebook 和 Audience Network 上超過 70% 的長達 15 秒的廣告被觀看完畢，而且大多數都帶有聲音。

As Mark said, Instagram Stories are growing well, too. People and businesses are finding creative new ways to use full screen vertical video in Stories. This quarter, we gave advertisers even more flexibility in the content, format and reach of their ads in Stories.

正如馬克所說，Instagram Stories 也發展得很好。人們和企業正在尋找創造性的新方法在故事中使用全螢幕垂直影片。本季度，我們為廣告主在 Stories 廣告的內容、格式和覆蓋範圍提供了更大的靈活性。

We're also seeing how immersive video and images can help people discover new products on Facebook. We added a new creative template to Collection ads, which helps retailers bring their catalogs online. west elm, a home decor company, recently used this template to promote its furniture and home accessories. They targeted people who already got their physical catalog and saw a 5.5% lift in purchases in-store.

我們也看到沉浸式影片和圖像如何幫助人們在 Facebook 上發現新產品。我們為 Collection 廣告新增了新的創意模板，可協助零售商將他們的目錄發佈到網路上。家居裝飾公司 west elm 最近使用此模板來推廣其家具和家居飾品。他們的目標客戶是那些已經購買實體目錄的人，店內購買量增加了 5.5%。

Our third priority is making our ads more relevant and effective. In Q3, we introduced new tools powered by machine learning and automation to help businesses reach people more likely to spend with them. We also simplified the tools for creating ads, making it easier for businesses of all sizes to advertise with us.

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。在第三季度，我們推出了由機器學習和自動化驅動的新工具，幫助企業接觸更有可能在其上消費的人。我們也簡化了創建廣告的工具，讓各種規模的企業都可以更輕鬆地與我們一起做廣告。

It's important for all businesses to reach the right audience, but it's especially important for small businesses that have limited budgets. Targeting allows them to show ads only to the people they want to reach. Neon Retro Arcade in L.A. is a great sample. They advertise to people within 10 miles of their location who are interested in video games and comic books. Last year, they moved their entire ad budget to Facebook and Instagram, and their revenue was up 25%.

對於所有企業來說，接觸到正確的受眾都很重要，但對於預算有限的小型企業來說尤其重要。透過定位，他們可以只向他們想要聯繫的人展示廣告。洛杉磯的 Neon Retro Arcade 就是一個很好的例子。他們向周圍 10 英里內對電子遊戲和漫畫書感興趣的人做廣告。去年，他們將全部廣告預算轉移到 Facebook 和 Instagram，收入增加了 25%。

Relevance and effectiveness are also about giving businesses more control over where their ads run. In Q3, we clarified which publishers and creators can include ads next to their content. This is good for creators who want guidance on how to earn money from their content on Facebook, and it's good for advertisers who want transparency and control to make the right decisions for their brands. We're also working to give advertisers more clarity on where their ads were shown so they can make informed choices about where to run them in the future.

相關性和有效性也意味著企業可以更好地控制其廣告的投放位置。在第三季度，我們明確了哪些發布者和創作者可以在其內容旁邊添加廣告。這對於想要了解如何透過 Facebook 內容賺錢的創作者來說是件好事，對於想要獲得透明度和控制權以便為自己的品牌做出正確決策的廣告商來說也是件好事。我們也致力於讓廣告主更清楚地了解他們的廣告展示位置，以便他們能夠做出明智的選擇，決定將來在何處投放廣告。

I want to close by talking about what we're doing to protect our platform and help ensure that the ads and content people see on Facebook and Instagram are legitimate and authentic. When I was in Washington a few weeks ago, I made clear that we are determined to do everything we can do to minimize abuse going forward.

最後，我想談談我們為保護平台所做的工作，並幫助確保人們在 Facebook 和 Instagram 上看到的廣告和內容是合法和真實的。幾週前我在華盛頓時就明確表示，我們決心盡一切努力將今後的虐待行為減少到最低限度。

As Mark said, we're investing heavily in new technology and people to review ads and posts. This will enable us to look more closely at the content of the ads, targeting and the advertiser who submits them as well as tighten our ad policies, particularly for ads directed at social and political issues. We believe that ads are important to free expression, and we will continue to accept ads on issues, but we will also do our part to elevate the quality of that discourse.

正如馬克所說，我們正在大力投資新技術和人員來審查廣告和貼文。這將使我們能夠更仔細地審查廣告內容、目標受眾和提交廣告的廣告商，並加強我們的廣告政策，特別是針對社會和政治問題的廣告。我們相信廣告對於言論自由很重要，我們將繼續接受有關問題的廣告，但我們也會盡自己的一份力量來提高這種討論的品質。

Transparency helps keep -- helps everyone keep advertisers accountable for their messages. We're working with Congress on new requirements for online political advertising, but we are not waiting for legislation. We're building a tool now that will allow anyone to see the ads a page is running even if those ads are not targeted to them. We will test it soon in Canada and then in the U.S. in the coming months.

透明度有助於讓每個人對廣告商的訊息負責。我們正在與國會合作制定網路政治廣告的新要求，但我們不會等待立法。我們正在建立一個工具，讓任何人都能看到頁面正在運行的廣告，即使這些廣告不是針對他們的。我們很快就會在加拿大進行測試，並在接下來的幾個月內在美國進行測試。

For ads related to U.S. federal elections, we'll start sharing even more information, including an archive of past ads with total amount spent and demographics about the people the ad reached. We're also going to require more thorough documentation from these advertisers, and we'll label their ads so it's clear who paid for them. We believe these actions will set a new standard for transparency in online ads.

對於與美國聯邦選舉相關的廣告，我們將開始分享更多信息，包括過去廣告的存檔，其中包含總支出金額以及廣告覆蓋人群的人口統計數據。我們還將要求這些廣告商提供更詳盡的文件，並對他們的廣告進行標記，以便清楚知道是誰為他們付費。我們相信這些舉措將為網路廣告的透明度樹立新的標準。

Because the interference on our platform went beyond ads, we're also increasing transparency around organic content from pages. We're looking at ways to provide more information about who's behind a political- or issue-based Facebook page. We believe this will make it harder for deceptive pages to gain large followings and make it easier for us to identify malicious activity.

由於我們平台的干擾不僅限於廣告，我們還在提高頁面有機內容的透明度。我們正在尋找方法來提供更多有關政治或議題 Facebook 頁面背後人員的資訊。我們相信，這將使欺騙性頁面更難獲得大量關注，並使我們更容易識別惡意活動。

We are all committed to getting this right and to investing in strengthening our platform so we can better serve our community. We are also committed to continuing to help businesses all over the world attract customers, sell their products and create jobs.

我們都致力於做好這件事，並投資加強我們的平台，以便我們能夠更好地服務我們的社區。我們也致力於持續幫助世界各地的企業吸引客戶、銷售產品和創造就業機會。

As always, I'm grateful to all of our clients for their partnership and to our global Facebook teams for their hard work.

像往常一樣，我感謝所有客戶的合作以及我們全球 Facebook 團隊的辛勤工作。

Thank you, and now here's Dave.

謝謝，現在請戴夫發言。

Thanks, Sheryl, and good afternoon, everyone. Q3 was another great quarter for Facebook. We saw continued growth in engagement in our community as well as strong performance in our ads business.

謝謝，謝麗爾，大家下午好。第三季對 Facebook 來說又是一個出色的季度。我們看到社區參與度持續成長，廣告業務表現強勁。

Let's begin with our community metrics. Daily active users in Q3 reached 1.37 billion, up 16% compared to last year. This number represents 66% of our 2.07 billion monthly active users in Q3. MAUs were up 284 million year-over-year or 16%. Our community growth was again driven by product improvement, promotional data plans and Internet.org. Note that in Q3, we began to lap the introduction of promotional data plans for mobile operators in markets like India.

