Welcome, everyone, and thank you for standing by for the Alphabet, Inc. Third Quarter 2022 Earnings Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

歡迎大家，並感謝您支持 Alphabet, Inc. 2022 年第三季度財報電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係總監 Jim Friedland。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Third Quarter 2022 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

謝謝你。大家下午好，歡迎參加 Alphabet 的 2022 年第三季度收益電話會議。今天和我們在一起的是 Sundar Pichai、Philipp Schindler 和 Ruth Porat。

Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking, and such 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 most recent Form 10-K filed with the SEC as updated in our Form 10-Q for the quarter ended September 30, 2022, expected to be filed with the SEC later today.

現在我將迅速覆蓋安全港。我們今天就我們的業務、運營和財務業績做出的一些陳述可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果出現重大差異的風險和不確定性。有關更多信息，請參閱我們最近向 SEC 提交的 10-K 表格中討論的風險因素，該表格在截至 2022 年 9 月 30 日的季度的 10-Q 表格中進行了更新，預計將於今天晚些時候向 SEC 提交。

During this call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. And now I'll turn the call over to Sundar.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，該新聞稿通過我們位於 abc.xyz/investor 的投資者關係網站向公眾分發和提供。現在我將把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. Our financial results for the third quarter reflect healthy fundamental growth in Search and momentum in Cloud. Our reported results reflect the effect of foreign exchange. The growth in our advertising revenues was also impacted by lapping last year's elevated growth levels and the challenging macro climate.

謝謝你，吉姆，大家下午好。我們第三季度的財務業績反映了搜索領域健康的基本增長和雲領域的發展勢頭。我們報告的結果反映了外彙的影響。我們廣告收入的增長也受到了去年高增長水平和充滿挑戰的宏觀氣候的影響。

We are sharpening our focus on a clear set of product and business priorities. The product announcements we have made in just the past month alone have shown that very clearly, including significant improvements to Search powered by AI, new ways to monetize YouTube Shorts, which will support the creator ecosystem, the strong series of hardware launches and a new partnership and product announcements at Cloud Next. These will all drive value for users, partners and our business.

我們正在加強對一組明確的產品和業務優先事項的關注。僅在過去一個月中，我們發布的產品公告就非常清楚地表明了這一點，包括由 AI 驅動的搜索的重大改進、YouTube Shorts 貨幣化的新方法，這將支持創作者生態系統、強大的硬件系列發布和新的Cloud Next 上的合作夥伴關係和產品公告。這些都將為用戶、合作夥伴和我們的業務帶來價值。

We have also started our work to drive efficiency by realigning resources to invest in our biggest growth opportunities. Over the past quarter, we have made several shifts away from lower priority efforts to fuel higher growth priorities. Our Q4 headcount additions will be significantly lower than Q3. And as we plan for 2023, we'll continue to make important trade-offs where needed and are focused on moderating operating expense growth.

我們還開始通過重新調整資源投資於我們最大的增長機會來提高效率。在過去的一個季度中，我們已經從低優先級的努力轉向推動更高的增長優先級。我們第四季度的新增員工人數將大大低於第三季度。在我們計劃 2023 年時，我們將繼續在需要時做出重要的權衡，並專注於減緩運營費用的增長。

Throughout Google's history, periods of dedicated focus have enabled us to emerge strongly and unleash new areas of computing innovation. For example, over a decade ago, focusing the company's efforts on mobile helped us to build and grow our business for the shift to mobile computing. We are at a similar point now with AI, another transformational technology. Our investments in AI and deep computer science mean that we can deliver a wide range of breakthroughs across our products and services to help people, businesses and communities.

縱觀 Google 的歷史，專注的時期使我們能夠強勢崛起並釋放計算創新的新領域。例如，十多年前，公司將精力集中在移動方面幫助我們建立和發展了業務，以向移動計算轉變。我們現在處於與 AI 類似的階段，這是另一種轉型技術。我們在人工智能和深度計算機科學方面的投資意味著我們可以在我們的產品和服務中實現廣泛的突破，以幫助人們、企業和社區。

Turning to the quarter. First, our core information products. At our Search On event, we shared how we are using AI advances to deliver a more natural and intuitive search experience. These advancements will soon help to surface things you might find helpful before you even finish typing. We are also making visual search more natural than ever before. People now use Google Lens to answer more than 8 billion questions every month using just a photo or an image. Now we are supercharging our visual search capabilities to help people find what they are looking for at businesses nearby. Philipp will also talk in more detail about our work to make it easier to shop on Google, a key focus.

轉向季度。一是我們的核心信息產品。在我們的 Search On 活動中，我們分享了我們如何使用 AI 進步來提供更自然和直觀的搜索體驗。這些進步將很快幫助您在完成打字之前發現您可能會發現有用的東西。我們還讓視覺搜索比以往任何時候都更加自然。現在，人們每月僅使用一張照片或一張圖片就可以使用 Google Lens 回答超過 80 億個問題。現在，我們正在增強我們的視覺搜索功能，以幫助人們在附近的企業中找到他們正在尋找的東西。 Philipp 還將更詳細地介紹我們的工作，以使在 Google 上購物更容易，這是一個重點。

Google Lens also has an amazing translation feature. It can now blend translated text seamlessly into the background of images, like menus or street signs in just 100 milliseconds, shorter than a blink of an eye. Through advanced language models, AI is unlocking new experiences that support more natural and conversational ways to interact with computing. LaMDA is one of our most promising models for this. It's now available to demo in our AI test kitchen, which offers a way for people to experience and give feedback on emerging AI technology. DeepMind also debuted its most helpful and safest language model yet. Sparrow can talk to users, answer questions and provide evidence-based answers using Google Search.

Google Lens 還具有驚人的翻譯功能。現在，它可以在 100 毫秒內將翻譯後的文本無縫地融合到圖像背景中，例如菜單或街道標誌，比眨眼還短。通過高級語言模型，人工智能正在解鎖新體驗，支持更自然和對話的方式與計算交互。 LaMDA 是我們最有前途的模型之一。它現在可以在我們的 AI 測試廚房中進行演示，它為人們提供了一種體驗新興 AI 技術並提供反饋的方式。 DeepMind 還推出了迄今為止最有用、最安全的語言模型。 Sparrow 可以使用 Google 搜索與用戶交談、回答問題並提供基於證據的答案。

Moving to YouTube, another big priority. We remain focused on long-term growth for our community of viewers, creators and advertisers. To that end, we announced some exciting changes at our Made on YouTube event last month. First, improving the monetization of Shorts. This is a big deal for creators and for our business. We'll introduce revenue sharing on Shorts early next year. This update makes YouTube the only platform where creators can monetize their content across short, long and live formats at scale.

轉移到 YouTube，另一個重要的優先事項。我們仍然專注於我們的觀眾、創作者和廣告商社區的長期增長。為此，我們在上個月的 Made on YouTube 活動中宣布了一些激動人心的變化。一是提高短褲的變現能力。這對創作者和我們的業務來說意義重大。明年初，我們將在 Shorts 上引入收益分享。此更新使 YouTube 成為創作者可以通過短、長和實時格式大規模通過其內容獲利的唯一平台。

Shorts continues to show great user momentum, and we continue to invest in our mobile video tools for creators. We are seeing mobile-first creators investing more in the platform, creating content that helps the broader community grow. TV is a big area for us as well. Nielsen reported that YouTube was the leader in streaming TV viewership in the U.S. in September for the first time.

Shorts 繼續顯示出強大的用戶勢頭，我們繼續投資於為創作者提供的移動視頻工具。我們看到移動優先的創作者在該平台上投入更多資金，創造有助於更廣泛社區發展的內容。電視對我們來說也是一個很大的領域。尼爾森報導稱，YouTube 在 9 月首次成為美國流媒體電視收視率的領導者。

Turning next to hardware. Hardware is an important area of investment for us. We are investing deeply from the silicon to the OS to powerful software experiences because it's a big opportunity to move computing forward and build deeper relationships with people who love using Google products. It also really helps to guide the Android ecosystem beyond just building the underlying platform.

轉向硬件。硬件對我們來說是一個重要的投資領域。我們正在從芯片到操作系統再到強大的軟件體驗進行大量投資，因為這是推動計算發展並與喜歡使用 Google 產品的人們建立更深層次關係的大好機會。除了構建底層平台之外，它還確實有助於指導 Android 生態系統。

Earlier this month, we introduced the Pixel 7, the Pixel 7 Pro and the very first Pixel Watch. We've also previewed more detail about the Pixel Tablet, which is coming in 2023. Pixel combines our foundational technologies, AI, Android and our Google Tensor G2 processor to bring state-of-the-art AI directly to the device. The Pixel 7 and Pixel 7 Pro offer industry-leading photography features that can unblur or sharpen photos and shoot cinema-quality videos.

本月早些時候，我們推出了 Pixel 7、Pixel 7 Pro 和第一款 Pixel Watch。我們還預覽了有關將於 2023 年推出的 Pixel 平板電腦的更多細節。Pixel 結合了我們的基礎技術、人工智能、Android 和我們的谷歌 Tensor G2 處理器，將最先進的人工智能直接引入設備。 Pixel 7 和 Pixel 7 Pro 提供行業領先的攝影功能，可以對照片進行去模糊或銳化，並拍攝電影品質的視頻。

We recently had our highest selling week ever for Pixel, and I'm really proud of the positive reviews so far. Along with great devices, we introduced our latest release of Android. Android 13 offers new personalization features, improved privacy controls and a more seamless experience with connected devices.

