Meta Platforms Inc (META) 2014 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. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

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。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。

(Operator Instructions)

（操作員指示）

Thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

非常感謝。您可以請 Facebook 投資者關係副總裁 Deborah Crawford 女士開始發言。

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, COO; and Dave Wehner, 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），首席營運長；以及財務長戴夫·韋納 (Dave Wehner)。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements, and 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 and on our 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 statements as a result of new information or future events.

在我們開始之前，我想藉此機會提醒您，我們今天的評論將包括前瞻性陳述，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和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出。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，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. 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包含了 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「投資者」上查閱。FB.com。

And now, I would 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 good quarter for Facebook, and we've achieved strong results across the board. We've continued to grow our community in both size and engagement, with 1.35 billion people now using Facebook each month and 64% using Facebook daily. On mobile, 1.122 billion people now use Facebook each month and 703 million people each day, nearly 40% growth from this time last year.

謝謝，黛博拉，也謝謝大家今天的參加。對於 Facebook 來說，這是一個好的季度，我們在各方面都取得了強勁的業績。我們的社群規模和參與度都在擴大，目前每月使用 Facebook 的人數為 13.5 億，其中 64% 的人每天都使用 Facebook。在行動裝置上，目前每月有 11.22 億人使用 Facebook，每天有 7.03 億人使用，比去年同期成長了近 40%。

Looking at our business, we continue to do well. This quarter, total revenue reached $3.2 billion, and advertising revenue grew 64% year over year. Mobile now accounts for 66% of our advertising revenue. These results show that Facebook is getting stronger every day as a community, a partner for developers and marketers, and as the business.

縱觀我們的業務，我們繼續表現良好。本季總營收達32億美元，廣告收入較去年同期成長64%。行動端目前占我們廣告收入的66%。這些結果表明，Facebook 作為一個社群、開發人員和行銷人員的合作夥伴以及作為一家企業，日益變得更加強大。

One thing that I'm particularly pleased about is that while we are investing aggressively and making progress toward our big, long-term goals, we also continued to execute well against our near-term priorities. On previous calls, you've heard me talk about our big Company goals of connecting everyone, understanding the world, and building the next generation of platforms.

令我特別高興的一件事是，我們在積極投資並朝著我們的長期大目標邁進的同時，也繼續很好地執行我們的近期優先事項。在之前的電話會議中，你們已經聽過我談論我們公司的宏偉目標：連結每個人、了解世界、建立下一代平台。

These goals are important for us and are the foundation of our strategy for the next decade. But achieving these will look involve many different efforts and steps along the way, some that will be achieved rapidly and others that are going to take longer. So with that in mind, I'd like to run through our progress this quarter on the different efforts that we expect to deliver a lot of impact over the next 3, 5, and 10 years.

這些目標對我們很重要，也是我們未來十年策略的基礎。但實現這些目標似乎需要付出許多不同的努力並採取許多不同的步驟，有些可以迅速實現，而有些則需要更長。因此，考慮到這一點，我想介紹一下我們本季在不同努力方面取得的進展，我們預計這些努力將在未來 3 年、5 年和 10 年產生巨大影響。

Let's begin with our three-year goals: over the next three years, our main goals are around continuing to grow and serve our existing communities and businesses, and help them reach their full potential. When you look at the size and engagement of our community, our progress remains very strong. 864 million people use Facebook every day, and across our core products, we continue to see huge engagement.

讓我們從三年目標開始：在接下來的三年裡，我們的主要目標是繼續發展和服務我們現有的社區和企業，並幫助他們充分發揮潛力。當你看到我們社區的規模和參與度時，你會發現我們的進步仍然非常強勁。每天有 8.64 億人使用 Facebook，我們的核心產品也持續受到廣泛關注。

For example, around 700 million people now use Facebook groups every month. Achieving this scale shows that we're delivering experiences for the way that people want to share and connect.

例如，目前每月約有 7 億人使用 Facebook 群組。實現這一規模表明我們正在為人們想要分享和聯繫的方式提供體驗。

Another example is our progress on public content. Last quarter, I talked about how we're working to connect people around important public moments and personalities on Facebook. This quarter, we have continued to build on our results, and there are now more than 1 billion interactions every week between public figures and their fans on Facebook.

另一個例子是我們在公共內容方面的進展。上個季度，我談到了我們如何在 Facebook 上將人們與重要的公共時刻和人物聯繫起來。本季度，我們持續鞏固業績，目前公眾人物與其粉絲在 Facebook 上的每週互動次數已超過 10 億次。

The investments we've made in video have also played a big part here. This quarter, we announced a new milestone for video on Facebook, achieving 1 billion video views a day of made [of] videos. During the summer's ice bucket challenge, there were more than 10 billion video views by 440 million people, which is a good sign of how far our video product has come.

我們在影片方面的投資也發揮了重要作用。本季度，我們宣布了 Facebook 影片領域的新里程碑，每天的影片觀看量達到 10 億次。今年夏天的冰桶挑戰，影片觀看量超過100億次，觀看人數達4.4億，這充分證明了我們的影片產品取得了長足的進步。

Instagram has also made a lot of progress this quarter. In August, the Instagram team launched Hyperlapse, a standalone app for time-lapsed videos on iOS. The team has also invested heavily in improving the speed and performance of Instagram on Android. This has helped drive Instagram's strong international growth which, in some countries, has achieved more than 100% year-over-year growth.

Instagram 本季也取得了很大進展。8 月，Instagram 團隊推出了 Hyperlapse，這是一款適用於 iOS 的獨立縮時影片應用程式。該團隊還投入了大量資金來提高 Instagram 在 Android 上的速度和效能。這有助於推動 Instagram 的強勁國際成長，在某些國家，其成長率超過 100%。

Globally, people using Instagram now spend around 21 minutes a day, on average, using the app. This is a strong figure compared to the industry and a good sign that Instagram's strategy is on the right path.

目前，全球 Instagram 用戶平均每天花費約 21 分鐘使用該應用程式。與業界相比，這是一個強勁的數字，也是 Instagram 策略走在正確道路上的一個好兆頭。

Our other big focus over the next three years is to continue serving businesses well in creating a lot of value for marketers. As our results show, our approach here is working. To continue delivering value for businesses, we've work to improve the quality of ads and news feed by reducing low quality content and improving our targeting to show more timely and relevant content.

我們未來三年的另一個重點是繼續為企業提供優質服務，為行銷人員創造更多價值。正如我們的結果所顯示的，我們的方法是有效的。為了繼續為企業創造價值，我們致力於透過減少低品質內容和改進定位來提高廣告和新聞推播的質量，以顯示更及時和相關的內容。

We've also made some big advances in our ad tech, most importantly, the launch of our Atlas platform. Atlas offers marketers a lot of new capabilities to help reach people across devices, platforms and publishers, as well as improving measurement of online campaigns. We're very excited for the future of Atlas, and Sheryl is going to talk more about this in a moment.

我們的廣告技術也取得了一些重大進步，最重要的是推出了 Atlas 平台。Atlas 為行銷人員提供了許多新功能，幫助他們透過設備、平台和出版商接觸用戶，並改善線上行銷活動的衡量。我們對 Atlas 的未來感到非常興奮，Sheryl 稍後會詳細談論這一點。

Next, let's talk about our strategy over the next five years. Over the next five years, our goals are around taking our next generation of services, Instagram, Messenger, WhatsApp, and Search, and helping them connect billions of people and become important businesses in their own right. One big priority for us here is messaging, and continuing to build and grow Messenger and now WhatsApp, as well, as great services.

接下來我們來談談我們未來五年的策略。未來五年，我們的目標是圍繞下一代服務 Instagram、Messenger、WhatsApp 和搜索，幫助它們連接數十億人，並使其成為重要的業務。我們目前的首要任務是訊息傳遞，並繼續建立和發展 Messenger 以及現在的 WhatsApp 等優質服務。

This quarter, we made an important change to our mobile messaging efforts by transitioning people to Messenger on iOS Android and Windows phones. We believe that this change allows us to offer a better and faster messaging experience on mobile, and our data shows that people who use Messenger usually respond to messages about 20% faster.

本季度，我們對行動通訊業務進行了一項重要調整，將用戶轉移至 iOS、Android 和 Windows 手機上的 Messenger。我們相信，這項變更使我們能夠在行動裝置上提供更好、更快的訊息體驗，我們的數據顯示，使用 Messenger 的用戶回覆訊息的速度通常要快 20% 左右。

This month, we also completed our acquisition of WhatsApp. I'm excited to be working with this team and for Jan to join our Board. WhatsApp continues to be on a path to connect more than 1 billion people around the world, and we are going to be working to accelerate their efforts here.

本月，我們也完成了 WhatsApp 的收購。我很高興能與這個團隊合作，並歡迎 Jan 加入我們的董事會。WhatsApp 繼續致力於連接全球超過 10 億人，我們將努力加速他們的努力。

Another key part of our strategy is helping developers to build more great social experiences on our platform. Over the next few years, our goal is to make Facebook the cross-platform platform that allows developers to build, grow, and monetize their apps across every major mobile platform.

我們策略的另一個關鍵部分是幫助開發人員在我們的平台上建立更多出色的社交體驗。在接下來的幾年裡，我們的目標是讓 Facebook 成為一個跨平台的平台，讓開發人員能夠在所有主要的行動平台上建立、發展和獲利他們的應用程式。

We've continued to make good progress here. This quarter, we opened our Audience Network to all developers and publishers, allowing over 1.5 million advertisers on Facebook to extend their campaigns across mobile, and for developers to begin monetizing their apps.

我們在這裡繼續取得良好進展。本季度，我們向所有開發人員和出版商開放了我們的受眾網絡，讓 Facebook 上超過 150 萬的廣告商能夠將他們的廣告活動擴展到行動裝置上，也讓開發人員能夠開始透過他們的應用程式獲利。

We're also excited by the continued adoption of App Links, our deep-linking technology for mobile apps. App Links is now used by hundreds of apps across iOS, Android, and Windows phones, and in just the past six months, developers have created links to more than 3 billion individual destinations in these apps.

我們也對我們針對行動應用的深度連結技術 App Links 的持續採用感到興奮。App Links 目前已被 iOS、Android 和 Windows 手機上的數百款應用程式使用，而僅在過去六個月中，開發人員就已在這些應用程式中創建了超過 30 億個獨立目的地的連結。

Now let's talk about how we're approaching our goals over the next 10 years. For the next 10 years, our focus is on driving the fundamental changes in the world that we need to achieve our mission, connecting the whole world, understanding the world with big leaps in AI, and developing the next generation of platforms, especially in computing.

現在讓我們來談談我們如何實現未來十年的目標。未來10年，我們的重點是推動實現我們使命所需的世界根本性變革，連接整個世界，透過人工智慧的重大飛躍來理解世界，並開發下一代平台，特別是在運算領域。

This is a very big -- very busy period for our efforts with Internet.org. In July, we worked with Airtel to launch the Internet.org app in Zambia. This provides free data access to a set of basic Internet services for health, education, employment, and communication. The results from this are very encouraging, and we've already heard a lot of amazing stories about how people are using the Internet to add value to their lives. We hope to bring the Internet.org app to many more countries soon.

