Meta Platforms Inc (META) 2019 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，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Facebook Third Quarter 2019 Earnings Conference Call.

在此，歡迎大家參加 Facebook 2019 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。

Good afternoon, and welcome to Facebook's Third Quarter 2019 Earnings Conference Call.

下午好，歡迎來到 Facebook 2019 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;首席運營官謝麗爾·桑德伯格 (Sheryl Sandberg)；和首席財務官 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.

在我們開始之前，我想藉此機會提醒您，我們今天的發言將包含前瞻性陳述。

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中預期的結果存在重大差異。

Factors that could cause these risks 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 表季度報告中列出了可能導致這些風險產生重大差異的因素。

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.

我們在此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.

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。

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

今天的收益新聞稿中包含了 GAAP 與非 GAAP 措施的對賬。

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 上獲取。

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

現在我想把電話轉給馬克。

All right.

好的。

Thanks, Deborah.

謝謝，黛博拉。

Thank you all for joining us today.

感謝大家今天加入我們。

Before we get started, I want to talk about the announcement we just shared that Sue Desmond-Hellmann is going to be leaving our Board to focus on her health and other commitments.

在我們開始之前，我想談談我們剛剛宣布的消息，即 Sue Desmond-Hellmann 將離開我們的董事會，專注於她的健康和其他承諾。

Sue has been a wonderful and thoughtful voice on our Board for 6 years.

6 年來，Sue 在我們的董事會中一直是一個美妙而深思熟慮的聲音。

And I'm deeply personally grateful for everything that she has done for this company.

我個人非常感謝她為這家公司所做的一切。

This was a good quarter for our community and our business.

這對我們的社區和我們的業務來說是一個很好的季度。

There are now around 2.8 billion people using Facebook, Instagram, WhatsApp or Messenger each month, and around 2.2 billion people using at least one of our services daily.

現在每個月約有 28 億人使用 Facebook、Instagram、WhatsApp 或 Messenger，每天約有 22 億人至少使用我們的一項服務。

The Facebook app had a particularly strong quarter, including in the U.S. and Canada.

Facebook 應用程序的季度表現尤為強勁，包括在美國和加拿大。

We also recently released now that we estimate that more than 140 million businesses, mostly small businesses, are using our services each month to grow, create jobs and become social hubs in their communities.

我們最近還宣布，我們估計每月有超過 1.4 億家企業（主要是小型企業）正在使用我們的服務來發展、創造就業機會並成為其社區的社交中心。

This has been a busy quarter on a lot of fronts, but we've launched a number of new exciting products like Facebook Dating in the U.S., which is doing quite well, the Threads for Instagram, our camera-first experience to share with your close friends.

這個季度在很多方面都是繁忙的，但我們推出了許多令人興奮的新產品，例如美國的 Facebook 約會，它做得很好，Instagram 的 Threads，我們的相機優先體驗與您分享親密的朋友。

Facebook News, our dedicated product for news that we built in partnership with news publishers, and we introduced Horizon, a new social experience for VR.

Facebook News 是我們與新聞發布商合作打造的新聞專用產品，我們還推出了 Horizo​​n，這是一種全新的 VR 社交體驗。

We also released hand-tracking technology for Oculus and Oculus Link.

我們還為 Oculus 和 Oculus Link 發布了手部追踪技術。

So your quest is basically now a Rift 2. We're making progress building out the private social platform across WhatsApp, Messenger and Instagram Direct, and we have multiple exciting initiatives around Commerce and Payments that we're moving forward from Marketplace to Instagram shopping to payments in WhatsApp and continuing our discussion on Libra.

所以你的任務現在基本上是 Rift 2。我們正在構建跨 WhatsApp、Messenger 和 Instagram Direct 的私人社交平台，並且我們有多項圍繞商業和支付的激動人心的舉措，我們正在從 Marketplace 轉向 Instagram 購物到 WhatsApp 中的付款並繼續我們關於 Libra 的討論。

This has also been a busy quarter on the policy and social issues front.

在政策和社會問題方面，這也是一個繁忙的季度。

We formally entered into a settlement with the FTC to make structural changes and build a rigorous privacy program that will set a new standard for our industry.

我們正式與 FTC 達成和解，以進行結構調整併制定嚴格的隱私計劃，這將為我們的行業樹立新標準。

We're about a year out now from the 2020 elections, and we just announced that the systems we've built are so advanced that we proactively identified and removed multiple foreign interference campaigns coming from Russia and Iran.

距 2020 年大選還有大約一年的時間，我們剛剛宣布我們構建的系統非常先進，我們主動識別並消除了來自俄羅斯和伊朗的多個外國干涉活動。

And we found ourselves in the middle of the debate about what political speech is acceptable in the upcoming campaigns.

我們發現自己正處於關於在即將到來的競選活動中什麼樣的政治言論是可以接受的辯論之中。

But today, I want to focus on talking about principles because from a business perspective, it might be easier for us to choose a different path than the one that we're taking.

但今天，我想重點談談原則，因為從商業角度來看，我們可能更容易選擇一條不同於我們正在走的道路。

So I want to make sure that everyone is clear about what we stand for and why we're making some of the decisions that we're making.

所以我想確保每個人都清楚我們的立場以及我們為什麼要做出我們正在做的一些決定。

Now I give a speech a couple of weeks ago about the importance of standing for voice and free expression.

現在，我在幾週前發表了一次演講，內容是關於代表發言權和言論自由的重要性。

I believe strongly, and I believe that history supports that free expression has been important for driving progress and building more inclusive societies around the world, that at times of social tension, there has often been an urge to pull back on free expression, and that we will be best served over the long term by resisting this urge and defending free expression.

我堅信，而且我相信歷史證明，言論自由對於推動進步和在世界範圍內建設更具包容性的社會非常重要，在社會緊張時期，人們常常有取消言論自由的衝動，而且從長遠來看，抵制這種衝動和捍衛言論自由對我們最有利。

Today is certainly a historical moment of social tension, and I view an important role of our company as defending free expression.

今天無疑是社會緊張的歷史時刻，我認為我們公司的一個重要角色是捍衛言論自由。

Now this has never been absolute.

現在這從來都不是絕對的。

And of course, we take our responsibility to prevent harm very seriously, too.

當然，我們也非常重視防止傷害的責任。

I think we invest more in getting harmful content off our services than any other company in the world.

我認為我們在從我們的服務中去除有害內容方面的投入比世界上任何其他公司都多。

Those who follow us closely know that we have more than 35,000 people working on safety and security, and that our budget for this work is billions of dollars a year, more than the whole revenue of our company at the time of our IPO earlier this decade.

密切關注我們的人都知道，我們有超過 35,000 名員工從事安全和安保工作，我們每年在這項工作上的預算為數十億美元，超過我們公司在本世紀初首次公開募股時的全部收入.

And we're going to keep on investing more here.

我們將繼續在這裡進行更多投資。

But while we work hard to remove content that can cause real danger, I think we also need to be careful about adopting more and more rules, the restricted way that people can speak and what they can say.

但是，在我們努力刪除可能造成真正危險的內容的同時，我認為我們還需要小心採用越來越多的規則，限制人們說話的方式和他們可以說的內容。

Right now, the content debate is about political ads.

現在，內容辯論是關於政治廣告的。

Should we block political ads with false statements?

我們應該屏蔽帶有虛假陳述的政治廣告嗎？

Should we block all political ads?

我們應該屏蔽所有政治廣告嗎？

Google, YouTube and most Internet platforms run the same ad.

谷歌、YouTube 和大多數互聯網平台投放相同的廣告。

Most cable networks run these same ads.

大多數有線網絡都運行這些相同的廣告。

And of course, national broadcasters are required by law to run them by FTC regulations.

當然，法律要求國家廣播公司按照聯邦貿易委員會的規定運營它們。

And I think that there are good reasons for this.

我認為這是有充分理由的。

In a democracy, I don't think it's right for private companies to sensor politicians or the news.

在民主國家，我認為私營公司不應該去感知政客或新聞。

And although I've considered whether we should not carry these ads in the past, and I'll continue to do so.

儘管我過去考慮過我們是否不應該投放這些廣告，但我會繼續這樣做。

On balance, so far, I've thought that we should continue.

總的來說，到目前為止，我認為我們應該繼續。

Ads can be an important part of voice, especially for candidates and advocacy groups that the media might not otherwise cover so they can get their message into debates.

廣告可以成為聲音的重要組成部分，尤其是對於媒體可能無法覆蓋的候選人和宣傳團體而言，這樣他們就可以將自己的信息帶入辯論。

And it's hard to define where to draw the line.

而且很難定義在哪裡劃清界限。

Would we really want to block ads for important political issues like climate change or women's empowerment?

我們真的要屏蔽氣候變化或婦女賦權等重要政治問題的廣告嗎？

Now instead, I believe that the better approach is to work to increase transparency.

現在，我認為更好的方法是努力提高透明度。

Ads on Facebook are already more transparent than anywhere else.

Facebook 上的廣告已經比其他任何地方都更加透明。

We have a political ads archive.

我們有一個政治廣告檔案。

So anyone can scrutinize every ad that's run.

所以任何人都可以仔細檢查投放的每個廣告。

You can see every message, who saw it, how much was spent.

您可以看到每條消息，誰看到了，花費了多少。

And that's something the no TV or print media does.

這就是沒有電視或印刷媒體所做的事情。

Now since this is an earnings call, I want to talk about the business impact of all of this.

現在，由於這是一次財報電話會議，我想談談所有這些對業務的影響。

Some people accuse us of allowing the speech because they think that all we care about is making money, and that's wrong.

有些人指責我們允許言論，因為他們認為我們只關心賺錢，這是錯誤的。

I can assure you that from a business perspective, the controversy that this creates far outweighs the very small percent of our business that these political ads make up.

我可以向你保證，從商業角度來看，這引起的爭議遠遠超過這些政治廣告在我們業務中所佔的很小一部分。

We estimate that these ads from politicians will be less than 0.5% of our revenue next year.

我們估計這些來自政客的廣告明年將不到我們收入的 0.5%。

So that's not why we're doing this.

所以這不是我們這樣做的原因。

To put this in perspective, the FTC find that these same critics said wouldn't be enough to change our incentives was more than 10x bigger than this.

從正確的角度來看，聯邦貿易委員會發現，同樣是這些批評者所說的不足以改變我們的激勵措施比這要大 10 倍以上。

So the reality is, is that we believe deeply that political speech is important, and that's what's driving us.

所以現實是，我們深信政治言論很重要，這就是我們的動力。

Now other people say that this policy is part of a broader pattern of us building a system that incentivizes inflammatory content to fuel our business.