我們最近迎來了 Pixel 有史以來銷量最高的一周，我為迄今為止的積極評價感到非常自豪。除了出色的設備，我們還推出了最新版本的 Android。 Android 13 提供了新的個性化功能、改進的隱私控制和更無縫的連接設備體驗。

Next, Google Cloud. We see continued momentum with Q3 revenue of $6.9 billion with Google Cloud Platform's revenue growth rate above the aggregate. I've long shared that cloud is a key priority for the company. The long-term trends that are driving cloud adoption continue to play an even stronger role during uncertain macroeconomic times. Google Cloud helps customers solve today's business challenges, improve productivity, reduce costs and unlock new growth engines. At Cloud Next, we unveiled more than 100 new products and announced new and expanding relationships with Toyota, Prudential plc, Coinbase and AppLovin.

接下來是谷歌云。我們看到第三季度收入持續增長 69 億美元，谷歌云平台的收入增長率高於總體。長期以來，我一直認為雲是公司的一個關鍵優先事項。在不確定的宏觀經濟時期，推動雲採用的長期趨勢繼續發揮更大的作用。 Google Cloud 可幫助客戶解決當今的業務挑戰、提高生產力、降低成本並開啟新的增長引擎。在 Cloud Next 上，我們推出了 100 多種新產品，並宣布與豐田、保誠集團、Coinbase 和 AppLovin 建立新的和不斷擴大的關係。

The shift to hybrid work continues with organizations evolving to support an increasingly distributed workforce. I'm proud to share that Google Workspace is now used by more than 8 million businesses and organizations worldwide. That includes Korean Air as well as the U.S. Army, which is transitioning 250,000 personnel to our secure communication and collaboration platform.

隨著組織不斷發展以支持日益分散的勞動力，向混合工作的轉變仍在繼續。我很自豪地告訴大家，Google Workspace 現在被全球超過 800 萬家企業和組織使用。這包括大韓航空和美國陸軍，後者正在將 250,000 名人員轉移到我們的安全通信和協作平台。

In the past year, we have announced nearly 300 new capabilities to support hybrid work. Empowering a distributed workforce brings an increased need for cybersecurity to keep workers' data and critical business systems safe and secure. It's top of mind for nearly every CEO I speak with, and customers, including the City of Los Angeles, Roche and Banorte put their trust in Google Cloud's industry-leading products, our new Chronicle Security Operation Suite, Unify Security Analytics, Automation Response and Threat Intelligence. This has helped Vertiv analyze 22x more security data while cutting investigation time in half.

在過去的一年中，我們宣布了近 300 項支持混合工作的新功能。賦予分佈式勞動力權力會增加對網絡安全的需求，以確保員工數據和關鍵業務系統的安全。這是幾乎所有與我交談過的 CEO 的首要考慮，包括洛杉磯市、羅氏 (Roche) 和 Banorte 在內的客戶都信任 Google Cloud 的行業領先產品、我們新的 Chronicle 安全操作套件、統一安全分析、自動化響應和威脅情報。這幫助 Vertiv 分析了 22 倍以上的安全數據，同時將調查時間縮短了一半。

In September, we closed our acquisition of Mandiant and are proud to welcome more than 2,600 colleagues to Google. With Mandiant, we add industry-leading threat intelligence and incident response capabilities to help customers stay protected at every stage of the security life cycle. Customers partner with Google Cloud because we offer a single platform that can analyze data across any cloud. Our leadership here is winning customers across industries, including the state of Hawaii and the Australia Securities Exchange. Our capabilities help solve difficult business challenges like supply chain and logistics while also creating new growth opportunities.

9 月，我們完成了對 Mandiant 的收購，並自豪地歡迎 2,600 多名同事加入 Google。通過 Mandiant，我們增加了行業領先的威脅情報和事件響應功能，以幫助客戶在安全生命週期的每個階段都受到保護。客戶與 Google Cloud 合作是因為我們提供了一個可以跨任何云分析數據的單一平台。我們在這方面的領導地位正在贏得各行各業的客戶，包括夏威夷州和澳大利亞證券交易所。我們的能力有助於解決供應鍊和物流等困難的業務挑戰，同時也創造新的增長機會。

And as companies globally are looking to drive efficiencies, Google Cloud's open infrastructure creates a valuable pathway to reduce IT costs and modernize. In addition, with our new Media CDN product for large media streaming workloads, we are helping Major League Baseball and Paramount+ deliver flawless experiences to their customers. And with Google Cloud Edge, Rite Aid is more efficiently helping patients in their pharmacies. Across all of these areas, I'm proud of the trust and enthusiasm our customers are placing in Google Cloud.

隨著全球公司都在尋求提高效率，Google Cloud 的開放式基礎架構為降低 IT 成本和實現現代化創造了一條寶貴的途徑。此外，通過我們用於大型媒體流工作負載的新媒體 CDN 產品，我們正在幫助美國職業棒球大聯盟和派拉蒙+ 為其客戶提供完美的體驗。借助 Google Cloud Edge，Rite Aid 可以更有效地幫助藥房的患者。在所有這些領域，我為我們的客戶對 Google Cloud 的信任和熱情感到自豪。

Briefly on our Other Bets, Waymo announced that Los Angeles will be its third ride-hailing city, joining Phoenix and San Francisco. Waymo will begin by mapping several neighborhoods in LA as it prepares to serve people there. Wing just surpassed 300,000 commercial deliveries. It's servicing new areas in Australia and announced its first drone delivery trials in Ireland.

簡要介紹我們的其他賭注，Waymo 宣布洛杉磯將成為其第三個叫車城市，加入鳳凰城和舊金山。 Waymo 將首先繪製洛杉磯的幾個社區地圖，準備為那裡的人們提供服務。 Wing 的商業交付量剛剛超過 300,000 次。它正在為澳大利亞的新地區提供服務，並宣佈在愛爾蘭進行首次無人機交付試驗。

To close, times like this are clarifying. As we head into 2023, we are going to focus on our most important priorities as a company. To support our growth, we'll continue to invest responsibly for the long term in a way that is responsive to the current economic environment. I want to thank our employees around the world for their contributions over the last quarter. We help people, our partners and society when we focus on what we do best and execute on that really well. Over to you, Philipp.

結束時，像這樣的時代正在澄清。隨著我們進入 2023 年，我們將專注於作為一家公司最重要的優先事項。為了支持我們的增長，我們將繼續以對當前經濟環境作出反應的方式進行負責任的長期投資。我要感謝我們在世界各地的員工在上個季度所做的貢獻。當我們專注於我們最擅長的事情並很好地執行時，我們就會幫助人們、我們的合作夥伴和社會。交給你，菲利普。

Thanks, Sundar, and hello, everyone. It's great to be joining you all today. Google Services revenues of $61 billion were up 2% year-on-year, negatively affected by a sizable foreign exchange headwind. Search and other revenues grew 4% year-over-year to $40 billion, led by travel and retail, while both YouTube Ads and Network had modest year-over-year revenue declines.

謝謝，Sundar，大家好。很高興今天能和大家一起。谷歌服務收入為 610 億美元，同比增長 2%，受到巨大外匯逆風的負面影響。搜索和其他收入同比增長 4% 至 400 億美元，其中旅遊和零售行業領漲，而 YouTube 廣告和網絡收入同比均出現溫和下降。

Other revenues were up 2% year-over-year with growth in YouTube non-advertising and hardware revenues offset by a decrease in Play revenues. Play revenues were lower due to a number of factors, including a decline in user engagement and gaming from the elevated levels seen earlier in the pandemic. Among other factors, this shift in user behavior also created downward pressure on our advertising revenues, with lower revenues from ad promo spend on YouTube, Network and Play Ads in Search and Other.

其他收入同比增長 2%，YouTube 非廣告和硬件收入的增長被 Play 收入的下降所抵消。由於多種因素，遊戲收入下降，包括用戶參與度和遊戲從大流行早期的高水平下降。除其他因素外，用戶行為的這種轉變也給我們的廣告收入帶來了下行壓力，YouTube、網絡和播放廣告在搜索和其他方面的廣告促銷支出收入下降。

I'll highlight a couple of other trends that affected our ads business in Q3, and Ruth will provide more detail. On the second quarter earnings call, we noted a pullback in spend by some advertisers in YouTube and Network, and these pullbacks in spend increased in the third quarter. In Search and Other, the largest factor in the deceleration in Q3 was lapping the outsized performance in 2021. In the third quarter, we did see a pullback in spend by some advertisers in certain areas and search ads.

我將重點介紹影響第三季度廣告業務的其他幾個趨勢，Ruth 將提供更多細節。在第二季度的財報電話會議上，我們注意到一些廣告商在 YouTube 和網絡上的支出回落，而這些支出回落在第三季度有所增加。在搜索和其他方面，第三季度減速的最大因素是 2021 年的超常表現。在第三季度，我們確實看到一些廣告商在某些領域和搜索廣告的支出有所回落。

For example, in financial services, we saw a pullback in the insurance, loan, mortgage and crypto subcategories. There's no question we're operating in an uncertain environment, and that businesses big and small continue to get tested in new and different ways, depending on where they are in the world.

例如，在金融服務領域，我們看到保險、貸款、抵押貸款和加密貨幣子類別出現回調。毫無疑問，我們在一個不確定的環境中運營，大大小小的企業繼續以新的和不同的方式接受測試，具體取決於它們在世界的哪個位置。

When it comes to how we're helping, our focus remains unchanged. The same AI driving breakthroughs in everything from protein folding, flood forecasting and language understanding is also fueling innovation across our Ads product. Via insights, automation and easier-to-use advertising tools and formats, we're helping businesses stay agile, build resilience, anticipate the future and show up for customers in more connected, visual and consistent ways. We're helping them understand demand, deal with inventory challenges, increase loyalty and much more.

