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.

女士們，先生們，美好的一天，歡迎參加 Alphabet 2018 年第三季度財報電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將會議轉交給投資者關係主管 Ellen West。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, everyone, and welcome to Alphabet's Third Quarter 2018 Earnings Conference Call.

大家下午好，歡迎參加 Alphabet 的 2018 年第三季度收益電話會議。

With us today are Ruth Porat and Sundar Pichai.

今天和我們在一起的是 Ruth Porat 和 Sundar Pichai。

Now I'll quickly cover the safe harbor.

現在我將迅速覆蓋安全港。

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.

我們今天所做的一些陳述可能被認為是前瞻性的，包括關於我們未來投資、我們的長期增長和創新、我們業務的預期業績和我們預期的資本支出水平的陳述。

These statements involve a number of risks and uncertainties that could cause actual results to differ materially.

這些陳述涉及許多可能導致實際結果存在重大差異的風險和不確定性。

For more information, please refer to the risk factors discussed in our Form 10-K for 2017 filed with the SEC.

有關更多信息，請參閱我們向 SEC 提交的 2017 年 10-K 表格中討論的風險因素。

Undue reliance should not be placed on any forward-looking statements, and they are made based on assumptions as of today.

不應過分依賴任何前瞻性陳述，它們是基於今天的假設做出的。

We undertake no obligation to update them.

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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。

As you know, we distribute our earnings release through our Investor Relations website located at abc.xyz/investor.

如您所知，我們通過位於 abc.xyz/investor 的投資者關係網站發布我們的收益報告。

This call is also being webcast from our IR website, where a replay of the call will be available later today.

此次電話會議也將從我們的 IR 網站進行網絡直播，今天晚些時候將在該網站上重播電話會議。

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

現在我將把電話轉給露絲。

Thank you, Ellen.

謝謝你，艾倫。

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.

我們第三季度的收入繼續受益於移動搜索的持續增長，其中 YouTube、雲和桌面搜索做出了重要貢獻，綜合收入達到 337 億美元，同比增長 21%，按固定匯率計算增長 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.

對於今天的電話會議，我將從 Alphabet 的合併基礎上的季度業績開始，重點關注同比變化。

I will then review results for Google, followed by Other Bets, and we'll conclude with our outlook.

然後，我將審查 Google 的結果，然後是其他賭注，我們將以我們的展望結束。

Sundar will then discuss business and product highlights, after which, we will take your questions.

然後，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.

從 Alphabet 本季度的綜合財務業績摘要開始。

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.

我們的總收入為 337 億美元，在我們的對沖計劃影響後，與去年同期相比產生了 3.85 億美元或 3.05 億美元的負面貨幣影響。

Turning to Alphabet revenues by geography, you can see that our performance was strong again in all regions.

轉向按地區劃分的 Alphabet 收入，您可以看到我們在所有地區的表現再次強勁。

U.S. revenues were $15.5 billion, up 20% year-over-year.

美國收入為 155 億美元，同比增長 20%。

EMEA revenues were $11 billion, up 20% year-over-year.

EMEA 收入為 110 億美元，同比增長 20%。

In constant currency terms, EMEA grew 19%.

按固定匯率計算，EMEA 增長 19%。

APAC revenues were $5.4 billion, up 29% versus last year and up 30% in constant currency.

亞太地區收入為 54 億美元，比去年增長 29%，按固定匯率計算增長 30%。

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.

美洲其他地區的收入為 18 億美元，同比增長 19%，按固定匯率計算增長 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.

在綜合基礎上，包括 TAC 在內的總收入成本為 143 億美元，同比增長 28%。

Other cost of revenues on a consolidated basis was $7.7 billion, up 36% year-over-year, primarily driven by Google-related expenses.

其他綜合收入成本為 77 億美元，同比增長 36%，主要受谷歌相關費用的推動。

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.

主要驅動因素是與我們的數據中心和其他運營相關的成本，包括折舊，這些成本繼續受到某些運營費用重新分配的影響，以及主要針對 YouTube 的內容獲取成本。

Operating expenses were $11.1 billion, up 26% year-over-year.

運營費用為 111 億美元，同比增長 26%。

Once again, the biggest increase was in R&D expenses, reflecting our continued investment in technical talent.

再次，最大的增長是研發費用，反映了我們對技術人才的持續投資。

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.

銷售和營銷費用的增長反映了銷售和營銷人員的增加，主要用於雲和廣告，其次是對雲、返校季的 Chromebook 和谷歌助手的廣告投資。

G&A expense trends in the third quarter were affected by a number of factors.

第三季度的 G&A 費用趨勢受到多種因素的影響。

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.

特別是，與確認股權證券收益相關的應計業績費用再次被 G&A 的某些費用重新分配部分抵消，主要是其他收入成本。

Stock-based compensation totaled $2.2 billion.

基於股票的薪酬總額為 22 億美元。

Headcount at the end of the quarter was 94,372, up 5,314 from last quarter.

本季度末的員工人數為 94,372 人，比上一季度增加了 5,314 人。

Consistent with prior quarters, the majority of new hires were engineers and product managers.

與前幾個季度一致，大多數新員工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.

就產品領域而言，雲技術和銷售職位的員工人數增幅最大。

Operating income was $8.3 billion, up 7% versus last year for an operating margin of 25%.

營業收入為 83 億美元，比去年增長 7%，營業利潤率為 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.

正如前兩個季度所討論的，營業收入和 OI&E 都受到新會計準則的影響，新會計準則改變了公司對股權證券投資的會計處理方式。

This new standard continues to result in greater volatility.

這一新標準繼續導致更大的波動性。

Once again, we've provided a table in our earnings press release to highlight the impact on particular line items.

再一次，我們在收益新聞稿中提供了一個表格，以突出對特定訂單項的影響。

Other income and expense was $1.8 billion, which includes $1.4 billion of gains in equity security investments.

其他收入和支出為 18 億美元，其中包括 14 億美元的股權投資收益。

We provide more detail on the line items within OI&E in our earnings press release.

我們在收益新聞稿中提供了有關 OI&E 內的項目的更多詳細信息。

Our effective tax rate was 8.8% for the third quarter, reflecting discrete items, notably an adjustment associated with the U.S. Tax Act.

我們第三季度的有效稅率為 8.8%，反映了離散項目，特別是與美國稅法相關的調整。

Net income was $9.2 billion and earnings per diluted share were $13.06.

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.

現在轉向資本支出和運營現金流。

Cash CapEx for the quarter was $5.3 billion, which I'll discuss in the Google segment results.

本季度的現金資本支出為 53 億美元，我將在 Google 細分市場結果中進行討論。

Operating cash flow was $13.2 billion with free cash flow of $7.9 billion.

經營現金流為 132 億美元，自由現金流為 79 億美元。

We ended the quarter with cash and marketable securities of approximately $106 billion.

我們在本季度末擁有約 1060 億美元的現金和有價證券。

Let me now turn to our segment financial results, starting with the Google segment.

現在讓我談談我們的部門財務業績，從谷歌部門開始。

Revenues were $33.6 billion, up 21% year-over-year.

收入為 336 億美元，同比增長 21%。

In terms of the revenue detail, Google sites revenues were $24.1 billion in the quarter, up 22% year-over-year.

就收入細節而言，本季度谷歌網站收入為 241 億美元，同比增長 22%。

In terms of dollar growth, results were led again by mobile search, with a strong contribution from YouTube followed by desktop search.

在美元增長方面，移動搜索再次領先，YouTube 貢獻強勁，其次是桌面搜索。

Network revenues were $4.9 billion, up 13% year-on-year, reflecting the ongoing momentum of AdMob and programmatic.

網絡收入為 49 億美元，同比增長 13%，反映了 AdMob 和程序化的持續發展勢頭。

Other revenues for Google were $4.6 billion, up 29% year-over-year, fueled by Cloud and Play.

在 Cloud 和 Play 的推動下，谷歌的其他收入為 46 億美元，同比增長 29%。

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.

我們將繼續在我們的收益新聞稿中提供貨幣化指標，讓您了解我們廣告業務的價格和數量動態。

Total traffic acquisition costs were $6.6 billion or 23% of total advertising revenues and up 20% year-over-year.

總流量獲取成本為 66 億美元，佔廣告總收入的 23%，同比增長 20%。

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.

