Google (GOOG) 2018 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Alphabet Third Quarter 2018 Earnings Call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Alphabet 2018 年第三季財報電話會議。（操作員指示）

I'd now like to turn the conference over to Ellen West, Head of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係主管艾倫·韋斯特 (Ellen West)。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Third Quarter 2018 Earnings Conference Call. With us today are Ruth Porat and Sundar Pichai. Now I'll quickly cover the safe harbor.

謝謝。大家下午好，歡迎參加 Alphabet 2018 年第三季財報電話會議。今天和我們在一起的是露絲·波拉特 (Ruth Porat) 和桑達爾·皮查伊 (Sundar Pichai現在我將快速介紹安全港。

Some of the statements that we make today may be considered forward looking, including statements regarding our future investments, our long-term growth and innovation, the expected performance of our businesses and our expected level of capital expenditures. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our Form 10-K for 2017 filed with the SEC. Undue reliance should not be placed on any forward-looking statements, and they are made based on assumptions as of today. We undertake no obligation to update them.

我們今天所做的一些聲明可能被視為前瞻性的，包括有關我們未來投資、我們的長期成長和創新、我們業務的預期表現以及我們預期的資本支出水準的聲明。這些聲明涉及許多風險和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們向美國證券交易委員會提交的 2017 年 10-K 表中討論的風險因素。不應過度依賴任何前瞻性陳述，這些陳述都是基於今天的假設做出的。我們不承擔更新它們的義務。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. As you know, we distribute our earnings release through our Investor Relations website located at abc.xyz/investor. This call is also being webcast from our IR website, where a replay of the call will be available later today.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。如您所知，我們透過位於 abc.xyz/investor 的投資者關係網站發布我們的收益報告。此次電話會議也將在我們的 IR 網站上進行網路直播，今天稍後您將可以重播此次電話會議。

And now I'll turn the call over to Ruth.

現在我將把電話轉給露絲。

Thank you, Ellen. Our revenues in the third quarter continued to benefit from ongoing strength in mobile search with important contributions from YouTube, Cloud and desktop search, resulting in consolidated revenues of $33.7 billion, up 21% year-on-year and up 22% in constant currency.

謝謝你，艾倫。我們第三季的營收持續受益於行動搜尋的持續強勁成長，其中 YouTube、雲端和桌面搜尋做出了重要貢獻，綜合收入達到 337 億美元，年成長 21%，按固定匯率計算成長 22%。

For today's call, I will begin with results for the quarter on a consolidated basis for Alphabet, focusing on year-over-year changes. I will then review results for Google, followed by Other Bets, and we'll conclude with our outlook. Sundar will then discuss business and product highlights, after which, we will take your questions.

在今天的電話會議上，我將首先介紹 Alphabet 本季的合併業績，並將重點放在同比變化上。然後，我將回顧谷歌的結果，然後是其他選擇的結果，最後我們將得出我們的展望。隨後，Sundar 將討論業務和產品亮點，之後我們將回答您的問題。

Starting with the summary of Alphabet's consolidated financial performance for the quarter. Our total revenues of $33.7 billion reflect a negative currency impact year-over-year of $385 million or $305 million after the impact of our hedging program.

首先介紹 Alphabet 本季的綜合財務績效摘要。我們的總收入為 337 億美元，與去年同期相比，反映了 3.85 億美元的負面貨幣影響，或 3.05 億美元的對沖計畫影響。

Turning to Alphabet revenues by geography, you can see that our performance was strong again in all regions. U.S. revenues were $15.5 billion, up 20% year-over-year. EMEA revenues were $11 billion, up 20% year-over-year. In constant currency terms, EMEA grew 19%. APAC revenues were $5.4 billion, up 29% versus last year and up 30% in constant currency. Other Americas revenues were $1.8 billion, up 19% year-over-year and up 28% in constant currency, reflecting weakening of the Brazilian real and the Argentine peso.

從各地區來看 Alphabet 的收入，您會發現我們在所有地區的業績再次表現強勁。美國營收為155億美元，年增20%。歐洲、中東和非洲地區的營收為 110 億美元，年增 20%。以固定匯率計算，歐洲、中東和非洲地區成長了 19%。亞太地區營收為 54 億美元，比去年成長 29%，以固定匯率計算成長 30%。其他美洲地區的營收為 18 億美元，年增 19%，以固定匯率計算成長 28%，反映出巴西雷亞爾和阿根廷比索的疲軟。

On a consolidated basis, total cost of revenues, including TAC, which I'll discuss in the Google segment results, was $14.3 billion, up 28% year-on-year. Other cost of revenues on a consolidated basis was $7.7 billion, up 36% year-over-year, primarily driven by Google-related expenses. The key drivers were costs associated with our data centers and other operations, including depreciation, which continue to be affected by a reallocation of certain operating expenses, and content acquisition costs, primarily for YouTube.

從合併數據來看，包括 TAC 在內的總收入成本（我將在 Google 部門業績中討論）為 143 億美元，年增 28%。合併後的其他收入成本為 77 億美元，年增 36%，主要受Google相關費用的影響。關鍵驅動因素是與我們的資料中心和其他營運相關的成本，包括折舊，這繼續受到某些營運費用重新分配的影響，以及內容獲取成本，主要是 YouTube 的內容獲取成本。

Operating expenses were $11.1 billion, up 26% year-over-year. Once again, the biggest increase was in R&D expenses, reflecting our continued investment in technical talent. The growth in sales and marketing expenses reflects increases in sales and marketing headcount, primarily for Cloud and Ads, followed by advertising investments in Cloud, Chromebooks for the back-to-school season and the Google Assistant.

營運費用為 111 億美元，年增 26%。再一次，增幅最大的是研發費用，反映了我們對技術人才的持續投資。銷售和行銷費用的成長反映了銷售和行銷人員數量的增加，主要來自雲端和廣告，其次是雲端、返校季 Chromebook 和 Google Assistant 的廣告投資。

G&A expense trends in the third quarter were affected by a number of factors. In particular, the performance fees accrued in connection with recognition of equity security gains, which were again partially offset by the reallocation of certain expenses from G&A, primarily to other cost of revenues.

第三季的一般及行政費用趨勢受到多種因素的影響。特別是與確認股權證券收益相關的績效表現費，再次被從一般及行政管理費用中重新分配的某些費用（主要用於其他收入成本）所部分抵銷。

Stock-based compensation totaled $2.2 billion. Headcount at the end of the quarter was 94,372, up 5,314 from last quarter. Consistent with prior quarters, the majority of new hires were engineers and product managers.

股票薪酬總額為22億美元。本季末員工總數為 94,372 人，較上季增加 5,314 人。與前幾季一致，新員工大多是工程師和產品經理。

In terms of product areas, the most sizable headcount increases were in Cloud for both technical and sales roles. Operating income was $8.3 billion, up 7% versus last year for an operating margin of 25%. As discussed in the previous 2 quarters, both operating income and OI&E are affected by the new accounting standard that changes the way companies account for equity security investments. This new standard continues to result in greater volatility. Once again, we've provided a table in our earnings press release to highlight the impact on particular line items.

就產品領域而言，雲端運算領域的技術人員和銷售人員數量增加最為顯著。營業收入為 83 億美元，較去年同期成長 7%，營業利益率為 25%。如前兩季所討論的，新會計準則改變了公司對股權證券投資的會計處理方式，從而影響了營業收入和經營收入與支出。這項新標準繼續導致更大的波動。我們再次在收益新聞稿中提供了一個表格，以強調對特定項目的影響。

Other income and expense was $1.8 billion, which includes $1.4 billion of gains in equity security investments. We provide more detail on the line items within OI&E in our earnings press release.

其他收入和支出為 18 億美元，其中包括 14 億美元的股權證券投資收益。我們在收益新聞稿中提供了有關 OI&E 內項目的更多詳細資訊。

Our effective tax rate was 8.8% for the third quarter, reflecting discrete items, notably an adjustment associated with the U.S. Tax Act. Net income was $9.2 billion and earnings per diluted share were $13.06.

我們第三季的有效稅率為 8.8%，反映了單一項目，特別是與美國稅法相關的調整。淨收入為 92 億美元，每股攤薄收益為 13.06 美元。

Turning now to CapEx and operating cash flow. Cash CapEx for the quarter was $5.3 billion, which I'll discuss in the Google segment results. Operating cash flow was $13.2 billion with free cash flow of $7.9 billion. We ended the quarter with cash and marketable securities of approximately $106 billion. Let me now turn to our segment financial results, starting with the Google segment.

現在轉向資本支出和經營現金流。本季的現金資本支出為 53 億美元，我將在 Google 分部業績中討論這一點。經營現金流為 132 億美元，自由現金流為 79 億美元。本季結束時，我們的現金和有價證券總額約為 1,060 億美元。現在讓我來談談我們各部門的財務業績，首先從谷歌部門開始。

Revenues were $33.6 billion, up 21% year-over-year. In terms of the revenue detail, Google sites revenues were $24.1 billion in the quarter, up 22% year-over-year. In terms of dollar growth, results were led again by mobile search, with a strong contribution from YouTube followed by desktop search.

營收為 336 億美元，年增 21%。營收細節方面，本季Google網站營收為241億美元，年增22%。就美元成長而言，行動搜尋再次引領了業績成長，YouTube 的貢獻巨大，其次是桌面搜尋。

Network revenues were $4.9 billion, up 13% year-on-year, reflecting the ongoing momentum of AdMob and programmatic. Other revenues for Google were $4.6 billion, up 29% year-over-year, fueled by Cloud and Play.

網路營收為 49 億美元，年增 13%，反映出 AdMob 和程式化廣告的持續成長動能。谷歌的其他收入為 46 億美元，年增 29%，主要得益於雲端運算和 Play。

We continue to provide monetization metrics in our earnings press release to give you a sense of the price and volume dynamics of our advertising businesses. Total traffic acquisition costs were $6.6 billion or 23% of total advertising revenues and up 20% year-over-year. Total TAC, as a percentage of total advertising revenues, was relatively flat year-over-year, primarily reflecting a favorable revenue mix shift from network to sites, offset by an increase in the sites TAC rate. The increase in the sites TAC rate year-over-year was driven by changes in partner agreements and the ongoing shift to mobile, which carries higher TAC.

