Meta Platforms Inc (META) 2018 Q3 法說會逐字稿

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Third Quarter 2018 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

午安.我叫麥克，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Facebook 2018 年第三季財報電話會議。（操作員說明）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 2018 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。下午好，歡迎參加 Facebook 2018 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)。

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 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 reports on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果有重大差異。今天的新聞稿以及我們向 SEC 提交的 10-Q 表格季度報告中闡述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.

在這次電話會議中，我們可能會介紹公認會計準則和非公認會計準則的財務指標。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。

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 thank you, all, for joining us today. We had a solid quarter, and our community and business continue to grow quickly. 2.3 billion people now use Facebook every month, and 1.5 billion every day. Revenue grew 33% year-over-year to $13.7 billion.

謝謝黛博拉，也謝謝大家今天加入我們。我們有一個穩定的季度，我們的社區和業務繼續快速成長。現在每月有 23 億人使用 Facebook，每天有 15 億人使用 Facebook。營收年增 33% 至 137 億美元。

Last quarter, for the first time, we also shared the number of people who use at least one of our apps each month. We believe this is a better way to measure our community over time because so many people use more than one of our apps. There are now more than 2.6 billion people using Facebook, WhatsApp, Instagram or Messenger each month, up from around 2.5 billion last quarter. But now, on average, more than 2 billion people use at least one of our services every day.

上季度，我們也首次分享了每月至少使用我們一款應用程式的人數。我們相信，隨著時間的推移，這是衡量我們社區的更好方法，因為許多人使用我們的多個應用程式。目前每月有超過 26 億人使用 Facebook、WhatsApp、Instagram 或 Messenger，高於上季的約 25 億。但現在，平均有超過 20 億人每天至少使用我們的一項服務。

Today, I want to talk about our strategy overall as we navigate challenges and opportunities on several fronts. For one, we're seeing the way people connect shifting to private messaging and stories. We have great products here that people love, but it will take some time for our business to catch up to our community growth.

今天，我想談談我們在幾個方面應對挑戰和機會時的整體策略。其一，我們看到人們的聯絡方式正在轉向私人訊息和故事。我們這裡有人們喜愛的優質產品，但我們的業務需要一些時間才能跟上社區的發展。

Two, we're seeing video grow dramatically across the ecosystem, and while Watch is now growing very quickly, we're well behind YouTube and still working to make this a unique people-centric experience.

第二，我們看到影片在整個生態系統中急劇增長，雖然 Watch 現在增長非常快，但我們遠遠落後於 YouTube，並且仍在努力使其成為以人為本的獨特體驗。

Three, we continue to face increased safety and security threats. We have significantly improved our systems here but we have more to do. So let's start with messaging and stories.

第三，我們持續面臨日益增加的安全威脅。我們已經顯著改進了我們的系統，但我們還有更多工作要做。讓我們從消息和故事開始。

Public sharing will always be very important, but people increasingly want to share privately, too. And that includes both just smaller audiences with messaging and ephemerally with stories. People feel more comfortable being themselves when they know their content will only be seen by a smaller group and when their content won't stick around forever. Messaging and stories make up the vast majority of growth in the sharing that we are seeing.

公開分享始終非常重要，但人們也越來越希望私下分享。這既包括少量的消息受眾，也包括短暫的故事受眾。當人們知道自己的內容只會被較小的群體看到並且他們的內容不會永遠存在時，他們會更舒服地做自己。訊息和故事構成了我們所看到的共享成長的絕大多數。

On messaging specifically, we think we build the best messaging apps in the world. People now send around 100 billion messages each day using our services that even our second-most popular service, Messenger, has a highly -- a higher daily message volume than SMS had globally at its peak. And this isn't just text. People share more photos, videos and links on WhatsApp and Messenger than they do on social networks.

具體來說，在訊息傳遞方面，我們認為我們建立了世界上最好的訊息傳遞應用程式。現在，人們每天使用我們的服務發送約 1000 億條訊息，即使是我們第二受歡迎的服務 Messenger 的每日訊息量也比全球簡訊高峰期還要高。這不僅僅是文本。人們在 WhatsApp 和 Messenger 上分享的照片、影片和連結比在社群網路上分享的還要多。

We are leading in most countries, but our biggest competitor by far is iMessage, and in important countries like the U.S., where the iPhone is strong, Apple bundles iMessage as the default texting app and it's still ahead. In countries where there's more competition between iOS and Android like much of Europe, people tend to prefer our services.

我們在大多數國家/地區都處於領先地位，但迄今為止我們最大的競爭對手是iMessage，而在美國等iPhone 強勁的重要國家/地區，蘋果將iMessage 捆綁為默認短信應用程序，並且仍然處於領先地位。在 iOS 和 Android 之間競爭更激烈的國家（例如歐洲大部分地區），人們往往更喜歡我們的服務。

Now it's worth noting that one of the main reasons people prefer our services, especially WhatsApp, is because of its stronger record on privacy. WhatsApp is completely end-to-end encrypted, does not store your messages and doesn't store the keys to your messages in China or anywhere else. And this is important because if our systems can't see your messages, then that means that governments and bad actors won't be able to access them through us either. Our road map focuses on continuing to make WhatsApp and Messenger even simpler, faster and adding basic utility features like payments. We found that every time we make our services faster and simpler, people communicate more. We'll also keep pushing our messaging services to be more private and secure, and we believe this will continue to be a competitive advantage for us.

現在值得注意的是，人們喜歡我們的服務（尤其是 WhatsApp）的主要原因之一是它在隱私方面的記錄更出色。WhatsApp 是完全端對端加密的，不會儲存您的訊息，也不會在中國或其他任何地方儲存您的訊息金鑰。這很重要，因為如果我們的系統看不到您的訊息，則意味著政府和不良行為者也無法透過我們存取它們。我們的路線圖重點是繼續讓 WhatsApp 和 Messenger 變得更簡單、更快，並添加支付等基本實用功能。我們發現，每次我們讓服務變得更快、更簡單，人們的溝通就會更多。我們也將繼續推動我們的訊息服務更加私密和安全，我們相信這將繼續成為我們的競爭優勢。

On the business side of messaging, our first step has been to enable people to connect with businesses organically in ways they find useful, and then the second step is to give businesses additional paid tools to increase those interactions. We're well into step 1 at this point with more than 3 million accounts on WhatsApp business. We'll begin step 2 with a couple of products, paid messaging and ads and stories. And by making businesses pay to send messages, we believe we will make them more selective with what they send. Payments will make each of these services more useful for people and businesses, even though we don't plan to profit from it directly. I'll update with more progress on each of these efforts in the next few quarters.

在訊息傳遞的業務方面，我們的第一步是讓人們以他們認為有用的方式與企業有機聯繫，然後第二步是為企業提供額外的付費工具來增加這些互動。目前，我們已經進入第 1 步，WhatsApp 業務帳戶已超過 300 萬個。我們將從一些產品、付費訊息、廣告和故事開始第 2 步。透過讓企業付費發送訊息，我們相信我們將使他們對發送的內容更具選擇性。支付將使這些服務對個人和企業更加有用，儘管我們不打算直接從中獲利。我將在接下來的幾個季度更新每項工作的更多進展。

On Stories, we are even better positioned. People now share more than 1 billion stories every day. We lead in almost every country. There are a couple of reasons we focused on building Stories in all of our apps. First, I just think that this is the future. People want to share in ways that don't stick around permanently, and I want to make sure that we fully embrace this.

在故事方面，我們的定位甚至更好。現在人們每天分享超過 10 億個故事。我們幾乎在每個國家都處於領先地位。我們專注於在所有應用程式中建立故事有幾個原因。首先，我認為這就是未來。人們希望以一種不會永久存在的方式進行分享，我想確保我們完全接受這一點。

Second, Stories is a medium like Feeds that can feel very different in very different contexts. So just like most major social apps have feeds, including Pinterest, Twitter or LinkedIn, but you wouldn't say that those services do the same things, I think many services will have stories in the future, too, but will serve different functions.

其次，故事是一種像動態的媒介，在不同的環境中感覺會非常不同。就像大多數主要社交應用程式都有提要一樣，包括 Pinterest、Twitter 或 LinkedIn，但你不會說這些服務做同樣的事情，我認為許多服務將來也會有故事，但會提供不同的功能。

Now while this effort is going well, we're also working through a couple of challenges here. One is that while WhatsApp Status and Instagram Stories immediately took off and have been huge successes, Facebook Stories started off slower. It's now growing quickly and I think we'll be in a better position soon, but our effort to shift Facebook from News Feed-first to Stories-first hasn't been as smooth as I'd hoped. But this is important for the Facebook community long term.

現在，雖然這項工作進展順利，但我們也面臨一些挑戰。其中之一是，雖然 WhatsApp Status 和 Instagram Stories 立即起飛並取得了巨大成功，但 Facebook Stories 起步較慢。現在它正在快速增長，我認為我們很快就會處於更好的位置，但我們將 Facebook 從動態消息優先轉向故事優先的努力並不像我希望的那麼順利。但這對 Facebook 社群的長期發展非常重要。

Another challenge is that we're earlier in developing our ads product for Stories, so we won't make as much money from them yet as we do from feed ads. We're following our normal playbook here of building out the best consumer products first and focusing on succeeding there before ramping up ads. I'm optimistic that we'll get ads in Stories to perform as well as feed over time, and that the opportunity will be even bigger because it looks like Stories will be a bigger medium than feed has been.

另一個挑戰是，我們開發故事廣告產品的時間還比較早，因此我們從它們身上賺到的錢還不如從資訊流廣告中賺到的錢。我們在這裡遵循我們的常規策略，首先打造最好的消費產品，並在增加廣告之前專注於在那裡取得成功。我樂觀地認為，隨著時間的推移，我們將在故事中獲得廣告來執行和推送，而且機會會更大，因為看起來故事將成為比推送更大的媒介。

But I want to be upfront that even assuming that we get to where we want to go, from a feed-only world to a feed-plus-stories world, it will take some time and our revenue growth may be slower during that period, like it was while transitioning our products to mobile.

但我想坦白說，即使假設我們到達了我們想要去的地方，從一個只有動態的世界到一個動態加故事的世界，這也需要一些時間，並且在此期間我們的收入增長可能會更慢，就像我們將產品轉向行動裝置時一樣。

Now talking about messaging and stories raises the question of what's the future of our feed product and the Facebook app overall? On feed specifically, people continue to use them heavily and we don't expect that to decrease. From a business perspective, feeds will drive the majority of our growth over the next couple of years, at least until Stories become an even bigger driver. On the Facebook app overall, what we see is that we're generally stable, although we may be close to saturated in developing -- in developed countries, while we continue to grow very quickly in developing countries.

現在談論訊息和故事提出了一個問題：我們的資訊流產品和 Facebook 應用程式的整體未來是什麼？特別是在飼料方面，人們繼續大量使用它們，我們預計這種情況不會減少。從業務角度來看，資訊流將在未來幾年內推動我們的大部分成長，至少在故事成為更大的推動力之前是如此。總體而言，在 Facebook 應用程式上，我們看到的是我們整體穩定，儘管我們在發展中國家（在已開發國家）可能接近飽和，而我們在發展中國家繼續快速成長。

For a few years, we saw a trend where people's time was increasing primarily because they were consuming more video and public content, even as they interacted with friends and family less. But people were telling us that what they wanted was to interact with people more. So we didn't think that this trend was sustainable. We've made a number of changes this year to focus the product on meaningful social interactions, and those generally seem to be working. That means the trends in how people are interacting have improved, even though we purposely reduced time spent on things like lower-quality viral videos and news to achieve this.

