Meta Platforms Inc (META) 2016 Q3 法說會逐字稿

Good afternoon. My name is Chris, and I'll be your conference operator today. At this time I'd like to welcome everyone to the Facebook third-quarter 2016 earnings call.

午安.我叫克里斯，今天我將擔任你們的會議操作員。現在，我謹歡迎大家參加 Facebook 2016 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

This call will be recorded. Thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

此通話將會被錄音。非常感謝。 Facebook 投資者關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you. Good afternoon, and welcome to Facebook's third-quarter 2016 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those statements contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in 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.

謝謝。下午好，歡迎參加 Facebook 2016 年第三季財報電話會議。今天與我一起討論我們的結果的是執行長馬克·祖克柏 (Mark Zuckerberg)；謝麗爾·桑德伯格，營運長；和財務長戴夫‧韋納 (Dave Wehner)。在我們開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述中預期的陳述有重大差異。今天的新聞稿和我們向 SEC 提交的 10-Q 表格季度報告中列出了可能導致這些結果出現重大差異的因素。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，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 may 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. Now I'd like to turn the call over to Mark.

在這次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。新聞稿和隨附的投資者簡報可在我們的網站 Investor.FB.com 上取得。現在我想把電話轉給馬克。

Thanks Deborah, and thanks everyone for joining today. We had another good quarter. Our community continues to grow around the world. We're pleased to see nearly 1.8 billion people now use Facebook every month, and nearly 1.2 billion people use it every day. It's also great to see the continued growth and strength of engagement on our platform. And our ads growth is growing at a healthy rate as well. Total revenue grew by 56% year over year to $7 billion. And advertising revenue is up 59% to $6.8 billion.

謝謝黛博拉，也謝謝大家今天的加入。我們又度過了一個美好的季度。我們的社區在世界各地不斷發展。我們很高興看到現在每個月有近 18 億人使用 Facebook，並且每天有近 12 億人使用它。很高興看到我們平台上的參與度持續成長和強度。我們的廣告成長也以健康的速度成長。總營收年增 56%，達到 70 億美元。廣告收入成長 59%，達到 68 億美元。

I want to start by talking about our work around putting video first across our app. People are creating and sharing more video. And we think it's pretty clear that video is only going to become more important. So that's why we're prioritizing putting video first across our family of apps and taking steps to make it even easier for people to express themselves in richer ways. One way we're putting video first is through live video on Facebook. Since May the number of people going live at any given moment has grown by 4 times. People have gone live from all seven continents, and also from outer space.

我想先談談我們在應用程式中將影片放在首位的工作。人們正在創建和分享更多影片。我們認為很明顯，影片只會變得更加重要。因此，我們在我們的應用程式系列中優先考慮將影片放在首位，並採取措施讓人們更輕鬆地以更豐富的方式表達自己。我們將影片放在首位的一種方式是透過 Facebook 上的即時影片。自 5 月以來，任何特定時刻的線上人數都增加了 4 倍。人們來自七大洲，也來自外太空。

Another recent example is Instagram Stories, which we launched in August. Instagram Stories is a lightweight way for people to share moments of their day through photos and videos that appear in a slideshow format and disappear after 24 hours. Stories now has more than 100 million daily actives. We also improved the explore tab in Instagram to include more videos in stories, and it has 100 million daily actives now as well. In addition to making it easy to share video, we also want to make it easier to capture video. In most social apps today, a text box is still the default way we share. Soon, we believe a camera will be the main way that we share. We're already testing this in our main Facebook app with a version that has a camera directly just one swipe away from newsfeed with creative effects for your photos and videos. And in Messenger we're testing new camera and video features. We'll be experimenting with even more visual messaging tools over the next few months, as well. So those are a few examples of some of the things that we're doing to put video first across our family of apps.

最近的另一個例子是 Instagram Stories，我們在 8 月推出。 Instagram Stories 是一種輕量級的方式，人們可以透過照片和影片分享一天中的精彩時刻，這些照片和影片以幻燈片格式顯示並在 24 小時後消失。目前，故事的每日活躍人數已超過 1 億。我們還改進了 Instagram 中的探索選項卡，在故事中包含更多視頻，現在它的日活躍量也達到 1 億。除了讓分享影片變得更加容易之外，我們還希望讓影片拍攝變得更加容易。在當今的大多數社交應用程式中，文字方塊仍然是我們共享的預設方式。很快，我們相信相機將成為我們分享的主要方式。我們已經在我們的主要 Facebook 應用程式中對此進行了測試，其版本具有相機，只需從動態消息中輕輕一掃即可為您的照片和影片提供創意效果。我們正在 Messenger 中測試新的相機和視訊功能。在接下來的幾個月裡，我們還將嘗試更多的視覺訊息工具。這些是我們為在我們的應用程式系列中將影片放在首位而採取的一些措施的一些範例。

Now I'll give you an update on our progress over our 3-, 5-, and 10-year time horizon. Over the next three years we're focusing on making our core services more useful and engaging. The 2016 Summer Olympics were huge on Facebook, with more than 270 million people creating 1.5 billion interactions. Facebook helped bring the world together. And athletes, fans, media went live throughout the Games, including athletes who went live from the Olympic Village, and Michael Phelps who even announced his retirement on our platform.

現在，我將向您介紹我們在 3 年、5 年和 10 年時間範圍內的最新進展。在接下來的三年裡，我們將致力於使我們的核心服務更加有用和有吸引力。 2016 年夏季奧運會在 Facebook 上的影響力巨大，超過 2.7 億人創造了 15 億次互動。 Facebook 幫助世界團結在一起。運動員、球迷、媒體在整個奧運會期間都進行了直播，包括從奧運村進行直播的運動員，甚至在我們的平台上宣布退休的邁克爾·菲爾普斯。

This election season has also driven a lot of conversations, including on Facebook where we've made it easier for voters and candidates to communicate with each other. In the first nine months of this year 109 million people on Facebook in the US generated over 5.3 billion posts, comments and likes ands shares related to the election. During the primaries and in September, we also added a register-to-vote link at the top of our Facebook app that we estimate helped more than 2 million people register to vote, some who were registering for the first time. Facebook really is the new townhall. And we're proud of the role that we've played in enabling dialogue and increasing civic engagement. That's the three-year update.

這個選舉季也引發了許多對話，包括在 Facebook 上，我們讓選民和候選人更容易相互溝通。今年前 9 個月，美國 Facebook 上的 1.09 億用戶發布了超過 53 億則與選舉相關的貼文、留言以及按讚和分享。在初選期間和 9 月份，我們還在 Facebook 應用程式頂部添加了一個登記投票鏈接，我們估計該鏈接幫助超過 200 萬人登記投票，其中一些人是第一次登記。 Facebook 確實是新的市政廳。我們為我們在促進對話和增加公民參與方面所發揮的作用感到自豪。這是三年更新。

Over the next five years we're going to keep building ecosystems around products that a lot of people already use every day. Instagram, Messenger and WhatsApp each have large communities. But we have a lot more work to do on all of them. I think about our progress here in three phases. The first phase is building a great consumer experience and getting it to scale. The second phase is about enabling people to organically interact with businesses. And then the third phase is to give businesses tools to reach more people. That's where we build our business.

在接下來的五年中，我們將繼續圍繞許多人每天使用的產品來建立生態系統。 Instagram、Messenger 和 WhatsApp 都有龐大的社群。但我們在所有這些方面還有很多工作要做。我認為我們的進展分為三個階段。第一階段是建立良好的消費者體驗並使其規模化。第二階段是讓人們與企業有機互動。第三階段是提供企業接觸更多人的工具。這就是我們開展業務的地方。

Right now Instagram has moved into that third phase. Instagram has more than 500 million monthly actives and more than 300 million daily actives. We're making good progress helping businesses and marketers use Instagram in new ways. And Sheryl will talk more about that in a few minutes. Messenger is early in the second phase. We're helping businesses and consumers increasingly interact in richer ways. To date there are 33,000 bots live on Messenger. We also launched Messenger Light, which is designed to make messaging fast and easy with a wide variety of Android phones and for people who are slower networks as well. A lot of businesses use WhatsApp already. But we're going to really start working on the second phase in the next. Right now we're testing new camera features and we're continuing to keep features fast and reliable on multiple devices in every network condition.

現在 Instagram 已經進入了第三階段。 Instagram 的每月活躍用戶數超過 5 億，每日活躍用戶數超過 3 億。我們在幫助企業和行銷人員以新方式使用 Instagram 方面取得了良好進展。幾分鐘後謝麗爾將詳細討論這一點。 Messenger 正處於第二階段的早期。我們正在幫助企業和消費者以更豐富的方式互動。迄今為止，Messenger 上已有 33,000 個機器人。我們還推出了 Messenger Light，旨在讓各種 Android 手機以及網路速度較慢的用戶能夠快速輕鬆地發送訊息。許多企業已經在使用 WhatsApp。但接下來我們將真正開始第二階段的工作。目前，我們正在測試新的相機功能，並繼續在各種網路條件下的多個裝置上保持快速可靠的功能。

Finally, we're starting to build communities around completely new apps. This quarter we launched Workplace to help make organizations more connected and productive. Workplace is a communications platform that uses features that people know, like newsfeed, groups and messages to help them collaborate and share at work the same way that they do ever else. Already more than 1,000 organizations are using Workplace including Starbucks, Royal Bank of Scotland, and (inaudible), and we're adding more all the time.

最後，我們開始圍繞全新的應用程式建立社群。本季度，我們推出了 Workplace，以幫助組織更加互聯、更有效率。 Workplace 是一個通訊平台，它使用人們熟悉的功能（例如動態消息、群組和訊息）來幫助他們在工作中以與其他方式相同的方式進行協作和分享。已有 1,000 多家組織在使用 Workplace，包括星巴克、蘇格蘭皇家銀行和（聽不清楚），而且我們一直在增加更多組織。

We're also getting new services to scale in the core app. In October we also launched the Marketplace tab to help people discover, buy and sell things with people in their community. While we just launched Marketplace, many millions of people have been buying and selling things in Facebook for sale groups for a while. We think this is going to be an important tool going forward.

我們也在核心應用程式中擴展新的服務。 10 月份，我們還推出了「市場」選項卡，幫助人們與社區中的人們一起發現、購買和銷售商品。雖然我們剛推出 Marketplace，但有一段時間已有數百萬人在 Facebook 的銷售群組中買賣商品。我們認為這將成為未來的重要工具。

Over the next 10 years we're going to continue to invest in the platforms and technologies that will connect more people in more places and allow everyone in the world to have a voice. We focused our long-term innovation road map around three areas: connectivity initiatives that bring more people online, artificial intelligence, and virtual and augmented reality. On connectivity, through our efforts with Internet.org, we've connected 40 million people, based on our best estimates. And we're making good progress with our Express Wi-Fi program which empowers entrepreneurs to build a business by providing their community with access to the internet. On artificial intelligence we're starting to see the impact that AI can have on enhancing people's experiences on Facebook and showing them more of what they care about. More than 40 teams at Facebook and more than 25% of our engineers are already using AI to power the products and services they build. We've made changes to and improvements to our AI in order to filter out misleading clickbait stories from newsfeed. And we're using AI to help find terrorist propaganda on Facebook. It's still early, but we think that AI will help improve the quality of what people see and can share on our platform.