總 TAC 佔廣告總收入的百分比與去年同期相比相對持平，這主要反映了從網絡到網站的有利收入組合轉變，但被網站 TAC 率的增加所抵消。

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.

網站 TAC 率的同比增長是由合作夥伴協議的變化和持續向移動設備的轉變推動的，移動設備具有更高的 TAC。

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.

本季度，由於多種因素的綜合作用，我們的網絡 TAC 率同比下降，但這些因素均不顯著。

Google stock-based compensation totaled $2.1 billion for the quarter, up 23% year-over-year.

本季度谷歌股票薪酬總額為 21 億美元，同比增長 23%。

Operating income was $9.5 billion, up 11% versus last year.

營業收入為 95 億美元，比去年增長 11%。

And the operating margin was 28.2%.

營業利潤率為28.2%。

Accrued CapEx for the quarter was $5.6 billion, reflecting investments in production equipment, data center construction and facilities.

本季度的應計資本支出為 56 億美元，反映了對生產設備、數據中心建設和設施的投資。

Let me now turn to Other Bets.

現在讓我談談其他賭注。

Revenues were $146 million, primarily generated by Fiber and Verily.

收入為 1.46 億美元，主要由 Fiber 和 Verily 產生。

Operating loss was $727 million.

經營虧損為 7.27 億美元。

Other Bets accrued CapEx was $55 million.

其他應計資本支出為 5500 萬美元。

In terms of Other Bets updates for the quarter.

就本季度的其他投注更新而言。

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.

通過第三季度的 Waymo，我們建立了 Early Rider Program，擴大了參與者群體並開始測試定價模型。

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.

在 Verily，該團隊繼續執行與領先製藥公司的各種合作夥伴關係，這與其將藥物從被動轉變為主動的使命相一致。

Recently launched efforts included joint venture with ResMed to focus on sleeping disorders and a research collaboration with Gilead.

最近啟動的努力包括與 ResMed 成立合資企業，專注於睡眠障礙，以及與 Gilead 的研究合作。

Finally, you can see in our results the benefit and quality of our investment teams, GV and CapitalG, which are also within Other Bets.

最後，您可以在我們的結果中看到我們的投資團隊 GV 和 CapitalG 的收益和質量，這也在其他賭注中。

Within the $1.4 billion of reported gains in equity securities in OI&E, approximately $400 million was realized in Q3.

在 OI&E 股權證券報告的 14 億美元收益中，第三季度實現了約 4 億美元。

There will be more detail on these investment activities in the 10-Q.

在 10-Q 中將有更多關於這些投資活動的細節。

Let me close with some observations on the quarter and our longer-term outlook.

讓我以對本季度和我們的長期前景的一些觀察作為結束。

First, with respect to revenues.

首先，關於收入。

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.

在第三季度，業績反映了美元走強帶來的外匯逆風，與上半年報告業績的順風形成鮮明對比。

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.

我們繼續對我們廣告業務的潛在發展勢頭感到滿意，因為我們利用我們在機器學習方面的優勢來改善用戶和廣告商的體驗。

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.

正如我們所指出的，硬件在第三季度的貢獻很小，因為我們在第四季度的假日季節推出了新的 Made by Google 產品系列。

Second, with respect to profitability.

第二，關於盈利能力。

Within cost of revenues, the biggest component is TAC.

在收入成本中，最大的組成部分是 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.

我們在 2017 年第四季度電話會議上表示，網站 TAC 佔網站收入百分比的同比增長速度將在 2018 年第一季度之後開始放緩，您可以在我們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.

正如經常討論的那樣，我們確實預計網站的 TAC 率將繼續同比增長，這反映了移動搜索的持續實力。

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.

展望未來，我們預計硬件銷售對我們其他銷售成本的季節性影響（通常在今年第四季度較高）以及 YouTube 的內容獲取成本增加（歷史上在第四季度也較高）。

Within OpEx, we continue to prioritize our investments to support long-term growth.

在運營支出中，我們繼續優先考慮我們的投資以支持長期增長。

In terms of headcount, growth was seasonally higher in the third quarter because we brought on new graduates.

就員工人數而言，由於我們帶來了新畢業生，第三季度的增長季節性較高。

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.

我們將繼續投資在我們的優先領域增加人才，特別是在工程和產品管理方面的技術角色，並支持我們最大規模的增長領域，特別是雲計算。

As I've mentioned previously regarding sales and marketing, expenses are more heavily weighted toward the back half of the year.

正如我之前提到的關於銷售和營銷的，費用在下半年的比重更大。

As you have seen in prior years, these expenses are particularly elevated in the fourth quarter to support the holiday season.

正如您在前幾年看到的那樣，這些費用在第四季度特別高，以支持假日季節。

Other Bets remains a portfolio of earlier-stage businesses focused on addressing sizable markets.

其他賭注仍然是專注於解決大型市場的早期業務組合。

We are moving toward early stages of commercialization while continuing to calibrate the pace of investment against achievement of key milestones.

我們正朝著商業化的早期階段邁進，同時繼續根據關鍵里程碑的實現來調整投資步伐。

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.

最後，關於資本支出，您可以看到我們的持續投資，因為我們構建了支持我們在業務中看到的機會所需的基礎設施。

This includes a number of data center construction projects in-flight as well as ongoing expansion in our compute capacity.

這包括一些正在進行的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.

我現在將把電話轉給 Sundar。

Thanks, Ruth.

謝謝，露絲。

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.

我們度過了一個很棒的季度，而且特別特別，因為上個月我們慶祝了 Google 的 20 歲生日和 Chrome 的 10 歲生日。

It's exciting to think that 20 years in, we are still just at the beginning of what's possible.

令人興奮的是，20 年過去了，我們仍處於一切可能的開端。

We get billions of questions from users every day, and about 15% of those are queries we have never seen before.

我們每天從用戶那裡收到數十億個問題，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.

我們的使命是讓世界上的信息變得可訪問和有用，這一使命在今天與我們剛開始時一樣重要。

I want to begin by highlighting our recently launched family of hardware.

我想首先強調我們最近推出的硬件系列。

It's a great example of how we bring together Google's strengths to help people through their day.

這是一個很好的例子，說明我們如何匯集 Google 的優勢來幫助人們度過每一天。

Then I'll touch on ways AI is helping us approach our mission.

然後我會談談人工智能幫助我們完成使命的方式。

I'll give an update on our video and advertising platforms.

我會更新我們的視頻和廣告平台。

And finally, I'll talk about our growing Cloud business.

最後，我將談談我們不斷增長的雲業務。

First, hardware.

首先，硬件。

Every year, we have a new opportunity to push the boundaries of computing.

每年，我們都有一個新的機會來突破計算的界限。

Those experiences come to life in our Made by Google hardware, which combines the latest advances in software, hardware and AI.

這些體驗在我們的 Made by Google 硬件中栩栩如生，它結合了軟件、硬件和人工智能的最新進展。

Our third-generation is our best yet.

我們的第三代是我們最好的。

It includes the Pixel 3, Google Home Hub, the Pixel Slate tablet and more.

它包括 Pixel 3、Google Home Hub、Pixel Slate 平板電腦等。

We're getting great feedback, and I'm very excited for users to try these devices, especially as the holiday season approaches.

我們收到了很好的反饋，我很高興用戶嘗試這些設備，尤其是在假期臨近時。

Our new hardware lineup showcases the best of Google, including the Google Assistant, Android and Chrome.

我們的新硬件系列展示了 Google 的精華，包括 Google Assistant、Android 和 Chrome。

With the Pixel 3, we've used AI to create a best-in-class camera.

在 Pixel 3 中，我們使用 AI 打造了一流的相機。

New features like Top Shot make it so you never miss a shot.

Top Shot 等新功能讓您不會錯過任何一個鏡頭。

If your timing wasn't perfect, the camera will suggest a better frame and give you the option to save it.

如果您的時機不完美，相機會建議一個更好的幀，並讓您選擇保存它。

And Night Sight will help you take really good pictures even in bad light.

即使在光線不好的情況下，Night Sight 也能幫助您拍出非常好的照片。

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.

Pixel 3 還有一個名為 Titan M 的定制安全芯片。它旨在保護 Google 自己的數據中心，現在我們將它帶給我們的用戶。

We also released Google Home Hub, our first smart speaker with a screen.

