Meta Platforms, Inc. (FB) 2020 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 2020 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

各位下午好。我叫 Mike，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Facebook 2020 年第三季財報電話會議。（接線員指示）本次通話將被錄音。非常感謝。

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

Facebook 投資人關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you. Good afternoon, and welcome to Facebook's Third Quarter 2020 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。各位下午好，歡迎參加 Facebook 2020 年第三季財報電話會議。今天與我一同討論業績的有執行長 Mark Zuckerberg、營運長 Sheryl Sandberg，以及財務長 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.

在開始之前，我想藉此機會提醒各位，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述所預期者有重大差異。可能導致結果出現重大差異的因素，已載於今日新聞稿以及我們向美國證券交易委員會（SEC）提交的 10-Q 季度報告中。我們在本次通話中所作的任何前瞻性陳述，均基於截至今日的假設；因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

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.

在本次通話中，我們可能同時提供 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表已包含於今日的財報新聞稿中。該新聞稿及隨附的投資人簡報可於我們網站 investor.fb.com 取得。

And now I would like to turn the call over to Mark.

現在我想把電話交給 Mark。

All right. Thanks, everyone, for joining us today. I hope you're all staying safe and doing well. We had another strong quarter as people and businesses continue to rely on our services, stay connected and create economic opportunity, especially during these tough times. Now 2.5 billion people around the world use one or more of our apps each day; more than 200 million businesses use our free tools; and there are more than 10 million active advertisers across our services. And most of these are small businesses, which otherwise would have had a much harder time moving online and reaching customers during this pandemic, and that's something that I'm really proud of.

好的。感謝各位今天加入。我希望大家都平安健康、狀況良好。隨著人們與企業持續依賴我們的服務、保持連結並創造經濟機會，尤其是在這些艱難時期，我們又交出了一個強勁的季度。現在全球每天有 25 億人使用我們的一個或多個 App；超過 2 億家企業使用我們的免費工具；而在我們的各項服務上，活躍廣告主超過 1,000 萬。這些多數是小型企業；若非如此，它們在這場疫情期間要轉向線上並觸及客戶將會困難得多，而這也是我非常引以為傲的一點。

And before I cover other topics, the election is, of course, top of mind for everyone right now, so I want to start there. I've discussed our effort many times on previous calls, but I want to take a few minutes to reiterate how far we have come since 2016. 4 years ago, our security teams were looking for traditional threats like hacking, but what we ended up seeing was something new, coordinated interference campaigns using fake accounts that try to spread misinformation and discord. And since then, we've built the most advanced systems in the world to find and remove these threats. And it shows in the numbers. In the years since, we've taken down more than 100 networks, including from Russia, Iran and China. And we blocked millions of potentially abusive accounts every day. And no other company has systems nearly as advanced.

在我談其他主題之前，選舉當然是大家此刻最關心的事，所以我想先從這裡開始。我在先前多次電話會議中已談過我們的努力，但我想花幾分鐘重申自 2016 年以來我們走了多遠。4 年前，我們的安全團隊在尋找像駭客入侵這類傳統威脅，但我們最後看到的是一種新的情況：協同的干預行動，利用假帳號試圖散播錯誤資訊與挑起對立。自那之後，我們建立了全球最先進的系統來發現並移除這些威脅，從數據上也看得出來。這些年來，我們已下架超過 100 個網路行動網絡，包括來自俄羅斯、伊朗與中國的。我們每天也封鎖數百萬個可能具濫用性的帳號。沒有任何其他公司擁有近乎同等先進的系統。

We've also taken industry-leading steps to make ads transparent, so people know who's trying to gain their support. Anyone who wants to run a political or social issue ad has to go through our authorization process first. And between March and September, we rejected ads 2.2 million times before they can run for trying to target the U.S. without authorization. We also built the ads library, where you can see any ad that is running on Facebook or Instagram and even if it's not targeted to you. For political and social issue ads, you can see who paid for the ad and what audience the ad reached, making political advertising on Facebook more transparent than any other medium.

我們也採取了業界領先的措施，讓廣告更透明，使人們知道誰在試圖爭取他們的支持。任何想投放政治或社會議題廣告的人，都必須先通過我們的授權流程。在 3 月到 9 月期間，我們在廣告上線前，因其試圖在未經授權的情況下鎖定美國受眾而拒絕了 220 萬次。我們也建立了廣告資料庫（ads library），你可以看到在 Facebook 或 Instagram 上投放的任何廣告，即使該廣告並未鎖定你。對於政治與社會議題廣告，你可以看到由誰付費以及廣告觸及了哪些受眾，使得 Facebook 上的政治廣告比任何其他媒體都更透明。

We are very focused on voter suppression. We're working closely with experts in the space, including civil rights leaders, and I'm grateful for their guidance here. Our policies prohibit misrepresentations of when and how to vote and content meant to intimidate people into not showing up to polling places like claiming that ISIS will be there. And we recently expanded these policies to include implicit misrepresentations, like, for example, claims that you will get COVID by voting in person. From March through mid-October, we removed more than 135,000 pieces of content in the U.S. for breaking these rules.

我們非常專注於防止壓制選民投票。我們正與該領域的專家密切合作，包括民權領袖，我也很感謝他們在此提供的指導。我們的政策禁止對何時以及如何投票作出不實陳述，也禁止意圖恐嚇人們不要前往投票所的內容，例如聲稱 ISIS 會在投票所出現。我們最近也擴大這些政策，納入隱含式的不實陳述，例如宣稱親自投票會感染 COVID。從 3 月到 10 月中旬，我們在美國因違反這些規則而移除了超過 135,000 則內容。

Now these are all changes we've made in the last 4 years, and it helps us protect the integrity of more than 200 different elections around the world, including in the EU, India and Indonesia. And they've been important for stopping abuse ahead of next week's vote in the U.S. But 2020 has also brought new challenges. COVID raises questions about how people will vote safely, which will lead to higher levels of voting by mail. And I'm worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country. And given this, companies like ours need to go well beyond what we've done before.

以上都是我們在過去 4 年所做的改變，這也幫助我們保護全球超過 200 場不同選舉的公正性，包括歐盟、印度與印尼的選舉。這些措施對於在下週美國投票日前阻止濫用行為也很重要。但 2020 年也帶來了新的挑戰。COVID 讓人們如何安全投票產生疑問，這將導致郵寄投票比例提高。我也擔心，在國家如此分裂、且選舉結果可能需要數天或數週才能定案的情況下，全國可能出現民眾動盪的風險。基於此，像我們這樣的公司需要做得遠遠超過以往。

That's why we've taken additional steps to help people register to vote, however they're comfortable; to clear up confusion about how this election will work; and reduce the chance of uncertainty and unrest. It would take too long for me to cover everything we've done in detail, but I would like to mention a few things.

因此，我們採取了額外措施，協助人們以他們覺得舒適的方式完成選民登記；釐清這次選舉將如何進行的疑惑；並降低不確定性與動盪的可能性。我若要詳細說明我們做過的所有事情會花太久，但我想提幾點。

First, we ran the largest voting information campaign in American history. We estimate that we've helped 4.4 million people register, exceeding the goal that we set for ourselves this summer. We also estimate that in September, we helped 100,000 people sign up to be poll workers, and South Carolina saw 20% of their total sign-ups to date over a single weekend that we ran that recruitment drive.

第一，我們發起了美國史上規模最大的投票資訊宣導活動。我們估計已協助 440 萬人完成選民登記，超過我們今年夏天為自己設定的目標。我們也估計在 9 月，我們協助 100,000 人報名成為投票所工作人員；而南卡羅來納州在我們進行招募活動的某個週末，單一週末的報名人數就占其截至當時累計報名總數的 20%。

We're also taking a number of additional precautionary steps. As of this Tuesday, we've blocked new political and social issue ads running the week ahead of election day and after the election. We're doing this because while I generally believe that the best antidote to bad speech is more speech, in the final days of an election, there may simply not be enough time to contest new claims. If any candidate or campaign tries to declare victory before the final results are called, we'll put a notification at the top of people's Facebook and Instagram feeds, letting them know the results aren't final yet, and then we'll put an informational label on the candidate's post saying the same.

我們也採取了多項額外的預防措施。自本週二起，我們已封鎖在選舉日前一週以及選後投放的新政治與社會議題廣告。我們這麼做是因為，雖然我一般相信對抗不良言論的最佳解方是更多言論，但在選舉最後幾天，可能根本沒有足夠時間去反駁新的主張。若任何候選人或競選團隊試圖在最終結果出爐前宣告勝選，我們會在人們的 Facebook 與 Instagram 動態消息頂端放置通知，告知結果尚未定案，並在該候選人的貼文上加上資訊標籤，傳達相同訊息。

We're also attaching an informational label to content that seeks to delegitimize the outcome of the election or any particular voting method. And when there is a projected winner, we'll send people notifications letting them know, and we'll show them in the voting information center we've been displaying at the top of our apps.

我們也會對試圖使選舉結果或任何特定投票方式失去正當性的內容加上資訊標籤。當出現預測勝選者時，我們會發送通知告知人們，並在我們已顯示於各 App 頂端的投票資訊中心中呈現相關資訊。

Finally, we've made a number of important content moderation decisions in recent weeks, including banning QAnon and Holocaust denial content as well as rejecting ads that discourage vaccines. And to be clear, this is not a shift in our underlying philosophy or strong support of free expression. Instead, it is a reflection of the increased risk of violence and unrest and an increased risk of harm associated with vaccine misinformation as we near an approved COVID vaccine.

最後，近幾週我們做出多項重要的內容審核決策，包括禁止 QAnon 與否認大屠殺（Holocaust）的內容，以及拒絕會勸阻疫苗接種的廣告。需要說清楚的是，這並非我們在基本理念或對言論自由的強力支持上有所轉變；相反地，這反映出暴力與動盪風險的上升，以及在我們接近 COVID 疫苗獲得核准之際，與疫苗錯誤資訊相關的傷害風險也在上升。

Even the strongest free expression advocates don't think you should be able to yell fire in a crowded theater because they recognize that your actions or speech should not be able to put people in imminent risk of physical harm. And our policy is you're trying to balance free expression and safety as well, and that's what we're doing.

即便是最強力的言論自由倡議者，也不認為你可以在擁擠的劇院裡大喊「失火了」，因為他們明白你的行為或言論不應讓他人面臨迫在眉睫的人身傷害風險。我們的政策同樣是在言論自由與安全之間取得平衡，而這正是我們正在做的事。

Now while next week will certainly be a test for Facebook, our systems have been tested in many elections over the last few years. Election integrity is and will be an ongoing challenge, and I am proud of the work that we have done here. I also know that our work doesn't stop after November 3. So we will keep anticipating new threats, evolving our approach and fighting to protect the integrity of the democratic process and the right of people to make their voices heard around the world.