現在其他人說，這項政策是我們建立一個系統的更廣泛模式的一部分，該系統會激勵煽動性內容來推動我們的業務。

And again, to the contrary, I think that we've done more than any of the other major Internet platforms to try to build positive incentives into our systems.

而且，恰恰相反，我認為我們比其他任何主要互聯網平台都做得更多，試圖在我們的系統中建立積極的激勵機制。

We don't let any of our news feed or Instagram feed teams set goals around increasing time spent on our services.

我們不會讓任何新聞提要或 Instagram 提要團隊圍繞增加花在我們服務上的時間設定目標。

We rank feeds to encourage meaningful social interaction, helping people connect with friends, family and their communities.

我們對提要進行排名以鼓勵有意義的社交互動，幫助人們與朋友、家人和他們的社區建立聯繫。

We have real people come in and tell us what content they saw that was most meaningful to them and spark valuable discussions.

我們有真實的人來告訴我們他們看到的對他們最有意義的內容，並引發有價值的討論。

And then we build systems to try to surface that kind of content.

然後我們構建系統來嘗試顯示此類內容。

We've taken many steps over the years to fight click bait and polarization, and now we're even testing removing light counts in Instagram and Facebook.

多年來，我們採取了許多措施來對抗點擊誘餌和兩極分化，現在我們甚至正在測試移除 Instagram 和 Facebook 中的光數。

And we do this because we know that if we help people have meaningful interaction, they'll grow -- they'll find our services more valuable, and that's the key to building something sustainable and growing over time.

我們這樣做是因為我們知道，如果我們幫助人們進行有意義的互動，他們就會成長——他們會發現我們的服務更有價值，而這是建立可持續發展的關鍵。

Now last year, you probably remember that we made a series of changes that emphasized friends and family and reduced time spent on our services.

去年，您可能還記得我們進行了一系列更改，強調朋友和家人，並減少了花在我們服務上的時間。

And one change removed 50 million hours of viral video watching a day, and we did this knowing that it would mean that people spend less time on our apps, which is not what you do if you're just prioritizing engagement over everything else.

一項更改消除了每天 5000 萬小時的病毒式視頻觀看時間，我們這樣做時知道這意味著人們在我們的應用程序上花費的時間會更少，如果您只是將參與度置於其他一切之上，那麼您就不會這樣做。

So I take getting these incentives right very seriously, and we're willing to make huge sacrifices in the short term to do what we think is right and will be better over time.

所以我非常重視這些激勵措施的正確性，我們願意在短期內做出巨大的犧牲來做我們認為正確的事情，並且隨著時間的推移會變得更好。

Now finally, some people say that this is just all a cynical political calculation and that we're acting in a way that we don't really believe because we're just trying to appease conservative.

最後，有人說這完全是一個憤世嫉俗的政治算計，我們的行為方式我們並不真正相信，因為我們只是想安撫保守派。

That's wrong, too.

那也是錯誤的。

Now we face a lot of criticism from both progressive and conservative.

現在我們面臨來自進步派和保守派的大量批評。

And frankly, if our goal, we're trying to make either side happy, then we're not doing a very good job because I'm pretty sure everyone is frustrated with us.

坦率地說，如果我們的目標是讓任何一方都滿意，那麼我們就做得不好，因為我敢肯定每個人都對我們感到失望。

Our values on voice and free expression are not partisan.

我們在聲音和言論自由方面的價值觀沒有黨派傾向。

But unfortunately, in our current environment, a lot of people look at every decision through the lens of whether it's going to help or hurt the candidate they want in winning their next election.

但不幸的是，在我們當前的環境中，很多人通過它是否會幫助或傷害他們想要贏得下一次選舉的候選人來看待每一個決定。

Now a lot of people have told us, you've got to pick a side, or else, both sides are just going to cause a lot of problems for you.

現在很多人告訴我們，你必須選擇一方，否則雙方都會給你帶來很多問題。

And sadly, from a practical perspective, they may be right, but we can't make decisions that way.

可悲的是，從實際的角度來看，他們可能是對的，但我們不能那樣做決定。

So over the next year of campaigns, we're going to be at the center of the debate anytime there's content or policies on any of our services that people believe could advantage or disadvantage their side.

因此，在明年的競選活動中，只要人們認為我們任何服務的內容或政策可能對他們有利或不利，我們就會成為辯論的中心。

This may lead to more investigations, and the candidates are going to criticize us.

這可能會導致更多的調查，候選人會批評我們。

I expect that this is going to be a very tough year.

我預計這將是非常艱難的一年。

We try to do what we think is right, but we're not going to get everything right.

我們嘗試做我們認為正確的事情，但我們不會把所有事情都做對。

This is complex stuff.

這是很複雜的事情。

And anyone who says that the answers are simple hasn't thought long enough about all the nuances and downstream challenges.

任何說答案很簡單的人都沒有對所有細微差別和下游挑戰思考足夠長的時間。

Now I get that some people are going to disagree with our decision.

現在我知道有些人會不同意我們的決定。

I get that some people are going to think that these decisions may have a negative impact on things that they really care about, but I don't think anyone can say that we're not doing what we believe or that we haven't thought hard about these issues.

我知道有些人會認為這些決定可能會對他們真正關心的事情產生負面影響，但我認為沒有人可以說我們沒有按照我們的信念去做或我們沒有想過很難解決這些問題。

I could be wrong, but my experience running this company so far has been that if we do what we believe is right, even when it's unpopular for years at a time, then eventually, it has worked out best for our community and for our business, too.

我可能是錯的，但到目前為止，我經營這家公司的經驗是，如果我們做我們認為正確的事情，即使它一次不受歡迎多年，那麼最終，它對我們的社區和我們的業務來說是最好的， 也。

And there's a lot at stake here.

這裡有很多利害關係。

We were at a crossroads, not only in our own country, but in the future of the global Internet as well.

我們正處於十字路口，不僅在我們自己的國家，而且在全球互聯網的未來。

China is building its own Internet and media ecosystem that's focused on very different values.

中國正在建立自己的互聯網和媒體生態系統，該生態系統側重於截然不同的價值觀。

And as these systems compete, the question of which nation's values will determine what speech has allowed for decades to come really puts into perspective the issues that we face today.

隨著這些系統的競爭，哪個國家的價值觀將決定未來幾十年允許什麼樣的言論，這個問題真正地透視了我們今天面臨的問題。

Because while we may disagree on exactly where to draw the line on specific issues, we at least can disagree.

因為雖然我們可能不同意在具體問題上究竟在哪裡劃清界限，但我們至少可以不同意。

And that's what free expression is about.

這就是言論自由的意義所在。

Voice and expression have been important for progress throughout history.

聲音和表達對於整個歷史的進步都很重要。

They've been important in the fight for democracy worldwide.

他們在全世界爭取民主的鬥爭中發揮了重要作用。

And I believe that voice and expression are an important part of the path forward today, and that's why our company will continue standing for these principles.

我相信聲音和表達是當今前進道路的重要組成部分，這就是我們公司將繼續堅持這些原則的原因。

As always, I am grateful for all of your support and everything that we do, and that's especially true today.

一如既往，我感謝你們的所有支持和我們所做的一切，今天尤其如此。

In addition to these challenges, there are a lot of great things that are going on that I'm incredibly proud of and excited about.

除了這些挑戰之外，還有很多偉大的事情正在發生，我為此感到無比自豪和興奮。

And I'm glad that our community and business trends continue heading in a good direction.

我很高興我們的社區和商業趨勢繼續朝著好的方向發展。

I'm happy to talk about any of these things in the Q&A.

我很高興在問答環節中談論這些事情。

And now here is Sheryl to talk more about our business.

現在雪莉來談談我們的業務。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

It was a strong quarter for our business.

對於我們的業務來說，這是一個強勁的季度。

Ad revenue grew 28% year-over-year, and we saw strong performance in all regions and on both Facebook and Instagram.

廣告收入同比增長 28%，我們在所有地區以及 Facebook 和 Instagram 上都看到了強勁的表現。

Mobile ad revenue was $16.4 billion, contributing approximately 94% of total ad revenue.

移動廣告收入為 164 億美元，約佔廣告總收入的 94%。

We know we have a very important responsibility to keep people safe and continue innovating to help businesses of all sizes grow.

我們知道我們肩負著非常重要的責任來確保人們的安全並繼續創新以幫助各種規模的企業發展。

We're working hard to demonstrate our commitment to the billions of people and the 140 million businesses who use our platform every month.

我們正在努力證明我們對每月使用我們平台的數十億人和 1.4 億家企業的承諾。

I want to start by talking about some of the protections we're putting in place to keep people safe.

我想首先談談我們為確保人們安全而採取的一些保護措施。

As Mark said, the 2020 elections are only a year away.

正如馬克所說，距離 2020 年大選只有一年的時間。

We're continuing to invest in people and technology so that we can disrupt networks of bad actor, find and remove bad content and stop fake accounts before people see them.

我們將繼續投資於人員和技術，以便我們能夠破壞不良行為者的網絡，發現並刪除不良內容，並在人們看到之前阻止虛假賬戶。

We're also making political advertising on Facebook more transparent than anywhere else.

我們還使 Facebook 上的政治廣告比其他任何地方都更加透明。

In 2018, we started requiring ads about social issues, elections or politics to get authorized before running.

2018 年，我們開始要求有關社會問題、選舉或政治的廣告在投放前獲得授權。

And this quarter, we strengthened those requirements to ask for even more information.

本季度，我們加強了這些要求，要求提供更多信息。

Helping people understand who is trying to influence their vote without becoming arbiters of political truth ourselves is critical to empowering people and keeping them safe.

幫助人們了解誰在試圖影響他們的投票，而不是自己成為政治真理的仲裁者，這對於賦予人們權力和保證他們的安全至關重要。

We're also holding ourselves to a higher standard when it comes to protecting people from discrimination on Facebook.

在保護人們在 Facebook 上免受歧視方面，我們也堅持更高的標準。

Earlier this year, we reached an important settlement with the National Fair Housing Alliance, the ACLU, the Communication Workers of America and others to restrict targeting options for housing, employment and credit ads.

今年早些時候，我們與國家公平住房聯盟、美國公民自由聯盟、美國通信工作者協會和其他機構達成了一項重要協議，以限制住房、就業和信貸廣告的定位選項。

Now advertisers in these areas are required to use a new buying process.

現在，這些地區的廣告商需要使用新的購買流程。

And by the end of the year, people will be able to view all kinds of housing ads in the United States.

到今年年底，人們將能夠在美國看到各種房屋廣告。

While these changes could have a small negative impact on our business in the short term, we believe they're the right thing to do for people and our business over the long term.