當談到我們如何提供幫助時，我們的重點保持不變。同樣的人工智能在蛋白質折疊、洪水預測和語言理解等各個方面都取得了突破，也推動了我們廣告產品的創新。通過洞察力、自動化和更易於使用的廣告工具和格式，我們正在幫助企業保持敏捷、建立彈性、預測未來，並以更互聯、更直觀和更一致的方式向客戶展示。我們正在幫助他們了解需求、應對庫存挑戰、提高忠誠度等等。

In challenging times like these, advertisers are carefully evaluating the effectiveness of their budgets. Search tends to do relatively well in such an environment, given its strong measurability and focus on delivering ROI. It's also well suited to quickly adjust to changes in consumer behavior. And when Search is coupled with our automation products across bidding, creatives, targeting or Performance Max, it can drive performance even further.

在這樣充滿挑戰的時期，廣告商正在仔細評估其預算的有效性。鑑於其強大的可衡量性和專注於提供投資回報率，搜索往往在這樣的環境中表現相對較好。它也非常適合快速適應消費者行為的變化。當搜索與我們在競價、創意、定位或 Performance Max 方面的自動化產品相結合時，它可以進一步提高性能。

Let's talk retail, an important vertical for us. No matter where shoppers are buying, whether it's in store, online or both, we have the solutions to help them deliver results wherever their customers are. Take online fashion retailer REVOLVE, who used its global influencer network along with our category insights and automated tools to acquire new customers at lower costs. As festivals and events returned to summer, REVOLVE used lower funnel solutions across search and shopping to engage with consumers in high-demand apparel categories, helping it cross $1 billion in trailing 12-month net sales for the first time.

讓我們談談零售，對我們來說是一個重要的垂直領域。無論購物者在哪裡購買，無論是在商店、在線還是兩者兼而有之，我們都有解決方案來幫助他們在客戶所在的任何地方交付成果。以在線時尚零售商 REVOLVE 為例，該零售商利用其全球影響者網絡以及我們的品類洞察和自動化工具以更低的成本獲得新客戶。隨著節日和活動重回夏季，REVOLVE 在搜索和購物中使用低漏斗解決方案來吸引高需求服裝類別的消費者，幫助其在過去 12 個月的淨銷售額首次突破 10 億美元。

And then there's Magazine Luiza, a large Brazilian retailer, who embraced omnichannel by measuring and bidding directly to store sales. Coupled with in-store pickup and notations via PMAX, Magazine Luiza drove a 38% ROAS over 30 days and has since expanded the strategy to all eligible products, including 8 million-plus new offers. And whether shoppers know exactly what they're looking for or are just seeking inspiration, we're innovating to make it easier and more engaging for people to shop online across our services. From finding the best deals across all types of merchants, including 200 million-plus available daily deals in Q3 to new ways to search. Now when you type shop followed by whatever item you're looking for, you'll unlock a visual content stream of ideas that feel just like window shopping but online.

然後是巴西大型零售商 Magazine Luiza，它通過直接衡量和競標商店銷售來擁抱全渠道。再加上通過 PMAX 進行的店內取貨和註釋，Magazine Luiza 在 30 天內推動了 38% 的 ROAS，此後將該策略擴展到所有符合條件的產品，包括超過 800 萬個新優惠。無論購物者確切地知道他們在尋找什麼，還是只是在尋找靈感，我們都在進行創新，讓人們通過我們的服務更輕鬆、更吸引人地在線購物。從在所有類型的商家中尋找最優惠的交易，包括第三季度超過 2 億的每日可用交易，到新的搜索方式。現在，當您鍵入 shop 後跟您要查找的任何商品時，您將解鎖一個視覺內容流，感覺就像是在網上購物，但感覺就像是在網上購物。

And then there's YouTube. Not only can users now buy more products and videos, but shopping as entertainment experiences are bringing the magic of our creators to the shopping experience. Like in September, when Kylie and Kris Jenner hosted an exclusive shopping stream event to celebrate the debut of a new Kris collection for Kylie Cosmetics. And at Adweek last week, not only did we announce that product feeds are coming to Discovery, but that creators will soon be able to take products from brands across their videos, Shorts and live streams. This means viewers can shop products seamlessly while they watch their favorite content, while merchants can drive incremental reach and engagement for free listing offers when tagged by creators that viewers love and trust.

然後是 YouTube。用戶現在不僅可以購買更多產品和視頻，而且作為娛樂體驗的購物正在將我們創作者的魔力帶入購物體驗。就像在 9 月，Kylie 和 Kris Jenner 舉辦了一場獨家購物直播活動，以慶祝 Kylie Cosmetics 新 Kris 系列的首次亮相。在上週的 Adweek 上，我們不僅宣布產品 Feed 將進入 Discovery，而且創作者很快就能在他們的視頻、短褲和直播中獲取品牌的產品。這意味著觀眾可以在觀看自己喜歡的內容的同時無縫地購買產品，而商家可以在被觀眾喜愛和信任的創作者標記時增加免費列表優惠的覆蓋面和參與度。

I already touched on YouTube's performance in the quarter. Let's deep dive into what we're focused on. First, we're helping advertisers understand how they can drive effectiveness with every campaign they run on YouTube. Full funnel is a key way to do this. Buying YouTube across consideration, awareness and action allows marketers to meet customers at different stages in their purchasing journey, which we know are increasingly complex while delivering towards a key business goal.

我已經談到了 YouTube 在本季度的表現。讓我們深入了解我們關注的內容。首先，我們正在幫助廣告客戶了解如何提高他們在 YouTube 上投放的每個廣告系列的效果。全漏斗是做到這一點的關鍵方法。通過考慮、認知和行動購買 YouTube，營銷人員可以在購買過程的不同階段與客戶會面，我們知道，在實現關鍵業務目標的同時，這些階段變得越來越複雜。

Creative and Media work together across the funnel to create new demand and convert current demand. Castlery, a single full furniture retailer activated a full funnel approach as part of its U.S. expansion. It used brand and action formats, identified its most relevant audiences and built a robust measurement framework to boost sales and awareness, including a 65% increase in U.S. brand searches. Castlery is using the same strategy for the upcoming holiday season.

創意和媒體在整個渠道中協同工作，創造新需求並轉化當前需求。 Castlery 是一家完整的家具零售商，作為其美國擴張的一部分，啟動了完整的漏斗方法。它使用品牌和行動形式，確定了最相關的受眾，並建立了一個強大的衡量框架來提高銷量和知名度，其中美國品牌搜索量增加了 65%。 Castlery 在即將到來的假日季節使用相同的策略。

Two other areas where we're continuing to invest, Connected TV and Shorts. First on CTV. Eyeballs keep moving away from traditional TV. On average, global viewers are watching 700 million-plus hours of YouTube content on TV daily. And according to Nielsen, during the 2021-2022 U.S. broadcast seasons, YouTube reached more viewers during primetime on CTV than any linear TV network.

我們將繼續投資的另外兩個領域，互聯電視和短褲。先上央視。眼球不斷遠離傳統電視。平均而言，全球觀眾每天在電視上觀看 YouTube 內容的時間超過 7 億小時。根據尼爾森的說法，在 2021-2022 年美國廣播季期間，YouTube 在 CTV 黃金時段的觀眾人數超過了任何線性電視網絡。

Brands continue to take notice. Like Instacart, who tapped into CTV to maximize its TV screen strategy for its The World is Your Cart brand campaign featuring Lizzo. It drove breakout searches for its product and above-average brand lift across awareness, consideration and purchase intent. And it also engaged a significant increase in audience on top of TV with 66% lower CPMs.

品牌繼續關注。就像 Instacart 一樣，他利用 CTV 來最大化其電視屏幕策略，用於以 Lizzo 為主角的 The World is Your Cart 品牌活動。它推動了對其產品的突破性搜索，並在認知度、考慮和購買意圖方面實現了高於平均水平的品牌提升。此外，它還以每千次展示費用降低 66% 的方式吸引了大量電視觀眾。

And then there's Shorts. 1.5 billion users every month, 30 billion daily views. Engagement is strong. We've always said that we focus on building great user and creator experiences first and then follow that with monetization over time. As of September, ads on Shorts have officially launched via video action, app and Performance Max campaigns.

然後是短褲。每月15億用戶，每日300億瀏覽量。參與度很強。我們一直說，我們首先專注於打造出色的用戶和創作者體驗，然後隨著時間的推移實現盈利。截至 9 月，Shorts 上的廣告已通過視頻動作、應用和 Performance Max 活動正式推出。

As Sundar mentioned, we also extended the YouTube Partner Program and announced our revenue sharing model for Shorts creators, the first of its kind for short-form content. It's early but we're encouraged by the progress we've made this year in Shorts monetization and support for sustaining the creator ecosystem.

正如 Sundar 所提到的，我們還擴展了 YouTube 合作夥伴計劃，並宣布了我們針對 Shorts 創作者的收益分享模式，這是針對短片內容的首創。現在還為時尚早，但我們對今年在 Shorts 貨幣化和支持維持創作者生態系統方面取得的進展感到鼓舞。

I'll close with something I've said before and I think it's worth reiterating. Our success is only possible when our customers and partners succeed. Whether it's helping individual YouTube creators or Play developers make a living and build thriving businesses or bringing the best across Google to our partners, our focus on driving growth for our partners and key ecosystems remain steadfast. I'm proud that over the past 3 years, we've paid creators, artists and media companies over $50 billion.