接下來的一週無疑將是對 Facebook 的一次考驗，但我們的系統在過去幾年已在許多選舉中接受過測試。選舉公正性一直是、也將會是持續性的挑戰，而我為我們在這方面所做的工作感到自豪。我也知道，我們的工作不會在 11 月 3 日之後停止。因此，我們將持續預判新的威脅、演進我們的方法，並努力保護民主程序的公正性，以及世界各地人們發聲的權利。

Now with that all said, I want to spend the rest of our time talking about our product work. We're making significant investments and hiring to develop a range of new products across the spectrum, from messaging to Reels, to our Commerce efforts, to our longer-term AR and VR platform work through Facebook Reality Labs. Dave will share more on the scope of those investments in just a few minutes. But while we face intense competition in every area of what we do, I'm proud of the product that we keep delivering for our community.

在說完這些之後，我想把剩下的時間用來談談我們的產品工作。我們正在進行重大投資並擴大招募，以開發一系列新產品，涵蓋從訊息傳遞到 Reels、到我們的商務（Commerce）工作，以及透過 Facebook Reality Labs 推進更長期的 AR 與 VR 平台工作。Dave 將在幾分鐘後分享這些投資的規模細節。不過，儘管我們在所做的每個領域都面臨激烈競爭，我仍為我們持續為社群交付的產品感到自豪。

Now first, on messaging. Private messaging continues to be one of the fastest-growing forms of communication, now with roughly 100 billion messages exchanged every day on WhatsApp alone. But these conversations are still often fragmented across different apps. And people tell us that they want to be able to use the apps that they like best to reach everyone who they want to message.

首先，談談訊息傳遞。私人訊息仍然是成長最快的溝通形式之一，光是 WhatsApp 每天就約有 1,000 億則訊息被交換。但這些對話仍常分散在不同的 App 之間。人們告訴我們，他們希望能用自己最喜歡的 App，去聯繫所有想要傳訊息的人。

So to address this, we've been working on a long-term infrastructure project to let people message across apps. And we've now started rolling out an update to Instagram that brings the best features from Messenger and creates a better messaging experience across both apps. And the early feedback has been positive so far.

為了解決這個問題，我們一直在進行一項長期的基礎設施專案，讓人們能跨 App 傳訊息。我們現在也開始逐步推出 Instagram 的更新，把 Messenger 最好的功能帶到 Instagram，並在兩個 App 之間打造更好的訊息體驗。目前為止，早期回饋相當正面。

This quarter, we also expanded Reels, a new way to create and discover short entertainment videos. People have always come to Instagram to express themselves and be entertained. And the community has been telling us that they want a way to make and watch short-form videos for a while now. The early results make me quite optimistic here. I also want to say I've been impressed by the AR effects that have been built by more than 400,000 creators on our AR platform. Now there's obviously a lot of competition in this space as well, but I think that we're going to bring something new and higher quality that delivers value for creators and people who want to watch this content.

本季我們也擴展了 Reels，這是一種創作與探索短篇娛樂影片的新方式。人們一直以來都會到 Instagram 表達自我並獲得娛樂，而社群也告訴我們，他們想要一種方式來製作與觀看短影音已經有一段時間了。早期成果讓我對此相當樂觀。我也想說，我對於在我們 AR 平台上由超過 40 萬名創作者打造的 AR 特效感到印象深刻。當然，這個領域也有很多競爭，但我認為我們將帶來更新、更高品質的內容，為創作者以及想觀看這些內容的人帶來價值。

This quarter, we also took major steps forward in building the next computing platform. We launched Quest 2, our most advanced virtual reality headset right in time for the holidays. It delivers a real sense of presence, like you're right there with another person or in another place. And we've worked to make it accessible to more people. It's lighter, faster and has a sharper screen and a new price point of just $300. Preorders have outpaced the original Quest preorders by more than 5x and have surpassed our expectations.

本季我們也在打造下一代運算平台方面取得重大進展。我們推出了 Quest 2，這是我們最先進的虛擬實境頭戴式裝置，趕在假期前上市。它帶來真實的臨場感，就像你真的和另一個人同在一處，或身處另一個地方。我們也努力讓更多人能負擔得起。它更輕、更快，螢幕更清晰，並採用僅 300 美元的新定價。預購量比原版 Quest 的預購量高出超過 5 倍，並超出我們的預期。

We are also laying the foundation for AR glasses, which will be the Holy Grail of delivering a sense of presence while not taking you away from the physical world. One day, you're going to be able to sit down for dinner with your parents, even if they're on the other side of the country or look up directions without having to take out your phone and take yourself out of the moment. We're working on the building blocks for true consumer AR glasses. And in the meantime, we are partnering with Luxottica, the maker of Ray-Ban and Oakley, to build our first smart glasses, which we'll launch sometime next year.

我們也正在為 AR 眼鏡奠定基礎；AR 眼鏡將是在不讓你脫離現實世界的情況下，提供臨場感的「終極目標」。有一天，即使你的父母在國家的另一端，你也能坐下來和他們一起吃晚餐；或是抬頭就能查看路線指引，而不必拿出手機、讓自己離開當下的情境。我們正在打造真正面向消費者的 AR 眼鏡所需的基礎元件。同時，我們也正與 Luxottica（Ray-Ban 與 Oakley 的製造商）合作，打造我們第一款智慧眼鏡，預計在明年某個時間推出。

Supporting small businesses also continues to be a major focus for us, and it's important -- more important now than ever. Sheryl is going to cover this in more detail shortly, but I want to call out a few new products that we've shipped: the Facebook Shop tab, it gives people a dedicated place to shop and find product; the Facebook Small Business Suite lets businesses easily manage their presence across our apps; and paid online events lets businesses, creators and educators make money by live streaming classes, talks and other events.

支持小型企業仍然是我們的重點之一，而且很重要——現在比以往任何時候都更重要。Sheryl 很快會更詳細說明，但我想先點出幾項我們已推出的新產品：Facebook Shop 分頁，為人們提供一個專屬的購物與找商品的地方；Facebook Small Business Suite 讓企業能輕鬆管理其在我們各個 App 上的經營據點；以及付費線上活動，讓企業、創作者與教育者能透過直播課程、演講與其他活動來賺取收入。

In WhatsApp, we just announced how we're going to make it easier for people to buy products directly within a chat and integrating WhatsApp Business features with Facebook Shops, so that way, when a small business sets up a shop, they can now establish or will be able to establish a commercial presence across Facebook, Instagram and WhatsApp all at the same time.

在 WhatsApp 上，我們剛宣布將如何讓人們更容易在聊天中直接購買商品，並把 WhatsApp Business 的功能與 Facebook Shops 整合。如此一來，當小型企業建立商店時，他們現在就能——或將能——同時在 Facebook、Instagram 與 WhatsApp 上建立商業據點。

We continue to see how personalized advertising is helping small businesses find customers, grow their businesses and create jobs. I continue to believe that we need new regulation that allows for personalized and relevant ads while protecting people's data and privacy. And I worry that some proposals, especially in the EU and actions planned by platform companies like Apple, could have a meaningful negative effect on small businesses and economic recovery in 2021 and beyond.

我們持續看到個人化廣告如何幫助小型企業找到客戶、擴大業務並創造就業。我仍然相信，我們需要新的監管，在保護人們資料與隱私的同時，也允許個人化且相關的廣告。我擔心某些提案，特別是在歐盟，以及像 Apple 這類平台公司計畫採取的行動，可能會在 2021 年及之後，對小型企業與經濟復甦造成顯著的負面影響。

This is one of the policy questions that we're going to need to continue showing up and engaging on for the future of the Internet. There are very different visions of that future held in different parts of the world. Some are motivated by different values and others by strategic advantage. We're going to have to stand up strongly for our vision of an Internet where every individual can have access to free services and every small business can have access to the same kinds of tools to grow and create jobs that the big companies have.

這是我們未來在網際網路政策議題上需要持續投入並參與的其中一個問題。世界各地對於未來的願景差異很大；有些是出於不同的價值觀，有些則是出於策略優勢。我們必須堅定捍衛我們對網際網路的願景：讓每個人都能使用免費服務，讓每一家小型企業都能取得與大型公司相同類型的工具，以成長並創造就業。

I am grateful to everyone at Facebook and all of our partners who are working to make this vision a reality. I'm proud of all the new products and experiences we've been able to deliver this year. And as always, thank you for being on this journey with us.

我感謝 Facebook 的每一位同仁以及所有合作夥伴，致力於讓這個願景成真。我為我們今年能交付的所有新產品與新體驗感到自豪。一如既往，謝謝你們與我們一同踏上這段旅程。

Now I will hand it over to Sheryl.

接下來我把時間交給 Sheryl。

Thanks, Mark, and hi, everyone. I join Mark in thanking all of you for joining us today. This was a strong quarter for us as more businesses shifted online to reach customers, tell their stories and sell virtually. Our total ad revenue for Q3 was $21.2 billion, which is a 22% year-over-year increase. Our largest verticals were e-commerce, retail and CPG, and we continue to see broad growth across sectors such as ads as advertisers continue to optimize for measurable objectives like sales and website visits.

謝謝你，Mark，大家好。我也和 Mark 一樣，感謝各位今天與我們一同參與。這一季對我們而言表現強勁，因為更多企業轉向線上，以觸及客戶、講述他們的故事並以虛擬方式銷售。我們第三季（Q3）的廣告總營收為 212 億美元，年增 22%。我們最大的垂直產業為電子商務、零售與民生消費品（CPG），而且我們持續看到各產業的廣泛成長，因為廣告主持續針對可衡量的目標（例如銷售與網站造訪）進行最佳化。

The digital transformation has been underway for years, but the pandemic has accelerated it dramatically. As Mark said, we now have more than 200 million businesses using our free tools across our platform every month to create virtual storefronts and communicate with customers. We also now have more than 10 million active advertisers across our services every month, the vast majority of which are small- and medium-sized businesses. These businesses rely on personalized advertising to reach potential customers and grow.

數位轉型已進行多年，但疫情大幅加速了這個進程。如 Mark 所說，我們現在每月有超過 2 億家企業在我們的平台上使用免費工具，建立虛擬店面並與客戶溝通。我們的各項服務每月也有超過 1,000 萬名活躍廣告主，其中絕大多數是中小型企業。這些企業仰賴個人化廣告來觸及潛在客戶並成長。

According to the U.S. Census Bureau, before the pandemic, e-commerce share of U.S. retail sales was steadily increasing by an average of 1 percentage point a year for the past 4 years. This share leapt by 4 percentage points in Q2 alone. That's 4 years of change in less than 100 days. That doesn't mean we will continue to see sustained acceleration. This may simply be future growth being pulled forward. But it is increasingly clear that the economic recovery will be driven by businesses, finding customers and selling online.