雖然這些變化在短期內可能會對我們的業務產生輕微的負面影響，但我們相信從長遠來看，它們對人們和我們的業務都是正確的。

At the same time, we're continuing to innovate to grow our business and help advertisers grow theirs.

與此同時，我們將繼續創新以發展我們的業務並幫助廣告商發展他們的業務。

We do this by improving our ads products and creating new formats to help advertisers more easily reach their current and future customers.

我們通過改進我們的廣告產品和創建新格式來幫助廣告商更輕鬆地吸引他們當前和未來的客戶來實現這一目標。

From the biggest brands in the world to the local barber, we are committed to leveling the playing field for businesses of all sizes.

從世界上最大的品牌到當地的理髮師，我們致力於為各種規模的企業提供公平的競爭環境。

We give businesses free tools that previously only the largest companies could access.

我們為企業提供以前只有最大的公司才能使用的免費工具。

But we know this is not enough.

但我們知道這還不夠。

We also need to ensure that small businesses have the digital skills to use those tools effectively.

我們還需要確保小型企業具備有效使用這些工具的數字技能。

With the holiday shopping season approaching, we launched a series of holiday boot camp training sessions in 17 of our offices around the world, from New York to the Philippines.

隨著假日購物季的臨近，我們在全球 17 個辦事處（從紐約到菲律賓）推出了一系列假日訓練營培訓課程。

We also simplified business manager, our tool for managing campaigns, to help businesses more easily create ads that align with their goals.

我們還簡化了業務管理器，這是我們用於管理活動的工具，以幫助企業更輕鬆地製作符合其目標的廣告。

We are continually making these basis point improvements to help advertisers save time and money and build their business.

我們不斷地進行這些基點改進，以幫助廣告商節省時間和金錢並建立他們的業務。

We're also focused on developing products to help businesses reach people where they are.

我們還專注於開發產品，以幫助企業接觸到人們所在的地方。

Stories are a great example, and we're continuing to see fast adoption across Facebook, Messenger, Instagram and WhatsApp.

快拍就是一個很好的例子，我們繼續看到 Facebook、Messenger、Instagram 和 WhatsApp 的快速採用。

To make it easier for more businesses to create ads for the Stories format, we recently launched customizable templates for Facebook, Instagram and Messenger.

為了讓更多企業更輕鬆地為快拍格式製作廣告，我們最近推出了適用於 Facebook、Instagram 和 Messenger 的可自定義模板。

After uploading existing photos and videos, advertisers can choose from different layouts, color and text options.

上傳現有照片和視頻後，廣告商可以選擇不同的佈局、顏色和文本選項。

This helps businesses more easily create more engaging stories.

這有助於企業更輕鬆地創建更具吸引力的故事。

Messaging is one of the fastest-growing areas for online communication and especially between businesses and people.

消息傳遞是在線交流增長最快的領域之一，尤其是在企業與人之間。

We've seen businesses use Messenger to reach customers, generate new leads and even sell cars.

我們已經看到企業使用 Messenger 來接觸客戶、產生新的潛在客戶甚至銷售汽車。

For example, French automaker, Renault, used a combination of Instagram Stories and click-to-Messenger ads to drive sales of a limited edition vehicle that capture Tokyo.

例如，法國汽車製造商雷諾結合使用 Instagram 快拍和點擊 Messenger 廣告來推動限量版汽車的銷量，該汽車以東京為主題。

Facebook was their only advertising channel.

Facebook 是他們唯一的廣告渠道。

And over the span of 30 days, they sold 100 cars, 20 directly through Messenger.

在 30 天的時間裡，他們售出了 100 輛汽車，其中 20 輛直接通過 Messenger 售出。

This quarter, we added a click-to-Messenger feature in Stories so businesses can grab some of the attention in Stories and then continue the conversation.

本季度，我們在快拍中添加了點擊進入 Messenger 功能，這樣企業就可以在快拍中吸引一些注意力，然後繼續對話。

We also continue to build new formats that enable brands to interact with people in fun and engaging ways, and make Commerce more convenient.

我們還繼續建立新的格式，使品牌能夠以有趣和引人入勝的方式與人們互動，並使商務更方便。

Earlier this year, we launched polling stickers for ads and Instagram Stories.

今年早些時候，我們推出了針對廣告和 Instagram 快拍的投票貼圖。

In this quarter, we introduced our next wave of interactive advertising to help build even stronger connections between people and businesses.

在本季度，我們推出了下一波互動廣告，以幫助在人與企業之間建立更牢固的聯繫。

According to eMarketer, 63% of Internet users surveyed in the U.S. say they've tried and augmented reality experience created by a brand.

根據 eMarketer 的數據，在接受調查的美國互聯網用戶中，有 63% 表示他們已經嘗試過品牌創造的增強現實體驗。

To help advertisers experiment with this, we launched a small beta test this quarter.

為了幫助廣告商對此進行試驗，我們在本季度啟動了一個小型 Beta 測試。

As for the test, we make up an Italian cosmetics brand, used their ads to give people an easy way to try on different shades of lipstick, and they saw a 27% lift in purchases.

至於測試，我們組建了一個意大利化妝品品牌，使用他們的廣告讓人們可以輕鬆嘗試不同色調的口紅，他們的購買量增加了 27%。

While it is still very early days, we are making it easier for people to browse, discover, buy and sell across our platform.

雖然現在還很早，但我們正在讓人們更容易地在我們的平台上瀏覽、發現、買賣。

Take Facebook Marketplace as an example.

以 Facebook Marketplace 為例。

We launched the Commerce platform 3 years ago this month, and we're now seeing millions of interactions between buyers and sellers every day.

我們在 3 年前的這個月推出了 Commerce 平台，現在我們每天都能看到買賣雙方之間的數百萬次互動。

From furniture to used vehicles, people have an opportunity to discover the things they love.

從家具到二手車，人們有機會發現他們喜歡的東西。

And advertisers in nearly 100 regions have an opportunity to reach people where they shop.

近 100 個地區的廣告商有機會接觸到他們購物的人。

I want to close by saying how grateful I am to our partners around the world who continue to give us valuable feedback on how we can better deliver on our responsibilities and help them grow.

最後，我想說我非常感謝我們在世界各地的合作夥伴，他們繼續就我們如何更好地履行職責並幫助他們成長提供寶貴的反饋。

I also want to thank the Facebook teams who are deeply committed to making progress on the major social issues facing the Internet and our company and driving growth for businesses.

我還要感謝 Facebook 團隊，他們堅定地致力於在互聯網和我們公司面臨的主要社會問題上取得進展，並推動業務增長。

Thanks, everyone, and here's Dave.

謝謝大家，這是戴夫。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

Let me begin with our community metrics.

讓我從我們的社區指標開始。

We were pleased with the growth of the Facebook community this quarter.

我們對本季度 Facebook 社區的發展感到滿意。

Daily active users reached 1.62 billion, up 9% compared to last year, led by growth in India, Indonesia and the Philippines.

日活躍用戶達到 16.2 億，比去年增長 9%，其中印度、印度尼西亞和菲律賓的增長最為強勁。

This represents approximately 66% to the 2.45 billion monthly active users in September.

這相當於 9 月份 24.5 億月度活躍用戶的約 66%。

MAUs grew 8% or 178 million compared to last year.

與去年相比，MAU 增長了 8% 或 1.78 億。

We were pleased with the growth trends in all regions, including U.S. and Canada.

我們對包括美國和加拿大在內的所有地區的增長趨勢感到滿意。

In terms of our family metrics, we continue to grow and estimate that, on average, around 2.2 billion people use at least one of our apps on a daily basis in September and around 2.8 billion were active on a monthly basis.

就我們的家庭指標而言，我們繼續增長並估計，9 月份平均約有 22 億人每天至少使用我們的一款應用程序，每月約有 28 億人活躍。

As a reminder, the family metrics are our best estimate of our deduplicated audience across Facebook, Instagram, Messenger and WhatsApp.

提醒一下，家庭指標是我們對 Facebook、Instagram、Messenger 和 WhatsApp 上已刪除重複數據的受眾的最佳估計。

We believe that these numbers better reflect the size of our community and the fact that many people are using more than one of our services.

我們相信這些數字更好地反映了我們社區的規模以及許多人使用我們不止一項服務的事實。

Over time, we anticipate family metrics will play the primary role in our disclosures and how we talk about the company.

隨著時間的推移，我們預計家庭指標將在我們的披露以及我們如何談論公司方面發揮主要作用。

Turning now 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，否則所有比較均基於同比。

Q3 total revenue was $17.7 billion, up 29% or 31% on a constant currency basis.

第三季度總收入為 177 億美元，按固定匯率計算增長 29% 或 31%。

As expected, we saw a deceleration in our constant currency revenue growth versus the second quarter.

正如預期的那樣，與第二季度相比，我們的貨幣收入增長持續放緩。

Had foreign exchange rates remained constant with the third quarter of 2018, total revenue would have been approximately $297 million higher.

如果 2018 年第三季度的匯率保持不變，總收入將增加約 2.97 億美元。

Q3 total ad revenue was $17.4 billion, up 28% or 31% on a constant currency basis.

第三季度廣告總收入為 174 億美元，按固定匯率計算增長 28% 或 31%。

In terms of regional ad revenue growth, APAC and Rest of World were strongest and grew 35% and 34%, respectively.

就區域廣告收入增長而言，亞太地區和世界其他地區最為強勁，分別增長了 35% 和 34%。

APAC got more of a revenue lift from our recent product optimizations, while Rest of World benefited from favorable macroeconomic trends compared to the weaker environment in Q3 of last year.

亞太地區從我們最近的產品優化中獲得了更多的收入提升，而與去年第三季度的疲軟環境相比，世界其他地區受益於有利的宏觀經濟趨勢。

North America and Europe grew 27% and 24%, respectively.

北美和歐洲分別增長了 27% 和 24%。

In Q3, the number of ad impressions served across our services increased 37%, and the average price per ad decreased 6%.

在第三季度，我們服務中的廣告展示次數增加了 37%，每條廣告的平均價格下降了 6%。

Impression growth was primarily driven by ads on Facebook News Feed, Instagram Stories and Instagram Feed.

印象增長主要是由 Facebook 動態消息、Instagram 快拍和 Instagram 動態上的廣告推動的。

The year-over-year decline in average price per ad was primarily driven by the ongoing mix shift towards geographies and stories ads, which monetize at lower rates.

每條廣告的平均價格同比下降主要是由於持續向地理和故事廣告的組合轉變，這些廣告以較低的利率獲利。

Payments and other fees revenue was $269 million, up 43%.

付款和其他費用收入為 2.69 億美元，增長 43%。

This year-over-year growth was driven primarily by new sales and new products, notably Oculus Quest.