我將以我之前說過的話作為結束，我認為這值得重申。只有當我們的客戶和合作夥伴成功時，我們的成功才有可能。無論是幫助 YouTube 個人創作者或 Play 開發者謀生並建立蓬勃發展的業務，還是將 Google 最好的東西帶給我們的合作夥伴，我們始終堅定不移地致力於推動合作夥伴和主要生態系統的增長。我很自豪在過去的 3 年裡，我們向創作者、藝術家和媒體公司支付了超過 500 億美元的費用。

In terms of how we're helping our partners innovate, I'll share 2 highlights. First, a transformative partnership with Transion, the #1 OEM in Africa and Pakistan, will help to close the digital divide by doubling annual activations by 2025 and build helpful products for the next billion users. And then in commerce with FEMSA Digital in Mexico, we're bringing together solutions across Ads, Cloud, Maps, Waze and beyond to bolster its data and analytics capabilities so it can better reach and retain its beverage and retail customers.

關於我們如何幫助合作夥伴進行創新，我將分享 2 個亮點。首先，與非洲和巴基斯坦排名第一的原始設備製造商 Transion 建立變革性的合作夥伴關係，將有助於縮小數字鴻溝，到 2025 年將年度激活量翻一番，並為下一個十億用戶打造有用的產品。然後在與墨西哥的 FEMSA Digital 進行商業交易時，我們將整合廣告、雲、地圖、Waze 等領域的解決方案，以增強其數據和分析能力，從而更好地接觸和留住飲料和零售客戶。

On behalf of many, a massive thank you to our customers and partners for their collaboration, trust and feedback and another massive thank you to our sales, partnerships, product, engineering and support teams. The hard work, dedication and ingenuity of Googlers, especially during more challenging times, is truly second to none. On that note, over to you, Ruth.

代表許多人，非常感謝我們的客戶和合作夥伴的合作、信任和反饋，並再次感謝我們的銷售、合作夥伴、產品、工程和支持團隊。 Google 員工的辛勤工作、奉獻精神和獨創性，尤其是在更具挑戰性的時期，確實是首屈一指的。在那張紙條上，交給你，露絲。

Thank you, Philipp. Our financial results for the third quarter reflect healthy fundamental growth in Search and momentum in Cloud. Our reported results clearly reflect the effect of foreign exchange. My comments will be on year-over-year comparisons for the third quarter, unless I state otherwise. I will start with results at the Alphabet level, followed by segment results and conclude with our outlook.

謝謝你，菲利普。我們第三季度的財務業績反映了搜索領域健康的基本增長和雲領域的發展勢頭。我們報告的結果清楚地反映了外彙的影響。除非我另有說明，否則我的評論將針對第三季度的同比比較。我將從字母級別的結果開始，然後是細分結果，最後是我們的展望。

For the third quarter, our consolidated revenues were $69.1 billion, up 6% or up 11% in constant currency. Our total cost of revenues was $31.2 billion, up 13%, primarily driven by other cost of revenues, which was $19.3 billion, up 20%. The biggest factor here was costs associated with data centers and other operations, followed by hardware costs. Operating expenses were $20.8 billion, up 26%, reflecting the following: first, the increases in R&D and G&A expenses, which were driven primarily by headcount growth; and second, the growth in sales and marketing expenses, which was driven primarily by increased spending on ads and promotions, followed by headcount growth.

第三季度，我們的綜合收入為 691 億美元，按固定匯率計算增長 6% 或 11%。我們的總收入成本為 312 億美元，增長 13%，主要受其他收入成本的推動，即 193 億美元，增長 20%。這裡最大的因素是與數據中心和其他運營相關的成本，其次是硬件成本。營業費用為 208 億美元，增長 26%，反映如下：一是研發和 G&A 費用的增長，主要受員工人數增長的推動；其次，銷售和營銷費用的增長，主要是由於廣告和促銷支出的增加，其次是員工人數的增長。

Operating income was $17.1 billion, down 19% versus last year and our operating margin was 25%. Other income and expense was a loss of $902 million. Net income was $13.9 billion. We delivered free cash flow of $16.1 billion in the quarter and $63 billion for the trailing 12 months. We ended the quarter with $116 billion in cash and marketable securities.

營業收入為 171 億美元，比去年下降 19%，營業利潤率為 25%。其他收入和支出損失 9.02 億美元。淨收入為 139 億美元。我們在本季度實現了 161 億美元的自由現金流，在過去的 12 個月中實現了 630 億美元。我們在本季度結束時擁有 1160 億美元的現金和有價證券。

Let me now turn to our segment financial results. As a reminder, we provide fixed foreign exchange revenues only at the consolidated level and by geographic region. All segment revenues are reported on a GAAP basis.

現在讓我談談我們的分部財務業績。提醒一下，我們僅在合併層面和按地理區域提供固定外匯收入。所有分部收入均按公認會計原則報告。

Starting with our Google Services segment. Total Google Services revenues were $61.4 billion, up 2%. Across our advertising revenues, the year-over-year deceleration in growth rates versus the third quarter of last year was largely driven by lapping very strong performance, most notably in Search and other revenues. Additionally, the year-on-year deceleration on YouTube and Network reflects a pullback in spend by some advertisers as we first noted last quarter.

從我們的 Google 服務部門開始。谷歌服務總收入為 614 億美元，增長 2%。在我們的廣告收入中，與去年第三季度相比，增長率同比下降主要是由於表現非常強勁，尤其是在搜索和其他收入方面。此外，正如我們在上個季度首次提到的那樣，YouTube 和網絡上的同比減速反映了一些廣告商的支出回落。

In terms of the revenue lines, Google Search and other advertising revenues of $39.5 billion in the quarter were up 4%. YouTube advertising revenues of $7.1 billion were down 2%. Network advertising revenues of $7.9 billion were down 2%. Other revenues were $6.9 billion, up 2%, reflecting several factors: first, subscriber growth in YouTube Music Premium and YouTube TV continued to drive ongoing strong growth in YouTube non-advertising revenues; second, we delivered solid growth in hardware revenues, primarily from sales of the Pixel 6A. Finally, the growth in these 2 areas was offset by a year-on-year decline in Play revenues, reflecting a slowdown in buyer spend due to a number of factors, including lower engagement levels in gaming compared with earlier stages of the pandemic. In terms of costs within Google Services, TAC was $11.8 billion, up 3%. Google Services operating income was $19.8 billion, down 17% and the operating margin was 32%.

在收入線方面，本季度谷歌搜索和其他廣告收入為 395 億美元，增長 4%。 YouTube 廣告收入為 71 億美元，下降 2%。網絡廣告收入為 79 億美元，下降 2%。其他收入為 69 億美元，增長 2%，這反映了幾個因素：首先，YouTube Music Premium 和 YouTube TV 的用戶增長繼續推動 YouTube 非廣告收入的持續強勁增長；其次，我們實現了硬件收入的穩健增長，主要來自 Pixel 6A 的銷售。最後，這兩個領域的增長被 Play 收入的同比下降所抵消，這反映了由於多種因素導致的買家支出放緩，包括與大流行早期階段相比，遊戲的參與度較低。在 Google 服務的成本方面，TAC 為 118 億美元，增長 3%。谷歌服務營業收入為 198 億美元，下降 17%，營業利潤率為 32%。

Turning to the Google Cloud segment. Revenues were $6.9 billion for the second quarter, up 38%. GCP's revenue growth was again greater than Cloud's, reflecting significant growth in both infrastructure and platform services. Strong revenue growth in Google Workspace was driven by growth in both seats and average revenue per seat. Google Cloud had an operating loss of $699 million. As to our Other Bets for the third quarter, revenues were $209 million and the operating loss was $1.6 billion.

轉向谷歌云部分。第二季度收入為 69 億美元，增長 38%。 GCP 的收入增長再次超過 Cloud，反映了基礎設施和平台服務的顯著增長。 Google Workspace 收入的強勁增長是由席位和每個席位的平均收入的增長推動的。谷歌云的運營虧損為 6.99 億美元。至於我們第三季度的其他賭注，收入為 2.09 億美元，經營虧損為 16 億美元。

Let me close with some comments on our outlook. Our results in the third quarter reflect an increased headwind from foreign exchange, given the ongoing strengthening of the U.S. dollar versus last year. Excluding the revenue benefit from hedging, there was a 6-point headwind year-on-year or 5 points with the hedge benefit compared with a slight tailwind in the third quarter of 2021.

最後讓我對我們的前景發表一些評論。鑑於美元與去年相比持續走強，我們第三季度的業績反映了來自外彙的逆風增加。剔除對沖帶來的收入收益，與 2021 年第三季度的輕微順風相比，對沖收益同比有 6 個百分點或對沖收益有 5 個百分點。

Looking to the fourth quarter, based on strengthening of the U.S. dollar quarter-to-date, we expect an even larger headwind from foreign exchange. In addition, as we have previously said, the impact of foreign exchange is greater on operating income than it is on revenues, given that our expense base is weighted more toward the U.S. with most of our R&D efforts located here.

展望第四季度，基於本季度迄今美元走強，我們預計來自外彙的阻力會更大。此外，正如我們之前所說，外匯對營業收入的影響比對收入的影響更大，因為我們的支出基礎更多地偏向美國，我們的大部分研發工作都在這裡。

Turning to our segment results. Within the Google Services segment, Search and other revenues had healthy fundamental growth in the third quarter, which was affected by the impact of currency movements. As I already noted, the largest driver of the deceleration in year-on-year growth of Search compared with 3Q '21 was lapping the outsized growth in 2021. The sequential deceleration in the year-on-year growth of Search in the third quarter versus the second quarter was also driven by lapping with an additional headwind from pullback in advertiser spend in some areas.