讓我們從社區指標開始。第三季每日活躍用戶數達13.7億，較去年同期成長16%。這一數字占我們第三季20.7億月活躍用戶的66%。每月活躍用戶年增 2.84 億，增幅 16%。我們的社群發展再次受到產品改進、促銷數據計劃和 Internet.org 的推動。值得注意的是，在第三季度，我們開始為印度等市場的行動營運商推出促銷數據計畫。

Before going to the financials, let me touch briefly on our ongoing effort to improve our user estimate. This quarter, we implemented a new methodology to help identify duplicate accounts. As a result, we increased our estimates for duplicate accounts to approximately 10% of worldwide MAUs from our previously disclosed estimate of 6%. Duplicate accounts are those that we believe are used by the same person and represent real activity and engagement on Facebook.

在討論財務狀況之前，請讓我簡單談談我們為改善用戶估計所做的持續努力。本季度，我們實施了一種新方法來幫助識別重複帳戶。因此，我們將重複帳戶的估計值從先前揭露的 6% 提高到全球 MAU 的約 10%。重複帳戶是我們認為由同一個人使用的帳戶，代表 Facebook 上的真實活動和參與度。

We have also increased our estimate for inauthentic accounts to approximately 2% to 3% of worldwide MAUs. Inauthentic accounts are largely those that are used for spam and other policy-violating reasons. We continuously monitor and aggressively take down those accounts. These accounts tend to be less active and thus, we believe, impact DAU less than MAU.

我們也將虛假帳戶的估計值提高到全球 MAU 的約 2% 至 3%。不真實的帳戶大多用於發送垃圾郵件和其他違反政策的用途。我們持續監控並積極刪除這些帳戶。這些帳戶往往較不活躍，因此我們認為對 DAU 的影響小於 MAU。

Now turning to the financials. All comparisons are on a year-over-year basis unless otherwise noted. Q3 total revenue was $10.3 billion, up 47% or 45% on a constant currency basis. Foreign exchange tailwinds contributed $128 million of revenue in Q3. Q3 total ad revenue was $10.1 billion, up 49%. On a constant currency basis, our ad revenue growth rate was 47%, down 2 percentage points compared to the growth in Q2. Ad revenue growth was strong globally, led by Europe and APAC with 56% and 54% growth, respectively. Mobile ad revenue was $8.9 billion, up 57%.

現在談談財務。除非另有說明，所有比較均以同比為基礎。第三季總營收為 103 億美元，成長 47%，以固定匯率計算成長 45%。外匯順風為第三季貢獻了 1.28 億美元的收入。第三季總廣告收入為 101 億美元，成長 49%。以固定匯率計算，我們的廣告收入成長率為 47%，與第二季的增幅相比下降了 2 個百分點。全球廣告收入成長強勁，其中歐洲和亞太地區分別成長 56% 和 54%。行動廣告收入為89億美元，成長57%。

In Q3, the average price per ad increased 35%, and the number of ad impressions served increased 10%, driven primarily by feed ads on Facebook and Instagram. I would note that compared to a year ago, price is a much more important driver of our ads revenue growth. Payments and other fees revenue was $186 million, down 5%. Total expenses were $5.2 billion, up 34%.

第三季度，每則廣告的平均價格上漲了 35%，廣告展示次數增加了 10%，主要歸功於 Facebook 和 Instagram 上的資訊流廣告。我想指出的是，與一年前相比，價格是我們廣告收入成長的一個更重要的驅動力。支付和其他費用收入為 1.86 億美元，下降 5%。總支出為52億美元，成長34%。

Q3 was our biggest hiring quarter ever. We added over 2,500 people and ended the quarter with over 23,000 employees, up 47% compared to last year.

第三季是我們有史以來招募最多的一個季度。我們新增了 2,500 多名員工，本季末員工總數超過 23,000 名，比去年同期成長了 47%。

Operating income was $5.1 billion, representing a 50% operating margin. Our tax rate in the third quarter was 10%. Excess tax benefits recognized from share-based compensation decreased our effective tax rate by 6 percentage points, a level that was driven by appreciation in our stock price.

營業收入為 51 億美元，營業利益率為 50%。我們第三季的稅率是10%。從股權激勵中確認的超額稅收優惠使我們的有效稅率降低了 6 個百分點，這一下降是由於我們股價上漲所致。

Net income was $4.7 billion or $1.59 per share. Year-to-date, capital expenditures were approximately $4.5 billion, driven by investments in servers, data centers, office facilities and network infrastructure. In Q3, we generated over $4.3 billion in free cash flow and ended the quarter with over $38 billion in cash and investments. Year-to-date, we have brought back over $1 billion of our Class A common stock.

淨收入為 47 億美元，即每股 1.59 美元。年初至今，資本支出約 45 億美元，主要來自對伺服器、資料中心、辦公室設施和網路基礎設施的投資。在第三季度，我們產生了超過 43 億美元的自由現金流，並在本季末擁有超過 380 億美元的現金和投資。今年迄今為止，我們已收回超過 10 億美元的 A 類普通股。

Turning now to the revenue outlook. Our ads business remained strong. But it's worth noting that in Q3, our year-over-year ads revenue growth rates decelerated for the fifth consecutive quarter on a constant currency basis, and we expect this trend to continue for the foreseeable future. Going forward, we also expect the growth in advertising revenue will increasingly be driven by price. This is a shift from prior years when growth was primarily driven by increases in supply.

現在來談談收入前景。我們的廣告業務依然強勁。但值得注意的是，在第三季度，以固定匯率計算，我們的廣告收入年增率連續第五個季度放緩，我們預計這種趨勢在可預見的未來仍將持續下去。展望未來，我們也預期廣告收入的成長將越來越多地受到價格的推動。這與前幾年的成長主要由供應增加推動的情況不同。

Turning now to expenses. We anticipate that our full year 2017 total expenses will grow approximately 35% to 40% versus our prior range of 40% to 45%. We anticipate that full year 2017 capital expenditures will be approximately $7 billion.

現在談談費用。我們預計 2017 年全年總支出將成長約 35% 至 40%，而先前的增幅為 40% 至 45%。我們預計 2017 年全年資本支出約為 70 億美元。

As mentioned previously, our tax rate will vary based on our stock price. At the current stock price, we would expect that the Q4 rate will be in the low teens.

如前所述，我們的稅率將根據股票價格而變化。以目前的股價，我們預期第四季的利率將處於百分之十幾以下。

I also wanted to provide some comments on 2018 expenses and capital expenditures. Please recognize that these are preliminary estimates as we have not yet finalized our 2018 budget. That said, it is shaping up to be a significant investment year, and I wanted to provide initial guidance to align investors with our most current thinking.

我還想對 2018 年的支出和資本支出發表一些評論。請注意，這些只是初步估計，因為我們尚未最終確定 2018 年的預算。話雖如此，今年將成為重要的投資年，我希望提供初步指導，以使投資者了解我們最新的想法。

We expect full year 2018 total expenses will grow approximately 45% to 60% compared to full year 2017. We continue to invest aggressively across the business, but there are 3 important factors driving an acceleration in our expense growth rates from 2017 levels.

我們預計 2018 年全年總支出將比 2017 年全年增長約 45% 至 60%。我們繼續大力投資整個業務，但有三個重要因素推動我們的費用成長率從 2017 年的水準加速。

First, as Mark outlined in his earlier comments, we are making sizable security investments in people and technology to strengthen our systems and prevent abuse. Secondly, we are investing aggressively in video content to support the Watch tab. Finally, we continue to invest in our long-term initiatives around augmented and virtual reality, AI and connectivity.

首先，正如馬克在他之前的評論中所概述的那樣，我們正在對人員和技術進行大量的安全投資，以加強我們的系統並防止濫用。其次，我們正在積極投資影片內容以支持「觀看」標籤。最後，我們將繼續投資於擴增實境、虛擬實境、人工智慧和連接領域的長期計劃。

Given our expectation of continued deceleration in revenue growth rates, we expect these significant investments will be net negative on our operating margins. In addition, we expect to make substantial investments in our infrastructure to support growth and improve our products. As such, we expect full year 2018 capital expenditures will roughly double from 2017 levels. We would also anticipate that the full year 2018 tax rate will be in the mid-teens.