這一同比增長主要是由新銷售和新產品推動的，尤其是 Oculus Quest。

Turning now to expenses.

現在轉向費用。

Total expenses were $10.5 billion, up 32%.

總支出為 105 億美元，增長 32%。

We ended Q3 with approximately 43,000 full-time employees, up 28%.

我們在第三季度結束時擁有約 43,000 名全職員工，增長了 28%。

Operating income was $7.2 billion, representing a 41% operating margin.

營業收入為 72 億美元，營業利潤率為 41%。

Our Q3 tax rate was 17%.

我們第三季度的稅率為 17%。

Net income was $6.1 billion or $2.12 per share.

淨收入為 61 億美元或每股 2.12 美元。

Capital expenditures were $3.7 billion driven by ongoing investments in data centers, servers, network infrastructure and office facilities.

由於對數據中心、服務器、網絡基礎設施和辦公設施的持續投資，資本支出為 37 億美元。

We generated $5.6 billion in free cash flow and ended the quarter with approximately $52.3 billion in cash and investments.

我們產生了 56 億美元的自由現金流，本季度末現金和投資約為 523 億美元。

In Q3, we bought back approximately $1.2 billion of our Class A common stock.

在第三季度，我們回購了大約 12 億美元的 A 類普通股。

Turning now to the revenue outlook.

現在轉向收入前景。

As I indicated on our second quarter call, we continue to expect a more pronounced deceleration of our revenue growth rate in Q4.

正如我在第二季度電話會議上指出的那樣，我們繼續預計第四季度的收入增長率將出現更明顯的減速。

We expect our Q4 revenue -- reported revenue growth rate will decelerate by mid- to high single-digit percentage compared to our Q3 rate.

我們預計我們的第四季度收入——報告的收入增長率與第三季度相比將下降中高個位數百分比。

This deceleration is largely driven by the lapping of several successful product optimizations in Q4 of last year as well as ad targeting-related headwinds.

這種減速主要是由於去年第四季度多次成功的產品優化以及與廣告定位相關的逆風。

Since these factors are largely unique to Q4, we would expect our revenue growth deceleration in 2020 versus the Q4 rate to be much less pronounced.

由於這些因素在很大程度上是第四季度獨有的，我們預計 2020 年我們的收入增長減速與第四季度相比不會那麼明顯。

Turning now to the 2019 expense outlook.

現在轉向 2019 年的費用前景。

Due to the FTC settlement announced earlier this year, we are providing our expense outlook on a dollar basis for additional clarity.

由於今年早些時候宣布的 FTC 和解協議，我們將以美元為基礎提供我們的費用前景，以更加清晰。

We anticipate 2019 total expenses will be approximately $46 billion to $48 billion.

我們預計 2019 年的總支出將約為 460 億美元至 480 億美元。

As a reminder, this range includes $5 billion in accruals we recorded in the first half of 2019 related to our FTC settlement.

提醒一下，這個範圍包括我們在 2019 年上半年記錄的與 FTC 結算相關的 50 億美元應計費用。

We expect 2019 capital expenditures will be approximately $16 billion compared to our prior estimate of $16 billion to $18 billion.

我們預計 2019 年的資本支出將約為 160 億美元，而我們之前估計為 160 億至 180 億美元。

Our capital expenditures are driven primarily by our ongoing investments in data centers, servers and network infrastructure.

我們的資本支出主要來自我們對數據中心、服務器和網絡基礎設施的持續投資。

Turning now to tax.

現在轉向稅收。

We expect our Q4 tax rate will be in the range of 18% to 20%.

我們預計第四季度的稅率將在 18% 至 20% 之間。

I'd also like to share our initial outlook on 2020 expenses.

我還想分享我們對 2020 年支出的初步展望。

We anticipate that our 2020 total expenses will be in the range of $54 billion to $59 billion.

我們預計 2020 年的總支出將在 540 億美元至 590 億美元之間。

Our plan to reaccelerate headcount growth as well as growth in non-headcount-related expenses like marketing factors into this guidance.

我們計劃在本指南中重新加速員工人數增長以及非員工相關費用（如營銷因素）的增長。

We expect that 2020 capital expenditures will be approximately $17 billion to $19 billion driven by investments in data centers, servers, office facilities and our network infrastructure.

我們預計，在對數據中心、服務器、辦公設施和我們的網絡基礎設施的投資推動下，2020 年的資本支出將約為 170 億美元至 190 億美元。

Lastly, we anticipate our 2020 effective tax rate will be in the range of 18% to 20%.

最後，我們預計 2020 年的有效稅率將在 18% 至 20% 之間。

In summary, Q3 was a strong quarter for Facebook.

總之，第三季度對 Facebook 來說是一個強勁的季度。

We are pleased with the growth of our community and continued momentum in our ads business.

我們對社區的發展和廣告業務的持續發展感到高興。

At the same time, we continue to make investments in important areas like privacy, safety and innovation.

與此同時，我們繼續在隱私、安全和創新等重要領域進行投資。

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

有了這個，接線員，讓我們打開問題電話。

(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。

First for Dave, can you just help us understand a little bit more on the 4Q on the revenue decel, just some of the product improvements from last year that you're lapping?

首先是戴夫，你能否幫助我們更多地了解第四季度收入下降的情況，只是你正在研究的去年的一些產品改進？

And then also, just how you're thinking about the ad targeting headwinds, considering that they didn't seem to show up in the 3Q numbers that much.

然後，考慮到它們似乎並沒有在第三季度的數字中出現那麼多，你是如何考慮廣告定位逆風的。

And then, Mark, can you just talk about Instagram Shopping, how that's ramping and how you're thinking about expanding that initiative as you're going deeper into 4Q here?

然後，馬克，你能不能談談 Instagram 購物，它是如何發展的，以及你如何考慮在你深入到第四季度時擴大這一計劃？

Doug, it's Dave.

道格，是戴夫。

Yes, on the Q4 outlook, we are lapping a few different product optimizations we made.

是的，在第四季度展望中，我們正在對我們所做的一些不同的產品進行優化。

A couple of those that I would cite is optimizations and how the ad auction operates, which can have an impact, and also, an increase in ad load on IG Feed and Stories.

我要引用的其中幾個是優化和廣告拍賣的運作方式，這可能會產生影響，並且還會增加 IG Feed 和 Stories 上的廣告負載。

And so as I noted, these are factors that are largely Q4 related.

正如我所指出的，這些因素主要與第四季度相關。

And given that, we would expect the 2020 revenue deceleration to be much less pronounced.

鑑於此，我們預計 2020 年的收入減速不會那麼明顯。

And then in addition, in Q4 and over the longer term, we do continue to expect to face ad targeting-related headwinds and uncertainties.

此外，在第四季度和更長期來看，我們確實預計將繼續面臨與廣告定位相關的不利因素和不確定性。

And I just go back to the 3 factors that I cited in the past that the regulatory landscape is continuing to evolve.

我只是回到我過去引用的 3 個因素，監管環境正在繼續發展。

So for example, when GDPR came into effect, we saw a number of people who opted out on allowing us to use context from the apps and websites they visited for ad targeting.

因此，例如，當 GDPR 生效時，我們看到許多人選擇不允許我們使用他們訪問的應用程序和網站的上下文來進行廣告定位。

And then the second factor is just we're seeing proposed changes from the mobile platforms that are more oriented towards privacy, which could affect targeting and measurement and make that more difficult.

然後第二個因素是我們看到移動平台提出的更注重隱私的更改，這可能會影響定位和測量並使其更加困難。

And then finally, we are rolling out our own product changes such as the recent launch of OFA.

最後，我們正在推出我們自己的產品更改，例如最近推出的 OFA。

That's our user control on what data is stored on Facebook activity.

這是我們的用戶控制在 Facebook 活動中存儲哪些數據。

So I'd say those 3 factors still factor in.

所以我想說這 3 個因素仍然是影響因素。

And when it comes to this, I'd say the majority of the potential signal loss is still in front of us rather than behind us.

談到這一點，我會說大部分潛在的信號丟失仍然在我們面前而不是在我們身後。

So I think those headwinds are still real and out there, and that factors into our outlook as well.

因此，我認為這些不利因素仍然真實存在，這也會影響我們的前景。

I'll take the Instagram Shopping question.

我將回答 Instagram 購物問題。

We think there's a big opportunity over the long run here because 90% -- more than 90% of Instagram users are following a business.

我們認為從長遠來看，這裡有很大的機會，因為 90%——超過 90% 的 Instagram 用戶都在關註一家企業。

But on the Shopping product itself, it's still very early days, and we're working to improve the product, and it's quite small.

但就購物產品本身而言，還處於早期階段，我們正在努力改進產品，而且規模很小。

We started testing in Q3 shopping ads, the idea that shoppers can tap on ads, see a product description page and can purchase from the business' mobile sites.

我們在第三季度開始測試購物廣告，即購物者可以點擊廣告、查看產品描述頁面並可以從企業的移動網站購買的想法。

Again, we think interesting products but very nascent.

同樣，我們認為有趣的產品還很新。

Our overall Commerce efforts go across not just Instagram, but Facebook in all of our properties.

我們在商務方面的整體努力不僅涉及 Instagram，還涉及我們所有資產中的 Facebook。

And our goal is to make it more convenient, accessible and secure for people and business to browse, discover, buy and sell.

我們的目標是讓人們和企業更方便、更容易訪問和更安全地瀏覽、發現、購買和銷售。

I think we have been and continue to be a great place for people to browse and discover, that continues to drive the great, great majority of our business and will for the foreseeable future.

我認為我們一直並將繼續成為人們瀏覽和發現的好地方，這將繼續推動我們絕大部分業務的發展，並將在可預見的未來繼續發展。

But as we can help people reduce friction and close that loop, we think that's a good opportunity for people and for our business.

但由於我們可以幫助人們減少摩擦並關閉這個循環，我們認為這對人們和我們的企業來說都是一個很好的機會。

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

你的下一個問題來自美銀美林的 Justin Post。

Great.

偉大的。

Maybe one for Mark and one for Dave.

也許一份給馬克，一份給戴夫。

First, on Watch, with all the OTT launches, it's kind of interesting.

首先，在 Watch 上，隨著所有 OTT 的發布，這很有趣。

Can you talk about your usage of the Watch tab and what your overall professional content strategy is and whether it could start contributing revenues going forward?

你能談談你對“觀看”選項卡的使用情況以及你的整體專業內容策略是什麼以及它是否可以開始貢獻未來的收入？

And then, Dave, you mentioned the headcount growth accelerating.

然後，戴夫，你提到了員工人數增長加速。

Could you give us some of the areas where you'll be adding head count next year?