轉向我們的細分結果。在谷歌服務領域，受匯率變動的影響，搜索和其他收入在第三季度實現了健康的基本增長。正如我已經指出的，與 21 年第三季度相比，搜索的同比增長減速的最大驅動因素是 2021 年的超大增長。第三季度搜索的同比增長連續減速與第二季度相比，還受到某些地區廣告客戶支出回落帶來的額外阻力的推動。

In YouTube and Network, the sequential deceleration of year-on-year growth in the third quarter versus the second quarter primarily reflects further pullbacks in advertiser spend. In the fourth quarter, the very strong revenue performance last year will continue to create tough comps that will weigh on the year-on-year growth rates of advertising revenues.

在 YouTube 和網絡中，第三季度與第二季度相比，同比增長的連續減速主要反映了廣告客戶支出的進一步回落。在第四季度，去年非常強勁的收入表現將繼續造成艱難的競爭，這將拖累廣告收入的同比增長率。

Within other revenues, we expect an ongoing headwind from the slowdown in buyer spend on Google Play due to a number of factors, including lower levels of user engagement in gaming that impacted results in the second and third quarters. As Philipp mentioned, among other factors, this shift in user behavior was also a headwind to advertising revenues, with lower revenues from app promo spend on YouTube, Network and Play ads in Search and other.

在其他收入中，我們預計買家在 Google Play 上的支出放緩將持續不利，原因有很多，包括影響第二和第三季度業績的用戶參與遊戲的水平較低。正如 Philipp 所提到的，除其他因素外，用戶行為的這種轉變也是廣告收入的逆風，YouTube、網絡和 Play 搜索等廣告中的應用促銷支出收入較低。

Turning to Google Cloud. Our results reflect momentum across GCP and Workspace. Customers globally are adopting our products and services to digitally transform their businesses. We are excited about the opportunity, given that businesses and governments are still in the early days of public cloud adoption and we continue to invest accordingly. We remain focused on the longer-term path to profitability. In terms of profitability, we have an effort underway to ensure we redeploy investments against our most compelling opportunities. As we noted on our second quarter call, our actions to slow the pace of hiring will become more apparent in 2023.

轉向谷歌云。我們的結果反映了 GCP 和 Workspace 的發展勢頭。全球客戶正在採用我們的產品和服務來實現業務的數字化轉型。我們對這個機會感到興奮，因為企業和政府仍處於採用公共雲的早期階段，我們將繼續進行相應的投資。我們仍然專注於盈利的長期路徑。在盈利能力方面，我們正在努力確保我們針對最引人注目的機會重新部署投資。正如我們在第二季度電話會議中指出的那樣，我們減緩招聘步伐的行動將在 2023 年變得更加明顯。

With respect to Alphabet headcount, we added 12,765 people in the third quarter, including more than 2,600 of those joining Google Cloud as part of our acquisition of Mandiant. As in prior quarters, the majority of hires were for technical roles. In the fourth quarter, we expect headcount additions will slow to less than half the number added in Q3. Within this slower headcount growth, next year, we will continue hiring for critical roles, particularly focused on top engineering and technical talent.

在 Alphabet 員工人數方面，我們在第三季度增加了 12,765 人，其中超過 2,600 人加入了 Google Cloud 作為我們收購 Mandiant 的一部分。與前幾個季度一樣，大部分員工都是技術職位。在第四季度，我們預計新增員工人數將放緩至不到第三季度新增人數的一半。在員工人數增長放緩的情況下，明年我們將繼續招聘關鍵職位，尤其是頂級工程和技術人才。

Turning to CapEx, we continue to make significant investments in technical infrastructure with servers as the largest component. Thank you. Sundar, Philipp and I will now take your questions.

談到資本支出，我們繼續對以服務器為最大組成部分的技術基礎設施進行重大投資。謝謝你。 Sundar、Philipp 和我現在將回答您的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Eric Sheridan of Goldman Sachs.

我們的第一個問題來自高盛的 Eric Sheridan。

Maybe 2 questions, if I can. Sundar, first, I think what investors are very curious about is how much this change in terms of aligning investment against your priorities is a reflection of what you expect to happen over the next 6 to 12 months in the broader macro environment versus a longer-term perspective of maybe maximizing for productivity and efficiency. Would love to get your philosophy on that.

如果可以的話，也許有 2 個問題。桑達爾，首先，我認為投資者非常好奇的是，這種將投資與您的優先事項保持一致的變化在多大程度上反映了您在更廣泛的宏觀環境中預期在未來 6 到 12 個月內發生的事情，而不是更長的時間——可能最大化生產力和效率的術語觀點。很想得到你的哲學。

And then Philipp, a lot of comments in there about YouTube and the potential for growth going forward. Can you go a little bit deeper on what you're seeing in terms of both the opportunity set to drive revenue and turn a possible headwind to a tailwind with respect to Shorts and Connected TV over the medium to long term.

然後是 Philipp，那裡有很多關於 YouTube 和未來增長潛力的評論。您能否更深入地了解一下您所看到的情況，即在中長期內推動收入的機會以及將可能的逆風轉變為順風的短褲和聯網電視。

Look, I would say it's a combination. Obviously, as a company, over time, we've had periods of extraordinary growth, and then there are periods where I viewed it as a moment where you take the time to optimize the company to make sure we are set up for the next decade of growth ahead. I view this as one of those moments. It gives us a chance to make sure we are, with clarity, identifying what are the most important areas and making sure we are directing our incremental investments towards those and as well as where we can realign. So I view this as an opportunity to do that and also being responsive to the current macro environment we are seeing.

看，我會說這是一個組合。顯然，作為一家公司，隨著時間的推移，我們經歷了非凡的增長時期，然後在某些時期，我認為這是您花時間優化公司以確保我們為下一個十年做好準備的時刻未來的增長。我認為這是那些時刻之一。它讓我們有機會確保我們清楚地確定哪些是最重要的領域，並確保我們將增量投資導向這些領域以及我們可以重新調整的領域。所以我認為這是一個這樣做的機會，也是對我們所看到的當前宏觀環境做出反應的機會。

Yes. And from my side, Eric, in the third quarter, as I mentioned, there was a further pullback in spend by some advertisers across both brand and direct response. But overall, I feel YouTube remains in a really good position to continue to benefit from the streaming boom. In direct response, we think there's a lot of room to run to make really YouTube more shoppable, more actionable from video action campaigns to product feeds, app campaigns, live commerce features.

是的。正如我所提到的，從我的角度來看，埃里克，在第三季度，一些廣告商在品牌和直接響應方面的支出進一步回落。但總的來說，我覺得 YouTube 仍然處於一個非常好的位置，可以繼續從流媒體熱潮中受益。作為直接回應，我們認為還有很大的空間可以讓 YouTube 更易於購物，從視頻操作活動到產品信息流、應用程序活動、實時商務功能等更具可操作性。

Advertisers are turning to YouTube to convert intent into action and really drive performance at scale. Product feeds are coming to Discovery ads soon and recent expanded to Shorts. We're already seeing results. And in fact, on average, video action campaigns with product feeds saw an over 70% increase in conversions on Shorts versus those without.

廣告商正在轉向 YouTube 以將意圖轉化為行動，並真正大規模提升業績。產品 Feed 即將出現在 Discovery 廣告中，並且最近擴展到 Shorts。我們已經看到了結果。事實上，平均而言，帶有產品 Feed 的視頻動作廣告系列的 Shorts 轉化率與沒有的相比增加了 70% 以上。

On the brand side, as I said earlier, eyeballs are moving away from linear TV, and we're helping brands move beyond traditional. Let's -- to efficiently really achieve their reach and awareness goals. And obviously, you mentioned that as well, Connected TV is an important part of this strategy. When you think about it, YouTube is really the best place for advertisers to reach new consumers across multiple formats and screens from shorts to long-form, podcast, music all the way to CTV.

在品牌方面，正如我之前所說，眼球正在遠離線性電視，我們正在幫助品牌超越傳統。讓我們 - 有效地真正實現他們的影響力和意識目標。顯然，您也提到過，聯網電視是這一戰略的重要組成部分。仔細想想，YouTube 確實是廣告商通過多種格式和屏幕接觸新消費者的最佳場所，從短片到長篇、播客、音樂一直到 CTV。

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 1 for Sundar or Ruth. Sundar, just to go back to the comment about earlier in the quarter, becoming 20% more efficient. I thought tonight, your comment on investing responsibly over the long term, about being responsive to the environment is helpful. But if I look at sort of the Excel sheet, I think you'll have added about 51,000 new people to the company since the start of last year.

我有 2 個。前 1 個給 Sundar 或 Ruth。 Sundar，回到本季度早些時候的評論，效率提高了 20%。今晚我想，你對長期負責任投資、對環境做出反應的評論很有幫助。但是，如果我看一下 Excel 表格，我認為自去年年初以來，公司已經增加了大約 51,000 名新員工。

Can you give us some examples of internal KPIs or quantifiable analysis you're running just to ensure you're generating ROI for investors from all your hiring. Just sort of run through these analyses? That's the first one. Then the second one, Philipp, just on Shorts, are you seeing Shorts lead to incremental time spent from those users? Or is it more so you're seeing the time shift from other forms of YouTube over to Shorts?