我們繼續在收益新聞稿中提供貨幣化指標，讓您了解我們的廣告業務的價格和數量動態。總流量獲取成本為 66 億美元，佔總廣告收入的 23%，較去年同期成長 20%。總 TAC 佔總廣告收入的百分比與去年同期相比相對持平，主要反映了從網路到網站的收入結構有利的轉變，但站點 TAC 率的增加抵消了這一變化。網站 TAC 率的同比增長是由於合作夥伴協議的變化以及向行動端的持續轉變，而行動端的 TAC 更高。

This quarter, we experienced a year-on-year decline in the network TAC rate due to a combination of factors, none of which were individually significant. Google stock-based compensation totaled $2.1 billion for the quarter, up 23% year-over-year. Operating income was $9.5 billion, up 11% versus last year. And the operating margin was 28.2%.

本季度，我們的網路 TAC 率年減，這是由多種因素造成的，但單一因素並不顯著。本季Google股票薪酬總額為 21 億美元，較去年同期成長 23%。營業收入為 95 億美元，較去年同期成長 11%。營業利益率為28.2%。

Accrued CapEx for the quarter was $5.6 billion, reflecting investments in production equipment, data center construction and facilities. Let me now turn to Other Bets. Revenues were $146 million, primarily generated by Fiber and Verily. Operating loss was $727 million. Other Bets accrued CapEx was $55 million. In terms of Other Bets updates for the quarter. With Waymo in the third quarter, we built and our Early Rider Program, both expanding the group of participants and beginning to test pricing models. At Verily, the team continues to execute on its various partnerships with leading pharmaceutical companies, consistent with its mission to move medicine from reactive to proactive. Recently launched efforts included joint venture with ResMed to focus on sleeping disorders and a research collaboration with Gilead.

本季累計資本支出為 56 億美元，反映了對生產設備、資料中心建設和設施的投資。現在讓我來談談其他賭注。收入為 1.46 億美元，主要來自 Fiber 和 Verily。營業虧損為 7.27 億美元。其他投注累計資本支出為 5,500 萬美元。就本季的其他投注更新而言。在第三季與 Waymo 合作，我們建立了早期乘客計劃，既擴大了參與者群體，又開始測試定價模型。在 Verily，團隊繼續與領先的製藥公司建立各種合作夥伴關係，這與公司將醫療從被動轉變為主動的使命相一致。最近進行的工作包括與 ResMed 合資研究睡眠障礙以及與 Gilead 進行研究合作。

Finally, you can see in our results the benefit and quality of our investment teams, GV and CapitalG, which are also within Other Bets. Within the $1.4 billion of reported gains in equity securities in OI&E, approximately $400 million was realized in Q3. There will be more detail on these investment activities in the 10-Q.

最後，您可以在我們的結果中看到我們的投資團隊 GV 和 CapitalG 的效益和質量，它們也屬於其他投資領域。在 OI&E 報告的 14 億美元股權證券收益中，第三季實現了約 4 億美元。10-Q 中將會有更多關於這些投資活動的詳細資訊。

Let me close with some observations on the quarter and our longer-term outlook. First, with respect to revenues. In the third quarter, results reflect FX headwinds with the U.S. dollar strengthening, in contrast to the tailwinds that enhanced reported results in the first half of the year. We continue to be pleased with the underlying momentum in our advertising businesses as we apply our strengths in machine learning to improve the experience for users and advertisers. As we noted, hardware was only a modest contributor in the third quarter as we launched a new Made by Google family of products for the fourth quarter holiday season.

最後，我想談談對本季和長期展望的一些觀察。首先，關於收入。第三季的業績反映了美元走強帶來的外匯逆風，而上半年的業績則受到了順風的提振。我們繼續對廣告業務的潛在發展勢頭感到滿意，因為我們利用機器學習的優勢來改善用戶和廣告商的體驗。正如我們所指出的，由於我們為第四季度假日季推出了全新的 Google Made 產品系列，因此硬體在第三季度僅起到了很小的貢獻作用。

Second, with respect to profitability. Within cost of revenues, the biggest component is TAC. We indicated on the fourth quarter 2017 call that the pace of year-on-year growth in sites TAC as a percentage of sites revenues would begin to slow after the first quarter of 2018, and you can see that again clearly in our results this quarter.

第二，關於獲利能力。在收入成本中，最大的組成部分是 TAC。我們在 2017 年第四季度電話會議上指出，站點 TAC 佔站點收入的百分比的同比增長速度將在 2018 年第一季之後開始放緩，您可以在本季度的業績中再次清楚地看到這一點。

As frequently discussed, we do expect the sites TAC rate to continue to increase year-on-year, reflecting ongoing strength in mobile search. Looking ahead, we expect seasonal impacts to our other cost of sales from hardware sales, which are typically higher in the fourth quarter of the year as well as from increased content acquisition cost for YouTube, which have also historically been higher in the fourth quarter.

正如經常討論的那樣，我們確實預計該網站的 TAC 率將繼續逐年增加，反映出行動搜尋的持續強勁。展望未來，我們預期硬體銷售的其他銷售成本將受到季節性影響，硬體銷售通常在第四季較高，而 YouTube 的內容取得成本增加也會對第四季的銷售成本產生影響，歷史上第四季的銷售成本也較高。

Within OpEx, we continue to prioritize our investments to support long-term growth. In terms of headcount, growth was seasonally higher in the third quarter because we brought on new graduates. We are continuing to invest in adding talent to our priority areas, particularly for technical roles in engineering and product management, and to support our most sizable growth areas, in particular, Cloud. As I've mentioned previously regarding sales and marketing, expenses are more heavily weighted toward the back half of the year. As you have seen in prior years, these expenses are particularly elevated in the fourth quarter to support the holiday season.

在營運支出方面，我們繼續優先考慮投資以支持長期成長。就員工人數而言，由於我們引進了新畢業生，第三季的成長季節性較高。我們將繼續投資，為我們的重點領域引進人才，特別是工程和產品管理方面的技術職位，並支援我們最大的成長領域，特別是雲端運算。正如我之前提到的有關銷售和行銷的內容，費用主要集中在下半年。正如您在前幾年所看到的，這些費用在第四季度特別高，以支持假期。

Other Bets remains a portfolio of earlier-stage businesses focused on addressing sizable markets. We are moving toward early stages of commercialization while continuing to calibrate the pace of investment against achievement of key milestones.

「其他投資」仍然是專注於滿足大規模市場的早期業務組合。我們正邁向商業化的早期階段，同時繼續根據關鍵里程碑的實現調整投資步伐。

And finally, with respect to CapEx, you can see our continued investment as we build the infrastructure needed to support the opportunities we see across our businesses. This includes a number of data center construction projects in-flight as well as ongoing expansion in our compute capacity.

最後，關於資本支出，您可以看到我們在建立支持我們在整個業務中看到的機會所需的基礎設施時持續進行投資。這包括正在進行的多個數據中心建設項目以及我們計算能力的持續擴展。

I will now turn the call over to Sundar.

現在我將把電話轉給 Sundar。

Thanks, Ruth. We had a great quarter, and it was particularly special because last month, we celebrated Google's 20th birthday and the 10th birthday of Chrome. It's exciting to think that 20 years in, we are still just at the beginning of what's possible. We get billions of questions from users every day, and about 15% of those are queries we have never seen before.

謝謝，露絲。我們度過了一個很棒的季度，這尤其特別，因為上個月我們慶祝了谷歌 20 歲生日和 Chrome 10 歲生日。令人興奮的是，20 年過去了，我們仍然處於一切可能的開始階段。我們每天會收到來自用戶的數十億個問題，其中大約 15％ 是我們從未見過的問題。

Our mission to make the world's information accessible and useful is as relevant today as when we started. I want to begin by highlighting our recently launched family of hardware. It's a great example of how we bring together Google's strengths to help people through their day. Then I'll touch on ways AI is helping us approach our mission. I'll give an update on our video and advertising platforms. And finally, I'll talk about our growing Cloud business.

我們的使命是讓全世界的資訊變得可訪問和有用，這項使命今天仍然與我們最初開始時一樣重要。首先我想重點介紹一下我們最近推出的硬體系列。這是我們如何整合 Google 的優勢來幫助人們度過每一天的一個很好的例子。然後我將談談人工智慧如何幫助我們完成使命。我將更新我們的影片和廣告平台。最後，我將談談我們不斷發展的雲端業務。

First, hardware. Every year, we have a new opportunity to push the boundaries of computing. Those experiences come to life in our Made by Google hardware, which combines the latest advances in software, hardware and AI.

第一，硬體。每年，我們都會有新的機會來突破計算的界限。這些體驗在我們的 Google 製造的硬體中得以實現，該硬體結合了軟體、硬體和人工智慧領域的最新進展。

Our third-generation is our best yet. It includes the Pixel 3, Google Home Hub, the Pixel Slate tablet and more. We're getting great feedback, and I'm very excited for users to try these devices, especially as the holiday season approaches.

我們的第三代是我們迄今為止最好的。它包括 Pixel 3、Google Home Hub、Pixel Slate 平板電腦等。我們得到了很好的回饋，我非常高興用戶能夠嘗試這些設備，特別是在假期臨近的時候。

Our new hardware lineup showcases the best of Google, including the Google Assistant, Android and Chrome. With the Pixel 3, we've used AI to create a best-in-class camera. New features like Top Shot make it so you never miss a shot. If your timing wasn't perfect, the camera will suggest a better frame and give you the option to save it. And Night Sight will help you take really good pictures even in bad light. Pixel 3 also has a custom security chip called Titan M. It was built to secure Google's own data centers, and now we are bringing it to our users. We also released Google Home Hub, our first smart speaker with a screen. It shows your morning commute, let's you control your smartphone and gives you hands-free help in the kitchen. And Pixel Slate Chrome OS reimagined as a tablet with all the great apps from the Play Store.