我們還發布了 Google Home Hub，這是我們的第一款帶屏幕的智能音箱。

It shows your morning commute, let's you control your smartphone and gives you hands-free help in the kitchen.

它顯示您早上的通勤情況，讓您控制您的智能手機並在廚房為您提供免提幫助。

And Pixel Slate Chrome OS reimagined as a tablet with all the great apps from the Play Store.

Pixel Slate Chrome OS 被重新構想為一款平板電腦，其中包含來自 Play 商店的所有出色應用。

Our hardware efforts are picking up real momentum.

我們的硬件工作正在加速發展。

For example, daily active users of our Google Home devices have grown by over 5x in the last year alone.

例如，僅去年一年，我們 Google Home 設備的日活躍用戶就增長了 5 倍以上。

I'm incredibly proud of our growing hardware team, including the talented employees who came over from HTC and Nest.

我為我們不斷壯大的硬件團隊感到無比自豪，包括從 HTC 和 Nest 過來的才華橫溢的員工。

Our investments are paying off as we bring the best of Google to more users and in more countries around the world.

我們的投資正在獲得回報，因為我們將 Google 最好的一面帶給了世界上更多的用戶和更多的國家。

Even as we build up our hardware business, we continue to advance our mission across our core products and platforms.

即使在我們建立硬件業務的同時，我們也會繼續在我們的核心產品和平台上推進我們的使命。

Last month, we kicked off 20 years of Google Search by introducing some of the biggest updates in many years.

上個月，我們推出了一些多年來最重大的更新，開啟了 Google 搜索 20 年的歷程。

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.

它們包括一種新的 AI 驅動的排名方法，可提供更相關的結果、重新設計的名為 Discover 的 Google Feed 可幫助您隨時了解對您而言重要的主題，以及 Google 圖片的全新搜索體驗。

We also continue to tackle the information problem of connecting people to relevant jobs right from search.

我們還繼續解決通過搜索將人們與相關工作聯繫起來的信息問題。

This has already helped connect over 100 million people in 92 countries to job listings that meet their needs and skills.

這已經幫助 92 個國家的超過 1 億人連接到滿足他們需求和技能的職位列表。

Now U.S. service members can search for jobs for veterans and enter their military occupational code to see relevant civilian jobs.

現在，美國軍人可以搜索退伍軍人的工作並輸入他們的軍事職業代碼以查看相關的文職工作。

The Google Assistant continues to gain traction, drawing on our strengths in machine learning and helpful Google services like Search, YouTube and Maps.

借助我們在機器學習方面的優勢以及 Google 搜索、YouTube 和地圖等有用的 Google 服務，Google 助理繼續獲得關注。

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.

我們已將助手擴展到 20 種語言和 76 個國家/地區，現在它一次可以理解和說一種以上的語言。

We launched our first set of smart displays with Lenovo and JBL as well as our own Google Home Hub.

我們與聯想和 JBL 以及我們自己的 Google Home Hub 一起推出了我們的第一套智能顯示器。

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.

美國的 Pixel 用戶將率先嘗試我們新的 Duplex 技術，該技術可幫助您通過電話完成現實世界的任務，例如致電餐廳預訂餐桌。

And we introduced a new way to easily book ride services with your Google Assistant.

我們還推出了一種使用 Google 助理輕鬆預訂乘車服務的新方法。

In Maps, we also made several improvements, including a commute tab with live traffic and transit information and support for mixed-mode commutes.

在 Google 地圖中，我們還進行了多項改進，包括包含實時交通和交通信息的通勤選項卡，以及對混合模式通勤的支持。

Earlier this month, we announced an exciting test called Project Stream.

本月早些時候，我們宣布了一項名為 Project Stream 的激動人心的測試。

We are working with video game publisher, Ubisoft, to stream their latest game, Assassin's Creed Odyssey, to Chrome browsers on laptops and desktops.

我們正在與視頻遊戲發行商 Ubisoft 合作，將他們的最新遊戲《刺客信條：奧德賽》流式傳輸到筆記本電腦和台式機上的 Chrome 瀏覽器。

Streaming graphically rich content for video games represents a great technical advance, and we look forward to seeing what's possible here.

視頻遊戲流式傳輸圖形豐富的內容代表了一項巨大的技術進步，我們期待看到這裡的可能性。

I'm particularly proud that our strengths in AI are creating life-changing contributions in other fields.

我特別自豪的是，我們在人工智能方面的優勢正在其他領域創造改變生活的貢獻。

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.

例如，我們最近的洪水預測工作使用人工智能更好地預測洪水何時發生，有可能幫助數百萬人擺脫傷害。

We are starting in India, where 20% of flood-related fatalities occur today, and we're looking to expand to more countries soon.

我們從印度開始，今天有 20% 的洪水相關死亡發生在印度，我們希望盡快擴展到更多國家。

Earlier this month, our research has showed how they've applied deep learning models to improve the accuracy of diagnosis for metastatic breast cancer.

本月早些時候，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腺癌診斷的準確性。

Our research found that pathologists and AI can work together more effectively than either alone.

我們的研究發現，病理學家和人工智能可以比單獨工作更有效。

Moving to our video and advertising platforms, which are creating economic opportunities for partners around the world.

轉向我們的視頻和廣告平台，這些平台正在為世界各地的合作夥伴創造經濟機會。

First, YouTube.

首先，YouTube。

One particular area of focus is educational content.

一個特別關注的領域是教育內容。

Every day, people from all over the world turn to YouTube to learn something new, from career skills to coding to cooking.

每天，來自世界各地的人們都會轉向 YouTube 學習新事物，從職業技能到編碼再到烹飪。

Just this week, we announced a $20 million investment to expand our YouTube learning initiative, which will help fund established and emerging educational careers.

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，這將有助於資助已建立和新興的教育事業。

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.

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's ads business continues to provide great results for marketers and creators.

YouTube 的廣告業務繼續為營銷人員和創作者提供出色的成果。

At Advertising Week, we announced that we'll be expanding our popular TrueView actions format.

在廣告週上，我們宣布我們將擴展我們廣受歡迎的 TrueView 操作格式。

This helps users take action directly from video ads.

這有助於用戶直接從視頻廣告中採取行動。

They can now do things like sign up for a newsletter.

他們現在可以做一些事情，比如註冊時事通訊。

And soon, they'll be able to find movie showtimes, download apps or even book a trip right from the ad.

很快，他們將能夠直接從廣告中查找電影放映時間、下載應用程序甚至預訂旅行。

For creators, YouTube is continuing to build alternative revenue products, like Super Chat, Channel Memberships and the ability to sell merchandise directly to fans.

對於創作者，YouTube 將繼續打造替代收入產品，例如超級留言、頻道會員以及直接向粉絲銷售商品的能力。

YouTube Gaming creator, Markiplier, increased its revenue by 20% using Channel Memberships.

YouTube 遊戲創建者 Markiplier 使用頻道會員功能將收入增加了 20%。

We continue to see positive traction for our newest subscription experiences too.

我們也繼續看到我們最新訂閱體驗的積極吸引力。

YouTube Premium, YouTube TV and YouTube Music premium are continuing to expand to many new countries.

YouTube Premium、YouTube TV 和 YouTube Music Premium 正在繼續擴展到許多新的國家/地區。

The team is also investing in growing and improving the news experience on YouTube.

該團隊還投資於發展和改善 YouTube 上的新聞體驗。

More prominently surfacing credible news sources on the platform is a big priority for us.

在平台上更突出地展示可信的新聞來源是我們的首要任務。

Next, our advertising platforms.

接下來是我們的廣告平台。

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.

廣告商喜歡我們將機器學習優勢帶入響應式搜索廣告和通用應用廣告系列等產品中，以製作更有效的廣告。

One new example is Smart Shopping campaigns, which use signals like seasonality and price to optimize where ads are shown.

一個新的例子是智能購物廣告系列，它使用季節性和價格等信號來優化廣告的展示位置。

Tens of thousands of advertisers are using this and seeing an average of 20% more sales for the same budget.

數以萬計的廣告商正在使用它，並且在相同預算的情況下，銷售額平均增加了 20%。

Just last week, we announced that Nike, Best Buy and Sephora are joining our Shopping Actions program.