幾年來，我們看到了一種趨勢，即人們的時間增加主要是因為他們消費了更多的影片和公共內容，儘管他們與朋友和家人的互動減少了。但人們告訴我們，他們想要的是與人進行更多互動。所以我們認為這種趨勢是不可持續的。今年我們做出了一些改變，將產品的重點放在有意義的社交互動上，這些改變總體上看起來很有效。這意味著人們互動的趨勢已經改善，儘管我們故意減少了花在低品質病毒影片和新聞上的時間來實現這一目標。

While there's a lot to do to improve News Feed, our road map for the Facebook app is very focused on a few priorities: Stories, which we've discussed; video, which I'll get to in a moment; and a much bigger focus on communities and groups. If the last 10 years have been about friends and family, then the next 10 years will be about your communities as well.

雖然改進 News Feed 的工作還有很多工作要做，但我們的 Facebook 應用程式路線圖非常關注幾個優先事項：我們已經討論過的故事；視頻，我稍後會講；以及更加關注社區和團體。如果過去 10 年是關於朋友和家人的，那麼接下來的 10 年也將是關於您的社區的。

When we say communities, we mean both helping people connect with people who share their interests, which is a major need in people's lives, and also building out specific services for bringing people closer together, like helping you find someone to date, or find a job, or buy and sell things, or grow your small business, or create an event, or start fundraisers, or bring together a group to volunteer.

當我們說社區時，我們的意思是既幫助人們與志同道合的人建立聯繫，這是人們生活中的一個主要需求，也指建立具體的服務來拉近人們之間的距離，例如幫助你找到約會對象，或找到約會對象。

A lot of these services are growing quickly. Hundreds of millions of people now belong to meaningful communities that are a central part of their social support structure. Marketplace is now used by 800 million people and is emerging as one of the most popular places to buy vehicles online. Our -- on jobs, our new tool has helped people find more than 1 million jobs. On fundraisers, in the last year, we've helped people raise more than $300 million for charities on their birthdays alone. And I'm looking forward to rolling out dating across the world soon, too. These are services that generally benefit from having everyone you know connected on a single platform. And while people may not spend as much time on some of these tools as they do in News Feed, these are very high-value activities for our community.

其中許多服務正在快速成長。現在，數億人屬於有意義的社區，這些社區是他們社會支持結構的核心部分。Marketplace 目前有 8 億人使用，並正在成為最受歡迎的在線購買車輛的地方之一。在就業方面，我們的新工具已幫助人們找到了超過 100 萬個工作機會。在籌款活動方面，去年，我們僅在人們生日那天就幫助他們為慈善機構籌集了超過 3 億美元的資金。我也期待很快在世界各地推出約會服務。這些服務通常受益於將您認識的每個人連接到一個平台上。雖然人們可能不會像在動態消息中那樣在其中一些工具上花費那麼多時間，但這些對於我們的社區來說是非常有價值的活動。

Now we're seeing a similar dynamic in Instagram, where there's still a lot to improve in feed, but we're increasingly focused on other experiences as well. But in Instagram, instead of focusing on communities, we're very focused on helping you explore your interests. This will take the form of IGTV, which I'll discuss more in a minute, plus new shopping experiences and really building out Explore. These areas have huge potential for serving our community and a lot of potential for businesses as well. For example, Explore is already about 20% of the time that people spend in Instagram, but unlike feed, we haven't built any ad experience for it yet, so that's an opportunity.

現在，我們在 Instagram 上看到了類似的動態，其中的資訊流仍有許多需要改進的地方，但我們也越來越關注其他體驗。但在 Instagram 中，我們不是專注於社區，而是非常專注於幫助您探索自己的興趣。這將採取 IGTV 的形式，我將在一分鐘內詳細討論，再加上新的購物體驗和真正建立的 Explore。這些領域在服務我們的社區方面有著巨大的潛力，對於企業來說也有很大的潛力。例如，探索已經佔據了人們在 Instagram 上花費的大約 20% 的時間，但與 Feed 不同的是，我們還沒有為其建立任何廣告體驗，所以這是一個機會。

Now I want to discuss what we're seeing with video specifically since it's such an important and growing area. Our efforts here have grown, but we've had challenges reconciling all this passive video consumption with what people uniquely want from us, which is meaningful social interaction. Video has grown a lot on our services, but as I mentioned earlier, we hit a dynamic where when it grows in feeds in Facebook and Instagram, it displaces some social interactions and people tell us it makes the experience less valuable, even though they're spending more time on it.

現在我想具體討論我們在影片中看到的情況，因為它是一個如此重要且不斷發展的領域。我們在這方面的努力有所增加，但我們在協調所有這些被動視訊消費與人們對我們的獨特需求（即有意義的社交互動）方面遇到了挑戰。影片在我們的服務中成長了很多，但正如我之前提到的，我們遇到了一個動態，當它在Facebook 和Instagram 的動態中成長時，它取代了一些社交互動，人們告訴我們，這使得體驗變得不那麼有價值，儘管他們「花更多的時間在上面。

So the solution to this has been building separate video experiences outside of our feeds with Watch on Facebook and IGTV on Instagram. And what we found is that when people seek out video experiences intentionally, they don't displace social interactions as much and the quality of the experience is generally higher.

因此，解決方案是在 Facebook 上的 Watch 和 Instagram 上的 IGTV 上建立獨立的視訊體驗。我們發現，當人們有意尋求視訊體驗時，他們不會過度取代社交互動，而且體驗的品質通常會更高。

We've also been able to build experiences that help creators build communities around their content, which fits our mission and our focus to encourage meaningful interaction. At this point, Watch has really hit its stride and it's growing incredibly quickly, about 3x in the last few months in the U.S. alone. IGTV is still earlier in its development, but I think we have a good sense of how to make it work as well. To be clear, these services are still well behind YouTube, which is our primary competitor in this space, but they're growing very quickly.

我們也能夠打造出幫助創作者圍繞其內容建立社群的體驗，這符合我們的使命，也符合我們鼓勵有意義的互動的重點。目前，Watch 確實已經取得了長足的進步，而且成長速度令人難以置信，僅在美國，過去幾個月就成長了約 3 倍。IGTV 仍處於開發早期，但我認為我們對如何使其發揮作用也有很好的認識。需要明確的是，這些服務仍然遠遠落後於我們在這個領域的主要競爭對手 YouTube，但它們的成長速度非常快。

Now that said, beyond the mission challenges of video displacing social interactions, there's also a business challenge, which is that video monetizes significantly less well per minute than people interacting in feeds. So this means that even though we've made video more community-oriented and minimized displacement of social interaction, as video grows, it will still displace some other services where we'd probably make more money.

話雖如此，除了影片取代社交互動的任務挑戰之外，還存在著一個商業挑戰，即影片每分鐘的獲利能力明顯低於人們在資訊流中互動的水平。因此，這意味著，儘管我們已經使影片更加面向社區，並最大限度地減少了社交互動的取代，但隨著影片的成長，它仍然取代一些其他我們可能賺更多錢的服務。

From a mission and a business perspective though, we still believe this is the right thing to do. Video is a critical part of the future. It's what our community wants as long as we can make it social, and I think will end up being a large part of our business as well.

但從使命和商業角度來看，我們仍然相信這是正確的做法。影片是未來的重要組成部分。只要我們能夠使其社交化，這就是我們的社區所希望的，我認為最終也將成為我們業務的重要組成部分。

All right. Next, I want to talk about safety and security. So let me start by saying that last month, we had a serious security issue. Our teams did well to find and close the vulnerability quickly, but we have a long road ahead to prevent these kind of attacks in the future. Over the last couple of years though, we've done a lot of work and made a lot of progress. We still have at least a year before our systems are at the level that we want, but they're getting better every day, and that's both technology and people. Our systems for proactively identifying harmful content are improving. Our systems for detecting interference in elections are a lot more mature now. The upcoming elections will be a real test of the protections we've put in place. With a community of more than 2 billion people, we will see all the good and bad that humanity can do. And we will never be perfect, but I'm proud of the work that we're doing here. We've reduced the incentives to spread misinformation. We're partnering more closely with governments and outside experts to improve security, including here in the U.S., and we set new standards for transparency and advertising. This quarter alone, we've found and taken down foreign influence campaigns from Russia and Iran attempting to interfere in the U.S., U.K., Middle East and elsewhere, as well as groups in Brazil that have been active in their own country.

好的。接下來我想談談安全和保障。首先我要說的是，上個月我們遇到了嚴重的安全問題。我們的團隊在快速發現並關閉漏洞方面做得很好，但要防止未來發生此類攻擊，我們還有很長的路要走。但在過去的幾年裡，我們做了很多工作並且取得了巨大的進展。我們的系統至少還有一年的時間才能達到我們想要的水平，但它們每天都在變得更好，這既是技術的進步，也是人員的進步。我們主動識別有害內容的系統正在改進。我們檢測選舉幹擾的系統現在更加成熟。即將到來的選舉將是對我們所實施的保護措施的真正考驗。在一個擁有超過 20 億人口的社區中，我們將看到人類所能做的所有好事和壞事。我們永遠不會完美，但我為我們在這裡所做的工作感到自豪。我們減少了傳播錯誤訊息的動機。我們正在與政府和外部專家更密切合作，以提高安全性，包括在美國，我們也為透明度和廣告製定了新的標準。光是本季度，我們就發現並打擊了俄羅斯和伊朗試圖干涉美國、英國、中東和其他地區的外國影響力活動，以及巴西境內活躍於本國的組織。

We still have a lot of work to do in all of these areas that I've talked about. News Feed continues to be very important. We're building the best messaging and stories and community tools in the world. Our video services are getting better and growing quickly, and we still have a lot of work to do on safety. And we're also heavily investing in AR and VR as well as hardware for bringing people closer together, like Portal for video presence and Oculus Quest, the all-in-one VR experience that delivers Rift-like quality with no wires attached.

在我談到的所有這些領域，我們仍然有很多工作要做。新聞源仍然非常重要。我們正在建立世界上最好的訊息傳遞、故事和社群工具。我們的視訊業務越來越好、發展很快，但在安全方面我們還有很多工作要做。我們也大力投資 AR 和 VR 以及拉近人們距離的硬件，例如用於視訊呈現的 Portal 和 Oculus Quest，這是一體化的 VR 體驗，無需連接電線即可提供類似 Rift 的品質。

So with all of this ahead, I expect 2019 to be another year of significant investment. Dave will say more about this in a moment, but I want you to know that looking out beyond 2019, I know that we need to make sure our costs and revenue are better matched over time, and that's something that I'm focused on as well.

因此，面對這一切，我預計 2019 年將是另一個重大投資的一年。戴夫稍後會詳細介紹這一點，但我想讓你們知道，展望 2019 年之後，我知道我們需要確保我們的成本和收入隨著時間的推移更好地匹配，這也是我關注的重點出色地。

So overall, this has been an important year. It's been a tough year, but we built products that I'm proud of, and we've made a lot of progress on some of our hardest issues. As always, I appreciate your support, and thank you for being a part of this journey with us.