我們的新硬體陣容展示了 Google 的最佳功能，包括 Google Assistant、Android 和 Chrome。透過 Pixel 3，我們利用 AI 打造了一流的相機。Top Shot 等新功能讓您不會錯過任何一張照片。如果您的時機不夠完美，相機將建議一個更好的畫面並讓您選擇儲存。夜視功能可以幫助您即使在光線不好的情況下也能拍出非常好的照片。Pixel 3 還配備了一款名為 Titan M 的客製化安全晶片，它是為了保護 Google 自己的資料中心而建構的，現在我們將它帶給我們的用戶。我們也發布了 Google Home Hub，這是我們第一款帶有螢幕的智慧揚聲器。它可以顯示您的早晨通勤情況，讓您控制您的智慧型手機，並在廚房為您提供免持協助。Pixel Slate Chrome OS 重新設計為平板電腦，並配備了 Play Store 中的所有優秀應用程式。

Our hardware efforts are picking up real momentum. For example, daily active users of our Google Home devices have grown by over 5x in the last year alone. I'm incredibly proud of our growing hardware team, including the talented employees who came over from HTC and Nest. Our investments are paying off as we bring the best of Google to more users and in more countries around the world.

我們的硬體工作正在獲得真正的發展動能。例如，光是去年，我們的 Google Home 裝置的每日活躍用戶就成長了 5 倍以上。我為我們不斷成長的硬體團隊感到無比自豪，其中包括來自 HTC 和 Nest 的優秀員工。隨著我們向全球更多國家/地區的更多用戶提供最好的 Google 產品，我們的投資正在獲得回報。

Even as we build up our hardware business, we continue to advance our mission across our core products and platforms. Last month, we kicked off 20 years of Google Search by introducing some of the biggest updates in many years. They include a new AI-powered ranking approach that delivers more relevant results, a redesigned Google Feed called Discover to help you stay informed on topics that matter to you, and a new search experience for Google Images.

即使我們正在建立硬體業務，我們仍將繼續在核心產品和平台上推進我們的使命。上個月，我們推出了多年來的一些重大更新，以此拉開了 Google 搜尋 20 週年的序幕。其中包括一種可提供更相關結果的全新人工智慧排名方法、一種重新設計的 Google Feed（稱為 Discover）以幫助您隨時了解您關心的話題，以及一種全新的 Google 圖片搜尋體驗。

We also continue to tackle the information problem of connecting people to relevant jobs right from search. This has already helped connect over 100 million people in 92 countries to job listings that meet their needs and skills. Now U.S. service members can search for jobs for veterans and enter their military occupational code to see relevant civilian jobs. The Google Assistant continues to gain traction, drawing on our strengths in machine learning and helpful Google services like Search, YouTube and Maps. We have expanded the Assistant to 20 languages and 76 countries, and it can now understand and speak more than one language at a time. We launched our first set of smart displays with Lenovo and JBL as well as our own Google Home Hub.

我們也將繼續解決資訊問題，即透過搜尋將人們與相關工作聯繫起來。這已經幫助 92 個國家的 1 億多人找到了符合他們需求和技能的職位清單。現在，美國服役人員可以搜尋退伍軍人的工作，並輸入他們的軍事職業代碼來查看相關的民事工作。借助我們在機器學習方面的優勢以及搜尋、YouTube 和地圖等實用的 Google 服務，Google Assistant 繼續獲得關注。我們已將助手擴展到 20 種語言和 76 個國家/地區，它現在可以同時理解和說多種語言。我們與聯想和 JBL 合作推出了第一套智慧顯示器以及我們自己的 Google Home Hub。

Pixel users in the U.S. will be the first to try our new Duplex technology, which helps you complete real-world tasks over the phone, like calling a restaurant to book a table. And we introduced a new way to easily book ride services with your Google Assistant.

美國的 Pixel 用戶將率先體驗我們的全新 Duplex 技術，該技術可幫助您透過電話完成現實世界的任務，例如致電餐廳預訂餐桌。我們也推出了一種新的方式，讓您可以透過 Google Assistant 輕鬆預訂乘車服務。

In Maps, we also made several improvements, including a commute tab with live traffic and transit information and support for mixed-mode commutes. Earlier this month, we announced an exciting test called Project Stream. We are working with video game publisher, Ubisoft, to stream their latest game, Assassin's Creed Odyssey, to Chrome browsers on laptops and desktops. Streaming graphically rich content for video games represents a great technical advance, and we look forward to seeing what's possible here.

在「地圖」中，我們還做出了一些改進，包括帶有即時交通和公車資訊的通勤標籤以及對混合通勤模式的支援。本月初，我們宣布了一項名為 Project Stream 的令人興奮的測試。我們正在與電玩發行商 Ubisoft 合作，將他們的最新遊戲《刺客教條：奧德賽》串流到筆記型電腦和桌上型電腦上的 Chrome 瀏覽器。為視頻遊戲提供圖形豐富的串流內容代表著一項巨大的技術進步，我們期待看到它的未來發展。

I'm particularly proud that our strengths in AI are creating life-changing contributions in other fields. For example, our recent flood prediction efforts, which use AI to better predict when floods will occur, has the potential to help millions of people get out of harm's way. We are starting in India, where 20% of flood-related fatalities occur today, and we're looking to expand to more countries soon.

我特別自豪的是，我們在人工智慧方面的優勢正在其他領域創造改變生活的貢獻。例如，我們最近的洪水預測工作利用人工智慧來更好地預測洪水何時發生，有可能幫助數百萬人擺脫危險。我們從印度開始，目前 20% 的洪水相關死亡事件都發生在那裡，我們希望很快能擴展到更多國家。

Earlier this month, our research has showed how they've applied deep learning models to improve the accuracy of diagnosis for metastatic breast cancer. Our research found that pathologists and AI can work together more effectively than either alone.

本月初，我們的研究展示了他們如何應用深度學習模型來提高轉移性乳癌診斷的準確性。我們的研究發現，病理學家和人工智慧的合作比單獨工作更有效。

Moving to our video and advertising platforms, which are creating economic opportunities for partners around the world. First, YouTube. One particular area of focus is educational content. Every day, people from all over the world turn to YouTube to learn something new, from career skills to coding to cooking. Just this week, we announced a $20 million investment to expand our YouTube learning initiative, which will help fund established and emerging educational careers. We are also partnering with organizations like Goodwill and Year Up to create curated playlists that teach career skills directly in our new learning channel. YouTube's ads business continues to provide great results for marketers and creators. At Advertising Week, we announced that we'll be expanding our popular TrueView actions format. This helps users take action directly from video ads. They can now do things like sign up for a newsletter. And soon, they'll be able to find movie showtimes, download apps or even book a trip right from the ad. For creators, YouTube is continuing to build alternative revenue products, like Super Chat, Channel Memberships and the ability to sell merchandise directly to fans. YouTube Gaming creator, Markiplier, increased its revenue by 20% using Channel Memberships. We continue to see positive traction for our newest subscription experiences too. YouTube Premium, YouTube TV and YouTube Music premium are continuing to expand to many new countries. The team is also investing in growing and improving the news experience on YouTube. More prominently surfacing credible news sources on the platform is a big priority for us.

轉向我們的影片和廣告平台，為世界各地的合作夥伴創造經濟機會。首先是YouTube。一個特別關注的領域是教育內容。每天，世界各地的人們都會透過 YouTube 學習新知識，從職業技能到編碼再到烹飪。就在本週，我們宣布投資 2000 萬美元來擴大我們的 YouTube 學習計劃，這將有助於資助成熟和新興的教育事業。我們還與 Goodwill 和 Year Up 等組織合作，創建精選播放列表，直接在我們的新學習頻道中教授職業技能。YouTube 的廣告業務持續為行銷人員和創作者帶來豐厚的成果。在廣告週上，我們宣布將擴展我們流行的 TrueView 操作格式。這有助於用戶直接從影片廣告採取行動。他們現在可以做一些事情，例如註冊新聞通訊。很快，他們就能直接從廣告中找到電影放映時間、下載應用程式甚至預訂旅行。對於創作者，YouTube 正在繼續打造替代收入產品，例如超級聊天、頻道會員以及直接向粉絲銷售商品的能力。YouTube 遊戲創作者 Markiplier 透過頻道會員將收入提高了 20%。我們也繼續看到我們最新的訂閱體驗的積極進展。YouTube Premium、YouTube TV 和 YouTube Music premium 正在繼續擴展到許多新的國家。該團隊也致力於擴大和改善 YouTube 上的新聞體驗。在平台上更突出地展示可靠的新聞來源是我們的首要任務。

Next, our advertising platforms. Advertisers love that we are bringing our machine learning strengths to offerings like responsive search ads and Universal App Campaigns to create more effective ads. One new example is Smart Shopping campaigns, which use signals like seasonality and price to optimize where ads are shown. Tens of thousands of advertisers are using this and seeing an average of 20% more sales for the same budget. Just last week, we announced that Nike, Best Buy and Sephora are joining our Shopping Actions program. This allows people to move seamlessly from browsing to buying with a universal cart that works across Google Search and our system.

接下來是我們的廣告平台。廣告主喜歡我們將機器學習優勢融入到自適應搜尋廣告和通用應用程式廣告系列等產品中，以製作更有效的廣告。一個新的例子是智慧購物活動，它使用季節性和價格等訊號來優化廣告展示位置。數以萬計的廣告商正在使用這種方法，並且在相同預算的情況下平均銷售額增加了 20%。就在上週，我們宣布耐吉、百思買和絲芙蘭加入我們的購物行動計畫。這樣一來，人們就可以透過跨 Google 搜尋和我們的系統運行的通用購物車，無縫地從瀏覽過渡到購買。

In apps, we announced a partnership with Unity Technologies, which gives our advertisers access to one of the largest global networks of mobile gaming titles across 1.5 billion devices. Unity's developers can monetize their apps with Google Ads without any additional development work. And lastly, our growing Cloud business.

在應用程式方面，我們宣布與 Unity Technologies 建立合作夥伴關係，這使我們的廣告商能夠存取覆蓋 15 億台裝置的全球最大的行動遊戲網路之一。Unity 的開發人員可以使用 Google Ads 將他們的應用程式貨幣化，而無需任何額外的開發工作。最後，我們的雲端業務正在不斷發展。

At Google Cloud Next, we made over 100 announcements, including the Titan security key, which features Google-designed firmware to help verify that nothing on a customer's key has been tampered with. And we expanded our breakthrough Cloud AutoML portfolio, which now includes vision, natural language and translation.