對於我們與 Internet.org 合作而言，這是一個非常重要、非常忙碌的時期。7 月，我們與 Airtel 合作在尚比亞推出了 Internet.org 應用程式。這為醫療、教育、就業和通訊等一系列基本網路服務提供了免費資料存取。結果非常令人鼓舞，我們已經聽到了很多關於人們如何利用網路來增加生活價值的令人驚奇的故事。我們希望很快將 Internet.org 應用程式推廣到更多國家。

Over the last few months, I've also traveled to several countries and met with policymakers, industry leaders, and people in communities that are coming online for the first time. Increasingly, industry and governments are seeing expanding Internet access as one of their core priorities. This is a positive development for our work with Internet.org and our long-term goal of connecting everyone in the world.

在過去的幾個月裡，我還去了幾個國家，會見了政策制定者、產業領袖以及首次上網的社區居民。越來越多的產業和政府將擴大網路存取視為其核心優先事項之一。這對我們與 Internet.org 的合作以及我們連接世界每個人的長期目標來說是一個積極的發展。

Finally, let's talk for a minute about our progress with Oculus. As I've said before, with Oculus, we're making a long-term bet on the future of computing. Every 10 to 15 years, a new major computing platform arrives, and we think that virtual and augmented reality are important parts of this upcoming next platform.

最後，讓我們來談談我們與 Oculus 合作的進展。正如我之前所說，透過 Oculus，我們對計算的未來進行了長期押注。每隔 10 到 15 年，就會出現一個新的主要運算平台，我們認為虛擬實境和擴增實境是即將到來的下一個平台的重要組成部分。

This quarter, Oculus continued to make progress towards this vision. In September, the first Oculus developer conference took place, where we announced a new prototype via our headset on the path to the consumer version of the Rift. We continue to see a lot of excitement in the developer committee, and we've now shipped more than 100,000 Rift developer kits to over 130 countries. It's still early for Oculus, but we're encouraged to see the variety of apps and games being developed for this platform.

本季度，Oculus繼續朝著這個願景邁進。9 月，第一屆 Oculus 開發者大會召開，我們在會上透過頭戴式裝置發布了一款新原型，並計劃推出 Rift 的消費版。我們繼續看到開發者委員會中充滿熱情，目前我們已經向 130 多個國家/地區運送了超過 100,000 個 Rift 開發者套件。Oculus 還處於早期階段，但我們很高興看到為該平台開發的各種應用程式和遊戲。

Internet.org and Oculus are just two of the huge opportunities ahead. Our efforts here will take longer to achieve their full impact, but we're going to continue preparing for the future by investing aggressively. So that's how we're approaching our strategy over the next 3, 5, and 10 years, while focusing on our big goals of connecting everyone, understanding the world, and building the next generation of platforms.

Internet.org 和 Oculus 只是未來巨大機會中的兩個。我們的努力需要更長的時間才能充分發揮作用，但我們將繼續積極投資，為未來做好準備。這就是我們在未來 3 年、5 年和 10 年制定的策略，同時專注於我們的大目標：連結每個人、了解世界和建立下一代平台。

This has been a quarter with strong results. I want to thank the entire Facebook community, our employees, our partners, and our stockholders for their continued support. Because of your contributions, Facebook continues to grow in strength and to create greater value in the world for people, partners, and businesses. We have a long journey ahead, we're on the right path, and I'm excited about the progress that we're making.

本季業績表現強勁。我要感謝整個 Facebook 社群、我們的員工、我們的合作夥伴以及我們的股東的持續支持。因為你們的貢獻，Facebook 不斷發展壯大，為全世界的人們、合作夥伴和企業創造更大的價值。我們還有很長的路要走，我們走在正確的道路上，我對我們的進展感到興奮。

Thank you, and now, here's Sheryl.

謝謝，現在請謝麗爾發言。

Thanks, Mark, and hi, everyone. We had another strong quarter, and we're continuing to execute well on our priorities, capitalizing on the shift to mobile, growing the number of Facebook marketers, and building products to make our ads more relevant.

謝謝，馬克，大家好。我們又度過了一個強勁的季度，並且我們繼續出色地執行我們的優先事項，利用向行動端的轉變，增加 Facebook 行銷人員的數量，並打造產品使我們的廣告更具相關性。

Our growth this quarter was again very broad-based. We've had strong performance around the world, as well as across verticals and our four marketer segments: brand, direct marketers, developers, and small and medium businesses. I'd like to briefly highlight some of our progress on the product front, and then focus on important new investments we're making in ad-tech.

我們本季的成長再次非常廣泛。我們在全球範圍內、各個垂直領域以及我們的四個行銷部門（品牌、直銷商、開發商和中小型企業）都取得了強勁的表現。我想簡要介紹我們在產品方面取得的一些進展，然後重點介紹我們在廣告科技領域的重要新投資。

One of our main ad product goals is to make ads more relevant. Just like content and news feed, when ads are more relevant, they provide a better experience for people using Facebook and a better return for marketers.

我們的主要廣告產品目標之一是使廣告更具相關性。就像內容和新聞推播一樣，當廣告更具相關性時，它們會為使用 Facebook 的用戶提供更好的體驗，並為行銷人員帶來更好的回報。

One of the best ways to improve relevance is to help advertisers reach the right audience with their messages. Facebook's age and gender targeting is 45% more accurate than the digital industry average. Working with Facebook, advertisers can also target based on people's interests.

提高相關性的最佳方法之一是幫助廣告商將他們的訊息傳達給正確的受眾。Facebook 的年齡和性別定位比數位產業平均準確率高出 45%。與 Facebook 合作，廣告商還可以根據人們的興趣進行定位。

In addition, we're continuing to build out custom audiences, which enable marketers to use their own data to segment current and prospective customers. We are pleased with the response from clients, and we're focused on driving deeper penetration with both existing and new clients.

此外，我們正在繼續建立自訂受眾群體，使行銷人員能夠使用自己的資料來細分現有客戶和潛在客戶。我們對客戶的反應感到滿意，我們致力於推動現有客戶和新客戶的更深入滲透。

We also offer look-alike audiences, which help marketers find potential new customers who are similar to their current customers. To share one recent example, earlier this year, global financial services company MetLife wanted to find new customers for life insurance policies.

我們也提供類似受眾，幫助行銷人員找到與現有客戶相似的潛在新客戶。舉一個最近的例子，今年早些時候，全球金融服務公司大都會人壽希望尋找人壽保險的新客戶。

Working with its agency, [Merkel], they used look-alike audiences to find people more like their existing customers. MetLife ran ads that led people to their Get a Quote website page. Over the six-month campaign, the leads that came from Facebook resulted in new policies at a 2.4 times higher rate than MetLife's next best-performing channel and at 50% the cost of display ads.

他們與其代理商 [Merkel] 合作，利用類似受眾來尋找更像現有客戶的人。大都會人壽投放廣告，引導人們造訪其「取得報價」網站頁面。在為期六個月的活動中，來自 Facebook 的線索促成的新保單產生率比大都會人壽表現第二好的管道高出 2.4 倍，且成本僅為展示廣告的 50%。

We're also making steady progress with newer ads initiatives. Throughout this quarter, we continued to enable autoplay for more video ads. We're also continuing to roll out ads on Instagram. We think there's good opportunity with both video and Instagram ads, but we're going to remain deliberate and slow in our approach to scaling both businesses.

我們在新的廣告計劃方面也取得了穩步進展。整個季度，我們繼續啟用更多影片廣告的自動播放功能。我們也將繼續在 Instagram 上推出廣告。我們認為影片和 Instagram 廣告都蘊藏著良好的機遇，但我們仍將採取謹慎而緩慢的方式來擴大這兩項業務。

We're also making longer-term investments that we believe will be important for Facebook and the ad industry. In Q3, we relaunched Atlas, closed our acquisition of LiveRail, and rolled out our Audience Network, so I want to spend a few minutes discussing our longer-term ad-tech strategy.

我們也正在進行長期投資，我們相信這對 Facebook 和廣告業都很重要。在第三季度，我們重新啟動了 Atlas，完成了對 LiveRail 的收購，並推出了 Audience Network，所以我想花幾分鐘時間討論我們的長期廣告技術策略。

We're investing in ad-tech for a simple reason: consumers are shifting quickly to mobile and the advertising industry is not keeping up. 2013 was the first year the average American adult spent more time on digital media than watching TV, and that gap has continued to grow. Today, the average adult in the US spends nearly 25% of their media time on mobile, but advertisers spend only about 11% of their budgets there.

我們投資廣告技術的原因很簡單：消費者正在快速轉向行動設備，而廣告業卻沒有跟上。2013年，美國成年人平均花在數位媒體上的時間首次超過看電視的時間，而且這一差距還在持續擴大。如今，美國成年人平均將近 25% 的媒體時間花在行動裝置上，但廣告商僅將約 11% 的預算投入行動裝置。

One of the main reasons the budgets aren't moving as quickly as consumers is that advertisers haven't yet had an effective way to serve ads and measure their returns on mobile. Current solutions work well for one person with one device, especially a PC, and for sales that happen online, but today, people often have multiple devices and still make many purchases in physical stores. Nielsen OCR data shows that the digital industry is less than 60% accurate in demographic targeting of ads, which means that four in 10 people are seeing the wrong ads.

預算變化速度不如消費者變化速度快的主要原因之一是，廣告商尚未找到有效的方式來投放廣告並衡量其在行動裝置上的回報。目前的解決方案對於擁有一台設備（尤其是一台 PC）的單人以及在線銷售來說效果很好，但如今，人們通常擁有多台設備，並且仍然在實體店進行多次購買。尼爾森 OCR 數據顯示，數位產業在廣告人口定位方面的準確率不到 60%，這意味著每 10 人中就有 4 人看到了錯誤的廣告。

Similarly, marketers are not confident that they can measure mobile ad performance. Many of the most commonly-used measurement systems overemphasize the value of the last click. This does not make sense, given that studies of Facebook campaigns show that over 90% of ads -- of ad-driven in-store sales come from people who saw an ad but didn't click on it.

同樣，行銷人員也不相信他們能夠衡量行動廣告的效果。許多最常用的測量系統過度強調了最後一次點擊的價值。這毫無意義，因為 Facebook 廣告活動的研究表明，超過 90% 的廣告（即廣告驅動的店內銷售）來自看到廣告但沒有點擊廣告的人。

It's clear that marketers and publishers need better tools for the mobile world. This is an industry problem that we believe we are well-placed to solve.

顯然，行銷人員和出版商需要更好的工具來適應行動世界。我們相信我們有能力解決這個行業問題。

Our relaunch of Atlas last month during Adweek was an important early step that builds on the advancements and measurements we have made over the past two years. The new Atlas is an ad-serving and measurement platform we completely rebuilt. By using Facebook data, Atlas can deliver highly relevant ads, regardless of device.

我們上個月在 Adweek 期間重新推出了 Atlas，這是重要的早期一步，它建立在我們過去兩年所取得的進步和測量的基礎上。新的 Atlas 是我們完全重建的廣告投放和測量平台。透過使用 Facebook 數據，Atlas 可以投放高度相關的廣告，無論使用何種裝置。

Atlas is also able to provide accurate measurement by connecting online marketing to in-store sales. Importantly, Atlas does all of this in a privacy-protected way; neither Atlas nor Facebook tells marketers who you are.

