Meta Platforms Inc (META) 2017 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Mike, and I will be your conference operator today.

我叫邁克，今天我將擔任您的會議接線員。

At this time, I would like to welcome everyone to the Facebook Third Quarter 2017 Earnings Call.

在這個時候，我想歡迎大家參加 Facebook 2017 年第三季度財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Thank you very much.

非常感謝。

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

Facebook 投資者關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to Facebook's Third Quarter 2017 Earnings Conference Call.

下午好，歡迎參加 Facebook 2017 年第三季度收益電話會議。

Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

今天和我一起討論我們的結果的是首席執行官馬克扎克伯格；謝麗爾·桑德伯格，首席運營官；和首席財務官戴夫·韋納。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements.

在開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。

Actual results may differ materially from those contemplated by these forward-looking statements.

實際結果可能與這些前瞻性陳述所設想的結果大不相同。

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.

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。

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.

我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息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.

在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。

The press release and an accompanying investor presentation are available on our website at investor.fb.com.

新聞稿和隨附的投資者介紹可在我們的網站investor.fb.com 上找到。

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

現在我想把電話轉給馬克。

Thanks, Deborah, and thanks, everyone, for joining us today.

謝謝，黛博拉，也謝謝大家今天加入我們。

Our community continues to grow, now with nearly 2.1 billion people using Facebook every month and nearly 1.4 billion people using it daily.

我們的社區不斷發展壯大，現在每月有近 21 億人使用 Facebook，每天有近 14 億人使用它。

Instagram also hit a big milestone this quarter, now with 500 million daily actives.

Instagram 在本季度也達到了一個重要的里程碑，現在有 5 億日活躍用戶。

And we saw good results in the business where total revenue grew 47% year-over-year, and we had our first-ever quarter with more than $10 billion in revenue.

我們在業務中看到了良好的業績，總收入同比增長 47%，我們的第一個季度收入超過 100 億美元。

But none of that matters if our services are used in a way that doesn't bring people closer together or the foundation of our society is undermined by foreign interference.

但是，如果我們的服務的使用方式不會使人們更加緊密地聯繫在一起，或者我們社會的基礎受到外國干涉的破壞，那麼這些都不重要。

I've expressed how upset I am that the Russians tried to use our tools to sow mistrust.

我已經表達了我對俄羅斯人試圖利用我們的工具來散播不信任感到非常不安。

We built these tools to help people connect and to bring us closer together, and they used them to try to undermine our values.

我們構建了這些工具來幫助人們聯繫並拉近我們之間的距離，他們利用它們試圖破壞我們的價值觀。

What they did is wrong, and we are not going to stand for it.

他們的所作所為是錯誤的，我們不會支持它。

Now for those who followed Facebook, you know that when we set our minds to something, we're going to do it.

現在對於那些關注 Facebook 的人來說，你知道當我們下定決心做某事時，我們就會去做。

It may be harder than we realized up-front and may take longer and we won't be perfect, but we will get it done.

這可能比我們預先意識到的要難，可能需要更長的時間，而且我們不會完美，但我們會完成的。

We're bringing the same intensity to these security issues that we brought to any adversary or challenge that we have faced.

我們對這些安全問題的強度與我們對我們面臨的任何對手或挑戰的強度相同。

The first step is doing everything we can to help the U.S. government get a complete picture of what happened.

第一步是盡我們所能幫助美國政府全面了解所發生的事情。

We've testified in Congress over the past couple of days about the activity we found in last year's election.

過去幾天，我們在國會作證了我們在去年選舉中發現的活動。

We're working with Congress on legislation to make advertising more transparent.

我們正在與國會合作制定立法，以使廣告更加透明。

I think this would be very good if it's done well.

如果做得好，我認為這將是非常好的。

And even without legislation, we're already moving forward on our own to bring advertising on Facebook to an even higher standard of transparency than ads on TV or other media.

即使沒有立法，我們也已經在自行推進，將 Facebook 上的廣告提高到比電視或其他媒體上的廣告更高的透明度標準。

That's because in traditional media, there's no way to see all of the messages an advertiser is showing to different audiences.

這是因為在傳統媒體中，無法查看廣告商向不同受眾展示的所有信息。

We're about to start rolling out a tool that lets you see all of the ads a page is running and also an archive of ads political advertisers have run in the past.

我們即將開始推出一種工具，讓您可以查看頁面運行的所有廣告，以及政治廣告商過去運行的廣告檔案。

We're also working with other tech companies to help identify and respond to new threats because as we've now seen, if there's a national security threat involving the Internet, it will affect many of the major tech companies.

我們還與其他科技公司合作，幫助識別和應對新的威脅，因為正如我們現在所看到的，如果存在涉及互聯網的國家安全威脅，它將影響許多主要的科技公司。

And we've announced a number of steps to help keep this kind of interference off our platform.

我們已經宣布了一些措施來幫助我們將這種干擾排除在我們的平台之外。

This is part of a much bigger focus on protecting the security and integrity of our platform and the safety of our community.

這是對保護我們平台的安全性和完整性以及我們社區的安全的更大關注的一部分。

It goes beyond elections, and it means strengthening all of our systems to prevent abuse and harmful content.

它超越了選舉，它意味著加強我們所有的系統以防止濫用和有害內容。

We're doing a lot here with investments both in people and technology.

我們在這裡做了大量的人力和技術投資。

Some of this is focused on finding bad actors and bad behavior.

其中一些集中在尋找不良行為者和不良行為上。

Some is focused on removing false news, hate speech, bullying and other problematic content that we don't want in our community.

有些人專注於刪除我們不希望在社區中出現的虛假新聞、仇恨言論、欺凌和其他有問題的內容。

We already have about 10,000 people working on safety and security, and we're planning to double that to 20,000 in the next year to better enforce our community standards and review ads.

我們已經有大約 10,000 人從事安全和安保工作，我們計劃在明年將這一數字翻一番，達到 20,000 人，以更好地執行我們的社區標準和審查廣告。

In many places, we're doubling or more our engineering efforts focused on security.

在許多地方，我們將重點放在安全性上的工程努力增加了一倍或更多。

And we're also building new AI to detect bad content and bad actors just like we've done with terrorist propaganda.

我們還在構建新的人工智能來檢測不良內容和不良行為者，就像我們對恐怖主義宣傳所做的那樣。

I am dead serious about this.

我對此很認真。

And the reason I'm talking about this on our earnings call is that I've directed our teams to invest so much in security on top of the other investments we're making that it will significantly impact our profitability going forward.

我在財報電話會議上談論這一點的原因是，我已經指示我們的團隊在我們正在進行的其他投資之外在安全方面進行大量投資，這將對我們未來的盈利能力產生重大影響。

And I wanted our investors to hear that directly from me.

我希望我們的投資者直接從我這裡聽到。

I believe this will make our society stronger and, in doing so, will be good for all of us over the long term.

我相信這將使我們的社會變得更強大，並且這樣做從長遠來看對我們所有人都有好處。

But I want to be clear about what our priority is: protecting our community is more important than maximizing our profit.

但我想明確一下我們的首要任務是什麼：保護我們的社區比最大化我們的利潤更重要。

So security and the integrity of our services will be a major focus.

因此，我們服務的安全性和完整性將成為主要關注點。

Beyond this, our focus is on building community.

除此之外，我們的重點是建立社區。

I talked about this last quarter when we changed our mission to focus on building community to bring the world closer together.

我在上個季度談到了這一點，當時我們改變了我們的使命，專注於建立社區，讓世界更緊密地聯繫在一起。

And that's more important now than ever.

現在比以往任何時候都更重要。

And this gets into our road map for the next 3, 5 and 10 years.

這將成為我們未來 3、5 和 10 年的路線圖。

Over the next 3 years, the biggest trend in our products will be the growth of video.

未來 3 年，我們產品的最大趨勢將是視頻的增長。

This goes both for sharing where we've seen Stories in Instagram and status in WhatsApp grow very quickly, each with more than 300 million daily actives.

這既可以用於分享我們在 Instagram 中看到的 Stories 的位置，也可以用於 WhatsApp 中的狀態快速增長，每個都有超過 3 億的每日活動。

And also for consuming video content.

並且還用於消費視頻內容。

We recently launched the Watch tab where you can discover shows, follow creators, connect with people watching an episode and join groups with people with similar interests to build a community.

我們最近推出了“觀看”選項卡，您可以在其中發現節目、關注創作者、與觀看劇集的人聯繫以及與興趣相似的人加入群組以建立社區。

But as video grows, it's important to remember that Facebook is about bringing people closer together and enabling meaningful social interaction.

但隨著視頻的增長，重要的是要記住 Facebook 旨在拉近人們的距離並實現有意義的社交互動。

It's not primarily about consuming content passively.

它主要不是被動地消費內容。

Research shows that interacting with friends and family on social media tends to be more meaningful and can be good for our well-being, and that's time well spent.

研究表明，在社交媒體上與朋友和家人互動往往更有意義，對我們的福祉有益，而這些時間值得花時間。

But when we just passively consume content, that may be less true.

但當我們只是被動地消費內容時，情況可能就不那麼正確了。

When done well, video brings us closer together.

如果做得好，視頻會讓我們更緊密地聯繫在一起。

We found that communities formed around video, like TV shows or sports, create a greater sense of belonging than many other kinds of communities.

我們發現，圍繞視頻形成的社區，如電視節目或體育節目，比許多其他類型的社區更能產生歸屬感。

We found that live videos generate 10x the number of interactions and comments as other videos.

我們發現直播視頻產生的互動和評論數量是其他視頻的 10 倍。

But too often right now, watching a video is just a passive consumption experience.

但現在很多時候，看視頻只是一種被動的消費體驗。

Time spent is not a goal by itself.

花費的時間本身並不是一個目標。

We want the time people spend on Facebook to encourage meaningful social interaction.

我們希望人們在 Facebook 上花費的時間能夠鼓勵有意義的社交互動。

So we're going to focus our products on all the ways to build community around video that people share and watch.

因此，我們將把我們的產品重點放在圍繞人們分享和觀看的視頻建立社區的所有方式上。

That's something Facebook can uniquely do.

這是 Facebook 可以做的獨一無二的事情。

Moving along, over the next 5 years, I expect us to make some good progress on several newer initiatives.

繼續前進，在接下來的 5 年裡，我希望我們在幾個新的舉措上取得一些良好的進展。

In messaging, today, already more than 20 million businesses are communicating with customers through Messenger.

在消息傳遞方面，今天已經有超過 2000 萬家企業通過 Messenger 與客戶進行溝通。

Now we're starting to test business features that make it easier for people to make the same kinds of connections with businesses through WhatsApp.