總的來說，這是重要的一年。這是艱難的一年，但我們開發了令我感到自豪的產品，並且在一些最困難的問題上取得了巨大進展。一如既往，我感謝您的支持，並感謝您與我們一起踏上這段旅程。

And now, here's Sheryl.

現在，謝麗爾來了。

Hi, everyone. It was another good quarter for our business with ad revenue up 33% year-over-year. Our growth was broad-based across regions, marketer segments and verticals. Mobile ad revenue grew 40% to $12.5 billion, making up approximately 92% of our total ad revenue.

大家好。對於我們的業務來說，這個季度又是一個好季度，廣告收入較去年同期成長 33%。我們的成長是跨地區、行銷領域和垂直行業的廣泛成長。行動廣告收入成長了 40%，達到 125 億美元，約佔廣告總收入的 92%。

Since Facebook launched its first ad products, we've been in the business of growing our clients' businesses, from the largest brands in the world, to the entrepreneur in her living room. Over 90 million businesses rely on Facebook Pages to reach potential customers for free. In a global survey, half of small businesses with a presence on Facebook said that they are hiring because of growth they're able to achieve through our platform. More than 6 million advertisers are active across Facebook, Instagram and our other services. With more than 2 billion people using at least one of our services every day, we're the best place for these advertisers to show people ads that work.

自從 Facebook 推出首款廣告產品以來，我們一直致力於發展客戶的業務，從世界上最大的品牌到客廳裡的企業家。超過 9,000 萬家企業依賴 Facebook 專頁免費接觸潛在客戶。在一項全球調查中，一半在 Facebook 上開展業務的小型企業表示，他們之所以招募員工，是因為他們能夠透過我們的平台成長。超過 600 萬廣告商活躍在 Facebook、Instagram 和我們的其他服務上。每天有超過 20 億人至少使用我們的一項服務，我們是這些廣告商向人們展示有效廣告的最佳場所。

We know that our continued growth depends upon maintaining the trust of the people who use our services and earning our clients' business each and every day in a very competitive environment. Every time I meet with clients, I tell them that we want to be the best minute and the best dollar, euro or peso they spend. As we look ahead to 2019 and beyond, we're focused on continuing to build our clients' businesses and ours by helping advertisers reach consumers where they are and making ads better.

我們知道，我們的持續成長取決於維持使用我們服務的人們的信任，並在競爭激烈的環境中每天贏得客戶的業務。每次與客戶會面時，我都會告訴他們，我們希望成為他們花費的最佳時間和最好的美元、歐元或比索。展望 2019 年及以後，我們將致力於透過幫助廣告商接觸消費者並讓廣告變得更好來繼續發展客戶和我們自己的業務。

First, helping advertisers connect with people where they are. Consumers often adopt new technologies before businesses do. Our competitive advantage is helping advertisers close that gap. We've done this before on desktop, mobile and News Feed. In the early days, we helped businesses deliver personalized marketing at scale on desktop. With the shift to mobile, we've helped companies, large and small, build their mobile presence. Now we're doing it again with Stories, Messaging, Marketplace and Watch.

首先，幫助廣告商與所在地的人建立聯繫。消費者往往先於企業採用新技術。我們的競爭優勢正在幫助廣告商縮小這一差距。我們之前已經在桌面、行動和動態消息上做過這樣的事情。在早期，我們幫助企業在桌面上大規模提供個人化行銷。隨著向行動的轉變，我們幫助大大小小的公司建立了他們的行動業務。現在，我們透過故事、訊息、市場和觀看再次做到這一點。

Today, the primary way advertisers are reaching people on our services is through Facebook News Feed and Instagram feed. Feed ads on Facebook and Instagram represent the majority of our revenue growth and the majority of opportunities for marketers to generate ROI. Quarter-after-quarter, we make improvements that help advertisers use feed ads to launch new products, find new customers, build awareness and increase sales, all in a highly efficient way. We're always working to enable more marketers to achieve their goals through mobile feed, and we see continued opportunity here going forward.

如今，廣告主在我們的服務上接觸用戶的主要方式是透過 Facebook News Feed 和 Instagram feed。Facebook 和 Instagram 上的資訊流廣告代表了我們收入成長的大部分，也是行銷人員產生投資報酬率的大部分機會。我們每季都會做出改進，幫助廣告主使用資訊流廣告以高效的方式推出新產品、尋找新客戶、建立知名度並增加銷售。我們一直致力於讓更多行銷人員透過行動資訊流實現他們的目標，並且我們看到了未來的持續機會。

At the same time, as Mark mentioned, more and more consumers are using stories and private messaging in addition to the time they spend in News Feed and Instagram feed. Because our services share a common platform, advertisers can use the same tools to buy across all our ad services. Building on the strength of ads in Instagram Stories, we rolled out ads in Facebook Stories in Q3 and announced plans to introduce ads in WhatsApp Status next year.

同時，正如 Mark 所提到的，除了花在 News Feed 和 Instagram feed 上的時間之外，越來越多的消費者還使用故事和私人訊息。由於我們的服務共享一個通用平台，因此廣告主可以使用相同的工具購買我們所有的廣告服務。憑藉 Instagram Stories 中廣告的優勢，我們在第三季度在 Facebook Stories 中推出了廣告，並宣布計劃明年在 WhatsApp Status 中引入廣告。

We know it's not enough to make a new format available. We also need to make it easy for advertisers to optimize their campaigns. In Q3, we improved how ads from News Feed look in Stories. This is important for advertisers like Pandora, who chooses Facebook and Instagram to reach potential listeners. Previously, they would buy Instagram story ads separately and develop unique creative each time. Now with automatic placements, our technology converts their horizontal video and captions from Facebook into a design that looks native to the vertical Instagram Stories format. For Pandora, this resulted in a 10% lower cost per view than their standalone campaigns simply by checking a box in our ad tool.

我們知道僅僅提供新格式是不夠的。我們還需要讓廣告主能夠輕鬆優化他們的廣告活動。在第三季度，我們改進了動態消息中的廣告在故事中的外觀。這對像 Pandora 這樣的廣告商來說非常重要，他們選擇 Facebook 和 Instagram 來接觸潛在的聽眾。先前，他們會單獨購買 Instagram 故事廣告，每次都會開發獨特的創意。現在，透過自動展示位置，我們的技術可以將 Facebook 的水平影片和字幕轉換為垂直 Instagram Stories 格式的原生設計。對於 Pandora 來說，只需在我們的廣告工具中選中一個複選框，就可以將每次瀏覽的成本比其獨立廣告活動降低 10%。

When it comes to messaging, we have an opportunity to help people and businesses connect in ways that are valuable for both. On Messenger, over 10 billion messages are sent between people and businesses every month. It's still early but we're exploring how we can help advertisers reach people in Messenger through sponsored messages and inbox ads.

在訊息傳遞方面，我們有機會幫助人們和企業以對雙方都有價值的方式進行聯繫。在 Messenger 上，個人和企業之間每月發送超過 100 億則訊息。現在還為時過早，但我們正在探索如何幫助廣告商透過贊助訊息和收件匣廣告吸引 Messenger 中的用戶。

For WhatsApp, we're growing our business ecosystem, starting with the WhatsApp business model app on Android. In August, we launched the WhatsApp Business API to help larger companies send useful information such as boarding passes or delivery confirmations. This paid messaging model will ensure that companies are selective about what they send and don't clutter people's chats. As always, people will be able to block any business they want with 1 tap. As we build the business on WhatsApp, we're determined to maintain the simple private user experience that people love.

對於 WhatsApp，我們正在發展我們的商業生態系統，從 Android 上的 WhatsApp 商業模式應用程式開始。8 月，我們推出了 WhatsApp Business API，幫助較大的公司發送登機證或送達確認等有用資訊。這種付費訊息傳遞模式將確保公司對發送的內容進行選擇性，並且不會擾亂人們的聊天。像往常一樣，人們只需輕輕一按即可阻止他們想要的任何業務。當我們在 WhatsApp 上開展業務時，我們決心維持人們喜愛的簡單私人用戶體驗。

That's also true for Marketplace and Watch. Last year, we started allowing advertisers to extend their new seed ads to Marketplace, helping businesses reach people where they already shop. In Q3, we expanded Marketplace ads to nearly 70 marketers. It's early days, but advertisers are seeing good results.

Marketplace 和 Watch 也是如此。去年，我們開始讓廣告主將他們的新種子廣告擴展到 Marketplace，幫助企業吸引已經購物的人。在第三季度，我們將 Marketplace 廣告擴展到近 70 名行銷人員。雖然現在還處於早期階段，但廣告商已經看到了良好的效果。

With Facebook Watch, we've been working closely with advertisers to better fit their current planning and buying process for video. In Q3, we introduced a way for advertisers to buy video placements from a selection of the most engaging publishers, choose specific content categories they want their ads to play alongside and pay only for ads that are watched to the end. Again, it's still early, but we're pleased with advertiser interest and results so far.

透過 Facebook Watch，我們一直與廣告商密切合作，以更好地適應他們當前的影片規劃和購買流程。在第三季度，我們引入了一種方式，讓廣告商可以從精選的最具吸引力的發布商那裡購買視頻展示位置，選擇他們希望廣告一起播放的特定內容類別，並且只需為觀看到最後的廣告付費。同樣，現在還為時過早，但我們對廣告客戶的興趣和迄今為止的結果感到滿意。

We have a big opportunity to help our large and growing advertiser base expand to new platforms and formats to reach potential customers. Our service makes it possible for every business to access the same tools as the largest brands. We start by making it simple for small businesses to transition from using our consumer apps to using our business tools, and then we make it easy to run more sophisticated campaigns. This has been true every step of our journey so far, from online to mobile, and now from messaging and stories. In the future, this will include opportunities with the new VR/AR platform that we're creating as well.

我們有一個很好的機會來幫助我們龐大且不斷成長的廣告客戶群擴展到新的平台和格式，以接觸潛在客戶。我們的服務使每個企業都可以使用與最大品牌相同的工具。我們首先讓小型企業可以輕鬆地從使用我們的消費者應用程式過渡到使用我們的業務工具，然後我們可以輕鬆地進行更複雜的活動。到目前為止，從線上到移動，再到現在的消息傳遞和故事，我們的每一步都是如此。未來，這也將包括我們正在創建的新 VR/AR 平台的機會。

We're also focused on making ads better. One of the top things people tell us about our ads is that they want them to be relevant. We create value for people when we show ads they are likely to find useful, for advertisers when we deliver ads to the right audience and for our own business by performing this match effectively.

我們也致力於讓廣告變得更好。人們告訴我們的關於我們的廣告的最重要的事情之一是他們希望廣告具有相關性。當我們向人們展示他們可能認為有用的廣告時，我們為他們創造了價值；當我們向正確的受眾提供廣告時，我們為廣告商創造了價值；透過有效地執行這種匹配，我們為我們自己的業務創造了價值。

Our business model is and always has been to connect people and businesses with relevant marketing messages without sharing people's personal information. Protecting people's privacy is incredibly important because people and businesses will only use our services if they feel Facebook can be trusted and if sharing on our platform is safe. That's why we're making significant ongoing investments to better protect privacy and security.