未來 10 年，我們將繼續投資平台和技術，將更多地方的更多人聯繫起來，讓世界上的每個人都有發言權。我們的長期創新路線圖主要圍繞著三個領域：讓更多人上網的連結計畫、人工智慧以及虛擬和擴增實境。在連結方面，根據我們的最佳估計，透過我們與 Internet.org 的努力，我們已經連結了 4000 萬人。我們的 Express Wi-Fi 計劃正在取得良好進展，該計劃使企業家能夠透過為社區提供網路存取來開展業務。在人工智慧方面，我們開始看到人工智慧對增強人們在 Facebook 上的體驗並向他們展示更多他們關心的內容所產生的影響。 Facebook 的 40 多個團隊和超過 25% 的工程師已經在使用人工智慧來為他們建立的產品和服務提供支援。我們對人工智慧進行了更改和改進，以便從新聞源中過濾掉誤導性的點擊誘餌故事。我們正在使用人工智慧來幫助尋找 Facebook 上的恐怖主義宣傳。現在還為時過早，但我們認為人工智慧將有助於提高人們在我們平台上看到和分享的內容的品質。

We also took some important steps forward on virtual reality to help people experience the world in richer and more immersive ways. At Oculus Connect we announced that touch controllers for Rift will ship in early December with 35 games and experiences exclusively built for touch. Since we believe the next phase of VR is great software experiences, we're investing another $250 million in virtual reality content on top of the money that we've already invested.

我們也在虛擬實境方面採取了一些重要步驟，以幫助人們以更豐富、更身臨其境的方式體驗世界。在 Oculus Connect 上，我們宣布 Rift 觸控控制器將於 12 月初上市，其中包含 35 款專為觸控而打造的遊戲和體驗。由於我們相信 VR 的下一階段是出色的軟體體驗，因此在已經投資的基礎上，我們將在虛擬實境內容上再投資 2.5 億美元。

So this was a very busy third quarter. And 2016 is shaping up to be a year of important progress for Facebook. Our business is performing well. And while I'm happy about what we've accomplished, we're really just getting started. We want to continue to invest aggressively to accomplish our goals, which is why we're hiring, especially in engineering, which is going to be one of our top priorities going into 2017. Dave will say more about this in his remarks. Everything we do is about opening the world to everyone and helping more people to connect and share. So I want to thank our entire community, all of our teams, our partners, and our shareholders for being a part of this journey with us. Now here's Sheryl.

所以這是一個非常繁忙的第三季。 2016 年將成為 Facebook 取得重要進展的一年。我們的業務表現良好。雖然我對我們所取得的成就感到高興，但我們實際上才剛剛開始。我們希望繼續積極投資以實現我們的目標，這就是我們招募的原因，尤其是工程領域，這將是我們進入2017 年的首要任務之一。 。我們所做的一切都是為了向每個人開放世界，幫助更多的人聯繫和分享。因此，我要感謝我們的整個社區、所有團隊、合作夥伴和股東與我們一起參與這趟旅程。現在是謝麗爾。

Thanks Mark, and hi everyone. We had a great third quarter. Q2 (sic) ad revenue grew 59%. Mobile ad revenue reached $5.7 billion, up 70% year over year, and was approximately 84% of total ad revenue. Our growth was broad based across all regions, marketer segments, and verticals. In Q3 we announced that we have over 4 million active advertisers on Facebook and over 500,000 active advertisers on Instagram. The number of advertisers on both platforms continues to grow quickly. And we're pleased to see more and more of them using the full range of our ad products.

謝謝馬克，大家好。我們第三季表現出色。第二季（原文如此）廣告收入成長 59%。行動廣告收入達 57 億美元，年增 70%，約佔廣告總收入的 84%。我們的成長廣泛遍及所有地區、行銷領域和垂直領域。在第三季度，我們宣布 Facebook 上有超過 400 萬活躍廣告商，Instagram 上有超過 50 萬活躍廣告商。兩個平台上的廣告商數量持續快速成長。我們很高興看到越來越多的人使用我們的全系列廣告產品。

We continue to focus on our three priorities: capitalizing on the shift to mobile, growing the number of marketers using our ads products, and making our ads more relevant and effective. First, capitalizing on the shift to mobile. People have shifted to mobile, and we remain focused on helping businesses catch up. We know that marketing shifts take time. The first TV ads showed people standing in front of microphones reading their radio ads. Similarly, many of the first mobile video ads were TV ads dropped into mobile. Ads optimized for each platform often perform better. So marketers are increasingly tailoring their creative for mobile.

我們繼續專注於我們的三個優先事項：利用向行動裝置的轉變，增加使用我們廣告產品的行銷人員數量，以及使我們的廣告更加相關和有效。首先，利用向行動裝置的轉變。人們已經轉向行動設備，我們仍然專注於幫助企業迎頭趕上。我們知道行銷轉變需要時間。第一個電視廣告顯示人們站在麥克風前閱讀廣播廣告。同樣，許多第一批行動視訊廣告都是投放到行動裝置上的電視廣告。針對每個平台優化的廣告通常效果更好。因此，行銷人員越來越多地針對行動裝置客製化創意。

We're excited to see the world's largest advertisers realize that the small screen is big. In September P&G Chief Brand Officer Mark Pritchard, GM CEO Mary Barra, and I addressed the Ad Week audience together. Mark described how P&G is creating mobile video ads designed to grab attention in the first few seconds. He shared the example of Tide. In a typical TV ad they start with a clean dress or shirt, show it getting stains, and then cleaned with Tide. On mobile they need to communicate the product value more quickly. So they start by showing Tide cleaning a stained garment.

我們很高興看到世界上最大的廣告商意識到小螢幕也很大。 9 月份，我和寶潔公司首席品牌官馬克·普里查德 (Mark Pritchard)、通用汽車首席執行官瑪麗·巴拉 (Mary Barra) 一起在廣告週上向觀眾發表了講話。馬克描述了寶潔公司如何製作旨在在最初幾秒鐘內吸引註意力的行動影片廣告。他分享了潮汐的例子。在典型的電視廣告中，他們從乾淨的裙子或襯衫開始，展示它沾上污漬，然後用汰漬清洗。在行動裝置上，他們需要更快地傳達產品價值。因此，他們首先展示了汰漬如何清洗弄髒的衣服。

Mary shared GM's success with Facebook Mobile video ad. In Q3 GM subsidiary Holden used Carousel Ads with video to maximize its sponsorship of Australia's Premier Rugby Tournament. Holden created a video series about their support of youth rugby. The ads generated an 8-point lift in brand favorability for the overall audience and a 15-point lift amongst their target audience of women over 35. For many small businesses a shift to mobile means leveraging video for the very first time. Rather than needing a camera crew and production budget, anyone with a smartphone can shoot a video and share it on Facebook. In the past month alone over 3 million small businesses have posted a video on Facebook, including organic posts and ads.

瑪麗透過 Facebook 行動影片廣告分享了通用汽車的成功。在第三季度，通用汽車子公司霍頓使用帶有影片的輪播廣告來最大限度地贊助澳洲超級橄欖球錦標賽。霍頓製作了一系列影片來宣傳他們對青少年橄欖球的支持。這些廣告使整體受眾的品牌好感度提升了 8 個百分點，35 歲以上女性目標受眾的品牌好感度提升了 15 個百分點。任何擁有智慧型手機的人都可以拍攝影片並在 Facebook 上分享，而不需要攝影師和製作預算。僅在過去一個月，就有超過 300 萬家小型企業在 Facebook 上發布了視頻，其中包括有機帖子和廣告。

Our second priority is growing the number of marketers using our ad products. We continue to focus on our advertiser pipeline. In Q2 we announce that over 60 million businesses use our free Facebook pages product each month. And we introduced the Instagram equivalent, Business Profiles, which are being used by 1.5 million businesses. On past calls I've talked about product simplification as a driver of advertiser growth on Facebook. Now with the launch of promoted posts, we're seeing that on Instagram too. Like boosted posts on Facebook, promoted posts on Instagram are an easy way to start advertising. And we're pleased with adoption. Over 85% of business pages are active on mobile. We're making it easier for advertisers to manage campaigns from their phones.

我們的第二要務是增加使用我們廣告產品的行銷人員數量。我們繼續關注我們的廣告商管道。在第二季度，我們宣布每月有超過 6,000 萬企業使用我們的免費 Facebook 專頁產品。我們也推出了 Instagram 的同類產品 Business Profiles，目前有 150 萬家企業在使用。在過去的電話會議中，我曾談到產品簡化是 Facebook 廣告商成長的動力。現在，隨著推廣貼文的推出，我們在 Instagram 上也看到了這一點。與 Facebook 上的推廣貼文一樣，Instagram 上的推廣貼文也是開始做廣告的簡單方法。我們對採用感到高興。超過 85% 的商業頁面在行動裝置上活躍。我們正在讓廣告主更輕鬆地透過手機管理廣告活動。

In Q3 we added a feature that shows marketers a preview of a potential ad in newsfeed just as our customers would see it. They can then run the ad with just a few taps from their mobile device. Making it easy to advertise from a mobile phone is especially important in emerging markets. For businesses operating in areas with weak network connections, we continue to build advertising tools into Facebook Light, our low bandwidth app, and are making more of them available offline.

在第三季度，我們添加了一項功能，可以向行銷人員展示新聞源中潛在廣告的預覽，就像我們的客戶看到的那樣。然後，他們只需在行動裝置上點擊幾下即可投放廣告。在新興市場中，透過手機輕鬆投放廣告尤其重要。對於在網路連接薄弱地區運營的企業，我們繼續在我們的低頻寬應用程式 Facebook Light 中建立廣告工具，並讓更多的廣告工具離線使用。

Our third priority is making our ads more relevant and effective. Our goal is to be the number one driver of growth (inaudible) for our clients. In Q3 we introduced tools to help businesses find people around the world who look like their current customers and target the ones most likely to convert. For example, SA Company, an outdoor gear and apparel business started by a young man out of his parents' home, used international look-alike targeting to reach customers in 32 countries and increase sales by 37%. We're focused on driving purchases online and in stores. In Q2 we launched estimated store visits, which show advertisers how many people came to their store after seeing an ad. And this quarter we made it possible for advertisers to optimize campaigns for in-store visits. We also expanded dynamic ads, a proven way to drive online sales for in-store retail objectives. Businesses can use dynamic ads for retail to show people the products available at their closest location in real time and reach people likely to visit their stores. To prove the value we're driving for our partners we continue to invest in measurement. This quarter we announced new third-party partnerships with Nielsen Datalogix, Visual IQ and Marketshare to help our clients measure how Facebook ads drive business results.