就在上週，我們宣布耐克、百思買和絲芙蘭將加入我們的 Shopping Actions 計劃。

This allows people to move seamlessly from browsing to buying with a universal cart that works across Google Search and our system.

這使人們可以使用適用於 Google 搜索和我們系統的通用購物車從瀏覽無縫過渡到購買。

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.

在應用方面，我們宣布與 Unity Technologies 建立合作夥伴關係，這讓我們的廣告商能夠訪問全球最大的移動遊戲網絡之一，覆蓋 15 億台設備。

Unity's developers can monetize their apps with Google Ads without any additional development work.

Unity 的開發人員無需任何額外的開發工作即可通過 Google Ads 通過他們的應用獲利。

And lastly, our growing Cloud business.

最後，我們不斷增長的雲業務。

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.

在 Google Cloud Next 上，我們發布了 100 多個公告，其中包括 Titan 安全密鑰，該密鑰具有 Google 設計的固件，可幫助驗證客戶密鑰上的任何內容都沒有被篡改。

And we expanded our breakthrough Cloud AutoML portfolio, which now includes vision, natural language and translation.

我們擴展了我們突破性的 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.

在世界各地，我們看到大量客戶採用我們的雲平台。

With the help of SAP, Metro, one of our largest B2B wholesalers globally, is centralizing their finance system on Google Cloud Platform.

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。

They're using BigQuery to generate data-driven insights to help create more personalized marketing campaigns.

他們正在使用 BigQuery 生成數據驅動的見解，以幫助創建更加個性化的營銷活動。

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.

在美國，我們與美國國立衛生研究院合作，提供對雲服務的訪問，幫助研究人員訪問大型數據集以加速生物醫學的進步。

We also added new customers like ING and Broadcom, joining existing customers like PayPal, ANZ Bank and Kroger.

我們還增加了 ING 和 Broadcom 等新客戶，加入了 PayPal、ANZ Bank 和 Kroger 等現有客戶。

Our G Suite business continues to fuel transformation in companies large and small, and we crossed 2 important milestones in the quarter.

我們的 G Suite 業務繼續推動大小公司的轉型，我們在本季度跨越了兩個重要里程碑。

Google Drive became the eighth Google product with 1 billion monthly active users.

Google Drive 成為 Google 的第八款產品，每月有 10 億活躍用戶。

And Gmail now has more than 1.5 billion monthly active users.

Gmail 現在每月有超過 15 億活躍用戶。

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.

我們在本季度的一大勝利是迅銷，這家日本零售商以其廣受歡迎的品牌優衣庫而聞名，該公司正在全球範圍內將其員工遷移到 G Suite，同時還在谷歌云平台上尋求人工智能解決方案，如按需預測。

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.

我們的雲業務正受益於我們對技術基礎設施的投資，包括將提高數百萬人速度的美國-歐洲電纜。

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.

在結束之前，我想快速強調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，亞太地區的收入增長依然強勁。

This is a reflection of our very focused efforts to build great experiences for the billions of people across the region.

這反映了我們非常專注於為該地區數十億人打造卓越體驗的努力。

We have adapted many of our core products like Search, Maps and YouTube to work well for the next generation of users coming online.

我們已經調整了我們的許多核心產品，例如搜索、地圖和 YouTube，以便為下一代上網用戶提供良好的服務。

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.

我們還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字支付應用程序，可幫助人們輕鬆支付電工費用或輕點幾下就分攤晚餐賬單。

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.

自推出僅 1 年以來，印度各地的企業中現在每月有超過 3000 萬人使用該應用程序，他們總共進行了超過 10 億筆交易。

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.

我們最近將該應用程序重新命名為 Google Pay，因為我們希望將該應用程序的許多功能帶給世界各地的其他人。

We are also investing closer to home.

我們也在離家更近的地方進行投資。

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.

在第三季度，Alphabet 超過 80% 的總資本支出在美國境內。這些對數據中心、機器和辦公室的投資不僅使我們能夠為用戶提供優質服務，而且對他們周圍的社區產生了強烈的積極影響，支持數以千計的工作崗位和無數的本地企業。

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.

今年迄今為止，我們在美國增加了 9,000 多名新員工，而且我們在灣區以外的增長速度繼續快於灣區。

As you can see, there's exciting momentum across many different areas.

如您所見，許多不同領域都有令人興奮的勢頭。

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.

作為一家公司，擺在我們面前的無數令人難以置信的機會，以及我們在過去 20 年裡取得的成就，總是讓我感到震驚。

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.

我要向全世界所有幫助我們每天完成這一使命的 Google 員工表示衷心的感謝。

With that, I'll hand it back to Ruth

有了這個，我會把它還給露絲

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.

（操作員說明）我們的第一個問題來自瑞銀的 Eric Sheridan。

Maybe 2 for Sundar, if I can.

如果可以的話，Sundar 可能是 2 個。

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.

參考博客文章和一些關於您如何看待搜索未來的變化，我想知道您認為公司需要進行哪些關鍵投資，以使搜索變得更加直觀或相關。

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.

這可能意味著將其與業務聯繫起來，以與您的產品互動、廣告在中長期的相關性。

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.

然後關於您在 YouTube 上的評論，我們開始從廣告商那裡聽到，品牌和直接響應廣告預算之間存在一些模糊，因為他們可能更多地關注混合產品線。

It sounds like the YouTube announcements coming out of Ad Week were about making YouTube more responsive or more direct response.

聽起來廣告週發布的 YouTube 公告是為了讓 YouTube 更具響應性或更直接的響應。

How are you thinking about the blurring of those lines and what it means for product development long-term?

您如何看待這些界限的模糊以及它對產品開發的長期意義？

Thanks, Eric.

謝謝，埃里克。

I'll take the two.

我要兩個。

The first on Search.

搜索中的第一個。

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.

您說得對，對於搜索，我們總是試圖預測用戶的位置——用戶體驗期望是什麼，並試圖在那裡滿足他們。

And increasingly in mobile, people do want immersive, engaging experiences.

在移動領域，人們越來越想要身臨其境、引人入勝的體驗。

They want their experiences to be more visual, and that's partly what you saw us announce in our 20th birthday event.

他們希望自己的體驗更加直觀，這就是您在 20 歲生日活動中看到我們宣布的部分內容。

And we are excited to move in that direction.

我們很高興朝著這個方向前進。

And I do think we have a lot of important assets to bring here.

我確實認為我們有很多重要的資產可以帶到這裡。

YouTube is a big part of what we do.

YouTube 是我們工作的重要組成部分。

We are investing in image search, and we do have products like Google Maps and Photos, which all add to that visual experience.

我們正在投資圖像搜索，我們確實有像谷歌地圖和照片這樣的產品，它們都增加了這種視覺體驗。

And as part of doing that, we are investing in our advertising offerings as well.

作為這樣做的一部分，我們也在投資我們的廣告產品。

And so over time, we'll adapt that so they go hand-in-hand.

因此，隨著時間的推移，我們將對其進行調整，以便它們齊頭並進。

But I think it's an important evolution for us.

但我認為這對我們來說是一個重要的演變。

In terms of YouTube, I think it is -- part of what makes YouTube great is I think we can offer different opportunities for advertisers.

就 YouTube 而言，我認為它是——讓 YouTube 變得偉大的部分原因是我認為我們可以為廣告商提供不同的機會。

We've always felt direct response is something that can work well on YouTube, and our instinct is bearing out.

我們一直認為直接響應在 YouTube 上可以很好地發揮作用，而且我們的直覺正在發揮作用。

And I look at my personal use cases.

我看看我的個人用例。

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.

現在有很多次，有時不是搜索，而是實際上在 YouTube 上找到了我想做的事情，也許正在考慮去一個地方，然後我在 YouTube 上進行了研究。

So I think it offers the same opportunity over time.

所以我認為隨著時間的推移它提供了同樣的機會。

And from our standpoint, we want to make sure we are evolving the product to bring those opportunities to advertisers.

從我們的角度來看，我們希望確保我們正在改進產品，以便為廣告商帶來這些機會。

I'm very excited about it.

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 Capital Markets 的 Dan Salmon。

Sundar, 2 questions for you.

Sundar，給你 2 個問題。

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.

首先，本月早些時候，或者可能是上個月末，您的廣告和商務主管 Sridhar Ramaswamy 離開去了一家風險投資公司。

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.