Atlas 還能夠透過將線上行銷與店內銷售相結合來提供準確的測量。重要的是，Atlas 以隱私保護的方式完成所有這些工作； Atlas 和 Facebook 都不會告訴行銷人員你是誰。

At Adweek, we had productive conversations about Atlas with many marketers and agencies. We are pleased with their interest.

在 Adweek，我們與許多行銷人員和代理商就 Atlas 進行了富有成效的對話。我們對他們的興趣感到高興。

We're also investing in additional pieces of our ad-tech platform. Our Audience Network improves the relevance of ads inside mobile apps. LiveRail provides tools for publishers to enable personalized marketing at scale, via their apps and websites. We believe LiveRail can build on their success in desktop video to become a great solution for mobile publishers.

我們也對廣告科技平台的其他部分進行了投資。我們的受眾網路提高了行動應用程式內廣告的相關性。LiveRail 為出版商提供工具，透過他們的應用程式和網站實現大規模個人化行銷。我們相信 LiveRail 能夠憑藉其在桌面影片領域的成功，成為行動出版商的絕佳解決方案。

I want to emphasize that the investments we're making in ad-tech are long-term; these are large and strategic investments. The payoff will take time, but we think they provide a necessary foundation for the advertising industry to make the shift to mobile and for Facebook's long-term growth.

我想強調的是，我們在廣告科技領域的投資是長期的；這些都是大規模的策略投資。雖然回報需要時間，但我們認為它們為廣告業轉型為行動裝置以及 Facebook 的長期成長提供了必要的基礎。

We recognize that by staffing engineers in these strategic ad-tech areas, we forego shorter-term product improvements, which would generate revenue more quickly. We believe these are the right decisions.

我們認識到，透過在這些策略廣告技術領域配備工程師，我們放棄了短期產品改進，從而可以更快地產生收入。我們相信這些都是正確的決定。

As we look toward 2015, we're going to stay focused on the areas I've talked about today: capitalizing on the shift to mobile, growing the number of Facebook marketers, and building products that make ads more relevant. Our investors and ad-techs will be an increasingly important part of all of these efforts. Thanks, everyone, and now here's Dave.

展望 2015 年，我們將繼續關注我今天談到的領域：利用向行動端的轉變、增加 Facebook 行銷人員的數量以及打造使廣告更具相關性的產品。我們的投資者和廣告技術將在所有這些努力中發揮越來越重要的作用。謝謝大家，現在有請戴夫。

Thanks, Sheryl, and good afternoon, everyone. Q3 was a solid quarter across the board. We had strong revenue growth, generated $766 million in free cash flow, and continued to make investments to position us for long-term growth.

謝謝，謝麗爾，大家下午好。第三季整體表現穩健。我們的營收成長強勁，產生了 7.66 億美元的自由現金流，並繼續進行投資以實現長期成長。

864 million people used Facebook on an average day in September, up 136 million from last year. This represents 64% of the 1.35 billion people that use Facebook during the month of September.

9 月平均每天有 8.64 億人使用 Facebook，比去年同期增加了 1.36 億人。這佔 9 月 Facebook 使用人數 13.5 億的 64%。

Mobile continues to be the core driver of our growth; over 1.1 billion people used Facebook on mobile during the month of September, up 250 million from last year. In addition, we have hundreds of millions of people on mobile using Instagram, Messenger, and WhatsApp.

行動仍然是我們成長的核心驅動力； 9 月份，有超過 11 億人透過手機使用 Facebook，比去年同期增加了 2.5 億人。此外，我們有數億用戶透過行動裝置使用 Instagram、Messenger 和 WhatsApp。

Turning now to the financials, total revenue in Q3 was $3.2 billion, up 59% compared to last year, or 58% on a constant-currency basis. Total ad revenue was nearly $3 billion, up 64% compared to last year, or 63% on a constant-currency basis. Ad revenue growth was strong around the world, with each of our four reported geographic regions growing by 50% or more compared to last year.

現在來看看財務狀況，第三季的總營收為 32 億美元，比去年同期成長 59%，以固定匯率計算成長 58%。總廣告收入接近 30 億美元，比去年增長 64%，以固定匯率計算成長 63%。全球廣告收入成長強勁，我們報告的四個地理區域與去年相比均成長了 50％ 或更多。

Mobile ad revenue was approximately $1.9 billion, or 66% of ad revenue, compared to approximately $881 million, or 49% of ad revenue, last year. Desktop ad revenue was up 11% compared to last year, but was flat sequentially.

行動廣告收入約 19 億美元，佔廣告收入的 66%，去年同期約為 8.81 億美元，佔廣告收入的 49%。桌面廣告收入較去年同期成長 11%，但較上季持平。

In Q3, the average price per ad increased 274% compared to last year, while total ad impressions declined 56%. The increase in the average effective price per ad was driven primarily by the redesign of our right-hand column ads, which resulted in larger, more engaging ads that delivered more value to marketers, and thus had higher effective prices. These right-hand column ads were also fewer in number, which drove the decrease of impressions in the quarter.

第三季度，每則廣告的平均價格與去年相比上漲了 274%，而廣告總展示次數下降了 56%。每個廣告平均有效價格的上漲主要得益於我們對右側欄廣告的重新設計，這使得廣告尺寸更大、更具吸引力，為行銷人員帶來更多價值，從而提高了有效價格。這些右側欄廣告的數量也減少了，導致本季的展示次數減少。

To a lesser degree, the shift of usage to mobile, where we don't have right-hand column ads, also continued to contribute to the reported price-volume trends. The price-volume trends were largely consistent across our four geographic regions.

在較小程度上，使用方式向行動裝置的轉變（我們沒有右側欄廣告）也持續影響著報告的價格-數量趨勢。我們四個地理區域的價格-數量趨勢基本上一致。

Total payments and others fees revenue was $246 million, up 13% versus last year; however, payments volume from games, which represents the substantial majority of our payments and other fees revenue, declined 2% compared to last year, notably for the first time. And we expect this trend to continue, as desktop usage continues to decline.

總支付及其他費用收入為 2.46 億美元，比去年增長 13%；然而，占我們支付和其他費用收入絕大部分的遊戲支付額與去年相比首次顯著下降了 2%。隨著桌面使用率持續下降，我們預計這種趨勢將會持續下去。

Turning now to expenses, note that beginning in Q3, our definition of non-GAAP also excludes the amortization of intangible assets, and the historical non-GAAP measures discussed today have been updated accordingly. You can find our GAAP to non-GAAP reconciliations on page 10 of the Q3 press release.

現在談到費用，請注意，從第三季度開始，我們對非 GAAP 的定義也排除了無形資產的攤銷，並且今天討論的歷史非 GAAP 指標也已相應更新。您可以在第三季新聞稿第 10 頁找到我們的 GAAP 與非 GAAP 對帳。

Our Q3 total GAAP expenses were $1.8 billion, up 41% from last year, and non-GAAP expenses were $1.4 billion, up 39% from last year. Cost of revenue grew 11% on a GAAP basis and 7% on a non-GAAP basis.

我們第三季的 GAAP 總支出為 18 億美元，比去年增加 41%，非 GAAP 支出為 14 億美元，比去年增加 39%。以 GAAP 計算，收入成本增加 11%，以非 GAAP 計算，收入成本增加 7%。

We incurred expenses in the third quarter of 2013 related to the transition out of certain lease data centers. This mitigated our cost-of-revenue growth rate in Q3 2014, as it has done in the last two quarters.

2013 年第三季度，我們發生了與某些租賃資料中心轉型相關的費用。正如過去兩個季度一樣，這降低了我們 2014 年第三季的收入成本成長率。

Operating expenses, excluding cost of revenue, were up 61% on a GAAP basis and 72% on a non-GAAP basis versus last year, primarily due to an increase in headcount-related costs. We ended Q3 with 8,348 employees, up 44% from last year. Of the nearly 1,200 people we added sequentially, about one-quarter were from acquisition.

與去年相比，不包括營業成本的營運費用按 GAAP 計算增長了 61%，按非 GAAP 計算增長了 72%，這主要是由於與員工人數相關的成本增加。截至第三季度，我們共有員工 8,348 人，比去年同期成長 44%。我們連續增加的近 1,200 名員工中，約有四分之一是透過收購而來的。

Organic growth was high, as the third quarter is our seasonally strongest new hire start period. Overall, we are pleased with our ability to attract and retain talented people who enable us to make strong progress against our mission.

有機成長率很高，因為第三季是我們季節性最強勁的新員工入職期。總體而言，我們很高興能夠吸引和留住人才，這些人才使我們能夠在實現使命方面取得長足進展。

Q3 operating income was $1.4 billion, representing a 44% operating margin, up from 37% last year. And our non-GAAP operating income was $1.8 billion, representing 57% operating margin, up from 51% last year.

第三季營業收入為 14 億美元，營業利益率為 44%，高於去年的 37%。我們的非公認會計準則營業收入為 18 億美元，營業利益率為 57%，高於去年的 51%。

Interest and other income and expense was a net expense of $61 million in the quarter, versus a net expense of $10 million last year. This increase in expense was primarily due to a foreign exchange losses resulting from the periodic remeasurement of our foreign currency balances, and largely resulted from the substantial reduction in the value of the euro relative to the dollar experienced from the beginning to the end of the quarter.

本季利息和其他收入及支出的淨支出為 6,100 萬美元，而去年的淨支出為 1,000 萬美元。費用的增加主要是由於定期重新計量我們的外幣餘額而產生的外匯損失，並且很大程度上是由於本季度初到末歐元兌美元的匯率大幅下跌。

Our GAAP and non-GAAP tax rates for the quarter were 40% and 35%, respectively. GAAP net income was $806 million, or $0.30 per share, and our non-GAAP net income was $1.1 billion, or $0.43 per share. In Q3, we spent $482 million on CapEx and generated $766 million of free cash flow.

本季我們的 GAAP 和非 GAAP 稅率分別為 40% 和 35%。GAAP 淨收入為 8.06 億美元，即每股 0.30 美元，非 GAAP 淨收入為 11 億美元，即每股 0.43 美元。第三季度，我們的資本支出為 4.82 億美元，產生了 7.66 億美元的自由現金流。

We ended Q3 with approximately $14.3 billion in cash and investments. This does not reflect the approximately $4.6 billion cash payment that we made in conjunction with the WhatsApp acquisition, which closed earlier this month.

我們在第三季結束時擁有約 143 億美元的現金和投資。這還不包括我們在本月初完成的收購 WhatsApp 時支付的約 46 億美元現金。

Turning now to outlook, I'd like to start by noting that my forward-looking statements include the impact of both Oculus and WhatsApp. In addition, as part of the WhatsApp deal, we agreed to file a registration statement to register for resale the approximately 178 million shares issued to the WhatsApp stockholders. Nearly all of those shares will be fully registered and tradable during open trading windows in Q4 2014 and Q1 2015 under the Registration Statement we plan to file later this week.

現在談到展望，我首先要指出的是，我的前瞻性陳述包括 Oculus 和 WhatsApp 的影響。此外，作為 WhatsApp 交易的一部分，我們同意提交一份註冊聲明，以註冊轉售向 WhatsApp 股東發行的約 1.78 億股股票。根據我們計劃本週稍後提交的註冊聲明，幾乎所有這些股票都將在 2014 年第四季和 2015 年第一季的開放交易窗口期間完全註冊並可交易。

In light of our recent acquisitions and our plans to file this Registration Statement, we are providing some additional guidance this quarter, including a more specific outlook on the current quarter revenue and a preliminary view on 2015 expenses. This is a more detailed outlook than we have historically provided, or plan to provide, on future earnings calls.