我們的商業模式始終是在不分享人們的個人資訊的情況下將人們和企業與相關的行銷訊息聯繫起來。保護人們的隱私非常重要，因為人們和企業只有在認為 Facebook 值得信任並且在我們的平台上共享安全時才會使用我們的服務。這就是為什麼我們正在進行大量持續投資，以更好地保護隱私和安全。

In Q3, we completed the shutdown of Partner Categories and tightened our standards for Custom Audiences. These changes help protect people's privacy and ensure that advertisers have more oversight of the information they use for advertising.

第三季度，我們完成了合作夥伴類別的關閉，並收緊了自訂受眾的標準。這些變化有助於保護人們的隱私，並確保廣告商對其用於廣告的訊息進行更多監督。

We also continue to invest heavily in technology and people to remove bad content as quickly as possible and prevent it from going up in the first place, while giving advertisers more control over where their ads are placed. This quarter, we added more tools for advertisers to see where their ads might appear on audience network, instant articles, and in-stream placements like Watch. They can block their ads from running in videos or articles from certain publishers or categories of content and review all of their placements at the end of each campaign.

我們也繼續在技術和人員方面進行大量投資，以盡快刪除不良內容並從一開始就防止其出現，同時讓廣告商更好地控制其廣告的投放位置。本季度，我們為廣告主添加了更多工具，以查看他們的廣告可能出現在受眾網路、即時文章和 Watch 等插播廣告位置的位置。他們可以阻止廣告在來自某些發布商或內容類別的影片或文章中投放，並在每個廣告系列結束時檢查其所有展示位置。

Making ads better also means increasing efficiency for advertisers. In Q3, we expanded campaign budget optimization so advertisers of all sizes can now set a single budget and our system automatically finds the best opportunities across each of those segments. Improvements like this one add up and help businesses maximize the value they're getting from our products over time. This is critical for small businesses that don't have large advertising budgets or expertise, and it's an important way we support economic growth and job creation around the world.

讓廣告變得更好也意味著提高廣告主的效率。在第三季度，我們擴大了廣告活動預算優化範圍，因此各種規模的廣告商現在都可以設定單一預算，我們的系統會自動找到每個細分市場的最佳機會。隨著時間的推移，像這樣的改進可以幫助企業最大限度地從我們的產品中獲得價值。這對於沒有大量廣告預算或專業知識的小型企業至關重要，也是我們支持全球經濟成長和創造就業機會的重要方式。

As we wrap up the year, I want to thank our clients for their partnership and their continued feedback, which helps us improve. And I also want to thank our teams at Facebook for helping these businesses reach their customers and grow.

在我們結束這一年之際，我要感謝我們的客戶的合作夥伴關係以及他們持續的回饋，這有助於我們改進。我還要感謝 Facebook 團隊幫助這些企業接觸客戶並實現發展。

And now, here's Dave.

現在，戴夫來了。

Thanks, Sheryl, and good afternoon, everyone. Let's start with our community metrics. Daily active users on Facebook reached 1.49 billion, up 9% compared to last year, led by growth in India, Indonesia and the Philippines. This number represents approximately 66% of the 2.27 billion monthly active users in Q3. MAUs were up 199 million or 10% compared to last year.

謝謝，謝麗爾，大家下午好。讓我們從我們的社區指標開始。Facebook 的每日活躍用戶達到 14.9 億，比去年成長 9%，其中印度、印尼和菲律賓的成長帶動了成長。這一數字約佔第三季 22.7 億月活躍用戶的 66%。月活躍用戶數比去年增加 1.99 億，即 10%。

Note that our Q3 2018 community metrics reflect an update to our calculation methodology. This resulted in the removal of a small percentage of accounts or approximately 15 million DAU and 9 million MAU worldwide. This change will modestly impact our year-over-year user growth rates until we lap it next year. Further details are included in the earnings slides on our IR website.

請注意，我們的 2018 年第三季社區指標反映了我們計算方法的更新。這導致全球範圍內一小部分帳戶被刪除，即約 1500 萬個 DAU 和 900 萬個 MAU。這項變更將適度影響我們的年比用戶成長率，直到我們明年完成它。更多詳細資訊請參閱我們 IR 網站上的收益幻燈片。

Turning now to the financials. All comparisons are on a year-over-year basis, unless otherwise noted. Q3 revenue was $13.7 billion, up 33% or 34% on a constant currency basis. Had foreign exchange rates remained constant compared to last year, Q3 total revenue would have been $159 million higher. Q3 total ad revenue was $13.5 billion, up 33%, or 35% on a constant currency basis.

現在轉向財務狀況。除非另有說明，所有比較均按年比較。第三季營收為 137 億美元，以固定匯率計算成長 33% 或 34%。如果匯率與去年相比保持不變，第三季總營收將增加 1.59 億美元。第三季廣告總營收為 135 億美元，成長 33%，以固定匯率計算成長 35%。

In terms of regional ad growth, Asia Pacific was strongest at 38%, followed by Europe and North America at 34% and 33%, respectively. Rest of World ad growth trailed at 26% due to both currency weakness and economic challenges in Latin America.

就區域廣告成長而言，亞太地區最為強勁，達到 38%，其次是歐洲和北美，分別成長 34% 和 33%。由於貨幣疲軟和拉丁美洲的經濟挑戰，世界其他地區的廣告成長落後於 26%。

Mobile ad revenue was $12.5 billion, up 40%, and represented approximately 92% of total ad revenue. In Q3, the average price per ad increased 7%, and the number of ad impressions served across our services increased 25%, driven primarily by feed ads on Instagram and Facebook. Our impression growth in Q3 came primarily from product services and geographies that monetize at relatively lower rates. For example, ads in Instagram Stories contributed to our impression growth this quarter, although these ads currently monetize at lower rates compared to feed ads. Payments and other fees revenue was $188 million, up 1%.

行動廣告收入為 125 億美元，成長 40%，約佔廣告總收入的 92%。第三季度，每個廣告的平均價格上漲了 7%，我們的服務中投放的廣告展示次數增加了 25%，這主要是由 Instagram 和 Facebook 上的 Feed 廣告推動的。我們在第三季的印象成長主要來自產品服務和貨幣化率相對較低的地區。例如，Instagram Stories 中的廣告為本季的印象成長做出了貢獻，儘管這些廣告目前的獲利率低於資訊流廣告。支付和其他費用收入為 1.88 億美元，成長 1%。

Turning now to expenses. Total expenses were $7.9 billion, up 53%. We ended Q3 with approximately 33,600 full-time employees. That's up 45%. The majority of our new hires in the past year have been in technical functions.

現在轉向費用。總支出為 79 億美元，成長 53%。截至第三季末，我們擁有約 33,600 名全職員工。上漲了 45%。去年我們新招募的員工大多是技術部門的。

Operating income was $5.8 billion, representing a 42% operating margin. Our Q3 tax rate was 13%. This was lower than we expected because we did not take the one-time charge that we anticipated due to the Ninth Circuit Court withdrawing its decision in the Altera case. Net income was $5.1 billion or $1.76 per share.

營業收入為 58 億美元，營業利益率為 42%。我們第三季的稅率為 13%。這一數字低於我們的預期，因為我們沒有像第九巡迴法院撤回對 Altera 案的判決那樣收取我們預期的一次性費用。淨利潤為 51 億美元，即每股 1.76 美元。

Capital expenditures were $3.3 billion, driven by investments in data centers, servers, network infrastructure and office facilities. In Q3, we generated $4.2 billion in free cash flow and ended the quarter with approximately $41.2 billion in cash and investments. In the third quarter, we bought back approximately $4.3 billion of our Class A common stock.

資本支出為 33 億美元，主要由資料中心、伺服器、網路基礎設施和辦公設施投資推動。第三季度，我們產生了 42 億美元的自由現金流，本季結束時現金和投資約為 412 億美元。第三季度，我們回購了約 43 億美元的 A 類普通股。

Turning now to the revenue outlook. In Q4, we expect that our total revenue growth rate will decelerate by a mid- to high single-digit percentage compared to our Q3 total revenue growth rate.

現在轉向收入前景。與第三季的總收入成長率相比，我們預期第四季的總收入成長率將下降中高個位數百分比。

Several factors are contributing to this deceleration: first, we expect more of our impression growth to continue to come from product services and geographies that monetize at lower rates; second, we are seeing some impact from data privacy initiatives on pricing growth; and third, as we focus more of our product efforts on the growth of Stories, its more prominent placement on Facebook will displace some ad impression opportunities.

有幾個因素導致了這種減速：首先，我們預期更多的印象成長將繼續來自以較低利率獲利的產品服務和地區；其次，我們看到資料隱私措施對定價成長產生了一些影響；第三，隨著我們將產品工作重點放在故事的成長上，它在 Facebook 上更突出的位置將取代一些廣告展示機會。

Turning now to the expense outlook. We anticipate our full year 2018 total expenses will grow approximately 50% to 55% versus our prior range of 50% to 60%. We anticipate that full year 2018 capital expenditures will be approximately $14 billion to $14.5 billion compared to our prior estimate of $15 billion.

現在轉向費用前景。我們預計 2018 年全年總費用將成長約 50% 至 55%，而先前的增幅為 50% 至 60%。我們預計 2018 年全年資本支出約為 140 億至 145 億美元，而我們先前的估計為 150 億美元。

Turning to tax. At current stock prices, we expect that our Q4 tax rate will be in the mid-teens. As a reminder, fluctuations in our stock price will impact our tax rate.

轉向稅收。以目前的股價，我們預計第四季的稅率將在十幾歲左右。提醒一下，我們的股價波動會影響我們的稅率。

I'd also like to share our initial outlook on 2019 operating expenses and CapEx. As Mark mentioned, we plan to continue to invest aggressively across the business and expect that full year 2019 total expenses will grow 40% to 50% compared to full year 2018. We also expect that full year 2019 capital expenditures will be approximately $18 billion to $20 billion, driven by a continuation of our data center build strategy that seeks to put in place adequate capacity ahead of our needs. We anticipate that our full year 2019 tax rate will be in the mid-teens.

我也想分享我們對 2019 年營運費用和資本支出的初步展望。正如 Mark 所提到的，我們計劃繼續在整個業務領域積極投資，預計 2019 年全年總費用將比 2018 年全年增長 40% 至 50%。我們也預期 2019 年全年資本支出將約為 180 億至 200 億美元，這得益於我們繼續實施資料中心建置策略，力求在我們的需求之前建立足夠的容量。我們預計 2019 年全年稅率將在十幾歲左右。

The third quarter marked a period of both solid revenue growth across the globe and heavy investment as we make progress on our mission to bring the world closer together. We are confident in our ability to improve the products that our communities love as well as to provide innovative new experiences in the near and long term.

第三季標誌著全球收入穩健成長和大量投資的時期，我們在讓世界更加緊密的使命上取得了進展。我們對改善社區喜愛的產品以及在近期和長期提供創新體驗的能力充滿信心。

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

接下來，麥克，讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Doug Anmuth from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

I just wanted to ask 2. First, for Mark, I was just hoping you could talk a little bit more about some of the challenges that you see for Stories within Facebook relative to their stronger adoption in Instagram and for WhatsApp Status. And then, also, what if Stories don't gain traction on Facebook over time here? How do you think about that for the platform as well? And then, secondly, for Dave, just on OpEx for '19, the 40% to 50% growth, should we think about that as still the same buckets of spend that you've been talking about over the last year or so? And does their prioritization change at all for next year?

