Meta Platforms Inc (META) 2013 Q3 法說會逐字稿

Good afternoon. My name is Jay and I will be your conference operator today. At this time I would like to welcome everyone to the Facebook third-quarter earnings conference call.

午安.我叫傑伊，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 第三季財報電話會議。

(Operator Instructions)

（操作員指示）

Thank you very much. Miss Deborah Crawford, Facebook's Director of Investor Relations, you may begin.

非常感謝。您可以開始 Facebook 投資者關係總監 Deborah Crawford 女士的發言了。

Thank you. Good afternoon and welcome to Facebook's third-quarter earnings conference call. Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, CEO; and David Ebersman, CFO.

謝謝。下午好，歡迎參加 Facebook 第三季財報電話會議。今天與我一起討論我們業績的有執行長馬克·祖克柏；謝麗爾·桑德伯格（Sheryl Sandberg），執行長；以及財務長戴維·埃伯斯曼 (David Ebersman)。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. The actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release, our annual report on Form 10-K, and our most recent quarterly report on form 10-Q, filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today. And we undertake no obligation to update these demands as a result of new information or future events.

在我們開始之前，我想藉此機會提醒大家，我們今天的發言將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的新聞稿、我們向美國證券交易委員會提交的 10-K 表年度報告和 10-Q 表最新季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設。並且我們不承擔因新資訊或未來事件而更新這些要求的義務。

During this call we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is to included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中將包括 GAAP 與非 GAAP 指標的對帳。新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上查閱。

And now, I'd like to turn the call over to Mark.

現在，我想把電話轉給馬克。

Thanks, Deborah. And thanks, everyone, for joining today. This has been a busy quarter at Facebook where we planted the seeds to achieve our long-term goals with Internet.org, our AI group, and our efforts to build the knowledge economy. We continue to see strong overall engagement and are making good progress on our strategy, especially in mobile. This contributes to the results we reported today -- strong revenue growth, strong growth in daily actives and good growth in engagement, as our ratio of daily actives to monthly active continues to grow.

謝謝，黛博拉。感謝大家今天的參與。這是 Facebook 忙碌的一個季度，我們透過 Internet.org、我們的人工智慧小組以及我們建立知識經濟的努力，為實現我們的長期目標奠定了基礎。我們繼續看到強勁的整體參與度，我們的策略正在取得良好進展，特別是在行動領域。這有助於我們今天報告的結果——強勁的收入成長、強勁的每日活躍用戶成長和良好的參與度成長，因為我們的每日活躍用戶與每月活躍用戶的比率持續成長。

We've also reached new milestones as a mobile company. Now, 49% of our revenue comes from mobile. And 48% of the people who use Facebook on any given day are only accessing it from mobile. That's almost half of people only using Facebook from their phones. And it's a pretty incredible sign of how Facebook has evolved over the last year.

作為一家行動公司，我們也達到了新的里程碑。現在，我們 49% 的收入來自行動端。每天使用 Facebook 的用戶中，有 48% 僅透過行動裝置存取。這意味著幾乎有一半的人只透過手機使用 Facebook。這是 Facebook 在過去一年中發展的一個相當令人難以置信的標誌。

On our last earnings call I talked about our three big goals for the next phase of our Company -- connecting everyone, understanding the world, and helping to build the knowledge economy. Connecting everyone means giving everyone in the world the power to use the Internet and stay connected to the people and things that matter to them. Understanding the world means helping people not just share day-to-day updates but also building up long-term knowledge about the world, and being able to answer questions for you that no other service can. Building the knowledge economy is about helping people create growth in jobs, and supporting a larger economic shift in the world based on information and ideas. This framework is how I'll think about our progress as a company over the next few years. So I think it's a useful way to look at our progress over this quarter, as well.

在我們上次的財報電話會議上，我談到了公司下一階段的三大目標——連結每個人、了解世界和幫助建立知識經濟。連結每個人意味著讓世界上的每個人都能夠使用網路並與他們關心的人事物保持聯繫。了解世界意味著幫助人們不僅分享日常更新，還意味著累積有關世界的長期知識，並能夠為您解答其他服務無法解答的問題。建立知識經濟是為了幫助人們創造就業機會，並支持基於資訊和想法的世界更大範圍的經濟轉型。我將根據這個框架來思考我們公司未來幾年的發展。所以我認為這也是觀察我們本季進展的一個有用方法。

Let's start with connecting the world. This quarter we took an important step. In August, we launched Internet.org, a global effort with Samsung, Ericsson, Qualcomm and other industry leaders to make affordable Internet access available to everyone in the world. Today, only about one-third of the world's population is online. And the Internet is growing more slowly than you'd probably expect, less than 9% a year. We want to change this. Our mission has always been to connect the world, and to us that means everyone. When the next 5 billion people have a chance to use these basic services and participate in the global economy, that's going to create huge benefits for everyone in the world.

讓我們從連結世界開始。本季我們邁出了重要的一步。8 月份，我們推出了 Internet.org，這是一項與三星、愛立信、高通和其他行業領導者共同開展的全球性努力，旨在讓世界上每個人都能以可承受的價格訪問互聯網。目前，全球僅約三分之一的人口上網。網路的成長速度比你想像的慢，每年不到 9%。我們想改變這種狀況。我們的使命始終是連結世界，對我們來說，這意味著連結每個人。當接下來的50億人有機會使用這些基本服務並參與全球經濟時，這將為世界上的每個人帶來巨大的利益。

By working together on technology and new business models, we think we can help accelerate the process of connecting everyone. We believe we're in a unique place to help encourage broader growth of the Internet because so much of what people do on the Internet is use Facebook. According to comScore, around 20% of the time that people spend in apps in the US alone is in Facebook services. And when you ask a lot of people in developing countries what service they care about using most, the answer is often Facebook. We're already trying to make access to Facebook cheaper. And we think that all the same tools and innovations that we're developing to do this can be applied to other basic Internet services, as well. Like messaging, search, weather, and Wikipedia, to make those services cheaper or free to deliver.

我們認為，透過在科技和新商業模式上的合作，我們可以幫助加速人人互聯的進程。我們相信，我們處於一個獨特的位置，可以幫助促進網路的更廣泛發展，因為人們在網路上做的很多事情都是使用 Facebook。根據 comScore 統計，僅在美國，人們在應用程式上花費的時間中約有 20% 用於 Facebook 服務。當你詢問發展中國家的許多人他們最關心使用什麼服務時，答案往往是 Facebook。我們正在努力降低訪問 Facebook 的費用。我們認為，我們為此開發的所有工具和創新也可以應用於其他基礎互聯網服務。例如訊息傳遞、搜尋、天氣和維基百科，使這些服務更便宜或免費提供。

We also recently acquired Onavo. This is a team that builds world-class data compression technology in mobile analytics. And they'll play an important role in helping us build more efficient technologies and services that use less data. Of course no single company can do this alone, and we're working closely with our partners to develop our future plans. It's still very early for Internet.org, and we'll have more to say in the months ahead. But I'm very excited about this effort, and I'm grateful to our partners for being a part of that.

我們最近也收購了 Onavo。這是一支在行動分析領域打造世界一流資料壓縮技術的團隊。它們將在幫助我們建立更有效率、使用更少數據的技術和服務方面發揮重要作用。當然，沒有一家公司能夠單獨做到這一點，我們正在與合作夥伴密切合作，制定未來計劃。對於 Internet.org 來說，現在還為時過早，未來幾個月我們還會公佈更多消息。但我對這項努力感到非常興奮，並感謝我們的合作夥伴參與其中。

Next, let's talk about understanding the world. What I mean by this is that every day people post billions of pieces of content and connections into the graph. And in doing this, they're helping to build the clearest model of everything there is to know in the world. A big part of why this works is that people can share things with any audience they want. They don't have to share publicly with everyone at the same time. They can share with just their friends. So, this means that the model of the world that people are building in our systems includes things that people only want to share with just a few people.

接下來我們來談談認識世界。我的意思是，人們每天都會在圖表中發布數十億條內容和聯繫。透過這樣做，他們正在幫助建立世界上所有已知事物的最清晰的模型。這種方法之所以有效，很大程度上是因為人們可以與任何他們想要的受眾分享事物。他們不必同時與所有人公開分享。他們只能與朋友分享。所以，這意味著人們在我們的系統中建立的世界模型包括人們只想與少數人分享的東西。

This has the potential to be really powerful. But right now we actually do very little to utilize the knowledge that people have shared to benefit everyone in our community. The service we invest in the most is News Feed, which gives you a great sense of what's going on with your community today. News Feed has proved itself incredibly useful for people. And is the most used app on people's phones by far. But this is just the start of what's possible. And when we get to the point where anyone can easily ask any question to Facebook and get it answered by our community, that's going to be very powerful.

這有可能產生非常強大的效果。但目前我們實際上很少利用人們分享的知識來造福我們社區的每個人。我們投入最多的服務是新聞推播，它能讓您很好地了解您所在社區目前發生的事情。事實證明，新聞推送對人們非常有用。並且是迄今為止人們手機上使用最多的應用程式。但這只是一切可能的開始。當我們達到這樣的程度：任何人都可以輕鬆地向 Facebook 提出任何問題，並得到我們社群的解答，這將非常強大。

In the last quarter, there have been several important evolutions in our strategy of understanding the world. The first is around Graph Search. At the beginning of this year we announced the first beta version of the service on desktop, and indexed more than 1 trillion connections between people and things. In the last quarter we started testing what we call Post Search, which allows you to search all of the unstructured text and posts that people have ever made on Facebook -- about 1.2 trillion more posts. The folks on the team who have worked on web search engines in the past tell me that the Graph Search corpus is bigger than any other web search indexed out there. It's still early for Graph Search because it is still in beta, only in English, and we haven't launched our mobile version yet, but it's something I'm really excited about.

上個季度，我們理解世界的策略發生了幾次重要的變化。第一個是關於圖譜搜尋。今年年初，我們發布了桌面版該服務的首個測試版本，並索引了超過 1 兆條人與物之間的連接。上個季度，我們開始測試所謂的「貼文搜尋」功能，該功能可讓您搜尋人們在 Facebook 上發布的所有非結構化文字和貼文——大約 1.2 兆個貼文。團隊中過去從事過網路搜尋引擎工作的人告訴我，Graph Search 語料庫比任何其他索引的網路搜尋語料庫都要大。對於 Graph Search 來說，現在還為時過早，因為它仍處於測試階段，只有英文版本，而且我們還沒有推出行動版本，但我對此感到非常興奮。

Another evolution in our progress to understand the world is around our approach to building mobile apps. Our goal has always been to help people share anything they want with anyone they want. Historically we've done this by building a lot of features into the core Facebook app. But we also have a few separate apps that are widely used, like Instagram and Messenger, our standalone messaging app. These are each large services that help people share in different ways. Instagram enables more than 150 monthly actives to share beautiful photos, often more publicly than people would want to share on Facebook. Messenger is part of how people send billions of private one-to-one and group messages everyday. And with the latest release of the app yesterday, we're continuing to add features and make this a better experience. In the future, we expect to develop more of these services to help people share different content with different groups of people. And we'll continue to build our Messenger as a better, distinct messaging experience.