根據美國人口普查局（U.S. Census Bureau）的資料，在疫情之前，美國零售銷售中電子商務的占比在過去 4 年中以每年平均 1 個百分點的速度穩定上升。而這個占比僅在第二季（Q2）就跳升了 4 個百分點——不到 100 天就完成了相當於 4 年的變化。這並不代表我們會持續看到長期的加速；這可能只是把未來的成長提前發生。但愈來愈明顯的是，經濟復甦將由企業所驅動——透過找到客戶並在線上銷售。

As the number of businesses going digital accelerates during the pandemic, we have accelerated our efforts to support them. On the product side, our teams have been working around the clock to build new tools that make operating online simple and efficient. This quarter, we released Facebook Business Suite, a new interface for businesses to manage their pages and profiles across our apps, helping them save time and stay up-to-date with customers.

隨著疫情期間企業數位化的速度加快，我們也加速了支持他們的努力。在產品方面，我們的團隊日以繼夜地打造新工具，讓線上營運變得簡單且高效率。本季我們推出了 Facebook Business Suite，這是一個新的介面，讓企業能跨我們的 App 管理其粉絲專頁與個人檔案，幫助他們節省時間並即時掌握客戶動態。

We also expanded Facebook and Instagram Shops, Instagram checkout and launched the Facebook Shop tab, so businesses can showcase their products and consumers can discover brands and buy things they love. And with more and more businesses using live streaming when they can't host events in person, we introduced paid online events to help them generate revenue.

我們也擴展了 Facebook 與 Instagram Shops、Instagram 結帳功能，並推出 Facebook Shop 分頁，讓企業能展示商品，讓消費者能探索品牌並購買他們喜愛的商品。隨著愈來愈多企業在無法親自舉辦活動時改用直播，我們也推出付費線上活動，協助他們創造營收。

On WhatsApp, there are now more than 40 million people viewing a business catalog every month, so we created a new shopping button to make it even easier for people to discover a catalog and find something they would like to buy. Soon, you'll also be able to click a WhatsApp icon on a Facebook Shop to chat directly with the business.

在 WhatsApp 上，目前每月有超過 4,000 萬人瀏覽企業型錄，因此我們新增了一個購物按鈕，讓人們更容易探索型錄並找到想買的商品。很快地，你也將能在 Facebook Shop 上點擊 WhatsApp 圖示，直接與商家聊天。

As well as improving our products, we are also helping business owners learn the skills they need to thrive online. Our Business Resource Hub provides training to small businesses, on everything from getting set-up online, to engaging with customers, and has been visited tens of millions of times since its launch just in March.

除了改善產品之外，我們也協助企業主學習在網路上蓬勃發展所需的技能。我們的 Business Resource Hub 為小型企業提供訓練，內容涵蓋從線上建置到與客戶互動等各方面；自 3 月推出以來，已被造訪數千萬次。

As the needs of our community evolve, our training changes, too. We launched a new partnership with Coursera to train job seekers in skills like social marketing that are becoming ever more critical in a digital economy. We have also built on the success of our Summer of Support training program, which reached more than 17 million people by launching a new 3-month Season of Support to help businesses make the most of the holidays. This includes our #BuyBlack Friday initiative to support Black-owned businesses in their communities.

隨著社群需求演變，我們的訓練內容也會跟著調整。我們與 Coursera 推出新的合作夥伴關係，訓練求職者學習如社群行銷等技能，而這些技能在數位經濟中變得愈來愈關鍵。我們也延續「Summer of Support」訓練計畫的成功——該計畫觸及超過 1,700 萬人——並推出新的為期 3 個月的「Season of Support」，協助企業把握假期商機。其中也包含我們的 #BuyBlack Friday 倡議，以支持社區中的黑人擁有企業。

While we continue to invest in helping businesses, we are equally focused on keeping our platform safe. Last month, we took an important step by agreeing, along with YouTube and Twitter, to a common set of definitions of hate speech and other harmful content. This was done in partnership with the World Federation of Advertisers and the Global Alliance for Responsible Media. There's more work to do, but we're headed in the right direction as we continue to develop industry-wide standards.

在我們持續投資協助企業的同時，我們也同樣專注於維持平台安全。上個月，我們與 YouTube 和 Twitter 一起同意採用一套共同的仇恨言論及其他有害內容的定義，這是與世界廣告主聯盟（World Federation of Advertisers）以及全球責任媒體聯盟（Global Alliance for Responsible Media）合作完成的。仍有更多工作要做，但在我們持續制定全產業標準的過程中，我們正朝正確方向前進。

I want to acknowledge that despite these strong results, we faced significant headwinds, which Dave will talk about more. There is an important debate taking place about the way companies use data, including for online advertising. We welcome this debate and have been advocating for new rules for the Internet in a range of areas, from privacy and harmful content, to election integrity and data portability. While we face greater scrutiny than ever before, we are also experiencing more demand from businesses for both our free and paid tools, especially our personalized ad products.

我想先表示，儘管我們取得了這些強勁的成果，但我們也面臨了顯著的逆風，Dave 會進一步說明。目前正就企業使用資料的方式（包括用於線上廣告）展開一場重要的辯論。我們歡迎這場辯論，並一直倡議為網際網路在多個領域制定新規則，涵蓋從隱私與有害內容，到選舉完整性與資料可攜性。雖然我們面臨前所未有的更高審視，我們也同時看到企業對我們免費與付費工具的需求增加，尤其是對我們的個人化廣告產品。

As this debate continues, it is important that we don't lose sight of the hugely important role personalized ads play for small businesses. Small businesses can't afford the broad mass-marketing campaigns that big brands can. A good example is Glamnetic, a beauty brand specializing in magnetic eyelashes, which started in a 1-bedroom apartment in Los Angeles a little more than a year ago. Co-founders, Ann and Kevin, post photos and videos on Instagram and Facebook and use personalized ads to reach people they think might like their products, including women between 18 to 50 who are interested in beauty and cosmetics. They also advertise to people who have visited their website made possible by personalized ads technology, which help them identify customer hotspots to focus on, like California, New York, Texas, Ohio and several Southern states. They saw a 9x increase in revenue in Q3 versus 2019 and doubled their revenue month-over-month. While so many businesses are struggling this year, this has helped them to grow from 5 employees to 35.

隨著這場辯論持續進行，重要的是我們不要忽視個人化廣告對小型企業所扮演的極其重要角色。小型企業無法負擔大型品牌能做的廣泛大眾行銷活動。一個很好的例子是 Glamnetic——一家專注於磁吸假睫毛的美妝品牌，於一年多前在洛杉磯一間一房公寓起步。共同創辦人 Ann 與 Kevin 會在 Instagram 和 Facebook 上發布照片與影片，並使用個人化廣告觸及他們認為可能喜歡其產品的人群，包括對美妝與化妝品有興趣的 18 至 50 歲女性。他們也會向曾造訪其網站的人投放廣告，這得益於個人化廣告技術，並協助他們辨識客戶熱點以便聚焦，例如加州、紐約、德州、俄亥俄州以及數個南方州。他們在第三季的營收相較 2019 年成長 9 倍，且營收月對月翻倍。在今年許多企業都在掙扎之際，這幫助他們從 5 名員工成長到 35 名。

There are countless stories like Ann and Kevin's among the over 10 million advertisers on our platform. For many small- and medium-sized businesses, personalized advertising, which uses data safely and in a privacy-protected way, is the secret ingredient that makes their success possible. These businesses have the potential to be the driving force of the economic recovery in the months and years ahead as long as they can continue to rely on the data-driven tools they use day in and day out.

在我們平台上超過 1,000 萬名廣告主之中，像 Ann 和 Kevin 這樣的故事不勝枚舉。對許多中小型企業而言，個人化廣告在安全且受隱私保護的方式下使用資料，是使其成功成為可能的關鍵要素。只要這些企業能持續依賴他們日復一日使用的資料驅動工具，在未來數月與數年中，它們就有潛力成為經濟復甦的驅動力量。

We're living in a time of deep uncertainty. The next few months or quarters will continue to be precarious for so many businesses. Whatever happens, we will remain focused on keeping people connected and supporting businesses as they make the transition online.

我們正處於高度不確定的時期。接下來幾個月或幾個季度，對許多企業而言仍將充滿風險。不論發生什麼事，我們都將持續專注於讓人們保持連結，並在企業轉型線上之際提供支持。

I want to close by saying how grateful I am to our partners, big and small, old and new, around the world and to our incredible teams who are working hard every day to make a real and very positive difference in people's lives. Now here's Dave.

最後我想說，我非常感謝我們在全球各地的合作夥伴——無論規模大小、合作時間長短——以及我們令人驚嘆的團隊，他們每天努力工作，為人們的生活帶來真實且非常正面的改變。接下來交給 Dave。

Thanks, Sheryl, and good afternoon, everyone. Now let's start with our community metrics. In September, we estimate that approximately 2.5 billion people used at least one of our services on a daily basis and that approximately 3.2 billion people used at least one of our services on a monthly basis. Facebook daily active users reached 1.82 billion, up 12% or 197 million compared to last year. DAUs represented approximately 66% of the 2.74 billion monthly active users in September. MAUs grew by 291 million or 12% compared to last year.

謝謝 Sheryl，各位午安。現在我們先從社群指標開始。9 月份，我們估計約有 25 億人每天使用我們至少一項服務，約有 32 億人每月使用我們至少一項服務。Facebook 每日活躍用戶（DAU）達到 18.2 億，較去年成長 12%，增加 1.97 億。9 月 DAU 約占 27.4 億月活躍用戶（MAU）的 66%。MAU 較去年增加 2.91 億或成長 12%。

Turning to the financials. All comparisons are on a year-over-year basis, unless otherwise noted. Q3 total revenue was $21.5 billion, up 22% or 21% on a constant currency basis. We benefited from a currency tailwind, and had foreign exchange rates remained constant with Q3 of last year, total revenue would have been $114 million lower.

接著看財務表現。除非另有說明，所有比較皆為年對年。第三季總營收為 215 億美元，年增 22%；以固定匯率計算年增 21%。我們受惠於匯率順風；若外匯匯率維持與去年第三季相同，總營收將會少 1.14 億美元。

Q3 ad revenue was $21.2 billion, up 22% or 21% on a constant currency basis. The acceleration in advertising revenue growth from Q2 to Q3 was largely driven by strong advertiser demand resulting from the accelerated shift from off-line to online commerce that we saw in connection with the pandemic. We are seeing particular strength among small- and medium-sized businesses. We are proud of the role that our services are playing in helping people stay connected and businesses reach consumers during these challenging and uncertain times.