我只是想問 2。另外，如果隨著時間的推移，故事在 Facebook 上沒有獲得關注怎麼辦？您對該平台有何看法？其次，對於戴夫來說，就 19 年的營運支出而言，40% 到 50% 的成長，我們是否應該將其視為您在過去一年左右一直在談論的相同支出類別？明年他們的優先順序是否會改變？

Sure, so I'll take the first part. I think, a lot of this is really basic. When I say that we got started slower on Facebook, that starts with literally rolling out on Facebook a number of months after we had rolled out on either WhatsApp or Instagram. And then, the initial version of what we shipped, I just think, wasn't as high quality as where it needed to be. It wasn't as fast. There were bugs. And we've been working on dialing that in. I'm less worried at this point about it not working because we're starting to see it really take off. Certainly, with different groups of people, it's stronger in Instagram or WhatsApp or Facebook. But across all 3 at this point, we're doing -- it's growing. And as I said in my opening remarks, I think we're going to be a lot better positioned here in Facebook in the next year.

當然，所以我會選擇第一部分。我認為，其中很多都是非常基本的。當我說我們在 Facebook 上起步較慢時，實際上是在我們推出 WhatsApp 或 Instagram 幾個月後才在 Facebook 上推出的。然後，我認為我們交付的最初版本的品質沒有達到所需的水平。沒那麼快。有錯誤。我們一直在努力實現這一點。現在我不太擔心它不起作用，因為我們開始看到它真正起飛。當然，對於不同的人群，Instagram、WhatsApp 或 Facebook 的效果更強。但目前在這三個方面，我們正在做——它正在成長。正如我在開場白中所說，我認為明年我們在 Facebook 的定位將會好得多。

It's Dave. Just on the 2019 expense growth guide, a lot of that is consistent with what we've been talking about as our big investment areas. If you look at just headcount growth in the past year, it's up 45%. So that compensation expense base that we're bringing into 2019 is really factoring into the overall growth guidance for the total expense guide, so that's a big factor there. In addition, we've been investing significantly in CapEx, and those investments are starting to flow through the P&L in terms of depreciation. And then, I'd point to significant investment areas like AR/VR efforts, the content ecosystem around video and the ongoing investment in safety and security.

是戴夫。就2019年的支出成長指南而言，其中許多內容與我們一直在談論的大投資領域是一致的。如果只看過去一年的員工人數成長，您會發現成長了 45%。因此，我們納入 2019 年的薪酬支出基數確實已納入總支出指南的整體成長指引中，因此這是一個重要因素。此外，我們一直在資本支出方面進行了大量投資，這些投資開始以折舊的形式計入損益表。然後，我會指出一些重要的投資領域，例如 AR/VR 工作、圍繞視訊的內容生態系統以及對安全和安保的持續投資。

Your next question comes from the line of Eric Sheridan from UBS.

您的下一個問題來自瑞銀 (UBS) 的 Eric Sheridan。

Maybe one for Sheryl. When you think about some of the friction points you're trying to solve for, I mean, the creative side or the selling through side with respect to video and stories, maybe you could call out some of the conversations you're having with advertisers and how you see some of the moves Facebook can make to solve for those friction points looking out to '19 and beyond?

也許是謝麗爾的一個。當你思考你試圖解決的一些摩擦點時，我的意思是，關於視頻和故事的創意方面或銷售方面，也許你可以說出你與廣告商進行的一些對話您如何看待Facebook 為解決19 年及以後的摩擦點而採取的一些措施？

Thanks for the question. We have a very large and growing advertiser base, and that gives us, we think, a really strong position to get people into new formats. When you do that, a couple of things really matter. One is that the format of an ad really has to match the format of the consumer experience. So the right ad in News Feed is different than the right ad in an Instagram or Facebook Story, is different that the right ad in Watch, which would be video-only. And so making these new formats of ads is actually hard for people and expensive, and so we're working hard on tools to make the formats easier. And I talked about one of those examples before. What's nice is that the same targeting, the same measurement systems really work because we are looking to show relevant ads to the right person at the right time. The systems we have that understand in a privacy protected way what ads people are likely to be more interested in, those work, whether you're in Stories or Watch or Instagram feed or News Feed. And the other thing is that our systems for measuring the effectiveness of ads, which help advertisers get all the way through to their ROI, which help them bid in our system, also work. And so we take the advertiser base, we take the systems we have for targeting and measuring ads, and then we help advertisers move to the new format, and I think that's the process we're on.

謝謝你的提問。我們擁有非常龐大且不斷增長的廣告商基礎，我們認為這使我們在吸引人們進入新格式方面擁有非常強大的地位。當你這樣做時，有幾件事確實很重要。一是廣告的格式確實必須與消費者體驗的格式相符。因此，News Feed 中的正確廣告不同於 Instagram 或 Facebook Story 中的正確廣告，也不同於 Watch 中的正確廣告，後者僅是影片。因此，製作這些新的廣告格式實際上對人們來說很困難且成本高昂，因此我們正在努力開發工具來簡化這些格式。我之前談過其中一個例子。令人高興的是，相同的定位、相同的衡量系統確實有效，因為我們希望在正確的時間向正確的人展示相關廣告。我們擁有的系統能夠以保護隱私的方式了解人們可能對哪些廣告更感興趣，這些廣告有效，無論您是在故事、Watch、Instagram feed 還是 News Feed 中。另一件事是，我們衡量廣告有效性的系統也能發揮作用，該系統可以幫助廣告商實現投資回報率，從而幫助他們在我們的系統中出價。因此，我們利用廣告商基礎，利用我們用於定位和衡量廣告的系統，然後我們幫助廣告商轉向新的格式，我認為這就是我們正在進行的過程。

Your next question comes from the line of Brian Nowak from Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

I have 2. The first one, last quarter, Dave, you made some comments about a multiyear margin outlook. And I appreciate the comment this quarter about sort of engagement in the feed, et cetera. Was just curious, when you thought about that margin outlook, how do you think about the 1 or 2 key drivers of News Feed monetization over the next few years, given what you expect to sort of be flat overall engagement? And then, secondly on Watch, Mark, can you just talk about the key 1 to 2 steps you need to sort of clear in order to drive higher Watch and video engagement to sort of catch up with some of the competitors?

我有 2。我很欣賞本季有關訂閱源參與度等方面的評論。我只是好奇，當您考慮利潤率前景時，考慮到您預計整體參與度將持平，您如何看待未來幾年動態消息貨幣化的 1 或 2 個關鍵驅動因素？其次，關於 Watch，Mark，您能否談談您需要明確的 1 到 2 個關鍵步驟，以推動更高的 Watch 和視頻參與度，從而趕上一些競爭對手？

It's Dave. In terms of what we're seeing as opportunities, I mean, we continue to see good growth opportunities for revenue across both Facebook and Instagram, including both Feed and Stories. I think, in terms of impression growth, you're going to have more opportunities in Stories, probably more opportunity on Instagram, but good revenue growth opportunities in both places. So that's obviously what we're looking for when we look forward. Beyond that, I don't have much to update on in terms of any more specific revenue outlook.

是戴夫。就我們所看到的機會而言，我的意思是，我們繼續在 Facebook 和 Instagram（包括 Feed 和 Stories）上看到良好​​的收入成長機會。我認為，就印象成長而言，您將在 Stories 上有更多機會，在 Instagram 上可能會有更多機會，但這兩個地方都有良好的收入成長機會。所以這顯然就是我們展望未來時所尋找的。除此之外，就任何更具體的收入前景而言，我沒有太多可更新的資訊。

And to the video questions, the biggest thing that we need to do is make sure that the video experience is people-centric and that we're helping creators build community and we're helping people interact with each other. Our journey with video has been a little bit funny in that people really want to watch a lot of video. And to a large degree, we've had to rate limit its growth. And we need to do the things so we can stop limiting it. The things that have caused us to limit it are, on the one hand, when we see passive consumption of video displacing social interactions, that's not something that we wanted because we feel like that's what Facebook is. We build social products that help people interact. There are lots of places in the world that you can go to consume content, but we're the Internet service that people use to help connect with other people, and we're not going to let passive consumption get in the way of that. So we needed to figure out a way so that video can grow but people can also keep on interacting, doing what they tell us that they uniquely want from Facebook. And now, I think, we're starting to work through what the formula is going to be, so we can take some of those rate limits off and let video grow at the rate that it wants to. And I think that's a very exciting opportunity ahead. And that's one of the reasons that I'm very optimistic about the Watch growth that we have started to see recently, up about 3x in the last few months in the U.S. alone.

對於視訊問題，我們需要做的最重要的事情是確保視訊體驗以人為本，我們正在幫助創作者建立社區，我們正在幫助人們相互互動。我們的影片之旅有點有趣，因為人們真的想觀看很多影片。在很大程度上，我們不得不限制其成長。我們需要做一些事情，這樣我們才能停止限制它。導致我們限制它的原因是，一方面，當我們看到影片的被動消費取代了社交互動時，這不是我們想要的，因為我們覺得 Facebook 就是這樣。我們開發幫助人們互動的社交產品。世界上有很多地方您可以去消費內容，但我們是人們用來幫助與其他人聯繫的網路服務，我們不會讓被動消費妨礙這一點。因此，我們需要找到一種方法，讓影片能夠成長，同時人們也可以繼續互動，做他們告訴我們的他們特別希望從 Facebook 得到的事情。現在，我認為，我們開始研究公式，這樣我們就可以取消一些速率限制，讓影片以它想要的速度成長。我認為這是一個非常令人興奮的機會。這就是我對最近開始看到的 Watch 成長非常樂觀的原因之一，光是在美國，過去幾個月就成長了約 3 倍。

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

您的下一個問題來自美銀美林的 Justin Post。

Mark, first, on Facebook engagement, there's some questions about usage. And when you look at the engagement, do you see it stable? I think you mentioned that earlier. Does that include some of the changes you've made on video earlier in the year? And then, secondly, some usage may be moving over to Instagram. When you look at Facebook plus Instagram, how do you feel about how that usage is trending?

馬克，首先，關於 Facebook 參與度，存在一些有關使用的問題。當你觀察參與度時，你認為它穩定嗎？我想你之前提到過這一點。這是否包括您今年早些時候對影片所做的一些更改？其次，一些用途可能會轉移到 Instagram。當您查看 Facebook 和 Instagram 時，您對這種使用趨勢有何看法？

Sure. So I mean, across the whole family of apps, I mean, all of this engagement is growing quickly, and we're very happy with how we're enabling people to share. As I said, the vast majority or the majority of the growth that we're seeing in sharing is coming from private messaging and stories sharing. So that's kind of the big thing. The basic story that we've seen on -- within the Facebook app is over the last few years, the amount of time that people were spending in the app was increasing primarily because people were consuming more public content, like passive video consumption and news, but it was coming at the expense of people interacting with each other as much, so interactions were down. And we've got a lot of feedback from people saying that's not what they wanted. We don't think that, that's what we're uniquely here to do. It's not the mission of the company. So we felt like that was not sustainable. So we've made a lot of shifts this year, which I've talked about in a bunch of these calls, to encourage more meaningful social interactions instead. And we have seen that those changes have improved the trajectory of how people are interacting. Now at the same time that we have intentionally reduced time spent on certain things like lower-quality viral videos, some news, some passive content, but that's what I was talking about before when I said that now, the trend, you can kind of look at it in developed markets and developing, in developed markets, it is stable, and we feel like we're pretty close to saturation in a lot of countries like the U.S. And in developing countries where a lot of people are still getting on the Internet, it continues to grow at a fast rate. And there's a -- we think that there's a lot more connecting in community that people want there. So that's kind of what we're seeing overall. Across the whole family, I would say it's very positive on Facebook overall. I feel like we have a handle on what the drivers of this are and we're kind of driving it to be what people tell us they want and what we think is going to be sustainable over time. It's the best -- that's the picture that we have.