現在我們開始測試業務功能，使人們更容易通過 WhatsApp 與企業建立相同類型的聯繫。

We rolled out Marketplace to Canada and 17 countries across Europe, giving people the ability to discover, buy and sell things in their local communities.

我們在加拿大和歐洲 17 個國家/地區推出了 Marketplace，讓人們能夠在當地社區發現、購買和出售商品。

Today, more than 550 million people are using Marketplace and buy and sell groups on Facebook to connect with other people for transactions.

如今，超過 5.5 億人使用 Marketplace 並在 Facebook 上買賣群組，以便與其他人聯繫進行交易。

We're also seeing good progress with Workplace, helping companies connect their own teams internally through their own versions of Facebook.

我們還看到 Workplace 取得了良好進展，幫助公司通過自己的 Facebook 版本在內部連接自己的團隊。

It's been less than a year since we launched Workplace, and today, more than 30,000 companies are using it.

我們推出 Workplace 還不到一年，如今，已有 30,000 多家公司在使用它。

This quarter, we welcomed on Walmart, the largest employer in the U.S.

本季度，我們迎來了美國最大的雇主沃爾瑪。

Over the next 10 years, we are working on the foundational technologies needed to bring the world closer together.

在接下來的 10 年裡，我們正在研究使世界更加緊密所需的基礎技術。

I'm proud of the work we're doing with AI.

我為我們在人工智能方面所做的工作感到自豪。

We're now using machine learning in most of our integrity work to keep our communities safe.

我們現在在大部分誠信工作中使用機器學習來確保我們的社區安全。

When Hurricane Maria hit Puerto Rico, we used AI to look at satellite imagery and identify where people might live and need connectivity and other resources.

當颶風瑪麗亞襲擊波多黎各時，我們使用人工智能查看衛星圖像並確定人們可能居住的地方以及需要連接和其他資源的地方。

Progress in AI can unlock a lot of opportunity.

人工智能的進步可以釋放很多機會。

So this quarter, we opened a new AI research lab in Montreal, and we're building another lab in Paris as well.

所以本季度，我們在蒙特利爾開設了一個新的人工智能研究實驗室，我們也在巴黎建立了另一個實驗室。

This quarter, we held Oculus Connect and we announced Oculus Go, our first-ever all-in-one headset that's great for feeling like you're present with someone when you can't physically be together in person.

本季度，我們舉辦了 Oculus Connect，並發布了 Oculus Go，這是我們的第一款一體式耳機，當您無法親自在一起時，它非常適合您與某人在一起的感覺。

It's great for playing games, watching movies or hanging out with friends.

非常適合玩遊戲、看電影或與朋友閒逛。

And at $199, we think it's going to help us bring great virtual reality experiences to more people.

199 美元，我們認為它將幫助我們為更多人帶來出色的虛擬現實體驗。

It ships next year.

明年發貨。

At Connect, I also showed off our new Santa Cruz prototype, which is the first time any company has shown the full experience of positional tracking with stand-alone headset and controllers.

在 Connect 上，我還展示了我們的新 Santa Cruz 原型，這是任何公司首次展示使用獨立耳機和控制器進行位置跟踪的完整體驗。

It's a major technical achievement, and I'm looking forward to getting this into developers' hands next year.

這是一項重大的技術成就，我期待明年將其交到開發人員手中。

In order to support our communities' growth, we need to keep investing in our infrastructure.

為了支持我們社區的發展，我們需要繼續投資於我們的基礎設施。

This quarter, we broke ground on our New Albany data center, and we announced that we'll build our 11th major data center in Henrico County, Virginia.

本季度，我們的新奧爾巴尼數據中心破土動工，我們宣布將在弗吉尼亞州亨利科縣建立我們的第 11 個主要數據中心。

As always, all our new data centers are powered by 100% renewable energy.

與往常一樣，我們所有的新數據中心均由 100% 可再生能源供電。

These long-term investments are important for our community's future.

這些長期投資對我們社區的未來很重要。

We can do a lot to help people connect through phones and computers, but so much more will be possible in a world where everyone has Internet access, where AI improves all our services and where we -- where we can basically teleport anywhere or be within -- with anyone anytime we want.

我們可以做很多事情來幫助人們通過電話和計算機進行連接，但是在一個人人都可以訪問互聯網、人工智能改進我們所有的服務以及我們基本上可以傳送到任何地方或在其中的世界裡，還有更多的可能——隨時隨地與我們想要的任何人。

With all the issues we face, it would be a lot to just invest in addressing those.

面對我們面臨的所有問題，僅僅投資於解決這些問題就會很多。

But we know that we also have a responsibility to deliver these fundamental technical and scientific advances to fulfill the promise of bringing people closer together.

但我們知道，我們也有責任提供這些基本的技術和科學進步，以實現讓人們更緊密地聯繫在一起的承諾。

So we're going to keep making significant investments looking ahead towards the future, too.

因此，我們也將繼續進行重大投資，展望未來。

We've made some real progress this year.

今年我們取得了一些真正的進展。

Across the board, we have a lot of work to deliver on our mission of bringing the world closer together, but we're committed to rising to the challenge and doing what we need to for our community.

總體而言，我們有很多工作要完成我們的使命，即讓世界更緊密地聯繫在一起，但我們致力於迎接挑戰並為我們的社區做我們需要做的事情。

Thanks to all of you for being a part of this journey, and I'm looking forward to the road ahead.

感謝大家參與這次旅程，我期待著前方的道路。

And now here is Sheryl to discuss our business.

現在謝麗爾來討論我們的業務。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

We had a strong third quarter with growth across all regions, marketer segments and verticals.

我們的第三季度表現強勁，所有地區、營銷部門和垂直領域都實現了增長。

Ad revenue grew 49% year-over-year.

廣告收入同比增長 49%。

Mobile ad revenue was $8.9 billion, a 57% year-over-year increase, making up approximately 88% of total ad revenue.

移動廣告收入為 89 億美元，同比增長 57%，約佔廣告總收入的 88%。

We're continuing to build our business by focusing on our same 3 priorities: helping businesses leverage the power of mobile; developing new ad products; and making our ads more relevant and effective.

我們將繼續通過專注於我們相同的 3 個優先事項來建立我們的業務：幫助企業利用移動的力量；開發新的廣告產品；並使我們的廣告更具相關性和有效性。

Today, we're announcing that Facebook has over 6 million active advertisers, and we recently announced that Instagram had over 2 million advertisers.

今天，我們宣布 Facebook 擁有超過 600 萬活躍廣告商，我們最近宣布 Instagram 擁有超過 200 萬廣告商。

The vast majority of these are small- and medium-sized businesses, which are a major source of innovation and create more than half of all new jobs globally.

其中絕大多數是中小型企業，它們是創新的主要來源，創造了全球一半以上的新就業機會。

These businesses often have small ad budgets, so the ability to reach people more effectively is really valuable to them.

這些企業的廣告預算通常很少，因此更有效地接觸人們的能力對他們來說真的很有價值。

A great example is LoveBook, a small business in Michigan, which lets you make personalized books to people you love.

一個很好的例子是密歇根州的一家小型企業 LoveBook，它可以讓您為您所愛的人製作個性化的書籍。

During a recent campaign, they used Facebook ads to reach people getting ready to celebrate their first anniversary.

在最近的一次活動中，他們使用 Facebook 廣告來吸引準備慶祝一周年的人們。

They have grown so much for marketing on Facebook that they've been able to hire 10 new employees this year alone.

他們在 Facebook 上的營銷增長如此之快，以至於僅今年一年就招聘了 10 名新員工。

We're proud of the role we are playing in enabling businesses like LoveBook to reach people on mobile to grow and to create jobs.

我們為我們在幫助 LoveBook 等企業接觸移動用戶以實現發展和創造就業機會方面發揮的作用感到自豪。

One of our strongest areas this quarter was SMBs in Europe, with revenue growing more than 60% year-over-year.

本季度我們最強勁的領域之一是歐洲的中小企業，收入同比增長超過 60%。

When I was in Germany 2 months ago, I had a chance to meet Victor, one of the cofounders of Brooklyn Soap Company, which, despite its name, is based in Hamburg.

兩個月前我在德國的時候，有機會見到了布魯克林肥皂公司的聯合創始人之一維克多，儘管它的名字叫它，但總部設在漢堡。

Victor and his friends came up with the idea for their business while staying in a hostel in Brooklyn.

維克多和他的朋友們在布魯克林的一家旅館住宿期間萌生了創業的想法。

Now they sell their grooming products in 38 countries using mobile video ads on Facebook and Instagram.

現在，他們使用 Facebook 和 Instagram 上的移動視頻廣告在 38 個國家/地區銷售美容產品。

As a result, their sales increased 62% over the last year.

結果，他們的銷售額比去年增長了 62%。

They're one of many small businesses using mobile to find new customers and grow across borders.

他們是眾多使用移動設備尋找新客戶並實現跨國發展的小型企業之一。

Our second priority is developing innovative ad products.

我們的第二個優先事項是開發創新的廣告產品。

Video is exploding, and mobile video advertising is a big opportunity.

視頻正在爆炸式增長，移動視頻廣告是一個巨大的機會。

Until recently, ads were only eligible for ad breaks if they also ran in News Feeds.

直到最近，只有在 News Feed 中投放的廣告才符合廣告插播條件。

But in Q3, we gave advertisers the option to run ads in videos alone.

但在第三季度，我們為廣告商提供了僅在視頻中投放廣告的選項。

We're seeing good early results, with more than 70% of ad breaks up to 15 seconds in length on Facebook and Audience Network viewed to completion, most with the sound on.

我們看到了良好的早期結果，超過 70% 的廣告在 Facebook 和 Audience Network 上播放時長不超過 15 秒，並且大部分都打開了聲音。

As Mark said, Instagram Stories are growing well, too.

正如馬克所說，Instagram Stories 也發展得很好。

People and businesses are finding creative new ways to use full screen vertical video in Stories.

人們和企業正在尋找創造性的新方法來在故事中使用全屏垂直視頻。

This quarter, we gave advertisers even more flexibility in the content, format and reach of their ads in Stories.

本季度，我們在故事中廣告的內容、格式和覆蓋範圍方面為廣告商提供了更大的靈活性。

We're also seeing how immersive video and images can help people discover new products on Facebook.

我們還看到了身臨其境的視頻和圖像如何幫助人們在 Facebook 上發現新產品。

We added a new creative template to Collection ads, which helps retailers bring their catalogs online.

我們在收藏廣告中添加了一個新的創意模板，可幫助零售商將他們的目錄放到網上。

west elm, a home decor company, recently used this template to promote its furniture and home accessories.