第三季廣告營收為 212 億美元，年增 22%；以固定匯率計算年增 21%。廣告營收成長率自第二季到第三季的加速，主要由廣告主需求強勁所帶動，而這與疫情期間我們觀察到的商務活動由線下加速轉向線上有關。我們特別看到中小型企業表現強勁。我們為我們的服務在這段充滿挑戰與不確定的時期，協助人們保持連結並幫助企業觸及消費者所扮演的角色感到自豪。

On a user geography basis, year-over-year ad revenue growth rates improved in all regions compared to Q2. Asia Pacific and Europe were strongest and grew 30% and 25%, respectively. Both regions benefited from currency tailwinds. U.S. and Canada grew 20%. Rest of world grew 12% and was impacted by foreign currency headwinds.

以用戶地理區域來看，各地區的廣告營收年增率相較第二季皆有所改善。亞太與歐洲最為強勁，分別成長 30% 與 25%。兩個地區皆受惠於匯率順風。美國與加拿大成長 20%。世界其他地區成長 12%，並受到外幣匯率逆風影響。

In Q3, the total number of ad impressions served across our services increased 35%, and the average price per ad decreased 9%. Impression growth was driven by both Facebook and Instagram. The decline in average price per ad was primarily driven by the ongoing mix shift towards geographies and stories ads, which monetize at lower rates, although year-over-year pricing trends improved from the second quarter due to broad improvements in advertiser demand, coupled with slower impression growth.

第三季，我們各項服務投放的廣告曝光總量增加 35%，每則廣告平均價格下降 9%。曝光量成長由 Facebook 與 Instagram 共同帶動。每則廣告平均價格下滑主要是因為持續的組合轉移，朝向變現率較低的地理區域以及限時動態（Stories）廣告；不過，由於廣告主需求普遍改善，加上曝光量成長放緩，年對年的定價趨勢較第二季有所改善。

Other revenue was $249 million, down 7%, primarily due to the timing of a new product launch as we transitioned to Quest 2, which we began selling in the fourth quarter.

其他營收為 2.49 億美元，年減 7%，主要因為我們在轉換至 Quest 2 期間新產品上市時點的影響；我們於第四季開始銷售 Quest 2。

Turning now to expenses. Q3 total expenses were $13.4 billion, up 28% compared to last year. In terms of the specific line items, cost of revenue increased 33% driven primarily by infrastructure-related investments, including both depreciation and operational expenditures. R&D increased 35 -- 34% driven primarily by hiring and investments in our innovation efforts, notably Facebook Reality Labs as well as core product. Marketing and sales increased 11%, a slower growth rate than prior quarters due to a slowdown in consumer marketing and hiring. Lastly, G&A expenses increased 33% driven primarily by higher legal-related expenses.

接著看費用。第三季總費用為 134 億美元，較去年增加 28%。就各項明細而言，營收成本增加 33%，主要由基礎設施相關投資所帶動，包括折舊與營運支出。研發費用增加 34%（原文：35 -- 34%），主要由招募人員與我們創新投入所帶動，尤其是 Facebook Reality Labs 以及核心產品。行銷與銷售費用增加 11%，由於消費者行銷與招募放緩，成長率低於前幾季。最後，一般與行政（G&A）費用增加 33%，主要由較高的法律相關費用所帶動。

We added over 4,100 net new hires in Q3, primarily in technical functions. We ended the quarter with over 56,600 full-time employees, up 32% compared to last year. We continue to be pleased with our ability to recruit, onboard and retain talent in this environment.

第三季我們淨新增超過 4,100 名員工，主要在技術職能。我們在季末擁有超過 56,600 名全職員工，較去年增加 32%。在此環境下，我們仍對自身招募、到職培訓（onboard）與留才的能力感到滿意。

Operating income was $8 billion, representing a 37% operating margin. Our tax rate was 4%, which reflects a onetime benefit related to a tax election to capitalize certain R&D expenses for tax purposes. Net income was $7.8 billion or $2.71 per share. The onetime tax benefit resulted in EPS being $0.31 higher.

營業利益為 80 億美元，營業利益率為 37%。我們的稅率為 4%，反映一次性利益，與一項稅務選擇有關：為稅務目的將部分研發費用資本化。淨利為 78 億美元，或每股 2.71 美元。該一次性稅務利益使每股盈餘（EPS）提高 0.31 美元。

Capital expenditures were $3.9 billion driven by investments in data centers, servers, office buildings and network infrastructure. In Q3, we announced that our 17th data center will be in Gallatin, Tennessee and will be 100% supported by renewable energy.

資本支出為 39 億美元，主要由資料中心、伺服器、辦公大樓與網路基礎設施投資所帶動。第三季我們宣布第 17 座資料中心將設於田納西州加拉廷（Gallatin），並將 100% 由再生能源供電。

Facebook recognizes the urgency of addressing climate change, and we are committed to help tackle this global crisis. That is why, in Q3, we set a new goal to reach net-zero carbon emissions for our value chain in 2030. This is in addition to our current plans for our global operations to achieve net-zero carbon emissions and be 100% supported by renewable energy by the end of 2020 and beyond.

Facebook 認知到因應氣候變遷的急迫性，我們承諾協助應對這場全球危機。因此在第三季，我們設定了新的目標：在 2030 年使我們的價值鏈達成淨零碳排放。這是在我們既有計畫之外的補充；我們目前的計畫是讓全球營運在 2020 年底及其後達成淨零碳排放，並 100% 由再生能源支持。

Free cash flow was $5.9 billion. We repurchased $1.7 billion of our Class A common stock, completed the $5.8 billion investment in Jio Platforms Limited and ended the quarter with $55.6 billion in cash and marketable securities.

自由現金流為 59 億美元。我們回購了 17 億美元的 A 類普通股，完成對 Jio Platforms Limited 的 58 億美元投資，並在季末持有 556 億美元的現金與有價證券。

Turning now to the outlook. As expected, in Q3, we saw Facebook DAUs and MAUs in the U.S. and Canada decline slightly from Q2 levels, which were elevated due to the impact of the pandemic. In Q4, we expect this trend to continue and that the number of DAUs and MAUs in the U.S. and Canada will be flat or slightly down compared to Q3.

接著看展望。如預期，第三季我們在美國與加拿大的 Facebook DAU 與 MAU 較第二季水準略為下滑；第二季因疫情影響而偏高。第四季我們預期此趨勢將持續，美國與加拿大的 DAU 與 MAU 相較第三季將持平或略降。

Turning now to revenue. We expect our Q4 year-over-year ad revenue growth rate to be higher than our reported Q3 rate driven by continued strong advertiser demand during the holiday season. Additionally, Oculus Quest 2 orders have been strong, which should benefit other revenue.

接著看營收。我們預期第四季廣告營收年增率將高於我們第三季所報告的成長率，主要由假期季節期間持續強勁的廣告主需求所帶動。此外，Oculus Quest 2 訂單表現強勁，應可帶動其他營收。

Looking ahead to 2021, we continue to face a significant amount of uncertainty. We believe the pandemic has contributed to an acceleration in the shift of commerce from off-line to online, and we experienced increasing demand for advertising as a result of this acceleration. Considering that online commerce is our largest ad vertical, a change in this trend could serve as a headwind to our 2021 ad revenue growth.

展望 2021 年，我們仍面臨相當程度的不確定性。我們認為疫情促使商務活動由線下轉向線上的趨勢加速，而我們也因這種加速而經歷廣告需求上升。鑑於線上商務是我們最大的廣告垂直領域，若此趨勢出現變化，可能會對我們 2021 年的廣告營收成長形成逆風。

In addition, we expect more significant targeting and measurement headwinds in 2021. This includes headwinds from platform changes, notably on iOS 14, as well as those from the evolving regulatory landscape. There is also continuing uncertainty around the viability of transatlantic data transfers in light of recent European regulatory developments. And like other companies in our industry, we are closely monitoring the potential impact on our European operations as these developments progress.

此外，我們預期 2021 年在定向投放與成效衡量方面將面臨更顯著的逆風。其中包括來自平台變更的逆風，尤其是 iOS 14 的變更，以及來自不斷演進的監管環境所帶來的影響。鑑於近期歐洲監管發展，跨大西洋資料傳輸的可行性仍持續存在不確定性。並且，如同本產業的其他公司一樣，隨著這些發展推進，我們正密切關注其對我們歐洲營運可能造成的影響。

Turning now to expenses. We expect 2020 total expenses to be in the range of $53 billion to $54 billion, narrowed from our prior range of $52 billion to $55 billion. We anticipate that our full year 2021 total expenses will be in the range of $68 billion to $73 billion driven by continued investments in product development and technical talent as well as a return to more normal levels of spend in areas like office operations and travel. However, these are preliminary estimates as we have not yet finalized our 2021 budget.

接著談費用。我們預期 2020 年總費用將落在 530 億至 540 億美元區間，較先前 520 億至 550 億美元的區間進一步縮窄。我們預估 2021 年全年總費用將落在 680 億至 730 億美元區間，主要由持續投資於產品開發與技術人才，以及在辦公室營運與差旅等領域回到較正常的支出水準所帶動。不過，這些仍屬初步估計，因為我們尚未完成 2021 年預算定案。

We expect 2020 capital expenditures to be approximately $16 billion, unchanged from our prior outlook. For 2021, we anticipate capital expenditures to be in the range of $21 billion to $23 billion driven by investments in data centers, servers, network infrastructure and office facilities. Our outlook includes spend that was delayed from 2020 due to the impact of the pandemic on our construction efforts.

我們預期 2020 年資本支出約為 160 億美元，與先前展望一致。對於 2021 年，我們預估資本支出將落在 210 億至 230 億美元區間，主要由資料中心、伺服器、網路基礎設施與辦公設施的投資所驅動。我們的展望亦包含因疫情對建設作業造成影響而自 2020 年延後的支出。

Turning now to tax. We expect our Q4 effective -- Q4 2020 effective tax rate to be in the mid-teens and our full year 2021 tax rate to be in the high teens.

接著談稅務。我們預期 2020 年第四季有效稅率將落在十幾%的中段，而 2021 年全年稅率將落在十幾%的高段。

In summary, we are proud of the role that our services are playing in keeping people and businesses connected through these difficult times. At the same time, we are continuing to invest aggressively in new products and experiences to better serve our global community.

總結而言，我們為自家服務在這段艱難時期協助人們與企業保持連結所扮演的角色感到自豪。同時，我們也持續積極投資於新產品與新體驗，以更好地服務我們的全球社群。

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

接下來，Mike，我們開放提問。

(Operator Instructions) Your first question comes from the line of Brian Nowak from Morgan Stanley.

（接線員指示）第一個問題來自 Morgan Stanley 的 Brian Nowak。

I have 2, one for Mark, one for Dave. Mark, there's a lot of different types of consumer behavior on the platform for messaging, posting videos, stories, shopping, et cetera. I would be curious, as you sort of look at the way in which people are using the products now versus the start of the year, pre-COVID, what's changed the most that surprised you. And how does that sort of impact your product priorities as you continue to make sure you're delivering value for your advertisers over the next couple of years?

