Alphabet Inc (GOOGL) 2021 Q3 法說會逐字稿

Welcome, everyone, and thank you for standing by for the Alphabet Q3 2021 Earnings Conference Call. (Operator Instructions)

歡迎大家，並感謝您等待 Alphabet 2021 年第三季度收益電話會議。 （操作員說明）

I'd now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係總監吉姆弗里德蘭。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Third Quarter 2021 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 2021 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, including the effect of the COVID-19 pandemic on those areas 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 Forms 10-K and 10-Q filed with the SEC.

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，包括 COVID-19 大流行對這些領域的影響，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大相徑庭。有關更多信息，請參閱我們最近提交給 SEC 的 10-K 和 10-Q 表格中討論的風險因素。

During this call, we will 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.

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。

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

現在我將把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. In 2016, I laid out our vision to become an AI-first company. Five years later, this quarter's results show how our investments in AI are building more helpful products for people and for our partners in local communities. Today, I'll begin with new product highlights then I'll cover our Cloud business, followed by YouTube.

謝謝你，吉姆，大家下午好。 2016 年，我提出了成為 AI 優先公司的願景。五年後，本季度的結果顯示了我們在人工智能方面的投資如何為人們和我們在當地社區的合作夥伴打造更有用的產品。今天，我將從新產品亮點開始，然後介紹我們的雲業務，然後是 YouTube。

First, product highlights. Search remains the heart of what we do. We have made remarkable advances over the past 23 years that benefits Search and related products like Google Assistant, which just celebrated 5 years. Earlier this year, we announced that we reached a significant milestone with multitask unified model or MUM for short. MUM is 1,000x more powerful than BERT and can understand information across many contexts, like text and images.

一是產品亮點。搜索仍然是我們工作的核心。在過去的 23 年中，我們取得了顯著的進步，這使搜索和相關產品（例如剛剛慶祝 5 週年的 Google 助理）受益。今年早些時候，我們宣布通過多任務統一模型或簡稱 MUM，我們達到了一個重要的里程碑。 MUM 比 BERT 強大 1,000 倍，可以跨多種上下文理解信息，例如文本和圖像。

At our Search On event in September, we shared how we are using MUM to improve Google Lens so people can Search using both images and words. We also shared that we are bringing a more visual shopping experience to Search, powered by the Google Shopping graph. It links shoppers with over 24 billion product listings from merchants across the web.

在 9 月的 Search On 活動中，我們分享了我們如何使用 MUM 來改進 Google Lens，以便人們可以使用圖像和文字進行搜索。我們還分享說，我們正在為搜索帶來更加直觀的購物體驗，由 Google 購物圖提供支持。它將購物者與來自網絡上商家的超過 240 億個產品列表聯繫起來。

Google Maps now offers eco-friendly routing. It lets drivers in the U.S. choose a more fuel-efficient route, saving money and reducing emissions. Maps now has a wildfire layer so that people can get up-to-date details and make quick informed decisions during emergencies.

谷歌地圖現在提供環保路線。它讓美國的司機可以選擇更省油的路線，從而節省資金並減少排放。地圖現在有一個野火層，這樣人們就可以在緊急情況下獲得最新的詳細信息並迅速做出明智的決定。

Finally, in Search and our Discover feed, we are continuing to support the News ecosystem and make quality journalism more accessible. Philipp will give a bit more detail about our News showcase partnerships.

最後，在搜索和我們的發現提要中，我們將繼續支持新聞生態系統並使優質新聞更容易獲得。 Philipp 將詳細介紹我們的新聞展示合作夥伴關係。

Turning next to Hardware. I hope you saw our fall Pixel event last week. I'm very excited about the range of Pixel phones available this holiday season. The new Pixel 6 and 6 Pro bring together the best of Google AI, software and hardware, with the most advanced and inclusive cameras we've ever built.

轉到硬件旁邊。我希望你上週看到了我們的秋季 Pixel 活動。我對這個假期可用的 Pixel 手機系列感到非常興奮。全新 Pixel 6 和 6 Pro 將 Google 人工智能、軟件和硬件的精華與我們有史以來最先進、最具包容性的相機融為一體。

They're beautiful, fast and powered by Google Tensor, a first-ever system-on-a-chip. It's specifically built to support Google AI and machine learning on device, and provides a long-term foundation for our Pixel devices. We also introduced our new Nest Renew program, which uses Nest thermostats to support clean energy use in the home.

它們美觀、快速並由 Google Tensor 提供支持，這是有史以來第一個片上系統。它專為支持設備上的 Google AI 和機器學習而構建，並為我們的 Pixel 設備提供了長期基礎。我們還推出了新的 Nest Renew 計劃，該計劃使用 Nest 恆溫器來支持家庭清潔能源的使用。

On to Android. Android 12 is getting great reviews. It's the biggest design change in Android's history with new widgets to personalize your phone. We also introduced accessibility features that use gestures to control your phone and communicate. Android 12 is secured by default and private by design.

上安卓。 Android 12 獲得了好評。這是 Android 歷史上最大的設計變化，新的小部件可以個性化您的手機。我們還引入了使用手勢控製手機和交流的輔助功能。 Android 12 在默認情況下是安全的，並且在設計上是私有的。

New dashboards and indicators make it easier to view and adjust privacy permissions, and disable access to device sensors and location information. We've also made progress with the Made for India affordable smartphone co-developed with Reliance. The JioPhone Next device features premium localized capabilities and is on track to launch in market by Diwali.

新的儀表板和指示器使查看和調整隱私權限以及禁用對設備傳感器和位置信息的訪問變得更加容易。我們還在與 Reliance 共同開發的 Made for India 經濟型智能手機方面取得了進展。 JioPhone Next 設備具有優質的本地化功能，並有望在排燈節推出市場。

On to cloud, where we see continued momentum with Q3 revenue growing 45% year-over-year with GCP's revenue growth rate about Cloud overall. At Cloud Next, 2 weeks ago, we unveiled hundreds of new capabilities, services and solutions. We also announced 20 new and expanded partnerships to support the growth and scale of our customers around the world. More than any other top cloud provider, Google Cloud has unique capabilities to meet the needs of enterprises, digital natives and SMBs around the world. I'll highlight 3.

在雲方面，我們看到第三季度收入同比增長 45% 的持續增長勢頭，GCP 的整體收入增長率與云有關。兩週前，在 Cloud Next 上，我們推出了數百種新功能、服務和解決方案。我們還宣布了 20 個新的和擴大的合作夥伴關係，以支持我們全球客戶的增長和規模。與任何其他頂級雲提供商相比，Google Cloud 擁有滿足全球企業、數字原生代和中小型企業需求的獨特功能。我會強調3。

First, our leadership in real-time data, analytics and AI is winning customers like Carrefour Belgium, Deutsche Post DHL and Wendy's, who are unlocking data to deliver unique business outcomes. BigQuery, our leading data warehouse solution is reducing costs and driving productivity at Cardinal Health and ATB Financial. Our differentiated AI and ML-based industry solutions are helping leading global companies. GE Appliances, a Haier company, is integrating Vision AI into their next-generation smart home appliances. And iCare retail is using recommendations AI to drive a 30% increase in customer click-through rate.

首先，我們在實時數據、分析和人工智能方面的領先地位正在贏得像 Carrefour Belgium、Deutsche Post DHL 和 Wendy's 這樣的客戶，他們正在解鎖數據以提供獨特的業務成果。 BigQuery 是我們領先的數據倉庫解決方案，正在降低 Cardinal Health 和 ATB Financial 的成本並提高生產力。我們基於 AI 和 ML 的差異化行業解決方案正在幫助領先的全球公司。海爾旗下的 GE Appliances 正在將 Vision AI 集成到他們的下一代智能家電中。 iCare 零售業正在使用推薦 AI 將客戶點擊率提高 30%。

Second, customers see value in our open scalable infrastructure that enables them to run workloads anywhere on our cloud at the edge or in their data centers. [Road and fields] scale that's SAP environment. Siemens Energy is migrating its global network of data centers and company-wide SAP systems and Indonesia's largest technology digital native, GoTo Group, is supporting over 100 million monthly active users with Google Cloud.

其次，客戶看到了我們開放式可擴展基礎架構的價值，使他們能夠在我們的雲邊緣或數據中心的任何地方運行工作負載。 [道路和田野] 規模即 SAP 環境。 Siemens Energy 正在遷移其全球數據中心網絡和公司範圍內的 SAP 系統，而印度尼西亞最大的技術數字原生代公司 GoTo Group 正在通過 Google Cloud 為每月超過 1 億的活躍用戶提供支持。

General Mills, Bell Canada and Wells Fargo are harnessing our leadership in multi-cloud and our open development environment. And to meet the unique digital sovereignty needs of customers around the world, we announced industry-first partnerships with T-Systems in Germany and Thales in France.

通用磨坊、加拿大貝爾和富國銀行正在利用我們在多雲和開放式開發環境方面的領先地位。為了滿足全球客戶獨特的數字主權需求，我們宣布與德國的 T-Systems 和法國的 Thales 建立行業首個合作夥伴關係。

Third, as consumers, businesses and schools continue their shift towards hybrid work, the threats of cybersecurity continue to increase. Customers are turning to Google Workspace and our cybersecurity platform to provide the ease of use, collaboration and security they need. These include organizations like Discovery, CommonSpirit Health, and the State of Maryland who want to foster creativity while securely protecting their users.