你能告訴我們明年你將增加人數的一些領域嗎？

I'm happy to talk about Watch for a little bit.

我很高興談談 Watch。

I don't think we have any new stats to share on this.

我認為我們沒有任何新的統計數據可以分享。

But I mean, overall, we rolled out the tab for almost the first year, we were really tuning it, just to make sure that it would be retentive and very valuable for people.

但我的意思是，總的來說，我們幾乎在第一年就推出了這個標籤，我們真的在調整它，只是為了確保它對人們來說是保留的和非常有價值的。

So in general, the way we think about the stuff is it's -- we can -- we try not to put something in front of a lot of people unless we're confident that they're going to find it useful and want to come back and use it multiple times, and we can put a lot of things in front of people and they'll try them once, but we want to wait until it's -- until things are kind of retentive and useful.

所以總的來說，我們考慮這些東西的方式是——我們可以——我們盡量不把東西放在很多人面前，除非我們確信他們會發現它有用並且想來返回並多次使用它，我們可以將很多東西放在人們面前，他們會嘗試一次，但我們想等到它 - 直到東西有點保留和有用。

So we got to there on Watch.

所以我們在 Watch 上到達了那裡。

It's growing well.

它長得很好。

And that is -- so we're kind of still now focused on continuing to make it better and continuing to grow it.

那就是 - 所以我們現在仍然專注於繼續讓它變得更好並繼續發展它。

The premium content part of it, yes, I think the right way to think about this is almost as marketing to help people try out the tab for the first time.

它的高級內容部分，是的，我認為正確的思考方式幾乎是幫助人們第一次嘗試該標籤的營銷。

It's -- there are some good tentpole pieces of content that people really love, they come and they check out the product to experience that, and then they stay for a lot of the other valuable content that's in there that might not be talked about as much in the news.

它是 - 有一些人們真正喜歡的優秀內容，他們來了，他們檢查了產品以體驗它，然後他們留下了很多其他有價值的內容，這些內容可能不會被談論很多新聞。

So that's, I think, the right way to think about that.

所以，我認為，這是思考這個問題的正確方法。

Justin, it's Dave.

賈斯汀，是戴夫。

On the 2020 expense outlook, that includes head count growth and also other expense growth, sort of around infrastructure is a big factor as well.

在 2020 年的支出前景中，包括員工人數增長和其他支出增長，基礎設施也是一個重要因素。

We're seeing that large CapEx build over the last several years flowing through depreciation and cost of revenue.

我們看到，在過去幾年中，大量資本支出通過折舊和收入成本產生。

So that's a driver of the growth as well.

所以這也是增長的驅動力。

We are planning to reaccelerate or accelerate hiring in 2020, and that's really going to be focused on the important priorities of the company.

我們計劃在 2020 年重新加速或加速招聘，這將真正集中在公司的重要優先事項上。

So that includes our privacy, safety and security investments.

這包括我們的隱私、安全和安保投資。

So we are investing a lot in privacy related to building the products and also working on -- complying with the FTC settlement.

因此，我們在與構建產品相關的隱私方面進行了大量投資，並致力於遵守 FTC 和解協議。

And then we're continuing to invest heavily in our innovation investments.

然後我們將繼續大力投資我們的創新投資。

That includes building products around Facebook and Instagram and continuing to improve those, but also in new developing areas like AR/VR.

這包括圍繞 Facebook 和 Instagram 構建產品並繼續改進這些產品，但也包括在 AR/VR 等新興發展領域。

So those are big factors in growth.

所以這些都是增長的重要因素。

And then we are planning on growing non-headcount-related expenses as well like marketing.

然後我們計劃增加與員工人數無關的費用以及營銷費用。

And ultimately, that will depend on how the ROI of those investments play out over time.

最終，這將取決於這些投資的投資回報率如何隨著時間的推移發揮作用。

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

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can.

也許 2，如果可以的話。

You gave us a little bit of color on Asia and Rest of World and why those had accelerated.

你給了我們一些關於亞洲和世界其他地區的顏色，以及為什麼它們加速了。

Any additional color you could give on sort of the U.S. or Europe or things you saw in the quarter that might have impacted the growth rate in those regions?

您可以為美國或歐洲或您在本季度看到的可能影響這些地區的增長率的事物提供任何額外的顏色嗎？

And going to the Q4 guide, is there any color you can give us on how different regions of the world might be impacted against the mid- to high single-digit deceleration off the levels of Q3 just so we have a better understanding of where you might be seeing some of those tougher comps or product optimization play out on a global scale?

轉到第四季度指南，您是否可以給我們任何顏色，說明世界不同地區可能會如何受到第三季度水平的中高個位數減速的影響，以便我們更好地了解您在哪裡可能會看到一些更艱難的競爭或產品優化在全球範圍內發揮作用？

Thanks, Eric.

謝謝，埃里克。

We're not breaking out specific regional impact, but let me give you some color around the acceleration in areas like Rest of World and APAC.

我們並沒有具體分析具體的區域影響，但讓我為您介紹一下世界其他地區和亞太地區等地區的加速發展情況。

APAC benefited from some of the products optimizations we did in the quarter.

亞太地區受益於我們在本季度所做的一些產品優化。

One thing that I would cite there is just how we manage ad load and balance some of our internal promotion units and sort of use it as internal house spend, and the nature of the changes that we made in that had a more pronounced impact in some of the lower ARPU countries and unlock more impression growth in those markets.

我要引用的一件事是我們如何管理廣告負載和平衡我們的一些內部促銷單位並將其用作內部內部支出，以及我們所做的更改的性質對某些方面產生了更明顯的影響ARPU 較低的國家/地區，並在這些市場釋放更多印象增長。

So that was one of the factors.

所以這是因素之一。

And then Brazil was particularly weak last Q3.

然後巴西在去年第三季度特別疲軟。

So that had a good compare on a macroeconomic basis.

所以這在宏觀經濟基礎上有一個很好的比較。

In terms of the Q4 guide, not anything I would say specifically there.

就 Q4 指南而言，我不會在那裡具體說什麼。

In the U.S., we'll have a shorter holiday season.

在美國，我們將有一個較短的假期。

I know how that's going to play into it, just given the late arrival of Thanksgiving.

鑑於感恩節遲到，我知道這將如何發揮作用。

But I think, overall, the product optimizations that -- where we're comping against in Q4 were global changes.

但我認為，總的來說，產品優化——我們在第四季度的競爭是全球變化。

So I think we're going to see the deceleration impact the regions.

所以我認為我們將看到減速對這些地區的影響。

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 Brian Nowak。

I have 2. The first one, Mark, you mentioned Facebook app, in particular, had a strong quarter in the U.S. and Canada.

我有 2 個。第一個，馬克，你特別提到了 Facebook 應用程序，在美國和加拿大有一個強勁的季度。

We can see it in the DAU numbers.

我們可以在 DAU 數字中看到它。

I would be curious to hear about any specific products or changes or types of behavior you're seeing that really is driving the stronger engagement on big blue.

我很想知道您看到的任何特定產品或變化或行為類型是否真正推動了對藍色巨人的更強烈參與。

Then the second one, you have so many monetization, I guess, the comment was products to come.

然後是第二個，你有這麼多貨幣化，我猜，評論是即將推出的產品。

You talk about Commerce and IGTV and Stories and Discover, just as we sort of think about the timing of these, which 1 or 2 of those are you sort of most excited about to drive the business into 2020?

你談論 Commerce 和 IGTV 以及 Stories 和 Discover，就像我們考慮這些的時間安排一樣，你最興奮的是其中哪一兩個將業務推向 2020 年？

Yes.

是的。

I'll take -- I can take the first one on the Facebook app.

我會接受——我可以接受 Facebook 應用程序上的第一個。

It's a bunch of different places in which I think we made improvements.

我認為我們在很多不同的地方做出了改進。

I would say globally, especially outside the U.S., we saw good improvements around engagement, around video.

我會說在全球範圍內，尤其是在美國以外，我們看到圍繞參與度和視頻的良好改進。

In the U.S., I think it was less video and more core feed engagement.

在美國，我認為這是較少的視頻和更多的核心提要參與。

So it's a bunch of different factors.

所以這是一堆不同的因素。

And I think we're seeing good engagement from a bunch of cohorts in the U.S., which is good.

我認為我們看到美國一群人的積極參與，這很好。

But of course, we are highly penetrated in the U.S. and Canada.

但當然，我們在美國和加拿大的滲透率很高。

So we would expect that to bounce around.

所以我們預計它會反彈。

So I think that we saw great growth this quarter.

所以我認為本季度我們看到了巨大的增長。

We are quite penetrated.

我們完全被滲透了。

In terms of monetization opportunities.

在貨幣化機會方面。

I can speak to that, and Mark can add color if he would like.

我可以說，如果他願意，馬克可以添加顏色。

Obviously -- and Sheryl, would like to add color as well.

很明顯，Sheryl 也想添加色彩。

So Stories is obviously one of the big growing areas for us and continues to be a big driver.

因此，Stories 顯然是我們增長最快的領域之一，並將繼續成為一個重要的推動力。

We're also seeing opportunities around Instagram Explore going into 2020.

我們還在 2020 年看到了圍繞 Instagram Explore 的機會。

We're now monetizing with that product, and more advertisers are buying from it.

我們現在正在通過該產品獲利，越來越多的廣告商正在購買它。

And then Sheryl is going to jump in, and I think give some additional color.

然後 Sheryl 將加入進來，我想給她一些額外的色彩。

Yes.

是的。

I think in terms of our core advertising products and growth, it's worth really remembering that our core feed products for Facebook and Instagram are growing nicely and well, and we see a lot of opportunity to continue that growth.

我認為就我們的核心廣告產品和增長而言，值得真正記住的是，我們的 Facebook 和 Instagram 核心信息流產品增長良好，而且我們看到了很多繼續增長的機會。

Definitely, Stories is a big part of the success.

當然，故事是成功的重要組成部分。

We've had, I think, a lot of success moving advertisers to where people already are.

我認為，我們已經取得了很大的成功，將廣告商轉移到人們已經存在的地方。

That's what happened with mobile ads.

移動廣告就是這樣。

People weren't really doing mobile ads, and we help them get there.

人們並不是真的在做移動廣告，而我們幫助他們實現了目標。

I think we've taken our experience on how to help advertisers migrate to the right places and have been able to do that even more quickly in new formats like Stories.

我認為我們已經在如何幫助廣告商遷移到正確的地方方面積累了經驗，並且能夠在故事等新格式中更快地做到這一點。

So of our more than 7 million advertisers, we already have 3 million advertising across Facebook, Instagram and Messenger Stories.