家居裝飾公司 west elm 最近使用此模板來宣傳其家具和家居飾品。

They targeted people who already got their physical catalog and saw a 5.5% lift in purchases in-store.

他們針對已經獲得實體目錄的人，並看到店內購買量增加了 5.5%。

Our third priority is making our ads more relevant and effective.

我們的第三個優先事項是讓我們的廣告更具相關性和有效性。

In Q3, we introduced new tools powered by machine learning and automation to help businesses reach people more likely to spend with them.

在第三季度，我們推出了由機器學習和自動化驅動的新工具，以幫助企業吸引更有可能與他們一起消費的人。

We also simplified the tools for creating ads, making it easier for businesses of all sizes to advertise with us.

我們還簡化了創建廣告的工具，讓各種規模的企業更容易通過我們做廣告。

It's important for all businesses to reach the right audience, but it's especially important for small businesses that have limited budgets.

對於所有企業來說，接觸到合適的受眾很重要，但對於預算有限的小型企業來說尤其重要。

Targeting allows them to show ads only to the people they want to reach.

定位允許他們只向他們想要覆蓋的人展示廣告。

Neon Retro Arcade in L.A. is a great sample.

洛杉磯的 Neon Retro Arcade 就是一個很好的例子。

They advertise to people within 10 miles of their location who are interested in video games and comic books.

他們向距離其所在地 10 英里範圍內對視頻遊戲和漫畫書感興趣的人做廣告。

Last year, they moved their entire ad budget to Facebook and Instagram, and their revenue was up 25%.

去年，他們將全部廣告預算轉移到 Facebook 和 Instagram，收入增長了 25%。

Relevance and effectiveness are also about giving businesses more control over where their ads run.

相關性和有效性還在於讓企業更好地控制其廣告的投放位置。

In Q3, we clarified which publishers and creators can include ads next to their content.

在第三季度，我們明確了哪些發布商和創作者可以在其內容旁邊添加廣告。

This is good for creators who want guidance on how to earn money from their content on Facebook, and it's good for advertisers who want transparency and control to make the right decisions for their brands.

這對於希望獲得有關如何從 Facebook 上的內容中獲利的指導的創作者來說是有益的，對於希望透明度和控制權為他們的品牌做出正確決策的廣告商來說也是有益的。

We're also working to give advertisers more clarity on where their ads were shown so they can make informed choices about where to run them in the future.

我們還努力讓廣告客戶更清楚地了解他們的廣告在哪裡展示，以便他們可以就未來在哪裡投放廣告做出明智的選擇。

I want to close by talking about what we're doing to protect our platform and help ensure that the ads and content people see on Facebook and Instagram are legitimate and authentic.

最後，我想談談我們為保護我們的平台所做的工作，並幫助確保人們在 Facebook 和 Instagram 上看到的廣告和內容是合法和真實的。

When I was in Washington a few weeks ago, I made clear that we are determined to do everything we can do to minimize abuse going forward.

幾週前我在華盛頓時，我明確表示我們決心盡一切努力減少未來的虐待。

As Mark said, we're investing heavily in new technology and people to review ads and posts.

正如馬克所說，我們正在大力投資新技術和人員來審查廣告和帖子。

This will enable us to look more closely at the content of the ads, targeting and the advertiser who submits them as well as tighten our ad policies, particularly for ads directed at social and political issues.

這將使我們能夠更仔細地查看廣告的內容、定位和提交廣告的廣告商，並收緊我們的廣告政策，尤其是針對社會和政治問題的廣告。

We believe that ads are important to free expression, and we will continue to accept ads on issues, but we will also do our part to elevate the quality of that discourse.

我們相信廣告對言論自由很重要，我們將繼續接受有關問題的廣告，但我們也會儘自己的一份力量來提高這種話語的質量。

Transparency helps keep -- helps everyone keep advertisers accountable for their messages.

透明度有助於保持——幫助每個人讓廣告商對其信息負責。

We're working with Congress on new requirements for online political advertising, but we are not waiting for legislation.

我們正在與國會合作制定在線政治廣告的新要求，但我們不會等待立法。

We're building a tool now that will allow anyone to see the ads a page is running even if those ads are not targeted to them.

我們現在正在構建一個工具，它允許任何人查看頁面正在運行的廣告，即使這些廣告不是針對他們的。

We will test it soon in Canada and then in the U.S. in the coming months.

我們將很快在加拿大進行測試，然後在未來幾個月在美國進行測試。

For ads related to U.S. federal elections, we'll start sharing even more information, including an archive of past ads with total amount spent and demographics about the people the ad reached.

對於與美國聯邦選舉相關的廣告，我們將開始分享更多信息，包括過去廣告的檔案，其中包含廣告總花費和廣告所覆蓋人群的人口統計數據。

We're also going to require more thorough documentation from these advertisers, and we'll label their ads so it's clear who paid for them.

我們還將要求這些廣告商提供更全面的文件，並且我們將標記他們的廣告，以便清楚誰為他們付費。

We believe these actions will set a new standard for transparency in online ads.

我們相信這些行動將為在線廣告的透明度設定新標準。

Because the interference on our platform went beyond ads, we're also increasing transparency around organic content from pages.

由於對我們平台的干擾超出了廣告的範圍，因此我們也在提高頁面有機內容的透明度。

We're looking at ways to provide more information about who's behind a political- or issue-based Facebook page.

我們正在尋找方法來提供有關誰在基於政治或問題的 Facebook 頁面背後的更多信息。

We believe this will make it harder for deceptive pages to gain large followings and make it easier for us to identify malicious activity.

我們相信這將使欺騙性頁面更難獲得大量關注，並使我們更容易識別惡意活動。

We are all committed to getting this right and to investing in strengthening our platform so we can better serve our community.

我們都致力於做到這一點，並投資於加強我們的平台，以便我們能夠更好地為我們的社區服務。

We are also committed to continuing to help businesses all over the world attract customers, sell their products and create jobs.

我們還致力於繼續幫助世界各地的企業吸引客戶、銷售他們的產品並創造就業機會。

As always, I'm grateful to all of our clients for their partnership and to our global Facebook teams for their hard work.

與往常一樣，我感謝我們所有客戶的合作夥伴關係以及我們全球 Facebook 團隊的辛勤工作。

Thank you, and now here's Dave.

謝謝，現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

Q3 was another great quarter for Facebook.

對於 Facebook 來說，第三季度是另一個偉大的季度。

We saw continued growth in engagement in our community as well as strong performance in our ads business.

我們看到社區參與度持續增長，廣告業務表現強勁。

Let's begin with our community metrics.

讓我們從我們的社區指標開始。

Daily active users in Q3 reached 1.37 billion, up 16% compared to last year.

第三季度日活躍用戶達到 13.7 億，比去年增長 16%。

This number represents 66% of our 2.07 billion monthly active users in Q3.

這個數字占我們第三季度每月 20.7 億活躍用戶的 66%。

MAUs were up 284 million year-over-year or 16%.

MAU 同比增長 2.84 億或 16%。

Our community growth was again driven by product improvement, promotional data plans and Internet.org.

我們的社區增長再次受到產品改進、促銷數據計劃和 Internet.org 的推動。

Note that in Q3, we began to lap the introduction of promotional data plans for mobile operators in markets like India.

請注意，在第三季度，我們開始為印度等市場的移動運營商推出促銷數據計劃。

Before going to the financials, let me touch briefly on our ongoing effort to improve our user estimate.

在討論財務數據之前，讓我簡要介紹一下我們為改善用戶估計所做的持續努力。

This quarter, we implemented a new methodology to help identify duplicate accounts.

本季度，我們實施了一種新方法來幫助識別重複賬戶。

As a result, we increased our estimates for duplicate accounts to approximately 10% of worldwide MAUs from our previously disclosed estimate of 6%.

因此，我們將重複賬戶的估計值從我們之前披露的 6% 提高到全球 MAU 的大約 10%。

Duplicate accounts are those that we believe are used by the same person and represent real activity and engagement on Facebook.

重複帳戶是我們認為由同一個人使用並代表 Facebook 上的真實活動和參與度的帳戶。

We have also increased our estimate for inauthentic accounts to approximately 2% to 3% of worldwide MAUs.

我們還將對不真實賬戶的估計增加到全球 MAU 的 2% 到 3% 左右。

Inauthentic accounts are largely those that are used for spam and other policy-violating reasons.

不真實的帳戶主要是那些用於垃圾郵件和其他違反政策的原因的帳戶。

We continuously monitor and aggressively take down those accounts.

我們會持續監控並積極刪除這些帳戶。

These accounts tend to be less active and thus, we believe, impact DAU less than MAU.

這些賬戶往往不太活躍，因此我們認為對 DAU 的影響小於 MAU。

Now turning to the financials.

現在轉向財務。

All comparisons are on a year-over-year basis unless otherwise noted.

除非另有說明，否則所有比較均按年進行。

Q3 total revenue was $10.3 billion, up 47% or 45% on a constant currency basis.

第三季度總收入為 103 億美元，按固定匯率計算增長 47% 或 45%。

Foreign exchange tailwinds contributed $128 million of revenue in Q3.

外匯順風在第三季度貢獻了 1.28 億美元的收入。

Q3 total ad revenue was $10.1 billion, up 49%.

第三季度總廣告收入為 101 億美元，增長 49%。

On a constant currency basis, our ad revenue growth rate was 47%, down 2 percentage points compared to the growth in Q2.

按固定匯率計算，我們的廣告收入增長率為 47%，比第二季度的增長率下降了 2 個百分點。

Ad revenue growth was strong globally, led by Europe and APAC with 56% and 54% growth, respectively.

全球廣告收入增長強勁，歐洲和亞太地區分別增長 56% 和 54%。

Mobile ad revenue was $8.9 billion, up 57%.

移動廣告收入為 89 億美元，增長 57%。

In Q3, the average price per ad increased 35%, and the number of ad impressions served increased 10%, driven primarily by feed ads on Facebook and Instagram.

在第三季度，每條廣告的平均價格上漲了 35%，所投放的廣告展示次數增加了 10%，這主要受 Facebook 和 Instagram 上的信息流廣告的推動。

I would note that compared to a year ago, price is a much more important driver of our ads revenue growth.

我要指出的是，與一年前相比，價格是我們廣告收入增長的重要驅動力。

Payments and other fees revenue was $186 million, down 5%.

支付和其他費用收入為 1.86 億美元，下降 5%。

Total expenses were $5.2 billion, up 34%.

總支出為 52 億美元，增長 34%。

Q3 was our biggest hiring quarter ever.

第三季度是我們有史以來最大的招聘季度。

We added over 2,500 people and ended the quarter with over 23,000 employees, up 47% compared to last year.