我們的第三個優先事項是使我們的廣告更加相關和有效。我們的目標是成為客戶成長的第一推動力（聽不清楚）。在第三季度，我們推出了一些工具，幫助企業在世界各地尋找與當前客戶相似的人，並瞄準最有可能轉換的客戶。例如，SA Company 是一家戶外裝備和服裝公司，由一名年輕人在父母家中創辦，該公司利用國際相似目標定位吸引了 32 個國家的客戶，並將銷售額增加了 37%。我們專注於推動網上和商店的購買。在第二季度，我們推出了預估商店訪問量，向廣告商展示有多少人在看到廣告後來到他們的商店。本季度，我們使廣告商能夠針對店內訪問優化廣告活動。我們還擴展了動態廣告，這是一種行之有效的推動線上銷售以實現店內零售目標的方法。企業可以使用動態零售廣告向人們即時展示最近位置的可用產品，並吸引可能造訪其商店的人。為了證明我們為合作夥伴帶來的價值，我們繼續在衡量方面進行投資。本季度，我們宣布與 Nielsen Datalogix、Visual IQ 和 Marketshare 建立新的第三方合作夥伴關係，以幫助我們的客戶衡量 Facebook 廣告如何推動業務成果。

We're pleased with the value we're driving for our partners. And we remain focused on helping them make the shift to mobile. With only a small fraction of businesses on Facebook and Instagram advertising, we have a lot of opportunity in front of us. We also have a lot of hard work to do to help our partners around the world use mobile to drive their businesses. I want to thank our clients around the world for their partnership, and congratulate our global teams on the results of their continued focus and dedication. Thanks. And now here's Dave.

我們對為合作夥伴帶來的價值感到滿意。我們仍然專注於幫助他們轉向行動裝置。儘管只有一小部分企業在 Facebook 和 Instagram 上投放廣告，但我們面前有很多機會。我們還需要做很多艱苦的工作來幫助我們世界各地的合作夥伴使用行動來推動他們的業務。我要感謝世界各地的客戶的合作夥伴關係，並祝賀我們的全球團隊持續關注和奉獻所取得的成果。謝謝。現在戴夫來了。

Thanks Sheryl, and good afternoon everyone. Q3 was another strong quarter for Facebook. Total revenue grew 56% and exceeded $7 billion for the first time. And we delivered $2.4 billion in GAAP net income, up 166%. We saw healthy growth and engagement in our community, as well as broad-based strength in our mobile apps business. Let's start with our community metric. In September 1.18 billion people used Facebook on an average day, up 172 million, or 17% compared to last year. This daily number represents 66% of the 1.79 billion people that used Facebook in the month of September. Mobile continues to drive our growth, with 1.09 billion people accessing Facebook on mobile on an average day in September, up approximately 197 million, or 22% compared to last year.

謝謝謝麗爾，大家下午好。第三季是 Facebook 另一個強勁的季度。總營收成長 56%，首次突破 70 億美元。我們的 GAAP 淨利潤達到 24 億美元，成長 166%。我們看到了社區的健康成長和參與度，以及行動應用業務的廣泛實力。讓我們從我們的社區指標開始。 9 月，平均每天有 11.8 億人使用 Facebook，比去年增加 1.72 億，即 17%。這一每日數字佔 9 月使用 Facebook 的 17.9 億人的 66%。行動裝置持續推動我們的成長，9 月平均每天有 10.9 億人透過行動裝置造訪 Facebook，比去年增加約 1.97 億，即 22%。

Turning now to the financials. My comments today will focus on our GAAP financial metrics. And all of our comparisons are on a year-over-year basis, unless otherwise noted. A reconciliation of our GAAP to non-GAAP financial metrics is included in our press release and earnings slide. Q3 total revenue was approximately $7 billion, up 56%. Q3 ad revenue was $6.8 billion, up 59%. Exchange rates did not impact our overall growth this quarter, as headwinds in certain currencies were offset by tailwinds in others. Asia Pacific and North America were our fastest growing regions, with ad revenue growth rates of 64% and 62% respectively. Ad revenue grew at a rate of 50% or more in all regions in Q3. Mobile ad revenue was $5.7 billion, up 70% and representing approximately 84% of total ad revenue. On prior calls we have discussed the supply and demand factors that drive our mobile ads business. As Sheryl noted earlier, advertiser demand remained strong in Q3 across all geographies, verticals, and marketer segments. We also benefited from growth in users, time spent, and ad load. It is worth noting that desktop ad revenue grew 18%, which is higher than growth rates in recent quarters and was aided by our efforts to limit the impact of ad blockers on advertising served via web browsers.

現在轉向財務狀況。我今天的評論將重點放在我們的 GAAP 財務指標。除非另有說明，我們所有的比較都是逐年進行的。我們的 GAAP 與非 GAAP 財務指標的調整包含在我們的新聞稿和收益投影片中。第三季總營收約 70 億美元，成長 56%。第三季廣告收入為 68 億美元，成長 59%。匯率並未影響我們本季的整體成長，因為某些貨幣的逆風被其他貨幣的順風所抵銷。亞太地區和北美是我們成長最快的地區，廣告收入成長率分別為 64% 和 62%。第三季所有地區的廣告收入成長率均達到 50% 或以上。行動廣告收入為 57 億美元，成長 70%，約佔廣告總收入的 84%。在先前的電話會議中，我們討論了推動我們行動廣告業務的供需因素。正如 Sheryl 之前指出的那樣，第三季度所有地區、垂直行業和行銷領域的廣告商需求依然強勁。我們也受惠於用戶、花費時間和廣告負載的成長。值得注意的是，桌面廣告收入成長了 18%，高於最近幾季的成長率，這得益於我們努力限制廣告攔截器對透過網路瀏覽器投放的廣告的影響。

Our price volume trends were similar to those we reported last quarter. The average price per ad increased 6% in Q3, while total ad impressions increased 50%. The reported increase in price continues to be driven by the ongoing mix shift towards mobile, where we show only higher priced feed ads. Impression growth was primarily driven by mobile's feed ads on Facebook and Instagram.

我們的價格數量趨勢與我們上季報告的相似。第三季每個廣告的平均價格增加了 6%，而廣告總展示次數增加了 50%。據報道，價格上漲繼續受到向行動裝置的持續混合轉變的推動，在行動裝置上，我們只展示價格更高的資訊流廣告。展示次數的成長主要是由 Facebook 和 Instagram 上的行動裝置動態廣告所推動的。

Payments and other fees revenue was $195 million, down 3%. Payments and other fees revenue is largely generated from being played on personal computers, which has declined as people spend less time on their PCs. Q3 total expenses were $3.9 billion, up 28%. This includes $839 million of share-based compensation expenses and related payroll taxes, as well as $195 million of amortization of intangible assets. In Q3 we hired over 1,200 people and ended the quarter with approximately 15,700 employees, up 31% compared to last year. We remain committed to investing aggressively in hiring, including expanding our technical and recruiting teams globally.

支付和其他費用收入為 1.95 億美元，下降 3%。支付和其他費用收入主要來自在個人電腦上玩遊戲，隨著人們花在個人電腦上的時間減少，這一收入已經下降。第三季總支出為 39 億美元，成長 28%。其中包括 8.39 億美元的股權激勵費用和相關工資稅，以及 1.95 億美元的無形資產攤提。第三季度，我們僱用了 1,200 多名員工，季度末員工人數約為 15,700 人，比去年增加 31%。我們仍然致力於在招募方面積極投資，包括在全球擴大我們的技術和招募團隊。

Q3 operating income was $3.1 billion, representing a 45% margin. Our tax rate was 25%. GAAP net income was $2.4 billion, or $0.82 per share. Q3 capital expenditures were $1.1 billion. Year to date through September capital expenditures were $3.2 billion, up 76%, driven by investments in data centers, servers, office buildings, and network infrastructure. In addition to our new data center projects in Texas and Ireland, we recently broke ground on our seventh data center facility in New Mexico, which we anticipate will come online in late 2018. We generated approximately $2.5 billion of free cash flow. And ended the quarter with $26.1 billion in cash and investments.

第三季營業收入為 31 億美元，利潤率為 45%。我們的稅率是25%。 GAAP 淨利為 24 億美元，即每股 0.82 美元。第三季資本支出為 11 億美元。年初至今，截至 9 月的資本支出為 32 億美元，成長 76%，這主要得益於對資料中心、伺服器、辦公大樓和網路基礎設施的投資。除了德州和愛爾蘭的新資料中心計畫外，我們最近在新墨西哥州的第七個資料中心設施破土動工，預計將於 2018 年底上線。本季末現金和投資為 261 億美元。

Turning now to the outlook for the remainder of 2016. First, some color on revenue. We continue to expect that revenue growth rates will decline in Q4 as we lap a strong fourth quarter in 2015. We also continued to expect that our total payments and other fees revenue in Q4 will be lower than it was in the fourth quarter of last year.

現在轉向 2016 年剩餘時間的展望。我們繼續預期第四季度的營收成長率將下降，因為我們在 2015 年第四季表現強勁。

Turning now to the 2016 expense outlook. Based on our year-to-date results and our updated view of the remainder of the year, we are adjusting our expense guidance ranges. We now expect that full-year 2016 GAAP expense growth will be at the lower end of our prior range of 30% to 35%. We expect full-year 2016 amortization expenses to be approximately $700 million to $800 million, and that full-year 2016 share-based compensation expenses to be approximately $3.2 billion to $3.3 billion. Accordingly, we anticipate that our total non-GAAP expenses, which exclude those share-based compensation and amortization expenses, will grow in the range of 40% to 45%, down from our prior range of 45% to 50%. We anticipate full-year capital expenditures to be approximately $4.5 billion as we invest aggressively to support the rapid growth of the business. We expect that our Q4 and full-year 2016 tax rates will be in line with the year-to-date tax rates.

現在轉向 2016 年費用展望。根據我們今年迄今的業績和對今年剩餘時間的最新看法，我們正在調整我們的費用指導範圍。我們現在預計 2016 年全年 GAAP 費用成長將處於我們先前區間 30% 至 35% 的下限。我們預計 2016 年全年攤提費用約為 7 億至 8 億美元，2016 年全年股權激勵費用約為 32 億至 33 億美元。因此，我們預計我們的非公認會計準則總費用（不包括基於股份的薪資和攤銷費用）將增加 40% 至 45%，低於先前的 45% 至 50%。我們預計全年資本支出約為 45 億美元，因為我們將積極投資以支持業務的快速成長。我們預計 2016 年第四季和全年的稅率將與年初至今的稅率保持一致。

I also wanted to provide some brief comments on 2017. First on revenue. As I mentioned last quarter, we continue to expect that ad load will play a less significant factor driving revenue growth after mid-2017. Over the of past two years we have averaged about 50% revenue growth in advertising. Ad load has been one of the three primary factors fueling that growth. With a much smaller contribution from this important factor going forward, we expect to see ad revenue growth rates come down meaningfully. Secondly, on expenses. Although it is premature to provide specific expense guidance, as Mark mentioned, we anticipate 2017 will be an aggressive investment year. Adding top engineering talent remains one of our key investment priorities as we continue to execute on our 3-, 5-, and 10-year road map. We will continue to invest in our ability to recruit top technology talent, both in the Bay area and beyond. In addition, we expect to grow capital expenditures substantially as we continue to fund the ongoing data center expansion efforts that we have under way.