第三，隨著消費者、企業和學校繼續轉向混合工作，網絡安全威脅繼續增加。客戶正在轉向 Google Workspace 和我們的網絡安全平台，以提供他們所需的易用性、協作性和安全性。其中包括 Discovery、CommonSpirit Health 和馬里蘭州等組織，他們希望在安全保護用戶的同時培養創造力。

We are also seeing strong growth in our broad portfolio of cybersecurity products. This includes Chronicle, one of our zero trust offerings, which JetBlue uses to direct cybersecurity threats, helping to protect its customers and enterprise. We are bringing our team's deep expertise to customers through the Google cybersecurity action team and a new Work Safer program, which provides best-in-class security for e-mails, meetings, messaging and more.

我們還看到我們廣泛的網絡安全產品組合的強勁增長。這包括 Chronicle，這是我們的零信任產品之一，JetBlue 使用它來引導網絡安全威脅，幫助保護其客戶和企業。我們通過 Google 網絡安全行動團隊和新的 Work Safer 計劃將我們團隊的深厚專業知識帶給客戶，該計劃為電子郵件、會議、消息傳遞等提供一流的安全性。

Earlier, I mentioned a few of the sustainability-related product features we announced. Our cloud customers already benefit from operating on the world's cleanest cloud. And last year, we set an ambitious goal to run our data centers and campuses on 24/7 carbon-free energy by 2030. 2/3 of the electricity consumed by Google data centers in 2020 was matched with local carbon-free sources on an hourly basis. And our new carbon footprint tool gives customers carbon emissions insights associated with their Google Cloud platform usage.

早些時候，我提到了我們宣布的一些與可持續發展相關的產品功能。我們的雲客戶已經受益於在世界上最乾淨的雲上運行。去年，我們設定了一個雄心勃勃的目標，即到 2030 年使用 24/7 無碳能源運行我們的數據中心和校園。2020 年，谷歌數據中心消耗的電力中有 2/3 與當地的無碳能源相匹配以小時為單位。我們新的碳足跡工具可為客戶提供與其 Google Cloud 平台使用相關的碳排放洞察。

Now over to YouTube for a few highlights. We recently surpassed 50 million music and premium subscribers, including those in trial, and YouTube shots continues to see higher option rates. In the past year, the average number of daily first-time creators more than doubled. Next week, as global leaders gather in Glasgow to address climate change, YouTube is partnering with COP26 to live stream conference activities, making the event more accessible for everyone.

現在轉到 YouTube 來了解一些亮點。我們最近超過了 5000 萬音樂和高級訂閱者，包括那些正在試用的訂閱者，而且 YouTube 鏡頭的選擇率繼續提高。在過去的一年裡，每日首次創作者的平均數量增加了一倍以上。下週，隨著全球領導人齊聚格拉斯哥應對氣候變化，YouTube 將與 COP26 合作直播會議活動，讓每個人都更容易參與此次活動。

As we grow, we are maintaining our open global platform responsibly by removing harmful content and reducing borderline content. Both our AI investments and the promotion of trusted sources have helped us significantly lower the violator view rate, which is the percentage of views on YouTube from content that violates our policies.

隨著我們的成長，我們通過刪除有害內容和減少邊界內容來負責任地維護我們開放的全球平台。我們的人工智能投資和可信來源的推廣都幫助我們顯著降低了違規觀看率，即違反我們政策的內容在 YouTube 上的觀看百分比。

On to our other bets. Waymo began welcoming riders to its Trusted Tester program in San Francisco, in addition to its fully autonomous ride-hailing service currently in Phoenix. Next year, Waymo will open a dedicated trucking hub in the Dallas-Fort Worth area, helping support commercial freight routes across the Southwest. And we announced last week the first commercial expansion of Wing's on-demand air delivery service to Walgreens customers in select locations.

繼續我們的其他賭注。除了目前在鳳凰城的全自動叫車服務外，Waymo 還開始歡迎乘客加入其在舊金山的 Trusted Tester 計劃。明年，Waymo 將在達拉斯-沃思堡地區開設一個專門的貨運樞紐，幫助支持西南地區的商業貨運路線。我們上周宣布，Wing 的按需空運服務在特定地點向 Walgreens 客戶進行了首次商業擴展。

To close, the world is slowly starting to travel and meet up in person. And this quarter, I joined events virtually to celebrate some big milestones in regions around the world. Earlier this month, we announced a $1 billion investment in Africa over 5 years to support the continent's digital transformation. And September marked 20 years since we opened our first office outside of the U.S. in Tokyo. We now have thousands of employees in 28 offices across the Asia Pacific region, and we are investing in cloud regions and digital skills programs to help expand economic opportunity there.

結束時，世界正在慢慢開始旅行並親自見面。本季度，我參加了虛擬活動，以慶祝世界各地的一些重要里程碑。本月早些時候，我們宣佈在 5 年內向非洲投資 10 億美元，以支持非洲大陸的數字化轉型。 9 月是我們在東京開設第一家美國以外辦事處的 20 週年。我們現在在亞太地區的 28 個辦事處擁有數千名員工，我們正在投資雲區域和數字技能計劃，以幫助擴大那裡的經濟機會。

As you can see, our business in APAC is growing really well. In Africa, Asia Pacific and beyond, it's been a successful quarter, and we have lots more innovation and product development on the way. Thanks to our employees around the world for their contributions. As we continue our mode to hybrid work, I hope to see more of you in person soon. Thank you, and over to Philipp.

如您所見，我們在亞太地區的業務發展得非常好。在非洲、亞太地區及其他地區，這是一個成功的季度，我們正在進行更多的創新和產品開發。感謝我們在世界各地的員工所做的貢獻。隨著我們繼續採用混合工作模式，我希望很快能見到更多人。謝謝你，然後交給菲利普。

Thanks, Sundar, and hi, everyone. It's great to be with you all today. We're pleased with the growth in Google Services revenues in the third quarter. Year-on-year performance was driven by broad-based strength and advertiser spend. Consumer online activity also remained elevated. In the third quarter, retail was again by far the largest contributor to year-on-year growth of our ads business. Media and entertainment, finance and travel were also strong contributors.

謝謝，Sundar，大家好。今天很高興和大家在一起。我們對第三季度 Google 服務收入的增長感到高興。同比業績受到廣泛實力和廣告客戶支出的推動。消費者在線活動也保持高位。第三季度，零售再次成為我們廣告業務同比增長的最大貢獻者。媒體和娛樂、金融和旅遊也是重要的貢獻者。

Let's take a deeper look at some of the trends that drove this quarter's performance. First, from a big picture, a global recovery perspective, we continue to see a lot of unevenness. Some economies have restarted and reaccelerated, albeit at different speeds. Other countries, depending on local regulations and vaccines have been slower to rebound. It's clear that uncertainty is the new normal. The world is in flux.

讓我們更深入地了解推動本季度業績的一些趨勢。首先，從全局來看，從全球復甦的角度來看，我們繼續看到很多不平衡。一些經濟體已經重啟並重新加速，儘管速度不同。其他國家，取決於當地法規和疫苗，反彈較慢。很明顯，不確定性是新常態。世界在不斷變化。

So when it comes to anticipating change, predicting demand and investing in innovation, businesses need as much support now as they did 1.5 years ago and we continue to help. Like in travel, where hotel free booking links are increasing traffic for many partners, from OTAs to boutique hotels. Consumers like more choice. Travel partners like free exposure. And advertisers like to augment paid campaigns with free listings. So last month, we launched free booking links for things to do in a new ad format that makes it easier to promote local experiences.

因此，在預測變化、預測需求和投資創新方面，企業現在需要的支持與 1.5 年前一樣多，我們將繼續提供幫助。就像在旅行中一樣，酒店免費預訂鏈接正在增加許多合作夥伴的流量，從 OTA 到精品酒店。消費者喜歡更多的選擇。旅行夥伴喜歡免費曝光。廣告商喜歡通過免費列表來增加付費活動。因此，上個月，我們以一種新的廣告格式推出了免費預訂鏈接，可以更輕鬆地推廣本地體驗。

Now when you search zip lining, aquariums or the Tokyo Tower, you can buy tickets directly on Google. And then there are companies like Alaska Airlines that are harnessing first-party data and automation across Search to navigate market fluidity and better understand the lifetime value of their customers. They've increased return on ad spend by 30% plus versus the same period pre-COVID. Beyond travel, business of all kinds are increasingly adopting tools like AI-driven automation and insights to connect with customers no matter what stage of the recovery they're in.

現在，當您搜索高空滑索、水族館或東京塔時，您可以直接在 Google 上購買門票。還有像阿拉斯加航空公司這樣的公司，它們正在利用搜索中的第一方數據和自動化來駕馭市場流動性並更好地了解客戶的生命週期價值。與 COVID 之前的同期相比，他們的廣告支出回報率增加了 30% 以上。除了旅行之外，各類企業越來越多地採用人工智能驅動的自動化和洞察力等工具來與客戶建立聯繫，無論他們處於恢復的哪個階段。

150-year-old luxury retailer, de Bijenkorf turned to local insights and automation to speed up cross-border expansion beyond the Netherlands and Belgium to Germany, France and Austria. With a multipronged approach, including shopping campaigns, de Bijenkorf drove substantial growth throughout the pandemic, returning visitors to online stores were up fourfold in first half 2021 versus 2020, which leads me to retail, we had another stellar quarter.