在 Google Cloud Next 上，我們發布了 100 多個公告，其中包括 Titan 安全金鑰，它採用 Google 設計的固件，幫助驗證客戶金鑰上的任何內容均未被篡改。我們擴展了突破性的 Cloud AutoML 產品組合，現在包括視覺、自然語言和翻譯。

And all over the world, we are seeing great customer adoption of our Cloud Platform. With the help of SAP, Metro, one of our largest B2B wholesalers globally, is centralizing their finance system on Google Cloud Platform. They're using BigQuery to generate data-driven insights to help create more personalized marketing campaigns.

在世界各地，我們看到大量客戶採用我們的雲端平台。在 SAP 的幫助下，我們全球最大的 B2B 批發商之一 Metro 正在將其財務系統集中在 Google Cloud Platform 上。他們正在使用 BigQuery 產生數據驅動的洞察，以幫助創建更個人化的行銷活動。

In the U.S., we partnered with the National Institutes of Health to provide access to Cloud services that help researchers access large data sets to accelerate biomedical advances. We also added new customers like ING and Broadcom, joining existing customers like PayPal, ANZ Bank and Kroger. Our G Suite business continues to fuel transformation in companies large and small, and we crossed 2 important milestones in the quarter. Google Drive became the eighth Google product with 1 billion monthly active users. And Gmail now has more than 1.5 billion monthly active users. One of our big wins in the quarter was Fast Retailing, the Japanese retailer best known for its popular brand, UNIQLO, which is migrating its employees globally to G Suite, while also pursuing AI solutions like on-demand forecasting on Google Cloud Platform. Our Cloud business is benefiting from our investments in technical infrastructure, including a U.S.-Europe cable that will improve speeds for millions of people.

在美國，我們與美國國立衛生研究院合作，提供雲端服務，幫助研究人員存取大型資料集，加速生物醫學進步。我們還增加了 ING 和 Broadcom 等新客戶，並加入了 PayPal、ANZ Bank 和 Kroger 等現有客戶。我們的 G Suite 業務繼續推動大大小小公司的轉型，我們在本季跨越了兩個重要的里程碑。Google Drive 成為Google第八個月活躍用戶數突破 10 億的產品。Gmail 目前每月活躍用戶超過 15 億。本季我們最大的勝利之一是迅銷集團（Fast Retailing），這家以其熱門品牌優衣庫而聞名的日本零售商，正在將其全球員工遷移到 G Suite，同時還在尋求 Google Cloud Platform 上的按需預測等 AI 解決方案。我們的雲端業務受惠於我們對技術基礎設施的投資，其中包括一條將為數百萬人提高網路速度的美歐電纜。

Before I wrap up, I want to quickly call out our continued momentum in Asia as well as the investments that we are making in the U.S. As you can see from our results, revenue growth in APAC remains strong. This is a reflection of our very focused efforts to build great experiences for the billions of people across the region. We have adapted many of our core products like Search, Maps and YouTube to work well for the next generation of users coming online.

在結束之前，我想快速介紹一下我們在亞洲的持續發展勢頭以及我們在美國的投資。從我們的業績中可以看出，亞太地區的營收成長依然強勁。這體現了我們為該地區數十億人民創造美好體驗而做出的專注努力。我們已經調整了許多核心產品，例如搜尋、地圖和 YouTube，以便更好地適應下一代上網用戶。

We're also building products to meet the specific needs of users in the region like Tez, a digital payments app for India to help people easily pay their electrician or split a dinner bill with just a few taps. Just 1 year since it launched, over 30 million people in businesses across India now use the app every month, and they've collectively made more than 1 billion transactions. We have recently rebranded the app to Google Pay as we look to bring many of the app's features to others around the world. We are also investing closer to home. In Q3, more than 80% of Alphabet's total capital expenditures was within the U.S. Not only do these investments in data centers, machines and offices allow us to provide great services to users, they have a strong positive impact on the communities around them, supporting thousands of jobs and countless local businesses.

我們也正在開發滿足該地區用戶特定需求的產品，例如 Tez，這是一款面向印度的數位支付應用程序，可以幫助人們輕鬆支付電費或只需輕點幾下即可分攤晚餐費用。自推出僅一年時間，印度各地企業每月已有超過 3,000 萬用戶使用該應用程序，總計完成超過 10 億筆交易。我們最近將該應用程式更名為 Google Pay，因為我們希望將該應用程式的許多功能帶給世界各地的其他人。我們也在離家較近的地方進行投資。第三季度，Alphabet 超過 80% 的總資本支出都在美國境內。這些對資料中心、機器和辦公室的投資不僅使我們能夠為使用者提供優質的服務，還對周圍的社區產生了強烈的積極影響，支持了數千個工作和無數的本地企業。

This year-to-date, we have added over 9,000 new employees in the U.S., and we continue to grow faster outside the Bay Area than in it. As you can see, there's exciting momentum across many different areas. I'm constantly struck by the number of incredible opportunities ahead of us as a company and how far we have come over the last 20 years. I want to say a big thank you to all of the Googlers around the world who help us deliver on that mission every day.

今年迄今為止，我們在美國新增了 9,000 多名員工，而且我們在灣區以外的成長速度仍然快於灣區。如您所見，許多不同領域都呈現出令人興奮的勢頭。我不斷地驚嘆於我們公司面前有多麼令人難以置信的機遇，以及我們在過去 20 年裡的進步。我要向全世界所有幫助我們每天完成這項使命的Google員工表達衷心的感謝。

With that, I'll hand it back to Ruth

好了，我把話題轉交給露絲

Thank you, Sundar, and we will now take your questions.

謝謝您，Sundar，我們現在將回答您的問題。

(Operator Instructions) And our first question comes from Eric Sheridan of UBS.

（操作員指示）我們的第一個問題來自瑞銀的 Eric Sheridan。

Maybe 2 for Sundar, if I can. Referencing the blog posts and some of the changes about how you see the future of Search, I wanted to know what are some of the key investments you think the company needs to make so that Search becomes more visual or relevant. And what that might mean tying it back to the business for engagement with your products, relevancy of ads over the medium to long term. And then with respect to your comments on YouTube, we're starting to hear from advertisers there is some blurring between brand and direct response ad budgets as they look at products maybe more across blended lines. It sounds like the YouTube announcements coming out of Ad Week were about making YouTube more responsive or more direct response. How are you thinking about the blurring of those lines and what it means for product development long-term?

如果可以的話，也許 Sundar 可以得到 2 個。參考部落格文章和您對搜尋未來的看法的一些變化，我想知道您認為公司需要進行哪些關鍵投資，以使搜尋變得更加直觀或相關。這可能意味著將其與業務聯繫起來，以實現與您的產品的互動，以及中長期廣告的相關性。然後關於您在 YouTube 上的評論，我們開始聽到廣告商表示，品牌廣告預算和直接反應廣告預算之間的界限有些模糊，因為他們看待產品時可能更多地考慮混合產品線。聽起來 YouTube 在廣告週上發布的公告是為了讓 YouTube 更具回應性或更直接的回應。您如何看待這些界線的模糊以及它對長期產品開發意味著什麼？

Thanks, Eric. I'll take the two. The first on Search. You're right that with Search, we are always trying to anticipate where users -- what the user experience expectations are and trying to meet them there. And increasingly in mobile, people do want immersive, engaging experiences. They want their experiences to be more visual, and that's partly what you saw us announce in our 20th birthday event. And we are excited to move in that direction. And I do think we have a lot of important assets to bring here. YouTube is a big part of what we do. We are investing in image search, and we do have products like Google Maps and Photos, which all add to that visual experience. And as part of doing that, we are investing in our advertising offerings as well. And so over time, we'll adapt that so they go hand-in-hand. But I think it's an important evolution for us. In terms of YouTube, I think it is -- part of what makes YouTube great is I think we can offer different opportunities for advertisers. We've always felt direct response is something that can work well on YouTube, and our instinct is bearing out. And I look at my personal use cases. There are many times now, sometimes instead of search, I actually find something I want to do in YouTube, maybe thinking about going to a place and I research it on YouTube. So I think it offers the same opportunity over time. And from our standpoint, we want to make sure we are evolving the product to bring those opportunities to advertisers. I'm very excited about it.

謝謝，埃里克。我要這兩個。搜尋中的第一個。您說得對，透過搜索，我們總是試圖預測用戶對用戶體驗的期望，並試圖滿足他們的期望。在行動領域，人們越來越渴望獲得身臨其境、引人入勝的體驗。他們希望他們的體驗更加直觀，這也是我們在 20 週年生日活動中宣布的部分內容。我們很高興朝著這個方向前進。我確實認為我們有很多重要的資產可以帶到這裡。YouTube 是我們工作的重要部分。我們正在投資圖像搜索，並且我們確實擁有谷歌地圖和照片等產品，它們都增強了視覺體驗。作為這項舉措的一部分，我們也在投資我們的廣告產品。因此，隨著時間的推移，我們會進行調整，使它們齊頭並進。但我認為這對我們來說是一個重要的進步。就 YouTube 而言，我認為 YouTube 之所以偉大，部分原因在於我們可以為廣告商提供不同的機會。我們一直認為直接回應在 YouTube 上會起到很好的作用，我們的直覺也證實了這一點。我會查看我的個人用例。現在有很多次，有時我不是透過搜索，而是在 YouTube 上找到我想做的事情，也許是想去某個地方，然後在 YouTube 上進行研究。所以我認為隨著時間的推移它會提供相同的機會。從我們的角度來看，我們希望確保我們不斷改進產品，為廣告商帶來這些機會。我對此感到非常興奮。

And our next question comes from Dan Salmon of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Dan Salmon。

Sundar, 2 questions for you. First, earlier this month, or it might have been late last month, Sridhar Ramaswamy, your Head of Ads and Commerce, left to go to a VC firm. Betting that wasn't a surprise to you, but I'm just hoping you could shed a little light on sort of succession planning for that important role and whether or not you expect any sort of broad changes to ad product strategy. And then second, just amongst those announcements on the anniversary were the evolution of Feed to Discover. And I recognize that's an evolution of a product, but it does look like you're taking advantage of that long-unused white space on Google.com. And so just love to hear a little bit more, that's sort of a follow-up on Eric's question on the evolution of Search, but how you see that surface, in particular, evolving and particularly the potential for ad monetization over time.