我們增加了 2,500 多人，並在本季度結束時擁有超過 23,000 名員工，與去年相比增長了 47%。

Operating income was $5.1 billion, representing a 50% operating margin.

營業收入為 51 億美元，營業利潤率為 50%。

Our tax rate in the third quarter was 10%.

我們第三季度的稅率是 10%。

Excess tax benefits recognized from share-based compensation decreased our effective tax rate by 6 percentage points, a level that was driven by appreciation in our stock price.

從股票薪酬中確認的超額稅收優惠使我們的有效稅率降低了 6 個百分點，這一水平是由我們的股價上漲推動的。

Net income was $4.7 billion or $1.59 per share.

淨收入為 47 億美元或每股 1.59 美元。

Year-to-date, capital expenditures were approximately $4.5 billion, driven by investments in servers, data centers, office facilities and network infrastructure.

年初至今，在服務器、數據中心、辦公設施和網絡基礎設施投資的推動下，資本支出約為 45 億美元。

In Q3, we generated over $4.3 billion in free cash flow and ended the quarter with over $38 billion in cash and investments.

在第三季度，我們產生了超過 43 億美元的自由現金流，並在本季度結束時擁有超過 380 億美元的現金和投資。

Year-to-date, we have brought back over $1 billion of our Class A common stock.

年初至今，我們已經收回了超過 10 億美元的 A 類普通股。

Turning now to the revenue outlook.

現在轉向收入前景。

Our ads business remained strong.

我們的廣告業務依然強勁。

But it's worth noting that in Q3, our year-over-year ads revenue growth rates decelerated for the fifth consecutive quarter on a constant currency basis, and we expect this trend to continue for the foreseeable future.

但值得注意的是，在第三季度，按固定匯率計算，我們的廣告收入同比增長率連續第五個季度放緩，我們預計這一趨勢將在可預見的未來持續下去。

Going forward, we also expect the growth in advertising revenue will increasingly be driven by price.

展望未來，我們還預計廣告收入的增長將越來越受價格驅動。

This is a shift from prior years when growth was primarily driven by increases in supply.

這與前幾年的增長主要是由供應增加驅動的情況有所不同。

Turning now to expenses.

現在轉向開支。

We anticipate that our full year 2017 total expenses will grow approximately 35% to 40% versus our prior range of 40% to 45%.

我們預計 2017 年全年總支出將增長約 35% 至 40%，而我們之前的範圍為 40% 至 45%。

We anticipate that full year 2017 capital expenditures will be approximately $7 billion.

我們預計 2017 年全年的資本支出將約為 70 億美元。

As mentioned previously, our tax rate will vary based on our stock price.

如前所述，我們的稅率將根據我們的股票價格而有所不同。

At the current stock price, we would expect that the Q4 rate will be in the low teens.

以目前的股價，我們預計第四季度的利率將處於低位。

I also wanted to provide some comments on 2018 expenses and capital expenditures.

我還想就 2018 年的費用和資本支出發表一些評論。

Please recognize that these are preliminary estimates as we have not yet finalized our 2018 budget.

請注意，這些只是初步估計，因為我們尚未最終確定 2018 年的預算。

That said, it is shaping up to be a significant investment year, and I wanted to provide initial guidance to align investors with our most current thinking.

也就是說，這將是重要的投資年，我想提供初步指導，以使投資者與我們最新的想法保持一致。

We expect full year 2018 total expenses will grow approximately 45% to 60% compared to full year 2017.

我們預計 2018 年全年總費用將比 2017 年全年增長約 45% 至 60%。

We continue to invest aggressively across the business, but there are 3 important factors driving an acceleration in our expense growth rates from 2017 levels.

我們繼續在整個業務中大舉投資，但有 3 個重要因素推動我們的費用增長率從 2017 年的水平加速。

First, as Mark outlined in his earlier comments, we are making sizable security investments in people and technology to strengthen our systems and prevent abuse.

首先，正如馬克在他之前的評論中所概述的，我們正在對人員和技術進行大量安全投資，以加強我們的系統並防止濫用。

Secondly, we are investing aggressively in video content to support the Watch tab.

其次，我們正在大力投資視頻內容以支持觀看標籤。

Finally, we continue to invest in our long-term initiatives around augmented and virtual reality, AI and connectivity.

最後，我們將繼續投資於我們圍繞增強現實和虛擬現實、人工智能和連接性的長期計劃。

Given our expectation of continued deceleration in revenue growth rates, we expect these significant investments will be net negative on our operating margins.

鑑於我們預計收入增長率將持續放緩，我們預計這些重大投資將對我們的營業利潤率產生淨負值。

In addition, we expect to make substantial investments in our infrastructure to support growth and improve our products.

此外，我們希望對我們的基礎設施進行大量投資，以支持增長和改進我們的產品。

As such, we expect full year 2018 capital expenditures will roughly double from 2017 levels.

因此，我們預計 2018 年全年資本支出將比 2017 年水平大約翻一番。

We would also anticipate that the full year 2018 tax rate will be in the mid-teens.

我們還預計 2018 年全年的稅率將在十幾歲左右。

In summary, Q3 was another strong quarter for Facebook across the board.

總而言之，第三季度對 Facebook 來說是另一個強勁的季度。

We are excited about the opportunities we see ahead and will continue to make significant investments to support our growth and our mission.

我們對我們看到的未來機會感到興奮，並將繼續進行重大投資以支持我們的增長和使命。

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

有了這個，邁克，讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Eric Sheridan, UBS.

（操作員說明）您的第一個問題來自瑞銀集團的 Eric Sheridan。

Maybe revisiting Mark's comments at the beginning of the call.

也許在通話開始時重新審視馬克的評論。

Would love to get a better sense or granularity about what sort of video content you'd like to see on the platform that could drive a more active or interactive experience than passive.

希望更好地了解您希望在平台上看到什麼樣的視頻內容，這可以帶來比被動更主動或互動的體驗。

And then the second question will be what does that mean in terms of the business model?

然後第二個問題是這在商業模式方面意味著什麼？

Will there be licensing content, funding content that you have to do to build the sort of business you're aiming for, for the medium to long term?

在中長期內，是否會有許可內容、資金內容，以建立您所瞄準的業務？

So the strategy here around helping people connect reflects more on what we do around the videos than some of the content itself, right?

因此，這裡圍繞幫助人們建立聯繫的策略更多地反映了我們圍繞視頻所做的事情，而不是某些內容本身，對吧？

So hopefully, the experience on Facebook will not just be that you come and watch a video, and you get informed, you feel entertained, and that's it.

所以希望在 Facebook 上的體驗不僅僅是你來觀看視頻，你會得到消息，你會覺得很有趣，僅此而已。

We think that the most valuable thing that people do are help build relationships with other people on the platform.

我們認為人們所做的最有價值的事情是幫助與平台上的其他人建立關係。

So to the extent that the -- that video can serve as a touchstone for building community and helping facilitate interaction, then that's the thing that we feel like we can uniquely do.

因此，就該視頻可以作為建立社區和幫助促進互動的試金石而言，這就是我們認為我們可以做的獨一無二的事情。

So we're going to continue investing heavily in video content for Watch that is centered around people, that is centered around things that people want to talk and connect around, that give people a sense of pride and bring people together.

因此，我們將繼續大力投資於以人為中心的 Watch 視頻內容，以人們想要談論和聯繫的事物為中心，讓人們感到自豪並將人們聚集在一起。

We're going to invest as much and just build -- making sure that we build out the community features around that.

我們將進行同樣多的投資，並且只是構建——確保我們圍繞它構建社區功能。

And that, I think, is going to be the thing that differentiates us over time.

我認為，隨著時間的推移，這將成為我們與眾不同的地方。

Your next question comes from Brian Nowak, Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just -- Mark, to go back on your focus on community and video.

我有 2 個。只是 -- 馬克，回到你對社區和視頻的關注。

I was wondering if you could show us or kind of help us understand what you're seeing in engagement trends or in time spent per user on the core Facebook platform as you've had so many efforts focused on community and video.

我想知道您是否可以向我們展示或幫助我們了解您在參與度趨勢中看到的內容，或在核心 Facebook 平台上每個用戶花費的時間，因為您已經在社區和視頻上做了很多努力。

And then secondly, for Sheryl.

其次，對於雪莉。

You've made such good progress growing the advertising business across SMB and a lot of verticals.

您在 SMB 和許多垂直領域的廣告業務發展方面取得瞭如此大的進步。

I wonder if you -- can you step back -- could you talk to any areas or any verticals where you really see the potential for material improvements or verticals where you're having a hard time cracking into?

我想知道你是否——你能退後一步——你能談談你真正看到材料改進潛力的任何領域或任何垂直領域，或者你很難進入的垂直領域嗎？

Do you think it will really be bigger drivers of ad revenue growth going forward?

您認為這真的會成為未來廣告收入增長的更大推動力嗎？

So Brian, on -- just on engagement metrics.

所以布萊恩，關於 - 只是關於參與度指標。

I mean, we're -- we continue to see good growth in DAU, as you saw, in the 16% growth that we posted this quarter.

我的意思是，我們繼續看到 DAU 的良好增長，正如你所看到的，在我們本季度發布的 16% 的增長中。

In addition, we do continue to see time spent growth per DAU on the Facebook family and on Facebook.

此外，我們確實繼續看到 Facebook 家族和 Facebook 上每個 DAU 花費的時間增長。

For my part, when I think about our marketer segments, we have SMBs, we have brand direct response and developers, we're seeing strong growth across.

就我而言，當我考慮我們的營銷部門時，我們有中小企業，我們有品牌直接響應和開發人員，我們看到了強勁的增長。

I think if you think about where the growth remains, it really is in increasing the relevance of the ad because the ads, I think, are getting better in terms of reaching the right people at the right time.

我認為，如果您考慮增長仍然存在的地方，那實際上是在增加廣告的相關性，因為我認為廣告在在正確的時間吸引正確的人方面變得越來越好。

But I think there's still a lot more we can do.

但我認為我們還能做的還有很多。

And as people really use our Custom Audiences, our targeting tools, the quality of the ads improve, and the returns improve.

隨著人們真正使用我們的自定義受眾、我們的定位工具、廣告質量和回報率提高。

And the more we -- the better we get at measuring those returns, the better the ads get.

我們越多——我們在衡量這些回報方面做得越好，廣告就越好。

And so I'll share just one example, but one I really love, which is the Alameda County Fair, which is a local fairground in Pleasanton, California.

所以我只分享一個例子，但我真的很喜歡，那就是阿拉米達縣集市，它是加利福尼亞州普萊森頓的當地集市。

I happened to meet this woman, [Angel], who's running their marketing this year.