打賭這對您來說並不意外，但我只是希望您能對這一重要角色的繼任計劃以及您是否期望廣告產品策略發生任何形式的廣泛變化有所了解。

And then second, just amongst those announcements on the anniversary were the evolution of Feed to Discover.

其次，就在周年紀念日的那些公告中，Feed to Discover 的演變。

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.

我承認這是產品的演變，但看起來您確實在利用 Google.com 上長期未使用的空白空間。

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.

所以只是想多聽一點，這是對 Eric 關於搜索發展的問題的跟進，但是你如何看待這個表面，特別是隨著時間的推移不斷發展，特別是廣告貨幣化的潛力。

Good.

好的。

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.

關於第一個，看，我的意思是，我們 - 我對 Google 真正感到自豪的一件事是我們擁有深厚的人才儲備，例如，在廣告團隊中，我們幾乎所有的高級廣告領導層都有在這裡已經十多年了。

And so for us, we are fortunate to be able to tap into it.

所以對我們來說，我們很幸運能夠利用它。

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.

我們的 Ads 領導層來了—— Prabhakar 接手了我們的 Ads 產品和工程工作，與我一起工作了很多很多年，最近領導了我們的 G Suite 業務，但之前擔任過許多角色作為深度計算機科學家。

And I expect to -- for him to continue our tradition of technical excellence with which he approach our advertising work.

我希望他能夠延續我們在處理我們的廣告工作時所採用的卓越技術傳統。

Also, I want to mention Philipp and his team, his extraordinary team, who definitely lead many of our initiatives here.

另外，我想提一下 Philipp 和他的團隊，他的非凡團隊，他們絕對領導了我們在這裡的許多舉措。

And Philipp and, Prabhakar, with them, I think it's in great hands.

Philipp 和 Prabhakar 和他們一起，我認為這一切都在偉大的手中。

And I expect a lot of continuity there.

我希望那裡有很多連續性。

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.

關於您關於搜索和發現的問題，除了讓搜索更直觀之外，我們非常非常關注的一件事是用戶並不總是轉向我們並實際提出問題。

So we feel our job is to be there when users need us, anticipate what they want and, sometimes, proactively meet them.

因此，我們覺得我們的工作是在用戶需要我們時出現，預測他們想要什麼，有時還主動滿足他們。

That's where services like Discover really play a role, right?

這就是像 Discover 這樣的服務真正發揮作用的地方，對吧？

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.

我認為 - 我們正在努力思考如何為我們的用戶展示相關信息，他們真正尋找的東西，可以以一種令他們愉快的方式採取行動，並在他們需要時向他們展示。

So I see that as an important evolution of Search as well.

所以我認為這也是搜索的一個重要演變。

And so you're going to see us investing more.

所以你會看到我們投資更多。

Mobile offers us a great opportunity.

移動為我們提供了一個很好的機會。

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.

如果您在 Pixel 3 中使用它，這是我們將所有這些產品整合在一起的願景的最新產品。

And we'll give you a good sense of how we plan to do that over time.

隨著時間的推移，我們會讓您充分了解我們計劃如何做到這一點。

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.

首先對於 Sundar，您花了一些時間在硬件上。

You spent time discussing your suite of hardware devices, the Google Assistant, the Pixel.

您花時間討論了您的硬件設備套件、Google 智能助理、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?

在競爭激烈的市場中，您如何衡量這些硬件投資的回報，無論是在產品方面還是在營銷方面？

What are the milestones for success that we should be looking for on hardware?

我們應該在硬件上尋找哪些成功的里程碑？

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?

然後對於露絲，當我們開始展望 2019 年時，當您計劃 19 年時，您如何看待明年收入增長與營業收入增長美元之間的關係，特別是如果宏觀經濟環境成為，比方說，像今年和前幾年那樣，對更廣泛的廣告環境的順風嗎？

On hardware, we always want to be at the forefront of computing.

在硬件方面，我們總是希望站在計算的最前沿。

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.

所以——很多時候，這涉及到整個堆棧的思考，以一種集成的方式為我們的用戶整合整個體驗。

And we genuinely see a very differentiated way to do this.

我們真的看到了一種非常不同的方式來做到這一點。

We think our approach of bringing together AI, software and hardware is unique, and we think we can deliver the best-in-class experience.

我們認為我們將人工智能、軟件和硬件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。

And we are committed to doing it.

我們致力於做到這一點。

At the same time, we want to build a great business here as well.

同時，我們也想在這裡建立一個偉大的業務。

So we are investing in the long run because we see it clearly as an important business opportunity for us as well.

因此，我們進行長期投資，因為我們清楚地認為這對我們來說也是一個重要的商業機會。

So both go hand-in-hand.

所以兩者齊頭並進。

We closely look at metrics.

我們密切關注指標。

And the metrics, we've been very focused on for the last couple of years.

在過去的幾年裡，我們一直非常關注這些指標。

This is our third generation of hardware.

這是我們的第三代硬件。

It's the first time we actually are doing our products end-to-end, and we've expanded to newer categories.

這是我們第一次真正端到端地做我們的產品，我們已經擴展到新的類別。

We look at user feedback and reception.

我們會查看用戶反饋和接收情況。

We measure NPS scores.

我們測量 NPS 分數。

And our scores are now reflecting best-in-class in the category.

我們的分數現在反映了該類別中的一流水平。

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.

除此之外，我們正在研究市場的採用情況，我們正在深思熟慮地建立業務，但我們致力於建立和長期投資。

And in terms of how we're thinking about planning, we're in the middle of it now.

就我們如何考慮規劃而言，我們現在正處於其中。

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.

許多已經被問到的問題都指向了我們對廣告業務潛在實力感到非常滿意的方向。

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.

正如我們在多次電話會議上所討論的那樣，我們繼續在這裡投資，因為我們看到了持續的機會，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。

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.

Sundar 對視覺搜索帶來的機會所做的一些評論再次指出了直接響應的方向，繼續指向我們關注的一些潛在領域。

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.

但正如我們在之前的電話會議中談到的那樣，這是其中的一個要素，我們將繼續投資於長期可觀的機會。

Sundar has already commented on both hardware and Cloud as really important examples.

Sundar 已經將硬件和云作為非常重要的示例進行了評論。

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.

我們認為我們正在採取的步驟，我們正在進行的投資，為持續的長期持續增長提供了一種基礎支持。

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.

因此，我們將其與您問題的第二部分結合起來，即我們如何看待投資步伐。

As we've said repeatedly, we're very focused on investing for the long term.

正如我們反复說過的那樣，我們非常專注於長期投資。

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.

我們正在努力確保在我們擁有的機會組合中明確優先級，並做出正確的權衡，但鑑於我們看到的機會規模，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 RBC Capital Markets 的 Mark Mahaney。

Two questions, please.

請教兩個問題。

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?

第一，Sundar，您能否向我們介紹一下您對中國、中國市場以及程度的看法——我知道谷歌已經進入了那個市場，但你想擴大的程度——通過搜索重新擴大你在中國的存在？

And then in terms of Waymo, just a quick question.

然後就 Waymo 而言，只是一個簡單的問題。

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?

Waymo 的商業化，你知道什麼時候——你知道你什麼時候會建立定價，你會有一個大致明確的和行動的——與 Waymo 一起採取行動的上市策略嗎？

Is that the end of this year, beginning of next year, whenever?

那是今年年底，明年年初，什麼時候？

And Mark on China, we obviously -- we deeply care about serving Chinese users.

Mark on China，我們顯然——我們非常關心為中國用戶服務。

We've been investing for many years, and especially from developing Android.

我們多年來一直在投資，尤其是在開發 Android 方面。

But more recently, we have launched mobile apps such as Google Translate and Files Go and improved our developer tools there.

但最近，我們推出了 Google Translate 和 Files Go 等移動應用程序，並在那裡改進了我們的開發者工具。

So we are constantly looking for ways by which we can better serve Chinese users.

所以我們一直在尋找更好地服務中國用戶的方法。

And that's where we are today.

這就是我們今天所處的位置。

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.

然後，就 Waymo 而言，我想你知道，在第三季度，我們將 Early Rider Program 擴展到更大的群體，我們進入了商業化的早期階段。

So we do now have people paying for rides, and we're also testing pricing models.