鑑於我們預期收入成長率將繼續減速，我們預計這些重大投資將對我們的營業利潤率產生淨負面影響。此外，我們預計將對基礎設施進行大量投資，以支持成長並改善我們的產品。因此，我們預計 2018 年全年資本支出將比 2017 年水準約翻一番。我們也預計 2018 年全年稅率將達到十五六個百分點。

In summary, Q3 was another strong quarter for Facebook across the board. We are excited about the opportunities we see ahead and will continue to make significant investments to support our growth and our mission.

總而言之，第三季對 Facebook 來說又是一個全面強勁的季度。我們對未來的機會感到興奮，並將繼續進行大量投資以支持我們的成長和使命。

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

麥克，現在讓我們開始提問吧。

(Operator Instructions) Your first question comes from the line of Eric Sheridan, UBS.

（操作員指示）您的第一個問題來自瑞銀的 Eric Sheridan。

Maybe revisiting Mark's comments at the beginning of the call. Would love to get a better sense or granularity about what sort of video content you'd like to see on the platform that could drive a more active or interactive experience than passive. And then the second question will be what does that mean in terms of the business model? Will there be licensing content, funding content that you have to do to build the sort of business you're aiming for, for the medium to long term?

也許可以重新回顧馬克在通話開始時的評論。希望能夠更了解或詳細了解您希望在平台上看到什麼樣的影片內容，從而帶來比被動更主動或互動的體驗。那麼第二個問題是，就商業模式而言，這意味著什麼？從中長期來看，您是否需要授權內容、資助內容來建立您所瞄準的業務？

So the strategy here around helping people connect reflects more on what we do around the videos than some of the content itself, right? So hopefully, the experience on Facebook will not just be that you come and watch a video, and you get informed, you feel entertained, and that's it. We think that the most valuable thing that people do are help build relationships with other people on the platform. So to the extent that the -- that video can serve as a touchstone for building community and helping facilitate interaction, then that's the thing that we feel like we can uniquely do. So we're going to continue investing heavily in video content for Watch that is centered around people, that is centered around things that people want to talk and connect around, that give people a sense of pride and bring people together. We're going to invest as much and just build -- making sure that we build out the community features around that. And that, I think, is going to be the thing that differentiates us over time.

因此，幫助人們建立聯繫的策略更多地反映了我們在影片方面所做的事情，而不是內容本身，對嗎？所以希望 Facebook 上的體驗不僅僅是你來觀看影片、獲取資訊、獲得娛樂，僅此而已。我們認為人們所做的最有價值的事情是幫助在平台上與其他人建立關係。因此，在某種程度上，影片可以作為建立社區和幫助促進互動的試金石，這就是我們覺得我們可以做到的獨特的事情。因此，我們將繼續大力投資以人為中心的 Watch 影片內容，圍繞著人們想要談論和聯繫的事物，為人們帶來自豪感並將人們聚集在一起。我們將投入盡可能多的資金並進行建設——確保我們圍繞這一點來建立社區功能。我認為，隨著時間的推移，這將成為我們與眾不同之處。

Your next question comes from Brian Nowak, Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just -- Mark, to go back on your focus on community and video. I was wondering if you could show us or kind of help us understand what you're seeing in engagement trends or in time spent per user on the core Facebook platform as you've had so many efforts focused on community and video. And then secondly, for Sheryl. You've made such good progress growing the advertising business across SMB and a lot of verticals. I wonder if you -- can you step back -- could you talk to any areas or any verticals where you really see the potential for material improvements or verticals where you're having a hard time cracking into? Do you think it will really be bigger drivers of ad revenue growth going forward?

我有 2 個。只是——馬克，回到你對社區和視頻的關注。我想知道您是否可以向我們展示或幫助我們了解您所看到的參與趨勢或每個用戶在核心 Facebook 平台上花費的時間，因為您在社群和影片方面投入了大量精力。其次，對於謝麗爾 (Sheryl) 來說。你們在中小企業和許多垂直行業的廣告業務成長方面取得了很大的進展。我想知道您是否可以退一步談談您真正看到有實質改進潛力的領域或垂直行業，或者您難以進入的垂直行業？您認為它真的會成為未來廣告收入成長的更大推動力嗎？

So Brian, on -- just on engagement metrics. I mean, we're -- we continue to see good growth in DAU, as you saw, in the 16% growth that we posted this quarter. In addition, we do continue to see time spent growth per DAU on the Facebook family and on Facebook.

那麼，布萊恩，僅討論參與度指標。我的意思是，如您所見，我們繼續看到 DAU 的良好成長，本季我們的 DAU 成長率為 16%。此外，我們確實看到 Facebook 家庭和 Facebook 上每 DAU 所花費的時間持續成長。

For my part, when I think about our marketer segments, we have SMBs, we have brand direct response and developers, we're seeing strong growth across. I think if you think about where the growth remains, it really is in increasing the relevance of the ad because the ads, I think, are getting better in terms of reaching the right people at the right time. But I think there's still a lot more we can do. And as people really use our Custom Audiences, our targeting tools, the quality of the ads improve, and the returns improve. And the more we -- the better we get at measuring those returns, the better the ads get. And so I'll share just one example, but one I really love, which is the Alameda County Fair, which is a local fairground in Pleasanton, California. I happened to meet this woman, [Angel], who's running their marketing this year. And they used Facebook to target people within 25 miles of their fairgrounds aged 20 to 51 who had specific interest in concerts, music festivals and theme parks. And what they saw for season pass ticket sales for 2017 was a 50% increase compared to 2016, and they attribute that to Facebook. And that's really about finding the people that are interested. And if you look at the percentage of our ads business where people are using our most sophisticated approaches to finding the right audience, I think we still have a lot of opportunity for growth there. And that will improve both the quality of the ads people see but also the returns to marketers. And I think that will hit all of the verticals and all of the segments.

就我而言，當我想到我們的行銷商細分市場時，我們有中小企業、品牌直銷和開發商，我們看到了強勁的成長。我認為，如果你想想成長點在哪裡，那實際上就在於提高廣告的相關性，因為我認為，廣告在正確的時間接觸正確的人群方面做得越來越好。但我認為我們還可以做更多。隨著人們真正使用我們的自訂受眾和定位工具，廣告品質會提高，回報也會提高。我們越能衡量這些回報，廣告效果就越好。因此，我只分享一個例子，但我非常喜歡的一個例子，那就是阿拉米達縣博覽會，它是加州普萊森頓的一個當地展覽中心。我碰巧遇到了這位女士[Angel]，她今年負責他們的行銷。他們利用 Facebook 瞄準距離展覽場地 25 英里、年齡在 20 至 51 歲之間、對音樂會、音樂節和主題公園特別感興趣的人群。他們發現 2017 年季票銷售額與 2016 年相比成長了 50%，他們將此歸功於 Facebook。這其實就是為了找到有興趣的人。如果你看一下我們的廣告業務中有多少比例的人正在使用我們最先進的方法來尋找合適的受眾，我認為我們在這方面仍然有很多成長機會。這不僅會提高人們看到的廣告的質量，還會提高行銷人員的回報。我認為這將影響所有垂直行業和所有細分市場。

Your next question comes from Mark May, Citi.

您的下一個問題來自花旗銀行的馬克梅 (Mark May)。

I had 2 related questions on video. First, on the OpEx guidance. One of the real consistencies of the business is OpEx growth. You've been growing that at $4 billion to $5 billion incremental spend per year. But the midpoint of your guidance is looking like a $14 billion increase next year. Is the differential there the additional $6 billion, $7 billion, is that -- should we be thinking of that as the video content spend that you're kind of setting aside possibly to spend next year? Just trying to understand where the significant increase would be coming from. And then related, the 35% increase in ad prices. Would you say that, that's predominantly being driven, the acceleration there, by the mix towards video ad breaks and other longer-form video ads?