我碰巧遇到了這個女人，[Angel]，她今年負責營銷。

And they used Facebook to target people within 25 miles of their fairgrounds aged 20 to 51 who had specific interest in concerts, music festivals and theme parks.

他們還使用 Facebook 將目標人群定位在 25 英里範圍內，年齡在 20 至 51 歲之間，這些人對音樂會、音樂節和主題公園有特別的興趣。

And what they saw for season pass ticket sales for 2017 was a 50% increase compared to 2016, and they attribute that to Facebook.

與 2016 年相比，他們看到 2017 年季票銷售量增長了 50%，他們將此歸因於 Facebook。

And that's really about finding the people that are interested.

這實際上是關於找到感興趣的人。

And if you look at the percentage of our ads business where people are using our most sophisticated approaches to finding the right audience, I think we still have a lot of opportunity for growth there.

如果你看看我們的廣告業務中人們使用我們最複雜的方法來尋找合適的受眾的百分比，我認為我們仍然有很多增長機會。

And that will improve both the quality of the ads people see but also the returns to marketers.

這將提高人們看到的廣告的質量，也將提高營銷人員的回報。

And I think that will hit all of the verticals and all of the segments.

我認為這將觸及所有垂直領域和所有細分市場。

Your next question comes from Mark May, Citi.

您的下一個問題來自花旗銀行的 Mark May。

I had 2 related questions on video.

我對視頻有 2 個相關問題。

First, on the OpEx guidance.

首先，關於運營支出指南。

One of the real consistencies of the business is OpEx growth.

業務的真正一致性之一是運營支出增長。

You've been growing that at $4 billion to $5 billion incremental spend per year.

您一直在以每年 40 億到 50 億美元的增量支出增長。

But the midpoint of your guidance is looking like a $14 billion increase next year.

但你指導的中點看起來明年增加了 140 億美元。

Is the differential there the additional $6 billion, $7 billion, is that -- should we be thinking of that as the video content spend that you're kind of setting aside possibly to spend next year?

是否還有額外的 60 億美元，70 億美元的差異 - 我們是否應該將其視為您準備留出明年可能花費的視頻內容支出？

Just trying to understand where the significant increase would be coming from.

只是想了解顯著增加的來源。

And then related, the 35% increase in ad prices.

然後相關的是，廣告價格上漲了 35%。

Would you say that, that's predominantly being driven, the acceleration there, by the mix towards video ad breaks and other longer-form video ads?

你會說，這主要是由視頻廣告插播和其他較長格式視頻廣告的混合推動的嗎？

Sure, Mark.

當然，馬克。

So on the acceleration of the growth rate in expenses from 2017 to 2018, I would really look at this sort of the growth rate that we grew at in 2017, apply that to the total expense base and look at that growth in 2018.

因此，關於 2017 年至 2018 年費用增長率的加速，我真的會看看我們在 2017 年增長的這種增長率，將其應用於總費用基數並查看 2018 年的增長。

And then I would say the additional expense that leads to the acceleration is driven by 3 factors, not just one factor.

然後我會說導致加速的額外費用是由三個因素驅動的，而不僅僅是一個因素。

And those 3 factors are the ones that I outlined in my commentary: number one, the substantial investments that Mark highlighted that we're making to just improve the security on our platform; two, the video content investments we're making for Watch Tab; and then, three, additional investments we're making in the long-term initiatives like AR/VR, AI and connectivity.

這三個因素是我在評論中概述的：第一，Mark 強調的大量投資，我們正在為提高平台的安全性而進行；二、我們為Watch Tab進行的視頻內容投資；然後，第三，我們在 AR/VR、人工智能和連接等長期計劃中進行的額外投資。

And each of those are significant.

其中每一個都很重要。

So it's really the combination of those 3 factors that's driving the expense growth acceleration.

因此，真正推動費用增長加速的是這三個因素的結合。

And then on the 35% increases in ad prices, this is really being driven off of a couple of things.

然後廣告價格上漲了 35%，這實際上是被幾件事所驅使的。

One is just the auction dynamic, which as supply growth has slowed, then there's more competition, and you're seeing prices increase as demand continues to grow.

一個是拍賣動態，隨著供應增長放緩，競爭加劇，隨著需求的持續增長，您會看到價格上漲。

But I think what is important here is we've been getting better and better at targeting as we optimize for real business results for advertisers, and we're better at converting the signals that we get from those advertisers and to finding the right ad spots for them.

但我認為這裡重要的是，隨著我們為廣告商優化實際業務成果，我們在定位方面越來越好，而且我們更擅長轉換從這些廣告商那裡獲得的信號並找到合適的廣告位為他們。

And I think that's really what's allowing us to improve yield and effectively driving higher effective CPMs for us while still delivering business outcomes to them at attractive ROIs.

而且我認為這確實使我們能夠提高產量並有效地為我們推動更高的有效 CPM，同時仍然以有吸引力的投資回報率向他們提供業務成果。

So that's really what's driving it, not a shift to a different format like video.

所以這才是真正推動它的原因，而不是轉向像視頻這樣的不同格式。

It's really about us getting better at targeting and working with especially people where we get those downstream signals like direct-response advertisers.

這真的是關於我們在定位和合作方面做得更好，尤其是那些我們得到下游信號的人，比如直接響應的廣告商。

Your next question comes from the line of Douglas Anmuth, JPMorgan.

您的下一個問題來自摩根大通的 Douglas Anmuth。

I wanted to hit on 2 topics.

我想談兩個話題。

First, just on the security comments.

首先，只是關於安全評論。

You talked about headcount increasing from 10,000 to 20,000.

您談到員工人數從 10,000 人增加到 20,000 人。

I was hoping you could just help us understand.

我希望你能幫助我們理解。

Is that 10,000 fully in the 23,000 headcount that you have today?

您今天擁有的 23,000 名員工中有 10,000 人嗎？

Or is there a part of it that's not included in there perhaps because it's not full-time?

或者是否有一部分沒有包含在其中，可能是因為它不是全職的？

And then just secondly, just going back to the ad pricing changes.

其次，回到廣告定價變化。

Dave, just to clarify on that.

戴夫，只是為了澄清這一點。

I mean, it sounds like what you're saying, it's not that advertisers across the board are seeing that substantial of an increase in pricing, but that's just more an output in your eCPM.

我的意思是，這聽起來像您所說的那樣，並不是所有的廣告商都看到了定價的大幅上漲，而更多的是您的有效每千次展示費用的輸出。

Is that the right way to think about it?

這是正確的思考方式嗎？

Right, Doug.

對，道格。

So on the first one, yes, the 10,000 number, that encompasses both employees at Facebook and also employees at partners.

所以在第一個，是的，10,000 個數字，既包括 Facebook 的員工，也包括合作夥伴的員工。

So it's not all Facebook employees.

所以不是所有的 Facebook 員工。

So that's a fully loaded number.

所以這是一個滿載的數字。

So that's also in the OpEx guidance as well.

所以這也在運營支出指南中。

So it's -- but yes, you can't compare the 10,000 with the 23,000 directly.

所以它是——但是是的，你不能直接將 10,000 與 23,000 進行比較。

On the ad pricing, what you're seeing is that most of the advertising we get isn't necessarily bid on an impression basis.

在廣告定價方面，您看到的是，我們獲得的大部分廣告不一定是按展示次數出價的。

You're getting people bidding for other actions and optimizing against other actions like a click to a website or a downstream e-commerce transaction and app install.

您正在讓人們競標其他操作，並針對其他操作進行優化，例如點擊網站或下游電子商務交易和應用安裝。

And our ability to optimize the inventory that we have against those downstream activities allows us to deliver those at still good prices while seeing effective CPMs go up.

我們針對這些下游活動優化庫存的能力使我們能夠以仍然好的價格交付這些產品，同時看到有效的每千次展示費用上升。

You do have, obviously, people who are bidding on impressions if they're looking for, like, a brand campaign or a reach campaign.

顯然，如果人們正在尋找品牌廣告系列或覆蓋廣告系列，那麼您確實會為展示次數出價。

But those aren't necessarily a part of the business that's driving up prices.

但這些不一定是推高價格的業務的一部分。

It's more around just us doing a better job at being able to optimize campaigns for people who have downstream activities that we can do that for.

更重要的是，只有我們能夠更好地為那些有我們可以為之做的下游活動的人優化活動。

Your next question comes from the line of Heather Bellini, Goldman Sachs.

您的下一個問題來自高盛的 Heather Bellini。

I wanted to just ask a question about your content strategy.

我只想問一個關於你的內容策略的問題。

And I was wondering, how do you think about Facebook Watch in terms of Facebook-produced content versus the licensing of content that you might engage in?

我想知道，您如何看待 Facebook Watch 在 Facebook 製作的內容與您可能參與的內容許可方面？

And I was wondering if there's a certain type of content that you think will be best suited to optimize the watch experience.

我想知道是否有某種類型的內容您認為最適合優化觀看體驗。

I think it might be useful to take a step back and first talk about why we're funding lighthouse content and Watch overall.

我認為退後一步，先談談我們為什麼要資助燈塔內容和整體觀看可能會很有用。

So video is growing incredibly quickly on Facebook.

因此，視頻在 Facebook 上的增長速度非常快。

And today, most of that is in News Feed.

而今天，大部分內容都在 News Feed 中。

But most people who come to News Feed and who come to Facebook today in general are trying to figure out -- they are trying to see what's going on with their friends, see what's happening in the world.

但大多數來到 News Feed 和今天來到 Facebook 的人都在試圖弄清楚——他們試圖看看他們的朋友發生了什麼，看看世界上正在發生什麼。

They're not coming necessarily to engage in a specific type of video or a specific community around video.

他們不一定會參與特定類型的視頻或圍繞視頻的特定社區。

So the Watch Tab is mainly -- it's a way to give people a tool to do that.

因此，Watch Tab 主要是——它是一種為人們提供工具的方式。

When they want to specifically come and engage around video or communities around that, they can go to the Watch Tab.

當他們想專門來圍繞視頻或社區進行互動時，他們可以轉到“觀看”選項卡。

So the intent there is different.

所以那裡的意圖是不同的。

Now in order to build that up, we think it makes sense to first invest in a bunch of lighthouse content, some that we may produce or some that we may license.

現在為了建立它，我們認為首先投資一堆燈塔內容是有意義的，其中一些我們可能會製作或一些我們可能會獲得許可。

To get to your question, we're pretty agnostic on how that goes.

為了回答您的問題，我們對事情的進展非常不可知。

We just want to start the flywheel going.

我們只想啟動飛輪。

So there's content and communities that are there that support this use cases of people coming to Facebook specifically to engage in that.