Sundar，我有兩個問題想問你。首先，本月初，或者可能是上個月底，你們的廣告和商務主管 Sridhar Ramaswamy 離職去了一家創投公司。我敢打賭這對你來說並不意外，但我只是希望你能稍微解釋一下這個重要職位的繼任計劃，以及你是否預計廣告產品策略會發生任何廣泛的變化。其次，週年紀念日的公告中包括從 Feed 到 Discover 的演變。我意識到這是產品的演變，但看起來你確實利用了 Google.com 上長期未使用的空白空間。所以我很想多聽聽，這是對 Eric 關於搜尋演變問題的後續回答，但是您如何看待這個表面，特別是演變，特別是隨著時間的推移廣告貨幣化的潛力。

Good. On the first one, look, I mean, we -- one of the things I'm really proud about Google is we have a deep bench of talent and, for example, in the Ads team, almost all of our senior Ads leadership has been here for well over a decade. And so for us, we are fortunate to be able to tap into it. Our Ads leadership comes -- Prabhakar, who has taken over our Ads product and engineering efforts, is someone I worked with for many, many years, and most recently has led our G Suite business, but has done many roles before as a deep computer scientist. And I expect to -- for him to continue our tradition of technical excellence with which he approach our advertising work. Also, I want to mention Philipp and his team, his extraordinary team, who definitely lead many of our initiatives here. And Philipp and, Prabhakar, with them, I think it's in great hands. And I expect a lot of continuity there. On your question on Search and Discover, it's -- in addition to making Search more visual, one of the things we are very, very focused on is not always do users turn to us and actually ask a question. So we feel our job is to be there when users need us, anticipate what they want and, sometimes, proactively meet them. That's where services like Discover really play a role, right? I think -- and we are thinking hard about how we can surface relevant information for our users, stuff they are really looking for, can act on in a way in which it's delightful for them and it's showing up for them when they need it. So I see that as an important evolution of Search as well. And so you're going to see us investing more. Mobile offers us a great opportunity. And if you use it in Pixel 3, that's the latest product in which we bring our vision of how to bring all these products together. And we'll give you a good sense of how we plan to do that over time.

好的。首先，我的意思是，我為谷歌感到自豪的一件事是我們擁有一群深厚的人才，例如，在廣告團隊中，幾乎所有高級廣告領導都在這裡工作了十多年。因此，對我們來說，我們很幸運能夠利用它。我們的廣告領導層是－普拉巴卡 (Prabhakar)，他接手了我們的廣告產品和工程工作，我與他共事多年，最近他領導了我們的 G Suite 業務，但他之前作為一名深度電腦科學家擔任過許多職務。我希望他能延續我們卓越的科技傳統，並以此進行我們的廣告工作。另外，我想提一下菲利普和他的團隊，他出色的團隊，他們確實領導了我們這裡的許多舉措。菲利普和普拉巴卡也加入其中，我認為這項工作將會做得很好。我期望那裡能有很多連續性。關於您關於搜尋和發現的問題，除了使搜尋更加直觀之外，我們非常關注的事情之一是用戶並不總是向我們提出問題。因此，我們認為我們的工作就是在使用者需要我們時出現，預測他們的需求，有時主動滿足他們的需求。這就是 Discover 等服務真正發揮作用的地方，對嗎？我認為——我們正在認真思考如何為我們的用戶提供相關信息，他們真正尋找的東西，以一種令他們愉悅的方式採取行動，並在他們需要的時候出現在他們面前。所以我認為這也是搜尋的一個重要發展。所以你會看到我們投入更多資金。移動為我們提供了絕佳的機會。如果您在 Pixel 3 中使用它，這就是我們將如何將所有這些產品整合在一起的願景融入其中的最新產品。我們將向您詳細介紹我們計劃如何實現這一目標。

And our next question comes from Anthony DiClemente of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Anthony DiClemente。

First for Sundar, you spent some time on hardware. You spent time discussing your suite of hardware devices, the Google Assistant, the Pixel. How are you measuring the returns on those investments in hardware, both in the products and on the marketing side here, in a pretty competitive marketplace? What are the milestones for success that we should be looking for on hardware? And then for Ruth, as we start to look ahead to 2019, as you plan for '19, how are you thinking about the relationship between revenue growth and dollars of operating income growth for next year, particularly if the macroeconomic environment were to become, let's say, less of a tailwind to the broader ads environment as it was this year and in prior years?

首先，對於 Sundar 來說，你在硬體上花了一些時間。您花了一些時間討論您的硬體設備套件、Google Assistant 和 Pixel。在競爭激烈的市場中，您如何衡量硬體投資（包括產品和行銷方面）的回報？在硬體方面，我們應該尋找哪些成功的里程碑？然後對於露絲，當我們開始展望 2019 年時，當您為 2019 年制定計劃時，您如何看待明年收入增長和營業收入增長之間的關係，特別是如果宏觀經濟環境對更廣泛的廣告環境的順風作用減弱，就像今年和前幾年那樣？

On hardware, we always want to be at the forefront of computing. And so -- and a lot of times, that involves thinking across the whole stack, bringing together the entire experience in an integrated way for our users. And we genuinely see a very differentiated way to do this. We think our approach of bringing together AI, software and hardware is unique, and we think we can deliver the best-in-class experience. And we are committed to doing it. At the same time, we want to build a great business here as well. So we are investing in the long run because we see it clearly as an important business opportunity for us as well. So both go hand-in-hand. We closely look at metrics. And the metrics, we've been very focused on for the last couple of years. This is our third generation of hardware. It's the first time we actually are doing our products end-to-end, and we've expanded to newer categories. We look at user feedback and reception. We measure NPS scores. And our scores are now reflecting best-in-class in the category. And beyond that, we are looking at how the market adoption is, and we are thoughtfully building a business, but we are committed to building and investing for the long run.

在硬體方面，我們始終希望處於計算領域的前沿。所以 — — 很多時候，這需要思考整個堆疊，以整合的方式為我們的用戶整合整個體驗。我們確實看到了一種非常差異化的方式來實現這一目標。我們認為我們將人工智慧、軟體和硬體結合在一起的方法是獨一無二的，我們認為我們可以提供一流的體驗。我們致力於做到這一點。同時，我們也希望在這裡建立偉大的事業。因此，我們進行長期投資，因為我們清楚地看到這對我們而言也是一個重要的商業機會。所以兩者是相輔相成的。我們仔細觀察指標。過去幾年我們一直非常關注這些指標。這是我們的第三代硬體。這是我們第一次真正實現端到端的產品銷售，並且我們已經擴展到了新的類別。我們會關注用戶的回饋和反應。我們測量 NPS 分數。我們的分數現在已達到同類最佳水準。除此之外，我們也正在關注市場採用情況，並認真打造業務，但我們致力於長期建設和投資。

And in terms of how we're thinking about planning, we're in the middle of it now. And many of the questions that have been already asked sort of point to the direction that we feel really good about the underlying strength in the Ads business. As we've talked about on numerous calls, we continue to invest here because we see ongoing opportunities, in particular, as we leverage machine learning to provide better experience for users and for advertisers. And some of the comments that Sundar made about the opportunities that open up with visual search, again, continue to point to the direction of direct response, continue to point to some of the underlying areas in which we're focused. But as we've talked about on prior calls, that's one element of it, and we continue to invest for opportunities that are sizable over the long term. Sundar has already commented on both hardware and Cloud as really important examples. And we think the steps that we're taking, the investments we're making, are -- provide kind of the foundational support for ongoing long-term, sustained growth. And so then we marry that with the second part of your question, which is on how do we think about the pace of investment. As we've said repeatedly, we're very focused on investing for the long term. We're trying to make sure that we prioritize crisply across the opportunity set that we have and we make the right types of trade-offs, but we do remain focused on long-term investing given the scale of the opportunities that we see.

就我們如何考慮規劃而言，我們現在正處於規劃之中。許多已經提出的問題都表明，我們對廣告業務的潛在實力感到非常滿意。正如我們在多次電話會議上談到的那樣，我們將繼續在此進行投資，因為我們看到了持續的機遇，特別是當我們利用機器學習為用戶和廣告商提供更好的體驗時。Sundar 對視覺搜尋帶來的機會所發表的一些評論，再次繼續指向直接回應的方向，繼續指向我們關注的一些潛在領域。但正如我們在先前的電話會議上所討論的那樣，這是其中的一個要素，我們將繼續投資於長期規模可觀的機會。Sundar 已經評論過硬體和雲端是真正重要的例子。我們認為，我們正在採取的措施、正在進行的投資，為長期持續的成長提供了基礎支持。那麼我們將其與你問題的第二部分結合起來，即我們如何看待投資步伐。正如我們一再說過的，我們非常注重長期投資。我們試圖確保對我們所擁有的機會進行明確的優先排序，並做出正確的權衡，但考慮到我們所看到的機會的規模，我們仍然專注於長期投資。

And our next question comes from Mark Mahaney of RBC Capital Markets.

我們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)。

Two questions, please. One, Sundar, could you just update us with your thinking on China, the China market and the extent -- I know Google is already in that market, but the extent to which you want to expand -- reexpand your presence there with Search? And then in terms of Waymo, just a quick question. Commercialization of Waymo, do you know when -- do you have a sense of when you'll have pricing established and you'll have a roughly well-defined and action -- acted-on go-to-market strategy with Waymo? Is that the end of this year, beginning of next year, whenever?

請問兩個問題。首先，Sundar，您能否簡單介紹一下您對中國市場的看法，以及您對中國市場的擴張程度——我知道谷歌已經進入了中國市場，但是您希望擴張到什麼程度——通過搜索重新擴大您在中國的影響力？關於 Waymo，我只想問一個簡單的問題。Waymo 的商業化，您是否知道何時——您是否知道何時可以確定定價，以及何時可以製定出大致明確且可操作的 Waymo 上市策略？那是今年年底，明年年初，還是什麼時候？

And Mark on China, we obviously -- we deeply care about serving Chinese users. We've been investing for many years, and especially from developing Android. But more recently, we have launched mobile apps such as Google Translate and Files Go and improved our developer tools there. So we are constantly looking for ways by which we can better serve Chinese users. And that's where we are today.