我有兩個問題，一個問 Mark，一個問 Dave。Mark，平台上有很多不同類型的消費者行為，包括傳訊、發文、看影片、限時動態、購物等等。我很好奇，當你回頭看人們現在使用產品的方式，與今年年初、COVID 之前相比，最讓你意外、變化最大的是什麼？而這又如何影響你們的產品優先順序，讓你們在未來幾年持續確保能為廣告主帶來價值？

And then, Dave, I wanted to ask one about the initial '21 OpEx guide. Now you mentioned sort of R&D and technical talent. Are there any specific projects or initiatives where you sort of look at and you say these areas we really need to invest materially harder in next year than you may have this year?

然後 Dave，我想問一下你們對 2021 年營運費用（OpEx）指引的初步看法。你提到研發與技術人才等面向。是否有任何特定專案或計畫，是你們認為明年需要比今年更大幅度加碼投資的？

Sure. Thanks for the question. In terms of what behaviors we really saw with COVID, it was an increase in -- well, first of all, there was an increase in almost everything across the board, which I think was somewhat temporary and is now returning to baseline levels of growth, which is partially what we're seeing. But in terms of some of the more permanent trends, I think more people are doing kind of synchronous forms of connection. So voice calling and video calling, I think we're seeing continue to be elevated in a lot of areas. We're seeing a stronger need for community. That's been a theme that we've seen for a while, but I think, especially with COVID and people feeling a little more isolated, that has grown, the need to do that online. So we're really going to double-down and invest in that area to help even more than we are today, building out the infrastructure for communities as a foundation going forward.

當然，謝謝你的問題。就 COVID 期間我們看到的行為而言，確實出現了增加——首先，幾乎各方面都全面上升，我認為其中一部分是暫時性的，現在正回到基準成長水準，這也是我們部分所看到的情況。但就一些較為長期的趨勢而言，我認為更多人正在進行某種同步式的連結方式。因此，語音通話與視訊通話在許多領域仍維持在較高水準。我們也看到更強烈的社群需求。這一直是我們觀察到的主題，但我認為特別是在 COVID 期間，人們感到更孤立時，這種需求更為增長，需要在線上完成這件事。因此，我們將在這個領域加倍投入，做得比今天更多，並把社群的基礎設施建設作為未來的基石。

People have more time where they want entertainment, so we're seeing video and gaming and things like that grow as well. And that seems to have been sustained. That's on top of all the commerce trends, where I don't think we know exactly which way this will turn, as Dave and Sheryl both said, whether this is a sort of a onetime shift towards a dramatic increase in the amount of commerce that's happening online versus a continued trend that we will see. But certainly, we haven't seen any decline or return to baseline off of the quite elevated levels of online commerce behavior that we see both from consumers and small businesses.

人們有更多時間想要娛樂，因此我們也看到影片、遊戲等成長，而且看起來已經持續下來。除此之外還有所有的商務趨勢；我們不確定最終會如何發展，正如 Dave 與 Sheryl 都提到的，這究竟是一次性的轉變——線上商務活動量大幅增加——還是我們將持續看到的長期趨勢。但可以確定的是，無論是消費者或小型企業，我們都尚未看到線上商務行為從目前相當高的水準出現下滑或回到基準。

Hey, Brian. I'll take that second question. As Mark outlined in his prepared remarks, we're making significant investments in hiring across a wide range of new products. I would probably talk about big investments that we're making in our longer-term AR/VR work through Facebook Reality Labs as well as continued investments in areas like messaging, Commerce and Reels.

Brian，你的第二個問題我來回答。正如 Mark 在事先準備的談話中所概述，我們正在針對各式各樣的新產品大幅投資於招募。我可能會特別提到，我們在 Facebook Reality Labs 的長期 AR/VR 工作上投入很大，同時也持續投資於傳訊、商務以及 Reels 等領域。

The other thing that I would mention on the 2021 total expense guide is that we expect to have higher expenses from office operations and travel once we have seen larger parts of the workforce return to the office. We estimate that in 2020, we saved approximately $1.5 billion on those expenses. And in 2021, we would be kind of working off a higher employee count, which is ultimately what drives those expenses. So we would expect to see a snapback of some of those savings.

另外，關於 2021 年總費用指引，我還想補充的是：一旦我們看到更多員工回到辦公室，我們預期辦公室營運與差旅的費用會更高。我們估計 2020 年在這些費用上約節省了 15 億美元。而在 2021 年，我們將是在較高的員工人數基礎上運作，而員工人數最終會驅動這些費用。因此，我們預期其中一部分節省將出現反彈回升。

Your next question comes from the line of Eric Sheridan from UBS.

下一個問題來自 UBS 的 Eric Sheridan。

Maybe I'll try 2 as I -- also. First, maybe following up on Brian's question the way Dave answered it, but turning it back to Mark. Mark, I would love to understand your philosophy around what you think the company needs to either invest in or sort of solve for, for the unlock on augmented reality of the long term, it's sort of a broad-based consumer and enterprise platform, to be that sort of next wave of computing that you've talked about in the past. What do you see as sort of the 3- to 5-year roadblocks you're investing against and key unlocks you're looking for in the business?

我也許也問兩個。首先，延續 Brian 的問題以及 Dave 的回答，但把問題轉回給 Mark。Mark，我想了解你對公司在長期解鎖擴增實境（AR）方面的理念：要把它打造為一個廣泛的消費者與企業平台，成為你過去談到的下一波運算平台，公司需要投資或解決哪些事情？你認為在 3 到 5 年的時間尺度上，你們正在投入以克服的路障是什麼，以及你在業務上尋找的關鍵解鎖點是哪些？

And maybe, Sheryl, if I could just ask you, probably the #1 question we get from investors is that all the innovation you guys are doing on the Commerce side, whether it be Facebook Shops or the transformation of Instagram around shopping and checkout, given the way you framed your statements around the shift in commerce in real time as we continue through this COVID period, how are those sort of platforms positioned to capitalize very short-term Q3 into Q4? And how are you thinking about the ability for those shifts to be there for advertisers and commerce participants in '21 and beyond?

另外，Sheryl，如果可以我也想問你：投資人最常問的第一個問題是，你們在商務端所做的所有創新——不論是 Facebook Shops，或是 Instagram 圍繞購物與結帳的轉型——考量到你對 COVID 期間即時商務轉移的描述，這些平台在非常短期（第三季到第四季）要如何把握機會？以及你們如何看待這些轉變在 2021 年及之後，能為廣告主與商務參與者帶來的能力？

Sure. Well, I can take the first one in terms of some of the milestones for the next computing platform. I think that there are a few things that I'm really looking for. So there's virtual reality, there's augmented reality, and then there's the whole kind of operating system of sort of spatial computing and 3D around that. And there are pieces that need to come together on each of those.

好的。我可以先回答第一個，談談下一代運算平台的一些里程碑。我認為我真正關注的有幾件事：有虛擬實境（VR）、有擴增實境（AR），以及整個所謂空間運算與 3D 的作業系統層面。這些領域各自都有一些部分需要整合到位。

VR, we are the most advanced in. The big milestone that I'm focused on here is we want to get to 10 million active units in our VR systems because we think, at that point, that's when it will become -- the ecosystem will really be able to be self-sustaining and accelerate, where independent developers will be able to start -- it will really economically make sense for independent developers to prioritize the Oculus platform above alternative gaming platforms because the installed base will be sufficiently large that they will get good returns.

在 VR 方面，我們是最先進的。我在這裡聚焦的一個重大里程碑是：我們希望 VR 系統能達到 1,000 萬台活躍裝置，因為我們認為到了那個時點，生態系將能真正自給自足並加速發展；獨立開發者將能開始——從經濟角度來看，會真正有意義把 Oculus 平台放在其他遊戲平台之上優先投入，因為裝機量足夠大，能帶來良好的回報。

Right now, we're funding a lot of the content development ourselves. But we hope that, at some point in the next few years, we'll reach that. And we feel like we have line of sight to that.

目前我們仍自行資助大量內容開發。但我們希望在未來幾年中的某個時間點能達到那個目標，而且我們覺得已經看得到達成的路徑。

Part of building out AR is going to be a little bit harder in that, VR, people do it, they do it at home. It's meant to be pretty immersive. Obviously, you want the headset to be as small and comfortable as possible. But fundamentally, it's not the type of thing that you're going to be wearing down the street that you need to really have a very kind of stylish or socially acceptable form factor just yet. Whereas I do think to have viable augmented reality consumer glasses, you need to clear a number of technological hurdles to make it so that all of that technology fits in what would be kind of a normal, maybe thick-rimed consumer glasses form factor, so these are -- there are a number of fundamental technological advances that still need to be made there, which is why I think that, that product is still a few years out, but it's one that we're very excited about.

AR 的建置會更困難一些，因為 VR 是在家中使用，主打高度沉浸式體驗。當然，你會希望頭戴裝置越小、越舒適越好。但從根本上說，它還不是那種你會戴著走在街上、需要非常時尚或在社交上可被接受的外型設計的產品。相較之下，我確實認為要讓面向消費者的 AR 眼鏡可行，你需要跨越多項技術門檻，才能把所有技術都塞進看起來像一般、也許是較厚框的消費者眼鏡外型之中。因此，那裡仍需要若干根本性的技術突破；這也是為什麼我認為該產品仍需幾年時間，但我們對此非常興奮。

The work that we're doing on VR and AR will share some of kind of the operating system and the ecosystem around them of 3D development and spatial development. And that's also shared across some of the AR effects and things that we're seeing people use in Reels and the camera and Instagram and Facebook and Messenger. And that work, I think, is going quite well, where there are hundreds of thousands of creators and developers and people building for that. But all of those pieces basically need to come together for the ecosystem to work. And I've been very impressed and excited by the progress that our teams have made on this. And I think that the new Quest 2 product is extraordinary. I love using it. And I'm really proud of the work that we've done there.

我們在 VR 和 AR 上所做的工作，將會共享某種作業系統，以及圍繞 3D 開發與空間開發的生態系。這也與我們看到人們在 Reels、相機，以及 Instagram、Facebook 和 Messenger 中使用的一些 AR 特效與功能相互共享。我認為這項工作進展相當順利，目前已有數十萬名創作者、開發者與建置者在為此打造內容。但要讓生態系運作，這些部分基本上都需要整合到一起。我對我們團隊在這方面取得的進展感到非常印象深刻且興奮。我也認為新的 Quest 2 產品非常出色。我很喜歡使用它，也為我們在這方面所做的工作感到非常自豪。

So I'll talk about Commerce. We have been focused on making Commerce more convenient, more accessible, secure across our apps for people and businesses. We always were at the top of the funnel for discovery and for connecting people to many businesses and products around the world. And we saw, even before the pandemic, an opportunity to keep moving people down that funnel.