因此，那裡的內容和社區支持人們專門來 Facebook 參與的這種用例。

Long term, our hope is that the business here will primarily be through revenue shares of videos that normal creators and businesses put into the system rather than ones that we proactively go out and license ourselves.

從長遠來看，我們希望這裡的業務主要是通過普通創作者和企業投入系統的視頻收入分成，而不是我們主動走出去自己授權的視頻收入分成。

So that's a look at where we're trying to get on this.

所以這就是我們試圖解決這個問題的地方。

But first, we need to build this behavior where people want to come intentionally to engage with this content.

但首先，我們需要建立這種行為，讓人們有意地來參與這些內容。

Your next question comes from the line of Ken Senna, Wells Fargo Securities.

您的下一個問題來自 Wells Fargo Securities 的 Ken Senna。

Just going back maybe to the investment in security comments.

可能只是回到對安全評論的投資。

Maybe could you provide a little more detail just on what that investment could look like and how we could think about that showing up in R&D, cost of revs, G&A or maybe a combination?

也許您能否提供更多細節，說明該投資可能是什麼樣的，以及我們如何看待它在研發、轉速成本、G&A 或組合中的表現？

And then maybe any early thoughts on GDPR and potential impact there and maybe some of this transparency efforts if they could have possible benefit?

然後可能對 GDPR 及其潛在影響有任何早期想法，如果它們可能帶來好處，也許這些透明度工作中的一些？

Yes.

是的。

So on the first part, Ken, you're going to see that show up in a variety of different line items, but we don't have it specifically broken out.

所以在第一部分，Ken，你會看到它出現在各種不同的訂單項中，但我們沒有特別細分它。

We're making substantial product and engineering investments.

我們正在進行大量的產品和工程投資。

So as part of the overall hiring on R&D headcount, that -- there's going to be a pretty significant allocation of that to some of the product-related security initiatives that we're doing.

因此，作為研發人員整體招聘的一部分，我們正在做的一些與產品相關的安全計劃將會有相當大的分配。

So that's going to show up in R&D.

所以這將出現在研發中。

You're going to have some of the ads work that we're doing, the ads quality work showing up in the sales and marketing line.

你將會有我們正在做的一些廣告工作，廣告質量工作會出現在銷售和營銷線上。

So you're going to see some there.

所以你會在那裡看到一些。

And then you're going to also just have overall impact on G&A as well for things like policy-related expenses and the like.

然後，您還將對 G&A 以及政策相關費用等事項產生整體影響。

So I think you're going to see it kind of impacting across the spectrum of our lines.

所以我認為你會看到它對我們的產品線產生影響。

But overall, one of the significant factors driving the acceleration in growth rate.

但總體而言，這是推動增長率加速的重要因素之一。

On GDPR, the Facebook family of apps already applies the core principles in the framework because we built our services around transparency and control, and we're building on this to ensure that we comply in May of next year.

在 GDPR 方面，Facebook 系列應用程序已經應用了框架中的核心原則，因為我們圍繞透明度和控制構建了我們的服務，並且我們正在以此為基礎確保我們在明年 5 月遵守。

It's too soon to tell whether this will impact the extent to which EU users opt out of certain services, but we're going to continue to give people personalized experience and be clear about how we're using the data.

現在判斷這是否會影響歐盟用戶選擇退出某些服務的程度還為時過早，但我們將繼續為人們提供個性化的體驗，並明確我們如何使用這些數據。

We believe that we'll be able to obtain consent for uses of the data across Europe and that people still expect the content and their ads to be relevant.

我們相信，我們將能夠獲得在整個歐洲使用數據的同意，並且人們仍然希望內容和他們的廣告具有相關性。

And so we expect a good result here, and we're going to do it very carefully and very seriously as we always do.

所以我們期待這裡有一個好的結果，我們會像往常一樣非常小心和認真地做這件事。

Your next question comes from the line of Justin Post, Bank of America, Merrill Lynch.

您的下一個問題來自美國銀行、美林證券的 Justin Post。

I had 2 things.

我有兩件事。

First, as you've integrated more video content into Facebook, are you seeing better time spent per user?

首先，隨著您將更多視頻內容集成到 Facebook，您是否發現每位用戶花費的時間更長？

Is that really showing up in more engagement on the site?

這真的出現在網站上的更多參與中嗎？

And then secondly, it looks like you're running around $80 a year per user now in the U.S. Quite good improvement over the last couple of years.

其次，看起來你現在在美國每個用戶每年的運行費用約為 80 美元。在過去的幾年中取得了相當大的進步。

Just think about benchmarking that versus other media categories or other things in traditional media.

只需考慮與其他媒體類別或傳統媒體中的其他事物進行基準測試。

Do you still think you have a lot of room ahead to grow that $80 over time?

您是否仍然認為隨著時間的推移您還有很大的空間來增加這 80 美元？

I'll talk about video engagement, and then Dave can jump in on some of the stats.

我將討論視頻參與度，然後 Dave 可以了解一些統計數據。

So one of the important points here that I tried to communicate in my comments up-front is that connecting with friends and family and having those meaningful interactions is more important than just consuming content, right?

因此，我試圖在我的評論中預先傳達的重要一點是，與朋友和家人建立聯繫並進行有意義的互動比僅僅消費內容更重要，對吧？

So video is growing incredibly quickly, and that goes across both social content and kind of more passive public consumption of content.

因此，視頻的增長速度令人難以置信，這既涉及社交內容，也涉及更被動的公共內容消費。

Then they create different dynamics in the system, and I think that's an important thing to understand.

然後他們在系統中創造了不同的動態，我認為這是一件需要理解的重要事情。

When your friend posts something and you get to engage with it, it might inform you and entertain you but you also -- if you interact with -- you're building a relationship with that person, right?

當您的朋友發布某些內容並且您與之互動時，它可能會通知您並娛樂您，但您也-如果您與之互動-您正在與該人建立關係，對嗎？

You feel closer to that person.

你覺得離那個人更近了。

And that is a really important part of what social networking is supposed to do.

這是社交網絡應該做的一個非常重要的部分。

Whereas when you engage with public content, you might get informed or be entertained, but it's not necessarily increasing social capital in the same way or relationships between people.

而當您與公共內容互動時，您可能會獲得信息或娛樂，但這並不一定會以同樣的方式增加社會資本或人與人之間的關係。

So we really differentiate what the core thing is that we're trying to do, which is help people connect with each other and build meaningful relationships.

因此，我們真正區分了我們正在嘗試做的核心事情，即幫助人們相互聯繫並建立有意義的關係。

And that's why on a lot of these calls, I emphasize products like Instagram Stories or WhatsApp status, which are very video-based products, but they're improving social interactions.

這就是為什麼在很多這樣的電話中，我都強調 Instagram Stories 或 WhatsApp status 等產品，它們是非常基於視頻的產品，但它們正在改善社交互動。

And we're going to focus a lot more on helping people share videos of their moments in their lives because in a lot of ways, I think if -- when you take a video of yourself and your family out trick-or-treating, that's more engaging than a photo and a better representation of that than writing it out in text.

我們將更加專注於幫助人們分享他們生活中的時刻的視頻，因為在很多方面，我認為如果 - 當你拍攝你自己和家人的視頻時，這比照片更吸引人，而且比用文字寫出來更能代表它。

But overall, I would say not all time spent is created equal.

但總的來說，我想說並非所有花費的時間都是平等的。

That's why I tried to stress up-front that time spent is not a goal by itself here.

這就是為什麼我試圖預先強調花費的時間本身並不是一個目標。

What we really want to go for is time well spent.

我們真正想要的是花時間。

And what the research of that we found shows is that when you're actually engaging with people and having meaningful connection, that's time well spent, and that's the thing that we want to focus on.

我們發現的研究表明，當你真正與人交往並建立有意義的聯繫時，那是值得花的時間，這就是我們想要關注的事情。

So out of this big video thing that's growing very quickly, I think that is the real opportunity and product area that we should be focused on more.

所以在這個快速增長的大視頻中，我認為這是我們應該更多關注的真正機會和產品領域。

And to the extent that there is going to be a lot of public content, which there will be, a big part of the focus is going to be around building community and interactions around that content.

並且在一定程度上會有很多公共內容，其中很大一部分重點將是圍繞這些內容建立社區和互動。

Justin, on your question on ARPU in the U.S. We do think that there are opportunities to continue to grow the business in the U.S. on a lot of different fronts.

賈斯汀，關於你關於美國 ARPU 的問題。我們確實認為有機會在許多不同的領域繼續發展美國的業務。

So we can continue to grow engagement on core Facebook as well as there's opportunities with Instagram and the other services that we have that are not monetizing significantly today.

因此，我們可以繼續增加核心 Facebook 的參與度，以及 Instagram 和我們擁有的其他服務的機會，這些服務今天沒有顯著貨幣化。

So there's opportunities there.

所以那裡有機會。

But most importantly, kind of I would go back to the fact that we're getting better at -- on the ad product side of being able to optimize our inventory for the advertisers in a way that will, we think, drive good pricing in the system for us and good outcomes for the advertisers.

但最重要的是，我會回到我們正在變得更好的事實——在廣告產品方面，能夠以一種我們認為可以推動良好定價的方式為廣告商優化我們的庫存我們的系統和廣告商的良好結果。

So we do think that, that will lead to the potential for additional revenue growth in the U.S.

因此，我們確實認為，這將帶來美國額外收入增長的潛力。

Your next question comes from the line of Ross Sandler, Barclays.

您的下一個問題來自巴克萊銀行的羅斯桑德勒。

I had 2 questions for Mark.

我有兩個問題要問馬克。

One, Mark, as you move to make changes around safety and security and kind of (inaudible), do you think that this will have any adverse impact on engagement?

一，馬克，當你開始圍繞安全和安保和某種（聽不清）做出改變時，你認為這會對參與產生任何不利影響嗎？

Or is it just too small to even be material?

還是它太小而不能成為物質？

And then a follow-up on the video consumption comment happening mostly in the feed.

然後對主要在提要中發生的視頻消費評論進行跟進。

Is the deceleration you guys are seeing around impression growth right now a function of promoting video in the feed versus, what else, other things that might be in there?

你們現在看到的印象增長減速是在提要中推廣視頻的功能，還是其他可能存在的東西？

And I guess, asked a different way, should we see impression growth kind of revert back to be at your growth at some point?

我想，換一種方式問，我們是否應該看到印象增長在某個時候恢復到你的增長？

And then is that likely the next year?

那麼明年有可能嗎？

Or is that further off in the future?

還是將來會更遠？

So I can take the second one, which is the question about impression growth.

所以我可以考慮第二個問題，即關於印象增長的問題。

So there's a couple of factors there.