我還想對 2017 年做一些簡短的評論。正如我上季度提到的，我們仍然預期 2017 年中期之後，廣告負載將不再是推動營收成長的重要因素。過去兩年，我們的廣告收入平均成長約 50%。廣告負載一直是推動成長的三個主要因素之一。由於這項重要因素未來的貢獻將小得多，我們預期廣告收入成長率將大幅下降。其次，在費用方面。儘管現在提供具體的費用指導還為時過早，但正如 Mark 所提到的，我們預計 2017 年將是積極的投資一年。隨著我們繼續執行 3 年、5 年和 10 年路線圖，增加頂尖工程人才仍然是我們的關鍵投資重點之一。我們將繼續投資於招募灣區及其他地區頂尖技術人才的能力。此外，隨著我們繼續為正在進行的資料中心擴建工作提供資金，我們預計資本支出將大幅增加。

Finally, I wanted to share some plans on the use of cash starting in 2017. Beginning in January, we intend to fund withholding taxes due on employee equity awards via net share settlement rather than our current approach of requiring employees to sell our shares of common stock to cover taxes upon vesting of such awards. We expect this change will increase our cash flows and correspondingly result in less dilution -- our cash outflows, and correspondingly result in less dilution. If we had used this approach in 2016, our cash outflows would have increased by approximately $1.8 billion in the year through September.

最後，我想分享一些從 2017 年開始使用現金的計劃。於支付授予此類獎勵時的稅款。我們預計這項變更將增加我們的現金流，並相應地減少稀釋——我們的現金流出，並相應地減少稀釋。如果我們在 2016 年採用這種方法，截至 9 月的這一年我們的現金流出將增加約 18 億美元。

To wrap things up, Q3 was another strong quarter for Facebook. Our results reflected the continued growth and engagement of our community around the world and the strength of our mobile apps business. With that, operator, let's open up the call for questions.

總而言之，第三季是 Facebook 的另一個強勁季度。我們的業績反映了我們世界各地社區的持續成長和參與度以及我們行動應用業務的實力。那麼，接線員，讓我們開始提問吧。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Brian Nowak with Morgan Stanley. Your line is open.

你的第一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。您的線路已開通。

Thanks for taking my questions. I have two. Just the first one. The past couple quarters you've given us a metric on the growth and time spent per user across the three big platforms. Any update at all on that around this quarter and what you're seeing? The second on the Instagram Stories, 100 million daily views. Any help at all on what the demographics or the age of those people look like? And how do you think about engagement of those users? Thanks.

感謝您回答我的問題。我有兩個。只是第一個。在過去的幾個季度中，您向我們提供了三大平台上每個用戶的成長和花費時間的指標。本季有什麼更新以及您所看到的情況嗎？ Instagram Stories 上排名第二，每日瀏覽量達 1 億次。對於這些人的人口統計或年齡有什麼幫助嗎？您如何看待這些用戶的參與度？謝謝。

I can take the first one, Brian, on the time spent metric. We're pleased with the growth in time spent per DAU that we're seeing across the Facebook family of apps. And that includes the Facebook mobile app where we saw good year-over-year growth in time spent per DAU. There video is making a big contribution to time spent growth. We are not providing a specific stat on time spent growth on an ongoing basis.

布萊恩，我可以採用第一個關於花費時間的指標。我們對 Facebook 系列應用程式的每 DAU 花費時間的成長感到滿意。其中包括 Facebook 行動應用程序，我們看到每個 DAU 花費的時間比去年同期出現了良好的增長。影片對花費時間的成長做出了巨大貢獻。我們沒有提供持續成長所花費時間的具體統計數據。

We're also not providing a specific breakdown of the DAU growth in Instagram Stories. But we're really excited about the engagement with the product and how it's growing across the board.

我們也沒有提供 Instagram Stories 中 DAU 成長的具體細目。但我們對產品的參與度以及它的全面發展感到非常興奮。

The next question is from Eric Sheridan with UBS. Your line is open.

下一個問題來自瑞銀集團的艾瑞克·謝裡丹。您的線路已開通。

Thanks for taking the questions. Maybe one for Sheryl and one for Dave. Sheryl, on local business and small business as you continue to see success there, wonder if we could get increased color on what you're seeing from an adoption curve on business pages? What are people looking for in terms of measurement attribution? What's Facebook delivering for those advertisers? Any color there would be very, very helpful. Dave, as we try to digest some of the comments you made about ad load and revenue as we exit 2016, go to 2017, how should we also be thinking about the mix of ad units as you continue to see more e-commerce and video in the platform? And how should we be thinking about the pricing of ad units as that mix changes over time? Thanks so much, guys.

感謝您提出問題。也許一個給謝麗爾，一個給戴夫。謝麗爾（Sheryl），關於本地企業和小型企業，隨著您繼續在那裡看到成功，想知道我們是否可以從商業頁面上的採用曲線中獲得更多的色彩？人們在測量歸因方面尋找什麼？ Facebook 為這些廣告商提供了什麼？任何顏色都會非常非常有幫助。 Dave，當我們離開 2016 年，進入 2017 年時，我們試圖消化您對廣告負載和收入的一些評論，隨著您繼續看到更多的電子商務和視頻，我們還應該如何考慮廣告單元的組合在平台上？隨著廣告單元組合隨著時間的推移而變化，我們應該如何考慮廣告單元的定價？非常感謝，夥計們。

On local, we think this is a really big opportunity and you see this in the large base of existing businesses using Facebook and Instagram increasingly. There's 60 million small business pages up on Facebook and 1.5 million Instagram business profiles, which are the similar -- the equivalent for Instagram. And the reason we think people are so active is, it's just really expensive and hard to have your own mobile site or your own, even, web page. 35% of small businesses in the United States, which is the most developed market, in many cases don't even have a web page of any kind. And it's cheaper and easier to build a web page than it is to build a mobile app and get distribution or downloads. So what's happening is that people are really using the Facebook business pages, and increasingly the Instagram business profiles, as their mobile presence. And we think that's what's working. And then we're working hard to build products that work in-store visits and then use simplified ad products that convert them over to advertising.

在本地，我們認為這是一個非常大的機會，您可以在越來越多地使用 Facebook 和 Instagram 的現有企業中看到這一點。 Facebook 上有 6,000 萬個小型企業頁面，Instagram 上有 150 萬個企業簡介，這些頁面與 Instagram 類似。我們認為人們如此活躍的原因是，擁有自己的行動網站或自己的網頁非常昂貴且困難。在最發達的市場美國，35% 的小型企業在許多情況下甚至沒有任何類型的網頁。建立網頁比建立行動應用程式並進行分發或下載更便宜、更容易。因此，人們實際上正在使用 Facebook 商業頁面，並且越來越多地使用 Instagram 商業資料作為他們的行動展示。我們認為這就是有效的方法。然後，我們正在努力開發適用於店內訪問的產品，然後使用簡化的廣告產品將其轉化為廣告。

And Eric, it's Dave. Just really reiterating what I said last quarter about our expectations on ad load going into mid-2017. It's been one of the key factors in terms of driving growth, along with time spent -- user growth and time spent growth and advertiser demand. So we continue to see good opportunities to grow time spent, continue to see good opportunities to grow users, and we continue to see good opportunities to grow advertiser demand. On that latter point, really the mix of ad units is part of what we're doing, I think, really well. We're developing a number of new ad products as well as enhancing the ad products that we have out in the market today. So we're taking what is a great mobile ad product on Facebook and Instagram and making it even better. And I think the investments that we're doing there will continue to enable us to drive advertiser demand. Those key factors will continue, we believe, to drive growth next year. So what I'm specifically talking about is ad load and our anticipation that it's going to be a less significant factor as we get into mid-2017.

埃里克，是戴夫。只是重申我上季度所說的關於我們對 2017 年中期廣告負載的預期。它一直是推動成長的關鍵因素之一，以及花費的時間——用戶成長、花費的時間成長和廣告商的需求。因此，我們繼續看到增加花時間的好機會，繼續看到增加用戶的好機會，我們繼續看到增加廣告商需求的好機會。關於後一點，我認為廣告單元的組合確實是我們正在做的事情的一部分，而且做得非常好。我們正在開發許多新的廣告產品，並增強我們目前市場上的廣告產品。因此，我們正在藉鏡 Facebook 和 Instagram 上出色的行動廣告產品，並使其變得更好。我認為我們在那裡所做的投資將繼續使我們能夠推動廣告商的需求。我們相信，這些關鍵因素將繼續推動明年的成長。因此，我要特別討論的是廣告負載，我們預計，隨著進入 2017 年中期，廣告負載將不再那麼重要。

The next question is from Anthony DiClemente with Nomura. Your line is open.

下一個問題來自野村證券的安東尼·迪克萊門特（Anthony DiClemente）。您的線路已開通。

Good afternoon. Thanks for taking my questions. For Mark, in terms of video and your broader media content strategy, just trying to think about your investment in Facebook Live. And then trying to frame that against investments in, I guess, non-live forms of video, such as maybe short form, prerecorded professional content. How do you weigh investing in live versus, let's call it, on-demand content? And maybe a related question would be, Fox Sports and Sports Illustrated are co-producing some original content for Facebook Live. I think they're doing a pregame show ahead of the big game tonight. That seems like in some ways it's an entree into sports, perhaps, for Facebook. Could you give us an update on whether or not you see any advantage or any benefit in licensing sports content over time versus having one of the publishers do it on the Facebook platform? Thanks.

午安.感謝您回答我的問題。對於馬克來說，就影片和更廣泛的媒體內容策略而言，只需考慮一下您對 Facebook Live 的投資。然後嘗試將其與非直播形式的視訊投資進行比較，例如簡短的、預先錄製的專業內容。您如何權衡投資直播內容和點播內容？也許一個相關的問題是，福斯體育和體育畫報正在共同為 Facebook Live 製作一些原創內容。我認為他們正在今晚的重要比賽之前進行賽前表演。從某些方面來說，這似乎是 Facebook 進入體育領域的一個入口。您能否向我們介紹一下最新情況，說明您是否認為隨著時間的推移，授權體育內容與讓其中一家出版商在 Facebook 平台上進行授權相比有任何優勢或好處？謝謝。

Sure. So there was a lot in there. I'll address most of it. The video on demand content is the vast majority of video that is both shared and consumed on Facebook, not live video. But live is growing very quickly. Part of the reason why we're investing in it is we see that video as a medium is not only in the future going to be about people producing content that looks like traditional content and then consuming it in a static rectangle video screen. Live video we think represents an example of something new, which is video which is a medium for doing something that's really interacting with other people. Whether you're a public figure that is using it to hold a townhall or interact with a lot of people at the same time, or you're hanging out with your friends by going live and you have 10 people who are just there with you, chatting with you while you're doing something, going about throughout your day. It's not the kind of traditional video experience. It's actually a more social experience.