接下來我談談商務（Commerce）。我們一直專注於讓商務在我們的各個應用程式中，對個人與企業而言更便利、更易取得且更安全。我們一向位於探索與發現的漏斗頂端，負責把人們與全球眾多企業與產品連結起來。而且我們看到，即使在疫情之前，也存在一個機會：持續推動人們在這個漏斗中往下走。

What happened with coronavirus is we just massively accelerated -- this shift massively accelerated, and we really doubled-down on shipping commerce products so that we could help the now 10 million small businesses who advertise, with the hundreds of millions who really rely on our free tools so that they would be able to pivot online. And so Mark mentioned Shops in his remarks. We launched this very quickly in Q2, and we're seeing -- it's early, but we're really pleased with the progress. We've just announced expansion to WhatsApp. We're building for Facebook. We're building for Instagram. And I think what we see is that acceleration really works, and it's good because we can provide these tools to small businesses. But it also accelerates our ad revenue, and I'll share an example.

新冠疫情帶來的影響是，這個轉變被大幅加速——這個轉變大幅加速，而我們也加倍投入推出商務產品，讓我們能協助目前投放廣告的 1,000 萬家小型企業，以及數以億計真正依賴我們免費工具的企業，能夠轉向線上。因此 Mark 在他的發言中提到了 Shops。我們在第二季非常快速地推出了這項功能；目前我們看到——雖然還在早期，但我們對進展非常滿意。我們剛宣布擴展到 WhatsApp。我們正在為 Facebook 建置，也正在為 Instagram 建置。我認為我們看到的是，加速確實有效，這很好，因為我們能把這些工具提供給小型企業。但它也會加速我們的廣告營收，我會分享一個例子。

There an indigenous brand called Sisters Sage. They make handcrafts and wellness products like soaps, and they were founded by sisters. And before coronavirus, they were selling at local farmers markets and mall kiosks. So that obviously just went away overnight. They pivoted to Facebook and Shopify, were able to put themselves online and then used our targeted ads and have had a 9x return on ad sales and have increased their sales by 2 -- over 2.5x during this. And so what we see is that when we help provide the commerce tools, it can help the small businesses that rely on us, and it can also drive our ad revenue.

有一個原住民品牌叫做 Sisters Sage。他們製作手工藝品與健康產品，例如肥皂，由姊妹共同創立。在新冠疫情之前，他們主要在當地農夫市集與商場的快閃攤位銷售；顯然這些通路一夕之間就消失了。他們轉向使用 Facebook 和 Shopify，得以把自己搬到線上，接著使用我們的精準投放廣告，廣告帶來的銷售回報達到 9 倍，並且在這段期間把銷售提升了 2 倍——超過 2.5 倍。因此我們看到，當我們協助提供商務工具時，既能幫助依賴我們的小型企業，也能帶動我們的廣告營收。

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

下一個問題來自美國銀行（Bank of America）的 Justin Post。

Mark, on prior calls, you mentioned that, eventually, margins have to kind of -- I mean, expense growth kind of has to match revenue growth. So interesting, the midpoint of your range, 32% expense growth. Does that show some optimism on revenues? Or are you investing in some products that could pay off with some revenues down the road? And just thinking about the progress with messaging. You have a deal with Didi in Brazil and opening up with other platforms. Is that something you're excited about over the next couple of years of starting to really show some revenues?

Mark，在先前的電話會議中，你提到最終利潤率必須某種程度上——我的意思是，費用成長必須與營收成長相匹配。很有意思的是，你們區間中點是 32% 的費用成長。這是否顯示你們對營收較為樂觀？或者你們正在投資一些產品，可能在未來帶來營收回報？另外談到訊息（messaging）的進展，你們在巴西與滴滴（Didi）有合作，並且也向其他平台開放。這是否是你們對未來幾年開始真正展現一些營收感到興奮的事情？

So Justin, why don't I take the first part of that, which is on the expense growth guidance. And there, we're not giving guidance on revenue growth, and there's not implied guidance on revenue growth. So at the midpoint, you've got that right, it's sort of in the low 30s on an expense growth basis. That's fairly consistent with where our headcount growth is right now, and that really reflects the opportunities we see to invest. We've been successful with hiring and retaining talent. We've got a lot of priorities, given everything we have seen from COVID and the shift to online with Commerce, with messaging and also the big investments that we're making for the long term in Facebook Reality Labs.

Justin，關於第一部分，也就是費用成長指引，我先回答。在這裡，我們並沒有提供營收成長的指引，也沒有任何隱含的營收成長指引。以區間中點來看，你說得沒錯，費用成長大約在 30% 出頭。這與我們目前的人力成長相當一致，也確實反映了我們所看到的投資機會。我們在招募與留任人才方面很成功。我們有很多優先事項，考量到我們從 COVID 看到的一切，以及商務線上化的轉移、訊息相關工作，還有我們為長期在 Facebook Reality Labs 所做的大型投資。

So I think it's clear that we would expect there to be a margin decline next year based on that guidance, but we're not giving specific revenue guidance at this time. And then, Mark, do you want to cover the messaging?

因此我認為很清楚，依照這份指引，我們預期明年利潤率會下滑，但我們目前不提供具體的營收指引。然後，Mark，你要不要補充一下訊息（messaging）的部分？

Sure. I think the short answer is, yes, I think the goal is to build out a commerce platform around messaging with all of the tools, starting with Facebook Shops, which we've already announced, will be coming to WhatsApp and Messenger. So any small business will be able to set up a shop and have that kind of automatically establish a presence in those services, too. We're building out a number of tools around business messaging, so that way, people can follow up and complete transactions and get support through messaging and then payments, so that people can complete transactions, too.

當然。我想簡短的回答是：是的。我們的目標是圍繞訊息建立一個商務平台，配備所有工具，從我們已經宣布的 Facebook Shops 開始，並將會導入 WhatsApp 和 Messenger。這樣任何小型企業都能建立商店，並且自動在這些服務中建立相應的存在。我們也正在打造多種企業訊息工具，讓人們可以透過訊息進行後續跟進、完成交易並取得支援；接著是支付功能，讓人們也能完成交易。

One of the early monetization products that is working quite well are those click-to-messaging ads, so that way, someone can get -- a business can run ads in Facebook or Instagram and in the destination for that ad, can take the person to a thread, a chat thread either in Messenger or WhatsApp, to kind of further build out the relationship with the consumer or complete a transaction. And that's growing quite well, and I'm quite excited about that.

其中一個早期且運作得相當好的變現產品，是那些「點擊進入訊息」的廣告（click-to-messaging ads）。企業可以在 Facebook 或 Instagram 投放廣告，而該廣告的目的地可以把使用者帶到 Messenger 或 WhatsApp 的對話串中，進一步建立與消費者的關係或完成交易。這項業務成長得相當不錯，我也對此非常興奮。

But overall, just the big priority is building out all these commerce tools, both -- so that small businesses and all kinds of businesses can do this kind of commerce in Facebook and Instagram, but also within messaging, like you say.

但整體而言，最大的優先事項就是把所有這些商務工具建置完善——一方面讓小型企業與各類企業能在 Facebook 與 Instagram 上進行這類商務活動；另一方面也能如你所說，在訊息服務內完成。

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

下一個問題來自 Jefferies 的 Brent Thill。

If you could just maybe talk a little bit about the Reels engagement and what you're seeing so far. I know it's early. But any observations there?

你能否談談 Reels 的互動情況，以及你們目前看到的狀況？我知道還很早，但有沒有任何觀察可以分享？

I'm happy to jump in here. I'm quite excited about the progress here. It's still quite early. We've expanded Reels into more than 50 countries. We've launched a number of new features. The results are encouraging. There's a lot more work to do here as well. And I don't have any specific numbers to share here. Dave, I assume you don't have any specific numbers that you would share either.

我很樂意在這裡先回答。我對目前的進展非常興奮。現在仍然相當早期。我們已將 Reels 擴展到超過 50 個國家，也推出了多項新功能。結果令人鼓舞。不過這裡還有很多工作要做。我沒有任何可以在此分享的具體數字。Dave，我猜你也沒有任何你會分享的具體數字吧。

Yes. That's right. I think we're encouraged by the initial results, but it's still early.

是的，沒錯。我認為我們對初步結果感到鼓舞，但仍然還在早期。

And your next question comes from the line of Heather Bellini from Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Heather Bellini。

I had 2 questions. Mark, I know you've been asked a lot about AR/VR on this call. But I was wondering if you could share with us how do you think about the advances you're making on that front, helping to drive differentiation from an e-commerce perspective. And how much of a competitive differentiator can your work be here as Commerce obviously continues to accelerate online?

我有兩個問題。Mark，我知道在這通電話會議上你被問了很多關於 AR/VR 的問題。但我想請你跟我們分享，你如何看待你們在這方面取得的進展，如何從電商角度幫助你們形成差異化？以及當商務顯然持續加速線上化時，你們在這裡的工作能成為多大的競爭差異化因素？

And then I just had a quick one for Dave about any update on the percentage of revenue from the top 100 advertisers. I could have missed that.

然後我還有一個想快速問 Dave 的問題：關於前 100 大廣告主貢獻營收的百分比，有沒有任何更新？我可能漏聽了。

Yes. I mean I think your question on augmented reality is a really good one because it hits on the fact that we mostly talk about it as a long-term new kind of platform. But in the next couple of years, I also think that there will be opportunities to build these kind of features into our mobile apps in an increasing way to kind of help people express themselves, like they're doing in Reels and Stories, in our cameras. We have, as you probably know, rolled out a number of augmented reality commerce tools and ad formats, right? So the type of things, like for cosmetics, people can try on lipstick or sunglasses to see what they would look like on them. We think we can get to the place where for more kind of items that you might buy to put in your house, we'll be able to, for a lot more of that stuff, be able to visualize what it would look like in your living room just through your camera and augmented reality tools, try on clothes, different things like that over time.

是的。我認為你關於擴增實境的問題非常好，因為它點出了我們多半把它當作一種長期的新平台來談。但在接下來幾年，我也認為會有機會把這類功能以越來越多的方式整合進我們的行動應用程式中，幫助人們表達自我，就像他們在 Reels、Stories 以及我們的相機中所做的一樣。你可能知道，我們已經推出了多種擴增實境的商務工具與廣告格式，對吧？例如在美妝領域，人們可以試擦口紅或試戴太陽眼鏡，看看在自己臉上會是什麼樣子。我們認為我們可以做到：對於更多你可能會買來放在家裡的商品，我們將能對更多這類商品，透過你的相機與擴增實境工具，直接在客廳中視覺化它看起來會是什麼樣子；也能試穿衣服，以及隨時間推進的其他不同功能。

So there is a lot of this work that I think will help out by building new innovative experiences in our mobile apps. And all of that is also contributing to building up this longer-term development platform around 3D and spatial computing that will be very foundational to all of the VR and AR work longer-term as well.