所以我們現在確實有人為乘車付費，我們也在測試定價模型。

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.

我認為，我們反复說過的重點是，我們專注於安全第一併確保出色的用戶體驗。

And so what that means is we're really expanding the program methodically.

所以這意味著我們真的在有條不紊地擴展程序。

We're taking an iterative approach as we continue to broaden the geographic footprint.

隨著我們繼續擴大地理足跡，我們正在採取迭代方法。

And then on top of that, as we've talked about on prior calls, we've been developing the B2B opportunity.

最重要的是，正如我們在之前的電話會議中談到的那樣，我們一直在開發 B2B 機會。

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.

因此，以鳳凰城為例，我們一直在與幾個代表其員工和客戶贊助服務的合作夥伴進行試點。

And again, it's early days, so small revenues.

再說一次，現在還處於早期階段，收入如此之少。

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.

但我們也很高興能夠對此進行測試，然後，除此之外，繼續探索，將我們的技術應用於物流和交付、個人使用車輛以及城市的最後一英里解決方案。

So you can see a move in the third quarter.

所以你可以看到第三季度的變化。

But as we said repeatedly, it's very early days, and we are taking a very deliberate, iterative approach to broadening it out.

但正如我們反复說過的，現在還處於早期階段，我們正在採取一種非常慎重的迭代方法來擴大它。

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布賴恩諾瓦克。

I have 2. The first one on map monetization and putting some more ads in the map.

我有 2。第一個關於地圖貨幣化並在地圖中放置更多廣告。

Can you just talk about sort of early learnings there?

你能談談那裡的早期學習嗎？

I know you talked about local mobile searches growing quite rapidly in the past.

我知道您談到過去本地移動搜索增長非常迅速。

But any early learnings from the monetization, the return that advertisers are getting on that front?

但是從貨幣化中獲得的任何早期經驗，廣告商在這方面獲得的回報？

And the second one on video games and Project Stream.

第二個是關於視頻遊戲和 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?

您能否簡單談談您如何看待 Alphabet 的遊戲機會，以及您認為真正構建和擴展直接面向消費者的雲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.

看，在廣告方面，我們在地圖中使用廣告格式已經有一段時間了，我們一直在努力使其更有用和更相關。

But I wouldn't underestimate the focus we have on local.

但我不會低估我們對本地的關注。

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.

只是給你一個感覺，本地移動搜索的增長速度超過了整體移動搜索，並且在去年增長了近 50%。

So for us, that's an important focus area, and Maps plays a big role there.

所以對我們來說，這是一個重要的重點領域，地圖在其中發揮著重要作用。

So we recently announced local campaigns, which is a new campaign type specifically designed to drive foot traffic to local businesses, right?

因此，我們最近宣布了本地廣告系列，這是一種新的廣告系列類型，專門用於為本地企業增加客流量，對吧？

And it's going to roll out in the coming months.

它將在未來幾個月內推出。

And so that is a big focus.

所以這是一個很大的焦點。

And as you pointed out, we are definitely launching and experimenting with newer ad formats on Maps itself.

正如您所指出的，我們肯定會在地圖本身上推出和試驗更新的廣告格式。

We have promoted places, which appears on the map itself.

我們已經提升了出現在地圖上的地點。

Have placed page ads, which appear on Google listings in Maps and Search.

已放置頁面廣告，這些廣告出現在 Google 地圖和搜索中的 Google 列表中。

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.

但我們肯定正處於推出、測試、確保用戶體驗有效並確保我們能夠為廣告商創造價值的階段。

We are being patient here because the opportunity in local search, it's a big opportunity, and we are focused there.

我們在這裡保持耐心，因為本地搜索的機會，這是一個很大的機會，我們專注於那裡。

On your second question, look, we today serve our users on gaming across Google Alphabet in many ways, right?

關於第二個問題，看，我們今天通過多種方式為我們的用戶提供跨 Google Alphabet 的遊戲服務，對嗎？

Obviously, Google Play does this a lot.

顯然，Google Play 在這方面做了很多。

It's a big important vertical on YouTube.

這是 YouTube 上一個重要的垂直行業。

And so we are -- so we touch with gaming developers across many areas already.

所以我們 - 所以我們已經與許多領域的遊戲開發商接觸。

And so we are thoughtfully thinking about what more we can do there.

因此，我們正在深思熟慮地思考在那裡我們還能做些什麼。

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.

還有 Project Stream，我——在計算上度過了我的一生，看到我們能夠流式傳輸需要實時交互的遊戲並能夠從雲中做到這一點，我感到震驚。

And it's one of the most important technological advances I've seen in a while.

這是我一段時間以來看到的最重要的技術進步之一。

And so we are going to focus on that and make sure we are making progress there and bring newer experiences for gamers.

因此，我們將專注於這一點，並確保我們在這方面取得進展，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 Douglas Anmuth。

One for Sundar, one for Ruth.

一份給桑達爾，一份給露絲。

Sundar, can you help us better understand how the remedy in Europe will work in terms of licenses and TAC going forward?

Sundar，您能否幫助我們更好地了解歐洲的補救措施將如何在許可證和 TAC 方面發揮作用？

And what impact do you see that having on financials?

您認為這對財務有什麼影響？

And then Ruth, can you just talk about where you are in the hardware replacement cycle in your data centers?

然後露絲，你能談談你在數據中心的硬件更換週期中處於什麼位置嗎？

Pretty major step-up this year just given that large ramp.

鑑於如此大的坡度，今年的進步相當大。

How are you thinking about the trajectory into '19?

您如何看待 19 年的發展軌跡？

Thanks, Doug.

謝謝，道格。

On Europe, I mean, it's early to say.

在歐洲，我的意思是，現在說還為時過早。

We'll begin on implementing the remedy in the next few weeks.

我們將在接下來的幾週內開始實施補救措施。

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.

但在所有這些情況下，我們始終——我們專注於遵守委員會的指令，我們希望確保我們的用戶和我們的 OEM 合作夥伴的過渡盡可能順利。

In this case, you're dealing with life cycles for mobile phones.

在這種情況下，您正在處理手機的生命週期。

So changes is going to take some time to reach users.

因此，更改將需要一些時間才能接觸到用戶。

And it's difficult to predict how the licensing model will be adopted.

而且很難預測許可模式將如何被採用。

But our products are very popular with users across platforms.

但我們的產品非常受跨平台用戶的歡迎。

And so it's early to say, but we are focused on doing the right thing there.

所以現在說還為時過早，但我們專注於在那裡做正確的事情。

And then in terms of technical infrastructure and our CapEx.

然後是技術基礎設施和我們的資本支出。

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.

正如我們上個季度所談到的，資本支出反映了我們對核心廣告和搜索業務中不斷增長的機會以及新業務中的長期機會的看法，特別是支持雲計算，然後非常重要的是，正如我們已經談到，跨 Alphabet 的機器學習。

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.

我們對機器學習的機會感到特別興奮，因為它為用戶、廣告商和企業客戶開闢了更多的服務和產品。

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.

因此，鑑於我們對這些機會的長期潛力的看法，我們非常專注於確保我們擁有支持增長所需的計算能力。

And that's what you're really seeing with the uptick in investment.

這就是你真正看到的投資增加。

To give you a bit of a breakdown, the largest component continues to be machines.

為了讓您了解一下，最大的組件仍然是機器。

But relative to last year, it's important to note that data center construction is an increasing percentage of our CapEx investment.

但與去年相比，重要的是要注意數據中心建設在我們的資本支出投資中所佔的比例越來越大。

And so we're now in various stages of developing more than 20 data center sites globally.

因此，我們現在正處於在全球開發 20 多個數據中心站點的不同階段。

We're also investing in network infrastructure, such as undersea cable, so we can deliver speed and quality.

我們還投資於網絡基礎設施，例如海底電纜，因此我們可以提供速度和質量。

So again, this really goes to our view of the opportunity set.

再說一次，這確實符合我們對機會集的看法。

Having said, we do remain very focused on optimizing the use of CapEx and also on compute efficiency.

話雖如此，我們仍然非常專注於優化資本支出的使用以及計算效率。

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.