當然。所以裡面有很多東西。我將解決大部分問題。視訊點播內容是 Facebook 上共享和消費的絕大多數視頻，而不是直播視頻。但Live的成長速度非常快。我們投資它的部分原因是我們看到影片作為一種媒介，在未來不僅僅意味著人們製作看起來像傳統內容的內容，然後在靜態矩形視訊螢幕中消費它。我們認為即時視訊代表了新事物的一個例子，視訊是一種與其他人真正互動的媒介。無論您是使用它來舉辦市政廳或同時與許多人互動的公眾人物，還是您透過直播與朋友一起閒逛，並且有 10 個人與您在一起，在您全天做某事時與您聊天。這不是那種傳統的視訊體驗。這實際上是一種更多的社交體驗。

I think 360 videos in another way are another example of this kind of interactive video experience. And my guess will be that we will see more different kinds of video media as time goes on. I think Stories is another example of this, that we're seeing it with Instagram Stories and with Messenger and the initial test that we have with Messenger Day where that is another interesting format for how you can put videos together. I think that's going to be more and more. To put that all in context, the majority of the consumption today is video on demand. We are very interested in making sure that the business model that we have works for folks who produce content as their business, to make sure that they can make money from it, so that their best content comes on Facebook. It's going to be a lot of growth in all of these things across all of our family of apps.

我認為另一種方式的 360 度影片是這種互動式視訊體驗的另一個例子。我的猜測是，隨著時間的推移，我們將看到更多不同類型的視訊媒體。我認為 Stories 是另一個例子，我們在 Instagram Stories 和 Messenger 中看到了它，並且在 Messenger Day 中進行了初步測試，這是另一種有趣的格式，可以將影片放在一起。我認為這種情況會越來越多。綜上所述，當今的消費大多是視訊點播。我們非常有興趣確保我們的商業模式適用於那些以內容製作為業的人，確保他們能夠從中賺錢，這樣他們最好的內容就會出現在 Facebook 上。我們所有應用程式系列中的所有這些內容都將大幅成長。

The next question is from Mark May with Citi. Your line is open.

下一個問題來自花旗集團的馬克‧梅。您的線路已開通。

Thanks a lot. I think the first one's for Mark. When you went mobile only, or started this concept, you had to tweak the app because it wasn't necessarily optimized for mobile. As now you move to more of a video first approach, what needs to happen to the Facebook app, both from a consumer-facing and from an ad tools perspective, to make sure that you're optimized for video? What needs to change?

多謝。我想第一個是給馬克的。當您只使用行動裝置或開始這個概念時，您必須調整應用程序，因為它不一定針對行動裝置進行最佳化。現在，您更轉向影片優先方法，從面向消費者和廣告工具的角度來看，Facebook 應用程式需要做什麼，以確保針對影片進行最佳化？需要改變什麼？

I think the next question's for Dave. As the rate of growth in ad load slows and as -- and also as you continue to enhance targeting and as more video advertisers come onto Facebook, would you expect that ACPMs will rise and offset part, if not all of this, impact of the ad load slowing? Thanks.

我想下一個問題是問戴夫的。隨著廣告負載成長速度放緩，以及隨著您繼續增強定位以及越來越多的影片廣告商進入 Facebook，您是否會期望 ACPM 會上升並抵消部分（如果不是全部）廣告的影響？變慢？謝謝。

I can talk about shifting to put video first across our whole family. There are two broad sets of improvements that I think we need to make. One are to the capture and sharing tools that we offer. So the example of that is the new camera that we're working on and all the creative tools around that. And then on the other hand, we also need to improve the infrastructure to deliver the best videos to people and do that quickly. So if you think about what is enabling video to become huge right now, it's that fundamentally the mobile networks are getting to a point where a large enough people around the world can have a good experience watching a video. If you go back a few years and you tried to load a video in newsfeed, it might have to buffer for 30 seconds before you watched it, which wasn't a good enough experience for that to be the primary way that people shared. But now you can -- it loads instantly. You can take a video and upload it without having to take five minutes to do that. So it's a good experience.

我可以談論在我們全家中將影片放在首位的轉變。我認為我們需要做出兩大方面的改進。一是我們提供的捕獲和共享工具。例子就是我們正在開發的新相機以及與之相關的所有創意工具。另一方面，我們還需要改進基礎設施，以便向人們提供最好的視頻，並迅速做到這一點。因此，如果您考慮一下是什麼讓影片現在變得如此龐大，那麼從根本上來說，行動網路已經達到了讓世界各地足夠多的人能夠獲得良好觀看視訊體驗的地步。如果您回到幾年前，嘗試在新聞源中加載視頻，則可能需要緩衝 30 秒才能觀看，這種體驗不夠好，不足以成為人們分享的主要方式。但現在你可以——它會立即加載。您可以拍攝影片並上傳，而無需花費五分鐘的時間。所以這是一次很好的經驗。

So we're very focused on creative tools. You can see that a little bit in the announcement and launch of Instagram Stories and what we're doing with Messenger, and some of the initial tests in Facebook, and the camera work that we're doing in WhatsApp. This is across the whole family of apps. This is a big part of the product experience that we want to deliver. Then the actual delivery of video side, it's just much more intensive technically. There aren't that many companies that can do this at the scale that we're talking about. This has been a big advantage for us in rolling out things like Live, we've had this infrastructure that we've been building out for a decade all around the world. And that allowed us to build a product like live where someone has to stream something live from their phone to potentially hundreds of thousands of people around the world from a phone. That's a difficult scaling problem. So we've been able to build that up, not just because of the ongoing investment in technology and infrastructure here, but because we're building on the strong base. That goes not only for just being able to deliver the content, but being able to understand what it is so we can rank it in newsfeed better and show people the right content. But all of these things are going to be part of a cohesive experience to get behind our community. And when people are ready and want video to be the primary way that they're sharing and consuming content, we're going to be there ready.

所以我們非常重視創意工具。您可以在 Instagram Stories 的宣布和推出以及我們在 Messenger 上所做的事情、Facebook 中的一些初步測試以及我們在 WhatsApp 中所做的相機工作中看到一些內容。這適用於整個應用程式家族。這是我們想要提供的產品體驗的重要組成部分。然後是視訊方面的實際交付，技術上更加密集。能夠以我們所說的規模做到這一點的公司並不多。這對我們推出 Live 等產品來說是一個很大的優勢，我們已經擁有了十年來在世界各地建造的基礎設施。這使我們能夠建立像直播這樣的產品，人們必須透過手機向世界各地潛在的數十萬人直播內容。這是一個困難的擴展問題。因此，我們能夠實現這一目標，不僅是因為對技術和基礎設施的持續投資，還因為我們正在建立堅實的基礎。這不僅意味著能夠交付內容，而且能夠理解內容是什麼，以便我們可以更好地在動態消息中對其進行排名並向人們展示正確的內容。但所有這些都將成為支持我們社區的凝聚力體驗的一部分。當人們準備好並希望影片成為他們分享和消費內容的主要方式時，我們就會做好準備。

Mark, yes, and on ad load growth slowing and the impact on effective CPMs, I think when you think -- when you look at our business, demand has been one of the key factors driving growth. So we've built up a large base of advertiser demand. We've got 4 million advertisers on Facebook, 0.5 million advertisers on Instagram. We continue to innovate on the products, make this more effective and make this a great gateway for businesses to come onto Facebook and come into mobile and spend. And we expect we've got a lot of great opportunities to continue to innovate on that front.

馬克，是的，關於廣告負載成長放緩以及對有效每千次展示費用的影響，我認為當你思考時——當你審視我們的業務時，需求一直是推動成長的關鍵因素之一。因此，我們已經建立了龐大的廣告客戶需求基礎。我們在 Facebook 上有 400 萬個廣告商，在 Instagram 上有 50 萬個廣告商。我們持續對產品進行創新，使其更加有效，並使其成為企業進入 Facebook、進入行動領域和消費的絕佳門戶。我們預計我們有很多很好的機會在這方面繼續創新。

We've also been innovating over the past several years. Demand has been a big factor and what's been driving our growth to date. On top of that we've grown users and time spent. And then we've also grown ad load. So I do think as we look into 2017, we do expect that as you get to mid-2017 ad load will be less significant factor contributing. We'll continue to get benefits of being able to grow our revenue with advertiser demand, and continuing to innovate there. But I do think that as we slow ad load growth, we're going to have a slowing in revenue as well. So that's our expectation. But obviously we're going to continue to work hard to innovate in the ad product space.

過去幾年我們也一直在創新。需求一直是重要因素，也是迄今為止推動我們成長的因素。最重要的是，我們增加了用戶和花費的時間。然後我們也增加了廣告負載。因此，我確實認為，當我們展望 2017 年時，我們確實預計，到 2017 年中期，廣告負載的影響將不再那麼重要。我們將繼續受益於能夠根據廣告商的需求來增加我們的收入，並繼續在那裡進行創新。但我確實認為，隨著廣告負載成長放緩，我們的收入也會放緩。這就是我們的期望。但顯然我們將繼續努力在廣告產品領域進行創新。

The next question is from Mark Mahaney with RBC Capital Markets. Your line is open.

下一個問題來自加拿大皇家銀行資本市場部的馬克‧馬哈尼 (Mark Mahaney)。您的線路已開通。

Two questions. A product question for Mark. You talk about some of these features and making the camera more of a central way of communicating on Facebook. How long do you think the iterations, or the testing is going to go, until as an average user I would notice that in my newsfeed? Like I do see much more prevalence of live video, and it doesn't seem to me yet a perfect experience. But just in terms of other features and out putting the camera at centerpiece? Do you think this is something that's going to be obvious to people in the next year, couple of months? Just what's the timing of the innovations? And then real quickly, MAU growth seemed to accelerate in both Asia and Rest of World. Any color on what would have caused that, or any particular markets? Thank you.

兩個問題。馬克的產品問題。您談到了其中一些功能，以及如何讓相機成為 Facebook 上交流的主要方式。您認為迭代或測試要持續多久，直到作為普通用戶我會在我的動態消息中註意到這一點？就像我確實看到直播影片越來越流行一樣，但在我看來這並不是一種完美的體驗。但僅就其他功能而言，並將相機置於核心地位？您認為這對人們來說在明年、幾個月內會變得顯而易見嗎？創新的時機是什麼？然後很快，亞洲和世界其他地區的月活躍用戶數成長似乎都在加速。有什麼顏色會導致這種情況，或有什麼特定的市場嗎？謝謝。

I can take the MAU growth first. And then Mark can talk about camera. On the MAU front, we're seeing very strong overall growth in terms of the 240 million-plus MAUs that we added. If I was to point to -- there's really no single driver, but I'll point to a few that contributed. It also plays into the fact that we're seeing good growth in places like India, Mexico, Brazil, and others. First, we're improving our Android experiences. And we've talked about the impact that Facebook Light has had on that, just making easier registration processes, just making Android -- our Lightweight Android app easier to use. Secondly, Mark talked about the Internet.org efforts that we have. That's been a contributing factor to MAU growth. And then finally, we're seeing the introduction of low price data plans in markets like India and Mexico contributing. So there's no single factor. But those are all contributing factors in terms of MAU growth. And then Mark, do you want to talk about the camera?