擁有 150 年曆史的奢侈品零售商 de Bijenkorf 借助本地洞察力和自動化來加速跨境擴張，從荷蘭和比利時擴展到德國、法國和奧地利。通過包括購物活動在內的多管齊下的方法，de Bijenkorf 在整個大流行期間推動了大幅增長，與 2020 年相比，2021 年上半年在線商店的回訪人數增加了四倍，這使我轉向零售業，我們又迎來了一個出色的季度。

We've seen explosive growth in digital over the last 20-some months but as the world begins to reopen, shoppers are returning to stores. Brick-and-mortar isn't dead. Instead, omnichannel is in full force. Searches for open now near me are up 4x globally versus last year. Strong growth in local shopping queries means people are researching their visits to stores more often before they go.

在過去的 20 個月裡，我們看到了數字技術的爆炸式增長，但隨著世界開始重新開放，購物者正在返回商店。實體店沒有死。相反，全渠道正在全力以赴。與去年相比，在全球範圍內對我附近的 open now 的搜索量增加了 4 倍。本地購物查詢的強勁增長意味著人們在去之前會更頻繁地研究他們對商店的訪問。

As a result, we've seen more advertisers include in-store sales alongside e-commerce goals to drive omnichannel growth. Adoption has nearly doubled over the past year. Take Kohl's. It optimized media spend into trending categories and launched curbside pickup just 2 weeks after its 1,100 stores shut down. After testing local inventory ads in Q4, Kohl's went all in on omnichannel bidding across its paid Search portfolio and is leaning heavily into a full funnel approach on YouTube, including CTV.

因此，我們看到更多的廣告商將店內銷售與電子商務目標結合起來，以推動全渠道增長。在過去的一年裡，採用率幾乎翻了一番。以科爾士為例。它優化了媒體支出以適應趨勢類別，並在其 1,100 家門店關閉兩週後推出了路邊取貨服務。在第四季度測試本地庫存廣告後，Kohl's 在其付費搜索產品組合中全力投入全渠道競價，並在 YouTube 上大力採用全渠道方法，包括 CTV。

Kohl's net sales were up 31% year-over-year in Q2, led by higher foot traffic and continued strength in digital. Innovating in omnichannel and next-gen user experiences remains core to our shopping strategy. A few of our latest launches include: easier ways for business to show the local services they offer, from hair extensions to auto repair across Search and Maps; local inventory ads that highlights which products are in stock and when to pick them up; free shipping and easy return annotations across Search and shopping; AR capabilities that bring in-store moments online and that users try before they buy; and then, instantly shoppable images with Google Lens, plus a new visual browsable experience on Search.

Kohl 在第二季度的淨銷售額同比增長 31%，這主要得益於客流量增加和數字業務的持續增長。全渠道和下一代用戶體驗的創新仍然是我們購物策略的核心。我們最新推出的一些產品包括：讓企業更輕鬆地展示他們提供的本地服務，從接發到搜索和地圖上的汽車維修；本地庫存廣告，突出顯示哪些產品有庫存以及何時提貨；搜索和購物中的免費送貨和輕鬆退貨註釋； AR 功能可將店內時刻帶到網上，用戶在購買前先試用；然後，使用 Google 智能鏡頭可立即購買圖片，並在搜索上提供全新的視覺瀏覽體驗。

There's a lot more to come, including tapping into commerce on YouTube. From shoppable live stream experiments with retailers like Sephora, Target and Walmart to pilots that view us buy directly from their favorite creators videos, we're still in the early innings of what's possible. Our direct response momentum remains strong. Video action campaigns are driving more conversions than previous formats. And by adding product feeds to these campaigns, advertisers are achieving, on average, over 60% more conversions at a lower cost than those without.

還有很多事情要做，包括在 YouTube 上開展商業活動。從絲芙蘭、塔吉特和沃爾瑪等零售商的可購物直播實驗到直接從他們最喜歡的創作者視頻中觀看我們購買的飛行員，我們仍處於可能性的早期階段。我們的直接反應勢頭依然強勁。與以前的格式相比，視頻行動廣告系列推動了更多的轉化。通過在這些廣告系列中添加產品信息流，廣告商平均可以以比沒有添加的成本更低的成本實現超過 60% 的轉化率。

Our brand business is also performing well. As I said last quarter, YouTube's reach is becoming increasingly incremental to TV. We're helping advertisers find audiences they can't find anywhere else. Connected TV is driving part of this growth. It's our fastest-growing screen. The precision of digital paired with the scale of linear is proving to be an awesome combo and even more so now with the expansion of video action campaigns for CTV.

我們的品牌業務也表現良好。正如我上個季度所說，YouTube 對電視的影響越來越大。我們正在幫助廣告商找到他們在其他任何地方都找不到的受眾。聯網電視正在推動這一增長。這是我們增長最快的屏幕。數字精度與線性比例相結合被證明是一個很棒的組合，現在隨著 CTV 視頻動作活動的擴展，更是如此。

Advertisers can now drive conversions on the big screen, which brings me to help brands of all sizes continue to buy YouTube at both ends of the funnel, to create future demand while they convert existing demand. And they're seeing upside. For example, we found that advertisers using both DR and brand video, brand driving 28% of conversion assists. Domino's Pizza is a great example. The U.K. business delivered a 9x return on ad spend on their direct response campaigns when paired with their brand campaigns.

廣告商現在可以在大屏幕上推動轉化，這讓我可以幫助各種規模的品牌繼續在渠道的兩端購買 YouTube，在他們轉化現有需求的同時創造未來需求。他們看到了上行空間。例如，我們發現廣告客戶同時使用 DR 和品牌視頻，品牌推動了 28% 的轉化輔助。 Domino's Pizza 就是一個很好的例子。與品牌活動配合使用時，這家英國企業的直接響應活動的廣告支出回報率為 9 倍。

Lastly, I've said it before, and I'll say it again. Our success is only possible because of our customers and partners. We do well only when they do well. And it's a result of the revenue share models we've talked about many times before.

最後，我已經說過了，我再說一遍。我們的成功是因為我們的客戶和合作夥伴。只有當他們做得好時，我們才能做得好。這是我們之前多次討論過的收入分成模式的結果。

Three highlights. First, as Sundar mentioned, our commitment to high-quality journalism and open access to information remains steadfast. It's been 1 year since we launched News Showcase. In Q3 alone, we signed over 120 deals and launched in 3 new markets: Japan, Colombia and Austria. And of the more than 1,000 publications across a dozen plus countries that we now have on board, 90% are considered local, regional or community newspapers.

三大亮點。首先，正如 Sundar 所說，我們對高質量新聞和信息開放獲取的承諾仍然堅定不移。我們推出 News Showcase 已經 1 年了。僅在第三季度，我們就簽署了 120 多項交易，並在 3 個新市場推出：日本、哥倫比亞和奧地利。在我們目前在十多個國家/地區擁有的 1,000 多種出版物中，90% 被認為是本地、區域或社區報紙。

Second, over 2 million creators are now making money and building their businesses on YouTube via YouTube Partner Program with 10 different ways to monetize their content, from Super Chat to BrandConnect. The next generation of businesses and media companies are being built by creators on YouTube and we're excited to help them grow.

其次，現在有超過 200 萬創作者通過 YouTube 合作夥伴計劃通過從超級留言到 BrandConnect 的 10 種不同的內容獲利方式在 YouTube 上賺錢和開展業務。 YouTube 上的創作者正在打造下一代企業和媒體公司，我們很高興能幫助他們成長。

Third, I echo Sundar's excitement on Pixel. And to bring it to life and to users, we worked with an entire ecosystem of partners. We signed partnership agreements with over 45 carriers and retailers across 9 countries at launch, including deep collaboration with each of the major U.S. carriers: AT&T, T-Mobile and Verizon.

第三，我贊同 Sundar 對 Pixel 的興奮。為了將其變為現實並提供給用戶，我們與整個合作夥伴生態系統合作。我們與 9 個國家的超過 45 家運營商和零售商簽署了合作協議，包括與美國各大運營商的深度合作：AT&T、T-Mobile 和 Verizon。

On behalf of many, I want to say how grateful we are to collaborate with so many amazing customers and partners every day. We can't wait to start doing more of this in person again soon. Also, a huge thank you to our sales, partnerships, product and support teams for their work and dedication. The impact you all continue to have is, as we say in German, (foreign language). With that, Ruth, over to you.

我代表許多人想說，我們非常感謝每天與這麼多出色的客戶和合作夥伴合作。我們迫不及待地想很快再次親自開始做更多的事情。此外，非常感謝我們的銷售、合作夥伴、產品和支持團隊的工作和奉獻。正如我們用德語所說，你們所有人繼續產生的影響是（外語）。有了這個，露絲，交給你了。

Thank you, Philipp. Our revenue performance in the third quarter reflects continued broad-based strength in advertiser spend and elevated consumer online activity as well as a strong contribution from Google Cloud. My comments will be on year-over-year comparisons for the third quarter, unless I state otherwise. We will start with results at the Alphabet level followed by segment results and conclude with our outlook.

謝謝你，菲利普。我們在第三季度的收入表現反映了廣告客戶支出的持續廣泛實力和消費者在線活動的增加以及谷歌云的強勁貢獻。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。我們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 $65.1 billion, up 41% or up 39% in constant currency. Our total cost of revenues was $27.6 billion, up 31%, primarily driven by growth in TAC, which was $11.5 billion, up 41%. Other cost of revenues were $16.1 billion, up 24%, reflecting in part the benefit from the change in useful lives made earlier this year. The largest driver of the growth in other cost of revenues was content acquisition costs.