我們理解世界進程中的另一個演變是圍繞我們建立行動應用程式的方法。我們的目標一直是幫助人們與任何人分享他們想要的任何東西。從歷史上看，我們透過在核心 Facebook 應用程式內建立大量功能來實現這一目標。但我們也有一些廣泛使用的獨立應用程序，例如 Instagram 和 Messenger（我們的獨立訊息應用程式）。這些都是幫助人們以不同方式分享的大型服務。Instagram 讓每月超過 150 名活躍用戶能夠分享精美的照片，而且通常比人們願意在 Facebook 上分享的更公開。Messenger 是人們每天發送數十億個私人一對一和群組訊息的一種方式。隨著昨天應用程式的最新版本發布，我們將繼續添加功能並提供更好的體驗。未來，我們期望開發更多這樣的服務，幫助人們與不同的人群分享不同的內容。我們將繼續打造我們的 Messenger，以提供更好、更獨特的訊息體驗。

There's one more evolution in our strategy to understand the world that I want to mention. In September we formed the Facebook AI group to do world-class artificial intelligence research using all the knowledge that people have shared on Facebook. The goal here is to use new approaches in AI to help make sense of all the content that people share so we can generate new insights about the world to answer people's questions. We started assembling a team of some of the best people in the field to work on these problems. We also announced the acquisition of Mobile Technologies, a speech recognition and machine translation company that will help expand our work in the field beyond just photo recognition to voice. Over time I think it's going to be possible to build services that are much more natural to interact with, and can help solve many more problems than any existing technology today. I'm excited that we're working on this problem and I'm looking forward to us doing a lot more here.

我還想提一下我們理解世界的策略的另一個演變。9 月份，我們成立了 Facebook AI 小組，利用人們在 Facebook 上分享的所有知識進行世界級的人工智慧研究。這裡的目標是使用人工智慧的新方法來幫助理解人們分享的所有內容，以便我們能夠對世界產生新的見解來回答人們的問題。我們開始組建一支由該領域最優秀的人才組成的團隊來解決這些問題。我們也宣布收購語音辨識和機器翻譯公司 Mobile Technologies，有助於我們在該領域的工作從照片辨識擴展到語音辨識。隨著時間的推移，我認為將有可能建立互動更加自然的服務，並且能夠比現有的任何技術解決更多的問題。我很高興我們正在努力解決這個問題，我期待我們能做更多的工作。

Finally, let's talk about the progress we've made towards building the knowledge economy. The key to building the knowledge economy is building tools for everyone to use information to do their jobs better. So, in addition to connecting everyone and understanding the world, we're also focused on building these services for businesses as a way to accelerate the growth of this new economy. The way businesses will experience this effort is that we'll keep building better services for them to reach their customers with higher quality ads, more efficiently, with better targeting, better analytics and using richer formats. The way people will experience this effort is that the ads they see will become more and more relevant to their lives.

最後，我們來談談我們在建立知識經濟方面所取得的進展。建立知識經濟的關鍵是建立工具，讓每個人都能利用資訊更好地完成工作。因此，除了連結每個人、了解世界之外，我們還專注於為企業建構這些服務，以加速新經濟的成長。企業將感受到我們所做的努力，我們將繼續為他們建立更好的服務，以便他們能夠以更高品質、更有效率、更精準的定位、更好的分析和更豐富的格式接觸到他們的客戶。人們體驗這種努力的方式是，他們看到的廣告將與他們的生活越來越相關。

Last quarter I started talking about how our approach going forward would be to grow our business through improving the quality of our ads rather than by just increasing the quantity. This quarter we continue to do this. And the results show our approach is working. We've been able to deliver better content and grow business for our customers and ourselves. We're finding that a lot more people are finding our ads useful and engaging with them. And the average daily actives is engaging with more than one ad per week. Most people probably wouldn't expect to engage with ads that often. So I think it's a great sign that people are finding ads useful, and they're adding value to the experience on Facebook. I think there's still a lot of room to improve the quality of our ads and grow our business over time. So, this is something that we're going to keep on investing in going forward.

上個季度，我開始談論我們未來的策略是透過提高廣告品質而不是僅僅增加數量來發展我們的業務。本季我們將繼續這樣做。結果顯示我們的方法是有效的。我們能夠為客戶和我們自己提供更好的內容並發展業務。我們發現，越來越多的人認為我們的廣告有用且具有吸引力。平均每日活躍用戶每週會接觸多個廣告。大多數人可能沒想到會如此頻繁地接觸廣告。所以我認為這是一個很好的跡象，表明人們發現廣告很有用，並且它們為 Facebook 上的體驗增添了價值。我認為我們的廣告品質還有很大的提升空間，而且隨著時間的推移，我們的業務還有很大的成長空間。因此，我們將繼續在這方面進行投資。

So, that's my update on how we're thinking about the next big changes we want to make in the world -- connecting everyone, understanding the world, and building the knowledge economy. We made a lot of progress this quarter. And I want to take a moment to thank everyone who works at our Company and everyone who is part of our community for all that they do to make Facebook great. Looking ahead, you can expect us to keep preparing for the future, even as we keep on building momentum today. As I said in our original S-1 filing, we don't build services to make money, we make money to build better services. This approach has served people who use Facebook, marketers and entire Facebook community well. It's a different way of looking at the world. But it's how we're going to keep succeeding as a Company. Thank you for being with us today. And now I'm going to hand it over to Sheryl.

這就是我對我們如何思考我們想要在世界上實現的下一個重大變化的最新看法——連結每個人、了解世界和建立知識經濟。本季我們取得了很大進展。我想藉此機會感謝公司的每一位員工以及我們社區的每一位成員，感謝他們為 Facebook 的偉大所做的一切。展望未來，您可以期待我們繼續為未來做好準備，即使我們今天繼續累積動力。正如我在最初的 S-1 文件中所說，我們提供服務不是為了賺錢，我們賺錢是為了提供更好的服務。這種方法為使用 Facebook 的人、行銷人員和整個 Facebook 社群提供了良好的服務。這是看待世界的不同方式。但這正是我們公司繼續取得成功的方法。感謝您今天與我們同在。現在我要把發言權交給謝麗爾 (Sheryl)。

Thanks, Mark. We continue to see strong growth in our ads business, especially mobile. Q3 total ad revenue grew 66% year over year to $1.8 billion. And mobile advertising grew to 49% of our total ad revenue. This is a remarkable milestone in the short time since we introduced mobile News Feed ads just last year. Similar to last quarter, our performance is very broad-based, with strong growth across all geographies and types of marketers. At the same time, our overall user engagement metrics remain strong. We think this validates the careful approach we're taking to building our ads business.

謝謝，馬克。我們的廣告業務，尤其是行動廣告業務持續強勁成長。第三季總廣告營收年增 66%，達到 18 億美元。行動廣告收入占我們總廣告收入的 49%。這是我們自去年推出行動新聞推播廣告以來短時間內取得的非凡里程碑。與上一季類似，我們的業績表現非常廣泛，所有地區和類型的行銷人員都實現了強勁成長。同時，我們的整體用戶參與度指標依然強勁。我們認為這證明了我們在建立廣告業務時所採取的謹慎態度。

I'd like to highlight some of the key drivers of our performance this quarter. These are, to a large degree, the results of investments we've made over the past few years. And they will continue to be our priorities going forward. The first driver is the continued growth of mobile engagement around the world. In 2013, for the very first time, people will spend more time with digital media than watching TV. eMarketer estimates more than five-and-one-quarter a day on digital services, including mobile, compared with four-and-a-half hours watching TV in the US. Facebook is well-positioned to benefit from this shift. In the United States, Facebook, including Instagram, that's one in eight minutes people spend on the desktop but one in five minutes on mobile.

我想強調本季業績的一些關鍵驅動因素。這些在很大程度上是我們過去幾年投資的成果。它們仍將是我們的未來重點。第一個驅動因素是全球行動參與度的持續成長。2013年，人們花在數位媒體上的時間將首次超過看電視的時間。eMarketer 估計，人們每天在數位服務（包括行動裝置）上花費的時間超過五個半小時，而美國人看電視的時間僅為四個半小時。Facebook 已做好充分準備從這項轉變中獲益。在美國，人們在桌上型電腦上花費的時間是 Facebook（包括 Instagram）的八分之一，但在行動裝置上花費的時間是五分之一。

According to ComScore, Facebook and Instagram have more mobile time spent than many of the next largest services, including YouTube, Pandora, Yahoo, Twitter, Pinterest, Tumblr, AOL Snapchat, and LinkedIn combined. Along with this engagement, we believe that we have the best mobile ad products, with ads that are integrated unit into News Feed, where people spend most of their time on Facebook.

據 ComScore 稱，Facebook 和 Instagram 的行動用戶使用時間比 YouTube、Pandora、Yahoo、Twitter、Pinterest、Tumblr、AOL Snapchat 和 LinkedIn 等許多僅次於 Facebook 和 Instagram 的服務的總和還要多。除了這種參與之外，我們相信我們擁有最好的行動廣告產品，這些廣告被整合到新聞推播中，而人們在 Facebook 上花費的大部分時間都花在了新聞推播中。

As people shift to where they spend their time, marketers are starting to follow. Our results today show that we're benefiting from this shift to mobile. And we believe this shift will continue, and will continue to benefit us. Today mobile represents 12% of consumer media time but it's still only 3% of ad budget.

隨著人們花費時間的地方發生變化，行銷人員也開始注意。我們今天的結果表明，我們正受益於向行動端的轉變。我們相信這種轉變將會持續下去，並將繼續使我們受益。如今，行動裝置佔據了消費者媒體時間的 12%，但仍只佔廣告預算的 3%。

The second driver of our performance is an increasing number of marketers spending their ad dollars on Facebook. From brands to direct response to local businesses to developers, more marketers are advertising on Facebook, which is a recognize that our ads work to drive sales. This growth is taking place globally. In the third quarter, the number of Facebook advertisers in EMEA nearly equaled the number in North America, reflecting global growth in our online advertising.

我們業績的第二個驅動力是越來越多的行銷人員在 Facebook 上投入廣告費用。從品牌到直接回應本地企業到開發商，越來越多的行銷人員在 Facebook 上投放廣告，這表明我們的廣告能夠推動銷售。這種成長是全球性的。第三季度，歐洲、中東和非洲地區的 Facebook 廣告客戶數量幾乎與北美持平，反映了我們線上廣告的全球成長。

The third driver of our growth is product development. We're working in a number of areas to make the ads people see on Facebook better. More targeted ads are better, and we're improving our ad targeting to increase relevance. We're investing in features like custom audiences and partner categories to improve targeting. These are great tools that are still in their early days and we will continue to invest. We also want to make it easier for marketers of all sizes to buy ads and measure their impact. In late September we rolled out at ad format changes to make ads look more consistent across Facebook. And we reduced the number of ad units marketers have to choose from, to reduce complexity. And earlier this month we rolled out a full redesign of our ads buying tools to simplify the ads creation process. Advertisers now select from one of eight business objectives, such as website conversions or app installs. We think these product investments make it easier for marketers to achieve their goals.

我們成長的第三個動力是產品開發。我們正在從多個方面開展工作，以讓人們看到更優質的 Facebook 廣告。廣告越有針對性越好，我們正在改進廣告定位以提高相關性。我們正在投資自訂受眾和合作夥伴類別等功能，以改善定位。這些都是很棒的工具，但仍處於早期階段，我們將繼續投資。我們也希望讓各種規模的行銷人員能夠更輕鬆地購買廣告並衡量其影響力。9 月底，我們推出了廣告格式變更，以使整個 Facebook 上的廣告看起來更加一致。我們減少了行銷人員可以選擇的廣告單元數量，以降低複雜性。本月初，我們對廣告購買工具進行了全面重新設計，以簡化廣告建立流程。廣告主現在可以從八個業務目標中選擇一個，例如網站轉換或應用程式安裝。我們認為這些產品投資使行銷人員更容易實現他們的目標。

We're also expanding our products for developers. We already have launched mobile app install ads and these are going very well. And we now launched mobile app install ads for engagement. These ads help developers and businesses reach people that have already installed there app, and directs them back to increased engagement. We believe these apps are a nice complement to our install ads, and represent a unique opportunity.