我對影片有兩個相關問題。首先，關於營運支出指導。業務的真正一致性之一是營運支出成長。你們每年的支出增量為 40 億至 50 億美元。但您指導的中間值看起來是明年增加 140 億美元。這其中的差額是額外的 60 億美元還是 70 億美元？我們是否應該將其視為您可能留作明年使用的影片內容支出？只是想了解這種顯著的成長從何而來。與此相關的是，廣告價格上漲了 35%。您是否認為，這主要是由於影片廣告插播和其他較長格式的影片廣告的混合所推動的？

Sure, Mark. So on the acceleration of the growth rate in expenses from 2017 to 2018, I would really look at this sort of the growth rate that we grew at in 2017, apply that to the total expense base and look at that growth in 2018. And then I would say the additional expense that leads to the acceleration is driven by 3 factors, not just one factor. And those 3 factors are the ones that I outlined in my commentary: number one, the substantial investments that Mark highlighted that we're making to just improve the security on our platform; two, the video content investments we're making for Watch Tab; and then, three, additional investments we're making in the long-term initiatives like AR/VR, AI and connectivity. And each of those are significant. So it's really the combination of those 3 factors that's driving the expense growth acceleration. And then on the 35% increases in ad prices, this is really being driven off of a couple of things. One is just the auction dynamic, which as supply growth has slowed, then there's more competition, and you're seeing prices increase as demand continues to grow. But I think what is important here is we've been getting better and better at targeting as we optimize for real business results for advertisers, and we're better at converting the signals that we get from those advertisers and to finding the right ad spots for them. And I think that's really what's allowing us to improve yield and effectively driving higher effective CPMs for us while still delivering business outcomes to them at attractive ROIs. So that's really what's driving it, not a shift to a different format like video. It's really about us getting better at targeting and working with especially people where we get those downstream signals like direct-response advertisers.

當然，馬克。因此，關於 2017 年至 2018 年費用成長率的加速，我會真正關注 2017 年的成長率，將其應用於總費用基數，並查看 2018 年的成長情況。然後我想說導致加速的額外費用是由三個因素驅動的，而不僅僅是一個因素。這三個因素是我在評論中概述的：第一，馬克強調的我們正在進行的大量投資只是為了提高我們平台的安全性；二、我們為 Watch Tab 進行的視頻內容投資；第三，我們在 AR/VR、AI 和連接等長期計劃方面進行了額外投資。每一個都很重要。因此，這三個因素的結合才是真正推動費用成長加速的原因。廣告價格上漲 35% 實際上是受幾個因素影響的。一是拍賣動態，隨著供應成長放緩，競爭加劇，隨著需求持續成長，價格也會上漲。但我認為，這裡重要的是，隨著我們針對廣告商的實際業務成果進行最佳化，我們在定位方面變得越來越好，我們更善於轉換從廣告主那裡獲得的訊號並為他們找到合適的廣告位。我認為這確實使我們能夠提高收益並有效地提高有效 CPM，同時仍能以有吸引力的投資回報率為他們帶來業務成果。所以這才是真正的推動因素，而不是轉向視訊等其他格式。這實際上是為了讓我們更好地定位和合作，特別是與我們獲得下游訊號的人合作，例如直接回應廣告商。

Your next question comes from the line of Douglas Anmuth, JPMorgan.

您的下一個問題來自摩根大通的道格拉斯·安穆斯 (Douglas Anmuth)。

I wanted to hit on 2 topics. First, just on the security comments. You talked about headcount increasing from 10,000 to 20,000. I was hoping you could just help us understand. Is that 10,000 fully in the 23,000 headcount that you have today? Or is there a part of it that's not included in there perhaps because it's not full-time? And then just secondly, just going back to the ad pricing changes. Dave, just to clarify on that. I mean, it sounds like what you're saying, it's not that advertisers across the board are seeing that substantial of an increase in pricing, but that's just more an output in your eCPM. Is that the right way to think about it?

我想談兩個話題。首先，僅就安全評論而言。您談到員工人數從 10,000 人增加到 20,000 人。我希望你能幫助我們理解。您目前的員工總數是 23,000 人，這 10,000 人算嗎？或者其中是否有一部分未包含在內，可能是因為它不是全職的？其次，我們再回到廣告定價變動的問題。戴夫，我只是想澄清一下。我的意思是，聽起來就像你所說的，並不是所有的廣告商都看到了價格的大幅上漲，而只是你的 eCPM 的一個輸出。這是正確的思考方式嗎？

Right, Doug. So on the first one, yes, the 10,000 number, that encompasses both employees at Facebook and also employees at partners. So it's not all Facebook employees. So that's a fully loaded number. So that's also in the OpEx guidance as well. So it's -- but yes, you can't compare the 10,000 with the 23,000 directly. On the ad pricing, what you're seeing is that most of the advertising we get isn't necessarily bid on an impression basis. You're getting people bidding for other actions and optimizing against other actions like a click to a website or a downstream e-commerce transaction and app install. And our ability to optimize the inventory that we have against those downstream activities allows us to deliver those at still good prices while seeing effective CPMs go up. You do have, obviously, people who are bidding on impressions if they're looking for, like, a brand campaign or a reach campaign. But those aren't necessarily a part of the business that's driving up prices. It's more around just us doing a better job at being able to optimize campaigns for people who have downstream activities that we can do that for.

對的，道格。第一個數字是 10,000，既包括 Facebook 的員工，也包括合作夥伴的員工。所以並不是所有 Facebook 員工都是如此。所以這是一個滿載的數字。這也包含在 OpEx 指導中。所以——但是是的，你不能直接將 10,000 與 23,000 進行比較。關於廣告定價，您會看到，我們獲得的大部分廣告不一定是按展示次數出價的。您可以讓人們競標其他操作並針對其他操作進行最佳化，例如點擊網站或下游電子商務交易和應用程式安裝。我們能夠針對下游活動優化庫存，這使我們能夠以仍然優惠的價格提供這些產品，同時看到有效 CPM 上升。顯然，如果有人正在尋找品牌活動或覆蓋率活動，他們就會對展示次數進行競價。但這些並不一定是推高價格的業務部分。這更多的是為了讓我們可以更好地為擁有下游活動的人優化活動。

Your next question comes from the line of Heather Bellini, Goldman Sachs.

您的下一個問題來自高盛的 Heather Bellini。

I wanted to just ask a question about your content strategy. And I was wondering, how do you think about Facebook Watch in terms of Facebook-produced content versus the licensing of content that you might engage in? And I was wondering if there's a certain type of content that you think will be best suited to optimize the watch experience.

我只是想問一個有關您的內容策略的問題。我想知道，就 Facebook 製作的內容和您可能參與的內容許可而言，您如何看待 Facebook Watch？我想知道您是否認為某種類型的內容最適合優化觀看體驗。

I think it might be useful to take a step back and first talk about why we're funding lighthouse content and Watch overall. So video is growing incredibly quickly on Facebook. And today, most of that is in News Feed. But most people who come to News Feed and who come to Facebook today in general are trying to figure out -- they are trying to see what's going on with their friends, see what's happening in the world. They're not coming necessarily to engage in a specific type of video or a specific community around video. So the Watch Tab is mainly -- it's a way to give people a tool to do that. When they want to specifically come and engage around video or communities around that, they can go to the Watch Tab. So the intent there is different. Now in order to build that up, we think it makes sense to first invest in a bunch of lighthouse content, some that we may produce or some that we may license. To get to your question, we're pretty agnostic on how that goes. We just want to start the flywheel going. So there's content and communities that are there that support this use cases of people coming to Facebook specifically to engage in that. Long term, our hope is that the business here will primarily be through revenue shares of videos that normal creators and businesses put into the system rather than ones that we proactively go out and license ourselves. So that's a look at where we're trying to get on this. But first, we need to build this behavior where people want to come intentionally to engage with this content.