當馬克談到中國時，我們顯然非常關心為中國用戶提供服務。我們已經投資了很多年，尤其是從開發 Android 開始。但最近，我們推出了 Google Translate 和 Files Go 等行動應用程序，並改進了我們的開發工具。因此我們一直在尋找更好地服務中國用戶的方法。這就是我們今天的處境。

And then, in terms of Waymo, in the third quarter, as I think you know, we extended our Early Rider Program to a larger group, and we moved into very early days of commercialization. So we do now have people paying for rides, and we're also testing pricing models. I think the main point, we've said this repeatedly, is that we are intently focused on safety first and ensuring a great user experience. And so what that means is we're really expanding the program methodically. We're taking an iterative approach as we continue to broaden the geographic footprint. And then on top of that, as we've talked about on prior calls, we've been developing the B2B opportunity. So in Phoenix, as an example, we've been piloting with several partners who are sponsoring a service on behalf of their employees and customers. And again, it's early days, so small revenues. But we're pleased to be testing this out as well and then, on top of that, continuing to explore, applying our technology for logistics and deliveries and for personal use vehicles and for last-mile solutions for cities. So you can see a move in the third quarter. But as we said repeatedly, it's very early days, and we are taking a very deliberate, iterative approach to broadening it out.

然後，就 Waymo 而言，我想您知道，在第三季度，我們將早期乘客計劃擴展到了更大的群體，並進入了商業化的早期階段。所以現在確實有人付費乘車，我們也在測試定價模式。我認為，我們反覆強調的重點是，我們專注於安全第一並確保良好的使用者體驗。這意味著我們正在有條不紊地擴展該計劃。我們正在採取迭代方法，繼續擴大地理覆蓋範圍。除此之外，正如我們在之前的電話會議中談到的，我們一直在開發 B2B 機會。以鳳凰城為例，我們與幾個合作夥伴一起進行了試點，他們代表其員工和客戶贊助一項服務。而且，現在還處於早期階段，收入很少。但我們也很高興對此進行測試，然後在此基礎上繼續探索，將我們的技術應用於物流和配送、個人用車以及城市的最後一哩解決方案。所以你可以在第三季看到變化。但正如我們一再說過的，現在還處於早期階段，我們正在採取非常謹慎、反覆的方法來擴大它。

And our next question comes from Brian Nowak of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one on map monetization and putting some more ads in the map. Can you just talk about sort of early learnings there? I know you talked about local mobile searches growing quite rapidly in the past. But any early learnings from the monetization, the return that advertisers are getting on that front? And the second one on video games and Project Stream. Could you just talk a little about how you think about the gaming opportunity for Alphabet and what you think are the key factors you need to tackle to really build and scale a direct-to-consumer-facing cloud gaming product?

我有 2 個。第一個是關於地圖貨幣化並在地圖上放置更多廣告。能談談早期的學習情況嗎？我知道您過去談到本地行動搜尋成長相當迅速。但是從貨幣化方面有什麼早期經驗嗎？廣告商在這方面獲得了什麼回報？第二篇是關於電玩遊戲和 Project Stream 的。您能否簡單談談您如何看待 Alphabet 的遊戲機遇，以及您認為真正建立和擴展直接面向消費者的雲端遊戲產品需要解決的關鍵因素是什麼？

Look, on the ad stuff, we've had ad formats in Maps for some time, and we are constantly working to make it more useful and relevant. But I wouldn't underestimate the focus we have on local. Just to give you a sense, local mobile searches are growing faster than just mobile searches overall and have increased by almost 50% in the last year. So for us, that's an important focus area, and Maps plays a big role there. So we recently announced local campaigns, which is a new campaign type specifically designed to drive foot traffic to local businesses, right? And it's going to roll out in the coming months. And so that is a big focus. And as you pointed out, we are definitely launching and experimenting with newer ad formats on Maps itself. We have promoted places, which appears on the map itself. Have placed page ads, which appear on Google listings in Maps and Search. But we are definitely in the phase of putting those, testing it out, making sure the user experience works and making sure we can deliver value for advertisers. We are being patient here because the opportunity in local search, it's a big opportunity, and we are focused there. On your second question, look, we today serve our users on gaming across Google Alphabet in many ways, right? Obviously, Google Play does this a lot. It's a big important vertical on YouTube. And so we are -- so we touch with gaming developers across many areas already. And so we are thoughtfully thinking about what more we can do there. And Project Stream, I -- having spent my life on computing, I was blown away by seeing our ability to stream a game which needs real-time interactions, and to be able to do that from the Cloud. And it's one of the most important technological advances I've seen in a while. And so we are going to focus on that and make sure we are making progress there and bring newer experiences for gamers.

你看，在廣告方面，我們已經在 Maps 中使用廣告格式有一段時間了，我們一直在努力使其更加實用和相關。但我不會低估我們對本地的關注。讓您了解一下，本地行動搜尋的成長速度比整體行動搜尋的速度更快，並且在去年成長了近 50%。所以對我們來說，這是一個重要的關注領域，地圖在其中扮演重要角色。因此，我們最近宣布了本地活動，這是一種專門為吸引客流量到本地企業而設計的新型活動類型，對嗎？它將在未來幾個月內推出。所以這是一個重點。正如您所指出的，我們肯定會在 Google 地圖上推出並嘗試更新的廣告格式。我們已經推廣了一些地點，這些地點會顯示在地圖上。已放置頁面廣告，這些廣告會出現在地圖和搜尋中的 Google 清單中。但我們確實處於推出這些產品、進行測試的階段，確保用戶體驗良好，並確保我們能為廣告主帶來價值。我們在這裡保持耐心，因為本地搜尋的機會很大，我們專注於此。關於你的第二個問題，你看，我們今天透過多種方式為 Google Alphabet 上的遊戲用戶提供服務，對嗎？顯然，Google Play 經常這樣做。這是 YouTube 上的一個重要的垂直領域。我們也確實如此——我們已經與許多領域的遊戲開發商進行了接觸。因此，我們正在認真思考我們還能做些什麼。對於 Project Stream，我——我一生致力於計算領域，當我看到我們能夠透過雲端串流媒體需要即時互動的遊戲時，我感到非常震驚。這是我近期見過的最重要的技術進步之一。因此，我們將專注於此，確保我們在那裡取得進展並為遊戲玩家帶來更新的體驗。

And our next question comes from Douglas Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的道格拉斯·安穆斯。

One for Sundar, one for Ruth. Sundar, can you help us better understand how the remedy in Europe will work in terms of licenses and TAC going forward? And what impact do you see that having on financials? And then Ruth, can you just talk about where you are in the hardware replacement cycle in your data centers? Pretty major step-up this year just given that large ramp. How are you thinking about the trajectory into '19?

一個給 Sundar，一個給 Ruth。Sundar，您能否幫助我們更了解歐洲的補救措施在許可證和 TAC 方面將如何發揮作用？您認為這對財務有何影響？然後，露絲，您能談談您們資料中心的硬體更換週期處於什麼階段嗎？考慮到這一巨大進步，今年的進步相當大。您如何看待 19 年的發展軌跡？

Thanks, Doug. On Europe, I mean, it's early to say. We'll begin on implementing the remedy in the next few weeks. But in all these cases, we always -- we're focused on complying with the commission's directive, and we want to make sure that the transition for both our users and our OEM partners is as smooth as possible. In this case, you're dealing with life cycles for mobile phones. So changes is going to take some time to reach users. And it's difficult to predict how the licensing model will be adopted. But our products are very popular with users across platforms. And so it's early to say, but we are focused on doing the right thing there.

謝謝，道格。關於歐洲，我的意思是，現在說還太早。我們將在未來幾週內開始實施補救措施。但在所有這些情況下，我們始終專注於遵守委員會的指示，我們希望確保我們的用戶和 OEM 合作夥伴的過渡盡可能順利。在這種情況下，您正在處理手機的生命週期。因此，變化需要一些時間才能影響到使用者。而且很難預測許可模式將如何被採用。但我們的產品在各個平台都很受用戶歡迎。現在說還為時過早，但我們專注於做正確的事情。

And then in terms of technical infrastructure and our CapEx. As we talked about last quarter, CapEx reflects our view of the growing opportunity set in our core Ads and Search businesses as well as the longer-term opportunities in newer businesses, in particular, to support Cloud and then very importantly, as we've talked about, machine learning across Alphabet. And we're particularly excited about the opportunity with machine learning because it opens up more services and products for users and for advertisers and for enterprise customers. And so given our view about the long-term potential with these opportunities, we're very focused on ensuring that we have the needed compute capacity to support growth. And that's what you're really seeing with the uptick in investment. To give you a bit of a breakdown, the largest component continues to be machines. But relative to last year, it's important to note that data center construction is an increasing percentage of our CapEx investment. And so we're now in various stages of developing more than 20 data center sites globally. We're also investing in network infrastructure, such as undersea cable, so we can deliver speed and quality. So again, this really goes to our view of the opportunity set. Having said, we do remain very focused on optimizing the use of CapEx and also on compute efficiency. We're very mindful of the fact that our decisions here on CapEx don't just result in CapEx spend, but also translate into higher depreciation expenses, and that goes both to cost of sales and OpEx. So very careful about how we're using it but want to make sure that we've built for the requirements that we have. And as much as you asked about technical infrastructure, just a quick note that our facility spend, namely real estate, was more muted this quarter, and it was primarily just the ongoing work on our ground-up development. So you're primarily seeing what's going on, on technical infrastructure here.

然後是技術基礎設施和資本支出方面。正如我們上個季度所討論的，資本支出反映了我們對核心廣告和搜尋業務中不斷增長的機會以及新業務中長期機會的看法，特別是支持雲端運算，然後非常重要的是，正如我們所討論的，支持整個 Alphabet 的機器學習。我們對機器學習帶來的機會感到特別興奮，因為它為使用者、廣告商和企業客戶開闢了更多的服務和產品。因此，鑑於我們對這些機會的長期潛力的看法，我們非常注重確保我們擁有支援成長所需的運算能力。這就是投資增加所真正體現的。稍微細分一下，最大的零件還是機器。但相對於去年，值得注意的是，資料中心建設在我們的資本支出中所佔的比例正在增加。目前，我們正在全球開發 20 多個資料中心站點，處於不同階段。我們也投資了海底電纜等網路基礎設施，以便提供速度和品質。所以，這確實符合我們對機會集的看法。話雖如此，我們仍然非常注重優化資本支出的使用以及計算效率。我們非常清楚，我們在資本支出方面的決策不僅會導致資本支出，還會轉化為更高的折舊費用，這既會影響銷售成本，也會影響營運支出。因此，我們在使用它時非常小心，但要確保它是根據我們的要求建造的。正如您所問的技術基礎設施，需要簡單說明的是，本季我們的設施支出（即房地產）比較低調，主要是我們正在進行的從頭開始開發工作。因此，您主要看到的是這裡的技術基礎設施正在發生什麼。

And our next question comes from Ross Sandler of Barclays.