我們也正在為開發人員擴展我們的產品。我們已經推出了行動應用程式安裝廣告，並且進展非常順利。現在，我們推出了行動應用程式安裝廣告來提高參與度。這些廣告可協助開發人員和企業接觸已安裝其應用程式的用戶，並引導他們增加參與度。我們相信這些應用程式是對我們的安裝廣告的良好補充，並代表著一個獨特的機會。

We also continue to invest in helping brands see that our campaigns increase in-store sales. We recently launched outcome measurement for the telecommunications industry. And initial tests showed that more than 90% of people who made a purchase after viewing a Facebook ad had never clicked on that ad. This shows that impressions matter, and focusing only on clicks does not tell the whole story. Similarly, a recent study by Kenshoo, one of our leading preferred marketer developer partners, proves this point. The Kenshoo study found that marketers who use multi-touch attribution to measure campaign ROI credited 12% to 30% more value from Facebook than marketers who use last click attribution. But, we still have work to do. Brand marketers aren't moving as quickly as we would like. And we believe measurement is key to influencing the advertisers.

我們也將繼續投資，幫助品牌認識到我們的活動能夠增加店內銷售。我們最近推出了針對電信業的成果衡量。初步測試顯示，超過 90% 在看到 Facebook 廣告後購買的人從未點擊過該廣告。這顯示印像很重要，而只專注於點擊量並不能說明全部。同樣，我們領先的首選行銷商開發商合作夥伴之一 Kenshoo 最近的一項研究也證明了這一點。Kenshoo 的研究發現，使用多點觸控歸因來衡量行銷活動投資回報率的行銷人員從 Facebook 獲得的價值比使用最後點擊歸因的行銷人員高出 12% 至 30%。但是，我們仍有工作要做。品牌行銷人員的行動並不像我們所希望的那樣迅速。我們相信衡量是影響廣告商的關鍵。

Another important trend influencing our growth is our preferred marketing developer, or PMD, program. Over the past two years, we've invested in building an ecosystem that supports all types of marketers. And PMD has helped those marketers advertise effectively with us. Today, this program is a community of hundreds of technology and service companies spread across more than 45 countries.

影響我們成長的另一個重要趨勢是我們的首選行銷開發商（PMD）計劃。在過去的兩年裡，我們投資建立了一個支持所有類型行銷人員的生態系統。PMD 幫助這些行銷人員與我們一起有效地做廣告。如今，該計劃已成為一個由遍布 45 多個國家的數百家技術和服務公司組成的社區。

In summary, we think our strong performance this quarter further validates that our ad strategy is working. Marketers are responding favorably, as we heard during Ad Week in New York. Our messages are on reach, targeting and measurement are resonating, and we'll continue to reinforce them. Our ads are getting better, and we still have a long way to go. Moving forward, our focus remains the same -- continuing to capitalize on the shift to mobile, increasing the number of marketers who advertise with us, and continuing to invest in our ad products. We believe that we're in the early stages of a major transitioning in advertising. And we're uniquely positioned to capitalize on that opportunity.

總而言之，我們認為本季的強勁表現進一步證明了我們的廣告策略是有效的。正如我們在紐約廣告週期間所聽到的，行銷人員的反應非常積極。我們的訊息覆蓋範圍、目標定位和測量都引起了共鳴，我們將繼續強化這些訊息。我們的廣告越來越好，但我們還有很長的路要走。展望未來，我們的重點保持不變——繼續利用向行動端的轉變，增加與我們一起做廣告的行銷人員數量，並繼續投資於我們的廣告產品。我們相信，我們正處於廣告業重大轉型的早期階段。我們擁有獨特的優勢來利用這個機會。

Now, David.

現在，大衛。

Thanks, Sheryl, and good afternoon, everyone. Q3 was a strong quarter for us in terms of our financial results. Our business grew rapidly around the world. And we're pleased with our performance across our key financial metrics, highlighted by the fact that Q3 was our first $2 billion quarter in terms of revenue. Let's start with the size and engagement of the Facebook community, which continues to grow. 728 million people used Facebook on an average day in September, up 25% from last year. Growth continues to be driven by mobile. In Q3, for the first time, daily actives on web declined year over year, albeit very modestly. Daily users represented 61% of the 1.19 billion people who accessed Facebook during the month of September. And our overall engagement data remains strong. Also, as we announced in September, Instagram now has over 150 million monthly actives.

謝謝，謝麗爾，大家下午好。從財務業績來看，第三季對我們來說是一個強勁的季度。我們的業務在全球範圍內迅速成長。我們對主要財務指標的表現感到滿意，其中第三季是我們首次實現營收 20 億美元的季度。讓我們先從 Facebook 社群的規模和參與度開始，它正在不斷增長。9 月平均每天有 7.28 億人使用 Facebook，比去年同期成長 25%。成長繼續受到行動端的推動。第三季度，網路日活躍用戶數量首次出現年減，儘管降幅很小。9 月份，Facebook 的每日訪客數為 11.9 億，其中每日造訪用戶數佔 61%。我們的整體參與度數據依然強勁。此外，正如我們 9 月宣布的那樣，Instagram 目前每月活躍用戶超過 1.5 億。

I want to say a few word about youth engagement on Facebook. As we've said previously, this is a hard issue for us to measure because self-reported age data is unreliable for younger users. So, we've developed other analytical methods to help us estimate usage by age. Our best analysis on youth engagement in the US reveals that usage of Facebook among US teens overall was stable from Q2 to Q3. But, we did see a decrease in daily users, specifically among younger teens. We won't typically call out such granular data, especially when it's of questionable statistical significance, given the lack of precision of our age estimates for younger users. But we wanted to share this with you now since we get a lot of questions about teens. We're pleased that we remain close to fully penetrated among teens in the US. Our monthly user numbers remain steady. And overall engagement of Facebook remains strong. We'll continue to focus our development efforts to build products that drive engagement for people of all ages.

我想就 Facebook 上的青年參與度談幾句。正如我們之前所說，這對我們來說是一個很難衡量的問題，因為對於年輕用戶來說，自我報告的年齡數據不可靠。因此，我們開發了其他分析方法來幫助我們估計按年齡劃分的使用情況。我們對美國青少年參與度的最佳分析表明，從第二季度到第三季度，美國青少年對 Facebook 的使用總體保持穩定。但是，我們確實看到每日用戶數量減少，尤其是青少年。鑑於我們對年輕用戶的年齡估計缺乏精確度，我們通常不會調用如此細粒度的數據，特別是當它的統計意義值得懷疑時。但由於我們收到了很多關於青少年的問題，我們現在想與你們分享這一點。我們很高興看到我們在美國青少年群體中的滲透率已接近完全滲透。我們的每月用戶數量保持穩定。Facebook 的整體參與度依然強勁。我們將繼續集中精力開發能夠吸引所有年齡層參與的產品。

Turning to the financials. Total revenue in Q3 was $2 billion, up 60%. And ad revenue was $1.8 billion, up 66%. Exchange rates had no meaningful impact. Revenue growth was strong around the world, with each of the four geographic regions we report on growing by more than 50% versus last year. The primary drivers of ad revenue growth were an increase in the number of and the strong performance of News Feed ads, and increasing the number of marketers using Facebook, and increased demand in our system. In Q3, overall ad impressions were up 16%. And the average price per ad was up 42% compared to last year. The growth in ad impressions was primarily due to more people using our service, combined with the impact of a price floor reduction late in the third quarter last year. The growth in price per ad was primarily due to the increase in News Feed ads.

談到財務狀況。第三季總營收為 20 億美元，成長 60%。廣告收入為 18 億美元，成長 66%。匯率沒有產生任何有意義的影響。全球收入成長強勁，我們報告的四個地理區域均比去年增長了 50% 以上。廣告收入成長的主要驅動力是新聞推播廣告數量的增加和強勁表現、使用 Facebook 的行銷人員數量的增加以及我們系統需求的增加。第三季度，整體廣告展示量成長了 16%。與去年相比，每則廣告的平均價格上漲了 42%。廣告展示次數的成長主要是因為更多人使用我們的服務，再加上去年第三季末價格下限降低的影響。每個廣告價格的成長主要是由於新聞推播廣告的增加。

In the US and Canada, where last year's price floor change had a smaller impact, ad impressions decreased 8%, and average price per ad increased over 60% compared to last year. The decrease in ad impressions, despite an increase in the number of users in the US and Canada was due to the continued migration of usage to mobile devices where we show fewer ads per person compared to web. The greater than 60% increase in average price per ad in the US and Canada was primarily due to the increase in the number of News Feed ads shown on both mobile and web. Due to their high engagement levels, News Feed ads have a significantly higher price per ad then right-hand column ads. Therefore, the mix shift of our ads towards a higher percentage being in News Feed versus right-hand column is driving up our average price per ad.

在美國和加拿大，去年價格底線變化的影響較小，廣告展示量下降了 8%，而每條廣告的平均價格與去年相比上漲了 60% 以上。儘管美國和加拿大的用戶數量有所增加，但廣告展示次數卻有所減少，這是由於用戶繼續向行動裝置遷移，與網頁相比，我們在行動裝置上向每個人展示的廣告數量有所減少。美國和加拿大平均每條廣告價格上漲超過 60% 主要是由於行動裝置和網路上顯示的新聞推播廣告數量的增加。由於參與度較高，新聞推播廣告的單價明顯高於右側欄廣告。因此，我們的廣告組合轉向在新聞提要中而不是右側欄中佔比更高的廣告，這推高了我們每個廣告的平均價格。

Mobile ad revenue in Q3 was approximately 49% of our ad revenue, up from 41% in Q2. The sequential quarterly growth of mobile ad revenue was due to three factors -- an increase in the average price per mobile ad, an increase in the number of mobile users, and an increase in ads shown per mobile user. Looking now at web, ad revenue from web usage decreased both sequentially and year over year. Web ad revenue includes both News Feed ads on web and right-hand column ads on web. Revenue for News Feed ads on web increased significantly in Q3, sequentially and year over year, driven largely by an increase in the number of News Feed ads per web user. The increase was not enough to offset the revenue decline from right-hand column ads. Total payments and other fees revenue was up 24% year over year to $218 million, and roughly flat sequentially. Payments revenue from games was up 18% from last year. But we believe 12% represents the best apples-to-apples comparison, adjusting for accounting items such as the change in revenue recognition timing from late last year. Overall ARPU of $1.72 per user was up 33% compared to last year. We saw 43% increase in the US and Canada, and greater than 40% gains in each of the other three regions we report on.