第三季度，我們的綜合收入為 651 億美元，按固定匯率計算增長 41% 或 39%。我們的總收入成本為 276 億美元，增長 31%，主要受 TAC 增長的推動，即 115 億美元，增長 41%。其他收入成本為 161 億美元，增長 24%，部分反映了今年早些時候改變使用壽命帶來的好處。其他收入成本增長的最大推動力是內容獲取成本。

Operating expenses were $16.5 billion, up 19% in terms of the 3 component parts of OpEx: first, the increase in R&D expenses was driven primarily by headcount growth; second, the growth in sales and marketing expenses was driven by headcount growth, followed by the continued ramp-up of spending on ads and promo in contrast to the pullback in the third quarter last year. Finally, the increase in G&A reflects the impact of charges relating to legal matters followed by headcount growth.

運營費用為 165 億美元，按運營支出的三個組成部分計算，增長 19%：首先，研發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是由員工人數增長推動的，其次是廣告和促銷支出的持續增加，而去年第三季度則有所回落。最後，G&A 的增加反映了與法律事務相關的費用以及隨之而來的員工人數增長的影響。

Operating income was $21 billion, up 88% and our operating margin was 32%. Other income and expense was $2 billion, which primarily reflects unrealized gains in the value of investments in equity securities. Net income was $18.9 billion. We continue to generate strong free cash flow of $18.7 billion in the quarter, and $65.7 billion for the trailing 12 months. We ended the third quarter with $142 billion in cash and marketable securities.

營業收入為 210 億美元，增長 88%，我們的營業利潤率為 32%。其他收入和支出為 20 億美元，主要反映股本證券投資價值的未實現收益。淨收入為189億美元。我們在本季度繼續產生 187 億美元的強勁自由現金流，在過去的 12 個月中為 657 億美元。我們在第三季度結束時擁有 1420 億美元的現金和有價證券。

Let me now turn to our segment financial results. Starting with our Google Services segment. Total Google Services revenues were $59.9 billion, up 41%. The Google Search and other advertising revenues of $37.9 million in the quarter were up 44%, with broad-based strength across our business, led again by strong growth in retail.

現在讓我談談我們的分部財務業績。從我們的 Google 服務部門開始。谷歌服務總收入為 599 億美元，增長 41%。本季度谷歌搜索和其他廣告收入為 3790 萬美元，增長了 44%，我們的業務基礎廣泛，再次受到零售業強勁增長的帶動。

YouTube advertising revenues of $7.2 billion were up 43% due to strength in both direct response and brand advertising. The deceleration in the growth rate versus the second quarter was driven by lapping a strong recovery in brand in the third quarter of last year.

YouTube 廣告收入為 72 億美元，增長 43%，這得益於直接反應和品牌廣告的實力。與第二季度相比，增長率放緩是由於去年第三季度品牌強勁復甦所致。

Network advertising revenues of $8 billion were up 40%. Other revenues were $6.8 billion, up 23%, driven by growth in YouTube non-advertising revenues and hardware, which benefited from the addition of Fitbit revenues. Google Services operating income was $24 billion, up 66% and the operating margin was 40%.

80 億美元的網絡廣告收入增長了 40%。其他收入為 68 億美元，增長 23%，這得益於 YouTube 非廣告收入和硬件的增長，這得益於 Fitbit 收入的增加。谷歌服務營業收入為 240 億美元，增長 66%，營業利潤率為 40%。

Turning to the Google Cloud segment. Revenues were $5 billion for the third quarter, up 45%. GCP's revenue growth was again above cloud overall, reflecting significant growth in both infrastructure and platform services. Strong revenue growth in Google Workspace was driven by robust growth in both seats and average revenue per seat. Google Cloud had an operating loss of $644 million.

轉向谷歌云部分。第三季度收入為 50 億美元，增長 45%。 GCP 的收入增長再次高於整體雲，反映了基礎設施和平台服務的顯著增長。 Google Workspace 收入的強勁增長得益於席位和每個席位的平均收入的強勁增長。谷歌云的運營虧損為 6.44 億美元。

As to our other bets in the third quarter, revenues were $182 million. The operating loss was $1.3 billion. Let me close with some comments on our outlook. With respect to foreign exchange impact on reported revenues, based on current spot rates, we expect virtually no impact in Q4 in contrast to a 1.5% tailwind in Q3 and 4% in Q2.

至於我們在第三季度的其他賭注，收入為 1.82 億美元。經營虧損為 13 億美元。最後讓我對我們的前景發表一些評論。關於外匯對報告收入的影響，根據當前的即期匯率，我們預計第四季度幾乎沒有影響，而第三季度為 1.5%，第二季度為 4%。

In terms of outlook by segment for Google Services, as I noted, the strength of our revenues in Q3 reflected both underlying strength in advertiser and user activity as well as the impact from lapping weaker performance in the comparable period last year. Given the gradual recovery in results through the back half of 2020, the benefit from lapping prior year performance diminished in Q3 versus Q2 and will diminish further in Q4.

正如我所指出的，就谷歌服務的細分市場前景而言，我們在第三季度的收入強勁既反映了廣告商和用戶活動的潛在實力，也反映了去年同期業績疲軟的影響。鑑於到 2020 年下半年業績逐漸恢復，第三季度與第二季度相比，從上年業績中獲得的收益減少，並將在第四季度進一步減少。

Within other revenues, in the fourth quarter, we expect the ongoing drivers of revenue growth to be hardware due to the benefit from the holiday selling season and inclusion of Fitbit as well as YouTube subscriptions. Google Play's contribution to revenue growth will remain more muted, given the ongoing impact of both lapping the increased level of user engagement that started in the first quarter of 2020 due to the pandemic as well as the fee change that took effect on July 1. Within Google Services, we expect sales and marketing expenses to be elevated in the fourth quarter to support the holiday season.

在其他收入中，我們預計第四季度收入增長的持續驅動力將是硬件，因為受益於假日銷售季節以及 Fitbit 和 YouTube 訂閱的加入。 Google Play 對收入增長的貢獻仍將較為微弱，考慮到由於大流行導致 2020 年第一季度開始的用戶參與度提高以及 7 月 1 日生效的費用變化的持續影響。谷歌服務，我們預計第四季度的銷售和營銷費用將增加以支持假日季節。

Turning to Google Cloud. We remain focused on revenue growth and are pleased with the trends we are seeing. In GCP, our customer wins, as Sundar noted, reflect our multiyear investments in products and solutions that are purpose-built to solve for the biggest opportunities within our targeted 8 industries. The benefit of these solutions to our customers is clear, and they are choosing to work with us as their long-term transformation partner.

轉向谷歌云。我們仍然專注於收入增長，並對我們所看到的趨勢感到滿意。正如 Sundar 指出的那樣，在 GCP 中，我們的客戶獲勝反映了我們對產品和解決方案的多年投資，這些產品和解決方案旨在為我們的目標 8 個行業中的最大機會提供解決方案。這些解決方案對我們客戶的好處是顯而易見的，他們選擇與我們合作作為他們的長期轉型合作夥伴。

With respect to Workspace, we are pleased with the ongoing momentum in both seat growth and average revenue per seat, which underscores the value of collaborative solutions, in particular as people increasingly are embracing a hybrid work model. Across Cloud, we continue to invest aggressively, both in growing our go-to-market and product teams as well as building out our cloud regions. At the Alphabet level, headcount grew by nearly 6,000 in the third quarter including our seasonal campus hires, and we expect robust headcount growth in Q4 for both Google Services and Google Cloud.

關於 Workspace，我們對座位增長和每個座位平均收入的持續增長感到高興，這凸顯了協作解決方案的價值，特別是隨著人們越來越多地接受混合工作模式。在整個雲領域，我們繼續積極投資，既發展我們的上市和產品團隊，也建設我們的雲區域。在 Alphabet 層面，第三季度員工人數增加了近 6,000 人，包括我們的季節性校園招聘，我們預計第四季度谷歌服務和谷歌云的員工人數將強勁增長。

Turning to CapEx. The results in the third quarter primarily reflect ongoing investment in our technical infrastructure, most notably in servers to support ongoing growth in Google Services and Google Cloud. We also continue to increase the pace of investment in fit-outs and ground-up construction of office facilities to accommodate our ongoing headcount growth globally. We will continue to pursue real estate acquisition opportunities where it makes sense as you saw in our New York City announcement in Q3.

轉向資本支出。第三季度的業績主要反映了我們對技術基礎設施的持續投資，尤其是在支持谷歌服務和谷歌云持續增長的服務器方面。我們還將繼續加快對辦公設施的裝修和地面建設的投資步伐，以適應我們在全球範圍內持續增長的員工人數。正如您在第三季度紐約市公告中看到的那樣，我們將繼續尋求有意義的房地產收購機會。

Thank you. And now Sundar, Philipp and I will take your questions.

謝謝你。現在 Sundar、Philipp 和我將回答你的問題。

(Operator Instructions) And our first question comes from Eric Sheridan from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

Maybe first one for Sundar. Big picture. Coming back to how you started the call, when you look out over the next 3 to 5 years, what do you see as some of the big investments that Google needs to make to marry your ambitions on AI and machine learning against aligning Google's broader product and services against the rising digitalization of the global economy? I would love to have that as a framing over the next 3 to 5 years.

也許是 Sundar 的第一個。大圖。回到你開始通話的方式，當你展望未來 3 到 5 年時，你認為谷歌需要進行哪些重大投資才能將你在人工智能和機器學習方面的雄心壯志與穀歌更廣泛的產品結合起來？和服務以應對全球經濟日益增長的數字化？我希望在接下來的 3 到 5 年內將其作為框架。

And then maybe I'm not sure if it's directed better at Philipp or Ruth. But on a shorter duration basis, there seem to be an element of headwinds and tailwinds in the broader macro economy. Can you talk a little bit about the business of Google's products and what elements of reopening dynamic you're seeing on a sector basis versus potential headwinds as we move into Q4 and next year from things like supply chain shortages or labor shortages or things like that?