鑑於我們最近的收購以及提交本註冊聲明的計劃，我們將在本季度提供一些額外指導，包括對本季度收入的更具體展望和對 2015 年費用的初步看法。這比我們過去提供的或計劃在未來的收益電話會議上提供的展望更為詳細。

Let me start with 2014 expenses. We expect our full-year 2014 total GAAP expenses, including cost of revenue, stock compensation and the amortization of intangibles, will grow approximately 45% to 50% versus the full-year 2013. This increase from our prior range of 30% to 35% is primarily due to the impact of the WhatsApp acquisition on stock-based compensation charges in the fourth quarter.

讓我先從 2014 年的開銷說起。我們預計，2014 年全年的 GAAP 總支出（包括營業成本、股票薪酬和無形資產攤提）將比 2013 年全年增長約 45% 至 50%。這一增長高於我們之前的 30% 至 35% 的範圍，主要是由於收購 WhatsApp 對第四季度股票薪酬費用的影響。

We continue to expect that our full-year 2014 total non-GAAP expenses, including cost of revenue but excluding stock compensation and amortization of intangibles, will likely grow in the neighborhood of 30% to 35% versus the full-year 2013.

我們仍然預計，2014 年全年非 GAAP 總支出（包括營業成本但不包括股票薪酬和無形資產攤銷）可能將比 2013 年全年增長 30% 至 35% 左右。

Turning now to revenue, we expect that total revenue in the fourth quarter will grow in the range of 40% to 47% versus the same quarter of last year. Please keep in mind that Q4 of 2013 was our first holiday season with the rollout of news feed ads at scale, which makes for a more difficult comparison.

現在談到收入，我們預計第四季的總收入將比去年同期成長 40% 至 47%。請記住，2013 年第四季是我們首次在假期季節大規模推出新聞推播廣告，這使得比較變得更加困難。

For taxes, we anticipate the GAAP tax rate in the fourth quarter will be approximately 45% to 50%, which is higher than the current rate due to large, nondeductible stock-based compensation charges related to the closing of the WhatsApp transaction. Our Q4 non-GAAP tax rate should be similar to our Q3 rate.

對於稅收，我們預計第四季度的 GAAP 稅率將約為 45% 至 50%，由於與 WhatsApp 交易結束相關的大量不可扣除的股票薪酬費用，該稅率高於當前稅率。我們的第四季非公認會計準則稅率應該與第三季的稅率相似。

For share count, we expect that our fourth-quarter fully diluted share count will be approximately 2.8 billion shares, taking into account the shares that we issued upon the closing of the WhatsApp deal. We expect that our 2014 CapEx will be at the low-end of our prior $2 billion to $2.5 billion CapEx guidance.

就股票數量而言，考慮到我們在 WhatsApp 交易完成後發行的股票，我們預計第四季度將完全稀釋股票數量將約為 28 億股。我們預計 2014 年的資本支出將處於我們先前 20 億美元至 25 億美元資本支出指引的低端。

And lastly, while it is relatively early, I wanted to provide some preliminary color on our expense outlook for 2015. As Mark discussed in his remarks, we believe that we have very substantial growth opportunities in front of us, and we plan to invest aggressively to capitalize on those opportunities. As such, we plan on 2015 being a significant investment year.

最後，雖然現在還為時過早，但我想對 2015 年的支出前景提供一些初步的展望。正如馬克在演講中所說，我們相信我們面前有非常巨大的成長機會，我們計劃積極投資以利用這些機會。因此，我們計劃將 2015 年作為重要的投資年。

Our current expectation is that total cost and expenses on a GAAP basis, inclusive of stock-based compensation charges related to the recent transactions, are likely to increase 55% to 75% compared to the full-year 2014. On a non-GAAP basis, we expect total cost to increase approximately 50% to 70% compared to 2014. Tax rates for 2015 should be similar to our fourth-quarter rates on both a GAAP and non-GAAP basis.

我們目前的預期是，以 GAAP 計算的總成本和費用（包括與近期交易相關的股票薪酬費用）可能比 2014 年全年增加 55% 至 75%。根據非公認會計準則，我們預計總成本將比 2014 年增加約 50% 至 70%。2015 年的稅率應該與我們第四季的 GAAP 和非 GAAP 稅率相似。

In summary, we're very pleased with the growth of our network, the great momentum we continue to see in our ads business, and the significant investments we're making to drive near-term and long-term growth. We have large opportunities ahead of us, and we're focused on capitalizing on those to achieve our mission and drive long-term shareholder value.

總而言之，我們對網路的成長、廣告業務持續呈現的強勁勢頭以及為推動短期和長期成長而進行的重大投資感到非常滿意。我們面前有巨大的機遇，我們專注於利用這些機會來實現我們的使命並推動長期股東價值。

With that, operator, let's open up the call for questions.

接線員，現在讓我們開始提問環節。

(Operator Instructions)

（操作員指示）

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

Thanks for taking the questions. Dave, just a follow-up on the comments that you just made on the outlook for expenses for 2015, could you help us understand more on the non-GAAP expenses, the 50% to [70%] and where we should be thinking about the incremental dollars being spent there, primarily?

感謝您回答這些問題。戴夫，關於您剛才對 2015 年費用前景的評論，您能否幫助我們更多地了解非 GAAP 費用，即 50% 到 [70%] 的費用，以及我們應該主要考慮在哪裡花費增量資金？

And then secondly, can you talk, Sheryl, perhaps about what you're seeing in terms of branded advertising, whether you're seeing more of an inflection there as more bigger brands, CPG companies, auto OEMs are coming on board and how you're positioned there for the holidays? Thanks

其次，謝麗爾，您能否談談您在品牌廣告方面看到的情況，隨著越來越多的大品牌、快速消費品公司、汽車原始設備製造商加入進來，您是否看到了更多的變化，以及您在節假日期間的定位是什麼？謝謝

Sure, Doug. I'll take the first part. We're investing where we think there's a great opportunity for long-term growth. That's going to be really investing and continuing to grow the talent base at the Company, so we're investing in the people, and that's a big part of it. And we're also investing on the product side to grow the existing products, but also to invest in new areas like Oculus, WhatsApp, and then the ad-tech initiatives that Sheryl was talking about.

當然，道格。我將選擇第一部分。我們正在投資那些我們認為具有長期成長潛力的領域。這將是真正的投資，並將繼續擴大公司的人才基礎，所以我們投資於人才，這是其中很重要的一部分。我們也在產品方面進行投資，以發展現有產品，同時也投資於新領域，例如 Oculus、WhatsApp，以及 Sheryl 談到的廣告技術計畫。

From an infrastructure side, we plan to invest to support the growth of the core business. That includes things like video; it also includes things like our global growth efforts with Internet.org, so we're really investing across the board on that. And in summary, we've got -- the strength of the business today is really putting us in a strong position to invest smartly for the future, and we're doing that.

從基礎設施方面，我們計劃進行投資以支持核心業務的成長。其中包括影片等；它還包括我們與 Internet.org 合作的全球成長工作等，因此我們確實在全面投資該領域。總而言之，我們今天的業務實力確實使我們處於有利地位，可以為未來進行明智的投資，我們正在這樣做。

On brands, we're seeing very strong growth among our brand marketer segment. We're really excited about the engagement we're having right now with brand marketers and agencies. We think we're the first technology platform to offer the ability to do creativity and storytelling at scale in a personal way, and we talk a lot with our clients and partners about personal marketing at scale.

在品牌方面，我們看到品牌行銷商部門正在強勁成長。我們對目前與品牌行銷人員和代理商的合作感到非常興奮。我們認為我們是第一個能夠以個人方式大規模發揮創意和講述故事的技術平台，並且我們與客戶和合作夥伴就大規模個人行銷進行了大量討論。

You'll find with our clients that they're in different parts of the adoption curve. We have clients who are very early on, and they don't launch any products or think about their ongoing messages without including Facebook. And there are some for whom we're not yet core, and we're working on that.

您會發現我們的客戶處於採用曲線的不同階段。我們有一些處於早期階段的客戶，他們沒有推出任何產品，也沒有考慮在不包含 Facebook 的情況下傳達他們的持續訊息。對於某些客戶，我們尚未成為其核心客戶，我們正在努力解決這個問題。

With all of this, we know we need to go client by client, and we're especially focused on measurement, because measurement is so key for this segment. A lot of the products the brand marketers are selling are bought in-store, and so showing that online and mobile ads lead to in-store purchases is a hugely important part of our strategy going forward, as I talked about, and video is really exciting as well.

有了這些，我們知道我們需要逐一了解每個客戶，並且我們特別注重測量，因為測量對於這個細分市場來說非常關鍵。品牌行銷人員銷售的許多產品都是在店內購買的，因此，正如我所說，展示線上和行動廣告能夠帶來店內購買是我們未來策略的一個非常重要的部分，而且影片也非常令人興奮。

When you think about the holiday season, Q4 is a really important time for our clients, and that makes it a really important time for us. And I think people are increasingly recognizing that mobile is important; 65% of people use their phones while they are out shopping and people are recognizing that opportunity.

當您想到假期時，第四季對我們的客戶來說是一個非常重要的時刻，這對我們來說也是一個非常重要的時刻。我認為人們越來越認識到行動裝置的重要性； 65% 的人在外出購物時使用手機，人們意識到了這個機會。

From an earnings perspective, last Q4 was a great quarter, both because our business was growing but also because that was when we rolled out ads fully into news feeds. And so, it's worth keeping that in mind when you think about how you think about our business going forward.

從獲利角度來看，去年第四季表現優異，不僅因為我們的業務正在成長，還因為我們當時將廣告全面推廣到新聞推播中。因此，當您考慮如何看待我們未來的業務時，值得牢記這一點。

Ben Schachter, Macquarie.

麥格理銀行的本·沙赫特。

A few questions: David, there was no mention of a 2015 revenue range, but I was wondering if you could give us any thoughts on how much margins should compress in 2015 versus 2014?

幾個問題：大衛，沒有提到 2015 年的收入範圍，但我想知道您是否可以告訴我們 2015 年與 2014 年相比利潤率應該壓縮多少？

Then, a couple for Mark. Mark, now that you've spent more time with the Oculus team, can you update us on how your plans for Oculus have evolved since you first tried the device on? And then you mentioned it when you talked about your 10-year outlook. Does that mean we shouldn't expect any consumer Oculus product in the next one or two years?

然後，給馬克一對。馬克，現在您在 Oculus 團隊中度過了更多時間，您能否向我們介紹一下自從您第一次嘗試該設備以來，您對 Oculus 的計劃是如何發展的？然後您在談論 10 年展望時提到了這一點。這是否意味著我們不應該在未來一兩年內期待任何消費級 Oculus 產品？

And then similarly, on search, you mentioned that in your five-year plan, so does that mean we shouldn't expect anything on search for the next five years? Thanks.

同樣，關於搜索，您在五年計劃中提到了這一點，那麼這是否意味著我們不應該對未來五年的搜索抱有任何期望？謝謝。

Hey, Ben. It's Dave. We're not really giving any guidance on 2015 revenue. We gave the growth range that we are expecting on Q4, which was 40% to 47% and that's down from 59% in Q3. But we're not providing any specific guidance on 2015.