所以有幾個因素。

Certainly this quarter, we saw that ad load is predicted -- had a much less significant impact on impression growth.

當然，本季度，我們看到廣告負載是可以預測的——對印象增長的影響要小得多。

So overall, that story has played out sort of as we thought, and that's one of the reasons you're seeing the impression growth come down.

所以總的來說，這個故事的發展與我們想像的一樣，這就是你看到印象增長下降的原因之一。

And then yes, I do think that there are less impressions when people are consuming video.

然後是的，我確實認為人們在觀看視頻時印象會更少。

So that also is a factor as more time is spent on video.

因此，隨著更多時間花在視頻上，這也是一個因素。

So I think you have both of those factors coming into play.

所以我認為這兩個因素都在起作用。

In terms of how those play out going forward, hard to say.

很難說這些未來的表現如何。

We just kind of point to our overall comments on just continued revenue growth deceleration.

我們只是指出我們對收入增長持續減速的總體評論。

And I believe the first question was whether the security investments would have an adverse impact on engagement.

我認為第一個問題是安全投資是否會對參與產生不利影響。

Yes, and I can speak to that.

是的，我可以談談。

Let me be clear on this that people do not want false news or hate speech or bullying or any of the bad content that we're talking about.

讓我明確一點，人們不想要虛假新聞、仇恨言論或欺凌或我們正在談論的任何不良內容。

So to the extent that we can eradicate that from the platform, that will create a better product, which will also create a stronger long-term community and better business as well.

因此，在某種程度上，我們可以從平台上消除這種情況，這將創造出更好的產品，這也將創造一個更強大的長期社區和更好的業務。

So the reason why we haven't been able to get these things to the level that we want today is not because we somehow want them on the platform; it's that it's a really hard problem.

因此，我們無法將這些東西達到我們今天想要的水平的原因並不是因為我們以某種方式希望它們出現在平台上；這是一個非常困難的問題。

And we're going to invest both in people and technology because we think that both are really important parts of the solution here to go after all different parts of these problems.

我們將同時投資於人員和技術，因為我們認為兩者都是解決這些問題的所有不同部分的解決方案的真正重要部分。

And that was what I tried to stress earlier on.

這就是我早些時候試圖強調的。

We're going from 10,000 people working on safety and security to more than doubling that to 20,000.

我們將從 10,000 名從事安全和安保工作的人增加到 20,000 人的兩倍多。

We're building -- we're doubling, in some cases, more our engineering teams focused on security.

我們正在建設——在某些情況下，我們正在將更多專注於安全的工程團隊增加一倍。

We're building AI to go after more different areas of harmful content and finding fake accounts and other bad actors in the system.

我們正在構建人工智能來追踪更多不同領域的有害內容，並在系統中發現虛假賬戶和其他不良行為者。

And I expect that all of these things will make our product better over the long term, but we will incur the expenses a lot sooner as we ramp up these efforts.

而且我希望所有這些事情都會使我們的產品在長期內變得更好，但是隨著我們加大這些努力，我們會更快地承擔費用。

And I also just think that going forward, we're going to be investing at these things at a much higher level because we realized that this is important not only for our community and this company, but it's a part of our responsibility to the society overall.

我也只是認為，展望未來，我們將在這些事情上進行更高水平的投資，因為我們意識到這不僅對我們的社區和這家公司很重要，而且是我們對社會負責的一部分全面的。

Your next question comes from the line of Rich Greenfield, BTIG.

您的下一個問題來自 BTIG 的 Rich Greenfield。

A couple of things.

有幾件事。

You talked about creators, I think, Mark, creating for the platform on their own without you having to invest.

你談到了創作者，我認為，馬克，他們自己為平台創作，而無需你投資。

But just trying to frame it in the sense of Hollywood, like I look at what Apple is doing now and going -- hiring a couple of Sony executives and doing a $5 million an episode buy of a Steven Spielberg show.

但只是想把它放在好萊塢的意義上，就像我看看蘋果現在和正在做的事情——僱傭幾位索尼高管，並以每集 500 萬美元購買史蒂文斯皮爾伯格的節目。

And I guess, what I'm trying to understand or I think a lot of investors are trying to understand is, what type of content do you ultimately want?

我想，我想要理解的，或者我認為很多投資者想要理解的是，你最終想要什麼類型的內容？

Because I don't think, like, someone like Spielberg is going to work for an ad revenue share no matter how good that advertising is like.

因為我不認為像斯皮爾伯格這樣的人會為廣告收入份額而工作，無論廣告有多好。

So how do you balance what type of content business you ultimately want to build?

那麼，您如何平衡您最終想要建立的內容業務類型呢？

And then when you look at sports, which I also think about as being kind of really relevant content that has a huge community around it, something like the NFL Mobile rights, I think, come up next year.

然後當你看體育時，我也認為這是一種真正相關的內容，周圍有一個巨大的社區，比如 NFL 移動版權，我認為，明年會出現。

Wondering how important are those types of -- how important is that type of content?

想知道這些類型的重要性——這種類型的內容有多重要？

I know you were bidding on cricket rights overseas.

我知道你在海外競標板球權。

But how important is sports in this mix?

但運動在這種組合中有多重要？

Well, I think that the answer to that is we don't know all the answers around what kinds of content are going to work and are not.

嗯，我認為這個問題的答案是我們不知道關於哪些內容會起作用和不會起作用的所有答案。

So we will probably experiment with a number of different things.

所以我們可能會嘗試一些不同的東西。

I do think your point is right, that not all kinds of content can be supported by ads no matter how effective we make that.

我確實認為您的觀點是正確的，無論我們做得多麼有效，廣告都不能支持所有類型的內容。

That said, the current model that we have for at least getting some of the lighthouse content onto the platform is to pay up-front.

也就是說，我們目前至少將一些燈塔內容放到平台上的模式是預付費用。

And what we would like to transition that more to over time and what an increasing amount of the content is revenue shares for ads shown in the video.

隨著時間的推移，我們更希望將其轉變為越來越多的內容是視頻中顯示的廣告的收入分成。

And as we do better and better on the monetization there, that will support people with higher production costs than doing more premium production and bringing their content to the platform.

隨著我們在貨幣化方面做得越來越好，這將支持製作成本更高的人們，而不是進行更多優質製作並將他們的內容帶到平台上。

And we've certainly found on the Internet and YouTube and in other places that there are whole industries around creators with different cost structures than traditional Hollywood folks who can produce very informative and engaging content that a lot of people like and enjoy and that builds communities.

我們當然在互聯網和 YouTube 以及其他地方發現，圍繞創作者的整個行業具有與傳統好萊塢人不同的成本結構，他們可以製作出很多人喜歡和喜歡並建立社區的內容豐富且引人入勝的內容.

And that helps people connect together in a way that definitely can be supported by this ad model.

這有助於人們以這種廣告模式絕對可以支持的方式聯繫在一起。

So I think the answer is we're going to try a bunch of things.

所以我認為答案是我們將嘗試很多事情。

That's a bunch of what the budget is.

預算就是這麼多。

I'm very optimistic that a lot of the stuff will be able to be supported long term.

我非常樂觀地認為很多東西將能夠得到長期支持。

But you're certainly right that not all that will be able to be supported by ad models alone.

但是您肯定是對的，並非所有這些都可以僅由廣告模型支持。

Your next question comes from the line of Brent Thill, Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

On video, there's been a lot of questions about the ultimate profitability of this going forward.

在視頻中，有很多關於未來最終盈利能力的問題。

I was just curious if you could share your view.

我只是好奇你是否可以分享你的觀點。

I know it's early, but what your thoughts are there.

我知道現在還早，但你的想法是什麼。

Yes.

是的。

I mean, I think -- look, today, we're talking about the additional investments we're making in terms of the lighthouse content on the Watch Tab.

我的意思是，我認為 - 看，今天，我們正在談論我們在 Watch Tab 上的燈塔內容方面所做的額外投資。

So we are putting a substantial investment behind that.

因此，我們正在為此投入大量資金。

That clearly is going to have implications for margins along with the other big investments that we're making next year.

這顯然將對利潤率以及我們明年進行的其他大型投資產生影響。

And then even after the -- after we establish a flywheel here and get content being produced for ad revenue share, that's going to have a different margin structure than core News Feed.

然後甚至在我們在這裡建立飛輪並為廣告收入分成製作內容之後，這將具有與核心新聞提要不同的利潤率結構。

So even going forward, there's going to be revenue share back to the content creators, so it's going to have a different margin structure than the core business.

因此，即使向前發展，內容創作者也將獲得收入分成，因此它將具有與核心業務不同的利潤率結構。

I think it's worth adding that the ad inventory itself is really valuable for marketers and our clients and also works very well with our other ad products.

我認為值得補充的是，廣告庫存本身對營銷人員和我們的客戶非常有價值，並且與我們的其他廣告產品配合得很好。

So I'll share a recent one.

所以我會分享一個最近的。

Visa, with [SocioCode] and BBDO, created 10-second videos with text overlays, showing people making digital payments, and they targeted millennials and early tech adopters.

Visa 與 [SocioCode] 和 BBDO 一起製作了 10 秒的帶有文本覆蓋的視頻，展示了人們進行數字支付的過程，他們針對的是千禧一代和早期技術採用者。

And they ran ads one group for Facebook News Feed only, one group for ad breaks only and one group for News Feed and ad breaks combined.

他們只為 Facebook 動態消息投放一組廣告，一組只用於廣告插播時間，一組用於新聞動態和廣告插播時間。

And the best results combined the ad breaks and the News Feed, they had a 7x lower cost per video view compared to News Feed alone.

最好的結果結合了廣告插播和動態消息，與單獨的動態消息相比，它們的每次視頻觀看成本降低了 7 倍。

And so one of the opportunities we have here is increasing inventory.

因此，我們在這裡擁有的機會之一就是增加庫存。

And it's particularly good inventory for marketers because we're seeing nice adoption of video views and really nice impact from those sales.

對於營銷人員來說，它是特別好的庫存，因為我們看到視頻觀看的良好採用以及這些銷售帶來的非常好的影響。

And it's also the case that our ad products work together.

我們的廣告產品也可以協同工作。

The ability to show something in News Feed and then show a video in Watch and then show something on Instagram and measure results across the full funnel, we think, are very worthy investments for the long-term health of the business.

我們認為，能夠在 News Feed 中展示一些內容，然後在 Watch 中展示一段視頻，然後在 Instagram 上展示一些內容並衡量整個渠道的結果，對於企業的長期健康發展來說，這是非常值得的投資。

Your next question comes from the line of Mark Mahaney, RBC Capital Markets.