第三季的行動廣告收入約占我們廣告收入的 49%，高於第二季的 41%。行動廣告收入的季度環比增長歸因於三個因素——每個行動廣告平均價格的上漲、行動用戶數量的增加以及每個行動用戶展示的廣告數量的增加。現在來看網絡，來自網路使用的廣告收入較上季和年比均有所下降。網路廣告收入包括網路上的新聞推播廣告和網路上的右側欄廣告。第三季度，網路新聞推播廣告收入較上季和年比均大幅成長，主要原因是每個網路用戶的新聞推播廣告數量增加。這一增長不足以抵消右側欄廣告收入的下降。總支付及其他費用收入年增 24% 至 2.18 億美元，與上一季基本持平。遊戲支付收入比去年增長了18%。但我們認為，12% 代表了最佳的同類比較，並根據會計項目（例如自去年年底以來收入確認時間的變化）進行了調整。總體而言，每位用戶的 ARPU 為 1.72 美元，比去年同期成長了 33%。我們發現美國和加拿大的增幅為 43%，而我們報告的其他三個地區的增幅均超過 40%。

Turning now to expenses, in Q3 our total GAAP expenses were $1.28 billion. On a non-GAAP basis, excluding stock compensation, total expenses increased 40% to $1.03 billion, driven by higher headcount and infrastructure spend. We ended Q3 with just under 5,800 employees, up 34% from last year. And we continue to be pleased with our success in attracting talent. Our Q3 GAAP operating income was $736 million, representing a 37% operating margin, up from 30% last year. And on a non-GAAP basis, operating income was $987 million, a 49% margin, up from 42% last year. Our GAAP and non-GAAP tax rates for Q3 were 41% and 36%, respectively. GAAP net income was $425 million or $0.17 per share. Non-GAAP net income was $621 million, or $0.25 per share, up around 100% from last year. In Q3 we spent $284 million on CapEx. And free cash flow was $666 million.

現在談談費用，第三季我們的 GAAP 總費用為 12.8 億美元。以非公認會計準則計算，不包括股票薪酬，總支出增加 40% 至 10.3 億美元，主要原因是員工人數增加和基礎設施支出增加。截至第三季末，我們的員工總數略低於 5,800 人，比去年同期成長了 34%。我們對於吸引人才的成功感到滿意。我們第三季的 GAAP 營業收入為 7.36 億美元，營業利潤率為 37%，高於去年的 30%。以非公認會計準則計算，營業收入為 9.87 億美元，利潤率為 49%，高於去年的 42%。我們第三季的 GAAP 和非 GAAP 稅率分別為 41% 和 36%。GAAP 淨收入為 4.25 億美元，即每股 0.17 美元。非公認會計準則淨收入為 6.21 億美元，即每股 0.25 美元，較去年同期成長約 100%。第三季我們的資本支出為 2.84 億美元。自由現金流為 6.66 億美元。

Looking at our balance sheet, we ended Q3 with $9.3 billion in cash and investments. During the third quarter we repaid our $1.5 billion term loan, and replaced it with a new $6.5 million line of credit, which is currently undrawn. We'll continue to manage our balance sheet to meet our liquidity needs, protect the business against risk, and provide us with flexibility to invest in new opportunities to grow the business.

查看我們的資產負債表，我們在第三季結束時擁有 93 億美元的現金和投資。在第三季度，我們償還了 15 億美元的定期貸款，並以 650 萬美元的新信用額度取而代之，目前尚未提取。我們將繼續管理我們的資產負債表，以滿足我們的流動性需求，保護業務免受風險，並為我們提供靈活性，以投資於新的業務成長機會。

Now, let's look forward. We continue to believe that improving the quality and relevance of News Feed ads provides us with a big, long-term opportunity. However, as we think about the future we do not expect it to significantly increase ads as a percentage of News Feed stories beyond where we were at the end of Q3. This is important because increasing ads in News Feed has been a meaningful driver of our revenue growth in 2013. So this should be factored into your expectations for next year. Turning to payments revenue, remember that in the fourth quarter of 2012 we recognized revenue from four months of payments transactions. So, for that reason, we expect payments revenue will be down this coming Q4 compared to last year.

現在，讓我們期待吧。我們始終相信，提高新聞推播廣告的品質和相關性將為我們帶來巨大的長期機會。然而，當我們考慮未來時，我們並不認為廣告在新聞推送故事中所佔的百分比會比第三季末的水平有顯著提高。這很重要，因為增加新聞推播中的廣告是我們 2013 年營收成長的重要推手。因此，這應該被考慮到你明年的期望。談到支付收入，請記住，在 2012 年第四季度，我們確認了四個月的支付交易收入。因此，我們預計今年第四季的支付收入將比去年同期下降。

Looking at expenses, we now expect that our 2013 totaled non-GAAP expenses, including cost of revenue but excluding stock compensation, will likely grow around 45%. In terms of our tax rate, we expect that our Q4 and full-year non-GAAP tax rates will be a few percentage points higher than our Q3 rate. Finally, we expect our 2013 CapEx to be in the neighborhood of $1.4 billion. This is down from our prior estimate of $1.6 billion due to a combination of efficiency gains and changes in timing of our planned purchases.

從費用來看，我們現在預計 2013 年非 GAAP 費用總額（包括營業成本但不包括股票薪酬）可能會增加 45% 左右。就我們的稅率而言，我們預計第四季和全年非 GAAP 稅率將比第三季高出幾個百分點。最後，我們預計 2013 年的資本支出將在 14 億美元左右。由於效率提高和計劃採購時間變化等因素，這一數字低於我們先前估計的 16 億美元。

To sum up, in Q3 we made great progress against our key financial objectives -- growing revenue, investing for growth, and positioning the Company to maximize long-term returns for our shareholders. And, we remain excited about the opportunities ahead.

總而言之，在第三季度，我們在實現關鍵財務目標方面取得了巨大進展——增加收入、投資成長以及使公司定位於為股東實現長期回報最大化。並且，我們仍然對未來的機會感到興奮。

Now, we're ready to open the call for questions.

現在，我們準備開始提問。

(Operator Instructions)

（操作員指示）

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

Great, thank you for taking the question. I just had two -- one for Mark and then one for Sheryl or David. Mark, the first one, as Facebook's value proposition is connecting the world, how should we expect Facebook, in the future, to more specifically leverage deal location data to advertisers to make the ads even more useful for your users? And over what time frame should we expect that to play out in your mind? And then the second question for Sheryl or David would just be, you talked about brand advertisers taking a little bit more time, I think, that you might've liked. Just wondering if you could help share with us how your mix between DR and brand advertisers has played out over the course of the year, if you could just give us some rough ideas. Thank you.

太好了，謝謝你回答這個問題。我只有兩個——一個給馬克，另一個給謝麗爾或大衛。馬克，第一個問題，由於 Facebook 的價值主張是連接世界，我們應該如何期待 Facebook 在未來更具體地利用交易位置數據來向廣告商提供廣告，從而使廣告對用戶更有用？您認為我們應該預期這個過程會在什麼時間範圍內實現？然後，我想問 Sheryl 或 David 的第二個問題是，您談到品牌廣告商需要多花一點時間，我想，這可能是您喜歡的。我只是想知道您是否可以幫我們分享一下您在一年中 DR 和品牌廣告商之間的組合情況，您是否可以給我們一些粗略的想法。謝謝。

The way we think -- I'll take both actually -- the way we think about using location data is that every time we use data we use it in accordance with the privacy controls we offer people. And we are working hard at making our ads better targeted. And over time I think you'll see the industry continue to evolve to get better at targeting more ads. We certainly see it's a significant upside for us to get better at targeting more dads, not just from geo-location data but from all kinds of different data we get based on what users do with our service.

我們的想法是——實際上我會同時考慮兩者——我們對使用位置資料的想法是，每次使用資料時，我們都會根據我們為人們提供的隱私控制來使用它。我們正在努力使我們的廣告更有針對性。隨著時間的推移，我認為你會看到這個行業不斷發展，以便更好地定位更多的廣告。我們當然認為，更好地瞄準更多的爸爸對我們來說是一個很大的優勢，這不僅來自地理位置數據，還來自我們根據用戶使用我們服務的情況獲得的各種不同數據。

On brand advertisers, we don't break out the different marketer segments. Our results this quarter are based on growth in all marketer segments, including brand. And we continue to make progress. We have every one of the Ad Age global 100 have advertised with us over the past year. My comment was based on the fact that marketing spend is just not keeping pace with the transition to time online and mobile in that segment of the market. And since that segment of the market is so big, helping that transition happen presents significant upside for us.

對於品牌廣告商，我們不會細分不同的行銷商細分。我們本季的業績是基於包括品牌在內的所有行銷部門的成長。我們還在不斷取得進步。過去一年裡，《廣告時代》全球 100 大企業都曾在我們這裡做過廣告。我的評論是基於這樣的事實：行銷支出根本跟不上該市場向線上和行動轉變的步伐。由於該細分市場規模如此之大，幫助實現這一轉變對我們來說具有巨大的優勢。

Our focus there is measurement. We have to show brand marketers that our ads drive in-store sales. And we work on that. We work on that client by client. To share a few examples from this quarter, Cadbury in the UK worked with us to sell their cream egg products the day before Halloween to talk about candy to 16 to 24 year olds. They used Facebook media for user-generated posts, along with TV. They reached 15 million people. 21% of those people they only reached on Facebook, not TV. And the combined impact of TV and Facebook where sales were up 9%. Another example, because it shows how we can move awareness, is the Alfa Romeo 4C launched in Portugal. And they did a pretty cool thing where a person could do a test drive with a Formula One driver. And they got the highest buzz they have ever had in Google trends for a product launch. So, for us, we think it's a big opportunity ahead of us. You have to work on these clients account by account, client by client. But we think as the shift to mobile and digital happens, it's a big opportunity, and we're focused on helping that shift happen.

我們的重點是測量。我們必須向品牌行銷人員表明我們的廣告能夠推動店內銷售。我們正致力於此。我們針對每個客戶開展工作。分享本季的幾個例子，英國吉百利與我們合作，在萬聖節前一天銷售他們的奶油蛋產品，向 16 至 24 歲的年輕人推銷糖果。他們利用 Facebook 媒體和電視發布用戶生成的貼文。他們的影響範圍達到 1500 萬人。其中 21% 的人只能透過 Facebook 而不是電視聯繫。電視和 Facebook 的綜合影響使銷售額增長了 9%。另一個例子是阿爾法羅密歐 4C 在葡萄牙推出，因為它展示了我們如何提高知名度。他們做了一件非常酷的事情，人們可以與一級方程式賽車手一起試駕。他們在 Google 趨勢中獲得了產品發布以來的最高熱度。因此，對我們來說，我們認為這是一個巨大的機會。您必須逐一帳戶、逐一客戶處理這些客戶。但我們認為，隨著向行動和數位化的轉變，這是一個巨大的機遇，我們專注於幫助實現這一轉變。

Scott Devitt, Morgan Stanley.

摩根士丹利的史考特·德維特。

Hi, thanks. Sheryl mentioned some of the tools that have been added to make it easier for advertisers to access and use the ad platform. One example was objective-based ad buying. I was just wondering how much you would attribute reduction in friction, like the examples that were referenced on the call leading to direct and immediate increases in inflow of ad dollars versus be more gradual in nature? And then, secondly, for Mark, the concept of the knowledge economy. I was wondering how you envision what the consumer will be doing on the site five years from now, if today is more about sharing, and sharing is more developed in search and product integrations? How you think about that relationship between those three activities on the site over a five-ish year time horizon? Thanks.

你好，謝謝。Sheryl 提到了一些已新增的工具，讓廣告主更輕鬆地存取和使用廣告平台。其中一個例子就是基於目標的廣告購買。我只是想知道，您會在多大程度上將摩擦的減少歸因於此，就像電話中提到的例子一樣，導致廣告收入的流入直接和立即增加，還是本質上更加漸進？其次，對馬克來說，這是知識經濟的概念。我想知道，如果今天更多的是共享，而共享在搜尋和產品整合方面更加發達，那麼您如何設想五年後消費者會在網站上做什麼？您如何看待五年左右時間範圍內網站上這三項活動之間的關係？謝謝。

On the first, our growth overall is based on the strong performance of News Feed ads, an increase in the number of News Feed ads per user, and also more marketers. And the simplification of products has actually been very important in attracting new marketers. If you look at the new advertisers we acquired in Q3, 62% of them started with either promoted posts or promoted page lives which are the most simple of our advertising formats. So, we think continuing to roll out very simple ways to become an advertiser is driving our growth, and will continue to.