我認為先退一步談談我們為什麼要資助燈塔內容和 Watch 整體可能會有所幫助。因此，影片在 Facebook 上的成長速度非常快。如今，大部分內容都出現在新聞推播中。但如今大多數訪問 News Feed 和 Facebook 的人都試圖弄清楚——他們試圖了解他們的朋友在做什麼，並了解世界上正在發生什麼。他們來這裡不是為了參與特定類型的影片或特定的影片社群。因此，「觀看標籤」主要是一種為人們提供實現這一目標的工具。當他們想要專門參與影片或相關社群時，他們可以轉到「觀看」標籤。所以那裡的意圖是不同的。現在，為了實現這一目標，我們認為首先投資一些燈塔內容是有意義的，其中一些是我們可能製作的，有些是我們可能授權的。回答你的問題，我們不太清楚事情進展如何。我們只是想讓飛輪運轉。因此，有內容和社群可以支持人們專門訪問 Facebook 來參與此類活動。從長遠來看，我們希望這裡的業務主要透過普通創作者和企業放入系統的影片的收入分成來實現，而不是透過我們主動出去授權的影片來實現。這就是我們試圖實現的目標。但首先，我們需要培養這種行為，讓人們有意地參與這些內容。

Your next question comes from the line of Ken Senna, Wells Fargo Securities.

您的下一個問題來自富國證券的肯·塞納 (Ken Senna)。

Just going back maybe to the investment in security comments. Maybe could you provide a little more detail just on what that investment could look like and how we could think about that showing up in R&D, cost of revs, G&A or maybe a combination? And then maybe any early thoughts on GDPR and potential impact there and maybe some of this transparency efforts if they could have possible benefit?

也許可以回顧一下對安全評論的投資。或許您能否提供更多細節，說明這項投資是什麼樣的，以及我們如何看待它在研發、轉速成本、一般及行政費用或可能的組合中體現出來？那麼，您是否對 GDPR 及其潛在影響有初步想法，並且可能對透明度做出一些努力，從而帶來好處？

Yes. So on the first part, Ken, you're going to see that show up in a variety of different line items, but we don't have it specifically broken out. We're making substantial product and engineering investments. So as part of the overall hiring on R&D headcount, that -- there's going to be a pretty significant allocation of that to some of the product-related security initiatives that we're doing. So that's going to show up in R&D. You're going to have some of the ads work that we're doing, the ads quality work showing up in the sales and marketing line. So you're going to see some there. And then you're going to also just have overall impact on G&A as well for things like policy-related expenses and the like. So I think you're going to see it kind of impacting across the spectrum of our lines. But overall, one of the significant factors driving the acceleration in growth rate.

是的。因此，在第一部分中，肯，你會看到它出現在各種不同的項目中，但我們並沒有將其具體列出。我們正在進行大量的產品和工程投資。因此，作為研發人員整體招募的一部分，我們將把相當一部分人員分配給我們正在進行的一些與產品相關的安全計畫。所以這將在研發中反映出來。您將會得到我們正在進行的一些廣告工作，廣告品質工作將體現在銷售和行銷線上。所以你會在那裡看到一些。然後，您還將對 G&A 以及與保單相關的費用等產生整體影響。所以我認為你會看到它對我們整個產品線產生影響。但整體而言，這是推動成長率加速的重要因素之一。

On GDPR, the Facebook family of apps already applies the core principles in the framework because we built our services around transparency and control, and we're building on this to ensure that we comply in May of next year. It's too soon to tell whether this will impact the extent to which EU users opt out of certain services, but we're going to continue to give people personalized experience and be clear about how we're using the data. We believe that we'll be able to obtain consent for uses of the data across Europe and that people still expect the content and their ads to be relevant. And so we expect a good result here, and we're going to do it very carefully and very seriously as we always do.

關於 GDPR，Facebook 系列應用程式已經應用了該框架中的核心原則，因為我們圍繞透明度和控制構建了我們的服務，並且我們正在在此基礎上確保我們在明年 5 月遵守規定。現在判斷這是否會影響歐盟用戶選擇退出某些服務的程度還為時過早，但我們將繼續為人們提供個人化的體驗，並明確我們如何使用數據。我們相信，我們將能夠獲得整個歐洲範圍內數據使用的同意，並且人們仍然期望內容和廣告具有相關性。因此，我們期待取得好的結果，並且我們將一如既往地非常謹慎和認真地去做這件事。

Your next question comes from the line of Justin Post, Bank of America, Merrill Lynch.

您的下一個問題來自美國銀行美林證券的賈斯汀·波斯特 (Justin Post)。

I had 2 things. First, as you've integrated more video content into Facebook, are you seeing better time spent per user? Is that really showing up in more engagement on the site? And then secondly, it looks like you're running around $80 a year per user now in the U.S. Quite good improvement over the last couple of years. Just think about benchmarking that versus other media categories or other things in traditional media. Do you still think you have a lot of room ahead to grow that $80 over time?

我有兩件事。首先，隨著你們將更多影片內容整合到 Facebook，你們是否發現每個用戶花費的時間增加？這真的能提高網站的參與度嗎？其次，看起來你們現在在美國每位用戶每年的費用約為 80 美元。過去幾年有了相當大的改善。只需考慮將其與其他媒體類別或傳統媒體中的其他內容進行比較即可。您是否仍然認為隨著時間的推移，這 80 美元還有很大的成長空間？

I'll talk about video engagement, and then Dave can jump in on some of the stats. So one of the important points here that I tried to communicate in my comments up-front is that connecting with friends and family and having those meaningful interactions is more important than just consuming content, right? So video is growing incredibly quickly, and that goes across both social content and kind of more passive public consumption of content. Then they create different dynamics in the system, and I think that's an important thing to understand. When your friend posts something and you get to engage with it, it might inform you and entertain you but you also -- if you interact with -- you're building a relationship with that person, right? You feel closer to that person. And that is a really important part of what social networking is supposed to do. Whereas when you engage with public content, you might get informed or be entertained, but it's not necessarily increasing social capital in the same way or relationships between people. So we really differentiate what the core thing is that we're trying to do, which is help people connect with each other and build meaningful relationships. And that's why on a lot of these calls, I emphasize products like Instagram Stories or WhatsApp status, which are very video-based products, but they're improving social interactions. And we're going to focus a lot more on helping people share videos of their moments in their lives because in a lot of ways, I think if -- when you take a video of yourself and your family out trick-or-treating, that's more engaging than a photo and a better representation of that than writing it out in text. But overall, I would say not all time spent is created equal. That's why I tried to stress up-front that time spent is not a goal by itself here. What we really want to go for is time well spent. And what the research of that we found shows is that when you're actually engaging with people and having meaningful connection, that's time well spent, and that's the thing that we want to focus on. So out of this big video thing that's growing very quickly, I think that is the real opportunity and product area that we should be focused on more. And to the extent that there is going to be a lot of public content, which there will be, a big part of the focus is going to be around building community and interactions around that content.