嘿，本。是戴夫。我們實際上並沒有對 2015 年的收入給予任何指引。我們給出了第四季度的預期成長範圍，即 40% 至 47%，低於第三季的 59%。但我們不會針對 2015 年提供任何具體指引。

Revenue sort of outlined the expense growth that we expect because of the substantial investments that we're making, also driven off some of the acquisitions that we've made. Hope that that is helpful for everybody.

收入大致概括了我們預期的支出成長，因為我們正在進行大量投資，同時也推動了我們進行的一些收購。希望這對每個人都有幫助。

Sure. And on your questions around Oculus and search and some of the other things that we're doing, the strategy for Oculus is to help accelerate their growth. They have these two products around Rift on PC, and they are supporting Gear VR and the Samsung team in building the mobile version. And I'm really excited about both of them.

當然。關於您關於 Oculus 和搜尋以及我們正在做的其他一些事情的問題，Oculus 的策略是幫助加速他們的發展。他們圍繞 PC 上的 Rift 推出了這兩款產品，並且正在支援 Gear VR 和三星團隊打造行動版本。我對他們倆都感到非常興奮。

I don't think that this is going to be -- it needs to reach a very large scale, 50 to 100 million units before it will really be a very meaningful thing as a computing platform. So I do think it's going to take a bunch of years to get there.

我不認為這會成為現實——它需要達到非常大的規模，5,000 萬到 1 億台，才能真正成為一個非常有意義的運算平台。所以我確實認為要達到這個目標還需要很多年。

I don't know, it's hard to predict exactly, but I don't think it's going to get to 50 or 100 million units in the next few years. That will take a few cycles of the device to get there, and that's what I'm talking about.

我不知道，很難準確預測，但我認為未來幾年不會達到 5,000 萬台或 1 億台。這需要設備運行幾個週期才能達到目的，這就是我所說的。

When you get to that scale, that's when it starts to be interesting as a business in terms of developing out the ecosystems. So when I'm talking about that as a 10-year thing, it's building the first set of devices and building the audience and the ecosystem around that until it eventually becomes a business.

當你達到那個規模時，從開發生態系統的角度來看，業務就開始變得有趣了。因此，當我說這是一個為期 10 年的事情時，它就是建立第一套設備並圍繞它建立受眾和生態系統，直到它最終成為一門生意。

Some of the things like search and some of these other products -- this may sound a little ridiculous to say, but for us, products don't really get that interesting to turn into businesses until they have about 1 billion people using them. So for Facebook, we're there with news feed, and that's why, in the near term, our priority is really around continuing to grow and serve that community and making sure that the business around news feed and those mobile ads fully reach their potential.

諸如搜尋和其他一些產品之類的東西——這麼說可能聽起來有點荒謬，但對我們來說，只有當大約 10 億人使用它們時，產品才會變得真正有趣，並轉化為企業。所以對於 Facebook 來說，我們主要提供新聞推送服務，因此，在短期內，我們的首要任務實際上是繼續發展和服務該社區，並確保圍繞新聞推送和行動廣告的業務充分發揮其潛力。

Over a five-year time frame, we have a number of services which we think are well on their way to reaching 1 billion people: Messenger, WhatsApp Instagram, and search are a number of them. And once we get to that scale, then we think that they will start to become meaningful businesses in their own right. And I think that the right way to think about that, as I've tried to say repeatedly on these calls, is not that we're going to try to monetize them very aggressively in the next year or two, because I really think for each of those categories, the right strategy is to first focus on connecting 1 billion- plus people in reaching the full potential before very aggressively turning them into businesses.

在五年的時間範圍內，我們推出了一系列服務，我們認為這些服務預計將覆蓋 10 億人：Messenger、WhatsApp、Instagram 和搜尋就是其中的一部分。一旦我們達到那個規模，那麼我們認為它們將開始成為具有自身意義的企業。我認為正確的思考方式是，正如我在這些電話會議上反覆強調的那樣，我們不會在未來一兩年內積極地嘗試將其貨幣化，因為我真的認為，對於每一個類別，正確的策略是首先專注於連接 10 億多人，充分發揮他們的潛力，然後再積極地將其轉化為業務。

But I do think that this is such a big opportunity ahead of us. I can't think of that many other companies or products that have multiple lines of products that are on track to reach and connect 1 billion people that have a clear path at how we can turn them into a business. So that will be a very fun and exciting challenge to work on over the next five years.

但我確實認為這是我們面前的一個巨大的機會。我想不出有多少其他公司或產品擁有多條產品線，能夠覆蓋和連接 10 億人，並且有明確的途徑知道如何將它們轉化為業務。因此，這將是未來五年內非常有趣和令人興奮的挑戰。

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

Great, thank you for taking the question. I just had two; one for Sheryl. If you could talk about the comments you made about giving advertisers a better feel for attribution, I was wondering, what percent of attribution do you find today is given to the left-click and how overstated do you think that is right now?

太好了，謝謝你回答這個問題。我剛吃了兩個；一個給謝麗爾。如果您可以談論關於讓廣告商更好地感受歸因的評論，我想知道，您發現今天有多少百分比的歸因是歸因於左鍵單擊，以及您認為現在這種說法有多誇張？

And then just a follow-up question for Dave, given your total expense range of 50% to 70% wider than what we've seen in the past, I'm wondering how should we think about the low-end versus the high-end? Under what scenarios are you thinking about those ranges? Thank you.

然後我想問戴夫，鑑於您的總支出範圍比我們過去看到的要寬 50％ 到 70％，我想知道我們應該如何看待低端和高端？您在什麼情況下考慮這些範圍？謝謝。

Heather, to your first question, we think measurement is really -- really needs to evolve for the world we're in today in many ways. One of those is overemphasizing the last click. And the percentages by which that's done really vary, but we think substantially across the industry are overemphasized.

希瑟，對於你的第一個問題，我們認為測量確實——確實需要在很多方面適應我們今天所處的世界。其中之一就是過度強調最後一次點擊。雖然實現這一目標的百分比確實存在差異，但我們認為整個產業都被過度強調了。

But there are also other problems: the current measurement systems don't work on mobile, because they are largely cookie-based. They are not accurate; we think they're only 59% accurate in even the most basic demographic targeting. They don't go off-line to online.

但也存在其他問題：目前的測量系統不適用於行動設備，因為它們主要是基於 cookie。它們不準確；我們認為，即使最基本的人口定位，它們的準確率也只有 59%。他們不會從線下轉到線上。

They really work well for one person with one device, usually a PC, that's making online purchases. The world we live in today, I bet you everyone on this phone call has multiple devices, and people look at ads online and then purchase off-line, as well as deserve more relevant ads and better targeting.

對於只使用一台設備（通常是一台 PC）進行線上購物的人來說，它們確實很有效。我們今天生活的世界，我敢打賭，這個電話裡的每個人都有多種設備，人們在線上看廣告，然後在線下購買，因此他們應該得到更相關的廣告和更好的定位。

So as we relaunch Atlas, as we think about investing in ad techs, we're looking to solve all of these problems and we think our relaunch is the first step in doing that.

因此，當我們重新推出 Atlas 時，當我們考慮投資廣告技術時，我們希望解決所有這些問題，我們認為重新推出 Atlas 是實現這一目標的第一步。

Heather, yes, on the range of guidance, it is wider. It is obviously an early view into 2015, and so consequently, it is a wide range. It's -- giving you the best view that we have on it at this time, and we'll be updating that in the future, in terms of the expense guidance range as we have in the past on an annual basis each quarter.

希瑟，是的，就指導範圍而言，它更廣泛。這顯然是對 2015 年的早期預測，因此範圍很廣。這是——目前我們對此提供的最佳看法，並且我們將在未來更新費用指導範圍，就像我們過去每個季度每年更新一樣。

The big drivers will be things like the pace of hiring and the success we have in building the great teams that we want to build at Facebook, but we will be updating that on an ongoing basis.

最大的驅動因素將是招募速度和我們在 Facebook 上打造優秀團隊所取得的成功等，但我們將持續更新這些資訊。

Eric Sheridan, UBS.

瑞銀的艾瑞克·謝裡丹。

Great, thanks for taking the questions. Mark, you made comments about public content and the way that's evolved on Facebook. Would love to get deeper thoughts there about the way you think content distribution develops on Facebook over the longer term.

太好了，感謝您回答這些問題。馬克，你對 Facebook 上的公開內容及其發展方式發表了評論。我很想更深入了解您對 Facebook 內容分發長期發展方式的看法。

And then one for Sheryl. The ad-tech acquisitions and moves you've made over the last year to two, wanted to know when you think we should be looking at ad tech being fully deployed in the marketplace, and what sort of returns that might generate for Facebook? Thanks.

然後還有一篇是給謝麗爾的。在過去的一到兩年裡，您在廣告科技領域進行了多項收購併採取了多項舉措，您想知道我們什麼時候應該看到廣告技術在市場上全面部署，以及這可能會為 Facebook 帶來什麼樣的回報？謝謝。

Sure, well, I can start off by talking about public content. So historically, a lot of people use Facebook for sharing moments in their lives with their friends and smaller sets of people, right? So we have Messenger for one-to-one communication; groups that just reached 700 million monthly actives this quarter; and then news feed, which is kind of the primary thing that people are using to share with all of their friends at once.

當然，我可以先談談公共內容。所以從歷史上看，很多人使用 Facebook 與他們的朋友和小團體分享他們生活中的點滴，對嗎？因此我們有 Messenger 進行一對一交流；本季剛剛達到 7 億月活躍人數的群組；然後是新聞推送，這是人們用來與所有朋友同時分享的主要內容。

One of the big things that we, looking at this ecosystem, thought that there was a big opportunity in was public content, right? Where it's content that people are either comfortable sharing with everyone or want to consume that is public and shared with everyone. So we're looking at a few different areas.

我們從這個生態系中看到，其中最大的一個機會就是公共內容，對嗎？人們願意與所有人分享或想要消費的內容是公開的並與所有人分享的。因此我們正在關注幾個不同的領域。

Video is a very big priority. News is a very big priority, because a lot of people want to share that on Facebook already. And enabling public figures, whether they are celebrities or athletes or actors or politicians or leaders in different kind of communities, to get on Facebook and use the platform to distribute the content that they want. So those are the three areas that we're -- that you'll probably see us investing the most in over the next year or so. And we're making a lot of progress. I shared some of the stats before, but we're very proud of what we're doing, and we will have more to report soon.

影片是非常重要的優先事項。新聞是重中之重，因為很多人已經想在 Facebook 上分享新聞了。並讓公眾人物，無論他們是名人、運動員、演員、政治家或不同社群的領導人，都能登入 Facebook 並利用該平台發布他們想要的內容。所以，這些就是我們在未來一年左右投資最多的三個領域。我們正在取得很大進展。我之前分享過一些統計數據，但我們對所做的事情感到非常自豪，我們很快就會報告更多。

On ad tech, I think we're in the middle of what is a very fundamental shift from marketing that is cookie-based on a PC, one desktop, to people-based marketing on multiple devices, to marketing that is primarily for online sales, to marketing that affects both online and off-line sales on mobile. So I think we're right now in a pretty big shift and we're not [close to fully deployed] there. We have a lot of pieces to do.