然後也許我不確定它是否更適合菲利普或露絲。但在較短的期限內，更廣泛的宏觀經濟似乎存在逆風和順風的因素。你能談談谷歌產品的業務嗎，以及隨著我們進入第四季度和明年，供應鏈短缺或勞動力短缺或類似的事情，你在行業基礎上看到的重新開放動態的哪些要素與潛在的逆風?

Eric, great question. You're right in the fact that AI and ML itself is the broader deeper investments we are driving and we're using it across our product portfolio. The recent launch of Tensor and Pixel 6 is a great example of that.

埃里克，好問題。你說得對，人工智能和機器學習本身就是我們正在推動的更廣泛、更深層次的投資，我們正在整個產品組合中使用它。最近推出的 Tensor 和 Pixel 6 就是一個很好的例子。

So for example, we are willing to go as deep in the stack as needed, silicon, both on the cloud side with our Tensor processing units and Google Tensor on the client side is an example of that. So overall thinking through compute, networking, building data centers, making sure they are clean and carbon-free and really investing in the advanced models and algorithms on top, which is -- a lot of it's just done by our AI research teams.

因此，例如，我們願意根據需要深入堆棧，矽片，無論是在雲端使用我們的 Tensor 處理單元還是在客戶端的 Google Tensor 就是一個例子。因此，通過計算、網絡、構建數據中心進行整體思考，確保它們清潔且無碳，並真正投資於高級模型和算法，其中很多都是由我們的人工智能研究團隊完成的。

So making sure we are able to attract the best talent across the world is all part of that. So -- but you'll continue to see us take -- undertake deep technology investments. And beyond that horizon, that's why we are thinking even about areas like quantum computing and so on.

因此，確保我們能夠吸引世界各地最優秀的人才就是其中的一部分。所以——但你會繼續看到我們採取——進行深度技術投資。在這個範圍之外，這就是為什麼我們甚至在考慮量子計算等領域。

So to the second part of your question, we continue to watch countries as vaccination rates climb and local regulations ease, we expect some amount of heterogeneity in recovery, depending obviously on location and vaccination rates. But because every region is different, it's hard to make a generalization from the data right now.

因此，對於您問題的第二部分，隨著疫苗接種率的攀升和地方法規的放寬，我們將繼續關注各國，我們預計恢復過程中會出現一定程度的異質性，這顯然取決於地點和疫苗接種率。但是因為每個地區都不一樣，所以現在很難從數據中做出概括。

That said, the consumer shift to digital is real and will continue even as we start seeing people return to stores. Shopping habits have ebbed and flowed over the last 20 months. But the underlying takeaway is that people want more choice, they want more information, more flexibility, and we don't see this reversing. Omnichannel, I talked about it, is definitely in full force. I said this earlier. We've been really focused on building features and solutions to help retailers, large and small succeed here.

也就是說，消費者向數字化的轉變是真實存在的，並且即使我們開始看到人們返回商店，這種轉變仍將繼續。在過去的 20 個月裡，購物習慣有起有落。但潛在的收穫是人們想要更多的選擇，他們想要更多的信息，更多的靈活性，我們看不到這種逆轉。 Omnichannel，我談到它，絕對是全力以赴。我之前說過這個。我們一直專注於構建功能和解決方案，以幫助大大小小的零售商在這裡取得成功。

And we think this will continue as the world reopens and shoppers fluctuate between online and in-store based on whatever is really more convenient. YouTube is exciting for many reasons. It's incredible to see the amount of content that's valuable for people across so many topics, and we're helping advertisers tap into this.

我們認為，隨著世界重新開放，購物者會根據真正更方便的方式在網上和實體店之間波動，這種情況將繼續下去。 YouTube 令人興奮的原因有很多。看到如此多的主題對人們有價值的內容數量令人難以置信，我們正在幫助廣告商利用這一點。

And whether it's browsing for inspiration, product research or actually making the purchase, 1 billion shopping sessions happen across Google every day, and they're happening on Search and YouTube and Image Search and the shopping tab and Lens and so on. So frankly, we're really encouraged by the long-term opportunity in commerce, and we're laser-focused on helping businesses of all sizes connect with their customers wherever they are.

無論是瀏覽靈感、產品研究還是實際購買，每天在 Google 上發生 10 億次購物會話，這些會話發生在搜索、YouTube、圖片搜索、購物標籤和 Lens 等等。坦率地說，我們對商業中的長期機會感到非常鼓舞，我們專注於幫助各種規模的企業與他們的客戶建立聯繫，無論他們身在何處。

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

我們的下一個問題來自摩根士丹利的布賴恩諾瓦克。

It's [Brenda] on for Brian. We have 2. The first one, you have made notable strides in the Retail Search category over the past 12 to 18 months, and there seems to be more to come. Can you talk to us about which other Search verticals you are most excited to innovate and invest around the next -- within the next year or 2?

這是 [布倫達] 為布賴恩。我們有 2 個。第一個，在過去 12 到 18 個月內，您在零售搜索類別中取得了顯著進步，而且似乎還會有更多進步。您能否與我們談談您最期待在接下來的一年或兩年內創新和投資哪些其他搜索垂直領域？

My second question is maybe one on augmented reality. You have made some real progress here and now have some budding product integration. Philosophically, how do you think about the key augmented reality use cases you are focused on enabling? And do you need an Alphabet-specific hardware set to capitalize on the opportunity?

我的第二個問題可能是關於增強現實的。您在這裡取得了一些真正的進展，現在有了一些萌芽的產品集成。從哲學上講，您如何看待您專注於實現的關鍵增強現實用例？您是否需要一套 Alphabet 特定的硬件來利用這個機會？

Maybe I'll take the second one first. On augmented reality, we've -- for a while, we've deeply focused on thinking through computing for the long term. We've talked about ambient computing. And it's just a matter of time before, beyond phones, you will see other successful form factors and AR is an exciting part of that future.

也許我會先拿第二個。在增強現實方面，我們已經——有一段時間了，我們一直專注於通過計算進行長期思考。我們已經討論過環境計算。除了手機之外，您還會看到其他成功的外形尺寸，而 AR 是未來令人興奮的一部分，這只是時間問題。

We are looking at all the deep investments we need to make. I think it's going to take some time. And so for example, when you look at something like Google Lens or when you look at the fact that we are making Search work in a multimodal way or when you think about YouTube and making sure it works well in a VR/AR world. So we are obviously investing in all our services. And beyond that, from a computing standpoint, both our hardware teams as well as our platform teams are thinking through definitely, and it's going to be a major area of investment for us.

我們正在研究我們需要進行的所有深度投資。我認為這需要一些時間。例如，當您查看 Google Lens 之類的東西時，或者當您看到我們正在以多模式方式使搜索工作的事實時，或者當您考慮 YouTube 並確保它在 VR/AR 世界中運行良好時。因此，我們顯然正在投資於我們所有的服務。除此之外，從計算的角度來看，我們的硬件團隊和平台團隊都在認真考慮，這將成為我們的主要投資領域。

On the first question about -- I think Philipp spoke about shopping. We obviously -- Search is -- part of what makes Search so successful is people use it for a wide variety of use cases. And so we really invest comprehensively across all experiences, be it local and Maps, be it Images, be it videos. And so we are definitely investing a lot. People do come to Search for education as well. So making sure we are comprehensive.

關於第一個問題——我認為菲利普談到了購物。我們顯然——搜索是——讓搜索如此成功的部分原因是人們將它用於各種各樣的用例。因此，我們確實對所有體驗進行了全面投資，無論是本地體驗還是地圖，無論是圖像還是視頻。因此，我們肯定會進行大量投資。人們也確實來搜索教育。所以確保我們是全面的。

Health has been a major area of focus, particularly through the pandemic. And so the strength of Search is both in its depth and breadth. And so -- and getting it right with a high focus on quality and we'll continue to do that.

健康一直是重點關注的領域，尤其是在大流行期間。因此，搜索的優勢在於其深度和廣度。所以 - 並以高度關注質量來做到這一點，我們將繼續這樣做。

And our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, I was just curious if you're seeing any impact at all from the Apple iOS changes in your business and perhaps particularly in YouTube? And then second, given retail the biggest driver of services growth, and of course, you're really just touching all parts of the economy. Any more commentary on how you're thinking about supply and labor shortage dynamics in the fourth quarter? And if you're perhaps seeing anything thus far there?

我有 2。首先，我只是想知道您是否看到 Apple iOS 的變化對您的業務有任何影響，尤其是在 YouTube 中？其次，鑑於零售業是服務業增長的最大驅動力，當然，你實際上只是觸及了經濟的所有部分。關於您如何看待第四季度的供應和勞動力短缺動態，還有更多評論嗎？如果你到目前為止在那裡看到了什麼？

Thanks for the question. Starting with the iOS 14 changes. So overall, as we said, we're pleased with the strength across our business in the third quarter. It was broad-based. It was global. In terms of the iOS 14 changes specifically, they had a modest impact on YouTube revenues. That was primarily in direct response. I think as you all know well, focusing on privacy has been core to what we've been doing consistently. And let me have Philipp take you through some more on that.