您的下一個問題來自 RBC 資本市場的 Mark Mahaney。

A comment and 2 questions.

一個評論和2個問題。

I think this incremental spend or this materially increased spend on security is highly unfortunate, but I think it makes eminent sense.

我認為這種增加的支出或大幅增加的安全支出是非常不幸的，但我認為這是非常有意義的。

I think most long-term investors realize the community maximization, including security, would lead to long-term profit maximization.

我認為大多數長期投資者意識到社區最大化，包括安全性，將導致長期利潤最大化。

So I think makes eminent sense.

所以我覺得很有道理。

2 quick questions.

2個快速問題。

The Watch tab, is there any evidence or any data points you can give us to -- what kind of traction you're seeing with that so far?

“觀察”選項卡，您是否有任何證據或任何數據點可以提供給我們——到目前為止，您看到了什麼樣的牽引力？

I was surprised by how many people are on Marketplace.

我對市場上有多少人感到驚訝。

Any relevant data like that for Watch Tab?

Watch Tab 有類似的相關數據嗎？

And then secondly, of all the regions, Europe really stuck out to us as one that showed surprising acceleration.

其次，在所有地區中，歐洲確實在我們看來是一個表現出驚人加速的地區。

And I know you talked a little bit about that, Sheryl did, about the SMB pickup and traction there.

我知道你談到了一點，Sheryl 確實談到了那裡的 SMB 皮卡和牽引力。

Any other color for why Europe would have accelerated so much in terms of its revenue growth?

為什麼歐洲會在收入增長方面加速如此之快？

Sure.

當然。

Let me, I guess, hit both of those, and then Sheryl can add any color if she'd like.

讓我，我猜，打這兩個，然後雪莉可以添加任何顏色，如果她願意的話。

On the Watch Tab, I think it's just early.

在 Watch Tab 上，我認為現在還為時過早。

So I think it's too early to be talking about any stats there.

所以我認為現在談論那裡的任何統計數據還為時過早。

In terms of Europe, one thing to note is that we did pick up currency advantages there.

就歐洲而言，需要注意的一件事是我們確實在那裡獲得了貨幣優勢。

So it was 56% on a reported basis but 51% on a constant currency basis.

因此，在報告的基礎上為 56%，但在固定貨幣基礎上為 51%。

Still a healthy growth rate.

仍然保持健康的增長速度。

I think it's a strong economy there.

我認為那裡的經濟強勁。

I think the team is executing well there, so I think you've got a variety of factors.

我認為球隊在那裡的表現很好，所以我認為你有很多因素。

And then as Sheryl commented in her prepared remarks, SMB has been particularly strong in Europe.

然後，正如 Sheryl 在她準備好的講話中所評論的那樣，SMB 在歐洲特別強大。

And so I think that's the -- that's one of the key drivers and one of the things we're really happy with.

所以我認為這是 - 這是關鍵驅動因素之一，也是我們真正滿意的事情之一。

One clarification on your question, too, is that the 550 million people is across both Marketplace and buy and sell groups, not just the Marketplace tab.

對您的問題的一個澄清也是，5.5 億人同時來自 Marketplace 和買賣組，而不僅僅是 Marketplace 選項卡。

So that's the total amount of activity that we're seeing there across both of those things.

這就是我們在這兩件事上看到的活動總量。

Your next question comes from the line of Colin Sebastian, Baird.

您的下一個問題來自貝爾德的 Colin Sebastian。

First, a quick follow-up on safety and security.

首先，對安全和安保進行快速跟進。

I guess, I'm wondering why more of the AI machine learning that you've built for product and the ad platform can't be utilized or cross-utilized to help mitigate some of the costs of adding people in technology to handle those issues.

我想，我想知道為什麼您為產品和廣告平台構建的更多 AI 機器學習不能被利用或交叉利用來幫助降低增加技術人員來處理這些問題的一些成本.

And then secondly, related to how much time younger people are spending or not spending on the Facebook app.

其次，與年輕人在 Facebook 應用上花費或不花費的時間有關。

I wonder if you've looked at over the course of time the trend in usages younger people hit different milestones in life such as graduating from college or getting a job and how their usage of the app changes over that time frame?

我想知道隨著時間的推移，你是否關注過年輕人的使用趨勢達到了人生的不同里程碑，例如大學畢業或找到工作，以及他們對應用程序的使用在這段時間內如何變化？

For example, if you're seeing a steady stream of the users coming to Facebook once they hit those milestones.

例如，如果您看到用戶在達到這些里程碑後會源源不斷地訪問 Facebook。

Any color around that would be interesting.

周圍的任何顏色都會很有趣。

Sure.

當然。

I'll speak to the safety and security investments, and then Dave can speak to the other questions.

我會談談安全和安保投資，然後戴夫可以談談其他問題。

So we need both technology and people for this.

因此，我們需要技術和人才。

And the best articulation of this that I can make is that today, AI has different strengths than people do, right?

我能做的最好的表述是，今天，人工智能與人類有不同的優勢，對吧？

So the AI tools that we've built can enable a system to look at millions of pieces of content and make rough assessments on them and figure out what to flag for people.

因此，我們構建的 AI 工具可以使系統能夠查看數百萬條內容並對它們進行粗略評估，並找出要為人們標記的內容。

But ultimately, if you want to get those high-quality judgments today on sensitive content and you want to do it quickly when the stakes are pretty high in terms of taking down content or leaving things up, I mean, we take that extremely seriously.

但歸根結底，如果你想在今天對敏感內容做出高質量的判斷，並且想在刪除內容或擱置內容方面的風險相當高時迅速做到這一點，我的意思是，我們非常重視這一點。

You want people to be looking at that.

你希望人們看到那個。

So earlier in the year, when we were working on problems like seeing issues when people were going live, right?

所以在今年早些時候，當我們處理諸如在人們上線時看到問題之類的問題時，對嗎？

There was this really serious issue around people with self-harm and, in some cases, suicide on live.

有自殘的人存在這個非常嚴重的問題，在某些情況下，還有現場自殺。

And we made an investment in AI tools and in dramatically increasing the staffing of the team that was working on that and brought the amount of time to review those live videos down through a combination of those things to under 10 minutes now.

我們對人工智能工具進行了投資，並大幅增加了從事該工作的團隊的人員配置，並將通過這些事情的組合來審查這些實時視頻的時間減少到現在不到 10 分鐘。

That might still be a conservative estimate.

這可能仍然是一個保守的估計。

But -- and we're continuing to work on that.

但是 - 我們正在繼續努力。

So now what we're trying to do is just increase the SLAs that we have across all of these different types of content and security threats that we might see.

所以現在我們要做的只是增加我們在所有這些不同類型的內容和我們可能看到的安全威脅中擁有的 SLA。

So that way, through a combination of the AI tooling that we build and having people to look at these things, we can get it right faster for more of the types of content.

因此，通過結合我們構建的人工智能工具和讓人們查看這些東西，我們可以更快地處理更多類型的內容。

And you're definitely right that a lot of the AI research that we do is applicable to multiple areas, but we still need to build those tools.

你肯定是對的，我們所做的很多人工智能研究適用於多個領域，但我們仍然需要構建這些工具。

So it takes a lot of engineering investment, and we will be prioritizing that, in some cases, by adding people to teams and, in other cases, by trading off and doing more security work instead of other product work that we might have done.

所以這需要大量的工程投資，我們將優先考慮這一點，在某些情況下，通過向團隊增加人員，在其他情況下，通過權衡和做更多的安全工作，而不是我們可能已經完成的其他產品工作。

But this is really important and this is our priority.

但這真的很重要，這是我們的首要任務。

Yes.

是的。

I think on sort of how people use our products in life stages, I would just sort of -- I would say, generally, what we're trying to do is build a variety of different types of social products that can help in a variety of different use cases.

我想關於人們在生命階段如何使用我們的產品，我會說，一般來說，我們正在嘗試做的是建立各種不同類型的社交產品，這些產品可以在各種方面提供幫助不同的用例。

So it could be one-on-one messaging with WhatsApp and Messenger.

因此，它可能是與 WhatsApp 和 Messenger 的一對一消息傳遞。

It could be sharing to Groups with the Facebook.

它可以與 Facebook 共享到群組。

It could be the friends that you have on Instagram.

可能是您在 Instagram 上的朋友。

So it's -- we're trying to kind of make sure that we flesh out the full range of sharing experiences.

所以它 - 我們正在努力確保我們充實所有的分享經驗。

And we think that, that has applicability across all the different life stages and depending on the ages people use the products differently, but would not -- we're not showing any specific breakouts on that.

我們認為，這適用於所有不同的生命階段，並且取決於人們使用產品的不同年齡，但不會——我們沒有顯示任何具體的突破。

Your last question comes from the line of Youssef Squali, SunTrust.

您的最後一個問題來自 SunTrust 的 Youssef Squali。

Just one question.

就一個問題。

You guys unbundled the video buy.

你們解開了視頻購買。

Can you speak to pricing relative to that 35% average increase in ad pricing?

你能談談相對於廣告定價平均增長 35% 的定價嗎？

Can you maybe just help us understand the disparity that exists today between pricing on the new video platform and the legacy platform?

您能否幫助我們了解當今新視頻平台和舊平台的定價之間存在的差異？

So I'm not totally clear on what you mean by the new video platform and the legacy video platform.

所以我不太清楚你所說的新視頻平台和舊視頻平台是什麼意思。

But I would just say that this is primarily driven by News Feed pricing, and then you have right-hand column pricing as well.

但我只想說，這主要是由 News Feed 定價驅動的，然後你也有右側列定價。

So you have impressions on Facebook News Feed, Instagram feed as well as Facebook right-hand column.

因此，您對 Facebook 新聞提要、Instagram 提要以及 Facebook 右側欄都有印象。

Ad breaks are really a relatively small -- a very small factor today.

廣告插播確實是一個相對較小的因素——今天是一個非常小的因素。

So the pricing is really about what are the -- what is the pricing that you're seeing in the overall system primarily given on the feed-based product.

所以定價實際上是關於你在整個系統中看到的主要是基於提要的產品的定價。

So that's really what the driver is.

所以這才是真正的司機。

And again, there I would point to the comments that I made about getting better at targeting and driving towards good outcomes for our advertisers as being kind of the reason that we've been able to support higher prices.

再一次，我要指出我所做的關於更好地為我們的廣告商定位和推動獲得良好結果的評論是我們能夠支持更高價格的一種原因。

Great.

偉大的。

Thank you for joining us today.

感謝您今天加入我們。

We appreciate your time, and we look forward to speaking with you again.

感謝您的寶貴時間，我們期待再次與您交談。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your lines.

您現在可以斷開線路。