因此，在我們超過 700 萬的廣告商中，我們已經在 Facebook、Instagram 和 Messenger Stories 投放了 300 萬個廣告。

And I think that's because we learned that we have to do a lot to help them move.

我認為那是因為我們了解到我們必須做很多事情來幫助他們搬家。

So for example, advertisers can now buy stories across Facebook, Instagram and Messenger all at once.

例如，廣告商現在可以同時購買 Facebook、Instagram 和 Messenger 上的故事。

We've had automatic default templates, which convert your feed ads into vertical stories format.

我們有自動默認模板，可將您的信息流廣告轉換為垂直故事格式。

And this quarter, we just launched customizable templates, which help you save time and resources.

本季度，我們剛剛推出了可自定義的模板，可幫助您節省時間和資源。

So as we have to help advertisers move, we've learned how to make those investments and making the formats really easy, the measurement really easy, the buying really easy.

因此，當我們必須幫助廣告商移動時，我們已經學會瞭如何進行這些投資並使格式變得非常簡單，測量非常容易，購買非常容易。

Now the mix to Stories is a big opportunity for us.

現在，故事的混合對我們來說是一個巨大的機會。

Stories still don't monetize at the same rate as a News Feed right now.

現在，快拍仍然無法像動態消息那樣以相同的速度獲利。

So we're keeping an eye on that, but the growth over the long run is pretty exciting.

所以我們一直在關注這一點，但從長遠來看，增長是非常令人興奮的。

And I think our ability to help people migrate is something that we're able to prove out quarter-over-quarter.

而且我認為我們能夠逐季證明我們幫助人們遷移的能力。

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

你的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

Mark, what would you -- who would you want to add to the Board?

馬克，你會 - 你想將誰添加到董事會？

Or what sort of voice would you want to add to the Board that would be particularly helpful for you and the company now?

或者您希望在董事會中加入什麼樣的聲音，這對您和公司現在特別有幫助？

And then, David, could you talk about that Stories monetization gap, to what extent it's closing the rate at which it's closing?

然後，大衛，你能談談 Stories 貨幣化差距嗎，它在多大程度上正在縮小它正在縮小的速度？

I can take the Stories monetization gap first and give Mark a second.

我可以先彌補 Stories 貨幣化的差距，然後再給 Mark。

So on that, I think what we're continuing to see with Stories monetization is that is a product that's experiencing a lot of impression growth.

因此，我認為我們繼續通過故事貨幣化看到的是，該產品正在經歷大量的印象增長。

And whenever we have a product that's experiencing high-impression growth, that puts pressure on the auction in terms of price.

每當我們的產品印象深刻增長時，就會在價格方面給拍賣帶來壓力。

And we've also seen good impression growth on the feed side as well.

我們也看到了 Feed 方面的良好印象增長。

So if you noted in the commentary when I talked about the drivers of impression growth, I listed feed impressions from Facebook first.

因此，如果您在評論中提到印象增長的驅動因素時注意到，我首先列出了來自 Facebook 的提要印象。

So I think that's also showing good growth.

所以我認為這也顯示出良好的增長。

So I'd say, overall, not a big change in the gap there.

所以我想說，總的來說，那裡的差距沒有太大變化。

And overall, the impression growth is really the story for Stories, and we'll remain the story, we think, for the near future.

總的來說，印象增長確實是故事的故事，我們認為，在不久的將來，我們仍將是故事。

So that will not be a price-driven revenue growth story, but rather an impression growth revenue growth story.

因此，這不會是價格驅動的收入增長故事，而是印象增長收入增長故事。

Yes.

是的。

And on Board members -- I mean, look, there are a lot of great leaders who serve on our Board, who have served on our Board.

在董事會成員方面——我的意思是，看，有很多偉大的領導者在我們的董事會任職，他們曾在我們的董事會任職。

It's been an incredible benefit in running the company.

這對公司的運營帶來了難以置信的好處。

We face a very wide range of issues here from really hard technological problems to issue scaling large organizations to, of course, a lot of now major regulatory and social issues.

我們在這裡面臨非常廣泛的問題，從真正困難的技術問題到擴展大型組織的問題，當然還有許多現在主要的監管和社會問題。

And having different people who have different perspectives who can help us navigate that and provide both advice and oversight to make sure that we're doing a good job is really important.

擁有不同觀點的不同人員可以幫助我們解決這個問題，並提供建議和監督以確保我們做得很好，這一點非常重要。

And I just want to add one more time, Sue really did an amazing job on our Board, and I'm sad to see her go.

我只想再補充一次，Sue 在我們的董事會中確實做得非常出色，看到她離開我很難過。

And she has really helped shape a lot of what we do.

她確實幫助塑造了我們所做的很多事情。

And I'm just incredibly grateful for everything that she did here.

我非常感謝她在這裡所做的一切。

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

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two questions, if I can.

兩個問題，如果可以的話。

First, you mentioned a little bit earlier the OFA feature that you rolled out this quarter in just a few markets.

首先，您之前提到了本季度在幾個市場推出的 OFA 功能。

So can you give us a sense of what you're seeing in terms of early user response to this, how it may be impacting targeting in those markets?

那麼，您能否讓我們了解一下您在早期用戶對此的反應方面所看到的情況，它可能如何影響這些市場的定位？

And then secondly, you've disclosed on occasion kind of daily search query volumes.

其次，您偶爾會披露一些每日搜索查詢量。

You're now expanding ad inventory more into search.

您現在正在將廣告資源更多地擴展到搜索中。

So wondering if you can give us an updated sense of query volumes and then how we should think about ad coverage ramping over time within search given a lot of the searches on the platform today or people searches and how we should think about that.

所以想知道你是否可以給我們更新的查詢量，然後我們應該如何考慮廣告覆蓋率隨著時間的推移在搜索中逐漸增加，鑑於今天平台上的大量搜索或人們的搜索，以及我們應該如何考慮這一點。

Sure, Lloyd.

當然，勞埃德。

I'll take those.

我會拿那些。

In terms of the OFA rollout, we initially launched that in August, and we've been continuing to slowly roll that out globally.

在 OFA 推出方面，我們最初於 8 月推出，並且我們一直在繼續在全球範圍內緩慢推出。

And we'll be doing that over the next several months through the end of the year, and we're rolling it out globally on a percentage basis.

我們將在接下來的幾個月到今年年底這樣做，我們將按百分比在全球範圍內推廣。

We've seen a positive reception to having this feature as an option.

我們看到了將此功能作為選項的積極接受。

It's too early to share adoption, and we'll just have to see kind of over time how that gets picked up and how that gets adopted, but I think too early to really share much about it.

現在分享採用還為時過早，我們只需要隨著時間的推移看看它是如何被接受的以及它是如何被採用的，但我認為真正分享它還為時過早。

In terms of search, we are showing ads in Marketplace in FB search results.

在搜索方面，我們在 FB 搜索結果中展示了 Marketplace 中的廣告。

But really, the vast majority of searches on Facebook are for people, not topics related to retail or e-commerce.

但實際上，Facebook 上的絕大多數搜索都是針對人的，而不是與零售或電子商務相關的主題。

So it's very early days.

所以現在還為時尚早。

And from a revenue perspective, it's not material at this point.

從收入的角度來看，目前這並不重要。

Your next question comes from the line of Youssef Squali from SunTrust.

您的下一個問題來自 SunTrust 的 Youssef Squali。

Two questions for me as well.

我也有兩個問題。

Mark, with GDPR now over a year old, how has it impacted your business relative to your own expectations?

馬克，GDPR 現在已經實施一年多了，相對於您自己的期望，它對您的業務有何影響？

And how does that inform your views about the potential impacts from CCPA in 2020?

這如何影響您對 CCPA 在 2020 年的潛在影響的看法？

And then on VR, it seems like your vision has taken a bit longer than expected to materialize.

然後在 VR 上，你的願景似乎比預期要花更長的時間才能實現。

Can you speak to the gating factors there?

你能談談那裡的門控因素嗎？

And do you feel that now that Quest is at $400, and there seems to be a lot more content out there, we're going to see potentially an acceleration in adoption?

你覺得現在 Quest 的價格是 400 美元，而且似乎有更多的內容，我們是否會看到採用率的潛在加速？

Youssef, I'll take the question.

優素福，我來回答這個問題。

I think it was about GDPR and how that's gone relative to expectations.

我認為這是關於 GDPR 以及它如何與預期相關。

We've seen adoption around people who are opting out of allowing us to use context from the apps.

我們已經看到一些人選擇不讓我們使用來自應用程序的上下文。

And so I'd say that, that was largely within the range of expectations that we saw, and it is having an impact, and the people who are opting out are seeing less relevant ads.

所以我要說的是，這在很大程度上在我們看到的預期範圍內，並且正在產生影響，選擇退出的人看到的廣告相關性較低。

And obviously, that will impact the -- both the, I think, the quality of the experience in terms of the ads they get and also the monetization for us.

顯然，這將影響 - 我認為，他們獲得的廣告體驗質量以及我們的貨幣化。

So I think that is kind of playing out as we expected.

所以我認為這有點像我們預期的那樣。

CCPA, I think, is still a work in progress.

我認為 CCPA 仍在進行中。

So we're watching the developments on that closely.

因此，我們正在密切關注這方面的事態發展。

That's the California Consumer Privacy Act, and that has many similar provisions to GDPR, but it's a different law, and we're going to have to watch how that evolves.

這就是《加州消費者隱私法》，其中有許多與 GDPR 類似的規定，但這是一部不同的法律，我們將不得不觀察它的演變情況。

But we do think that, that's a factor that we're watching closely.

但我們確實認為，這是我們正在密切關注的一個因素。

And we'll have to see how that develops.

我們將不得不看看它是如何發展的。

I think, Mark, the question was on Oculus.

我想，馬克，問題出在 Oculus 上。

Sure.

當然。

And I'll also just add something on privacy.

我還將添加一些關於隱私的內容。

I think it's very important that there is federal privacy legislation.

我認為聯邦隱私立法非常重要。

GDPR encodes a lot of important principles.

GDPR 編碼了許多重要原則。

And in order for businesses to be able to operate, especially starts -- to get started and keep the market competitive, you want to make sure that there aren't 50 different regulatory frameworks that companies need to follow.

為了讓企業能夠運營，尤其是創業——開始並保持市場競爭力，你要確保沒有 50 種不同的監管框架需要公司遵守。

I mean we could handle that if we needed to.

我的意思是，如果需要，我們可以處理。

We're a big company.

我們是一家大公司。

But in terms of for the market overall, I just think it would be a lot better if we had a very clear set of rules at the federal level on privacy.

但就整個市場而言，我只是認為如果我們在聯邦層面有一套非常明確的隱私規則會好很多。

So we'll continue trying to work with folks to try to do what we can to help there.