首先，我們的整體成長是基於新聞推播廣告的強勁表現、每個用戶的新聞推播廣告數量的增加以及更多的行銷人員。產品的簡化其實對於吸引新的行銷人員非常重要。如果你看看我們在第三季獲得的新廣告商，其中 62% 都是從推廣貼文或推廣頁面開始的，這是我們最簡單的廣告形式。因此，我們認為繼續推出成為廣告商的非常簡單的方法正在推動我們的成長，並將繼續如此。

The larger question you ask was based on our focus of business objective. And that's actually a really big deal for us. We are now getting to the point where our ad product support is really helping marketers achieve their core business objectives. So, before people used to buy via the product -- what product do you want to buy -- and now they're buying from us by identifying -- I want to get mobile app installed, I want to get mobile engagement, I want to get website conversion. I think the fact that we're pivoting to focus on those end business results and making everything else, including social, part of meeting those business results, is a really important part of our strategy. It's driving our growth and I think it's going to continue to.

您提出的更大問題是基於我們對業務目標的關注。這對我們來說確實是一件大事。現在，我們的廣告產品支援正在真正幫助行銷人員實現其核心業務目標。因此，以前人們是透過產品購買的——你想買什麼產品——而現在他們透過識別來從我們這裡購買——我想安裝行動應用程序，我想獲得行動參與，我想獲得網站轉換。我認為，我們將重點轉向最終的業務成果，並將包括社交在內的所有其他方面都用於實現這些業務成果，這是我們策略中非常重要的一部分。它正在推動我們的成長，我認為它將會持續下去。

I just want to answer the part of the question about the product experience over time. I move there are two pieces of this that we're thinking about related to the knowledge economy. The first is just helping our customers use information better to grow their businesses and create jobs. So, we're thinking about small businesses and making it so that they can have better insights into who their customers are, and better ability to reach them. Developers being able to use better analytics for being able to find new customers as well. And those are a lot of the inspiration and the strategy behind the ad products that we're delivering.

我只想回答有關產品隨時間變化的體驗這一部分問題。我認為我們正在考慮與知識經濟相關的兩個面向。首先是幫助我們的客戶更好地利用資訊來發展業務和創造就業機會。因此，我們正在考慮小型企業，以便他們能夠更好地了解他們的客戶是誰，並更好地接觸他們。開發人員能夠使用更好的分析方法來尋找新客戶。這些就是我們所提供的廣告產品背後的許多靈感和策略。

On the side of the product experiences that we're creating for people who use Facebook, right now I do think that the Facebook experience is very push-based, in that you go to Facebook and we're suggesting content to you through something like News Feed. And over time I think if we do a good job we should be able to create more value through all of the knowledge that has been shared over time that we're not really surfacing on a day-to-day basis right now in terms of helping people answer a lot of different questions that they have around the world. That's the direction we're starting to go in with Graph Search and a few other areas, as well. But, it's pretty early so I think around a five-year timeframe, like you were saying, hopefully we will have made pretty significant progress towards going in that direction.

就我們為 Facebook 用戶打造的產品體驗而言，目前我確實認為 Facebook 體驗主要以推播為主，當您造訪 Facebook 時，我們會透過類似 News Feed 的方式向您推薦內容。我認為，隨著時間的推移，如果我們做得好，我們就能夠透過長期以來共享的所有知識創造更多價值，而這些知識目前在幫助世界各地的人們解答各種不同問題方面並沒有真正浮現出來。這也是我們在圖形搜尋和其他一些領域開始嘗試的方向。但是，現在還為時過早，所以我認為大約五年的時間，就像你說的，希望我們能夠朝著這個方向取得相當大的進展。

Mark May, Citigroup.

花旗集團的馬克‧梅。

Thanks for taking my questions. Maybe this first one for Sheryl and then David. It seems like a year-and-a-half ago, around the time of the IPO, the Company was very focused on top-of-the-funnel brand-related advertising. But over the last year or so it's been much more around direct response. But certainly get the sense that on the top-of-the-funnel brand is starting to move in a more meaningful way. What's the Company doing and what are some of the main projects that you're working on that you think will really start to move the dial on the top-of-the-funnel segment of the market? And what role does video maybe play into that? And then for David, regarding the ad load comment, had ad load not increased in North America, give us a sense of what the ad revenue growth would have been if you normalized for that? Thanks.

感謝您回答我的問題。也許這是第一個給謝麗爾 (Sheryl) 的，然後是大衛 (David) 的。似乎一年半以前，也就是首次公開發行 (IPO) 的時候，該公司非常注重漏斗頂端的品牌相關廣告。但在過去一年左右的時間裡，我們更關注的是直接反應。但可以肯定的是，漏斗頂端的品牌正開始以更有意義的方式發展。公司正在做什麼？您正在進行哪些主要項目？您認為這些項目將真正開始推動市場漏斗頂端部分的發展？那麼影片在其中扮演什麼角色呢？然後對於 David，關於廣告負載評論，如果北美的廣告負載沒有增加，請告訴我們，如果將其標準化，廣告收入增長會是多少？謝謝。

So, top-of-the-funnel ads remain very important to us. And, again, our growth this quarter was very broad-based including top-of-the-funnel ads. The reason they're important is that Facebook is such a unique and powerful discovery place. When you're on Facebook you are open to discovery, you're open to getting messages. And that's what we're seeing with News Feed messages from friends and with ads, as well. The key for us is measurement. The way we're really going to make progress is better measurement. It's easier to understand and measure a click that goes through to an online sale. It's harder to measure households that see ads and don't see ads change their purchase, change their purchase behavior in stores.

因此，漏斗頂部的廣告對我們來說仍然非常重要。而且，本季我們的成長非常廣泛，包括漏斗頂部的廣告。它們之所以重要是因為 Facebook 是一個獨特且強大的發現平台。當您使用 Facebook 時，您會樂於發現新事物，並樂於接收訊息。這也是我們在朋友的新聞推播訊息和廣告中看到的情況。對我們來說，關鍵是測量。我們真正取得進步的方法是更好的衡量。理解和衡量促成線上銷售的點擊變得更加容易。衡量看到廣告和沒有看到廣告的家庭是否會改變他們的購買行為、改變他們在商店的購買行為更加困難。

The thing I think we've done a lot of over the last year, and we're continuing to do that, is put those measurements in place. So I talked in my opening remarks about measurement for telecom. We've also done a ton of work around CPG so that we can look at households that saw an ad, households that didn't see an ad, and what their difference is. To share one more example, Mondelez did a promotion with us for the Nilla Wafer in the US. They were targeting 35- to 44-year-old females and moms. Because we were able to do this type of measurement, that we couldn't have done a year ago, we were able to show that the got a 5 extra turn on their ad spend. We measured household spending who saw their ads versus households who didn't see their ads, and there was a 9% difference. They were also able to tell that a lot of the 9% was driven by new buyers of their products, which is what they want. So I do think we have a big opportunity. I do think the brands are going to continue to need to be convinced account by account that this moves products off shelves, and that's what we're doing.

我認為我們在過去一年中做了很多事情，我們將繼續這樣做，就是實施這些測量。我在開場白中談到了電信測量。我們也圍繞 CPG 做了大量工作，以便我們可以觀察看到廣告的家庭、沒有看到廣告的家庭以及它們之間的差異。再舉一個例子，億滋國際與我們一起在美國推廣 Nilla Wafer。他們的目標客戶是 35 至 44 歲的女性和媽媽。因為我們能夠進行這種一年前無法進行的測量，所以我們能夠證明他們的廣告支出獲得了 5 次額外的回報。我們測量了看到他們廣告的家庭和沒有看到他們廣告的家庭的支出，發現差異為 9%。他們還發現，這 9% 的銷售量很大一部分是由其產品的新買家推動的，而這正是他們想要的。所以我確實認為我們有很大的機會。我確實認為品牌需要繼續透過一個又一個的帳戶來確信這會導致產品下架，而這正是我們正在做的事情。

Mark, thanks for your question. This is David. So, it's really not possible to tease out individual contributions because the way the auction works everything is interdependent. So if we have fewer ads, that's going to play out with different pricing and other sorts of things. So, I can give you our best feel for it but I can't quantify it precisely. If you look at overall ad revenue growth, for example, in the third quarter compared to the second quarter, there's probably three factors that contributed materially that are important to understand. One is just growth in users. Second is growth in demand which plays out into pricing. And then the third is an increase in the number of ads that we showed in News Feed per users. I'd probably order the ad load, probably third of the three, relative to the sequential. I think it plays out a little bit differently on mobile versus web. On mobile we really increased the number of ads as a percentage of the overall mobile experience quite modestly in the third quarter versus the second quarter. On web, the increase in the number of ads, or the percentage of ads, in the web News Feed experience went up more significantly than mobile did in the third quarter versus the second.

馬克，謝謝你的提問。這是大衛。因此，實際上不可能找出個人貢獻，因為拍賣的運作方式是一切都相互依存的。因此，如果我們的廣告減少，就會產生不同的定價和其他影響。因此，我可以向您提供我們對此的最佳感受，但我無法準確地量化它。例如，如果你看一下第三季與第二季相比的整體廣告收入成長情況，那麼可能有三個因素對成長起到了重要作用，需要了解。一是用戶的成長。第二是需求成長對定價產生影響。第三，我們在每個用戶的新聞推播中展示的廣告數量增加。我可能會按順序排列廣告負載，可能是三者中的三分之一，相對於順序而言。我認為它在行動裝置和網路上的表現略有不同。與第二季相比，我們在第三季確實小幅增加了行動廣告數量，佔整體行動體驗的百分比。在網路上，第三季與第二季相比，網路新聞推播體驗中的廣告數量或廣告百分比的成長比行動端更為顯著。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

Great, thanks for taking the question. I just wanted to ask you about two things. First on video, can you talk about what you've learned from the recent launch of video on Instagram, and how that may have shaped your thinking on rolling out video ads on Facebook? And then, secondly, just following up on the ad volume, just to clarify, when you're saying the ad volume won't necessarily increase anymore beyond where it was at the end of 3Q, is that on average or in the more penetrated markets? And then can you comment relative to the 5% of stories in the News Feed that you mentioned last quarter? Thanks

太好了，謝謝你回答這個問題。我只是想問你兩件事。首先是視頻，您能談談從最近在 Instagram 上推出的視頻中您學到了什麼嗎？以及這對您在 Facebook 上推出影片廣告的想法有何影響？其次，關於廣告量，需要澄清的是，您說的廣告量不一定會超過第三季末的水平，這是平均水平還是滲透率更高的市場水平？然後，您能否就您上個季度提到的新聞推送中 5% 的故事發表評論？謝謝

The experience with video on Instagram has been very positive so far. And I think that we proved through that, that having clips that autoplay can be a good experience in line in a feed. And that people really feel like they're in control of the experience because they can just scroll away if they don't like the content. If it's good content then that can be really good. So we're heartened by that. This is an important launch for Facebook overall because the addition of video content to the stream could be one of the most positive things that we've done in a long time for making it more engaging. But if we do it poorly, then it could also be a negative thing. And we're trying to take our time to make sure that we do this in a very positive way, and I'm pretty confident that we will. But that's why you're seeing us take the process that we have on this

到目前為止，Instagram 上的視訊體驗非常積極。我認為我們已經通過這一點證明了，自動播放的剪輯可以為資訊流帶來良好的體驗。人們確實感覺自己能夠掌控整個體驗，因為如果他們不喜歡某個內容，可以直接滾動離開。如果內容好的話那就真的很好了。所以我們對此感到振奮。這對 Facebook 整體而言是一次重要的發布，因為在資訊流中添加影片內容可能是我們長期以來為提高訊息流的吸引力而採取的最積極舉措之一。但如果我們做得不好，那麼也可能會產生負面影響。我們正在努力確保以非常積極的方式完成這項工作，我非常有信心我們會做到的。但這就是為什麼你看到我們採取了這個進程

I'll add on video ads, we do have a video ad product today because anyone can embed a video in page posts. And we're actually seeing very good results, particularly around entertainment and media. This is driving some of out ad spend. And the area remains pretty exciting because this is a very compelling way for marketers to tell their story.