我們非常注意這樣一個事實，即我們在資本支出方面的決定不僅會導致資本支出支出，還會轉化為更高的折舊費用，這既涉及銷售成本，也涉及運營支出。

So very careful about how we're using it but want to make sure that we've built for the requirements that we have.

所以非常小心我們如何使用它，但要確保我們已經為我們的需求而構建。

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.

正如你所問的技術基礎設施一樣，只是快速說明我們的設施支出，即房地產，本季度更加低調，主要是我們正在進行的基礎開發工作。

So you're primarily seeing what's going on, on technical infrastructure here.

因此，您主要看到的是這裡的技術基礎設施發生了什麼。

And our next question comes from Ross Sandler of Barclays.

我們的下一個問題來自巴克萊的羅斯桑德勒。

Two questions, Ruth.

兩個問題，露絲。

So you guys posted pretty solid growth all around.

所以你們都發布了相當穩健的增長。

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.

但如果我們看看一些國際市場，每個地區都有一個更艱難的競爭，並且在貨幣中性的基礎上有所減速。

So I guess, stepping back high level, the growth rates are solid.

所以我想，退後一步，增長率是穩定的。

But can you give us any color on the overall macro picture here?

但是你能在這裡給我們整體宏觀圖片上的任何顏色嗎？

I think we're getting mixed feedback from different companies across different sectors.

我認為我們從不同行業的不同公司得到了不同的反饋。

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.

因此，鑑於您在中國以外的全球廣告市場中的佔比接近 20%，因此任何高級別的評論都會對廣告市場有所幫助。

And then, Sundar, a question on, I guess, Pixel and just the overall advancement you're seeing in smartphone devices.

然後，Sundar，我猜是關於 Pixel 的問題，以及您在智能手機設備中看到的整體進步。

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?

因此，隨著你們在搜索和 YouTube 等超過 10 億個應用程序之上推出更多產品，如 Lens 和 Gboard 以及其中一些其他實用程序，有沒有辦法分析美國等市場的整體參與度？和西歐，當手機正在改進其功能並且您不斷添加這些額外的實用程序時？

Is core volume going up on a per-user basis?

每個用戶的核心數量是否會增加？

Any color there will be helpful.

那裡的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.

因此，就您的第一個問題而言，我們實際上對全球的實力感覺非常好，我在開場白中全面提到了這一點，美國在 150 億美元的基礎上增長了 20%。

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.

正如 Sundar 指出的那樣，亞太地區正在發生的事情，同比增長 30%，現在收入業務超過 50 億美元，而且我們在這種 30% 左右的地區實現了持續的季度增長，感覺非常好關於那個。

By country, it really does reflect broad-based strength.

按國家劃分，它確實反映了廣泛的實力。

As you said, we're very focused on the region and we're delivering terrific products and experiences in rapidly growing markets.

正如您所說，我們非常專注於該地區，我們正在快速增長的市場中提供出色的產品和體驗。

You see the same thing in Other Americas, neutralizing for currency movements, 28% year-on-year growth.

你在其他美洲也看到了同樣的情況，抵消了貨幣波動，同比增長 28%。

So we're really proud of what the teams are doing around the globe.

因此，我們為這些團隊在全球範圍內所做的事情感到非常自豪。

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.

關於你的第二個問題，當我們製作像 Pixel 這樣的硬件產品時，我們清楚地看到了一件事情，其中我們構建的所有工具和實用程序都在那裡方便、集成並且體驗很棒，我們肯定會看到用戶參與度更高。

And so we see an opportunity.

所以我們看到了機會。

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.

這也是我們做硬件的更大原因之一，以展示端到端的體驗，無論是對我們的生態系統還是對我們來說。

It helps us give users a much deeper engaged experience as well.

它也有助於我們為用戶提供更深入的參與體驗。

And when you look at all our products, we see that.

當您查看我們所有的產品時，我們會看到這一點。

And so we do see that as an opportunity.

所以我們確實認為這是一個機會。

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.

我有 2 個 Sundar，主題相同。

One on the Pixel 3. The marketing message is clear.

Pixel 3 上的一個。營銷信息很明確。

The product looks great.

該產品看起來很棒。

But I wonder when you look at to date, the success of ramping the product, what's been the gating factor?

但我想知道當你看到迄今為止，產品升級的成功時，什麼是關鍵因素？

Has it been the carriers?

是承運人嗎？

Has it been the price?

是價格嗎？

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?

當我們查看為什麼它沒有像產品應該擴展的那樣擴展的因素時，這些因素是什麼？

And then on Verily, you called out some deals with kind of the big pharmaceutical companies this quarter.

然後在 Verily 上，你在本季度與一些大型製藥公司達成了一些交易。

But again there, I wonder, who's your most natural partnership?

但我又想知道，誰是你最自然的伙伴？

Is it hospitals, insurance, governments?

是醫院、保險還是政府？

So when we think about the big opportunity, where's the most natural fit to drive Verily going forward?

因此，當我們考慮重大機遇時，最適合推動 Verily 向前發展的最佳方式是什麼？

On Pixel.

在像素上。

Look, first of all, part of the big thing is this is our third generation of hardware.

看，首先，最重要的部分是這是我們的第三代硬件。

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.

每一代，首先，我們一直在擴大產品的規模，甚至我們可以生產的單位數量等等。

So we -- if you remember the first couple of generations, we were struggling to meet the early demand we saw.

所以我們——如果你還記得前幾代人，我們正在努力滿足我們看到的早期需求。

This is the first year we have done it end-to-end, and we are ramping up from there.

這是我們完成端到端的第一年，我們正在從那裡開始。

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.

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，無論是我們的收入等等，一切都進展順利。

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.

但是有 - 你是對的，首先是能夠增加我們需要的供應。

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.

其次是進入市場，讓自己進入盡可能多的零售地點，在盡可能多的國家/地區，獲得盡可能多的運營商認證。

So in each of those dimensions, we are making progress as well.

因此，在這些方面，我們也在取得進展。

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.

就 Verily 而言，我們在那裡談到的是，他們與眾多專注於特定疾病的領先製藥公司合作，無論是糖尿病性視網膜病變還是神經系統疾病。

I announced a couple of new partnerships, the ResMed arrangement as well as Gilead.

我宣布了幾個新的合作夥伴關係，即 ResMed 安排以及 Gilead。

And that's what they tend to do.

這就是他們傾向於做的事情。

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.

他們與一流的公司合作，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並從機器學習中受益，我們可以真正從被動護理轉向主動護理。

That's the Verily focus.

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.

我只是想更多地關注云。

Sundar, you gave some good color in your prepared remarks.

桑達爾，你在準備好的評論中給了一些很好的色彩。

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.

但我想知道您是否可以與我們分享您在市場上看到的合作夥伴勢頭和直銷勢頭的任何更新，以及您如何看到這種變化。

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.

此外，如果您能強調一下，如果您注意到隨著產品的不斷成熟，去年的贏率發生了顯著變化。

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.

還有，在今年年初和第四季度結束時，你會給我們一些關於 GCP 的高水平增長評論，我只是想知道你是否還有其他可以分享的東西。

Thanks, Heather.

謝謝，希瑟。

Look, overall, I mean, it's now -- now we've been doing this seriously, the next level, for 3 years.

看，總的來說，我的意思是，現在 - 現在我們一直在認真地做這件事，下一個級別，3 年了。

And we are definitely seeing strong indicators that are -- the investment in product is clearly beginning to work.

我們肯定會看到強有力的指標——對產品的投資顯然開始發揮作用。

Our value proposition does come through in many competitive situations.

我們的價值主張確實在許多競爭情況下得到體現。

I've seen many important wins in what seem like very, very competitive situations.

在看起來非常非常競爭的情況下，我看到了許多重要的勝利。

I also don't -- from the way we see it, it doesn't look like a zero-sum game.

我也不 - 從我們的角度來看，它看起來不像零和遊戲。

As you know, we're addressing a large market opportunity here.

如您所知，我們正在處理一個巨大的市場機會。

It seems like very early days.

這似乎很早。

And more importantly, the general sense I get is we are very aligned with where the market is headed in the long run.

更重要的是，我得到的一般感覺是，從長遠來看，我們與市場的發展方向非常一致。

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.

而這種支持開放架構的概念，使企業不會感到被鎖定並允許多雲環境發展，這是我們押注的方向，並且有跡象表明市場也在朝著這個方向發展。

So that gives us a lot of comfort -- that leaves us -- that gives us a lot of comfort as well.