因此，我們將繼續努力與人們合作，盡我們所能幫助那裡。

On VR and AR, you're right that this is taking a bit longer than we thought.

在 VR 和 AR 上，你是對的，這比我們想像的要長一點。

And I'm still optimistic.

而且我仍然很樂觀。

I think the long-term vision and the reasons why I thought this is were going to be important and big are unchanged.

我認為長期願景和我認為這將變得重要和重要的原因沒有改變。

So we're seeing a lot of people use these products and love them.

所以我們看到很多人使用這些產品並且喜歡它們。

And because of that, I think that we're still going to get there.

正因為如此，我認為我們仍然會到達那裡。

Obviously, the fact that it's taking a little longer than we'd thought, it cuts both ways.

顯然，它花費的時間比我們想像的要長一點，這對雙方都有好處。

On the one hand, that, of course, means that the future might be a few years further out and that it might be more expensive to develop because we'll be funding this for a bit longer until it gets there.

一方面，這當然意味著未來可能會再過幾年，而且開發成本可能會更高，因為我們會為此提供更長的資金，直到它實現。

But on the other hand, from our perspective, we're not a company that has traditionally done hardware or built operating systems or these kind of products.

但另一方面，從我們的角度來看，我們不是一家傳統上做硬件或構建操作系統或這類產品的公司。

So every year that we get to practice and get better and build our brand around Oculus in terms of building the best products that we can in the space, I just think that we're going to be better off when this is really ready to be a completely mainstream thing with hundreds of millions of people using it.

因此，每年我們都會練習並變得更好，並圍繞 Oculus 建立我們的品牌，以構建我們在該領域所能做到的最好的產品，我只是認為當它真正準備好時，我們會變得更好一個完全主流的東西，有數億人在使用它。

You're right that Quest is growing and doing quite well.

你說得對，Quest 正在成長並且做得很好。

We are -- we're selling them as fast as we can make them.

我們是——我們正在盡可能快地銷售它們。

The demand has been strong, and the content is starting to pick up, both on the AAA really high-quality side and some of the Indy stuff that I think is quite good.

需求一直很強勁，內容開始回升，無論是 AAA 真正高質量的一面還是一些我認為相當不錯的 Indy 東西。

I'm just -- I'm very excited about what we're seeing and very optimistic about the future.

我只是——我對我們所看到的感到非常興奮，並對未來非常樂觀。

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。

Great.

偉大的。

So guys, just a question on the 2020 rev outlook calling for a more modest deceleration.

伙計們，關於 2020 年轉速前景的問題需要更適度的減速。

So Dave, I guess, what are some of the headwinds, tailwinds that you might see in 2020 that would cause the deceleration?

所以戴夫，我想，你可能會在 2020 年看到哪些逆風和順風會導致減速？

Is this a function of lapping some of the impression acceleration you're seeing now in some of these innovations that you've had in '19?

這是否是您在 19 年的一些創新中看到的一些印象加速的功能？

Or is there things like the drying up of the late-stage VC funding market and some of those companies potentially coming back on their marketing plans, is that a material factor?

或者是否存在諸如後期 VC 融資市場的枯竭以及其中一些公司可能會重新制定其營銷計劃之類的事情，這是一個重要因素嗎？

Or what are some of the other headwinds for next year?

或者明年還有哪些其他不利因素？

And then one housekeeping question.

然後是一個內務管理問題。

Is the 4Q mid- to high single-digit decel, is that referring to constant FX growth rate?

第四季度中高個位數減速，是指外匯增長率不變嗎？

Or is that a reported U.S. dollar growth rate that you're expecting the decel from?

還是您預計美元增長率會下降？

Yes.

是的。

Sure, Ross.

當然，羅斯。

It's a reported number that we're giving that on a mid- to high single-digit deceleration from the reported growth rate.

這是一個報告的數字，我們給出的是從報告的增長率中到高個位數的減速。

I don't think there's going to be huge difference in them, but we're getting on a reported basis.

我不認為它們會有很大的不同，但我們是在報告的基礎上進行的。

So in terms of the deceleration, we continue to expect deceleration into 2020, but it would be, we believe, more moderated.

因此，就減速而言，我們繼續預計到 2020 年會減速，但我們認為，減速會更加緩和。

And the reasons for that, that we expect a deceleration we do continue to see these ad-targeting related headwinds, which have been playing out slowly, but we think are still in front of us.

其原因是，我們預計我們確實會繼續看到這些與廣告定位相關的不利因素，這些不利因素一直在緩慢發揮作用，但我們認為仍然擺在我們面前。

The majority of potential signal loss on targeting is still in front of us.

大多數潛在的目標信號損失仍然擺在我們面前。

And that's the 3 factors that I cited, the regulatory landscape, potential platform changes and then the adoption of our own products like OFA that we're just rolling out now.

這就是我引用的 3 個因素，監管環境、潛在的平台變化以及我們自己的產品的採用，比如我們現在剛剛推出的 OFA。

So all of those will play into potential deceleration of revenue growth in 2020.

因此，所有這些都將導致 2020 年收入增長的潛在減速。

And obviously, we're lapping what's been good performance in 2019 where we've made a lot of product improvements and growing off a large base.

很明顯，我們在 2019 年取得了良好的表現，我們進行了大量的產品改進，並在一個龐大的基礎上發展壯大。

So I think we are experiencing deceleration from that perspective.

因此，我認為從這個角度來看，我們正在經歷減速。

The specific sort of high level of deceleration going into Q4, we're signing the specific optimizations that we're lapping in Q4, which were more significant.

進入第四季度的特定類型的高減速，我們正在簽署我們在第四季度進行的特定優化，這些優化更為重要。

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

你的下一個問題來自高盛的 Heather Bellini。

Great.

偉大的。

I just wanted to go back to the opening remarks about the 35,000 people, I think you mentioned, that you have working on safety and that you're spending more.

我只想回到關於 35,000 人的開場白，我想你提到過，你在安全方面工作並且你正在花費更多。

I think your budget for this area, you said is more than it was back when you went public in 2012, so maybe about $5 billion.

我認為你在這方面的預算，你說的比你在 2012 年上市時還要多，所以可能大約是 50 億美元。

I was just was wondering if you could share with us your view on how much you're using.

我只是想知道您是否可以與我們分享您對使用量的看法。

You talked about AI in the past being helpful here.

你過去談到人工智能在這裡很有幫助。

How long does this have to be as resource intensive from a people perspective?

從人員的角度來看，這需要多長時間才能成為資源密集型的？

Or do you see the ability over time is with technologies like AI potentially helping you to get more leverage out of this existing budget?

或者您是否看到隨著時間的推移，AI 等技術可能會幫助您從現有預算中獲得更多收益？

So maybe you don't have to continue to ramp it as quickly as your user base and engagement continues to grow?

因此，也許您不必隨著用戶群和參與度的持續增長而繼續快速提升它？

Sure.

當然。

So over time, we may not have to ramp it as much, but I don't foresee any time in the near future that AI is going to make it to that -- this -- the cost comes down.

所以隨著時間的推移，我們可能不必那麼多地增加它，但我預計在不久的將來 AI 不會做到這一點 - 這 - 成本會下降。

In general, what we have to do is we use computers and AI for what they're good for, which is looking at a lot of content very quickly and making quick judgments.

總的來說，我們要做的就是利用計算機和人工智能做它們擅長的事情，也就是非常快速地查看大量內容並做出快速判斷。

And we have teams of people doing what people are good for, which is making nuance human judgments.

我們有一群人在做人們擅長的事情，這就是做出細微的人類判斷。

And as you build the computer system, so that way they can flag and get rid of some of the worst stuff, and so they can flag for human review, some of the stuff at the borderline.

當你構建計算機系統時，這樣他們就可以標記並刪除一些最糟糕的東西，這樣他們就可以標記一些處於邊界的東西以供人工審查。

And then there's just so much content flowing through the system that we do need a lot of people looking at this.

然後有太多的內容流經系統，我們確實需要很多人來關注它。

And I don't think that, that's going to change anytime soon.

而且我認為這不會很快改變。

And Heather, I would add that when you're using systems to look at content, when you use AI and machine learning systems, it's a real benefit to have actual people looking and tagging that content, classifying it because it helps those machine learning algorithms be able to learn what they're looking at.

希瑟，我想補充一點，當你使用系統來查看內容時，當你使用人工智能和機器學習系統時，讓真正的人查看和標記該內容，對其進行分類是一個真正的好處，因為它有助於那些機器學習算法能夠了解他們在看什麼。

So you actually have -- we do have actually ramp in people who are doing the tagging and classification.

所以你實際上有 - 我們確實確實增加了進行標記和分類的人員。

So there's actually expense related to AI that's on the human side in the near and medium term as well.

因此，在近期和中期，實際上也存在與人工智能相關的費用，這些費用是在人類方面。

So very much in line with what Mark said.

非常符合馬克所說的。

Over time, it's an opportunity to maybe slow down the growth, but it's not going to change the dynamics in the near term.

隨著時間的推移，這是一個可能減緩增長的機會，但它不會在短期內改變動態。

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

您的下一個問題來自 Baird 的 Colin Sebastian。

Mark, maybe a bigger picture question.

馬克，也許是一個更大的問題。

I'm wondering how you think about the increase in scrutiny or oversight impacting your -- or the company's ability to explore new services, new markets and ultimately remain competitive?

我想知道您如何看待影響您的審查或監督的增加——或者公司探索新服務、新市場並最終保持競爭力的能力？

Or is that not really a factor at this point?

或者在這一點上這不是一個真正的因素？

And then on payments related to the WhatsApp test, I'm just wondering how far off in the distance do you think we are from seeing a connected payments ecosystem across the family of apps?

然後關於與 WhatsApp 測試相關的支付，我只是想知道您認為我們距離看到跨應用程序系列的連接支付生態系統還有多遠？

And do the growing pains for Libra impact the timing of that?

Libra 的成長煩惱會影響它的時機嗎？

Sure.

當然。

So look, I think some of what you might be asking about are the antitrust questions that are out there in the investigations.

所以看，我認為您可能會問的一些問題是調查中存在的反托拉斯問題。

And I could talk a bit about this, if it's helpful.

如果有幫助的話，我可以談談這個。

I mean, look, I think a lot of the antitrust questions that are out there that -- are going to be about our acquisition of Instagram, right, and some of the -- how that might affect other things that we do today, but there's going to be a lot of scrutiny of that acquisition in particular.

我的意思是，你看，我認為很多反壟斷問題都是關於我們收購 Instagram 的，對吧，還有一些 - 這可能會如何影響我們今天所做的其他事情，但是特別是對此次收購將進行大量審查。

And so I think if it's helpful, I'll go back to what it was like at the time there.