我們的下一個問題來自巴克萊銀行的羅斯·桑德勒。

Two questions, Ruth. So you guys posted pretty solid growth all around. But if we look at some of the international markets, each geography had a tougher comp and decelerated a little bit on a currency-neutral basis. So I guess, stepping back high level, the growth rates are solid. But can you give us any color on the overall macro picture here? I think we're getting mixed feedback from different companies across different sectors. So any high-level comments would be helpful on just the ad market, given that you're close to 20% of global advertising ex China. And then, Sundar, a question on, I guess, Pixel and just the overall advancement you're seeing in smartphone devices. So as you guys roll out more products like Lens and Gboard and some of these other utilities on top of your 1 billion-plus apps like Search and YouTube, is there any way to parse out what the overall engagement looks like in markets like the U.S. and Western Europe when the phones are improving their functionality and you keep adding these additional utilities? Is core volume going up on a per-user basis? Any color there will be helpful.

有兩個問題，露絲。所以你們各方面都取得了相當穩健的成長。但如果我們看一些國際市場，就會發現每個地區的競爭都更加激烈，而且在貨幣中性的基礎上，經濟成長略有放緩。因此我猜測，從高水準來看，成長率是穩健的。但是您能為我們介紹一下這裡的整體宏觀情況嗎？我認為我們從不同行業的不同公司得到了不同的回饋。因此，考慮到你們佔據了中國以外全球廣告市場的近 20%，任何高層評論對廣告市場來說都是有幫助的。然後，Sundar，我想問一個關於 Pixel 以及您所看到的智慧型手機設備的整體進步的問題。那麼，當你們在超過 10 億個應用程式（如搜尋和 YouTube）上推出更多產品（如 Lens 和 Gboard）以及其他一些實用程式時，在手機功能不斷改進且你們不斷添加這些額外實用程式的情況下，有沒有辦法分析出美國和西歐等市場的整體參與度如何？以每個使用者計算的核心容量是否會增加？任何顏色都會有幫助。

So in terms of your first question, we actually felt pretty good about the strength globally, which I noted in the opening comments across the board, 20% growth in the U.S. on a $15 billion base. As Sundar noted what's going on in APAC, 30% year-on-year growth, it's now over a $5 billion revenue business, and we've had sustained quarter after quarter growth at this kind of 30%-ish area, feel really good about that. By country, it really does reflect broad-based strength. As you said, we're very focused on the region and we're delivering terrific products and experiences in rapidly growing markets. You see the same thing in Other Americas, neutralizing for currency movements, 28% year-on-year growth. So we're really proud of what the teams are doing around the globe.

因此，就您的第一個問題而言，我們實際上對全球的實力感到非常滿意，我在開場評論中全面提到了這一點，即美國在 150 億美元的基礎上實現了 20% 的增長率。正如 Sundar 指出的，亞太地區的業務年增 30%，目前收入已超過 50 億美元，而且我們每季都保持著 30% 左右的持續成長，對此我們感到非常高興。從國家層級來看，這確實體現出廣泛的力量。正如您所說，我們非常關注該地區，並在快速成長的市場中提供優質的產品和體驗。在其他美洲地區也可以看到同樣的情況，扣除匯率波動的影響，年增 28%。因此，我們對全球各地團隊所取得的成就感到非常自豪。

And on your second question, one of the things we clearly see when we make a hardware product like Pixel, in which all the tools and the utilities we build are conveniently there, integrated and the experience is great, we definitely see users engaging more. And so we see an opportunity. And that's one of the bigger reasons why we do hardware as well, to show that end-to-end experience, both for our ecosystem as well as for us. It helps us give users a much deeper engaged experience as well. And when you look at all our products, we see that. And so we do see that as an opportunity.

關於你的第二個問題，當我們製造像 Pixel 這樣的硬體產品時，我們清楚地看到的一件事是，我們建立的所有工具和實用程式都方便地整合在一起，體驗很棒，我們肯定會看到用戶參與度更高。因此我們看到了一個機會。這也是我們做硬體的一個更大原因，為了展示端到端的體驗，無論是對我們的生態系統還是對自己。它還幫助我們為用戶提供更深入的參與體驗。當您查看我們所有的產品時，我們就會看到這一點。因此我們確實將此視為一個機會。

And our next question comes from Michael Nathanson of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I have 2 for Sundar, kind of the same theme. One on the Pixel 3. The marketing message is clear. The product looks great. But I wonder when you look at to date, the success of ramping the product, what's been the gating factor? Has it been the carriers? Has it been the price? And when we look at the factors for why it hasn't scaled as much as the product should have scaled, what are the factors? And then on Verily, you called out some deals with kind of the big pharmaceutical companies this quarter. But again there, I wonder, who's your most natural partnership? Is it hospitals, insurance, governments? So when we think about the big opportunity, where's the most natural fit to drive Verily going forward?

我有 2 個 Sundar，主題有點相同。一個是關於 Pixel 3 的。行銷訊息很明確。產品看起來很棒。但我想知道，當你回顧迄今為止產品的成功時，限制因素是什麼？是承運人嗎？價格已經這樣了嗎？當我們研究導致產品沒有達到應有的擴展程度的原因時，這些因素是什麼？然後在 Verily 上，您透露了本季度與一些大型製藥公司達成的交易。但我又想問，誰是你最自然的搭檔？是醫院、保險、還是政府？那麼，當我們思考這個巨大的機會時，最自然的契合點在哪裡可以推動 Verily 向前發展呢？

On Pixel. Look, first of all, part of the big thing is this is our third generation of hardware. Each generation, first of all, we've been scaling up the product in terms of even the number of units we can make and so on. So we -- if you remember the first couple of generations, we were struggling to meet the early demand we saw. This is the first year we have done it end-to-end, and we are ramping up from there. And so each year, when I look at all the metrics, be it NPS or be it our sales, be it our revenues, et cetera, everything is progressing well. But there are -- you're right, the gating factors to ramp this up, first of all, is to be able to build the supply we need. And second is go-to-market, getting ourselves in as many locations in retail as possible, in as many countries as possible, with as many carrier certifications as possible. So in each of those dimensions, we are making progress as well.

在 Pixel 上。首先，最重要的是這是我們的第三代硬體。首先，每一代產品我們都在不斷擴大，包括我們能夠生產的單位數量等等。所以——如果你還記得前幾代產品，我們當時正在努力滿足早期的需求。這是我們第一次完成端到端的工作，我們正在從那裡開始逐步前進。因此，每年當我查看所有指標時，無論是 NPS 還是我們的銷售額、收入等等，一切都進展順利。但是，您說得對，實現這一目標的關鍵因素首先是能夠建立我們所需的供應。第二是進入市場，讓我們在盡可能多的零售地點、盡可能多的國家獲得盡可能多的營運商認證。因此，在每一個方面，我們也都在取得進展。

In terms of Verily, what we've talked about there is they have partnered with a whole host of leading pharmaceutical companies focusing on specific diseases, whether it's diabetic retinopathy or across the board for neurological diseases. I announced a couple of new partnerships, the ResMed arrangement as well as Gilead. And that's what they tend to do. They partner with best-in-class to focus on specific areas where working with the pharmaceutical companies, they can -- and the technology we have and benefiting from machine learning, we can really move from reactive to proactive care. That's the Verily focus.

就 Verily 而言，我們談到的是，他們已經與許多專注於特定疾病的領先製藥公司合作，無論是糖尿病視網膜病變還是神經系統疾病。我宣布了幾個新的合作關係，包括 ResMed 和 Gilead。而這正是他們傾向於做的事情。他們與一流的企業合作，專注於與製藥公司合作的特定領域，他們可以——以及我們擁有的技術以及受益於機器學習，我們可以真正從被動護理轉向主動護理。這就是 Verily 的重點。

The next question comes from Heather Bellini of Goldman Sachs.

下一個問題來自高盛的 Heather Bellini。

I just wanted to focus on Cloud a little bit more. Sundar, you gave some good color in your prepared remarks. But I'm wondering if you could share with us any update maybe on the partner momentum and direct sales momentum you're seeing in the market, how you've seen that change. And also if you can highlight, if you've noticed that there's been noticeable changes in win rates over the last year as the product continues to mature. And you also, in the beginning of the year and exiting Q4, you would give us some high-level growth commentary about GCP, and I'm just wondering if you have anything else you could share.

我只是想多關注雲端。桑達爾，你準備好的發言為大家增添了精彩的色彩。但我想知道您是否可以與我們分享任何最新消息，例如您在市場上看到的合作夥伴勢頭和直銷勢頭，以及您如何看待這種變化。另外，如果您可以強調一下，如果您注意到隨著產品的不斷成熟，過去一年的勝率發生了明顯的變化。而且，在年初和第四季結束時，您會給我們一些關於 GCP 的高層成長評論，我只是想知道您是否還有其他可以分享的。

Thanks, Heather. Look, overall, I mean, it's now -- now we've been doing this seriously, the next level, for 3 years. And we are definitely seeing strong indicators that are -- the investment in product is clearly beginning to work. Our value proposition does come through in many competitive situations. I've seen many important wins in what seem like very, very competitive situations. I also don't -- from the way we see it, it doesn't look like a zero-sum game. As you know, we're addressing a large market opportunity here. It seems like very early days. And more importantly, the general sense I get is we are very aligned with where the market is headed in the long run. And this notion of supporting open architecture so that enterprises don't feel locked in and allowing for a multi-cloud environment to develop, that's the direction we are betting on, and there are indications that the market is headed in that direction as well. So that gives us a lot of comfort -- that leaves us -- that gives us a lot of comfort as well. And on the go-to-market side, we have really ramped up both in terms of our investments, our direct investments, but also our partnership strategy is beginning to work. And when I look at the pipeline ahead, we are clearly seeing momentum there as well. In this business, obviously, the enterprise business plays in the way in which you do you have wins, but those accounts turn into larger revenue deals over time. And so it's very clear to us that we are laying the foundation, and we are getting the strong early momentum. And that's the big reason why we are investing in a strong way in the area. And over time, we'll obviously share more here as well.