所以這給了我們很多安慰——這讓我們感到安慰——這也給了我們很多安慰。

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.

在進入市場方面，我們的投資、直接投資和合作夥伴戰略都開始發揮作用。

And when I look at the pipeline ahead, we are clearly seeing momentum there as well.

當我看到未來的管道時，我們也清楚地看到了那裡的勢頭。

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.

顯然，在這項業務中，企業業務以您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。

And so it's very clear to us that we are laying the foundation, and we are getting the strong early momentum.

所以我們很清楚，我們正在奠定基礎，並且我們正在獲得強勁的早期勢頭。

And that's the big reason why we are investing in a strong way in the area.

這就是我們在該地區大力投資的重要原因。

And over time, we'll obviously share more here as well.

隨著時間的推移，我們顯然也會在這里分享更多內容。

And can I just ask one follow-up, if possible?

如果可能的話，我可以只問一個後續嗎？

I was just wondering, if you look at Microsoft, they have an on-premise and Cloud strategy.

我只是想知道，如果你看看微軟，他們有一個內部部署和雲戰略。

If you look at Amazon, what they're doing with AWS and VMware, they're kind of doing a similar strategy.

如果你看看亞馬遜，他們正在使用 AWS 和 VMware 做的事情，他們在做類似的策略。

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?

您是否認為您還需要有一個內部部署策略來解決這個混合世界，只要它是混合的？

We are thoughtfully looking at it.

我們正在仔細研究它。

I mean, we are increasingly working with partners like, for example, our partnership from SAP or Pivotal, VMware.

我的意思是，我們越來越多地與合作夥伴合作，例如我們與 SAP 或 Pivotal、VMware 的合作夥伴關係。

These are all on hybrid cloud solutions.

這些都在混合雲解決方案上。

And so we are thinking about how to do that better.

所以我們正在考慮如何更好地做到這一點。

And our overall approach to cloud hybrid modernization, I think, is the right long-term direction.

我認為，我們對雲混合現代化的整體方法是正確的長期方向。

And so we are doing that.

所以我們正在這樣做。

There are many, many situations we are in where on-prem is a big requirement for customers.

在很多很多情況下，本地部署對客戶來說是一個很大的要求。

But with our partnership approach, we've been able to address the needs well.

但是通過我們的合作方式，我們已經能夠很好地滿足需求。

So I don't see that as gating issue for us.

所以我不認為這對我們來說是門控問題。

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.

露絲，我只是想看看你是否可以量化外匯逆風。

I think it was a negative 1% for Q3.

我認為第三季度是負 1%。

And in Q4, do you anticipate that to be similar or a little worse?

在第四季度，您預計情況會相似還是更糟？

I will let you forecast the dollar.

我會讓你預測美元。

As you noted, it was a point here, went from a tailwind in the second quarter to a 1 point drag here going forward.

正如你所指出的，這是一個點，從第二節的順風到前進的 1 分拖累。

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.

但是我們指出了——我們將在 Q 中得到更多，但注意到了影響，例如，我們在其他美洲報告的和固定的之間存在相當大的差異，增長了 19% 到 28%，這確實是什麼正在與巴西雷亞爾和阿根廷比索進行交易。

We saw some movements in other currencies around the globe.

我們看到全球其他貨幣的一些變動。

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.

但是你可以看到，這就是為什麼我們打破了地理，我們在幾個季度前嘗試給你的方式 - 幫助更好地了解逆風的類型，我會讓你預測美元。

Okay, we look forward to that.

好的，我們很期待。

Real quick just on EMEA, you were flat on your constant currency growth, 19%, 19% the last 2 quarters despite with GDPR.

僅在 EMEA 上真的很快，儘管有 GDPR，您在過去兩個季度的恆定貨幣增長率持平，分別為 19% 和 19%。

So I believe that would suggest that you're probably not seeing as big a headwind, perhaps, as maybe some expected.

所以我相信這表明你可能沒有看到像某些人預期的那麼大的逆風。

Could you just talk to the European business and what you're seeing there?

您能否談談歐洲業務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.

看，我的意思是，具體來說，我認為你的問題是關於 GDPR 等的。

First of all, I mean, we've always been, as a company, very, very focused on user privacy and security.

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隱私和安全。

And so in some ways, we were very early on engaged on GDPR.

所以在某些方面，我們很早就參與了 GDPR。

And we worked very hard to make sure our products are ready and in compliance.

我們非常努力地確保我們的產品準備就緒並且合規。

We've generally always approached our products with a strong privacy lens for our users.

我們通常總是為我們的用戶提供強大的隱私保護鏡頭來處理我們的產品。

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.

所以——我認為這有助於我們完成這些變化，因為我不認為它們與我們試圖完成的事情不一致。

I think GDPR is a very good and comprehensive set of regulations.

我認為 GDPR 是一套非常好的和全面的法規。

And so I think it's been good to see a smooth transition on our products and for our users.

所以我認為很高興看到我們的產品和用戶的平穩過渡。

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會，並且正在投資於我們工作的社區。

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。

One quick one for Ruth.

給露絲的一個快速的。

People are really asking about Amazon.

人們真的在問亞馬遜。

Just wondering if your e-commerce vertical, was there any difference versus your other verticals in the quarter?

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有什麼不同嗎？

Anything to call out there?

有什麼要叫的嗎？

And then, secondly, Sundar, a lot of interesting things going on with YouTube and Waymo and Cloud and other areas.

然後，其次是 Sundar，YouTube、Waymo 和 Cloud 以及其他領域發生了很多有趣的事情。

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?

展望未來 2 年或 3 年，您認為這些業務中的任何一個真的可以對整個 Google 的底線產生積極的財務影響嗎？

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.

看，我的意思是，我認為首先是電子商務，也許——真的，人們——我們確實看到了我們產品垂直領域的很多活動，我們也看到了那裡的強勁增長。

We see it as an important use case and that's why we are investing a lot.

我們將其視為一個重要的用例，這就是我們進行大量投資的原因。

If you look at our recent work with Shopping Actions, that's an example of the kind of work we are doing there.

如果您查看我們最近與 Shopping Actions 的合作，這就是我們正在開展的工作的一個例子。

And when we do those things, we clearly see users respond.

當我們做這些事情時，我們清楚地看到用戶的反應。

Like, for example, on Shopping Actions, I think we just recently had partnerships with Best Buy and Nike and Sephora, I mentioned it earlier.

例如，在 Shopping Actions 上，我認為我們最近才與百思買、耐克和絲芙蘭建立了合作夥伴關係，我之前提到過。

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.

因此，我們將繼續在那裡投資，我們也在推動與零售行業的牢固合作夥伴關係，無論是在我們的購物體驗方面還是通過雲計算。

And I think that continues to be a big opportunity.

我認為這仍然是一個巨大的機會。

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.

關於你更廣泛的問題，看，我們在一系列領域投資谷歌和 Alphabet 的原因是，作為一家公司，在過去的 20 年裡，我們在技術、計算機科學，尤其是機器學習和人工智能。

And we see an opportunity to apply that across a set of important areas.

我們看到了將其應用於一系列重要領域的機會。

There are a lot of opportunities ahead of us.

我們面前有很多機會。

We are pretty disciplined about where we're focused on.

我們對專注的領域非常自律。

And we are focused on real large opportunities.

我們專注於真正的大機會。

And when we mention areas like YouTube and Waymo and Cloud and hardware, they all fit that category.

當我們提到 YouTube 和 Waymo 以及雲和硬件等領域時，它們都屬於這一類。

But we take a very long-term view.

但我們有一個非常長遠的觀點。

And we want to invest to get the user experience right.

我們希望投資以獲得正確的用戶體驗。

And we are pretty confident that when we do that, the value will follow.

我們非常有信心，當我們這樣做時，價值會隨之而來。

And that concludes our question-and-answer session for today.

今天的問答環節到此結束。

I'd like to turn the conference back over to Ellen West for closing remarks.

我想把會議轉回給 Ellen West 做閉幕詞。

Thanks, everyone, for joining us today.

謝謝大家，今天加入我們。

We look forward to speaking with you again on our fourth quarter call.

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.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program, and you may all disconnect.

這確實結束了程序，你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。