您能否給我們一些您正在運行的內部 KPI 或可量化分析的示例，以確保您從所有招聘中為投資者創造投資回報率。只是通過這些分析？那是第一個。然後是第二個，Philipp，就在 Shorts 上，您是否看到 Shorts 會導致這些用戶花費的時間增加？或者更重要的是，您看到了從其他形式的 YouTube 到 Shorts 的時間轉移？

Brian, I think, look, I think we gave some -- we've been clear that we are going to moderate our pace of hiring going into Q4 as well as 2023. I think we are seeing a lot of opportunities across a whole set of areas. And every time, talent is the most precious resource, so we are constantly working to make sure everyone we've brought in is working on the most important things as a company and particularly so. And that's a lot of what sharpening our focus has been about.

布賴恩，我想，看，我想我們已經給出了一些——我們已經很清楚，我們將在第四季度和 2023 年放緩招聘步伐。我認為我們在整個系列中看到了很多機會的地區。每次，人才都是最寶貴的資源，所以我們一直在努力確保我們引進的每個人都在做公司最重要的事情，尤其是這樣。這就是我們一直關注的重點。

We are reviewing projects at all scales pretty granularly to make sure we have the right plans there, and based on that, the right resourcing and making course corrections. And this will be an ongoing thing. It is something we'll continue doing going into '23 as well.

我們正在非常細緻地審查各種規模的項目，以確保我們在那裡有正確的計劃，並在此基礎上提供正確的資源並進行課程修正。這將是一個持續的事情。這也是我們將在 23 年繼續做的事情。

Yes. And to the second part of the question, as we discussed before, we've always focused on building a great user and creator experience first, followed by increasing monetization over time. We continued to experience a slight headwind to revenues as Shorts viewership grew as a percentage of total YouTube watch time. And as I alluded to earlier, the initial progress on Shorts monetization has been encouraging. And we're focused on closing the monetization gap between Shorts and long-form content on YouTube over time.

是的。對於問題的第二部分，正如我們之前所討論的，我們始終專注於首先構建出色的用戶和創作者體驗，然後隨著時間的推移增加貨幣化。隨著 Shorts 收視率佔 YouTube 總觀看時間的百分比增長，我們的收入繼續受到輕微阻力。正如我之前提到的，短褲貨幣化的初步進展令人鼓舞。隨著時間的推移，我們專注於縮小 YouTube 上的短片和長篇內容之間的貨幣化差距。

And more specifically, consumers are increasingly consuming short-form video, and we're seeing this across multiple platforms, including YouTube. And as I said earlier, Shorts are being watched by 1.5 billion-plus logged-in users every month.

更具體地說，消費者越來越多地消費短視頻，我們在包括 YouTube 在內的多個平台上都看到了這一點。正如我之前所說，每個月有超過 15 億的登錄用戶觀看 Shorts。

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

我們的下一個問題來自摩根大通的 Doug Anmuth。

Ruth, you highlighted momentum in Cloud and growth accelerated in 3Q. Are you seeing any changes in Cloud demand as existing or potential customers perhaps rethink their priorities? And then how should we think about the pace of investments at Cloud going forward? Do you still believe that you're in more catch-up mode? Or should we expect a more stable rate of investment and greater profit improvement?

Ruth，您強調了雲計算的發展勢頭和第三季度的增長加速。您是否看到雲需求的任何變化，因為現有或潛在客戶可能會重新考慮他們的優先事項？那麼我們應該如何考慮未來在 Cloud 上的投資步伐呢？你還相信自己處於追趕模式嗎？還是我們應該期待更穩定的投資率和更大的利潤增長？

Thanks for the question. Yes, we are pleased with the ongoing momentum. It's across a wide range of industries and geographies. And it really comes back to the team's focus on helping them solve unique business issues and innovate in new areas as they digitally transform. I think more to your question, and we talked about this about last quarter, in some cases, certain customers are taking longer to decide, and some have committed to deals with shorter terms or smaller deal sizes, which we attribute to a more challenging macro environment. Some are impacted due to reasons that are specific to their business.

謝謝你的問題。是的，我們對目前的勢頭感到滿意。它涉及廣泛的行業和地區。這真的回到了團隊專注於幫助他們解決獨特的業務問題，並在他們進行數字化轉型時在新領域進行創新。我對你的問題想得更多，我們在上個季度談到了這個問題，在某些情況下，某些客戶需要更長的時間來做出決定，而有些客戶已經承諾以更短的期限或更小的交易規模進行交易，我們將其歸因於更具挑戰性的宏觀環境。有些人由於其業務特定的原因而受到影響。

But overall, as you can see from the results here again, we're pleased with the momentum in Cloud and do continue to be excited about the long-term opportunities. So that's why I made the comment that we do continue to invest meaningfully in this business. We're still focused very much so on the path to profitability and free cash flow strength here, but we are continuing to invest in the business. And this fits within Sundar's overall comments as we're looking at how we prioritize. And they're certainly making sure they're focused on every element within their business. But fundamentally, to the heart of your question, we're continuing to invest here.

但總體而言，正如您再次從這裡的結果中看到的那樣，我們對雲計算的發展勢頭感到滿意，並且對長期機會繼續感到興奮。所以這就是為什麼我發表評論說我們確實會繼續對這項業務進行有意義的投資。我們仍然非常關注這裡的盈利能力和自由現金流實力，但我們將繼續投資於該業務。這符合 Sundar 的總體評論，因為我們正在研究如何確定優先級。他們肯定會確保他們專注於業務中的每一個元素。但從根本上說，對於您的問題的核心，我們將繼續在這裡投資。

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

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

Sundar, I have one for you and then one for you, Ruth. I want to ask you about TikTok but not as it relates to YouTube, more about Search. It looks like younger consumers are spending more time on TikTok searching for product reviews, recommendations, advice. I'm interested in learning if you've seen any changes in your search behavior by demographics in Google. And then do you think search has become more visual and less text-based going forward in order to maintain more relevance for its younger users? So that's one.

桑達爾，我有一份給你，然後給你一份，露絲。我想問你關於 TikTok 的問題，但不是因為它與 YouTube 相關，而是更多關於搜索的問題。看起來年輕消費者在 TikTok 上花費更多時間搜索產品評論、推薦和建議。我有興趣了解您是否發現 Google 中的人口統計數據對您的搜索行為有任何變化。然後你是否認為搜索已經變得更加視覺化和更少基於文本，以保持與年輕用戶的更多相關性？所以這是一個。

And then Ruth, can you kind of just dig in a bit on the OpEx growth in Google Services. You called out other cost of revenues being up 20%. It looks like as a percentage of revenues, it's nearly an all-time high. Can you talk a bit about how much of that cost base is fixed versus variable? And anything on outlook on what's driving kind of the spike this quarter and maybe what you expect going forward there on the cost of revenues?

然後是 Ruth，您能否稍微了解一下 Google 服務的 OpEx 增長情況。您指出其他收入成本上升了 20%。它看起來佔收入的百分比，幾乎是歷史最高水平。你能談談這個成本基礎有多少是固定的還是可變的？關於本季度推動這種飆升的因素以及您對收入成本未來的預期有何展望？

Look, I think it's always important that we try and understand our user segments and their needs so that we can make sure the products are helpful and working for them. And we also conduct thousands of studies a year to understand how user needs are evolving. And as part of it, there are some studies which obviously show people, particularly younger users in certain categories, maybe fashion inspiration as an example, look for more visual ways to engage.

看，我認為嘗試了解我們的用戶群及其需求始終很重要，這樣我們才能確保產品對他們有用並為他們工作。我們每年還會進行數千次研究，以了解用戶需求的變化情況。作為其中的一部分，有一些研究顯然表明人們，尤其是某些類別的年輕用戶，可能以時尚靈感為例，尋找更多的視覺方式來參與。

And so these are all learnings we are constantly taking in and we use it to improve Search. And if you saw Search On, we had many explorations and product directions, which move in that direction. So I think it's a healthy way of iterating and innovating to build the best products and services for our users.

所以這些都是我們不斷學習的知識，我們用它來改進搜索。如果您看到 Search On，我們有許多探索和產品方向，它們朝著這個方向發展。所以我認為這是一種健康的迭代和創新方式，為我們的用戶打造最好的產品和服務。

And then in terms of your question regarding margins, 2 parts really. On other cost revenues, the biggest driver of the year-on-year increase in other cost of revenues does continue to be data centers and other operations. The change really here this quarter in Q3, the second largest driver was hardware. And then CAC moved from its usual #2 spot down to #3.

然後就您關於邊距的問題而言，實際上是 2 個部分。在其他成本收入方面，其他收入成本同比增長的最大驅動力仍然是數據中心和其他業務。第三季度本季度真正發生了變化，第二大驅動因素是硬件。然後CAC 從它通常的#2 位置移動到#3。

And there were really 2 key factors for the change in the rank order between hardware and CAC. Probably pretty self-evident but just to spell them out, the year-on-year decline in YouTube Ads revenues obviously muted the growth in CAC. And then the growth of Pixel Phone sales due primarily to the launch of Pixel 6A drove that shift.

硬件和 CAC 之間排名順序的變化確實有 2 個關鍵因素。可能是不言而喻的，但為了說明這一點，YouTube 廣告收入的同比下降顯然抑制了 CAC 的增長。然後，主要由於 Pixel 6A 的推出，Pixel Phone 銷量的增長推動了這一轉變。

What we're looking at overall sort of to your broader question about profitability in Google Services is the overall pace of investments. And now we're looking at how with the change -- mix change and ongoing opportunities to drive revenue growth and how it flows through all the way to op inc growth. And so to Sundar's opening comments and as we've been talking about, some of the margin upside last year was due to timing issues with a very strong growth of revenues and there was a lag in investments. And what we're focused on here is how do we continue to manage on a go-forward basis to deliver durable long-term results.