謝謝，希瑟。看，總的來說，我的意思是，現在——我們已經認真地做這件事了，已經達到下一個水平，三年了。我們確實看到了強有力的指標——產品投資顯然開始發揮作用。我們的價值主張確實在許多競爭環境中得到體現。我看過許多在競爭非常激烈的情況下取得的重要勝利。我也不認為——從我們的角度來看，它看起來不像是一場零和遊戲。如您所知，我們正在應對一個巨大的市場機會。看起來還只是個開始。更重要的是，我整體的感覺是，我們與市場的長期走向非常一致。支持開放式架構的想法是讓企業不感到被束縛，並允許多雲環境的發展，這就是我們所押注的方向，有跡象表明市場也正朝著這個方向發展。這給了我們很大的安慰──這讓我們──這也給了我們很大的安慰。在市場進入方面，我們確實加大了投資，包括直接投資，而且我們的合作夥伴策略也開始發揮作用。當我展望未來的管道時，我們清楚地看到了那裡的發展勢頭。顯然，在這個行業中，企業業務以你獲勝的方式發揮作用，但隨著時間的推移，這些帳戶會變成更大的收入交易。因此，我們非常清楚，我們正在奠定基礎，並且正在獲得強勁的早期動能。這就是我們大力投資該地區的主要原因。隨著時間的推移，我們顯然也會在這裡分享更多。

And can I just ask one follow-up, if possible? I was just wondering, if you look at Microsoft, they have an on-premise and Cloud strategy. If you look at Amazon, what they're doing with AWS and VMware, they're kind of doing a similar strategy. Do you think there's a requirement for you to also have an on-premise strategy to solve this hybrid world as long as it's hybrid for?

如果可以的話，我可以再問一個問題嗎？我只是想知道，如果你看看微軟，他們有一個內部部署和雲端策略。如果你看看亞馬遜，他們利用 AWS 和 VMware 所做的事情，他們正在採取類似的策略。您是否認為，只要是混合型的，就需要有一個內部部署策略來解決這個混合世界？

We are thoughtfully looking at it. I mean, we are increasingly working with partners like, for example, our partnership from SAP or Pivotal, VMware. These are all on hybrid cloud solutions. And so we are thinking about how to do that better. And our overall approach to cloud hybrid modernization, I think, is the right long-term direction. And so we are doing that. There are many, many situations we are in where on-prem is a big requirement for customers. But with our partnership approach, we've been able to address the needs well. So I don't see that as gating issue for us.

我們正在認真地看待它。我的意思是，我們正在越來越多地與合作夥伴合作，例如與 SAP、Pivo​​tal、VMware 的合作。這些都是混合雲解決方案。因此我們正在思考如何做得更好。我認為，我們對雲端混合現代化的整體方法是正確的長期方向。我們正在這麼做。在很多情況下，客戶都迫切需要本地部署。但透過合作方式，我們能夠很好地滿足這些需求。所以我不認為這對我們來說是一個限制問題。

And our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Ruth, I just wanted to see if you could quantify the FX headwind. I think it was a negative 1% for Q3. And in Q4, do you anticipate that to be similar or a little worse?

露絲，我只是想看看你是否可以量化外匯逆風。我認為第三季的成長率是負 1%。那麼在第四季度，您預期情況會類似還是會更糟？

I will let you forecast the dollar. As you noted, it was a point here, went from a tailwind in the second quarter to a 1 point drag here going forward. But we called out the -- and we'll have more in the Q, but noted the impact, for example, of pretty big delta between our reported and fixed in Other Americas, 19% to 28% growth, and that was really what was going on with the Brazilian real and the Argentine peso. We saw some movements in other currencies around the globe. But you can see that, which is why we broke out the geography, the way we've done it a number of quarters ago to try and give you -- help give a better sense of the types of headwinds, and I'll let you forecast the dollar.

我讓你預測美元。正如你所說，這裡領先一分，但第二節開始順風，之後就變成了落後一分。但我們指出了——我們將在 Q 中提供更多信息，但注意到了影響，例如，我們報告的和其他美洲的固定值之間的差異相當大，增長率為 19% 到 28%，而這正是巴西雷亞爾和阿根廷比索真正發生的情況。我們看到全球其他貨幣的一些變動。但你可以看到，這就是為什麼我們要按地理位置劃分，就像我們在幾個季度前所做的那樣，試圖幫助你更好地了解逆風的類型，然後我會讓你預測美元。

Okay, we look forward to that. Real quick just on EMEA, you were flat on your constant currency growth, 19%, 19% the last 2 quarters despite with GDPR. So I believe that would suggest that you're probably not seeing as big a headwind, perhaps, as maybe some expected. Could you just talk to the European business and what you're seeing there?

好的，我們期待這一點。僅在 EMEA 地區，儘管有 GDPR，但過去兩季的固定貨幣成長率仍持平，為 19%，19%。因此我相信，這表明你可能沒有看到像某些人預期的那樣大的逆風。您能否談談歐洲企業以及您在那裡看到的情況？

Look, I mean, specifically, I think your question is around GDPR and so on. First of all, I mean, we've always been, as a company, very, very focused on user privacy and security. And so in some ways, we were very early on engaged on GDPR. And we worked very hard to make sure our products are ready and in compliance. We've generally always approached our products with a strong privacy lens for our users. So -- and I think that helps us work through these changes because I don't think they are at odds with what we are trying to accomplish. I think GDPR is a very good and comprehensive set of regulations. And so I think it's been good to see a smooth transition on our products and for our users.

看，我的意思是，具體來說，我認為你的問題是關於 GDPR 等等。首先，我的意思是，作為一家公司，我們一直非常非常關注用戶的隱私和安全。因此從某種程度上來說，我們很早就開始參與 GDPR 的發展。我們非常努力地確保我們的產品準備就緒並符合要求。我們始終以高度的隱私視角來對待我們的產品，以保護用戶隱私。所以——我認為這有助於我們完成這些變化，因為我認為它們與我們想要實現的目標並不矛盾。我認為GDPR是一套非常好的、全面的法規。因此，我認為看到我們的產品和用戶的平穩過渡是件好事。

And we're continuing to invest significantly in Europe because we see the opportunity across Europe, and are investing in the communities in which we're working.

我們將繼續在歐洲進行大量投資，因為我們看到了整個歐洲的機遇，並且正在對我們工作的社區進行投資。

And our final question comes from the line of Justin Post of Bank of America Merrill Lynch.

我們的最後一個問題來自美銀美林的賈斯汀波斯特 (Justin Post)。

One quick one for Ruth. People are really asking about Amazon. Just wondering if your e-commerce vertical, was there any difference versus your other verticals in the quarter? Anything to call out there? And then, secondly, Sundar, a lot of interesting things going on with YouTube and Waymo and Cloud and other areas. As you look out 2 or 3 years, do you think any of these businesses could really make a financial positive difference on the bottom line for overall Google?

對露絲來說這是一個快速的舉動。人們確實在詢問有關亞馬遜的問題。只是想知道您的電子商務垂直行業與本季度的其他垂直行業相比有什麼不同嗎？有什麼要喊的嗎？其次，Sundar，YouTube、Waymo、雲端運算和其他領域發生了很多有趣的事情。展望未來 2 到 3 年，您認為這些業務中的任何一項能夠真正為 Google 的整體獲利帶來正面的影響嗎？

Look, I mean, I think on the first thing on e-commerce, maybe -- really, people -- we do see a lot of activity in the vertical on our products, and we see strong growth there as well. We see it as an important use case and that's why we are investing a lot. If you look at our recent work with Shopping Actions, that's an example of the kind of work we are doing there. And when we do those things, we clearly see users respond. Like, for example, on Shopping Actions, I think we just recently had partnerships with Best Buy and Nike and Sephora, I mentioned it earlier. So we are continuing to invest there, and we are also driving strong partnerships with the retail sector, both in terms of our shopping experiences as well as through Cloud. And I think that continues to be a big opportunity. And on your broader question, look, the reason we are investing across Google and Alphabet in a set of areas is because, as a company, over the past 20 years, we have developed deep capabilities in technology, in computer science and especially with machine learning and AI. And we see an opportunity to apply that across a set of important areas. There are a lot of opportunities ahead of us. We are pretty disciplined about where we're focused on. And we are focused on real large opportunities. And when we mention areas like YouTube and Waymo and Cloud and hardware, they all fit that category. But we take a very long-term view. And we want to invest to get the user experience right. And we are pretty confident that when we do that, the value will follow.

看，我的意思是，我認為關於電子商務的第一件事，也許——真的，人們——我們確實看到我們的產品在垂直領域有很多活動，而且我們也看到了強勁的增長。我們認為它是一個重要的用例，這就是我們投入大量資金的原因。如果您看一下我們最近與 Shopping Actions 合作的成果，這就是我們在那裡所做工作的一個例子。當我們這樣做時，我們清楚地看到用戶的反應。例如，在購物行動方面，我想我們最近剛與百思買、耐吉和絲芙蘭建立了合作關係，我之前提到過。因此，我們將繼續在那裡投資，並且我們也在與零售業建立強有力的合作夥伴關係，無論是在購物體驗方面還是透過雲端運算。我認為這仍然是一個巨大的機會。關於你更廣泛的問題，我們之所以在谷歌和 Alphabet 的一系列領域進行投資，是因為作為一家公司，在過去的 20 年裡，我們在技術、電腦科學，尤其是機器學習和人工智慧方面已經積累了深厚的能力。我們看到了將其應用於一系列重要領域的機會。我們面前有很多機會。我們對自己關注的重點非常嚴格。我們專注於真正的重大機會。當我們提到 YouTube、Waymo、雲端和硬體等領域時，它們都屬於這個類別。但我們的眼光非常長遠。我們希望透過投資來獲得良好的用戶體驗。我們非常有信心，當我們這樣做時，價值就會隨之而來。

And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Ellen West for closing remarks.

今天的問答環節到此結束。我想將會議交還給艾倫·韋斯特 (Ellen West) 做最後發言。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our fourth quarter call.

感謝大家今天加入我們。我們期待在第四季度電話會議上再次與您交談。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

女士們、先生們，感謝大家參加今天的會議。程式到此就結束了，大家可以斷開連線了。祝大家有個愉快的一天。