我可以先考慮每月活躍用戶的成長。然後馬克可以談談相機。在每月活躍用戶方面，我們看到了非常強勁的整體成長，每月活躍用戶數量已超過 2.4 億。如果我要指出——確實沒有一個驅動程序，但我會指出一些做出貢獻的驅動程式。這也說明我們在印度、墨西哥、巴西等地看到了良好的成長。首先，我們正在改善 Android 體驗。我們已經討論了 Facebook Light 對此的影響，只是讓註冊過程變得更容易，只是讓 Android——我們的輕量級 Android 應用程式更容易使用。其次，Mark 談到了我們在 Internet.org 所做的努力。這是每月活躍用戶成長的促成因素。最後，我們看到印度和墨西哥等市場推出的低價數據計劃做出了貢獻。所以不存在單一因素。但這些都是影響月活躍用戶成長的因素。然後馬克，你想談談相機嗎？

Sure. So we already rolled out the first test of the new camera in Ireland. We're a Company that believes in testing things and getting feedback from our community before we roll it out broadly. We think we have a lot to learn. And the methodology of how we develop is we try to build things quickly. And rather than just relying on our own intuition, although we do rely on that a lot, we will try to put it out in the market and get feedback and then roll it out from there. So we rolled out what we believe is a good experience in Ireland. They're the first part of the community to get access to these new features. From there we'll start to roll it out broadly across the world, hopefully sooner rather than later.

當然。因此，我們已經在愛爾蘭推出了新相機的首次測試。我們是一家相信在廣泛推出之前進行測試並從社群獲取回饋的公司。我們認為我們還有很多東西要學習。我們開發的方法是嘗試快速建立東西。儘管我們確實非常依賴直覺，但我們不會只依靠自己的直覺，而是會嘗試將其推向市場並獲得回饋，然後從那裡推出。因此，我們在愛爾蘭推出了我們認為是良好體驗的產品。他們是社區中第一批獲得這些新功能的人。從那時起，我們將開始在世界各地廣泛推廣它，希望宜早不宜遲。

Same thing on the Messenger side, as I mentioned these products around My Day. It's a similar video medium to Instagram Stories and a similar camera to what we're building in the Facebook apps as well. And that we've rolled out in a few countries as well. And similarly based on the feedback that we're getting, I would expect that we'll be rolling that out pretty widely across the world soon, as well.

Messenger 方面也是如此，正如我在 My Day 中提到的這些產品。它是一種與 Instagram Stories 類似的視訊媒體，也是與我們在 Facebook 應用程式中建立的類似相機。我們也在一些國家推出了這項服務。同樣，根據我們收到的回饋，我預計我們也將很快在全球廣泛推廣。

The next question is from Douglas Anmuth with JPMorgan. Your line is open.

下一個問題來自摩根大通的道格拉斯·安穆斯 (Douglas Anmuth)。您的線路已開通。

Thanks for taking the questions. We're going to stick with video. One for Mark and then one for Sheryl. Mark, how do you think about whether, with video in terms of doing it on core Facebook itself or on a separate video app, some of the puts and takes there between those two? And then Sheryl, can you just talk about with video how you see marketers using Facebook more to complement TV? And what it would take to shift dollars over in a bigger way going forward? Thanks.

感謝您提出問題。我們將堅持使用影片。一份給馬克，一份給謝麗爾。馬克，你如何看待影片在 Facebook 核心本身或單獨的影片應用程式上進行，這兩者之間是否存在一些放量和取放？然後 Sheryl，您能透過影片談談您如何看待行銷人員更多地使用 Facebook 來補充電視嗎？未來如何更大規模地轉移美元？謝謝。

So in the main Facebook app we're doing a number of different things. One is that video is naturally becoming a larger share of the content in newsfeed because both people and pages are sharing more videos in the mix. And people want to consume that content. So there's not really a question of whether that should be a separate app. This is what people want newsfeed to be increasingly. So this is what it will become. There is a second experience called Video Home which we start talking about earlier in the year. And we've rolled out, again, in a few markets, and those tests have gone well. So we're also hoping to roll that out pretty soon widely.

因此，在 Facebook 主應用程式中，我們做了許多不同的事情。一是影片自然而然地成為新聞源內容中更大的份額，因為人和頁面都在混合中共享更多影片。人們想要消費這些內容。因此，這並不存在是否應該是一個單獨的應用程式的問題。這就是人們越來越希望的新聞源。所以這就是它會變成的樣子。我們從今年早些時候開始談論第二種體驗，稱為“Video Home”。我們再次在一些市場推出，這些測試進展順利。因此，我們也希望很快能夠廣泛推廣。

And that's the new experience, which if you come to Facebook and you specifically want to watch some different kinds of videos or you want to see what videos a recent page that you follow has posted. Or the Presidential debate is on and you want to find a good place to go online to get that, you can go to Video Home and see that. That is the new experience that we're building. And building that is part of Facebook, is a great way for people to see it and get exposure to it. And we'll see where that goes over time. I think it's a good experience inside Facebook. But we also have had examples over time, like Messenger for example, where we started them on Facebook and decided that in order to fulfill their potential it needed to be its own experience over time. We'll look at all those options. But for now I really think that video home is going to be a great experience. And I'm excited to roll that out.

這就是新的體驗，如果你來到 Facebook 並且特別想觀看一些不同類型的視頻，或者你想查看你關注的最近頁面發布了哪些視頻。或者總統辯論正在進行中，您想找到一個在線的好地方來獲取該信息，您可以訪問視頻主頁並查看。這就是我們正在打造的新體驗。建立 Facebook 的一部分，是讓人們看到它並接觸它的好方法。我們將看看隨著時間的推移會發生什麼。我認為在 Facebook 內部這是一次很好的體驗。但隨著時間的推移，我們也有一些例子，例如 Messenger，我們在 Facebook 上啟動了它們，並決定為了發揮它們的潛力，隨著時間的推移，它需要成為自己的體驗。我們將研究所有這些選項。但現在我真的認為視訊之家將是一次很棒的體驗。我很高興能推出它。

When we think about video ads and what platform they run on, we really believe that over time the dollars will shift with eyeballs. And our goal is to be the best dollar and the best minute people spend measured across channels. It's definitely true that most of our advertisers are advertising on TV and advertising with us on mobile. And they should be. We've done studies that show with Nielsen that our ads can be a really big complement to TV, particularly enabling you to reach people who really aren't on TV and you can't reach. I think the power of what we're able to do really goes to the targeting. And what we're seeing is big brand advertisers, and this is actually a particularly strong growth -- this quarter was particularly strong for brand, are really recognizing that they can do big brand buys on our platform like they would do on TV, but make them much more targeted.

當我們考慮影片廣告及其運行平台時，我們確實相信，隨著時間的推移，美元將隨著眼球的變化而變化。我們的目標是成為人們在各個管道上花費的最佳資金和最佳時間。確實，我們的大多數廣告商都在電視上投放廣告，並在行動裝置上與我們一起投放廣告。他們應該如此。我們與尼爾森進行的研究表明，我們的廣告可以成為電視的一個非常大的補充，特別是讓您能夠接觸到那些真正不在電視上且您無法接觸到的人。我認為我們能夠做的事情的力量真正在於目標定位。我們看到的是大品牌廣告商，這實際上是一個特別強勁的增長——本季度品牌特別強勁，他們真正認識到他們可以像在電視上那樣在我們的平台上進行大品牌購買，但是讓他們更有針對性。

So for example, Nestle Purina Petcare did an ad campaign with Germany -- in Germany with ZenithOptimedia. And they defined five distinct cat owner personality times. And created different creatives for each group. So that's kind of a big brand thing. There's -- the cat food category is big and they want brand awareness. But rather than just run one ad, they were able to run five based on the kind of interest space and personality targeting that really only we can do. And the results were amazing. They got an 89% increase in brand awareness and a 20% lift in sales. And so we think what we offer is the power of the broad reach of TV, but an ability to target much more efficiently.

例如，雀巢普瑞納寵物護理公司與德國合作進行了一場廣告活動——在德國與實力傳播合作。他們定義了五個不同的貓主人性格時間。並為每個組創作了不同的創意。所以這是一個大品牌的事情。貓糧類別很大，他們需要品牌知名度。但他們不僅投放一則廣告，而是能夠根據興趣空間和個性定位投放五則廣告，而這實際上只有我們才能做到。結果是驚人的。他們的品牌知名度提高了 89%，銷售額提高了 20%。因此，我們認為我們提供的是電視廣泛影響力的力量，以及更有效地定位目標的能力。

The next question is from Ross Sandler with Deutsche Bank. Your line is open.

下一個問題來自德意志銀行的羅斯桑德勒。您的線路已開通。

Great. I just had one for Mark. Any update on the revenue ideas for Messenger that might be getting traction? I know it's still early days, but any kind of early indications there? And based on the three phases you laid out earlier in the call, when can we expect Messenger to move into phase three? Thank you.

偉大的。我剛買了一份給馬克。關於 Messenger 的收入創意是否有任何可能受到關注的最新消息？我知道現在還為時過早，但是有什麼早期跡象嗎？根據您先前在電話會議中列出的三個階段，我們預計 Messenger 何時可以進入第三階段？謝謝。

So I'd say we're pretty early in phase two. Just to recap the framework that we have here. The strategy is there are three phases that we build, and then build businesses around these apps. The first is build an experience and get it to scale. Build a community that can get to hundreds of millions or 1 billion people or more. The second phase is help people not only interact with the people they care about, but also the businesses and other public entities that they care about as well. Then the third phase is once there's good organic interaction between people and those businesses, give those businesses tools that they can pay for to reach more people and amplify those interactions.

所以我想說我們還處於第二階段的早期階段。只是回顧一下我們這裡的框架。我們的策略是分三個階段進行構建，然後圍繞這些應用程式建立業務。首先是建立一種體驗並使其規模化。建立一個可以覆蓋數億、10 億甚至更多人的社區。第二階段是幫助人們不僅與他們關心的人互動，而且還與他們關心的企業和其他公共實體互動。第三階段是，一旦人們和這些企業之間建立了良好的有機互動，就為這些企業提供他們可以付費的工具來接觸更多的人並擴大這些互動。

So I mentioned this stat earlier. That we have about 33,000 bots live in Messenger, including experiences across a range of verticals from news to e-commerce to local businesses and all kinds of different things. And where we're seeing some early progress, I'd say we're still pretty early on in getting this to be widely rolled out. I think we're going to need many more than 33,000. And the number of people using them, I think, is still pretty early in terms of there are more than 1 billion people using Messenger. So we need to get that rolled out pretty widely.