因此我認為，這裡有大量工作將透過在我們的行動應用程式中打造新的創新體驗而帶來幫助。而這一切也同時在促成一個更長期、圍繞 3D 與空間運算的開發平台，這將在更長期成為所有 VR 與 AR 工作的關鍵基礎。

And Heather, it's Dave. We don't have an update on the top 100 advertiser statistic. But I would say that we continue to see strong growth from our small- and medium-sized advertisers in the quarter, continued strength with our direct response to advertisers. So we're really pleased with the broad base of advertisers that we saw in the quarter and helping those advertisers connect with consumers in this challenging climate. So really pleased with what we're seeing on that front.

Heather，我是 Dave。我們目前沒有關於前 100 大廣告主統計的最新資訊。但我想說的是，本季我們持續看到中小型廣告主的強勁成長，且我們在直接回應型（direct response）廣告主方面也持續展現強勢。因此，我們對本季所看到的廣告主廣泛基礎感到非常滿意，也很高興能在這個充滿挑戰的環境中協助這些廣告主與消費者建立連結。所以在這方面，我們對目前看到的情況非常滿意。

Your next question comes from the line of Doug Anmuth from JPMorgan.

下一個問題來自 JPMorgan 的 Doug Anmuth。

One for Mark and then one for Sheryl or Dave. Mark, you touched on interoperability briefly. I was hoping you could talk about your rollout efforts thus far and how we should think about the key benefits and milestones there. And then, Sheryl or Dave, would you still expect IDFA to have the same degree of impact on your business as you did 3 months ago whenever it is actually rolled out? Or is it possible that the delay has benefited you with more time to work around and leverage other data sets and therefore minimize the impact?

我有一題問 Mark，然後再一題問 Sheryl 或 Dave。Mark，你簡要提到了互通性（interoperability）。我希望你能談談目前為止的推動／上線進展，以及我們應該如何看待其中的關鍵效益與里程碑。接著，Sheryl 或 Dave，你們是否仍預期 IDFA 對你們業務的影響程度，會和 3 個月前你們所預期的一樣（無論它何時真正上線）？或者是否可能因為延後，讓你們有更多時間繞道因應並運用其他資料集，從而把影響降到最低？

I can speak about interop. It's been a long-term infrastructure project that we've been working on to make it that people can send messages between the apps. We started rolling out interoperability between Messenger and Instagram messaging, and that's live in a lot of countries around the world now, including in the U.S. The initial feedback, I think, has been quite positive as it brought a number of features to Instagram that we previously had only had in Messenger.

我可以談談互通性。這是一個我們長期投入的基礎建設專案，目標是讓人們可以在不同 App 之間互相傳訊。我們已開始推出 Messenger 與 Instagram 訊息功能之間的互通性，目前在全球許多國家都已上線，包括美國。我認為初步回饋相當正面，因為它把一些我們過去只在 Messenger 才有的功能帶到了 Instagram。

The big benefit, the way that I think about this, is that in a lot of countries around the world, there is a primary messaging app that most people use. In the U.S., that doesn't quite exist in the same way. iMessage is certainly the leading messaging app, but of course, people on Android can't use it. And there's still a quite large portion of the population is on Android. So the messaging experience in the U.S. is very fragmented compared to what you would experience if you were in India or China or Brazil or a lot of countries in Europe, which I think just makes it confusing. It means that people have to have all these different apps to reach people, that they're not sure where to reach people. It makes it a little bit harder to build out the business ecosystem because now businesses have to work across all these different places.

我認為最大的好處在於：在全球許多國家，通常會有一個大多數人使用的主要通訊 App。但在美國，情況不太一樣。iMessage 當然是領先的通訊 App，但 Android 用戶無法使用。而且仍有相當大一部分人口使用 Android。因此，美國的通訊體驗相較於你在印度、中國、巴西或歐洲許多國家所體驗到的情況要更為碎片化，我認為這會讓人感到困惑。這意味著人們必須安裝許多不同的 App 才能聯絡到他人，也不確定該在哪裡聯絡對方。這也讓建立商業生態系變得更困難，因為企業現在必須跨越這些不同的平台運作。

So our goal is to make it so that people could just choose one of our apps that they prefer using the most for messaging and can reach all the people who they want to reach across all of our different apps from whichever of the apps is their favorite. And of course, they can continue using multiple if they want. This is going to be a choice that people have. But I think it should simplify things and make it so that these 3 different networks that we've had, between Messenger, Instagram and WhatsApp, can start to function a little bit more like one connected interoperable system.

因此，我們的目標是讓人們可以只選擇我們其中一個他們最喜歡用來傳訊的 App，就能從那個最喜歡的 App 觸及他們想聯絡的所有人，並跨越我們不同的 App。當然，如果他們想要，也可以繼續使用多個 App。這會是人們可以做出的選擇。但我認為這應該能簡化整體體驗，並讓我們原本在 Messenger、Instagram 與 WhatsApp 之間的這三個不同網路，開始更像是一個彼此連結、可互通的系統來運作。

And that's the vision. There is more work to happen here. We, of course, want to bring in WhatsApp to that interoperability as well. There are more features we want to add even to the Messenger-Instagram interoperability. But it's good to see this starting to roll out after what has been a pretty large engineering and infrastructure project.

這就是願景。這裡還有更多工作要做。我們當然也希望把 WhatsApp 納入互通性之中。即使在 Messenger 與 Instagram 的互通性上，我們也還有更多功能想加入。但在這麼大型的工程與基礎建設專案之後，看到它開始逐步推出，確實令人振奮。

And Doug, on IDFA, and I guess, iOS 14 more broadly, obviously, Apple did delay the implementation of certain elements of their iOS 14 launch as it relates to some of the privacy initiatives. So I think that impact won't be felt in Q4, where prior, we would expect to have seen that in Q4. So I think it's mainly a delay in the impact rather than it's a change in the impact. So we're going to experience that in 2021.

Doug，關於 IDFA，以及更廣泛的 iOS 14，顯然 Apple 確實延後了 iOS 14 上線中某些與隱私倡議相關的元素的實施。因此，我認為這個影響不會在第 4 季反映出來；先前我們原本預期會在第 4 季看到。我認為這主要是影響的延後，而不是影響本身的改變。所以我們會在 2021 年經歷這個影響。

Specifically, as it relates to IDFA, it's going to have a disproportionate impact on app installs and thus, our audience network. And so that's obviously a big challenge for app developers who are looking to grow their business in what is a difficult time. So we think that challenge will remain when that implementation happens. But in terms also of whether there is work that we can do to mitigate that impact, the businesses reach out to us all the time on how they can continue to run effective ads in the face of these platform changes. We're looking at various options, but our best view is that there's -- there are going to be significant headwinds next year as a result of these changes, specifically on iOS 14.

具體來說，就 IDFA 而言，它會對 App 安裝帶來不成比例的影響，進而影響我們的 Audience Network。因此，對於想在艱難時期成長業務的 App 開發者而言，這顯然是一個重大挑戰。我們認為當這項實施發生時，這個挑戰仍會存在。至於我們是否能做一些工作來緩解影響，企業一直都會向我們詢問，面對這些平台變更時，他們要如何持續投放有效的廣告。我們正在評估各種選項，但我們目前最好的判斷是，明年會因這些變更而面臨顯著的逆風，尤其是 iOS 14 所帶來的影響。

Your next question comes from the line of Michael Nathanson from MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I had one for Mark and one for Sheryl. Mark, I want to take you back to Section 230 and yesterday for a second. It seems like you're the most comfortable CEO about making changes to the law. I wonder what are the changes that you had proposed. Does that pact to have a proposal in June resemble where we need to go? And what do you think the cost of these changes would be for Facebook?

我有一題問 Mark，另一題問 Sheryl。Mark，我想把你拉回到《第 230 條》（Section 230）以及昨天的情況談一下。看起來你是對修改這項法律最自在的 CEO。我想知道你提出過哪些修改？那個要在 6 月提出方案的協議，是否符合我們需要前進的方向？你認為這些修改對 Facebook 的成本會是多少？

And then for Sheryl, you talked about the acceleration of more business embracing Facebook due to this crisis. Can you talk a bit about what verticals maybe had been lagging within their move to Facebook and Instagram and maybe how this crisis has accelerated certain verticals to spend more than they had before?

接著問 Sheryl，你提到因為這次危機，有更多企業加速採用 Facebook。你能否談談有哪些產業別（verticals）在轉向 Facebook 與 Instagram 的過程中可能原本較為落後，以及這次危機如何讓某些產業別加速、並把支出提高到比以前更多？

Sure, I can talk about the first one. So at this point, we have the benefit of seeing how different countries have adopted different types of regulation and getting to understand how that either makes the problems more effective for dealing with them or in some cases, makes it harder and actually makes -- creates worse results.

好的，我可以先談第一題。到目前為止，我們的優勢在於能看到不同國家如何採用不同類型的監管，並理解這些監管如何讓處理問題變得更有效，或在某些情況下反而更困難，甚至造成更糟的結果。

So the approaches that I think seem to have worked best, by looking at what France and a few other countries have done, is basically one which focuses on creating a transparent process where companies have to report how they're doing moderation, reporting on how much harmful content of different categories is visible, the portion of the content on the service and what percent of it our content moderation systems can get to before people need to report it to us.

我認為從法國以及其他幾個國家的作法來看，效果最好的方式，基本上是聚焦於建立一個透明的流程：要求公司揭露他們如何進行內容審查（moderation）、回報不同類別有害內容的可見程度、這些內容在服務上的占比，以及我們的內容審查系統在使用者需要向我們檢舉之前，能夠先行處理到的比例。

And I think a system like that, that basically requires companies to meet certain thresholds or show improvement, basically aligns incentives in the right way to encourage companies to minimize the amount of that harmful content that people are seeing. But there are plenty of examples where there are other regulatory regimes that I think point towards -- that are counterproductive, right, or basically require companies to do things that aren't quite getting at the most important aspect of the problem.

我認為這樣的制度，基本上要求公司達到某些門檻或展現改善，能把誘因以正確方式對齊，鼓勵公司把人們看到的有害內容降到最低。但也有很多例子顯示，其他一些監管制度我認為是適得其反的，或者基本上要求公司去做一些並未真正切中問題最重要面向的事情。

As one example, in some countries, there are rules saying you have to get to a certain content within a short period of time. And that, I think, is good on its face, but I think the reality is that a piece of content that's going to not be seen by many people, maybe it's not as urgent to deal with as one that is going to be problematic but is going to be seen by a lot of people. You really want to get to that sooner. So treating all content equally compared to just looking at the prevalence of how much bad stuff people are seeing, I think, is going to be less effective overall.