我將添加影片廣告，我們今天確實有影片廣告產品，因為任何人都可以將影片嵌入頁面貼文中。事實上，我們看到了非常好的成果，特別是在娛樂和媒體領域。這減少了我們的部分廣告支出。這個領域仍然非常令人興奮，因為對於行銷人員來說，這是一種講述他們的故事的非常引人注目的方式。

Doug, you asked about what we mean when we say ad volume won't increase. The first thing I would say is I would frame that in the context of as a percentage of the News Feed experience. So, obviously, if we can drive more engagement, that provides more opportunity for us to show more ads. In general, I think your questions referenced whether this was geographic. The ad load in News Feed is reasonably consistent across the world. It's a little bit less in the least developed markets because we have less advertisers there. But it's not grossly different. So, I think that that comment holds generally across most of the markets where we make our advertising dollars.

道格，你問我們說的廣告量不會增加是什麼意思。我想說的第一件事是，我會將其置於新聞推送體驗百分比的背景下。因此，顯然，如果我們能夠推動更多的參與，這將為我們提供更多機會來展示更多廣告。總的來說，我認為您的問題涉及這是否與地理位置有關。全球範圍內，News Feed 中的廣告負載相當一致。在欠發達市場，我們的廣告收入略低，因為那裡的廣告商較少。但並沒有太大的不同。所以，我認為這個評論普遍適用於我們廣告收入所在的大多數市場。

In terms of relative to the 5%, what we said last quarter was that of the total volume of stories in News Feed, about 5% of those were ads. As I said on the last question, the mobile piece of that didn't change very substantially in the third quarter versus the second. The web percentage did go up. So, if you mix those two together, the Q3 number would be modestly higher than the 5% number from Q2.

相對於這 5% 來說，我們上個季度說的是，在 News Feed 的整體報道量中，大約有 5% 是廣告。正如我在上一個問題中所說的那樣，第三季的行動業務與第二季相比並沒有太大變化。網路百分比確實上升了。因此，如果將這兩者結合起來，第三季的數字將略高於第二季的 5%。

Mark Mahaney, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬克‧馬哈尼 (Mark Mahaney)。

Great, thanks. Two questions. First, David, can you just give us some color why the reduction in the OpEx growth for this year? Were there certain investment projects you decided to cut, and what were those, and why? And then, secondly, Mark, this five-year vision of moving towards, going from push-based to pull-based, that opens up a lot of opportunities. That's been the sauce, maybe, behind Google, and an interesting part of Twitter, et cetera. But could you talk about the challenges in order to get there? And maybe both in terms of the user experience, the advertiser opportunity, how difficult, substantial the technology challenges are to get there? It's a very different direction and there's a lot of opportunity but how do you get from point A to point B? Thanks

太好了，謝謝。兩個問題。首先，大衛，您能否解釋一下今年營運支出成長下降的原因？您是否決定削減某些投資項目？這些項目是什麼？為什麼？其次，馬克，這個五年願景是從推動型轉向拉動型，這將帶來許多機會。這或許是 Google 背後的秘訣，也是 Twitter 等的一個有趣部分。但您能談談實現這一目標所面臨的挑戰嗎？或許從使用者體驗和廣告商機會的角度來看，實現這些目標的技術挑戰有多困難、多多大？這是一個非常不同的方向，並且有很多機會，但你如何從 A 點到達 B 點？謝謝

Hi, Mark. In terms of OpEx growth, we're continuing to invest aggressively in the business with particular emphasis on technical hiring and building out our infrastructure. At the same time, we're trying to do this in a disciplined fashion, making sure that all the investments we make and the dollars we spend are spent wisely in terms of furthering our mission and creating returns for the Company. I'm really quite pleased with how things are going in that regard in 2013. From an R&D standpoint, we're really on track or, if anything, ahead of where we expected to be in terms of hiring and spend. And that's really the most important area for us in terms of investing to drive future growth.

你好，馬克。在營運支出成長方面，我們將繼續積極投資業務，特別注重技術招聘和基礎設施建設。同時，我們試圖以嚴謹的方式做到這一點，確保我們所做的所有投資和所花的錢都花在了實現我們的使命和為公司創造回報上。我對 2013 年這方面的情況感到非常滿意。從研發的角度來看，我們在招募和支出方面確實進展順利，甚至超出了我們的預期。就投資推動未來成長而言，這確實是我們最重要的領域。

In other areas of the business such as cost of revenue, G&A, marketing and sales, I think we're ramping up spend less than we anticipated for a couple of reasons. One is better success than we expected in some of the efficiency projects that are helping to keep the Company small even as revenue ramps up. A second reason is some slower than expected ramp up in both hiring and new projects. And then the third contributing factor is just we have in the budget some expectations for the unplanned stuff that comes along that can drive spend, like an asset acquisition or something like that. And we really haven't spent as much money as we expected in the unplanned areas.

在業務的其他領域，例如收入成本、一般及行政費用、行銷和銷售，我認為由於幾個原因，我們的支出成長低於預期。一是一些效率專案的成果比我們預期的要好，這些專案有助於在收入增加的同時保持公司規模較小。第二個原因是招募和新專案的成長速度比預期慢。第三個因素是，我們在預算中對一些可能推動支出的計劃外的事情有所預期，例如資產收購或類似的事情。而我們在未規劃領域確實沒有花預期那麼多錢。

And for your question about how do we make the knowledge that's been shared in Facebook more useful, the first thing we needed to do is just index it all and build the infrastructure to start being able to use it in different ways. The first beta for Graph Search we'd indexed more than 1 trillion connections, friendship connections, group memberships, live connections. Then for post search we indexed more than 1 trillion of the posts that people had put into the system. The basic insight that we think we're operating on here is that right now a lot of the behavior and engagement on Facebook is very day-to-day. You're sharing something, and Facebook is the best place for you to share photos or an event that's going on in your life. And for you to go to News Feed and see what's going on with the people around you. But what's happened is that over the past almost ten years of this behavior, this amazing base of knowledge has been built up -- and it's trillions of pieces of content and information -- that now we're just trying to find different ways to expose that and basically make that more useful to people instead of just the stuff that has been shared in the last day or so. So, Graph Search is one way that you can see that coming to light in terms of people being able to do directed queries for different types of content. There are other kinds of services that we think we can build, as well, that just give people more utility from this corpus of knowledge that's been built up. And that's going to be a big focus for us over the next few years.

至於你問的如何讓 Facebook 上分享的知識更有用，我們需要做的第一件事就是對所有內容進行索引，並建立基礎設施，以便能夠以不同的方式使用它。在 Graph Search 的第一個測試版中，我們索引了超過 1 兆個連結、友誼連結、群組成員和即時連結。然後，對於帖子搜索，我們索引了人們放入系統的超過 1 兆條帖子。我們認為我們在此採取的基本見解是，目前 Facebook 上的許多行為和參與都是非常日常的。您正在分享一些東西，而 Facebook 是您分享照片或生活中正在發生的事件的最佳場所。您還可以透過新聞提要查看周圍的人正在發生的事情。但實際情況是，在過去近十年的時間裡，我們已經建立了令人驚嘆的知識庫——數萬億的內容和資訊——現在我們只是試圖找到不同的方式來展示它們，並使它們對人們更有用，而不僅僅是過去一天左右分享的內容。因此，圖譜搜尋是一種讓人們能夠針對不同類型的內容進行定向查詢的方式。我們認為我們還可以建立其他類型的服務，這些服務可以讓人們從已建立的知識庫中獲得更多實用性。這將是我們未來幾年關注的重點。

Justin Post, Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

Thank you. Mark, after a successful revenue year you start next year with a clean slate. And you highlighted some big ambitions in your prepared remarks about access and improving search. Just maybe remind us how you think about driving profit growth as you look at the Company relative to your long-term objectives for the Company. Thank you.

謝謝。馬克，在經歷了成功的營收年度後，你將以全新的面貌開始新的一年。您在準備好的發言中強調了有關訪問和改進搜索的一些遠大抱負。也許請提醒我們，當您從公司的長期目標來看待公司時，您是如何考慮推動利潤成長的。謝謝。

We care a lot about that, and in terms of the shareholder value that we're generating, as well. And I think the recent results -- and what I said at the end of my remarks there was that we're going to keep on planting seeds for future growth while continuing to build momentum now. And I admit that's a philosophy that we've taken in terms of building the Company. We generally want it to be profitable and such. But I don't think we're going to commit or have any specific guidance on this right now.

我們非常關心這一點，同樣也關心我們創造的股東價值。我認為最近的結果——以及我在發言結束時所說的是，我們將繼續為未來的成長播下種子，同時繼續累積現在的勢頭。我承認這是我們在建設公司時所秉持的理念。我們通常希望它能夠獲利等等。但我認為我們現在不會對此做出承諾或提供任何具體指導。

Carlos Kirjner, Sanford Bernstein.

卡洛斯·基爾納、桑福德·伯恩斯坦。

Thank you. Mark, can you talk a little bit more about how the knowledge and the Facebook graph compares with the knowledge in the overall web today qualitatively and quantitatively? And if you are planning to connect the World Wide Web graph to the Facebook graph when you think about the answers that you're going to give people in the future. Secondly, there's draft regulation in the European Commission, in Brazil at least, that may require Internet companies such as Facebook to store all their data locally. What do you think would be the impact on Facebook's CapEx and expenses if these regulations are indeed implemented? Thank you.

謝謝。馬克，你能否再詳細談談知識和 Facebook 圖譜與當今整個網路的知識在質量和數量上的比較？當您考慮將來要向人們提供的答案時，如果您打算將萬維網圖表連接到 Facebook 圖表。其次，歐盟委員會（至少在巴西）有一項法規草案，可能要求 Facebook 等網路公司將所有資料儲存在本地。如果這些規定確實實施，您認為會對 Facebook 的資本支出和費用產生什麼影響？謝謝。

On your question about the graph, the graph that people share on Facebook versus the web overall, I think they're pretty different. So, in terms of quantity, they're getting to a pretty comparable size. So, engineers on the Graph Search team have told me, folks who have worked on other web search engines before, told me that the scale of things like post search are as big or bigger than any web search index that's out there. But I know they are just different use cases with different kinds of knowledge, and people are going to use them for different things. So, our approach with Graph Search is not to build something which is web search. We think that companies have done that and they're doing a good job at that. But there's different kinds of knowledge, things that you'd want more opinion on from people that you trust, that I think it's latent inside Facebook that we need to do a better job of surfacing that. So that's going to be the focus on that. Over time, there are a lot of possibilities for things that we can do. And I'm not really ready to talk about a lot of them today. But you can look at what we've launched in a couple of Graph Search launches that we've done so far. And we're pretty early in that journey.