我將討論視訊參與度，然後戴夫可以提供一些統計數據。因此，我試圖在前面的評論中傳達的一個重要觀點是，與朋友和家人保持聯繫並進行有意義的互動比僅僅消費內容更重要，對嗎？因此，影片的成長速度非常快，既涵蓋社交內容，也涵蓋更被動的公眾內容消費。然後他們在系統中創建不同的動態，我認為理解這一點很重要。當你的朋友發布某些內容並且你參與其中時，它可能會為你提供資訊並給你帶來樂趣，但如果你與之互動，你也會與那個人建立關係，對嗎？您會感覺與那個人更親近。這正是社交網路應發揮的作用中非常重要的一部分。而當你參與公共內容時，你可能會獲得資訊或獲得娛樂，但它不一定會以同樣的方式增加社會資本或人與人之間的關係。因此，我們真正區分了我們正在嘗試做的核心事情，即幫助人們相互聯繫並建立有意義的關係。這就是為什麼在許多電話會議上，我都會強調 Instagram Stories 或 WhatsApp 狀態等產品，它們都是基於影片的產品，但它們正在改善社交互動。我們將更加專注於幫助人們分享他們生活中精彩瞬間的視頻，因為在很多方面，我認為，當你拍攝自己和家人出去討糖果的視頻時，這比照片更有吸引力，也比用文字寫出來更能體現這一點。但總的來說，我想說並不是所有花費的時間都是平等的。這就是為什麼我試著預先強調，花費的時間本身並不是目標。我們真正想要的是充分利用時間。我們的研究發現，當你真正與人交往並建立有意義的連結時，你的時間就花得值得，而這正是我們想要專注的事情。因此，在這個快速成長的視訊領域中，我認為這是真正的機會和產品領域，我們應該更加關注。並且，如果存在大量公共內容，那麼很大一部分重點將放在圍繞這些內容建立社群和互動。

Justin, on your question on ARPU in the U.S. We do think that there are opportunities to continue to grow the business in the U.S. on a lot of different fronts. So we can continue to grow engagement on core Facebook as well as there's opportunities with Instagram and the other services that we have that are not monetizing significantly today. So there's opportunities there. But most importantly, kind of I would go back to the fact that we're getting better at -- on the ad product side of being able to optimize our inventory for the advertisers in a way that will, we think, drive good pricing in the system for us and good outcomes for the advertisers. So we do think that, that will lead to the potential for additional revenue growth in the U.S.

賈斯汀，關於您關於美國 ARPU 的問題，我們確實認為在許多不同方面都有機會繼續發展美國業務。因此，我們可以繼續增加 Facebook 核心用戶的參與度，同時 Instagram 和我們目前尚未實現顯著盈利的其他服務也有機會。所以那裡有機會。但最重要的是，我想回到這樣一個事實：在廣告產品方面，我們正在做得更好——能夠為廣告商優化我們的庫存，我們認為這將為我們帶來良好的系統定價，並為廣告商帶來良好的結果。因此，我們確實認為，這將為美國帶來額外的收入成長潛力。

Your next question comes from the line of Ross Sandler, Barclays.

您的下一個問題來自巴克萊銀行的羅斯桑德勒 (Ross Sandler)。

I had 2 questions for Mark. One, Mark, as you move to make changes around safety and security and kind of (inaudible), do you think that this will have any adverse impact on engagement? Or is it just too small to even be material? And then a follow-up on the video consumption comment happening mostly in the feed. Is the deceleration you guys are seeing around impression growth right now a function of promoting video in the feed versus, what else, other things that might be in there? And I guess, asked a different way, should we see impression growth kind of revert back to be at your growth at some point? And then is that likely the next year? Or is that further off in the future?

我有兩個問題想問馬克。首先，馬克，當您在安全和保障方面做出改變時（聽不清楚），您認為這會對參與度產生不利影響嗎？還是它太小了，甚至不構成物質？然後對主要在 feed 中發生的視頻消費評論進行跟進。你們現在看到的印象增長減速是否是由於在信息流中推廣視頻，而不是其他可能包含的內容？我想，換一種問法，我們是否應該看到印象增長在某個時候恢復到你的增長水平？那麼明年有可能嗎？或者說這還得等到更遠的未來？

So I can take the second one, which is the question about impression growth. So there's a couple of factors there. Certainly this quarter, we saw that ad load is predicted -- had a much less significant impact on impression growth. So overall, that story has played out sort of as we thought, and that's one of the reasons you're seeing the impression growth come down. And then yes, I do think that there are less impressions when people are consuming video. So that also is a factor as more time is spent on video. So I think you have both of those factors coming into play. In terms of how those play out going forward, hard to say. We just kind of point to our overall comments on just continued revenue growth deceleration. And I believe the first question was whether the security investments would have an adverse impact on engagement.

因此我可以回答第二個問題，也就是關於印象成長的問題。這裡有幾個因素。當然，本季我們看到廣告負載預計對印象成長的影響要小得多。所以總的來說，故事的發展和我們想像的一樣，這也是你看到印象成長下降的原因之一。是的，我確實認為人們在觀看影片時印象會較少。因此，這也是一個因素，因為人們在影片上花費的時間更多。所以我認為這兩個因素都發揮了作用。至於這些因素未來將如何發揮作用，很難說。我們只是針對收入成長持續減速發表整體評論。我認為第一個問題是安全投資是否會對參與產生不利影響。

Yes, and I can speak to that. Let me be clear on this that people do not want false news or hate speech or bullying or any of the bad content that we're talking about. So to the extent that we can eradicate that from the platform, that will create a better product, which will also create a stronger long-term community and better business as well. So the reason why we haven't been able to get these things to the level that we want today is not because we somehow want them on the platform; it's that it's a really hard problem. And we're going to invest both in people and technology because we think that both are really important parts of the solution here to go after all different parts of these problems. And that was what I tried to stress earlier on. We're going from 10,000 people working on safety and security to more than doubling that to 20,000. We're building -- we're doubling, in some cases, more our engineering teams focused on security. We're building AI to go after more different areas of harmful content and finding fake accounts and other bad actors in the system. And I expect that all of these things will make our product better over the long term, but we will incur the expenses a lot sooner as we ramp up these efforts. And I also just think that going forward, we're going to be investing at these things at a much higher level because we realized that this is important not only for our community and this company, but it's a part of our responsibility to the society overall.

是的，我可以談論這個。讓我明確地說明一下，人們不想要虛假新聞、仇恨言論、霸凌或任何我們正在談論的不良內容。因此，如果我們能夠從平台上消除這種情況，我們就能創造出更好的產品，這也將創造一個更強大的長期社群和更好的業務。因此，我們之所以未能將這些事情提升到我們今天想要的水平，並不是因為我們想將它們放在平台上；這是一個非常困難的問題。我們將在人才和技術方面進行投資，因為我們認為這兩者都是解決這些問題各個不同部分的解決方案的重要組成部分。這正是我之前試圖強調的。我們負責安全保障工作的人員數量將從 10,000 人增加一倍以上，達到 20,000 人。我們正在建立—在某些情況下，我們正在加倍增加專注於安全的工程團隊。我們正在建立人工智慧來追蹤更多不同領域的有害內容，並在系統中發現虛假帳戶和其他不良行為者。我希望從長遠來看，所有這些因素都會讓我們的產品變得更好，但隨著我們增加這些努力，我們將更快地產生費用。而且我還認為，展望未來，我們將在更高層次上投資這些領域，因為我們意識到這不僅對我們的社區和公司很重要，也是我們對整個社會責任的一部分。

Your next question comes from the line of Rich Greenfield, BTIG.

您的下一個問題來自 BTIG 的 Rich Greenfield。

A couple of things. You talked about creators, I think, Mark, creating for the platform on their own without you having to invest. But just trying to frame it in the sense of Hollywood, like I look at what Apple is doing now and going -- hiring a couple of Sony executives and doing a $5 million an episode buy of a Steven Spielberg show. And I guess, what I'm trying to understand or I think a lot of investors are trying to understand is, what type of content do you ultimately want? Because I don't think, like, someone like Spielberg is going to work for an ad revenue share no matter how good that advertising is like. So how do you balance what type of content business you ultimately want to build? And then when you look at sports, which I also think about as being kind of really relevant content that has a huge community around it, something like the NFL Mobile rights, I think, come up next year. Wondering how important are those types of -- how important is that type of content? I know you were bidding on cricket rights overseas. But how important is sports in this mix?