所以我之前提到過這個統計數據。我們有大約 33,000 個機器人生活在 Messenger 中，包括從新聞到電子商務到本地企業以及各種不同事物的一系列垂直領域的經驗。雖然我們看到了一些早期進展，但我想說，我們還處於廣泛推廣的早期階段。我認為我們將需要超過 33,000 人。我認為，就使用 Messenger 的人數超過 10 億而言，使用它們的人數還處於早期階段。因此，我們需要廣泛推廣這一點。

So I'm not sure that I have an answer for you just yet on exactly when we're going to move to the third phase. The one thing that I would say in terms of making money through Messenger is we're already driving results for businesses by letting them advertise in newsfeed to open up threads in Messenger, which is different from the long-term vision that we have here around creating interactions that start in Messenger. I think that that ultimately will be most of the value that's generated. But in the near term what we found is that a lot of businesses are creating ads in newsfeed that then they can [call] off and do transactions with people in Messenger. That's going to be pretty meaningful over the next few years.

因此，我不確定我是否能確切地回答您何時進入第三階段。關於透過 Messenger 賺錢，我要說的一件事是，我們已經透過讓企業在動態消息中做廣告以在 Messenger 中開闢線程來推動企業取得成果，這與我們的長期願景不同創建從Messenger 開始的交互。我認為這最終將是所產生的大部分價值。但在短期內，我們發現許多企業正在動態消息中建立廣告，然後他們可以[取消]並與 Messenger 中的人員進行交易。這在未來幾年內將非常有意義。

The next question is from Heather Bellini with Goldman Sachs. Your line is open.

下一個問題來自高盛的希瑟·貝利尼。您的線路已開通。

Great. Thank you. I just had a couple questions left. One, I was just wondering, given your comments on the local and small business opportunity, I'm wondering what your view is on Facebook's potential role in the payment ecosystem and how that might evolve over time? And also if you could share with us how the rollout of Instagram Shopping, which people have started to talk about, how that might evolve over time as well? Thank you.

偉大的。謝謝。我只剩下幾個問題了。第一，我只是想知道，鑑於您對本地和小型商業機會的評論，我想知道您對Facebook 在支付生態系統中的潛在作用有何看法，以及隨著時間的推移，這種作用可能會如何發展？另外，您能否與我們分享人們已經開始談論的 Instagram Shopping 的推出，以及隨著時間的推移，它會如何發展？謝謝。

In terms of payments, we really see payments as primarily a way to enforce the other activities we want to see on Facebook and Instagram. Payments enable advertisers to pay us. We are using payments in some of our other products in ways that enable some of the interactions we want to see. When we think about Instagram Shopping, it's very early tests. But it really follows the kinds of things we do in other areas of our products and services like Messenger. What we see is that people in Instagram are using Instagram to browse for products and make those connections. And so we then make the product investment to make those a little bit easier, similarly to some of things we've done in Messenger, some of the things we've done in Marketplace. We're watching for what is the organic activity between businesses and consumers. And then we're building products to enhance and enable that organic activity.

在付款方面，我們確實認為付款主要是執行我們希望在 Facebook 和 Instagram 上看到的其他活動的一種方式。付款使廣告商能夠向我們付款。我們在其他一些產品中使用支付方式來實現我們希望看到的一些互動。當我們想到 Instagram 購物時，這還處於非常早期的測試階段。但它確實遵循了我們在產品和服務（例如 Messenger）的其他領域所做的事情。我們看到 Instagram 上的人們正在使用 Instagram 瀏覽產品並建立聯繫。因此，我們隨後進行產品投資，使這些變得更容易一些，類似於我們在 Messenger 中所做的一些事情，以及我們在 Marketplace 中所做的一些事情。我們正在關注企業和消費者之間的有機活動。然後我們正在建立產品來增強和實現這種有機活動。

The next question is from Peter Stabler with Wells Fargo Securities. Your line is open.

下一個問題來自富國銀行證券的 Peter Stabler。您的線路已開通。

Good afternoon. Thanks for taking the question. One for Sheryl. Sheryl, you guys have talked about your top verticals as being e-com, CPG, entertainment media, and gaming. And despite your really significant growth I can think of some categories where you've got more considered purchases where you're probably punching below your weight in terms of share. So auto, telecom, travel, financial services. Wondering if you could talk a little about some of the unique challenges with those verticals and how you guys are attacking them? Thanks so much.

午安.感謝您提出問題。一件是給謝麗爾的。 Sheryl，你們談到了你們的頂級垂直產業是電子商務、CPG、娛樂媒體和遊戲。儘管您的成長確實顯著，但我可以想到在某些類別中您進行了更多深思熟慮的購買，而您的份額可能低於您的體重。汽車、電信、旅遊、金融服務。想知道您是否可以談談這些垂直領域的一些獨特挑戰以及您如何應對這些挑戰？非常感謝。

Those are -- you have our top verticals correct. And we see a lot of strong growth in those verticals. Our top verticals this time were e-commerce, CPG, retail, and entertainment media. We do see growth in the other verticals as well. You're right that historically it took us a longer time to break into some these, particularly travel and auto were things that took us longer. But we are seeing some really nice traction. I talked about Mary Barra and what she and I did together in New York at Ad Week. And we're seeing them not just use the platform for advertising, but really use the platform. So earlier this year they rolled out a car at CES on Facebook Video rather than at a car show. And that was a big moment for us, I think, in the auto vertical. And we continue to work with them and lots of other partners.

這些是——你的頂部垂直線是正確的。我們看到這些垂直領域的強勁成長。這次我們主要的垂直產業是電子商務、消費品、零售和娛樂媒體。我們也確實看到了其他垂直領域的成長。你是對的，從歷史上看，我們花了更長的時間進入這些領域，特別是旅行和汽車領域，我們花了更長的時間。但我們看到了一些非常好的牽引力。我談到了瑪麗·巴拉以及她和我在紐約廣告週上一起做的事情。我們看到他們不僅使用該平台進行廣告，而且真正使用該平台。因此，今年早些時候，他們在 CES 上透過 Facebook 影片而非車展推出了一款汽車。我認為，這對我們汽車產業來說是一個重要時刻。我們將繼續與他們以及許多其他合作夥伴合作。

Measurement's really key there. The better we can do with dealers and with auto manufacturers of measuring all the way through to purchase, the better off we are. And I think they know that people are doing the research for autos and the purchases they make, which is a very long sales cycle, on their mobile phone. And they want us to be part of that. Similarly with travel, this is a vertical that we are really investing in. We have rolled out different types of product ads that we think will help. So in Q2 we rolled out dynamic ads that were specifically focused on the travel vertical. And I'll share one example.

測量確實是關鍵。我們與經銷商和汽車製造商一起在整個測量過程中做得越好，直到購買，我們的境況就越好。我認為他們知道人們正在手機上進行汽車研究和購買，這是一個非常長的銷售週期。他們希望我們成為其中的一部分。與旅行類似，這是我們真正投資的垂直領域。因此，我們在第二季推出了專門針對旅遊垂直領域的動態廣告。我將分享一個例子。

Celebrity Cruises used these dynamic ads for travel on both Facebook and Instagram to increase their online bookings. They worked with one of our F&Ts, Sticher Ads. And they created custom audiences who viewed specific itineraries by state. So they looked for people that at a certain date had viewed specific itineraries. And then created dynamic ads which showed the available cruises and pricing, and had a book-now button. They saw a 3 times increase in their online bookings. And I think those kind of results are made possible by more vertical-specific products. And we're going to continue to invest there.

Celebrity Cruises 在 Facebook 和 Instagram 上使用這些動態旅遊廣告來增加線上預訂量。他們與我們的 F&T 之一 Sticher Ads 合作。他們還創建了自訂受眾，讓他們按州查看特定行程。因此，他們尋找在特定日期查看過特定行程的人。然後建立動態廣告，顯示可用的遊輪和定價，並有一個立即預訂按鈕。他們的線上預訂量增加了 3 倍。我認為這些結果是透過更多垂直特定產品來實現的。我們將繼續在那裡投資。

The next question is from Justin Post with Bank of America Merrill Lynch. Your line is open.

下一個問題來自美銀美林的 Justin Post。您的線路已開通。

Hi. Thanks for taking my call. Dave, could you clarify a bit on investment year, what that means? Does that mean expenses growing faster than revenues? I think Mark mentioned $250 million on content for VR. Anything else in there that we should be thinking about? And then maybe one housekeeping, ad blocking. Could you quantify how much that might have helped desktop revenues? Thank you.

你好。感謝您接聽我的電話。戴夫，您能否澄清一下投資年度，這代表什麼？這是否意味著支出成長速度快於收入成長速度？我記得馬克提到了 2.5 億美元的 VR 內容。還有什麼我們應該考慮的嗎？然後也許是一項內務管理，廣告攔截。您能否量化這對桌面收入的幫助有多大？謝謝。

Justin, just on investment year, and not giving specific commentary around revenue growth versus expense growth. What I wanted to provide was just some color around our thinking about investments going into 2017. Obviously on the CapEx side we've got a number of projects underway on the data center front. So clearly on that front we've got a lot of projects that are going to need ongoing funding going into 2017. So that we've got good visibility on.

賈斯汀，僅介紹投資年度，並沒有就收入成長與支出成長進行具體評論。我想提供的只是關於我們對 2017 年投資的思考的一些色彩。很明顯，在這方面，我們有很多項目需要在 2017 年持續提供資金。

In addition, it's too early to give specifics, I wanted to give some directional color around expense growth. We've already invested in accelerating our recruiting efforts. I wanted to highlight that. That's primarily around technology, technical recruiting, software engineering. And we have a lot of opportunities that we see to invest in the long-term growth of the business. And so that's our plan going into 2017.

此外，現在給出具體細節還為時過早，我想就費用增長提供一些方向性的信息。我們已經投資加速我們的招募工作。我想強調這一點。這主要涉及技術、技術招聘、軟體工程。我們有很多機會投資於業務的長期成長。這就是我們進入 2017 年的計畫。

On ad blocking. In terms of the impact, I would just point out that this quarter we had 18% year-over-year desktop revenue growth. If you look at recent quarters, it was about half of that growth rate on a year-over-year basis. So that increment, that acceleration in desktop revenue growth is largely due to our efforts on reducing the impact of ad blocking. So that's what led to the acceleration of desktop revenue growth.

關於廣告攔截。就影響而言，我只想指出，本季我們的桌上型電腦營收年增了 18%。如果你看一下最近幾個季度，你會發現年比成長率約為該成長率的一半。因此，桌面收入成長的加速主要歸功於我們為減少廣告封鎖的影響所做的努力。這就是桌面收入加速成長的原因。

The next question is from Brian Fitzgerald with Jefferies. Your line is open.

下一個問題來自 Jefferies 的布萊恩·菲茨傑拉德 (Brian Fitzgerald)。您的線路已開通。

Thanks. You've been tweaking the newsfeed algorithm to prioritize friends and family original content. We're curious what kind of impacts you're seeing there? And is it driving more engagement and more sharing of originals? Thanks.