謝謝你的問題。從 iOS 14 更改開始。總的來說，正如我們所說，我們對第三季度的整體業務實力感到滿意。它的基礎廣泛。這是全球性的。就 iOS 14 的變化而言，它們對 YouTube 收入的影響不大。這主要是直接反應。我想你們都知道，關注隱私一直是我們一直在做的事情的核心。讓我讓 Philipp 帶你了解更多關於這方面的內容。

Yes. So from our standpoint, we see ATT as one aspect of the many broader ecosystem changes that are underway. And we've been investing in privacy preserving technology for many years. Our focus is on supporting developers, small and large advertisers, creators, publishers, so that they're able to mitigate impact to their businesses.

是的。因此，從我們的角度來看，我們將 ATT 視為正在進行的許多更廣泛的生態系統變化的一個方面。多年來，我們一直在投資隱私保護技術。我們的重點是支持開發者、大小廣告商、創作者、出版商，以便他們能夠減輕對其業務的影響。

And we really see the future of digital advertising being built on advances and privacy preserving on device technologies, which support the free and open Internet, and obviously, a robust ads ecosystem. On your supply chain questions, I would say performance in Q3 was strong across ads revenue lines, regions and nearly all verticals, In line with the widespread reporting of supply chain weakness in the auto industry, we've seen some impact on vehicles within the auto vertical, which started earlier in the year, although the impact has really been offset somewhat by increased demand in related areas like parts, accessories, repairs and maintenance.

我們真的看到數字廣告的未來建立在設備技術的進步和隱私保護之上，這些技術支持自由和開放的互聯網，顯然還有一個強大的廣告生態系統。關於您的供應鏈問題，我想說第三季度在廣告收入線、地區和幾乎所有垂直領域的表現都很強勁。根據汽車行業供應鏈疲軟的廣泛報導，我們已經看到對汽車行業的一些影響汽車垂直行業於今年早些時候開始，儘管其影響在一定程度上被零部件、配件、維修和保養等相關領域的需求增加所抵消。

And our next question comes from Justin Post from Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

One for Sundar and one for Ruth. Sundar, margins have been strong this year, and I think the depreciation change has helped. Can you just comment on how you see the current investing spending levels of the company? Are you in good shape, anything where you might be increasing investment?

一份給 Sundar，一份給 Ruth。 Sundar，今年的利潤率一直很強勁，我認為折舊變化有所幫助。您能否評論一下您如何看待公司當前的投資支出水平？您的身體狀況是否良好，您可能會在哪些方面增加投資？

And then for Ruth, there are news about Play Store fee cuts on the subscription piece. How do we think about that maybe impacting the business in '22 when those start to take effect?

然後對於露絲來說，有關於訂閱部分的 Play 商店費用削減的消息。當這些開始生效時，我們如何看待這可能會影響 22 年的業務？

At a high level, look, I mean I have taken a long-term view and we are obviously investing both in foundational technologies like AI and just deeper computer science overall. And applying it across a prioritized set of areas. And so no change in the framework. If anything, I do feel with the digital transformation underway, if anything, we feel a sense of urgency to execute against the opportunities we see. So still working within the long-term framework. Maybe, Ruth and Philipp?

從高層次上看，我的意思是我有長遠的眼光，我們顯然正在投資於人工智能等基礎技術和更深層次的計算機科學。並將其應用於一組優先領域。所以框架沒有變化。如果有的話，我確實感覺到正在進行的數字化轉型，如果有的話，我們感到有一種緊迫感，可以利用我們看到的機會來執行。所以仍然在長期框架內工作。也許，露絲和菲利普？

Yes, if I can just add on, on the margin and go to your second part of the question, just a bit of context on the third quarter here. An important point, hopefully self-evident, is that the improvement in the Q3 operating margin does reflect the strong revenue growth in the quarter. And as I said on the second quarter call, some of our costs are less variable in the short term, such as depreciation and the operations costs of our data centers. And we did have a gross margin benefit from this in the near term.

是的，如果我可以在頁邊空白處補充一下，然後轉到問題的第二部分，這裡只是第三季度的一些背景信息。重要的一點，希望不言而喻，是第三季度營業利潤率的改善確實反映了該季度強勁的收入增長。正如我在第二季度電話會議上所說，我們的一些成本在短期內變化較小，例如折舊和數據中心的運營成本。我們確實在短期內從中獲得了毛利率收益。

But consistent with Sundar's comments and Philipp's, we do continue to invest here. And then to support long-term growth across both Google Services and Google Cloud, we're continuing to invest at a meaningful clip across headcount, compute, sales and marketing. I noted the headcount increase in Q3 of about 6,000, and we do expect the pace of hiring to remain strong.

但與 Sundar 和 Philipp 的評論一致，我們確實會繼續在這裡投資。然後，為了支持 Google 服務和 Google Cloud 的長期增長，我們將繼續在員工人數、計算、銷售和營銷方面進行有意義的投資。我注意到第三季度的員工人數增加了約 6,000 人，我們確實預計招聘步伐將保持強勁。

The benefit from the change in useful lives was obviously in the quarter as well, and that benefit does diminish, is lower in the fourth quarter. So just to put some of that in context, and as Sundar said, we are continuing to invest in the business, focusing on long-term growth.

使用壽命變化帶來的好處顯然也在本季度，而且這種好處確實減少了，在第四季度較低。因此，只是將其中的一些放在上下文中，正如 Sundar 所說，我們將繼續投資於該業務，專注於長期增長。

With respect to the play changes, again, just as it relates to this quarter, and I think as I said in the opening comments, the key point to note there was that results lapped the strength that we had in the -- going into the pandemic from user engagement and that continue seeing user engagement. But yes, there is a reduction in the fee that kicks in. This one that we just announced last week, it kicks in as of January 2022. And we'll let you do the modeling on that.

關於比賽的變化，再次，就像它與本季度有關，我認為正如我在開場評論中所說的那樣，要注意的關鍵點是結果超過了我們在 - 進入來自用戶參與的流行病，並且繼續看到用戶參與。但是，是的，開始收費會有所降低。這是我們上周剛剛宣布的，它將於 2022 年 1 月開始生效。我們會讓你對此進行建模。

And our next question comes from Mark Mahaney from ISI.

我們的下一個問題來自 ISI 的 Mark Mahaney。

Two questions. Is there anything that suggests that some of these ATT headwinds for other people in the industry actually cost shifts in budget over to your platforms, your different platforms? And then -- that's for Philipp.

兩個問題。是否有任何跡象表明，對於業內其他人來說，這些 ATT 的一些不利因素實際上會使預算轉移到您的平台、您的不同平台上？然後——這是給菲利普的。

And then Ruth, just on the margins, is there anything other than revenue overage, that really strong revenue performance flowing against fixed costs and the extended depreciation schedules that's causing those margins to rise? Or have you been able to work out, eke out, tweak out new efficiencies in the model itself?

然後露絲，就在邊際上，除了收入超支、相對於固定成本和延長折舊計劃導致這些利潤率上升的真正強勁的收入表現之外，還有什麼其他的嗎？或者您是否能夠鍛煉、勉強、調整模型本身的新效率？

So why don't I start on that? The key points, as I said, is it starts with strong revenue growth and just timing lags. If some of the costs, as I said, are kind of more fixed in the near term, but we do continue to invest. And you can see that in gross margin. You can see it in operating margin. And we are continuing to invest to support growth we see in both Google Services and Google Cloud.

那我為什麼不開始呢？正如我所說，關鍵點是它始於強勁的收入增長和時間滯後。正如我所說，如果某些成本在短期內比較固定，但我們確實會繼續投資。你可以在毛利率中看到這一點。您可以在營業利潤率中看到它。我們將繼續投資以支持我們在 Google 服務和 Google Cloud 中看到的增長。

You sort of -- and up-leveling the question, we've consistently said, let's -- our focus in capital allocation is investing for long-term growth and innovation and making sure that we remain focused on those long-term opportunities. At the same time, we've consistently also said that it's important to ensure that we're being sharp about investments within each product area, and we're continuing to do that.

你有點 - 並且提升了這個問題，我們一直說，讓我們 - 我們在資本配置上的重點是投資於長期增長和創新，並確保我們繼續專注於這些長期機會。同時，我們也一直表示，重要的是要確保我們對每個產品領域的投資保持敏銳，我們將繼續這樣做。

And we're continuing to focus on investing in what we call operational excellence to ensure we can deliver for all of our stakeholders in a high-quality way, and that includes all of our efforts around privacy, security and content moderation. So you're seeing us continue to invest there. A bit of puts and takes. We're trying to ensure that we're setting up all of the areas to deliver for long-term, high-quality performance and end results.

我們將繼續專注於投資於我們所謂的卓越運營，以確保我們能夠以高質量的方式為所有利益相關者提供服務，這包括我們在隱私、安全和內容審核方面所做的所有努力。所以你看到我們繼續在那裡投資。有點看跌期權。我們正在努力確保我們正在設置所有領域，以提供長期、高質量的性能和最終結果。

On the first question around ad budgets and shift in stuff, I don't think there's anything notable that we have observed to comment on.

關於廣告預算和內容轉變的第一個問題，我認為我們觀察到沒有任何值得注意的評論。

And our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

On Google Cloud, we continue to hear from the partners that the deal size is building and BigQuery's having a big impact for a lot of your customers. Can you just talk to and expand on what you're seeing there and any other noticeable trends that you're seeing now that maybe you hadn't seen in the past?