有幾件事。馬克，我認為您談到了創作者，他們自己為平台進行創作，而您無需投資。但是，我只是試著以好萊塢的眼光來看待它，就像我看看蘋果現在正在做的事情一樣——聘請幾位索尼高管，並以每集 500 萬美元的價格購買史蒂芬史匹柏的節目。我想，我想了解的是，或者我認為很多投資者想了解的是，你最終想要什麼類型的內容？因為我不認為，像史匹柏這樣的人會為了廣告收入分成而工作，無論廣告有多好。那麼，您如何平衡您最終想要建立的內容業務類型？然後，當你看體育運動時，我也認為這是一種真正相關的內容，擁有龐大的社區，像 NFL 移動版權這樣的內容，我認為會在明年推出。想知道這些類型的內容有多重要—這些類型的內容有多重要？我知道你正在競標海外板球比賽的版權。但體育運動在其中有多重要？

Well, I think that the answer to that is we don't know all the answers around what kinds of content are going to work and are not. So we will probably experiment with a number of different things. I do think your point is right, that not all kinds of content can be supported by ads no matter how effective we make that. That said, the current model that we have for at least getting some of the lighthouse content onto the platform is to pay up-front. And what we would like to transition that more to over time and what an increasing amount of the content is revenue shares for ads shown in the video. And as we do better and better on the monetization there, that will support people with higher production costs than doing more premium production and bringing their content to the platform. And we've certainly found on the Internet and YouTube and in other places that there are whole industries around creators with different cost structures than traditional Hollywood folks who can produce very informative and engaging content that a lot of people like and enjoy and that builds communities. And that helps people connect together in a way that definitely can be supported by this ad model. So I think the answer is we're going to try a bunch of things. That's a bunch of what the budget is. I'm very optimistic that a lot of the stuff will be able to be supported long term. But you're certainly right that not all that will be able to be supported by ad models alone.

嗯，我認為答案是，我們不知道哪些內容會起作用，哪些不會起作用。因此我們可能會嘗試許多不同的事情。我確實認為你的觀點是正確的，無論我們如何有效地進行廣告宣傳，並不是所有類型的內容都能夠得到廣告的支持。也就是說，我們目前的模式至少是將部分燈塔內容放到平台上，採用預付款模式。我們希望隨著時間的推移，將這一部分進一步轉變，並將越來越多的內容轉化為影片中展示的廣告的收入分成。而且，隨著我們在貨幣化方面做得越來越好，這將為那些生產成本更高的人提供支持，而不是進行更優質的生產並將其內容帶到平台上。我們確實發現，在網路、YouTube 和其他地方，圍繞著創作者形成了整個產業，他們的成本結構與傳統好萊塢製作人不同，他們可以製作出非常有資訊和吸引力的內容，受到許多人的喜歡和享受，並建立社群。這有助於人們以一種絕對能夠被這種廣告模式支持的方式聯繫在一起。所以我認為答案是我們要嘗試很多事情。這就是預算的一部分。我非常樂觀地認為很多東西將能夠得到長期支持。但您說得對，單靠廣告模式並不能支持所有這些。

Your next question comes from the line of Brent Thill, Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

On video, there's been a lot of questions about the ultimate profitability of this going forward. I was just curious if you could share your view. I know it's early, but what your thoughts are there.

影片中，人們對這項舉措未來的最終獲利能力提出了很多疑問。我只是好奇您是否可以分享您的看法。我知道現在還早，但是你有什麼想法嗎？

Yes. I mean, I think -- look, today, we're talking about the additional investments we're making in terms of the lighthouse content on the Watch Tab. So we are putting a substantial investment behind that. That clearly is going to have implications for margins along with the other big investments that we're making next year. And then even after the -- after we establish a flywheel here and get content being produced for ad revenue share, that's going to have a different margin structure than core News Feed. So even going forward, there's going to be revenue share back to the content creators, so it's going to have a different margin structure than the core business.

是的。我的意思是，我認為——看，今天，我們正在談論我們在「觀看標籤」上的燈塔內容方面所做的額外投資。因此我們對此進行了大量的投資。這顯然會對利潤率以及我們明年進行的其他重大投資產生影響。即使在我們在這裡建立飛輪並製作出用於廣告收入分成的內容之後，它的利潤結構也會與核心新聞推送不同。因此，即使展望未來，收入份額仍將返還給內容創作者，因此其利潤結構將與核心業務不同。

I think it's worth adding that the ad inventory itself is really valuable for marketers and our clients and also works very well with our other ad products. So I'll share a recent one. Visa, with [SocioCode] and BBDO, created 10-second videos with text overlays, showing people making digital payments, and they targeted millennials and early tech adopters. And they ran ads one group for Facebook News Feed only, one group for ad breaks only and one group for News Feed and ad breaks combined. And the best results combined the ad breaks and the News Feed, they had a 7x lower cost per video view compared to News Feed alone. And so one of the opportunities we have here is increasing inventory. And it's particularly good inventory for marketers because we're seeing nice adoption of video views and really nice impact from those sales. And it's also the case that our ad products work together. The ability to show something in News Feed and then show a video in Watch and then show something on Instagram and measure results across the full funnel, we think, are very worthy investments for the long-term health of the business.

我認為值得補充的是，廣告資源本身對於行銷人員和我們的客戶來說非常有價值，並且與我們的其他廣告產品配合得很好。因此我將分享最近的一個。Visa 與 [SocioCode] 和 BBDO 合作，製作了帶有文字疊加的 10 秒視頻，展示人們如何進行數位支付，其目標客戶是千禧一代和早期技術採用者。他們投放了一組僅針對 Facebook 新聞推播的廣告、一組僅針對廣告時段的廣告以及一組結合了新聞推播和廣告時段的廣告。最好的結果是將廣告插播和新聞推播結合起來，與單獨使用新聞推播相比，每個影片的觀看成本降低了 7 倍。因此，我們現在的機會之一就是增加庫存。對於行銷人員來說，這是特別好的庫存，因為我們看到影片觀看的普及度很高，而且這些銷售產生了非常好的影響。我們的廣告產品也是協同工作的。我們認為，能夠在 News Feed 中顯示某些內容，然後在 Watch 中顯示視頻，然後在 Instagram 上顯示某些內容並衡量整個管道的結果，對於業務的長期健康而言，這是非常值得的投資。

Your next question comes from the line of Mark Mahaney, RBC Capital Markets.

您的下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)。

A comment and 2 questions. I think this incremental spend or this materially increased spend on security is highly unfortunate, but I think it makes eminent sense. I think most long-term investors realize the community maximization, including security, would lead to long-term profit maximization. So I think makes eminent sense. 2 quick questions. The Watch tab, is there any evidence or any data points you can give us to -- what kind of traction you're seeing with that so far? I was surprised by how many people are on Marketplace. Any relevant data like that for Watch Tab? And then secondly, of all the regions, Europe really stuck out to us as one that showed surprising acceleration. And I know you talked a little bit about that, Sheryl did, about the SMB pickup and traction there. Any other color for why Europe would have accelerated so much in terms of its revenue growth?

一則評論和兩個問題。我認為這種增量支出或安全支出的大幅增加是非常不幸的，但我認為這是非常合理的。我認為大多數長期投資者都意識到社區最大化（包括安全性）將帶來長期利潤最大化。所以我認為這非常有道理。兩個簡單的問題。在「觀察」標籤中，您能提供任何證據或數據點來告訴我們——到目前為止，您看到了什麼樣的進展？我對市場上有這麼多的人感到驚訝。有任何與 Watch Tab 類似的相關數據嗎？其次，在所有地區中，歐洲確實以令人驚訝的加速成長而引人注目。我知道謝麗爾 (Sheryl) 您談到了這一點，談到了中小企業的復甦和發展。還有其他什麼原因可以解釋為什麼歐洲的收入成長速度如此之快嗎？

Sure. Let me, I guess, hit both of those, and then Sheryl can add any color if she'd like. On the Watch Tab, I think it's just early. So I think it's too early to be talking about any stats there. In terms of Europe, one thing to note is that we did pick up currency advantages there. So it was 56% on a reported basis but 51% on a constant currency basis. Still a healthy growth rate. I think it's a strong economy there. I think the team is executing well there, so I think you've got a variety of factors. And then as Sheryl commented in her prepared remarks, SMB has been particularly strong in Europe. And so I think that's the -- that's one of the key drivers and one of the things we're really happy with.