舉例來說，在某些國家有規定要求你必須在很短的時間內處理某些內容。這在表面上看起來不錯，但現實是：一則不會被很多人看到的內容，可能不像一則會造成問題、且會被大量人看到的內容那麼緊急。你真正想要更快處理的是後者。因此，把所有內容一視同仁，與其只看人們實際看到多少不良內容的「普遍程度」（prevalence）相比，我認為整體效果會比較差。

So it's hard for me to speak to the cost to Facebook or other companies specifically because this is pretty nuanced stuff, and a lot of it will depend on specific language or details of how this lands. But I do think, at this point, there are enough examples in other countries that you can kind of get a sense of what helps create a more healthy ecosystem and what doesn't.

因此，我很難具體談 Facebook 或其他公司的成本，因為這裡面相當細緻，很多都取決於具體的文字表述或落地細節。但我確實認為，到了這個階段，其他國家已經有足夠多的例子，讓你大致能判斷哪些作法有助於建立更健康的生態系，哪些則沒有。

So on verticals, our growth is very broad-based, and it's especially important for small- to medium-sized businesses. These businesses have faced huge challenges in the pandemic, and they've needed to become digital, often for the first time. So the free tools we provide to get themselves online, online presence and mobile presence, have been more and more important. And personalized ads are more and more important.

至於產業別，我們的成長非常廣泛，對中小型企業尤其重要。這些企業在疫情期間面臨巨大挑戰，並且往往是第一次需要走向數位化。因此，我們提供的免費工具，協助他們上線、建立線上能見度與行動端能見度，變得愈來愈重要。而個人化廣告也愈來愈重要。

The use of data, which we can do in a very privacy-protective way, to let them buy the audiences they want are increasingly important. Big companies can afford to buy broad-based ad campaigns that hit countries or whole geographies. Small companies can't. So survival and the economic growth and the increasing ability to stay afloat and hire has really been driven across the board by SMBs.

以非常重視隱私保護的方式運用資料，讓他們能購買他們想要觸及的受眾，正變得愈來愈重要。大型公司負擔得起投放廣泛型的廣告活動，覆蓋整個國家或整個地理區域；小公司做不到。因此，能否生存、經濟成長，以及日益提升的維持營運與招募能力，確實在各方面都由中小企業（SMBs）所驅動。

Now some verticals have experienced more of this. Certainly, e-commerce is the leading example, but there are a lot of other businesses that have also lend themselves to online. Education is growing nicely, retail. There are others like travel and auto that have lagged during this but are starting to rebound as well.

目前有些垂直領域更明顯地出現了這種情況。當然，電子商務是最具代表性的例子，但也有許多其他業務同樣適合轉到線上。教育成長良好，零售也是如此。還有像旅遊與汽車等領域在這段期間相對落後，但也開始回升。

I also, while we're talking about verticals, want to take the opportunity to say that I think there is a bit of a misunderstanding about the size of political ads on our services. In Q3, combined political ads and government spending all together was still low single-digit percentages of ad revenue in the U.S. and globally. It's not a top 10 vertical in the U.S. or globally as well.

另外，既然談到垂直領域，我也想藉此機會說明，我認為外界對我們服務上的政治廣告規模有些誤解。在第三季，政治廣告與政府支出合計，在美國及全球的廣告營收占比仍是低個位數百分比。無論在美國或全球，它也都不是前十大垂直類別。

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

下一個問題來自 RBC 的 Mark Mahaney。

A question for Sheryl. Sheryl, you talked about an acceleration in ad revenue associated with, I guess, the buildout of social commerce. Could you double-click on that a little bit more and explain that? And is it just that as the inventory becomes more transactionable, it's more valuable and therefore, marketers are willing to bid more for it? Just explain that link between the growth in commerce activity on the network and the acceleration in that revenue.

有一個問題想請教 Sheryl。Sheryl，你提到廣告營收的加速成長，我想應該與社群商務的建置擴張有關。你能否再更深入說明一下？是否只是因為當版位變得更可交易時，它的價值更高，因此行銷人員願意出更高的價格競標？請解釋一下網路上的商務活動成長，與營收加速之間的連結。

I think the acceleration I was talking about is really an acceleration to businesses moving online. There were just a lot of businesses that before the pandemic were consistently off-line businesses. They sold locally, they advertised locally. You walked into their store and bought. And what the -- and this was already changing, right? Businesses were already going online.

我所說的加速，其實主要是指企業轉向線上的加速。有很多企業在疫情前一直都是以線下為主的生意模式。他們在本地銷售、在本地投放廣告。你走進店裡就能購買。而這——而且這其實本來就已經在改變了，對吧？企業本來就已經在上線。

But we just have seen a massive acceleration in businesses doing things online, whether it's finding customers, letting you know they're open, selling curbside pickup. When people couldn't walk into stores all over the world, they had to reach customers a different way. That acceleration has really powered our business. That's why there are 200 million small businesses or businesses using our free tools because a lot of these businesses had to get online for the very first time. That's why we have 10 million advertisers because once you have an online presence, once you're doing things to reach customers online and even delivering products not in person, you see that acceleration.

但我們確實看到企業在線上做事出現了大幅加速，不論是找客戶、讓你知道他們仍在營業、提供路邊取貨。當全世界的人都無法走進店裡時，企業就必須用不同方式觸及客戶。這種加速確實推動了我們的業務。這也是為什麼有 2 億家小型企業或企業在使用我們的免費工具，因為其中很多企業是第一次必須上線。這也是為什麼我們有 1,000 萬名廣告主，因為一旦你有了線上能見度，一旦你開始在線上觸及客戶，甚至以非面交方式交付產品，你就會看到這種加速。

And so it is that overall acceleration onto online commerce, some of our e-commerce tools, that's really, I think, increased the number of small businesses all over the world, that are using our free tools and are advertising with us.

因此，正是整體向線上商務的加速，以及我們的一些電商工具，我認為這確實增加了全球使用我們免費工具並在我們平台投放廣告的小型企業數量。

Your last question comes from the line of Youssef Squali from Truist Securities.

最後一個問題來自 Truist Securities 的 Youssef Squali。

One question for Mark and one for Dave. Mark, on the -- online gaming is an opportunity, it's an emerging opportunity for you. I was wondering how you see your position today. Just as you compete with very entrenched players like Twitch and YouTube, what do you need to do to win longer-term? And is VR and AR and the work you're doing potentially a competitive advantage over time?

一個問題給 Mark，另一個給 Dave。Mark，線上遊戲對你們而言是一個機會，是一個正在浮現的新機會。我想了解你如何看待你們目前的定位。當你們要與 Twitch、YouTube 這些根基深厚的玩家競爭時，長期要勝出需要做些什麼？另外，VR 與 AR 以及你們正在進行的工作，是否可能隨時間成為競爭優勢？

And then Dave, just given the amount of cash you guys have on the balance sheet, I think you just added $5.9 billion in free cash flow this past quarter, would a change in the administration and prospects for maybe higher capital gains and dividend taxes change your way on how to manage or how you guys are managing your capital allocation and return short-term?

然後 Dave，考量你們資產負債表上有大量現金，我認為你們在上一季新增了 59 億美元的自由現金流；若政府換屆，且未來可能提高資本利得稅與股利稅，這會不會改變你們在短期內管理資本配置與資本回饋的方式？

I can talk about gaming. So this is an area that I'm very excited about. I think it's a big growth area and one that I enjoy a lot personally. It's -- so we're doing a number of things here. And I think you're right, that the longer-term virtual and augmented reality projects do help here, both in the near term and the long term. It's also just a very exciting area of gaming.

我可以談談遊戲。這是我非常興奮的領域。我認為這是一個很大的成長領域，而且我個人也非常喜歡。這——所以我們在這裡做了很多事情。我也認為你說得對，長期的虛擬與擴增實境專案確實能在短期與長期都帶來幫助。遊戲本身也是一個非常令人振奮的領域。

But then most people are using gaming through our services, through the Facebook Gaming initiative that we have. People stream games using our live tools. People want to be able to build a community. I think our features and our just kind of social focus as a company means that we are better able to serve game streamers who want to build out a community across our service. That part is going quite well and is growing quickly.

不過，多數人是透過我們的服務來使用遊戲，也就是透過我們的 Facebook Gaming 計畫。人們使用我們的直播工具來實況遊戲。人們希望能建立社群。我認為我們的功能，以及我們作為一家公司的社交導向，使我們更能服務那些想在我們服務上建立社群的遊戲實況主。這部分進展相當順利，而且成長很快。

We just launched our cloud initiative, which plugs into both the Facebook Gaming work that we're doing and the ads work that we do around helping game companies get new customers. It's sort of not a completely different approach. It sort of plugs into the core things that we do. So you're basically seeing gaming combined with video and the communities work that we're doing in order to just kind of grow all of those at once.

我們剛推出雲端計畫，它同時銜接我們正在做的 Facebook Gaming 工作，以及我們在協助遊戲公司獲取新客戶方面所做的廣告業務。這並不是一個完全不同的方法；它更像是接入我們的核心能力。因此你基本上看到的是，將遊戲與影片，以及我們正在做的社群工作結合起來，讓這些面向能同時成長。

Over the longer term, I think the VR piece will obviously come into that as well. Some of the cloud gaming stuff that we're doing will, of course, be useful for VR as well, and we're building a big community around that on Oculus. But this, I do think, will be a very exciting growth opportunity and ability to offer a lot of innovation over the coming years.

從更長期來看，我認為 VR 的部分顯然也會納入其中。我們正在做的一些雲端遊戲內容，當然也會對 VR 有用；我們也正在 Oculus 上圍繞這個建立一個大型社群。不過我確實認為，這將是一個非常令人振奮的成長機會，並且在未來幾年提供大量創新的能力。

Yes. Thanks, Youssef. So on our capital allocation, our focus is in investing in growth and continuing to make sure that we make the investments to drive the long-term growth of the business. That includes investing in our core product as well as investing in some of our longer-term initiatives like Facebook Reality Labs. This past quarter, we made an important strategic investment in Jio Platforms, so that was a significant outlay of capital. We continue to have an active share repurchase program authorized by the Board. And we'll certainly factor in any changes in the tax landscape. But I wouldn't expect that to necessarily lead to a shift in our fundamental approach.

是的，謝謝你，Youssef。關於我們的資本配置，我們的重點是投資成長，並持續確保我們進行能推動公司長期成長的投資。這包括投資我們的核心產品，也包括投資一些較長期的計畫，例如 Facebook Reality Labs。上一季我們對 Jio Platforms 進行了一項重要的策略性投資，因此那是一筆相當可觀的資本支出。我們也持續進行董事會授權的積極庫藏股回購計畫。我們當然會把稅制環境的任何變化納入考量，但我不預期這一定會導致我們在基本方針上出現轉變。

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

很好。感謝各位今天加入。我們感謝你們撥冗參與，也期待再次與各位交流。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。現在您可以掛斷電話。