在 Google Cloud 上，我們繼續從合作夥伴那裡聽到，交易規模正在擴大，BigQuery 對您的許多客戶產生了重大影響。您能否談談並擴展您在那裡看到的內容以及您現在看到的可能您過去沒有看到的任何其他明顯趨勢？

Thanks. Look, overall, we continue to see strong momentum. The team is executing well. You mentioned BigQuery data and analytics and AI continues to be kind of a foundational shift for what companies are trying to accomplish, and BigQuery does stand out there and we are definitely seeing continued momentum there. It's a source of strength.

謝謝。看，總體而言，我們繼續看到強勁的勢頭。團隊執行良好。您提到 BigQuery 數據和分析以及 AI 仍然是公司試圖完成的基本轉變，BigQuery 確實在其中脫穎而出，我們肯定會看到那裡的持續發展勢頭。它是力量的來源。

The other areas I would highlight are security continues to be an increasing area of focus and a differentiator for us given over 2 decades of investment we have had. We pioneered zero trust and so on. So as cybersecurity elevates and concern across companies I talk to and the CEOs, it's definitely been an area.

我要強調的其他領域是，鑑於我們已經進行了 2 多年的投資，安全仍然是我們越來越關注的領域和差異化因素。我們開創了零信任等。因此，隨著網絡安全在我與之交談的公司和 CEO 中的提升和關注，這絕對是一個領域。

Multi-cloud continues to be a differentiator. I do think customers are increasingly looking for it. And we've embraced it from early on. So that is an area as well. But above all, I think we are very, very focused on industry value propositions, so really sharpening our solutions by vertical, and that's really helped us get some of the bigger deals you mentioned as well, and we'll continue doing that.

多雲仍然是一個差異化因素。我確實認為客戶正在越來越多地尋找它。我們從一開始就接受了它。所以這也是一個領域。但最重要的是，我認為我們非常非常專注於行業價值主張，因此真正通過垂直提升我們的解決方案，這確實幫助我們獲得了你提到的一些更大的交易，我們將繼續這樣做。

And our next question comes from Michael Nathanson from MoffettNathanson.

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

One for Sundar and one for Philipp. Sundar, you talked earlier about the JioPhone Next that'll launch next week in India. I wonder if you can talk about the longer term opportunity for Alphabet in India from opening up that product and any type of time frame when do you think you will see maybe the benefits of what you're doing on the low priced phone there?

一份給 Sundar，一份給 Philipp。 Sundar，您之前談到了將於下週在印度推出的 JioPhone Next。我想知道您是否可以談論 Alphabet 在印度開放該產品的長期機會以及任何類型的時間框架，您認為您何時會看到您在印度的低價手機上所做的事情的好處？

And then for Philipp, it just seems longer term as mobile targeting becomes more difficult due to all these privacy changes. There has to be a mix shift in budget. So I wonder, how do you think the value proposition of Search will change going forward?

然後對於 Philipp 來說，由於所有這些隱私變化，移動定位變得更加困難，這似乎是長期的。預算必須有一個混合轉變。所以我想知道，您認為搜索的價值主張將如何變化？

And what can you do even more than you've done before to take advantage of what looks like real challenges in the ability to target and measure when it comes to mobile Search -- I mean, when it comes to mobile advertising.

在移動搜索方面——我的意思是，在移動廣告方面，你可以做些什麼比以前做得更多，以利用在定位和衡量能力方面看似真正的挑戰。

On India, thanks for the question. Look, I think, obviously, the pandemic has been hard. But through it all, the people are looking for access and there's definitely been a wave of people who have adopted smartphones, and there is still -- we see the demand for people looking to shift from feature phones to smartphones. And so part of what excites me about the upcoming partnership with Jio in building a phone is really investing beyond just English and getting languages and getting the local needs right for people and doing it in a way that many more people can take advantages of a smartphone.

關於印度，謝謝你的提問。看，我認為，很明顯，大流行很艱難。但是通過這一切，人們正在尋找訪問權限，並且肯定有一波人採用了智能手機，而且仍然存在 - 我們看到人們希望從功能手機轉向智能手機的需求。因此，讓我興奮的是，即將與 Jio 建立手機合作夥伴關係的部分原因是，除了投資英語和獲取語言之外，還需要滿足當地人的需求，並以一種讓更多人可以利用智能手機的方式來做這件事.

So I view it as laying the foundation. It's a version of digital transformation and it's palpable, the demand we see. And I think over a 3- to 5-year time frame, it will end up having a lot of impact. But overall, India, just like Asia Pacific continues to be an exciting market for us. We see strength across the categories we are involved in. And so you'll continue to see us stay focused there.

所以我認為這是奠定基礎。這是數字化轉型的一個版本，它是顯而易見的，我們看到的需求。而且我認為在 3 到 5 年的時間範圍內，它最終會產生很大的影響。但總的來說，印度和亞太地區一樣對我們來說仍然是一個令人興奮的市場。我們在所涉及的類別中看到了實力。因此，您將繼續看到我們保持專注。

And to the second part of your question, look, as I said, we see the future of digital advertising being built on advances and privacy preserving on device technologies. This is a big area that we've invested already and that we are going to invest in even more. And as far as how we think about our runway for growth, we really think about improving user and advertiser experience for years and years to come.

對於您問題的第二部分，請看，正如我所說，我們看到數字廣告的未來建立在設備技術的進步和隱私保護之上。這是我們已經投資的一個大領域，我們將在這個領域進行更多投資。至於我們如何看待我們的增長跑道，我們真的會考慮在未來幾年和幾年裡改善用戶和廣告商的體驗。

And we're always asking ourselves the same questions, right? How do we drive better answers to queries, especially on Search, especially including those with commercial intent? How do you use machine learning to deliver even more relevant and higher quality experiences for users that then drive higher clicks and more conversions for advertisers.

我們總是問自己同樣的問題，對吧？我們如何為查詢提供更好的答案，尤其是在搜索上，尤其是那些具有商業意圖的查詢？您如何使用機器學習為用戶提供更相關和更高質量的體驗，從而為廣告商帶來更多點擊和更多轉化。

So really our main goal is to consistently deliver great experiences for users, drive incremental value for our partners and making them successful. And as long as we do this, and we continue to invest in the privacy preserving technologies, as I mentioned, we should continue to see budgets move our way.

因此，我們的主要目標是始終如一地為用戶提供出色的體驗，為我們的合作夥伴增加價值並讓他們取得成功。只要我們這樣做，並且我們繼續投資於隱私保護技術，正如我所提到的，我們應該繼續看到預算朝著我們的方向發展。

And our next question comes from Ross Sandler from Barclays.

我們的下一個問題來自巴克萊的羅斯桑德勒。

I just had a high-level question on YouTube. So you're obviously doing really well there. And as large as it is and as high as the engagement is compared to just about any other app that we see across the broader Internet, the revenue at just around $30 billion this year, tails in comparison to core Facebook or Instagram.

我剛剛在 YouTube 上遇到了一個高級問題。所以你顯然在那裡做得很好。與我們在更廣泛的互聯網上看到的幾乎任何其他應用程序相比，儘管它的規模和參與度一樣高，但與核心 Facebook 或 Instagram 相比，今年的收入僅為 300 億美元左右。

So do you think that this is obviously a huge opportunity for YouTube, especially with connected TV? Is there something that you guys need to change about your approach with either direct sales or kind of decoupling Search from YouTube and some of the other products that Google has under the same roof? Or do you kind of think continuing along the same path is the right strategy for YouTube specifically? Any color on that would be helpful.

那麼您是否認為這顯然是 YouTube 的巨大機會，尤其是聯網電視？你們是否需要通過直接銷售或將搜索與 YouTube 以及谷歌在同一屋簷下擁有的其他一些產品脫鉤來改變你們的方法？或者你認為繼續走同樣的道路是 YouTube 的正確策略嗎？上面的任何顏色都會有幫助。

Look, I think obviously, YouTube is unique in the sense that it's a true video native, video first product from Day 1. And so you are dealing with -- in a new form. And obviously, as a company, I think we have taken a long-term view, which is why you see the engagement on the product. It's working at scale. Content responsibility has been our most important focus for the past many years.

看，我認為很明顯，YouTube 是獨一無二的，因為它是一個真正的原生視頻，從第一天開始就以視頻為先的產品。所以你正在處理 - 以一種新的形式。顯然，作為一家公司，我認為我們有長遠的眼光，這就是為什麼你會看到產品的參與度。它正在大規模運行。在過去的許多年裡，內容責任一直是我們最重要的關注點。

And beyond that, I think we worked hard to make sure both creators can do well, and it's a great platform for advertisers. We've had strengthened brand. We've built on it with robust momentum in direct response. There's obviously newer opportunities such as shopping, which we are investing in. And shots represents an additional early but important area for us from an investment and a growth standpoint.

除此之外，我認為我們努力確保兩位創作者都能做得很好，這對廣告商來說是一個很好的平台。我們已經加強了品牌。我們以強勁的勢頭直接響應。顯然有更新的機會，例如我們正在投資的購物。從投資和增長的角度來看，鏡頭對我們來說代表了一個額外的早期但重要的領域。

So I feel the fundamentals of the platform are strong. And with a long-term view, I see this as an area where we have more upside. And so we'll continue our investments with that in mind.

所以我覺得這個平台的基礎很強大。從長遠來看，我認為這是一個我們有更多上漲空間的領域。因此，我們將牢記這一點，繼續我們的投資。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

A couple of big picture questions. Sundar, first off, looking at GCP and some of the innovations you've talked about like distributed cloud. I just wonder what you think the long-term future is for hybrid cloud environments. Are they really -- or is this really just a part of the process or stepping stones to bring more companies or most companies over to full cloud adoption?