關於圖表的問題，人們在 Facebook 上分享的圖表與整個網路分享的圖表相比，我認為它們有很大不同。因此，從數量上看，它們的規模相當。因此，Graph Search 團隊的工程師告訴我，以前在其他網路搜尋引擎上工作過的人告訴我，貼文搜尋之類的規模與現有的任何網路搜尋索引一樣大或更大。但我知道它們只是具有不同知識的不同用例，人們會將它們用於不同的事情。因此，我們對 Graph Search 的做法並不是建構某種網路搜尋。我們認為公司已經做到了這一點，而且做得很好。但是，有不同類型的知識，有些事情你希望從你信任的人那裡得到更多的意見，我認為這些知識隱藏在 Facebook 內部，我們需要更好地將這些知識展現出來。所以這將是重點。隨著時間的推移，我們可以做的事情會變得有很多可能性。我今天還沒準備好談論其中的許多內容。但您可以看看我們迄今為止推出的幾個 Graph Search 版本。我們在這個旅程中才剛起步。

And, Carlos, the second part of your question was about draft legislation or discussion about companies needing to store data locally in various countries. It's an interesting question and definitely something we're tracking. But the answer is really going to depend on the details of what that looks like. It's very hard to assess what kind of implications it would have for a company like Facebook without understanding what we would need to do. So, we'll continue to pay close attention to it but really hard to give you anything in the way of a specific answer at this point.

卡洛斯，你問題的第二部分是關於公司需要在各國本地儲存資料的立法草案或討論。這是一個有趣的問題，而且我們肯定正在追蹤它。但答案其實取決於具體細節。如果不了解我們需要做什麼，就很難評估它會對像 Facebook 這樣的公司產生什麼樣的影響。因此，我們會繼續密切關注此事，但目前很難給您任何具體的答案。

Jason Helfstein, Oppenheimer & Co.

傑森·赫爾夫斯坦（Jason Helfstein），奧本海默公司

Thanks. Can you give us some color on how many advertisers you guys ended the quarter, how that grew? And then if there's a way to think about how many advertisers have claimed pages, so we can get a sense of how deep the penetration is. Because it looks like you guys are more successful than other companies, and growing at a faster rate, particularly on the local penetration side. Thanks

謝謝。您能否告訴我們本季末你們有多少廣告客戶以及成長情況如何？然後，如果有辦法想想有多少廣告商已經認領了頁面，那麼我們就可以了解滲透的深度。因為看起來你們比其他公司更成功，而且成長速度更快，特別是在本地滲透方面。謝謝

Last quarter we reported that we had 1 million active advertisers. And that number continues to grow, and continues to grow healthily. We believe globally we have 20 million small businesses and local businesses of some kind who have pages. So obviously just a fraction of those are advertisers. And I think it's one of the most exciting opportunities in front of Facebook. It's really hard to get small businesses to use technological products. And 20 million small businesses are using us. And we haven't gone out and done aggressive sales efforts to make that happen. Going from having a page that you're using for organic distribution to paid distribution is something we're very focused on. It's why we roll out these simple products. And I think our track record at doing that is good and we plan on getting better at it.

上個季度我們報告說我們擁有 100 萬活躍廣告商。而且這個數字還在持續成長，並且保持著健康成長。我們相信，全球有 2000 萬家小型企業和某種類型的本地企業擁有自己的主頁。顯然，其中只有一小部分是廣告商。我認為這是 Facebook 面臨的最令人興奮的機會之一。讓小企業使用科技產品確實很困難。目前有 2000 萬家小型企業正在使用我們的服務。我們還沒有採取積極的銷售措施來實現這一目標。我們非常關注從用於自然分發的頁面到付費分發的頁面的轉變。這就是我們推出這些簡單產品的原因。我認為我們在這方面的記錄很好，我們計劃做得更好。

Ross Sandler, Deutsche Bank.

德意志銀行羅斯桑德勒。

David, sorry to beat a dead horse but back to the ads per user comment. Can you just give us some color on, since you guys started the mobile News Feed ads a year-and-change ago, how much CPC and click-through rate improvement you've been able to drive? And should we think about it going forward, if mobile users are growing at 18% in the UK, 20% in the US, and I think 60% for ROW, should we think about revenue growth as a slight premium to that but somewhat correlated to that? Thanks.

大衛，很抱歉，我又重複了一次老生常談，但還是回到用戶評論中的廣告。您能否向我們詳細介紹一下，自從一年前開始投放行動新聞推播廣告以來，每次點擊費用和點擊率的提升幅度是多少？我們是否應該考慮未來，如果英國的行動用戶成長率為 18%，美國的行動用戶成長率為 20%，而我認為其他地區的行動用戶成長率為 60%，我們是否應該認為營收成長略高於這個數字，但與這個數字有一定的相關性？謝謝。

Sure, Ross. I think if you look back over the last year, some of the metrics that I think been most positive for us have been, as we've ramped up from a very low volume, very few ads shown in News Feed to larger numbers, what one could reasonably have expected, given the way the auction dynamics work, is that the pricing would really come down as we were delivering more clicks, and as we were diving deeper into the pool of advertising demand. And the way pricing has really held up, and click-through rates have filled up, and CPCs have held up as we've progressed through this over the last year, I think, has really validated our confidence that News Feed ads were going to be a really important product, that could really drive the performance of the business. So, we remain really encouraged and pleased by that.

當然，羅斯。我認為，如果回顧過去的一年，我認為對我們最為積極的一些指標是，隨著我們從非常低的廣告量（News Feed 中顯示的廣告數量非常少）上升到更大的數量，考慮到拍賣動態的工作方式，人們可以合理地預期，隨著我們提供更多的點擊量，隨著我們深入廣告需求池，定價將真正下降。並且，隨著我們在過去一年中不斷取得進展，定價、點擊率和每次點擊費用一直保持穩定，我認為這確實證實了我們的信心，即新聞推送廣告將成為一款非常重要的產品，能夠真正推動業務表現。因此，我們對此感到非常鼓舞和高興。

Going forward, clearly we will try to continue to grow the user base, as you described. And that's been an important part of our revenue growth since the Company started. And the other opportunity is for us to continue to improve the quality, the relevance and the performance of the ads, and to drive up pricing by bringing more demand into our system. We're certainly, I think, doing a good job of that right now, and we've got to continue to execute.

展望未來，正如您所描述的，我們顯然會努力繼續擴大用戶群。自公司成立以來，這一直是我們收入成長的重要組成部分。另一個機會是，我們可以繼續提高廣告的品質、相關性和效果，並透過為我們的系統帶來更多需求來提高價格。我認為，我們現在在這方面做得很好，而且我們必須繼續執行。

Eric Sheridan, UBS.

瑞銀的艾瑞克·謝裡丹。

Thanks, guys. Two quick questions. One, following up on the last one with respect to ROI around advertising products going forward. I guess maybe more for Sheryl. But how do you guys think about the dialogue between advertisers and yourselves about ROI? And how much of that fits with measurement and attribution tools that you guys need to develop internally versus what they need to think about in terms of the ROI on your properties versus other online and off-line properties? And the second question on mobile app install ads, a question about the diversification of the advertiser base and how that's really developed since the product's been launched? Thanks

謝謝大家。兩個簡單的問題。第一，跟進上一個關於未來廣告產品投資報酬率的問題。我想謝麗爾 (Sheryl) 可能更適合。但是你們如何看待廣告商和你們之間關於投資報酬率的對話？其中有多少與你們需要內部開發的測量和歸因工具相符，以及他們需要考慮的你們的資產相對於其他線上和線下資產的投資回報率是多少？第二個問題是關於行動應用程式安裝廣告的，關於廣告客戶群的多樣化以及自產品推出以來這種多樣化是如何發展的？謝謝

To the first question, it's really both. In order to measure all the way from seeing a Facebook ad through to a purchase, particularly one that's off-line, that takes work and tools on our site, including the data systems. And it also takes thinking about measurement on their side. The industry overall is moving. We've been really pleased to see more embracing of multi-click over last-quick attribution. You can see that happening with a number of big players in the industry. The PMDs are really important here. The PMDs are good at helping people and helping marketers measure. But, really, the develop of measurement systems, take our measurement, take industry measurement. Particularly for brand advertisers, they also takes some rethinking of the ways they have measured ads and ads performance before. And we work very closely with our clients on that.

第一個問題，其實兩者皆有。為了衡量從看到 Facebook 廣告到購買的整個過程，特別是離線購買，這需要我們網站上的工作和工具，包括數據系統。他們也需要考慮測量問題。整個行業正在發展。我們非常高興地看到，與上次快速歸因相比，多次點擊歸因受到越來越多的歡迎。您可以看到，業內許多大公司都出現了這種情況。PMD 在這裡確實很重要。PMD 擅長幫助人們並幫助行銷人員進行衡量。但是，實際上，測量系統的發展，包括我們的測量、產業測量。特別是對於品牌廣告商來說，他們還需要重新思考先前衡量廣告和廣告效果的方式。我們在這方面與客戶密切合作。

On mobile app install and mobile engagement ads, we are very focused on growing across the board. We want growth in all of our marketer segments, and we want growth that's broadly across the world. Developers are a really interesting place for us because we think not only do we have, we think, the best mobile ad product in general, because people spend a lot of their time in News Feed, they spend more time in News Feed than they spend in any other part of our service, that gives us an opportunity to sell ads broadly. But it also gives us a great opportunity for developers. Because what developers want people to do happens on their mobile phones and on the desktop. Mobile app install ads have been very successful for us. And they're interesting because the mobile app install market didn't even exist a few years ago. I think the move to roll out engagement ads further deepens our relationship with developers. And shows that we can help get them users, and then we can get those users to continually use their products. So we're pretty excited about this part of the market because we think it can grow so quickly. And we think our ad products and offering is so unique.

在行動應用安裝和行動參與廣告方面，我們非常注重全面成長。我們希望所有行銷領域都能成長，並且我們希望實現全球範圍內的成長。對我們來說，開發人員是一個非常有趣的地方，因為我們認為我們不僅擁有最好的行動廣告產品，而且因為人們在新聞推送上花費了大量的時間，他們在新聞推送上花費的時間比在我們服務的任何其他部分花費的時間都要多，這為我們提供了廣泛銷售廣告的機會。但這也為開發人員提供了絕佳的機會。因為開發人員希望人們所做的事情都發生在手機和桌面上。行動應用安裝廣告對我們來說非常成功。它們之所以有趣，是因為幾年前行動應用安裝市場甚至還不存在。我認為推出互動廣告的舉措進一步加深了我們與開發者的關係。並表明我們可以幫助他們獲得用戶，然後我們可以讓這些用戶持續使用他們的產品。因此，我們對這部分市場感到非常興奮，因為我們認為它可以快速成長。我們認為我們的廣告產品和服務非常獨特。

Peter Stabler, Wells Fargo.

富國銀行的彼得‧斯特布勒。

Good afternoon. Thanks very much for taking the questions. You introduced hash tags in June and I'm just wondering if you could comment on usage trends, how strategically important hash tags are to indexing the knowledge graph going forward? And whether hash tags could become a meaningful part of an ad targeting opportunity in the future if usage catches on in a significant way? Thank you.

午安.非常感謝您回答這些問題。您在六月推出了主題標籤，我只是想知道您是否可以評論一下使用趨勢，主題標籤對於未來索引知識圖譜的策略重要性有多大？如果標籤的使用方式顯著流行，那麼它是否會成為未來廣告定位機會中一個有意義的組成部分？謝謝。

The launch of hash tag was more just following behavior that we see from people. All we really did was take hash tags that people were putting into the product and make them linked so that people could find other posts that had the same tag. The effort that I think you're latching onto is basically we are putting some more effort now into both public content on Facebook and more private content. So, there are a bunch of different sets of people that a person will want to share with. One is all of their friends. But a lot of the sharing and communication that's done is one-on-one in messaging, or with small groups, or with a community. And then there's a large set of content that's public, which is often very high-quality content, as well. And we have efforts in all of those areas to make it that people can share all of those different kinds of content on Facebook. And that's going to be something that we're going to continue to do.