對於您關於 Google 服務盈利能力的更廣泛問題，我們總體上關注的是投資的總體速度。現在我們正在研究如何應對變化——混合變化和持續的機會來推動收入增長，以及它如何一直流向運營公司的增長。因此，對於 Sundar 的開場白，正如我們一直在談論的那樣，去年的部分利潤率上升是由於收入增長非常強勁和投資滯後的時間問題。我們在這里關注的是我們如何繼續在前進的基礎上進行管理，以提供持久的長期結果。

Our next question comes from the line of 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。

Hate to beat the dead horse on the Google Services margin, but Ruth, you just mentioned mix shift. I think that's a lot of what's going on here. And given the trajectory that you're seeing in Search and in Play, which we estimate are where most of the profit's coming from in that segment versus some of those lower-margin items, YouTube subscription, hardware, et cetera, maybe you could help frame the next like couple of years. Is this going to land below pre pandemic, which I think was around where we are here at 32%? Could we see the 2Q '20 low of 27% for Google Services margin? Any help just framing where that might land would be helpful.

討厭在谷歌服務邊緣擊敗死馬，但露絲，你剛剛提到了混合轉變。我認為這就是這裡發生的很多事情。鑑於您在搜索和播放中看到的軌跡，我們估計大部分利潤來自該細分市場，而不是一些利潤率較低的項目、YouTube 訂閱、硬件等，也許您可以提供幫助框架接下來的幾年。這是否會低於大流行前的水平，我認為這大約是我們現在的 32%？我們能否看到 20 年第二季度谷歌服務利潤率 27% 的低點？任何只是確定可能落在哪裡的幫助都會有所幫助。

Well, I'll, as I'm sure you would expect, leave the modeling to you, but there are 2 elements of it. And I think Sundar and Philipp really talked about the first part, which is the ongoing opportunity we see with Search, with YouTube, with some of the actions that we're taking, the opportunity with AI applied to both, the opportunity as we continue to build-out monetization on YouTube Shorts in particular. So we're continuing to focus on both, the driver here, revenue, as well as the investments that we're making.

好吧，正如我相信你所期望的那樣，我將把建模留給你，但它有兩個元素。我認為 Sundar 和 Philipp 真的談到了第一部分，這是我們在搜索、YouTube 上看到的持續機會，我們正在採取的一些行動，人工智能應用於兩者的機會，我們繼續的機會特別是在 YouTube Shorts 上建立盈利。因此，我們將繼續關注這兩個方面，這裡的驅動因素、收入以及我們正在進行的投資。

And I want to make sure, to Sundar's comments about sharpening our focus, that we are economizing, utilizing resources as effectively as possible. So it is both the efforts we're taking around expense management and building for durable performance as well as the efforts we're taking, which are in the investment line but drive top line performance.

而且我想確保，根據 Sundar 關於加強我們的重點的評論，我們正在節約，盡可能有效地利用資源。因此，我們在費用管理和建立持久績效方面所做的努力以及我們正在採取的努力，這些努力都在投資領域，但推動了頂線績效。

I would say we also contextualize it and I tried to do that in response to Michael's questions. And we said this last year, we've noted that some of the margin upside last year was due to timing issues. And we had a very strong growth in revenues, surge in revenues and a lag in investments that we said was a timing difference, and you are seeing some of that here. But to the main point, we're looking at both what we can do to continue to support long-term revenue growth, but while doing so, being mindful of the pace of investment. I'll leave the modeling to you.

我會說我們也將其背景化，我試圖這樣做以回應邁克爾的問題。我們去年說過，我們注意到去年的一些利潤率上升是由於時間問題。我們的收入增長非常強勁，收入激增和投資滯後，我們說這是時間上的差異，你在這裡看到了一些。但最重要的是，我們正在研究我們可以做些什麼來繼續支持長期收入增長，但在這樣做的同時，要注意投資的步伐。我會把模型留給你。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Ruth, on the pullback by some advertisers, is there a common thread that you can draw on common underlying characteristics that are pulling back versus those that are continuing to lean forward? Can you talk about that dynamic and what you're seeing?

露絲，在一些廣告商的回調中，是否有一個共同的線索，你可以利用共同的潛在特徵，即後退與繼續前傾的特徵？你能談談這種動態以及你所看到的嗎？

Why don't I start and then I'll pass it to Philipp for a bit more color potentially? Because I want to make sure that one of the comments that we made in the opening comments was very clear, which was the year-on-year story in Ads was really lapping the very strong third quarter. And so to get to your question, you're really talking about sequential decline in our year-on-year growth.

為什麼我不開始，然後我會將它傳遞給 Philipp 以獲得更多顏色？因為我想確保我們在開場評論中所做的評論之一非常清楚，即廣告中的同比故事確實覆蓋了非常強勁的第三季度。因此，要回答您的問題，您實際上是在談論我們的同比增長連續下降。

I think what's notable in Search, we had really healthy growth in Q3, excluding the impact of foreign exchange. The sequential deceleration in Search in the third quarter versus the second quarter was again primarily driven by lapping, and just I want to make sure that, that was clear. There was some pullback from advertiser spend in some areas so I've noted that in opening comments.

我認為在搜索領域值得注意的是，我們在第三季度實現了非常健康的增長，不包括外彙的影響。與第二季度相比，第三季度搜索的連續減速再次主要是由研磨驅動的，我只是想確保這一點很清楚。在某些領域，廣告客戶的支出有所回落，所以我在開場評論時注意到了這一點。

And then in YouTube and Network, the sequential deceleration of year-on-year growth in both the second quarter -- the third quarter versus the second quarter was really further pullbacks in advertiser spend.

然後在 YouTube 和 Network 中，第二季度（第三季度與第二季度相比）同比增長的連續減速實際上是廣告客戶支出的進一步回落。

Yes, that's exactly right. And as I said earlier, in Search and other ads revenues, while lapping the outsized performance was the largest factor in Q3, we did see some advertiser pull back in certain areas in search ads. And I think the example I called out was in financial services, in the areas of insurance, loan, mortgage, crypto subcategories. And we also noted a pullback in spend by some advertisers on YouTube and Network. And these pullbacks in spend increased in the third quarter. And we also noted lower revenues from AppPromo spend on YouTube and Network.

是的，完全正確。正如我之前所說，在搜索和其他廣告收入方面，雖然超大業績是第三季度的最大因素，但我們確實看到一些廣告商在搜索廣告的某些領域有所回落。我認為我提到的例子是金融服務，在保險、貸款、抵押貸款、加密子類別領域。我們還注意到一些廣告商在 YouTube 和網絡上的支出有所回落。這些支出的回落在第三季度有所增加。我們還注意到 AppPromo 在 YouTube 和網絡上的支出收入有所下降。

Our next question comes from Mark Mahaney of Evercore ISI. Apologies, we'll need to go to the next question that comes from Maria Ripps of Canaccord. Please stand by.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。抱歉，我們需要回答來自 Canaccord 的 Maria Ripps 的下一個問題。請待命。

[Technical Difficulties]

[技術難點]

We're holding to see if there are technical difficulties. Thank you, all. And if the operator could keep us posted here, maybe even trying to -- yes.

我們正在等待，看看是否有技術困難。謝謝你們。如果運營商可以讓我們在這裡發布消息，甚至可以嘗試--是的。

Again, our next question comes from Mark Mahaney of Evercore ISI.

同樣，我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Just checking. Can you hear me?

只是檢查。你能聽到我嗎？

We can hear you, Mark. Thank you.

我們可以聽到你的聲音，馬克。謝謝你。

Okay. Two questions, please. One, Sundar, you've been with the company for a long time. You've seen these cycles before. Can you put any context as to the -- as economic conditions wax and wane, the impact that has on Google? Like how does this environment look to you versus prior cycles that the company has managed through?

好的。請教兩個問題。一，Sundar，你已經在公司工作了很長時間。你以前見過這些循環。您能否就經濟狀況的起伏對谷歌的影響提出任何背景？與公司管理的先前週期相比，您對這種環境的看法如何？

And then Ruth, on the cost side, I understand the comments. I understand the comments about the headcount adds and what you plan to do in the fourth quarter. But could you talk about non-headcount-related costs and the opportunity you see or the need you see for managing those down? And do you see that there are significant opportunities to do that as well. So again, non-headcount costs.

然後露絲，在成本方面，我理解評論。我了解有關增加員工人數以及您計劃在第四季度做什麼的評論。但是您能否談談與員工人數無關的成本以及您看到的機會或您看到的管理這些成本的需求？您是否看到也有很多機會可以做到這一點。再說一次，非人員成本。

Thanks, Mark. Well, a couple of things. I think compared to the past, I think are going through this, I mean there is, as we have said before, there is more uncertainty as we go through. We definitely see indicators on both sides so that makes it a bit more unique. Number two, I would say the strength of Search both as a product for users as well as for advertisers in terms of delivering ROI through a tough time in the ad market, I think, is great to see.

謝謝，馬克。嗯，有幾件事。我認為與過去相比，我認為正在經歷這個，我的意思是，正如我們之前所說，我們經歷的不確定性更多。我們肯定會看到雙方的指標，這使它更加獨特。第二，我認為搜索作為用戶和廣告商的產品在廣告市場艱難時期提供投資回報率方面的優勢，我認為很高興看到。

Third, just like when we went through it last time, ahead of us was a decade of mobile and the opportunities it brought. And to me, sitting now, looking at all the work that's going on in AI, we've been an AI-first company for the past 7 years in all the investments. And it looks like a big opportunity ahead. So keeping all that in mind, focused on the long term, using this moment to be disciplined and prioritize and focus, I think, will set us up well for the next decade ahead.