當然。我想，讓我把這兩個都打上，然後 Sheryl 可以根據自己的喜好添加任何顏色。在“觀看”標籤上，我認為現在還為時過早。所以我認為現在談論任何統計數據還為時過早。就歐洲而言，值得注意的一點是，我們確實在那裡獲得了貨幣優勢。因此，以報告基礎計算為 56%，但以固定匯率計算為 51%。仍保持健康的成長率。我認為那裡的經濟很強。我認為該團隊的表現很好，所以我認為你考慮了多種因素。正如謝麗爾在準備好的發言中所說，SMB 在歐洲表現尤為強勁。所以我認為這是關鍵驅動因素之一，也是我們真正高興的事情之一。

One clarification on your question, too, is that the 550 million people is across both Marketplace and buy and sell groups, not just the Marketplace tab. So that's the total amount of activity that we're seeing there across both of those things.

對於您的問題，也需要澄清的是，這 5.5 億人指的是市場和買賣群體，而不僅僅是市場標籤。這就是我們在這兩件事上看到的活動總量。

Your next question comes from the line of Colin Sebastian, Baird.

您的下一個問題來自貝爾德的科林·塞巴斯蒂安 (Colin Sebastian)。

First, a quick follow-up on safety and security. I guess, I'm wondering why more of the AI machine learning that you've built for product and the ad platform can't be utilized or cross-utilized to help mitigate some of the costs of adding people in technology to handle those issues. And then secondly, related to how much time younger people are spending or not spending on the Facebook app. I wonder if you've looked at over the course of time the trend in usages younger people hit different milestones in life such as graduating from college or getting a job and how their usage of the app changes over that time frame? For example, if you're seeing a steady stream of the users coming to Facebook once they hit those milestones. Any color around that would be interesting.

首先，快速跟進安全問題。我想，我想知道為什麼您為產品和廣告平台建立的更多人工智慧機器學習不能被利用或交叉利用來幫助減輕增加技術人員來處理這些問題的一些成本。其次，這與年輕人在 Facebook 應用程式上花費或不花費的時間有關。我想知道您是否研究過年輕人在人生的不同里程碑（例如大學畢業或找到工作）中使用應用程式的趨勢，以及他們對應用程式的使用在這段時間內是如何變化的？例如，如果您看到用戶在達到這些里程碑後源源不絕地造訪 Facebook。周圍的任何顏色都會很有趣。

Sure. I'll speak to the safety and security investments, and then Dave can speak to the other questions. So we need both technology and people for this. And the best articulation of this that I can make is that today, AI has different strengths than people do, right? So the AI tools that we've built can enable a system to look at millions of pieces of content and make rough assessments on them and figure out what to flag for people. But ultimately, if you want to get those high-quality judgments today on sensitive content and you want to do it quickly when the stakes are pretty high in terms of taking down content or leaving things up, I mean, we take that extremely seriously. You want people to be looking at that. So earlier in the year, when we were working on problems like seeing issues when people were going live, right? There was this really serious issue around people with self-harm and, in some cases, suicide on live. And we made an investment in AI tools and in dramatically increasing the staffing of the team that was working on that and brought the amount of time to review those live videos down through a combination of those things to under 10 minutes now. That might still be a conservative estimate. But -- and we're continuing to work on that. So now what we're trying to do is just increase the SLAs that we have across all of these different types of content and security threats that we might see. So that way, through a combination of the AI tooling that we build and having people to look at these things, we can get it right faster for more of the types of content. And you're definitely right that a lot of the AI research that we do is applicable to multiple areas, but we still need to build those tools. So it takes a lot of engineering investment, and we will be prioritizing that, in some cases, by adding people to teams and, in other cases, by trading off and doing more security work instead of other product work that we might have done. But this is really important and this is our priority.

當然。我將談論安全和保障投資，然後戴夫可以回答其他問題。因此，我們需要技術和人才。我能做出的最佳闡述是，今天，人工智慧與人類相比有不同的優勢，對嗎？因此，我們建立的人工智慧工具可以使系統查看數百萬條內容並對其進行粗略評估，並找出需要向人們標記的內容。但最終，如果你想在今天就敏感內容獲得高品質的判斷，並且你想在刪除內容或保留內容的風險相當高的情況下迅速做出判斷，我的意思是，我們會非常認真地對待這一點。您希望人們能夠看到這一點。所以今年早些時候，當我們正在解決人們上線時遇到的問題時，對嗎？網路上存在著一個非常嚴重的問題，就是人們自殘，有時甚至會自殺。我們對人工智慧工具進行了投資，並大幅增加了從事該工作的團隊的人員，透過這些措施將審查現場視訊的時間縮短到了 10 分鐘以內。這可能仍然是一個保守的估計。但是——我們正在繼續努力。因此，現在我們要做的就是增加我們針對可能看到的所有不同類型的內容和安全威脅的 SLA。這樣，透過結合我們建立的人工智慧工具並讓人們來查看這些內容，我們可以更快地處理更多類型的內容。您說得非常對，我們所做的許多人工智慧研究適用於多個領域，但我們仍然需要建立這些工具。因此，這需要大量的工程投資，我們將優先考慮這一點，在某些情況下，透過增加人員來增加團隊，而在其他情況下，透過權衡並做更多的安全工作，而不是我們可能做的其他產品工作。但這確實很重要，這是我們的首要任務。

Yes. I think on sort of how people use our products in life stages, I would just sort of -- I would say, generally, what we're trying to do is build a variety of different types of social products that can help in a variety of different use cases. So it could be one-on-one messaging with WhatsApp and Messenger. It could be sharing to Groups with the Facebook. It could be the friends that you have on Instagram. So it's -- we're trying to kind of make sure that we flesh out the full range of sharing experiences. And we think that, that has applicability across all the different life stages and depending on the ages people use the products differently, but would not -- we're not showing any specific breakouts on that.

是的。我認為，關於人們在人生各個階段如何使用我們的產品，我只是想說——總的來說，我們試圖建立各種不同類型的社交產品，以幫助解決各種不同的用例。因此它可以是使用 WhatsApp 和 Messenger 進行一對一的訊息傳遞。它可以與 Facebook 群組共用。這可能是您在 Instagram 上的朋友。所以——我們正在努力確保充實全方位的共享體驗。我們認為，這適用於所有不同的生命階段，根據人們的年齡，他們使用產品的方式也不同，但不會——我們不會在這方面展示任何具體的突破。

Your last question comes from the line of Youssef Squali, SunTrust.

您的最後一個問題來自 SunTrust 的 Youssef Squali。

Just one question. You guys unbundled the video buy. Can you speak to pricing relative to that 35% average increase in ad pricing? Can you maybe just help us understand the disparity that exists today between pricing on the new video platform and the legacy platform?

只有一個問題。你們拆分了影片購買。能談談相對於廣告價格平均上漲 35% 的定價嗎？您能否幫助我們了解目前新視訊平台和傳統平台之間的定價差異？

So I'm not totally clear on what you mean by the new video platform and the legacy video platform. But I would just say that this is primarily driven by News Feed pricing, and then you have right-hand column pricing as well. So you have impressions on Facebook News Feed, Instagram feed as well as Facebook right-hand column. Ad breaks are really a relatively small -- a very small factor today. So the pricing is really about what are the -- what is the pricing that you're seeing in the overall system primarily given on the feed-based product. So that's really what the driver is. And again, there I would point to the comments that I made about getting better at targeting and driving towards good outcomes for our advertisers as being kind of the reason that we've been able to support higher prices.

所以我不太清楚您所說的新視訊平台和傳統視訊平台是什麼意思。但我只想說，這主要是由新聞提要定價驅動的，然後還有右側欄定價。因此，您可以對 Facebook 動態消息、Instagram 動態以及 Facebook 右側欄產生印象。如今，廣告插播確實是一個相對較小——非常小的因素。因此，定價實際上就是——您在整個系統中看到的、主要基於 feed 的產品的定價是什麼。這就是真正的驅動力。再次強調，我想指出的是，我之前說過，我們要更好地定位廣告，為廣告商爭取更好的結果，這也是我們能夠支持更高價格的原因。

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。