當然。所以我的意思是，在整個應用程式家族中，所有這些參與度都在快速增長，我們對如何讓人們能夠分享感到非常滿意。正如我所說，我們看到的分享成長的絕大多數或大部分來自私人訊息和故事分享。所以這是一件大事。我們在 Facebook 應用程式中看到的基本情況是，在過去的幾年裡，人們在應用程式中花費的時間不斷增加，主要是因為人們消費了更多的公共內容，例如被動視訊消費和新聞，但它是以人們相互之間的互動為代價的，因此互動減少了。我們收到了很多人們的回饋，他們說這不是他們想要的。我們不這麼認為，這就是我們來這裡的獨特目的。這不是公司的使命。所以我們覺得這是不可持續的。因此，我們今年做出了很多轉變，我在許多電話會議中都談到了這一點，以鼓勵更有意義的社交互動。我們已經看到這些變化改善了人們互動的軌跡。同時，我們有意減少了花在某些事情上的時間，例如低品質的病毒影片、一些新聞、一些被動內容，但這就是我之前所說的，現在的趨勢，你可以看看已開發市場和發展中國家，在已開發市場，它是穩定的，我們覺得在美國等許多國家，我們已經接近飽和，而在發展中國家，許多人仍在使用互聯網，它繼續以快速的速度成長。我們認為人們希望社區有更多的連結。這就是我們所看到的整體情況。我想說，對於整個家庭來說，Facebook 整體上都是非常正面的。我覺得我們已經掌握了這一切的驅動因素，並且我們正在推動它成為人們告訴我們他們想要的東西，以及我們認為隨著時間的推移將可持續的東西。這是最好的——這就是我們所擁有的照片。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Two questions. Dave, you mentioned 4Q revenue is going to have a mid- to high single-digit deceleration. That's a tad better than what you stated 90 days ago. So just I know it's a small change, but I think folks on the line are looking for anything incremental in terms of what you're seeing. Has anything improved? And then, any initial read on what kind of deceleration we can expect to see in '19, if at all, as you start turning on the ads on WhatsApp? And then, one for Sheryl. The shopping experience on Instagram, how do you compare, I guess, just the overall commercial intent on Instagram compared to Facebook? And what do you think that says about the long-term monetization potential for Instagram versus Facebook?

兩個問題。戴夫，您提到第四季營收將出現中高個位數的減速。這比你 90 天前所說的要好一點。所以我知道這只是一個小變化，但我認為在線的人們正在尋找任何與您所看到的內容相比有所增量的東西。有什麼改善嗎？然後，當你開始在 WhatsApp 上打開廣告時，我們可以預期在 19 年看到什麼樣的減速（如果有的話）？然後是謝麗爾的一張。Instagram 上的購物體驗，我想您如何比較 Instagram 和 Facebook 上的整體商業意圖？您認為這說明了 Instagram 與 Facebook 相比的長期獲利潛力如何？

All right. Ross, I'll start off on that. I think the outlook that we're giving for Q4 deceleration is broadly consistent with the outlook that I gave last quarter with the benefit of a little bit more visibility. I'd just reiterate the points that I'd made in the earnings script around what's driving that deceleration. And as far as to how that plays into 2019, we're not providing a specific revenue outlook for 2019. We continue to see good growth opportunities across the platform on both Facebook and Instagram and Feed and Stories. Those are going to be the drivers. I -- we're -- I would characterize the launch of Status ads on WhatsApp as being a much smaller thing than a driver of 2019 revenue growth, and it's going to be more about Instagram and Facebook. The same factors that I discussed impacting Q4 growth will likely continue to play out, to some extent, in 2019, but we've got a lot of good growth opportunities for next year.

好的。羅斯，我就從這個開始吧。我認為我們對第四季度減速的展望與我上季度給出的展望大致一致，但透明度有所提高。我只是重申我在收益腳本中就推動經濟減速的原因提出的觀點。至於 2019 年的情況如何，我們並沒有提供 2019 年的具體收入前景。我們繼續在 Facebook、Instagram 以及 Feed 和 Stories 等平台上看到良好​​的成長機會。這些將成為司機。我——我們——我認為在 WhatsApp 上推出 Status 廣告的作用比 2019 年收入成長的推動力要小得多，而且它將更多地與 Instagram 和 Facebook 相關。我討論過的影響第四季度成長的因素可能會在某種程度上繼續在 2019 年發揮作用，但明年我們有很多良好的成長機會。

When you look at the Instagram shopping experience, we're seeing some really nice growth. We have 90 million people tap to reveal product tags and posts every month to learn more about them. And we're putting real investment behind this. In Q3, we rolled out shopping in Stories globally and began testing the shopping channel in Explore. And so we think the opportunities are big. As you think about commercial intent in Facebook versus Instagram, there's so much activity on both. We think there's a lot of opportunity for people to have commercial intent, if not have it when they start but develop it because they see things they're interested in, in both. Instagram can be more interest-based in some places than Facebook, so there are places in Instagram, like fashion or like shopping, that have very high signal, and that gives us, I think, a very strong opportunity there.

當你觀察 Instagram 的購物體驗時，我們會看到一些非常好的成長。每月有 9000 萬人點擊顯示產品標籤和貼文以了解更多資訊。我們正在為此投入真正的投資。第三季度，我們在全球推出了 Stories 購物功能，並開始測試 Explore 中的購物頻道。所以我們認為機會很大。當你考慮 Facebook 和 Instagram 的商業意圖時，你會發現兩者都有如此多的活動。我們認為，人們有很多機會擁有商業意圖，即使在開始時沒有，但會發展它，因為他們在兩者中都看到了自己感興趣的東西。Instagram 在某些地方比 Facebook 更注重興趣，因此 Instagram 上的某些地方，例如時尚或購物，訊號非常高，我認為這給了我們一個非常好的機會。

Your next question comes from the line of Lloyd Walmsley from Deutsche Bank.

您的下一個問題來自德意志銀行的勞埃德·沃爾姆斯利。

Two questions if I can. First, just Mark, your comments in the prepared remarks on Stories having potential to be a bigger medium than News Feed suggests that the engagement is a net positive in terms of time spent or sessions per user. Is that the right way to interpret that, as you see people engage in this, they actually spend more time overall? And then, second question for Dave. Last quarter, you guided to kind of long-term operating margins in the mid-30s range. The guidance on OpEx for next year kind of implies we may already be there. Should we kind of expect it to be -- is that the right interpretation and should we expect it to be kind of stable beyond that based on some of the comments from Mark about recognizing that revenue and cost should be matched over the long term? Any help you could give there would be great.

如果可以的話，有兩個問題。首先，馬克，您在有關「故事有可能成為比動態消息更大的媒體」的準備好的評論中的評論表明，就每個用戶花費的時間或會話而言，參與度是淨積極的。這是正確的解釋方式嗎？然後是戴夫的第二個問題。上個季度，您指導長期營業利潤率約 30 多歲。明年的營運支出指引暗示我們可能已經實現了這個目標。我們是否應該期望它是——這是正確的解釋嗎？您能提供的任何幫助都會很棒。

So on Stories, I don't know if we've given any metrics on time spent or anything on that side, but what I can say is that all of the trends that we've seen suggest that in the not-too-distant future, people will be sharing more into Stories than they will into Feeds. And that's a whole market across all of the Stories type of product will be bigger in a market where people are sharing more moments from their days into Stories-type products than into feed-type products. So -- and this happened very quickly, right? I mean, this whole trend has been -- is much newer than the trend with News Feed and feeds overall. So -- and it continues to grow incredibly quickly. So we just see that there's a lot of upside there. Now on the flip side, I tried to be very careful in my remarks to be clear that this is one of those situations where the community growth that we're seeing is outpacing the progress that we've made so far on developing the ads in that space. And I think we'll get there over time and where the performance will, for Stories ads, will converge with what we've seen in feed, and I think that the opportunity will be bigger because there will be more in Stories than -- or more stories overall than in feed. But I can't tell you just yet what that time frame is going to look like, but I think we're well-positioned over the long term because we're leading in Stories in basically every country.

因此，在故事中，我不知道我們是否給出了有關花費時間或這方面的任何指標，但我可以說的是，我們看到的所有趨勢都表明，在不久的將來未來，人們在故事中分享的內容將多於在動態中分享的內容。在這個市場中，所有故事類型產品的整個市場將會更大，因為人們在故事類型產品中分享的生活時刻比在資訊流類型產品中更多。那麼——這一切發生得很快，對吧？我的意思是，整個趨勢比動態消息和整體動態的趨勢要新得多。所以——它繼續以令人難以置信的速度增長。所以我們只是看到那裡有很多好處。另一方面，我試圖在言論中非常小心地明確，這是我們所看到的社群成長速度超過了我們迄今為止在開發廣告方面取得的進展的情況之一。我認為隨著時間的推移，我們會實現這一目標，對於故事廣告來說，其表現將與我們在資訊流中看到的內容一致，我認為機會會更大，因為故事中的內容會比——或總體上比提要中的故事更多。但我現在還不能告訴你這個時間框架會是什麼樣子，但我認為從長遠來看我們處於有利地位，因為我們基本上在每個國家的故事方面都處於領先地位。

And Lloyd, on the margin question, as I mentioned, 2019 will be a big investment year. So I would expect us to have the biggest change in our margin structure to happen in 2019 and for it to moderate from there. It's hard to be too prescriptive about 2020 and beyond, but I think the biggest change will be 2019.

勞埃德，關於保證金問題，正如我所提到的，2019 年將是一個重要的投資年。因此，我預計我們的利潤率結構將在 2019 年發生最大的變化，並從此開始放緩。對於 2020 年及以後的情況很難有太多規定，但我認為最大的變化將是 2019 年。

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

您的下一個問題來自 Jefferies 的 Brent Thill。

Just on Europe, there's been a more pronounced deceleration. I'm just curious in terms of how you think about the stabilization there going forward in your model and maybe a little more color on the pricing.

光是在歐洲，減速就更為明顯。我只是好奇你如何看待你的模型未來的穩定性，也許在定價上有更多的色彩。

Yes, Brent, it's Dave. I think -- I guess, if you're talking about DAU and MAU, the -- Europe is stable on that front in terms of Facebook overall. The accounting methodology change did affect how Europe sequential growth rate came in, but really stable if you kind of take that aside. And we had some impact from GDPR over the last 2 quarters. So I think, from that perspective, it is broadly stable for Facebook there. European growth rate, I think, was healthy from a revenue point of view, so I think we're still seeing good growth in Europe on the revenue front. And a lot of the similar dynamics playing out in Europe is in the rest of the world where you see good impression growth opportunity, especially in areas like Instagram and Stories contributing to overall ability to drive revenue growth.