第三，就像我們上次經歷一樣，擺在我們面前的是十年的移動和它帶來的機遇。對我來說，現在坐下來，看著人工智能領域正在進行的所有工作，在過去的 7 年裡，我們在所有投資中一直是一家人工智能優先的公司。這看起來像是一個巨大的機會。因此，牢記所有這些，著眼於長期，利用這一刻進行自律，優先考慮和專注，我認為，將為我們未來十年做好準備。

And then in terms of your second question, I think the core to Sundar's comment is with the rapid pace of growth that we've experienced, we see opportunities to focus more. And that drives opportunities to redeploy amazing talent we have into the highest priority efforts that we have and to be as effective and efficient as possible.

然後就您的第二個問題而言，我認為 Sundar 評論的核心是我們所經歷的快速增長，我們看到了更多關注的機會。這推動了將我們擁有的優秀人才重新部署到我們擁有的最優先工作中並儘可能有效和高效的機會。

There are, obviously, to your question, non-payroll-associated expenses that also then attach. And so an operating environment like this adds urgency to prioritization. We want to make sure we're using all resources as effectively and efficiently as possible. At the same time, as we've tried to be very clear, there are very exciting areas that we will continue to invest in.

顯然，對於您的問題，與工資無關的費用也隨之而來。因此，像這樣的運營環境增加了優先排序的緊迫性。我們希望確保我們盡可能有效和高效地使用所有資源。同時，正如我們試圖非常清楚的那樣，我們將繼續投資一些非常令人興奮的領域。

And so part of this is resource optimization, constraint optimization, however you want to describe it. We want to free up where we can to ensure we have capacity to invest as needed in opportunities that deliver these durable long-term results that we've talked about. And so we're trying to be smart about redeploying where we can, finding efficiencies where we can while still investing for long-term growth.

因此，其中一部分是資源優化，約束優化，無論您想如何描述它。我們希望盡可能地騰出空間，以確保我們有能力根據需要投資於能夠帶來我們已經討論過的這些持久的長期結果的機會。因此，我們正在努力明智地在可能的地方重新部署，在可能的地方尋找效率，同時仍為長期增長進行投資。

Our next question comes from the line of Maria Ripps of Canaccord.

我們的下一個問題來自 Canaccord 的 Maria Ripps。

First, you talked about strength in retail and travel. Can you maybe talk about automotive advertising and whether you're seeing any signs of recovery as supply has been normalizing? And if so, how might this rebound sort of compared to prior cycles? And then secondly, just on Performance Max, it seems like it continues to do pretty well here. So based on your conversations with advertisers, are there any specific features or functionality that you would call out as significant drivers of the product attractiveness? And is there any color you can add maybe around relative ROI of PMax?

首先，您談到了零售和旅遊方面的實力。您能否談談汽車廣告，以及隨著供應正常化，您是否看到任何復蘇跡象？如果是這樣，與之前的周期相比，這種反彈會如何？其次，就 Performance Max 而言，它似乎在這裡繼續做得很好。因此，根據您與廣告商的對話，您認為是否有任何特定的特性或功能可以作為產品吸引力的重要驅動因素？是否可以在 PMax 的相對 ROI 附近添加任何顏色？

Yes. So there's really no additional color. Thank you very much for your question, but there's really no additional color on other verticals apart from the ones I mentioned already that I think we should share here at this moment. On the Performance Max side, we've touched on earlier and in prior quarters and just as a little reminder, it's our fully automated Google Ads campaign tied with the most channel and inventory coverage, that really helps advertisers deliver a better ROI.

是的。所以真的沒有額外的顏色。非常感謝您的問題，但除了我已經提到的那些我認為我們現在應該在這里分享的顏色之外，其他垂直領域確實沒有其他顏色。在 Performance Max 方面，我們在早些時候和之前的幾個季度都提到過，作為一個小小的提醒，我們的全自動 Google Ads 廣告系列與最多的渠道和庫存覆蓋率相關聯，真正幫助廣告商提供更好的投資回報率。

And we've been listening to feedback from advertisers and have continued to roll out more features since its initial launch to increase transparency and help advertisers steer the automation more effectively. And there are more future updates to come. In July, we launched a number of new settings, including seasonality setting that lets marketers make quite typical adjustments for seasonal campaign bidding and an optimization score setting that gives an indicator for performance improvement and gives the recommendations for better results.

我們一直在聽取廣告商的反饋，並自首次推出以來繼續推出更多功能，以提高透明度並幫助廣告商更有效地控制自動化。未來還會有更多更新。 7 月，我們推出了許多新設置，包括讓營銷人員可以對季節性廣告系列競價進行非常典型調整的季節性設置，以及提供性能改進指標並提供更好結果建議的優化分數設置。

So all in all, we're excited about what's ahead for PMax, the further simplification of our products in general, and frankly, the value we can keep driving for business of all sizes, especially when they need it most.

總而言之，我們對 PMax 的未來發展感到興奮，我們的產品總體上進一步簡化，坦率地說，我們可以為各種規模的企業持續推動價值，尤其是在他們最需要的時候。

Our next question comes from Justin Post of Bank of America.

我們的下一個問題來自美國銀行的賈斯汀波斯特。

I guess a follow-up about artificial intelligence. First, CapEx is up 31% year-over-year. Can you talk about a little bit what's driving that and can that be pulled back a bit? Is that Cloud or really building out the AI capabilities? And then maybe, Sundar, as you think about Search where it is today and you have much better visibility on AI capabilities than we do, how could some of those capabilities be mixed into Search? And when would we as investors maybe see some of those benefits?

我想是關於人工智能的後續行動。首先，資本支出同比增長 31%。你能談談是什麼推動了這一點，可以把它拉回來一點嗎？那是雲還是真的在構建人工智能功能？然後也許，Sundar，當您考慮到今天的搜索時，您對 AI 功能的了解比我們要好得多，那麼這些功能中的一些如何混合到搜索中呢？作為投資者，我們什麼時候才能看到其中的一些好處？

Thanks, Justin. Look, I mean, I think on the AI front, we are still in very early innings. We've been very good about, as our research teams are making progress, bringing it into Search so pretty much transformer-based models, including BERT and MUM and Search now. So it's driven a massive improvement in search quality and helped us extend the lead in quality over other products.

謝謝，賈斯汀。看，我的意思是，我認為在人工智能方面，我們仍處於早期階段。我們一直做得很好，因為我們的研究團隊正在取得進展，將它帶入搜索中，非常多基於轉換器的模型，包括 BERT 和 MUM 以及現在的搜索。因此，它推動了搜索質量的大幅提升，並幫助我們擴大了在質量方面的領先優勢，超過了其他產品。

We are definitely using it to make it multimodal. And I think going back to some of the earlier questions about making sure Search is visual, things like Google Lens bringing visual search into -- being able to point your phone at things and ask questions, all that really helps set up Search well for the future of where computing is headed.

我們肯定會使用它來使其成為多式聯運。我想回到早期的一些關於確保搜索是視覺的問題，比如穀歌鏡頭將視覺搜索帶入——能夠將你的手機指向事物並提出問題，所有這些都真正有助於為搜索設置好計算的未來。

But AI not only affects search, it affects all our products. It makes YouTube better, ads better -- and through Cloud, we are bringing it to other companies as well. So we'll keep that in mind. And maybe to -- so we'll keep that in mind.

但人工智能不僅會影響搜索，還會影響我們所有的產品。它讓 YouTube 變得更好，廣告也變得更好——通過 Cloud，我們也將它帶到了其他公司。所以我們會記住這一點。也許是——所以我們會記住這一點。

And then maybe, Ruth, on the CapEx, where is most of that going to and how do you think about that going forward?

然後也許，露絲，在資本支出方面，大部分資金將用於何處，您如何看待未來的發展？

The majority of CapEx does continue to be for our technical infrastructure. And as we've talked about on prior calls, servers really has been the largest driver of the investment dollars. The technical infrastructure team has consistently focused on levers to improve utilization and efficiency and they continue to do so.

大部分資本支出確實繼續用於我們的技術基礎設施。正如我們在之前的電話會議中談到的那樣，服務器確實是投資資金的最大驅動力。技術基礎架構團隊一直專注於提高利用率和效率的槓桿，並且他們將繼續這樣做。

We are investing, to Sundar's comments, in building out the compute in support of all that we're doing with our AI teams and are excited about that. And obviously, you had seen some more activity earlier in the year regarding real estate. We feel good about where we are. We're continuing to fit out our offices, et cetera, for utilization in this new return to hybrid work environment, but we're trying to make sure that we're doing that at an appropriate measured pace, and that's really it. Thank you very much.

根據 Sundar 的評論，我們正在投資構建計算，以支持我們與 AI 團隊所做的一切，並對此感到興奮。顯然，您在今年早些時候看到了更多有關房地產的活動。我們對自己所處的位置感覺良好。我們正在繼續裝修我們的辦公室等等，以便在這種新的混合工作環境回歸中使用，但我們正在努力確保我們以適當的節拍速度來做這件事，就是這樣。非常感謝。

That concludes our Q&A session. I'd like to turn the conference back to Jim Friedland for closing remarks.

我們的問答環節到此結束。我想把會議轉回吉姆弗里德蘭的閉幕詞。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our fourth quarter 2022 call. Thank you, and have a good evening.

謝謝大家，今天加入我們。我們期待在 2022 年第四季度電話會議上再次與您交談。謝謝你，祝你晚上愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。