謝謝。您一直在調整動態消息演算法以優先考慮朋友和家人的原創內容。我們很好奇您在那裡看到了什麼樣的影響？它是否會推動原創作品的更多參與和分享？謝謝。

Sure. So newsfeed is an ongoing work that we're always improving. What we basically are trying to do is work on, over time, adding more and more signals to the newsfeed model to help us fully value what people in the community value about the different content that we show them. So what we realized was that the model that we had previously didn't fully capture the nuance and how people preferred certain content from friends and family. So we ran a bunch of qualitative studies and talked to a bunch of people, and incorporated those signals into the model. And that has had the result that people in our community who gave us that feedback and who we worked with on this, what we'd expected, in terms of both increasing the quality of the content that people see and, therefore, also enabling people to share more with their friends and the people that they want. One thing that I would clarify is that I think sometimes people -- in your framing of your question you asked if we'd tweaked newsfeed to do this or that. This is an ongoing iterative process. We're constantly learning about what our community wants. We will constantly be trying to incorporate new information and signals into the model to help value all of the content in the system as accurately as possible. The biggest job that we have is to show people in the community what's going to be meaningful and important to them. And that is our goal in all of these changes.

當然。因此，新聞源是一項持續的工作，我們一直在改進。我們基本上想做的是，隨著時間的推移，為動態模型添加越來越多的訊號，以幫助我們充分重視社群中的人們對我們向他們展示的不同內容的重視。所以我們意識到，我們之前的模型並沒有完全捕捉到細微差別以及人們如何偏好來自朋友和家人的某些內容。因此，我們進行了一系列定性研究並與一群人交談，並將這些訊號納入模型中。這帶來的結果是，我們社區中向我們提供反饋的人和我們在這方面合作的人，我們所期望的，既提高了人們看到的內容的質量，也使人們能夠與他們的朋友和他們想要的人分享更多。我要澄清的一件事是，我認為有時人們在提出問題時會問我們是否調整了新聞源來做到這一點或那個。這是一個持續迭代的過程。我們不斷了解我們的社區想要什麼。我們將不斷嘗試將新的資訊和訊號納入模型中，以幫助盡可能準確地評估系統中的所有內容。我們最重要的工作就是向社區中的人們展示什麼對他們來說是有意義和重要的。這就是我們所有這些變革的目標。

The next question is from Youssef Squali with Cantor. Your line is open.

下一個問題是由優素福·斯誇利和康托提出的。您的線路已開通。

Yes, thank you. Two questions. About AI, can you help us understand your ambitions for (inaudible) its current form? Does it have a place in the workplace or internally maybe to enhance productivity, et cetera? About the additional functionality of additive pages with the delivery and a few others, can you just help us understand what you're doing around discoverability? How will people actually find these services? And do you need tools for that, and maybe timing? How quickly can we see these tools being rolled out? Thank you.

是的，謝謝。兩個問題。關於人工智慧，您能幫助我們了解您對其當前形式（聽不清楚）的抱負嗎？它在工作場所或內部是否有一席之地，可能可以提高生產力等？關於附加頁面的附加功能以及交付和其他一些功能，您能否幫助我們了解您在可發現性方面所做的工作？人們如何真正找到這些服務？您是否需要為此提供工具，也許還需要時間？我們多久才能看到這些工具的推出？謝謝。

I did not fully understand the first question so I'm going to talk about our AI work overall. In general what we want to do is try to understand the content that people are sharing and that's out there for them to see as best as possible. So for example, that means being able to read and understand news articles or posts that people make or messages that a person might send to a business so we can help that business auto reply to them and get information back to the person really quickly. Or understand the content so we can better understand what might be interesting to a person and show in a newsfeed. Similarly, aside from the conversational linguistic understanding, there's a whole thread of the work that we're doing on visual understanding. So understanding photos, what's in photos, what's in videos, what people are doing. That allows us to not only do things around accessibility to show someone who is visually impaired to be able to read to them what might be in a video or a photo, but it also helps us rank newsfeed better so that way we can help understand what is in the content and show people more of what is going to be meaningful to them. It helps us identify content that might be offensive or graphic that might violate the policies of Facebook so we can flag that and review that better.

第一個問題我沒有完全理解，所以我將整體談談我們的人工智慧工作。一般來說，我們想要做的是嘗試了解人們正在分享的內容，並盡可能讓他們看到這些內容。例如，這意味著能夠閱讀和理解人們發布的新聞文章或帖子，或者一個人可能發送給企業的消息，這樣我們就可以幫助該企業自動回复它們，並真正快速地將信息返回給該人。或者了解內容，以便我們可以更好地了解某人可能感興趣的內容並在動態消息中顯示。同樣，除了會話語言理解之外，我們正在做的視覺理解工作的整個線索。因此，了解照片、照片中的內容、影片中的內容以及人們在做什麼。這使我們不僅可以圍繞可訪問性做一些事情，向視障人士展示能夠向他們朗讀影片或照片中的內容，而且還可以幫助我們更好地對新聞源進行排名，以便我們可以幫助他們了解內容是在內容中並向人們展示更多對他們有意義的內容。它可以幫助我們識別可能具有攻擊性或可能違反 Facebook 政策的圖片內容，以便我們可以標記並更好地進行審查。

That's the main thread of the AI work that we're doing, is trying to understand conversational and linguistic context and computer vision, photographic and video signals, to understand what's going on there. And that will apply across basically every product that we build at the Company. Of course, there's some deeper AI research that we're doing that feeds into those applications as well that can apply to things like ranking for newsfeed and search and ads and all of our systems more broadly.

這是我們正在做的人工智慧工作的主線，就是試圖理解對話和語言環境以及電腦視覺、攝影和視訊訊號，以了解那裡發生的事情。這基本上適用於我們公司生產的所有產品。當然，我們正在進行一些更深入的人工智慧研究，這些研究也可以應用於這些應用程序，這些應用程式可以更廣泛地應用於動態消息、搜尋和廣告的排名以及我們所有的系統。

On the discoverability of pages, a couple of things that I would point out there. First, we continue to invest in search. So obviously that's a good way for people to discover interesting pages, interesting businesses around them. So search is one angle there. And then, of course, ads. We've got 60 million businesses with pages. They manage those pages. And then they can promote those pages via our easy to use ad products. We try to make it very easy for businesses to promote pages, promote posts, and the like. That's an important on-ramp to mobile advertising for a number of businesses around the world. So those are the two ways that I think of from enhancing discoverability of pages on Facebook.

關於頁面的可發現性，我想指出一些事情。首先，我們繼續投資搜尋。顯然，這是人們發現有趣的頁面和周圍有趣的業務的好方法。所以搜尋是其中的一個角度。當然，還有廣告。我們有 6000 萬家企業擁有頁面。他們管理這些頁面。然後他們可以透過我們易於使用的廣告產品來推廣這些頁面。我們努力讓企業能夠輕鬆地推廣頁面、推廣貼文等。對於世界各地的許多企業來說，這是行動廣告的重要入口。這是我想到的兩種增強 Facebook 頁面可發現性的方法。

Operator, I think we have time for one last question.

接線員，我想我們還有時間回答最後一個問題。

Okay. The last question is from John Blackledge with Cowen and Company. Your line is open.

好的。最後一個問題來自 Cowen and Company 的 John Blackledge。您的線路已開通。

Great. Thanks. Just as relates to video search, do you think that Facebook has the video content depth at this point for users to search for video content and be pleased with the experience? And then second for Mark, while Facebook embarks on its video first strategy, how should we think about Facebook also evolving into a transactional platform with the recent introduction of the Marketplace? Thank you.

偉大的。謝謝。就像影片搜尋一樣，您認為 Facebook 目前是否具備影片內容深度，可以讓用戶搜尋影片內容並獲得滿意的體驗？其次，馬克認為，雖然 Facebook 開始實施影片優先策略，但隨著最近推出的 Marketplace，我們該如何看待 Facebook 也演變成交易平台？謝謝。

Sure. So search is an area that we've been working on for a while to improve. I don't know what the most recent public stat is on that, so I'm not going to say a stat. But it's grown a lot. So we're happy with that. And we think that that reflects that people are getting value from the search experience, which a lot of the growth comes from people searching for posts and content in the system, not just looking up people and pages in the system. So yes, on search, there's that. And then of course I think that search is often driven by what unique content is in a system and not just the ability to find it. I think what people are going to search Facebook for are finding people and content that they know is on Facebook and that isn't in other places. That I think is driving most of the volume today. And I think can get us to be -- we're already one of the largest search engines in the world, but to be even bigger on that front.

當然。因此，搜尋是我們一段時間以來一直致力於改進的領域。我不知道最新的公開統計數據是什麼，所以我不會說統計數據。但也成長了很多。所以我們對此感到滿意。我們認為這反映出人們正在從搜尋體驗中獲得價值，其中很大一部分成長來自於人們在系統中搜尋貼文和內容，而不僅僅是在系統中尋找人員和頁面。是的，在搜尋中，就是這樣。當然，我認為搜尋通常是由系統中的獨特內容驅動的，而不僅僅是找到它的能力。我認為人們在 Facebook 上搜尋的內容是尋找他們知道在 Facebook 上而在其他地方沒有的人和內容。我認為這推動了今天的大部分成交量。我認為可以讓我們成為——我們已經是世界上最大的搜尋引擎之一，但在這方面甚至會更大。

You asked about transactions as well. And we spent a lot of time on this call talking about putting video first. That has certainly been the biggest theme of the last quarter. And is the biggest part of the product strategy for Facebook and Instagram, and is a big part of the product strategy for Messenger and WhatsApp as well. In terms of transactions, one of the big things that we see happening in messaging long term is that it's a great channel for people to interact with a business one on one, and either do transactions in a private space or get support, or for businesses to reach out with very personally tailored messages and have an ongoing engagement with a person. That's something that we're very excited about building. And that is going to be the business that we hope to build on Messenger and WhatsApp over time. So we're looking forward to that.

您也詢問了交易的情況。我們在這次電話會議上花了很多時間討論將視訊放在第一位。這無疑是上個季度最大的主題。這是 Facebook 和 Instagram 產品策略的重要組成部分，也是 Messenger 和 WhatsApp 產品策略的重要組成部分。就交易而言，我們看到訊息傳遞長期發生的一件大事是，它是人們與企業一對一互動的絕佳管道，可以在私人空間中進行交易或獲得支持，或者為企業提供服務提供非常個性化的訊息並與某人持續接觸。這是我們非常興奮的事情。隨著時間的推移，這將是我們希望在 Messenger 和 WhatsApp 上發展的業務。所以我們對此充滿期待。

Marketplace I think is going to be a great example of this, too. What we're seeing in pages and marketers on Facebook is they want to both get awareness and drive all the way down to generating transactions. And Marketplace I think is going to help people do that. We're starting with people being able to sell things to -- and connect to other people who want to buy them, just like they've been doing in for-sale groups for many years. But we're excited to evolve this and grow it over time as well.

我認為 Marketplace 也將是一個很好的例子。我們在 Facebook 的頁面和行銷人員中看到的是，他們希望獲得知名度並一路推動產生交易。我認為 Marketplace 將幫助人們做到這一點。我們首先讓人們能夠向想要購買商品的其他人出售商品，並與其他想要購買商品的人建立聯繫，就像他們多年來在待售團體中所做的那樣。但我們很高興能夠不斷發展並不斷發展它。

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

感謝您今天加入我們。感謝您抽出寶貴的時間，我們期待再次與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路。