是的，布倫特，我是戴夫。我認為——我想，如果你談論的是 DAU 和 MAU，那麼——就 Facebook 整體而言，歐洲在這方面是穩定的。會計方法的變化確實影響了歐洲環比成長率的計算方式，但如果你把它放在一邊的話，它確實很穩定。在過去的兩個季度中，我們受到了 GDPR 的一些影響。所以我認為，從這個角度來看，Facebook 在那裡總體上是穩定的。我認為，從收入的角度來看，歐洲的成長率是健康的，因此我認為我們在歐洲的收入方面仍然看到了良好的成長。歐洲上演的許多類似動態也在世界其他地方出現，您可以看到良好的印象成長機會，特別是在 Instagram 和 Stories 等有助於推動收入成長的整體能力的領域。

Your next question comes from the line of Mark May from Citi.

您的下一個問題來自花旗集團的馬克梅。

You seem confident that Stories will ultimately be a more effective canvas, both for users and businesses, and maybe even more so than the feed. But you also talked about the transitional challenges. What specifically are those challenges? And since Instagram is further along with Stories, are there any things you're seeing with Instagram Stories monetization that gives you kind of line of sight to reaching monetization parity, not only at Instagram but also at core Facebook eventually? And then, maybe just a second one. In addition to stories, Mark also discussed how private messaging is also a growth use case. In private messaging, the companies understandably so have been cautious on the monetization side. So just curious if you could discuss how optimistic you are about building a meaningful business around private messaging?

您似乎相信故事最終將成為對使用者和企業更有效的畫布，甚至可能比提要更有效。但您也談到了轉型挑戰。這些挑戰具體是什麼？既然 Instagram 與 Stories 的關係更進一步，那麼您在 Instagram Stories 貨幣化方面是否看到了一些東西，可以讓您看到實現貨幣化平等的視線，不僅在 Instagram，而且最終在 Facebook 核心也如此？然後，也許只是第二個。除了故事之外，馬克還討論了私人訊息傳遞如何也是一個成長用例。在私人訊息傳遞方面，這些公司在貨幣化方面持謹慎態度，這是可以理解的。那麼，您是否可以討論一下您對圍繞私人訊息建立有意義的業務有多樂觀？

I can take those. When you think about the transition or people using feed versus stories, there are a couple of things that are different. One is just the format. And again, we have a lot of experience that those people had display ads or search ads before they really did Facebook ads if you look back a decade, and teaching people, here's what a Facebook ad looks like was a new format people had to understand. Then as we moved into more photos with Instagram, more videos, a video ad on Facebook or Instagram is a very different thing if they perform while they need to be natively social than a video ad that runs on TV. So stories is a new format, right? It has multiple pictures, multiple screens, words and phrases intermixed in a different way. And so again, that's a new muscle for advertisers. I think we're getting people up the curve well this time. We've learned that we can't just rely on teaching our clients and teaching the ad agencies to do it but helping them do that. And so some of the tools we've rolled out that I talked about where we can take your Facebook pictures and your post and make it a story, that makes that process faster. I think, when you think about the long-term monetization opportunities, it's really going to depend upon the time people spend. The amount of ads we would feel comfortable inserting into a consumer experience really depends upon how many different things you go through. So if you spend more time in Stories, they'll need to be more engaging because there'll be fewer ads in there. Now that may be possible because there's high, high, high engagement in Stories, but we're going to have to see kind of the length and how quickly people scroll through them to see how many ad opportunities there are and to see how effective those ad opportunities are. Our business depends upon kind of the amount of ads that we can show and the effectiveness of those ads, which drives up ROI and, ultimately, the price. When you think about messaging, if we've already made the transition in a big way to feed, if we are starting to see real success in stories, messaging is in a much earlier stage. And what we're doing on Messenger and on WhatsApp are really making sure that businesses can connect with people and then in the early stages of testing messaging. So we think paid messaging, as we've talked about, and WhatsApp is interesting because by virtue of paying, businesses are going to have to be careful about the content they send. You're not going to send a lot of things people don't want to see if you're paying for them. And so really focused on the consumer experience there and figuring out over time. The last thing I'll say is that I think these things are more connected than people realize in the sense that we're already seeing some nice traction with click-to-Messenger ads. So one of the things advertisers are trying to do when they're in Feed and, ultimately, when they're in Stories is drive to transactions and real engagement one-on-one with a consumer is often part of that. So a click-to-Messenger ad takes advantage of having both of those platforms so that businesses can deepen their relationship with the consumer. And I think those experiences and the interaction between them, we're in earlier days there, but I think we have a lot of opportunity to explore there.

我可以接受那些。當您考慮過渡或人們使用提要與故事時，有一些不同的事情。其一隻是格式。再說一遍，我們有很多經驗，如果你回顧十年，那些人在真正做Facebook 廣告之前就已經做過展示廣告或搜尋廣告，並且教導人們，這就是Facebook 廣告的樣子，這是人們必須理解的一種新格式。然後，當我們使用 Instagram 拍攝更多照片、更多影片時，如果 Facebook 或 Instagram 上的影片廣告需要本身就具有社交性，那麼它們與在電視上投放的影片廣告是完全不同的。所以故事是一種新的形式，對嗎？它有多個圖片、多個螢幕、單字和短語以不同的方式混合在一起。再說一次，這對廣告商來說是一個新的力量。我認為這次我們很好地幫助了人們。我們認識到，我們不能僅僅依靠教導我們的客戶和廣告代理商做到這一點，而是幫助他們做到這一點。因此，我們推出了一些工具，我談到了我們可以在其中拍攝您的 Facebook 照片和貼文並將其製作成故事，這使得該過程更快。我認為，當你考慮長期的貨幣化機會時，它實際上取決於人們花費的時間。我們願意在消費者體驗中插入的廣告數量實際上取決於您經歷了多少不同的事情。因此，如果您在故事中花費更多時間，它們需要更具吸引力，因為其中的廣告會更少。現在這可能是可能的，因為故事的參與度很高，很高，但是我們必須了解故事的長度以及人們滾動瀏覽它們的速度，以了解有多少廣告機會，並了解這些機會的效果如何廣告機會是。我們的業務取決於我們可以展示的廣告數量以及這些廣告的有效性，這會提高投資回報率並最終提高價格。當你考慮訊息傳遞時，如果我們已經在很大程度上進行了轉變，如果我們開始在故事中看到真正的成功，那麼訊息傳遞就處於更早的階段。我們在 Messenger 和 WhatsApp 上所做的工作確實是為了確保企業能夠與人們建立聯繫，然後在測試訊息傳遞的早期階段。因此，我們認為付費訊息傳遞，正如我們所討論的，WhatsApp 很有趣，因為透過付費，企業將不得不小心他們發送的內容。如果你付費的話，你就不會發送很多人們不想看到的東西。因此，我們真正關注的是那裡的消費者體驗，並隨著時間的推移逐漸弄清楚。我要說的最後一件事是，我認為這些事情的聯繫比人們意識到的更加緊密，因為我們已經看到了點擊信使廣告的一些良好吸引力。因此，廣告商在動態中以及最終在故事中嘗試做的事情之一就是推動交易，而與消費者一對一的真正互動通常是其中的一部分。因此，點擊信使廣告利用了這兩個平台，以便企業可以加深與消費者的關係。我認為這些經歷以及它們之間的互動，我們還處於早期階段，但我認為我們有很多機會在那裡探索。

And Mark, this is Dave, I just wanted to add in. I think you asked about sort of line of sight on monetization parity on Stories versus Feed. It's obviously hard to say that because they're both dynamic, they're auctions, there's a lot going on. But I would say that, at least in the near term, the impression growth opportunity is significant on Stories. Pricing will take time, so as we bring more formats to Stories and bring more advertisers to Stories, we can build up that demand and balance that out with supply. But I think, in terms of it converging on Feed from any pricing perspective, that's a journey that's going to take years, not quarters. So it's going to take time.

馬克，這是戴夫，我只是想補充。我想你問的是關於故事與動態的貨幣化平價的視線。顯然很難說，因為它們都是動態的，都是拍賣，發生了很多事情。但我想說，至少在短期內，故事的印象成長機會非常重要。定價需要時間，因此當我們為故事帶來更多格式並為故事帶來更多廣告商時，我們可以建立需求並平衡供應。但我認為，從任何定價角度來看，它與 Feed 的融合都將是一個需要數年而不是幾個季度的旅程。所以需要時間。

Your next question comes from the line of Anthony DiClemente from Evercore.

您的下一個問題來自 Evercore 的 Anthony DiClemente。

Just one -- really one for Mark, which is I don't think anyone has asked much about the security investments that Facebook is making. And when I talk to investors, people are curious whether it's one-off or recurring. And so as you think about 2019, the magnitude of the resources that the company plans to deploy to protect privacy, to protect security, it sounds like you're in or will be in hopefully a better position to ward off bad actors than you were prior to the 2016 election. And -- but I just wonder, is it -- do you look at this as an endless arms race? Or is there some point in this investment where you might be able to get some better efficiencies on those investments also relative to others in the industry who are making investments that don't seem quite as sizable as Facebook's?

只有一個——對馬克來說確實是一個，我認為沒有人對 Facebook 正在進行的安全投資有太多的詢問。當我與投資者交談時，人們很好奇這是一次性的還是反覆出現的。因此，當你想到 2019 年時，公司計劃部署大量資源來保護隱私和安全，聽起來你現在或將來有望比以前更好地抵禦不良行為者2016 年大選之前。而且──但我只是想知道，是嗎──你認為這是一場無止盡的軍備競賽嗎？或者，在這項投資中，相對於產業內其他投資規模似乎不如 Facebook 的其他公司，您是否可以在這些投資上獲得更高的效率？

Yes, this is a really important question. I do think that we are up against sophisticated adversaries who will continue to evolve. So there is a large element of this, which is an arms race. And when you're talking about security issues and some of the safety and content issues, these are not problems that we fix, right? They're problems that you manage over time and try to reduce and prevent issues from coming up. But it's not -- there's no silver bullet where you do the thing and then you're done. That said, I do think that we were quite behind where we needed to be a couple of years ago. We started a road map, which we said was going to be about a 3-year road map. I think that we have some confidence in that time frame, which takes us through the end of about 2019 to get our systems to the level that we generally think that they should be at, where we're building AI systems that can flag content that might be problematic to a much larger security and review team that can manage the larger volume of stuff that our tools are flagging to them. We're judging our success by go through all the categories of harmful content and behavior, whether it's terrorism or self-harm or hate speech or just any different kind of thing that you'd be worried about, we're judging our success by how proactive can we get, right, to what percent of the stuff that we're taking down are we identifying before other people identify it for us. We've started issuing transparency reports so we can be held publicly accountable on this. What we see internally is that generally, every week and every quarter that goes by, we're getting better and better at this. But I anticipate that it will be about the end of next year when we feel like we're as dialed in as we would generally all like us to be. And even at that point, we're not going to be perfect because there's more than 2 billion people are communicating on this service. There are going to be things that our systems miss no matter how well-tuned we are. But I think we're making progress. We've made a lot of progress in the last couple of years on content overall. Elections are a special case, an extremely important special case of the content and safety issues and security issues that we face. I mean, across all of the different types of content issues of people trying to spread hate or incite violence. We are making progress and I feel good about the progress that we're making. And I think we will continue investing more. But I do think that, to some degree, the last few years and next year are probably going to be the biggest growth in the investment in the security efforts that we'll see.