在廣告技術方面，我認為我們正處於一個非常根本性的轉變之中，從基於個人電腦、一台桌上型電腦上的 cookie 的營銷，到基於多種設備的以人為本的營銷，到主要針對在線銷售的營銷，到影響移動設備上線上和線下銷售的營銷。所以我認為我們現在正處於一個相當大的轉變之中，但我們還沒有[接近完全部署]。我們有很多事情要做。

Our Atlas relaunch is new. We're first growing our client base, and we're pleased with our progress there. And we're putting these other pieces in place on Audience Network or LiveRail. So I think we're pretty far from being fully deployed on even this big shift.

我們重新推出的 Atlas 是全新的。我們首先擴大了客戶群，我們對這方面的進展感到滿意。我們正在將其他部分放到 Audience Network 或 LiveRail 上。所以我認為，我們距離完全部署這一重大轉變還有很長的路要走。

But I think in our industry, nothing is ever fully deployed. That as soon as we catch up here, there's going to be another movement and something else that happens that we have to react to and build the technology for. And so, we remain -- we're a long-term Company, run by a founder with a very long-run vision, and we want to keep our eyes ahead on these changes in technology and keep deploying against them.

但我認為，在我們的行業中，沒有任何東西能夠充分部署。一旦我們趕上來，就會有另一場運動和其他事情發生，我們必須對此做出反應並建立技術。因此，我們仍然是一家長期公司，由一位具有長遠眼光的創辦人經營，我們希望密切關注這些技術變化並不斷部署。

Ross Sandler, Deutsche Bank.

德意志銀行羅斯桑德勒。

Thanks, I just had two questions, one for Mark and then a quick one for Dave. Mark, I don't think I heard you mention payments in the three-, five-, 10-year plan. There's been some speculation of payment offerings within Messenger. Can you give us a sense at a high level of what you'd envision Facebook potentially doing in the payment space longer term across merchant payments, consumer products, like savings and lending or peer to peer? And then, how do you see social interaction tied in with payments evolving? Does Messenger make payments better than what's out there on the market?

謝謝，我只有兩個問題，一個問馬克，另一個快速問戴夫。馬克，我想我沒有聽到你提到三年、五年、十年計畫中的付款。有人猜測 Messenger 中將提供支付服務。您能否從宏觀層面向我們介紹一下，您認為 Facebook 在商家支付、消費產品（如儲蓄和貸款或點對點）等領域的長期支付領域可能採取哪些行動？那麼，您如何看待與支付相關的社交互動的發展？Messenger 的支付功能是否比市面上現有的支付功能更好？

And then Dave, just a clarification. So the high-end of the 4Q revenue guidance assumes a pretty sharp drop-off, even normalizing for some extra currency hit. So are you seeing anything out there that makes you concerned about pacing into the quarter? Or is that largely business as usual, and it's just a tougher law-of-large-numbers type situation? Thanks

然後戴夫，只需要澄清一下。因此，第四季度收入預期的高端假設會出現相當急劇的下降，即使考慮到一些額外的貨幣衝擊。那麼，您是否看到任何讓您擔心本季進展的事情？或者這基本上是一切如常，只是一種更棘手的大數定律類型的情況？謝謝

I'll start on payments. So payments is an important part of the online business ecosystem. But we've traditionally thought about this as something that we're going to partner with other companies on to enable great solutions, rather than trying to compete and do it as a business ourselves.

我將開始付款。因此，支付是網路商業生態系統的重要組成部分。但我們傳統上認為這是我們要與其他公司合作提供出色的解決方案的事情，而不是試圖競爭並自己將其作為一項業務來做。

And the reason why we've taken this approach is it's very important for all online businesses and our customers and partners that there's a good online payment system. People run ads to get customers and sell products, and at the end of that conversion, if there's a good payment system that is smooth, then people will buy more things, which ultimately makes the ads and all of the whole online flow more valuable for those partners and, therefore, more revenue and profit for our business as well.

我們採取這種方法的原因是，對於所有線上企業以及我們的客戶和合作夥伴來說，擁有一個良好的線上支付系統非常重要。人們投放廣告來吸引客戶並銷售產品，在轉換結束時，如果有一個順暢的支付系統，那麼人們就會購買更多的東西，這最終會使廣告和整個線上流程對合作夥伴更有價值，從而也為我們的業務帶來更多收入和利潤。

We view the ad part of the business as a more efficient part of the business than payments itself. Payments tends to be fixed fee, whereas in ads because of the option model, there's really good price discrimination built in, right? So a partner or business who is willing to pay us 30% of their revenue can bid that, and someone who's willing to only pay 5% of their revenue can bid that. And the auction model inherently takes care of that.

我們認為，廣告業務部分比支付業務本身更有效率。付款往往是固定費用，而在廣告中，由於選擇權模型，內建了非常好的價格歧視，對嗎？因此，願意向我們支付其收入 30% 的合作夥伴或企業可以競標，而願意只支付其收入 5% 的人也可以競標。拍賣模式本質上解決了這個問題。

We think that focusing on the ads part is going to end up being the more effective thing for us to do. But we realize that it's important for the ad system over time and for all of our partners for there to be a payment system, which is why we're excited about partnering with credit card companies and partnering with PayPal and all of the different folks in online payments to make their solutions as good as possible as well.

我們認為，專注於廣告部分最終會成為我們更有效的做法。但我們意識到，隨著時間的推移，對於廣告系統和我們所有的合作夥伴來說，擁有支付系統是很重要的，這就是為什麼我們很高興與信用卡公司、PayPal 以及所有不同的線上支付公司合作，使他們的解決方案盡可能好。

And, hey, Ross, it's Dave. Our view now is that Q4 revenue will come in that 40% to 47% year-over-year growth range. As I mentioned, Q4 of 2013 was just an absolutely fantastic quarter for us. We had news feed rolled out at scale. It was our first $1 billion mobile quarter. So we're comping against a really outstanding quarter last year; that's really the largest issue.

嘿，羅斯，我是戴夫。我們現在認為，第四季營收將年增 40% 至 47%。正如我所提到的，2013 年第四季對我們來說絕對是一個美好的季度。我們已大規模推出新聞推播。這是我們第一個行動業務營收達 10 億美元的季度。因此，我們與去年同期相比表現非常出色；這確實是最大的問題。

You asked about currency; we did see the euro drop about 7% in value over the course of Q3. And that really didn't pick up, as you saw, it didn't pick up in an impact in Q3 at all, because it happened at the end of the quarter. So that will be a headwind that we see and that's factored into the guidance.

你問到貨幣；我們確實看到歐元在第三季貶值了約 7%。但正如您所見，這確實沒有出現，它根本沒有在第三季度產生影響，因為它發生在季度末。因此，這將是我們看到的阻力，並且已將其納入指導之中。

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. Sheryl, you talked about being careful about and slow about rolling out video ads, autoplay video ads and Instagram monetization. Have you seen any pushback in terms of user experiences to date on videos or on video ads? Is that overall caution, or is there anything you've seen in the data that suggests that you want to keep it at a really slow pace? Thank you.

偉大的。謝麗爾，您談到了在推出影片廣告、自動播放影片廣告和 Instagram 貨幣化時要謹慎且緩慢。到目前為止，您是否發現影片或影片廣告的使用者體驗有任何問題？這是整體上的謹慎態度嗎？還是您在數據中看到的任何跡象表明您希望保持非常緩慢的速度？謝謝。

We're pleased with the consumer response we've had on both fronts, and we remain really optimistic over the long run about Instagram and video, because there's a lot of interest. I spoke before about creative storytelling; images video can be such a big part of that and create a really resonant experience for brands and companies.

我們對消費者在這兩個方面的反應感到滿意，我們對 Instagram 和影片的長期發展仍然非常樂觀，因為人們對此很感興趣。我之前談到過創意的故事敘述；圖像影片可以發揮重要作用，為品牌和公司創造真正引起共鳴的體驗。

We really believe in going slow. That as we grow products, we pay attention to the consumer experience. We want the consumer experience always to come first. So although we're very optimistic about the opportunity here, we continue to grow slowly and pay a lot of attention to the quality of the advertising we see.

我們確實相信慢慢來。在產品發展過程中，我們著重消費者體驗。我們希望消費者體驗始終放在第一位。因此，儘管我們對這裡的機會非常樂觀，但我們仍在緩慢增長，並且非常重視我們所看到的廣告的品質。

To share one example, we are seeing people using both Facebook and Instagram and also video and other ad products in combination. Mercedes-Benz launched the GLA, which was their first compact SUV, on Facebook and Instagram. They found that by doing Facebook and Instagram together, they got a 54% increase in their website visits.

舉一個例子，我們看到人們同時使用 Facebook 和 Instagram，以及影片和其他廣告產品。梅賽德斯-奔馳在 Facebook 和 Instagram 上推出了其首款緊湊型 SUV GLA。他們發現，透過結合 Facebook 和 Instagram，他們的網站訪問量增加了 54%。

So a lot of our products, as you do one, you also do more Facebook ads as well, and that's something we're paying a lot of attention to.

因此，當您推出我們的許多產品時，您也會在 Facebook 上投放更多廣告，這是我們非常關注的事情。

Paul Vogel, Barclays.

巴克萊銀行的保羅‧沃格爾。

Great, thanks so much. I was wondering if you could talk a little bit about on the engagement side. Your DAUs to MAUs continued to be very strong. If you could talk a little about your older cohorts versus your newer cohorts and how they are behaving. And then also geographically. And on top of that on the frequency side, obviously DAUs doesn't measure how often people come back more than once per day, so is there any update on increasing frequency of visits? Thanks

太好了，非常感謝。我想知道您是否可以談談參與方面的問題。您的 DAU 與 MAU 之間的比率持續保持強勁。您可以稍微談談您的老員工與新進員工的對比情況以及他們的行為方式嗎？然後從地理位置上來說。除此之外，從頻率方面來看，顯然 DAU 並不能衡量人們每天回來超過一次的頻率，那麼有沒有關於增加訪問頻率的最新消息？謝謝

I don't think anything to update on the latter front, Paul, but the DAU to MAU ratio, which we focus on on engagement, was strong across all geographic regions. So North America remains at the high end, and we're really pleased with what we're seeing there.

保羅，我認為後者沒有什麼需要更新的，但我們關注的參與度的 DAU 與 MAU 比率在所有地理區域都很強勁。因此，北美仍然處於高端，我們對在那裡看到的情況感到非常滿意。

Nothing to update on cohorts. Obviously, we're really pleased overall what the mobile impact has on the DAU to MAU ratio, and really encourage what were seeing across the board on engagement. So I don't think anything other than that specifically to call out.

關於隊列，沒有什麼好更新的。顯然，我們對行動端對 DAU 與 MAU 比率的影響總體上感到非常滿意，並且對我們看到的全面參與度感到非常鼓舞。所以我認為除了這一點以外沒有什麼需要特別指出的。

Mark May, Citi.

花旗銀行的馬克‧梅。

Thanks. For the last couple of years you've -- back on the OpEx for next year guidance, for the last couple of years, you've grown your cash OpEx by around $1 billion a year with some consistency. And I think that seems to be continuing into the second half of the year. But obviously, your midpoint of OpEx guidance for next year represents a very significant -- I think it's like 2.5% -- $2.5 billion increase at the midpoint. You obviously plan to change the level of investment in something quite significantly.