標籤的推出更多的只是遵循了我們從人們身上看到的行為。我們真正做的就是獲取人們放入產品中的標籤並將它們連結起來，以便人們可以找到具有相同標籤的其他貼文。我認為你所關注的努力基本上是我們現在在 Facebook 上的公開內容和更多私人內容上投入了更多精力。因此，人們會想與許多不同的人分享。一是他們所有的朋友。但許多分享和交流都是一對一、小組或社群之間的交流。然後有大量公開的內容，這些內容通常也是非常高品質的內容。我們在所有這些領域都做出了努力，以便人們可以在 Facebook 上分享所有不同類型的內容。我們將繼續這樣做。

Brian Nowak, Susquehanna.

布萊恩·諾瓦克，薩斯奎漢納。

Thanks. I have two, please. You continue rolling out a lot of new products. I was wondering if you could speak to the traction and any of the user adoption of the early topical and interest trending that you've rolled out? And then last quarter you talked about strength in e-Commerce driving some of the advertising. Which kind of verticals would you speak to this quarter? Ad as we're adding into the holiday season, are you still seeing e-Commerce being a big driver again? Thanks.

謝謝。請給我兩份。您繼續推出大量新產品。我想知道您是否可以談談您推出的早期主題和興趣趨勢的吸引力以及用戶採用？上個季度您談到了電子商務的強勁發展對部分廣告業務的推動作用。本季您會談論哪些垂直行業？隨著我們進入假期季節，您是否仍然認為電子商務再次成為一大推動力？謝謝。

You're asking about the effectiveness of some of the public content efforts that we've done. I think it's starting to do very well and we're very pleased with it. Some of the questions that we've gotten have asked if this is an area we've started focusing on recently, which actually it isn't. It's something we've been working on for a while. But I think the question is a sign that the results are starting to be quite good and folks are starting to notice the traffic that we're driving and the higher-quality content that's public that people are coming across on Facebook. So we're going to keep on focusing on this. It's not just about public content. It's about giving people the power to share with every different audience that they want, whether it's the most private, one-on-one communication and thread, up to the most public content that you want to get out for everyone in the world to be able to consume. We're just going to keep pushing on all of that

您詢問的是我們所做的一些公共內容工作的有效性。我認為它開始表現得非常好，我們對此感到非常滿意。我們收到的一些問題是，這是否是我們最近開始關注的領域，但事實並非如此。這是我們一直在努力的事情。但我認為這個問題表明結果開始變得相當好，人們開始注意到我們所吸引的流量以及人們在 Facebook 上遇到的更高品質的公開內容。因此我們將繼續關注這一點。這不僅涉及公共內容。它賦予人們與他們想要的每個不同受眾分享的力量，無論是最私密的一對一交流和話題，還是最公開的內容，讓世界上的每個人都能消費。我們將繼續努力

To your second question, direct response, including e-Commerce, continues to perform well. We have high click-through rates, competitive CPCs, so we're attractive for marketers. When you think about verticals, I think we have really tremendous opportunity in basically all of them. Things that are performing particularly well right now -- financial services, media and entertainment, e-Commerce, professional services. But even if you look to a vertical like auto that we haven't historically been strong in, I think we're starting to make real inroads client by client, like the Alfa Romeo case study I showed, because we have such a great opportunity to engage the people they want to reach. Our targeting is also getting better. So with custom audiences and partner categories we're able to identify -- here are the people you want to show your ad to who we believe are in the market to buy a car, for example. So the combination of the measurement work we're doing and the ability to target, I think means we have a strong play in every vertical.

對於您的第二個問題，包括電子商務在內的直接回應繼續表現良好。我們的點擊率很高，每次點擊費用也很有競爭力，因此對行銷人員很有吸引力。當你考慮垂直行業時，我認為我們在所有行業中都擁有巨大的機會。目前表現特別好的產業是金融服務、媒體與娛樂、電子商務、專業服務。但即使你看一下我們歷史上並不強大的汽車垂直領域，我認為我們也開始在一個又一個的客戶中取得真正的進展，就像我展示的阿爾法羅密歐案例研究一樣，因為我們有很好的機會來吸引他們想要接觸的人。我們的定位也越來越準確。因此，透過自訂受眾和合作夥伴類別，我們能夠識別——例如，這些是您想要向其展示廣告的人，我們認為他們有購買汽車的意願。因此，我認為，我們正在進行的測量工作和目標確定能力相結合，意味著我們在每個垂直領域都發揮著強大的作用。

Richard Greenfield, BTIG.

BTIG 的 Richard Greenfield。

Hi. I really wanted to ask you about the Instagram blog post that you put up the other week where you stated specifically that -- I think the quote from the blog was you want ads to be creative and engaging. And that seems pretty different than most of the advertising that I've seen on Facebook, whether on mobile or on the desktop. And wanted to ask you how do you think, or is it possible that if this strategy of advertising works well on Instagram, could we actually see a new form of advertising appear on Facebook sometime in 2014 or 2015?

你好。我真的很想問您關於上週您發布的 Instagram 部落格文章的問題，您在其中明確指出——我認為部落格中的引言是您希望廣告具有創意且引人入勝。這看起來與我在 Facebook 上看到的大多數廣告（無論是在行動裝置還是桌面上）有很大不同。想問一下您，您怎麼看，或者說，如果這種廣告策略在 Instagram 上效果很好，我們是否真的會在 2014 年或 2015 年的某個時候在 Facebook 上看到一種新的廣告形式出現？

What we announced last week is a small test with 10 advertisers to start showing ads in the Instagram feed. And we're excited about it because there's a lot of interest and a lot of excited brands. When you think about ads being exciting and engaging, I think we think about two things. We think about ads that fit the format of the product that they're part of. So, the Instagram ads right now are the pictures and videos, which are exactly what people post on Instagram. If you look at the progress we've made with our News Feed ads, those ads, those in the size, the shape, they got larger when they moved over from the right-hand side, right-hand column. But they're also meant to be as exciting, as engaging as the content. So, our goal is we want our ads to be as good as the user-shared content. Some of them are, a lot of them aren't. We have a lot of room to grow in improving that quality. But in terms of the excitement you'll see, or the interest, that is our goal. And we're just going to match the format of the product we're working with as we roll out ads.

我們上週宣布與 10 家廣告商進行小規模測試，開始在 Instagram 動態中展示廣告。我們對此感到很興奮，因為有許多感興趣的品牌也對此感到興奮。當你想到廣告令人興奮且引人入勝時，我認為我們會考慮兩件事。我們考慮適合其所屬產品格式的廣告。所以，現在的 Instagram 廣告就是圖片和視頻，也就是人們在 Instagram 上發布的內容。如果你看一下我們在新聞推播廣告方面的進展，你會發現，當這些廣告從右側、右側欄移過來時，它們的尺寸和形狀都會變得更大。但它們也應該像內容一樣令人興奮、引人入勝。因此，我們的目標是讓我們的廣告和用戶共享的內容一樣好。有些是，但很多不是。在提升這項品質方面，我們還有很大的進步空間。但就您將看到的興奮或興趣而言，這就是我們的目標。我們在推出廣告時，只會採用與產品相符的格式。

Brian Wieser, Pivotal Research.

Brian Wieser，關鍵研究。

Thanks for taking the question. I'll take another crack at the number of businesses advertising. I was wondering if you could quantify the number of new small businesses, perhaps, or number of advertisers going beyond that 1 million in the quarter. The reason I ask is I'm trying to understand to what degree that maybe the shift to spending mix towards smaller businesses may have contributed to margin expansion? And maybe you could talk about the margin profile, the different segments of marketers bring to your business.

感謝您回答這個問題。我將再次嘗試統計企業廣告的數量。我想知道您是否可以量化本季新小型企業的數量，或超過 100 萬的廣告商數量。我之所以問這個問題，是因為我想了解向小型企業的支出結構轉變在多大程度上促進了利潤率的擴大？也許您可以談談利潤狀況，以及不同細分市場的行銷人員為您的業務帶來的收益。

We don't break out our business by marketer segment and we don't give margins by marketer segment. But to help answer your question, we've seen strong growth across all of our marketer segments. All of them are growing. Brand's growing, direct response and eCommerce are growing, SMB and local businesses are growing, developers are growing. We definitely think there is a big opportunity, both to grow same-store sales of our large clients, particularly with the shift that's happening from TV to digital and mobile. We think that there's a really exciting opportunity. We also think SMBs are a big opportunity for us. And certainly in an advertiser base of over 1 million advertisers, the great majority of those are obviously the small- to medium-sized businesses.

我們不會根據行銷人員細分我們的業務，也不會根據行銷商細分提供利潤。但為了幫助回答您的問題，我們看到所有行銷人員部門都實現了強勁成長。它們都在成長。品牌正在成長，直接回應和電子商務正在成長，中小企業和本地企業正在成長，開發商在成長。我們確實認為這是一個巨大的機遇，既可以提高我們大客戶的同店銷售額，又可以促進銷售額從電視到數位和行動的轉變。我們認為這是一個非常令人興奮的機會。我們也認為中小企業對我們來說是一個巨大的機會。當然，在超過 100 萬的廣告商群體中，絕大多數顯然是中小型企業。

We worked hard on our sales effort so that we have the right sales and support effort to meet our clients. We care about our margins. Certainly simplified products, such as we've rolled out over the last year, make it easier and cheaper for SMBs to use our products. Easier for them and cheaper for us. And we will continue to focus on the automated tools that help.

我們努力進行銷售工作，以便我們擁有正確的銷售和支援能力來滿足客戶的需求。我們關心我們的利潤。當然，我們去年推出的簡化產品使中小企業能夠更輕鬆、更便宜地使用我們的產品。對他們來說更容易，對我們來說更便宜。我們將繼續關注有幫助的自動化工具。

I think the most important thing we've done on this goes back to an earlier question about focusing on marketer objectives. Before, we were asking marketers to come in and choose what ad products they were buying. With our shift to focusing on marketer objectives, it's easier for everyone from the largest to the smallest. A small business owner can come in and say -- I want my app installed. Or -- I want web conversions. Or -- I want web click. And then we are doing the harder work of figuring out what products are there, figuring out which of those ads should have social context so that we can meet those objectives. I think that move of moving more towards using their language and focusing on their business needs is a simpler product for them. It will help gain us more marketers and it helps us work with them in a more efficient way.

我認為我們在這方面所做的最重要的事情可以追溯到之前關於專注於行銷人員目標的問題。以前，我們要求行銷人員進來選擇他們要購買的廣告產品。隨著我們轉向專注於行銷人員的目標，無論規模大小，每個人都能更輕鬆地實現目標。小企業主可以進來並說——我想要安裝我的應用程式。或者——我想要網路轉換。或者——我想要網頁點擊。然後，我們正在做更艱鉅的工作，弄清楚有哪些產品，弄清楚哪些廣告應該具有社交背景，以便我們能夠實現這些目標。我認為更多地使用他們的語言並關注他們的業務需求的舉措對他們來說是一種更簡單的產品。它將幫助我們獲得更多的行銷人員，並幫助我們以更有效的方式與他們合作。

Great, that's it. Thank you for joining us today. We appreciate your time and we look forward to speaking with you again next quarter.

太好了，就是這樣。感謝您今天加入我們。感謝您的時間，我們期待下個季度再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。