幾個大問題。 Sundar，首先，看看 GCP 和您談到的一些創新，例如分佈式雲。我只是想知道您認為混合雲環境的長期未來是什麼。他們真的 - 或者這真的只是讓更多公司或大多數公司全面採用雲的過程或墊腳石的一部分嗎？

And then, secondly, we're seeing a clear blurring of the lines among e-commerce, digital payments and social platforms. So I was hoping you could share the vision for Google and YouTube and the other Google apps in this context, how those pieces fit together as a closed-loop shopping platform, if that's the right way to think about it.

其次，我們看到電子商務、數字支付和社交平台之間的界限明顯模糊。所以我希望你能在這種情況下分享谷歌和 YouTube 以及其他谷歌應用程序的願景，如果這是正確的思考方式，這些部分如何組合成一個閉環購物平台。

To your first question on GCP, part of our strength is we have taken a very open and scalable and flexible approach, and we don't view it as a one-size fits all. So we want to meet the customers the way they want to take this journey. And I think are gearing up to support them both from a multi-cloud, from a hybrid cloud standpoint.

對於您關於 GCP 的第一個問題，我們的部分優勢在於我們採用了一種非常開放、可擴展和靈活的方法，我們並不認為它是一刀切的。因此，我們希望以客戶想要的方式與他們會面。而且我認為從混合雲的角度來看，我正準備從多雲中支持它們。

But I do think over time, when I look at the scale at which we are investing to support, particularly to my points early around security and so on, I think people will see the value more -- so value more of a hosted cloud solution. But I think we want to be customer-centric here, and then we want to go where the market goes, and that's why we've built the scalable infrastructure we have. So I'm excited about the opportunity there.

但我確實認為，隨著時間的推移，當我看到我們投資支持的規模時，特別是我早期在安全等方面的觀點，我認為人們會看到更多的價值——所以更看重託管雲解決方案.但我認為我們希望在這里以客戶為中心，然後我們想去市場去哪裡，這就是我們建立我們擁有的可擴展基礎設施的原因。所以我對那裡的機會感到興奮。

On your second question around e-commerce, digital platforms, shopping, social, how does it all fit together? For me, I see there's 2 things. One is, we want to get the primitives right, which means as a user being able to be it in Search and YouTube, either on the products or as you -- we are trying to connect merchants to users, right, and be it organically or through advertising.

關於電子商務、數字平台、購物、社交的第二個問題，它們是如何結合在一起的？對我來說，我看到有兩件事。一個是，我們希望得到正確的原語，這意味著作為用戶能夠在搜索和 YouTube 中使用它，無論是在產品上還是作為你——我們正試圖將商家與用戶聯繫起來，對，並且是有機的或通過廣告。

And so we are investing in identity, payments, making sure it's seamless for users. And so that's a big part of our focus. The second is really from a user experience standpoint, both in Search and in YouTube and other areas like Maps and Discover over time. We want to make sure if users want to act more beyond discovery and they want to do more that it's seamless to do so.

因此，我們正在對身份、支付進行投資，以確保對用戶來說是無縫的。所以這是我們關注的重要部分。第二個是真正從用戶體驗的角度來看，無論是在搜索、YouTube 以及其他領域，如地圖和探索。我們希望確保用戶是否想要在發現之外採取更多行動，並且他們想要做的更多是無縫的。

But we are going to be very focused on making sure for merchants that they can -- they get access to users, and that's the value proposition we deeply care about. And so we'll invest with that view in mind.

但我們將非常專注於確保商家能夠做到——他們能夠接觸到用戶，這就是我們非常關心的價值主張。因此，我們將牢記這一觀點進行投資。

And our last question comes from the line of Stephen Ju from Credit Suisse.

我們的最後一個問題來自瑞士信貸的 Stephen Ju。

Okay. Thank you. So Sundar, I think in the past, we've talked about the intersection of hardware and software for Google. And you touched on the Pixel 6 as well as the other examples in your prepared remarks. But as you look at all the different directions you're going with Fitbit, Nest and all the other devices. So how has your thinking evolved over the years? And what do you envision a hardware and software integrated Google meaning to the consumer over the longer term?

好的。謝謝你。所以 Sundar，我認為過去我們曾討論過 Google 的硬件和軟件的交集。您在準備好的評論中談到了 Pixel 6 以及其他示例。但是，當您查看 Fitbit、Nest 和所有其他設備的所有不同方向時。那麼這些年來你的想法是如何演變的呢？從長遠來看，您認為硬件和軟件集成 Google 對消費者的意義是什麼？

And I guess, Philipp, if you look at some of the emerging and developing markets today, some of the companies there around the world have had to play multiple roles in helping to solve for transactional friction by rolling out payments, logistics and other solutions that we probably take for granted here in the States. So do you think Google should or could play a more expansive role in India and some of the other emerging markets to help accelerate the growth of e-commerce versus the role that you played in the U.S. and the West?

我想，菲利普，如果你看看今天的一些新興市場和發展中市場，世界各地的一些公司不得不在幫助解決交易摩擦方面發揮多重作用，推出支付、物流和其他解決方案，在美國，我們可能認為這是理所當然的。那麼，與您在美國和西方所扮演的角色相比，您認為 Google 是否應該或可以在印度和其他一些新興市場發揮更廣泛的作用，以幫助加速電子商務的發展？

Overall, hardware and computing, obviously, we have been doing this for a while now. If you look at the Google Tensor bet, these are multiyear bets, which finally play out and I couldn't be more excited at the reception for Pixel 6 and Google Tensor. And I think lays a good foundation of what we want to do in the future.

總的來說，硬件和計算，顯然，我們已經這樣做了一段時間了。如果你看一下 Google Tensor 的賭注，這些都是多年的賭注，最終結果出來了，我對 Pixel 6 和 Google Tensor 的招待會感到非常興奮。我認為這為我們未來想做的事情奠定了良好的基礎。

We definitely have a long-term view on where computing is headed. We want to make sure and to innovate there, you have to think at the intersection of user experience, software and hardware. I think we have a unique perspective to bring a unique point of view with our AI-first approach and applying that to bring new features and new experiences.

對於計算的發展方向，我們絕對有長遠的眼光。我們想確保並在那裡進行創新，你必須考慮用戶體驗、軟件和硬件的交叉點。我認為我們有獨特的視角，可以通過我們的 AI 優先方法帶來獨特的觀點，並將其應用於帶來新功能和新體驗。

So we'll be doing it to push computing forward. We want to guide our ecosystem when we do well in a category, the whole ecosystem benefits from it. And finally, we are going to be doing this with a view towards building a sustainable business. And we see this as an important area, and we are investing with that viewpoint. And I'm really excited with what Google Tensor and the Pixel 6 team has been able to accomplish. And they view it just as a start.

因此，我們將這樣做以推動計算向前發展。當我們在一個類別中表現出色時，我們希望指導我們的生態系統，整個生態系統都將從中受益。最後，我們將這樣做，以建立可持續發展的業務。我們認為這是一個重要的領域，我們正在以這種觀點進行投資。我對 Google Tensor 和 Pixel 6 團隊能夠取得的成就感到非常興奮。他們認為這只是一個開始。

So on the second part of your question, look, every e-commerce experience is also a payment experience and a friction-ladened checkout can take the joy out of a purchase. I think we've all been there.

所以在你問題的第二部分，看，每一次電子商務體驗也是一種支付體驗，而充滿摩擦的結賬可以讓購物變得愉快。我想我們都去過那裡。

So think about Google Pay as a checkout facilitator. We want to make it even easier for consumers to access whatever payment method they really want, credit card, PayPal, Shop Pay and so on, and so on. And to the global nature of your question, 150 million people across 40 countries are now using Google Pay to manage transactions and stay on top of their finances. And millions of merchants are using it to provide their customers with a simple and safe way to check out and whether it's in store or online or via their app.

因此，可以將 Google Pay 視為結賬服務商。我們想讓消費者更容易使用他們真正想要的任何支付方式，信用卡、PayPal、Shop Pay 等等。根據您的問題的全球性，40 個國家/地區的 1.5 億人現在正在使用 Google Pay 來管理交易並掌握他們的財務狀況。數以百萬計的商家正在使用它為他們的客戶提供一種簡單而安全的結賬方式，無論是在商店、在線還是通過他們的應用程序。

So right now, we continue to be very focused on helping both merchants and financial institutions create more intuitive digital experiences and connect with our customers. In the U.S., we're partnering with merchants to surface, we call them card-linked offers and coupons within Google Pay. And in August, we announced the partnership with Setu, a fintech company in India. That was a part your question, to help users open fixed deposit accounts directly from Google Pay.

所以現在，我們繼續非常專注於幫助商家和金融機構創造更直觀的數字體驗並與我們的客戶建立聯繫。在美國，我們正在與商家合作以在 Google Pay 中展示，我們稱它們為與卡相關的優惠和優惠券。 8 月，我們宣布與印度金融科技公司 Setu 建立合作夥伴關係。這是您的問題的一部分，以幫助用戶直接從 Google Pay 開設定期存款賬戶。

So we think there's much more that we can do for both consumers and our partners. So stay tuned on this one.

因此，我們認為我們可以為消費者和我們的合作夥伴做更多的事情。所以請繼續關注這個。

And that concludes our question-and-answer session. I'd like to turn the conference back over to Jim Friedland for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給 Jim Friedland 來做任何閉幕詞。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our fourth quarter 2021 call. Thank you, and have a good evening.

謝謝大家，今天加入我們。我們期待在 2021 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。

Thank you. That concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝你。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。