謝謝。在過去的幾年裡，您已經回顧了明年營運支出的指導，在過去的幾年裡，您的現金營運支出每年以約 10 億美元的速度持續成長。我認為這種趨勢似乎會持續到今年下半年。但顯然，您對明年營運支出指引的中點代表著非常顯著的成長——我認為中點成長了 2.5%——25 億美元。您顯然計劃大幅改變某項投資的水平。

So I'm just wondering if you could talk a little bit more specifically about what are a couple of the projects, of the capital-intensive projects that you're planning for next year? And is it physically possible to accelerate your hiring by that much next year?

所以我只是想知道您是否可以更具體地談談您明年計劃的幾個資本密集型項目？那麼，明年你們的招募速度是否真的能加快那麼多呢？

Yes, thanks, Mark. The projects really that Mark and Sheryl both outlined, in terms of continuing to invest in the core Facebook experiences, growth engagement, and monetization there, building up the ad-tech side and the investments that we want to make there, as well as the recent -- continuing to invest against the recent acquisitions that we made in terms of WhatsApp and Oculus. So it's really the investments we're making there. We're also going to be supporting global growth with our Internet.org initiative, investing there. So it's a number of the key initiatives that Mark outlined in his comments that we're investing against. And again, we're giving a range on what we think is a reasonable range of guidance on that.

是的，謝謝，馬克。馬克和謝麗爾都概述的項目實際上是繼續投資於 Facebook 的核心體驗、成長參與度和貨幣化，建立廣告技術方面和我們希望在那裡進行的投資，以及最近——繼續投資於我們最近在 WhatsApp 和 Oculus 方面進行的收購。所以這確實是我們在那裡進行的投資。我們也將透過 Internet.org 計劃進行投資，支持全球成長。因此，我們正在針對馬克在評論中概述的一些關鍵舉措進行投資。再次強調，我們給出了我們認為合理的指導範圍。

You saw headcount, we had a good growth headcount this quarter. And we're going to be continuing to invest, as we think that these will be good investments over the long run in terms of being able to drive our long-term growth.

您看到了員工人數，本季我們的員工人數成長良好。我們將繼續投資，因為我們認為從長遠來看，這些投資將能夠推動我們的長期成長。

John Blackledge, Cowen & Company.

約翰·布萊克利奇，考恩公司。

Great, thanks; just a couple questions on video. How should we think about Facebook as a video platform? And how does the mix of video between user-generated versus public content versus professionally produced content evolve over time? For example, as the upcoming short film content produced by Lions Gate around the Twilight franchise that will be shown exclusively on Facebook, will that increasingly be the type of content Facebook users will see in the future?

太好了，謝謝；影片中只有幾個問題。我們該如何看待 Facebook 作為影片平台？隨著時間的推移，用戶生成內容、公開內容和專業製作內容的影片組合如何演變？例如，獅門影業製作的《暮光之城》系列短片內容即將在 Facebook 上獨家播出，這是否會成為 Facebook 用戶未來看到的內容類型？

And then if you could give an update on the Instagram multi-active user comp, that would be great. Thank you.

如果您能提供有關 Instagram 多活躍用戶組合的最新消息，那就太好了。謝謝。

I can speak to the video point. I think it's going to be all of the above, in terms of what you said. Most of the content on Facebook is things that people are sharing with their friends and the people around them. So I think we'll continue to see that in video as well.

我可以談談視訊點。就您所說的而言，我認為以上都是事實。Facebook 上的大部分內容都是人們與朋友和周圍的人分享的內容。所以我認為我們也會繼續在影片中看到這一點。

There's definitely been this trend over the last few years where, if you go back five years, most of the content was text. Now a lot of it is photos, and if you look in the future as networks get better and the ability to capture good video and share it in a good way improves, then I think that going forward, a lot of the content that people share will be video. It's just very compelling.

過去幾年確實存在這種趨勢，如果回顧五年前，大多數內容都是文字。現在很多都是照片，如果你展望未來，隨著網路變得越來越好，捕捉優質影片並以良好的方式分享的能力不斷提高，那麼我認為未來人們分享的很多內容將是影片。這非常引人注目。

There's also a lot of great public content that's video, especially the shorter-form content that you were mentioning I think will fit very well into the feed form factor that people consume on Facebook. So I think we're going to see a lot of both of these things, and it's going to be an evolution over the next few years, but I think you can expect to see a ramp of all of this.

還有很多很棒的公共內容是視頻，特別是您提到的較短的內容，我認為它們非常適合人們在 Facebook 上消費的信息流形式。所以我認為我們將會看到很多這兩種情況，而且這將是未來幾年的一個演變，但我認為你可以期待看到所有這些都會逐漸增加。

And on Instagram MAU, we haven't updated the number; they continue to grow nicely, but we haven't announced a new public number on Instagram.

對於 Instagram 的 MAU，我們還沒有更新數字；它們繼續健康成長，但我們還沒有在 Instagram 上宣布新的公眾號。

Justin Post, Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

Thanks. Mark, it seems like you're taking a portfolio approach to apps, and you've got several different experiences for people on mobile devices and other devices. Can you give us your philosophy around that? And as people use things like WhatsApp and Instagram, is it actually maybe possibly hurting Facebook's reported metrics? And how do you think about putting this all together and helping every app work?

謝謝。馬克，看起來你正在對應用程式採取組合方式，並且你為行動裝置和其他裝置上的人們提供了幾種不同的體驗。您能告訴我們您對此的看法嗎？隨著人們使用 WhatsApp 和 Instagram 等應用程式，這是否實際上可能會損害 Facebook 的報告指標？您認為如何將所有這些整合在一起並幫助每個應用程式正常運作？

Sure. One of the things that's happening on mobile is that there's an increased focus for apps to do one thing really well. So on desktop, a lot of the things that might have fit well into a single Facebook website, now (technical difficulty) people, you need to build multiple standalone different apps. So we are seeing that with Facebook and Messenger, and the work that we did to kind of split out Messenger from the Facebook app to give a dedicated experience around that that we think is a better experience. And we're going to do more of that in the future as well with the Facebook Creative Labs products that we are releasing.

當然。行動裝置上正在發生的事情之一是，人們越來越注重應用程式能夠真正做好一件事。因此在桌面上，很多東西可能適合放在一個 Facebook 網站上，但現在（技術難度）人們需要建立多個獨立的不同應用程式。我們在 Facebook 和 Messenger 上看到了這一點，我們所做的工作就是將 Messenger 從 Facebook 應用程式中分離出來，以提供我們認為更好的專用體驗。未來我們也將利用即將發布的 Facebook Creative Labs 產品做更多這樣的事。

Part of what we've seen is that the use cases for products like Instagram and WhatsApp are actually more different and nuanced from -- than the products that people compare them to that Facebook had already built. So for example, on the WhatsApp and Messenger side, Messenger is primarily used today for people to chat with their Facebook friends, within this context of maybe it's not a realtime text like you would send an SMS on your phone, but it's something that you're sending to one of your Facebook friends. Then if they happen to be there, and you can text back and forth or maybe they respond later.

我們看到的是，Instagram 和 WhatsApp 等產品的用例實際上與人們將其與 Facebook 已經建立的產品進行比較的產品有更多不同和細微差別。舉例來說，在 WhatsApp 和 Messenger 方面，Messenger 目前主要用於人們與 Facebook 好友聊天，在這種情況下，它可能不是像您在手機上發送短信那樣的實時文本，而是您發送給您的一位 Facebook 好友的內容。然後，如果他們碰巧在那裡，你們就可以互相發短信，或者他們稍後會回复。

SMS and WhatsApp are more for realtime activity. People have contacts on WhatsApp who they wouldn't want to make friends on Facebook. The graphs are somewhat different.

SMS 和 WhatsApp 更適合即時活動。人們在 WhatsApp 上有一些聯絡人，但他們不想在 Facebook 上與他們交朋友。這些圖表有些不同。

So one of the things that we found, interestingly, to us as well, was that Messenger and WhatsApp are actually growing quickly in a lot of the same countries. There's countries that they are growing in that are different, and there are countries that they are growing in that are the same, which to me suggests that they actually are in more different of markets than you probably intuitively would've thought. And that was definitely our understanding as we dug more into this.

因此，我們發現一個有趣的現象，那就是 Messenger 和 WhatsApp 實際上在許多相同的國家都在快速成長。他們所發展的國家有些不同，有些國家也相同，對我來說，這表明他們所處的市場實際上比你直覺上想像的更加不同。當我們對此進行更深入的研究時，我們肯定也得出了這樣的理解。

Same with Instagram, and the type of sharing that happens on Instagram versus news feed. We've recently started doing more to help promote and accelerate the growth of Instagram from the Facebook app itself, because what we've found is that by doing that, we're net overall increasing the amount of sharing that people can do and connecting what they can do within our whole family of apps.

Instagram 也是一樣，Instagram 上的分享類型與新聞推播不同。我們最近開始採取更多措施，透過 Facebook 應用程式本身來促進和加速 Instagram 的成長，因為我們發現，透過這樣做，我們總體上增加了人們可以進行的分享量，並將他們可以在我們整個應用程式系列中進行的操作連接起來。

We're definitely seeing that this is all accretive and positive, and we think that in the future there will probably be room for more apps for sharing as well.

我們確實看到這一切都是增值的、積極的，我們認為未來可能會有更多應用程式可供分享。

Anthony DiClemente, Nomura Securities.

野村證券的安東尼‧迪克萊門特 (Anthony DiClemente)。

Thanks a lot. First for Sheryl, I want to come back to the theme of media measurement. You gave us some good perspective. Can you help me with first-party data versus third-party data? Can you get where you need to go with brand marketers using your in-house tools like Atlas, or do you think you need the validity and integrity of a third-party measurement source, i.e., Nielsen, in order to get there?

多謝。首先，對於謝麗爾來說，我想回到媒體測量這個主題。您給了我們一些很好的觀點。您能幫我比較一下第一方資料和第三方資料嗎？您可以使用 Atlas 等內部工具來實現與品牌行銷人員的目標，或者您認為需要第三方測量來源（例如尼爾森）的有效性和完整性才能實現這一目標？

And then second question for Mark. Mark, I was just wondering where do you see Facebook at this point, in terms of its place in the hardware ecosystem? And given so much time is spent on your apps, do you think it's possible that you could get more aggressive in devices in hardware in order to achieve some of your longer-term or 10-year goals that you laid out? Thank you.

然後第二個問題問馬克。馬克，我只是想知道，就 Facebook 在硬體生態系統中的地位而言，您認為它目前處於什麼位置？鑑於您在應用程式上花費瞭如此多的時間，您是否認為您可以在硬體設備上採取更積極的行動，以實現您制定的一​​些長期目標或 10 年目標？謝謝。

To your first question, data is really important for both measurement and targeting. And when you think about first-party and third-party data, you have to think about both of those usage.

對於您的第一個問題，數據對於測量和定位都非常重要。當您考慮第一方和第三方資料時，您必須考慮這兩種資料的用途。

Certainly with measurement, third-party verification of that data can be very important. A lot of our largest clients and agencies also build their own data systems, which are a very important part of measuring and certifying everything we do with them. So we're using a combination of first-party and third-party.