是的，這是一個非常重要的問題。我確實認為我們面臨著不斷發展的老練對手。所以這其中有一個很大的因素，那就是軍備競賽。當你談論安全問題以及一些安全和內容問題時，這些不是我們要解決的問題，對嗎？您需要隨著時間的推移來管理這些問題，並嘗試減少和防止問題的出現​​。但事實並非如此——沒有靈丹妙藥，只要你做了這件事，然後就完成了。也就是說，我確實認為我們已經遠遠落後於幾年前我們需要達到的水平。我們開始製定路線圖，我們說這將是一個為期三年的路線圖。我認為我們對這個時間框架有一定的信心，這會讓我們在 2019 年底左右讓我們的系統達到我們普遍認為應該達到的水平，我們正在構建可以標記內容的人工智慧系統對於規模更大的安全和審查團隊來說可能會出現問題，因為他們可以管理我們的工具向他們標記的大量內容。我們透過檢視有害內容和行為的所有類別來判斷我們的成功，無論是恐怖主義、自殘、仇恨言論還是您擔心的任何不同類型的事情，我們透過以下方式來判斷我們的成功我們能多積極主動，對吧，我們要拆除的東西中有多少百分比是我們在其他人為我們識別之前識別出來的。我們已經開始發布透明度報告，以便我們能夠對此承擔公開責任。我們在內部看到的是，總的來說，每周和每個季度，我們在這方面都做得越來越好。但我預計，到明年年底，我們會感覺我們已經像我們通常希望的那樣準備好了。即使到那時，我們也不會完美，因為有超過 20 億人在使用這項服務進行通訊。無論我們調整得多好，我們的系統都會遺漏一些東西。但我認為我們正在取得進展。過去幾年我們在內容方面取得了很大進展。選舉是一個特例，是我們面臨的內容和安全問題的極為重要的特例。我的意思是，跨越人們試圖傳播仇恨或煽動暴力的所有不同類型的內容問題。我們正在取得進展，我對我們正在取得的進展感到滿意。我認為我們將繼續加大投資。但我確實認為，在某種程度上，過去幾年和明年可能將是我們將看到的安全工作投資的最大成長。

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

您的下一個問題來自高盛 (Goldman Sachs) 的希瑟貝利尼 (Heather Bellini)。

I just had 2 questions. And I guess, I just -- maybe you just touched on some of this, Mark. But the CapEx growth that you guys gave for next year, how far ahead should we think about you guys building out capacity? And can you help us think about the ongoing trend in particular in light of your comments that you just made about how you'll feel about being dialed in -- more dialed in at the end of 2019? But how do we think about kind of that continued growth in CapEx number? And is there anything there that's a one-time item? And I guess, the other question would just be related to Stories, and I guess, I'm just wondering, I know it's early days in terms of advertisers putting ad units in there at this point, but given that you've got the technology to convert the creative and kind of help people with that process of how to do a good stories ad, how effective do you think that's been in terms of helping to drive their adoption of this ad unit thus far?

我只有兩個問題。我想，我只是——也許你剛剛提到了其中的一些，馬克。但你們給的明年的資本支出成長，我們應該考慮你們建設產能的前景有多遠？您能否幫助我們思考當前的趨勢，特別是根據您剛剛發表的有關您對撥入電話的感受（2019 年底更多撥入電話）的評論？但我們如何看待資本支出數字的持續成長？有沒有什麼東西是一次性的？我想，另一個問題只是與故事有關，我想，我只是想知道，我知道廣告商目前將廣告單元放在那裡還為時過早，但考慮到你已經有了技術來轉換創意，並幫助人們製作一個好的故事廣告，您認為到目前為止，這在幫助推動他們採用這個廣告單元方面有多有效？

Heather, I'll take the first question regarding CapEx. So yes, we are investing ahead of user growth, given the long lead time in deploying data centers and network capacity. So we are building some capacity ahead of our immediate need, so that is playing into it. But we're also making investments to support the core growth of the business. There's a lot of compute that goes behind things like feed ranking and ads ranking. We think there's good ROI to putting more servers behind things like choosing the right ad for the right impression opportunity that we have. So we are putting more compute behind that. And then, I'd also make the comment that a lot of our growth is coming from markets in Asia, our top growth countries were India, Indonesia and the Philippines, so we're building capacity to serve that Asian peak, and those users are at a lower ARPU, so that impacts the overall capital intensity. So we're continuing to invest and we're seeing increased CapEx in 2019, albeit at a much slower growth rate than we had in 2018.

希瑟，我將回答有關資本支出的第一個問題。因此，是的，考慮到部署資料中心和網路容量的準備時間較長，我們正在用戶成長之前進行投資。因此，我們正在為滿足當前需求而建立一些能力，從而發揮作用。但我們也在進行投資以支持業務的核心成長。Feed 排名和廣告排名等背後需要大量計算。我們認為，在諸如為我們擁有的正確印象機會選擇正確廣告之類的事情上放置更多伺服器可以帶來良好的投資回報率。所以我們在這背後投入了更多的計算。然後，我還要評論說，我們的大部分成長來自亞洲市場，我們成長最快的國家是印度、印尼和菲律賓，因此我們正在建立服務亞洲高峰和這些用戶的能力ARPU 較低，因此會影響整體資本密集度。因此，我們將繼續投資，我們看到 2019 年的資本支出增加，儘管成長比 2018 年慢得多。

I'll talk about Stories and I'll share a fun and, I think, important example. We know that when people are using more of the opportunities to reach consumers, their returns often go up. So the fun example is the Furbo dog camera company, they're a Taiwanese company. They built this camera where you can see, talk, and you can -- see and talk and toss dog treats to your dog when you're not at home. They ran a video ad campaign across Facebook and Instagram Stories, and they targeted people with dog-related interests and used Custom Audiences to exclude people who had already purchased their product. By running across Facebook Stories and Instagram Stories, they drove 20% more leads than their other digital campaigns. So anecdotally, with our early, early adopters, we can see that we believe the increased opportunities here really work, and we have other examples like this. In terms of how early it is for adoption, it's super early. We just rolled out the ability to do this in August, and we have to drive awareness and drive people into trying it. And even when we make it super easy for people to get their ads into the right format, from the smallest mom-and-pop to the largest brands, people want to understand the creative of their ad and it needs to be in a format they feel comfortable. So as more people use Stories, we think they will increasingly feel comfortable in Stories, but we have a long road ahead of us, even with tools that make it easy to drive awareness and adoption. We think once we do, the returns will be good.

我將討論故事，並分享一個有趣且我認為很重要的例子。我們知道，當人們利用更多機會接觸消費者時，他們的回報往往會增加。有趣的例子是 Furbo 狗相機公司，他們是一家台灣公司。他們製造了這款相機，讓你可以看到、說話，當你不在家時，你可以看到、說話，還可以丟狗糧給你的狗。他們在 Facebook 和 Instagram Stories 上開展了視訊廣告活動，以與狗相關的興趣為目標人群，並使用自訂受眾來排除已經購買其產品的人群。透過在 Facebook Stories 和 Instagram Stories 上投放廣告，他們比其他數位行銷活動多了 20% 的潛在客戶。有趣的是，對於我們的早期採用者來說，我們可以看到我們相信這裡增加的機會確實有效，而且我們還有其他類似的例子。就採用的時間而言，現在非常早。我們剛剛在八月推出了這樣做的能力，我們必須提高意識並促使人們嘗試它。即使我們讓人們非常容易地將他們的廣告轉換成正確的格式，從最小的夫妻店到最大的品牌，人們仍然希望了解他們的廣告創意，並且需要採用他們喜歡的格式。因此，隨著越來越多的人使用故事，我們認為他們會越來越適應故事，但我們還有很長的路要走，即使有了可以輕鬆提高認知度和採用率的工具。我們認為一旦這樣做，回報將會很好。

Your last question comes from the line of Ralph Schackart from William Blair.

你的最後一個問題來自威廉布萊爾的拉爾夫沙卡特。

Maybe switching gears to Feed. You talked about it being a major growth driver and a lot of opportunities for improvement. Can you maybe share some perspective on what those opportunities look like from both a user as well as an advertiser? And then, also, maybe just kind of more longer term, how can Feed continue to be a strong growth driver?

也許切換到飼料。您談到它是一個主要的成長動力和許多改進的機會。您能否分享一下用戶和廣告商對這些機會的看法？然後，也許只是從更長遠的角度來看，飼料如何繼續成為強大的成長動力？

I can take that. When you think about Feed, what people are doing is sharing, they're sharing in Instagram and Facebook. And that means there's, in many ways, almost limitless opportunity for consumers to do more. I think we've made some strong changes on Facebook in terms of meaningful social interactions, and I think the history of our ability to develop and iterate on consumer product shows that we can help people as they evolve, share the things they want to share and have a very meaningful and important experience in Feed as they're sharing. Feed is fundamentally about information being pushed to a consumer and us helping figure out what is most interesting and most engaging and, I think, in many ways, positive for people. And I think the product teams led by Mark have done a great job of that over time. And you're just seeing the continued investment there. Along with that goes the advertising opportunities, as there are more stories and feed, as more people are engaged in Facebook and increasingly in Instagram, that gives us more opportunities just on the supply side of ads. On the demand side, all of the things we do to get more advertisers active in our system means we'll have more ads to choose from. To make those ads more relevant, to measure the ROI of those ads so that people can then iterate and again make those more relevant, I think we've made real improvements there but I think there's a lot more we can do. And one of the ways I talk to people about it is just ask what percentage of the ads you see in your feed are as good as the very best post you see from friends. And I think most people will honestly say that, certainly, compared to a few years ago, those ads are much more relevant to them but not all of them, and you can see in that example, even in your own feed, the opportunities we have to improve, finding the right ad and giving it to the right person at the right time, which drives businesses all around the world and drives our business as well.

我可以接受。當你想到 Feed 時，人們正在做的就是分享，他們在 Instagram 和 Facebook 上分享。從很多方面來說，這意味著消費者有幾乎無限的機會去做更多事情。我認為我們在有意義的社交互動方面已經對 Facebook 做出了一些重大改變，而且我認為我們開發和迭代消費產品的能力的歷史表明我們可以幫助人們不斷發展，分享他們想要分享的東西當他們分享時，他們在Feed 中獲得了非常有意義且重要的體驗。從根本上講，資訊流是向消費者推送的訊息，我們幫助找出最有趣、最吸引人的訊息，我認為，在許多方面對人們來說都是正面的。我認為，隨著時間的推移，馬克領導的產品團隊在這方面做得非常出色。你只會看到那裡的持續投資。隨之而來的是廣告機會，因為有更多的故事和資訊流，隨著越來越多的人參與 Facebook 和 Instagram，這為我們在廣告的供應方面提供了更多機會。在需求方面，我們為讓更多廣告商活躍在我們的系統中所做的所有事情意味著我們將有更多的廣告可供選擇。為了使這些廣告更具相關性，為了衡量這些廣告的投資回報率，以便人們可以迭代並再次使這些廣告更具相關性，我認為我們已經在這方面做出了真正的改進，但我認為我們還可以做更多的事情。我與人們談論這個問題的方式之一就是詢問你在自己的資訊流中看到的廣告與你從朋友那裡看到的最好的帖子一樣好。我認為大多數人會誠實地說，當然，與幾年前相比，這些廣告與他們更相關，但不是全部，你可以在那個例子中看到，即使在你自己的源中，我們的機會必須改進，找到正確的廣告並在正確的時間將其提供給正確的人，這推動了世界各地的業務，也推動了我們的業務。

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。