當然，對於測量來說，第三方驗證數據非常重要。我們的許多最大客戶和代理商也建立了自己的數據系統，這是衡量和認證我們與他們所做的一切工作的一個非常重要的部分。因此，我們採用第一方和第三方的組合。

I think where this really gets interesting is around relevance. And as I spoke about, that's a major theme for us, because we think one of the best things we can do to drive more value for marketers and improve the consumer experience on Facebook is improve relevance. And data is a great way of doing that.

我認為真正有趣的是相關性。正如我所說的，這是我們的一個主要主題，因為我們認為，為行銷人員創造更多價值並改善 Facebook 消費者體驗的最佳方法之一就是提高相關性。數據是實現這一目標的絕佳方式。

So, for example, with Custom Audiences. Custom Audiences is a combination of our clients using the data they have on their client base, combined with the data we have that we can target. Let's say target one ad to existing customers to get them to engage more and buy more, and one ad to brand-new customers. And you can see how having a different ad to people who have never bought your product and a different ad to people who are currently buying your product would make a lot of sense.

例如，使用自訂受眾。自訂受眾是我們客戶使用其客戶群資料與我們擁有的可定位資料的組合。假設向現有客戶投放一則廣告，以吸引他們更多參與並購買更多產品，同時向全新客戶投放一則廣告。您會發現，向從未購買過您的產品的人投放不同的廣告，與向目前正在購買您的產品的人投放不同的廣告，是非常有意義的。

Then you look at something like look-alike audiences, where we're looking to map customers who share characteristics; age, demos, likes, interest, with current customers, and all of this takes a combination of first-party and third-party data, all of which we do in a very privacy-protected way.

然後你會看到類似相似的受眾群體，我們希望繪製出具有共同特徵的客戶圖；年齡、演示、喜好、興趣、現有客戶，所有這些都需要第一方和第三方資料的組合，而所有這些都是以非常保護隱私的方式進行的。

Stephen Ju, Credit Suisse.

瑞士信貸的 Stephen Ju。

Thanks. Sheryl, from a product-development perspective, it feels like from the outside looking in that you have accelerated the rollout and delivery of various products. So wondering how you were thinking about how your product delivery cadence will change, especially given the investments you have guided to for 2015? Thanks.

謝謝。謝麗爾，從產品開發的角度來看，從外部看，感覺您已經加速了各種產品的推出和交付。所以想知道您是如何考慮您的產品交付節奏將如何變化的，特別是考慮到您對 2015 年的投資指導？謝謝。

Before we go to that, I'll just quickly answer the hardware question that we didn't get a chance to answer on the last question. We actually probably do more with hardware already than is apparent, because we design and work with folks to build up all of our own data centers and the servers there. I do think that if that ever became the right thing for us to focus on from a product perspective, we have some of the skills there already.

在討論這個問題之前，我先快速回答上一個問題中我們沒有機會回答的硬體問題。實際上，我們在硬體方面所做的工作可能比表面上看起來的要多，因為我們設計並與人們合作建立了我們自己的所有資料中心和伺服器。我確實認為，如果從產品角度來看這是我們應該關注的正確事情，那麼我們已經具備了一些技能。

And when we were thinking about working with Oculus, that's actually one of the areas where we think we can help out is because we've built up a supply chain team, and we've been, I think, pretty effective at delivering what we've needed to run Facebook as this large system at scale.

當我們考慮與 Oculus 合作時，這實際上是我們認為可以提供幫助的領域之一，因為我們已經建立了一個供應鏈團隊，而且我認為，我們在提供運行 Facebook 這個大型系統所需的一切方面非常有效。

But that said, I think that there's a huge amount of value in delivering these network and software services, and that's where you should expect us to focus on the things that we've talked about.

但話雖如此，我認為提供這些網路和軟體服務具有巨大的價值，這也是我們應該關注的重點。

To the question about the rollout of products, I think the usual way we do things is that we roll out products slowly and then we iterate. So one example is Custom Audiences; we roll out Custom Audiences. Then we add on that website Custom Audiences to target ads to people visiting websites, and then mobile apps Custom Audiences adds to people who have visited mobile app. And one is building on the next, building on the next.

對於產品推出的問題，我認為我們通常的做法是慢慢推出產品，然後進行迭代。一個例子就是自訂受眾；我們推出自訂受眾。然後，我們在網站上新增自訂受眾，以便將廣告定位到造訪網站的用戶，然後將行動應用程式自訂受眾新增至造訪過行動應用程式的用戶。一個建立在下一個之上，下一個又建立在下一個之上。

Similarly, this month -- earlier this month we launched local awareness targeting. It's a new option that allows local businesses to reach nearby customers, and when you saw that, it was in a massive launch; it was a small launch, fully enabled as targeting, get people to use it, and we will develop it.

同樣，本月——本月初，我們啟動了本地意識定位。這是一個新的選擇，允許本地企業接觸附近的客戶，當你看到它時，它正在大規模推出；這是一個小型發布，完全以目標為導向，讓人們使用它，然後我們就會開發它。

Then there were the exceptions, such as Atlas. Atlas was one big launch that we're still in the process of doing, and that's really because it's a product we bought and needed to rebuild. But for the most part, our product development tends to be very iterative, and that's what you can expect from us going forward.

但也有一些例外，例如 Atlas。Atlas 是我們仍在進行的一項重大發布，這實際上是因為它是我們購買並需要重建的產品。但在大多數情況下，我們的產品開發往往是迭代式的，這也是您對我們未來的期望。

Youssef Squali, Cantor.

優素福·斯誇利（Youssef Squali），領唱。

Thank you very much. First question for Mark. Mark, you recently came back from China. How do you think about that opportunity and what gives you the confidence that you can actually be successful where so many have failed?

非常感謝。第一個問題問馬克。馬克，你最近從中國回來。您如何看待這個機會？是什麼讓您有信心在這麼多人失敗的地方取得成功？

And then, second, on Instagram, we've seen some very complimentary data that shows that Instagram is actually becoming more popular than ever with some brand marketers. Just wondering, what are the best-performing ads formats on the platform right now, and where is the ad load versus where Facebook is? Thank you.

其次，在 Instagram 上，我們看到了一些非常互補的數據，這些數據表明 Instagram 實際上比以往任何時候都更受一些品牌行銷人員的歡迎。只是想知道，目前該平台上效果最好的廣告格式是什麼，以及與 Facebook 相比，廣告負載在哪裡？謝謝。

Sure. On China, we're already doing more in China on the business side than I think a lot of folks think about. A lot of Chinese businesses use Facebook to grow their export businesses and to help find customers around the rest of the world and grow the Chinese economy there. So that's actually a pretty meaningful thing for us already, and we always are looking to find ways to help businesses around the world to grow. And that will be just a long-term thing.

當然。在中國，我們在中國的業務方面所做的已經超出了許多人想像的範圍。許多中國企業使用 Facebook 來擴大出口業務，並幫助在世界其他地區尋找客戶，從而促進中國經濟在那裡的發展。所以這對我們來說其實已經是一件非常有意義的事情，我們一直在尋找方法來幫助世界各地的企業發展。這將是一個長期的事情。

Our approach to China and every country is very long term. We're going to be here for decades, and we want to create good relationships with these countries and businesses around the world that will help and grow over the long term.

我們對中國以及每個國家的政策都是非常長遠的。我們將在這裡待幾十年，我們希望與世界各地的這些國家和企業建立良好的關係，以促進長期發展。

On the Instagram side, I think we're pretty early. There have been a number of good ads, both video and images, that I think have been pretty effective, but it's fairly early in the growth phase at this point. The top priority for Instagram is to grow from 200 to more and eventually connect 1 billion or more people, and I think that's something that should be possible. That's what I'm really focused on and excited about now, while we also start building out some of the parts of the business as well.

在 Instagram 方面，我認為我們還處於早期階段。有很多優秀的廣告，包括影片和圖片，我認為它們非常有效，但目前還處於成長階段的早期。Instagram 的首要任務是從 200 個用戶發展到更多，最終連接 10 億甚至更多的用戶，我認為這是可以實現的。這就是我現在真正關注和興奮的事情，同時我們也開始建立一些業務部分。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Scott Davis, Stifel.

戴維斯 (Scott Davis)，史蒂費爾 (Stifel)。

Thanks. I think this question is for Sheryl; the app download business seems to have grown quickly and become a big contributor of the ad revenue total for Facebook, and just wondering how you think about app re-engagement relative to app downloads, and which of those you think is the larger long-term opportunity for the Company? Thanks.

謝謝。我認為這個問題是問 Sheryl 的；應用程式下載業務似乎成長迅速，成為 Facebook 廣告總收入的一大貢獻者，我只是想知道您如何看待應用程式重新參與相對於應用程式下載，以及您認為哪一個對公司來說是更大的長期機會？謝謝。

I'm glad you asked the question, because I think there has been some confusion around our mobile apps and our mobile app ads and our mobile app engagement ads.

我很高興您提出這個問題，因為我認為大家對我們的行動應用程式、行動應用程式廣告以及行動應用程式參與廣告存在一些混淆。

On the engagement ads, it's still pretty early and we have rolled those out. We rolled those out after mobile app ads, so we definitely see less of them, but we do think there's an opportunity.

關於互動廣告，現在還處於早期階段，但我們已經推出了這些廣告。我們在行動應用廣告之後推出了這些廣告，因此我們看到的這些廣告確實較少，但我們確實認為這是一個機會。

I think the broader point is that our growth in mobile ads is very broad-based. It's across all marketer segments, and it's across all of our different ad formats. When we talk about our mobile ad business growing, mobile app ads are a small part of that, that's growing in line with our total business.

我認為更廣泛的一點是，我們的行動廣告成長基礎非常廣泛。它涵蓋所有行銷人員細分領域，也涵蓋我們所有不同的廣告格式。當我們談論行動廣告業務成長時，行動應用廣告只是其中的一小部分，其成長與我們的整體業務同步。

The other thing that I think people get a little confused about is who is using mobile app ads. I think commonly when you think about mobile app, people often think about developers, and developers are using them and we're pleased we're able to help them grow.

我認為人們有點困惑的另一件事是誰在使用行動應用程式廣告。我認為，通常當你想到行動應用程式時，人們往往會想到開發人員，而開發人員正在使用它們，我們很高興能夠幫助他們成長。

But they're also being used by some of the largest branders and marketers in the world. So, for example, Burger King. Burger King just used our mobile app ads to do app installs for their apps. Excuse me, I'm about to sneeze. And the app was to find Burger Kings, look at their menu and nutritional options, use mobile coupons, and use virtual gift cards. That was one use of our mobile app ads, which is not what people typically think of.

但它們也被世界上一些最大的品牌商和行銷人員所使用。例如漢堡王。漢堡王剛剛使用我們的行動應用程式廣告來為他們的應用程式進行應用程式安裝。不好意思，我要打噴嚏了。該應用程式可以找到漢堡王、查看菜單和營養選項、使用行動優惠券和虛擬禮品卡。這是我們的行動應用程式廣告的一種用途，這並不是人們通常所想的。

Great. Thank you for joining us today. We appreciate your time, and we look forward to speaking with you again.

偉大的。感謝您今天加入我們。感謝您的時間，我們期待再次與您交談。

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。