所以我認為如果它有幫助，我會回到當時的情況。

When we did that acquisition, just to kind of lay out how we were thinking about this.

當我們進行收購時，只是為了說明我們是如何考慮這個問題的。

And at the time, of course, in some ways, we considered Instagram to be a competitor, but we've always thought that the better way to think about Instagram was that it was -- it's complementary to Facebook and what we're doing.

當時，當然，在某些方面，我們認為 Instagram 是一個競爭對手，但我們一直認為，更好地看待 Instagram 的方式是——它是 Facebook 和我們正在做的事情的補充.

Back in 2012, people generally didn't think of Instagram as competing with our core service.

早在 2012 年，人們普遍認為 Instagram 不會與我們的核心服務競爭。

We thought about Instagram in the context of this new mobile camera space that was complementary.

我們在這個互補的新移動相機空間的背景下考慮了 Instagram。

If you remember, back then, we were building the Facebook camera app.

如果您還記得，那時候我們正在構建 Facebook 相機應用程序。

There were lots of different services.

有很多不同的服務。

There is the Camera Plus, VSCO Cam, Socialcam, Vidi, Snapseed.

有 Camera Plus、VSCO Cam、Socialcam、Vidi、Snapseed。

They're even apps like Path.

它們甚至是像 Path 這樣的應用程序。

They were all in the same space.

他們都在同一個空間裡。

We thought the mobile photos were going to be important.

我們認為手機照片會很重要。

So we were competing there with things like Facebook camera, but we ultimately thought that we were going to do better work if we were building with Instagram.

所以我們在那裡與 Facebook 相機之類的東西競爭，但我們最終認為，如果我們使用 Instagram 進行構建，我們會做得更好。

But if you remember at the time, Instagram was focused on helping people take photos, apply creative filters and share them publicly across different social networks, including Facebook, right?

但如果你還記得當時，Instagram 專注於幫助人們拍照、應用創意濾鏡並在包括 Facebook 在內的不同社交網絡上公開分享，對吧？

It wasn't a full-featured social network itself.

它本身並不是一個功能齊全的社交網絡。

It only had about 30 million people using it at the time.

當時只有大約 3000 萬人使用它。

And I remember specifically, Kevin and I set a goal that we hoped that 1 day, Instagram might reach 100 million people.

我特別記得，凱文和我設定了一個目標，我們希望有一天，Instagram 可以達到 1 億人。

And I know that, that seems quaint today compared to how well it's done.

而且我知道，與它的完成程度相比，這在今天看起來很古怪。

But remember that a lot of the other services that were Instagram's peers, and we're growing quickly at the time, including start-ups with strong teams and very talented founders like Path, don't really even exist today anymore.

但請記住，許多其他服務是 Instagram 的同行，我們當時正在快速發展，包括擁有強大團隊的初創企業和像 Path 這樣非常有才華的創始人，今天甚至都不復存在了。

So look, I mean, at the end of the day, the FTC makes its judgment on what we can do.

所以看，我的意思是，在一天結束時，聯邦貿易委員會會對我們能做什麼做出判斷。

The FTC had all this context when they made this decision in 2012.

聯邦貿易委員會在 2012 年做出此決定時就有了所有這些背景。

And the reality is, it ends up being a lot more complementary than I think we ever expected.

而事實是，它最終比我認為我們預期的更具互補性。

But look, I mean, building services like this is hard, right?

但是，我的意思是，構建這樣的服務很難，對吧？

Instagram wouldn't be what it is today without Kevin and Mike who are just really incredible product leaders and, of course, did a lot of amazing work, but it also wouldn't be what it is without everything that we put into it, and whether that's the infrastructure or our advertising model or spam and safety services and a lot more.

如果沒有 Kevin 和 Mike，Instagram 就不會是今天的樣子，他們是非常了不起的產品領導者，當然，他們做了很多令人驚嘆的工作，但如果沒有我們投入的一切，Instagram 也不會是今天的樣子，以及無論是基礎設施還是我們的廣告模式或垃圾郵件和安全服務等等。

And I know it can be really hard, given how well things have gone to look back and remember what the world was like at the time that we made this acquisition, but our outlook was really different then, and the outcome was not at all guaranteed.

我知道這真的很難，因為事情已經過去了，回首過去並記住我們進行此次收購時的世界是什麼樣的，但我們當時的前景真的很不一樣，結果完全沒有保證.

So look, I mean, I think for all the concern about whether there's enough competition, the space today continues to be incredibly competitive.

所以看，我的意思是，我認為對於是否存在足夠的競爭的所有擔憂，今天的空間仍然非常具有競爭力。

We have different competitors in the space today like Snapchat, which shows that people are always building new ideas.

我們今天在這個領域有不同的競爭對手，比如 Snapchat，這表明人們總是在創造新的想法。

And on mobile phones, of course, remember that both Apple and Google has built cameras and private photo sharing and photo management directly into their operating system.

當然，在手機上，請記住 Apple 和 Google 都在其操作系統中直接內置了相機和私人照片共享和照片管理功能。

So that kind of gives you a picture of how we think about some of the scrutiny that's coming and just how we think about doing these things in general.

因此，這可以讓您大致了解我們如何看待即將進行的一些審查，以及我們如何考慮一般做這些事情。

There was a question about Commerce?

有一個關於商業的問題？

Yes.

是的。

Sorry.

對不起。

Yes.

是的。

How far off is a connected Commerce -- payments ecosystem?

互聯商務——支付生態系統還有多遠？

Well, I mean, we're doing a lot of stuff around Commerce.

嗯，我的意思是，我們正在圍繞商業做很多事情。

I mean it's -- we have Facebook Marketplace is probably the most advanced.

我的意思是——我們的 Facebook Marketplace 可能是最先進的。

And hundreds of millions of people use that to buy and sell things.

數以億計的人用它來買賣東西。

Instagram Shopping, of course, a lot earlier, but we're very optimistic about it.

Instagram Shopping，當然要早很多，但我們對此非常看好。

But optimistic on the time frame of years, right, not driving next quarter's business.

但對幾年的時間框架持樂觀態度，對，不會推動下一季度的業務。

And then in terms of payments, there's multiple approaches that we're taking there.

然後在付款方面，我們正在採取多種方法。

We're, of course, working on payments in WhatsApp.

當然，我們正在 WhatsApp 中進行支付。

We have our tests going in India.

我們在印度進行測試。

It's -- the test really shows that a lot of people are going to want to use this product.

這是 - 測試確實表明很多人都想使用這個產品。

We're very optimistic that we're going to be able to launch to everyone in India soon.

我們非常樂觀，我們很快就能向印度的每個人推出。

But of course, we'll share more news when we have that.

但當然，我們會在有消息時分享更多消息。

And we also differentiate between payment systems that are built on top of the existing financial infrastructure like what we're trying to do with WhatsApp payment or when we make payments in Instagram Shopping, and our work with something like Libra that is trying to build some new technological infrastructure for financial services.

我們還區分了建立在現有金融基礎設施之上的支付系統，例如我們嘗試使用 WhatsApp 支付或當我們在 Instagram 購物中進行支付時，以及我們與 Libra 等正在嘗試構建一些金融服務的新技術基礎設施。

So they're working on different things.

所以他們在做不同的事情。

If Libra works, then it will be able to make it at certain kind of payments, whether they're micro payments or remittances across borders, will be able to be done much faster and much more affordably than can happen today on top of existing rails.

如果 Libra 有效，那麼它將能夠以某種支付方式進行，無論是小額支付還是跨境匯款，都將能夠比今天在現有軌道上進行的更快、更實惠.

So I remain optimistic that we'll be able to do work there, but we're just working across a lot of different fronts here because this is a huge space.

因此，我仍然樂觀地認為我們能夠在那裡開展工作，但我們只是在這裡開展許多不同方面的工作，因為這是一個巨大的空間。

It's one of the areas that I am the most excited and optimistic about for the years ahead.

這是未來幾年我最興奮和最樂觀的領域之一。

There's a lot to do, which is why we have a lot of different projects that we're trying to push forward here.

有很多事情要做，這就是為什麼我們有很多不同的項目要在這裡推進。

Operator, we have time for one last question.

接線員，我們有時間問最後一個問題。

Your last question comes from the line of Michael Nathanson from MoffettNathanson.

你的最後一個問題來自 MoffettNathanson 的 Michael Nathanson。

Let me ask one of Mark, one of Dave.

讓我問一位馬克，一位戴夫。

So Mark, I remember a couple of quarters ago, we asked you about the embracing of maybe paying for news.

所以馬克，我記得幾個季度前，我們問過你關於可能為新聞付費的擁抱。

It looks like you've struck some deals with some publishers.

您似乎與一些發布商達成了一些交易。

Can you talk a bit about that pivot and what the rationale is and maybe how big is that vision for any news?

你能談談這個支點嗎？它的基本原理是什麼？也許這個願景對任何新聞來說都有多大？

And then for Dave, there's reports might about Cognizant, who, I guess, has been one of the Facebook screeners ahead of AI is dropping the contract, do you expect to bring that job in-house or is that a third-party outsourcing opportunity?

然後對於 Dave，可能有關於 Cognizant 的報導，我猜，在 AI 終止合同之前，他一直是 Facebook 的篩選者之一，你希望將這份工作帶到內部還是第三方外包機會？

Dave, do you want to do that?

戴夫，你想這樣做嗎？

And then I'll wrap on the...

然後我會包裹在...

Yes, sure.

是的，當然。

Thanks, Michael.

謝謝，邁克爾。

No plans to bring that in-house.

沒有計劃將其引入內部。

We obviously have a lot of people in-house who work with the third-party -- the third parties on that front, but we have a wide variety of different partners beyond Cognizant who work with us.

顯然，我們內部有很多人與第三方合作——在這方面的第三方，但除了與我們合作的 Cognizant 之外，我們還有各種各樣的不同合作夥伴。

So there's no change in model planned on that front, but we continue to obviously invest heavily in that work, and we'll continue to work with other partners in that space.

因此，在這方面計劃的模型沒有變化，但我們顯然會繼續大力投資這項工作，我們將繼續與該領域的其他合作夥伴合作。

All right.

好的。

So on news, there were 2 things that I'm quite excited about here.

所以在新聞上，有兩件事讓我很興奮。

One is just building a dedicated product space for high-quality news.

一個只是為高質量新聞建立一個專門的產品空間。

And the second is having a business partnership with news publishers that I think can be sustainable over the long term.

其次是與新聞出版商建立業務合作夥伴關係，我認為這種合作關係可以長期持續下去。

So I'll talk a bit about both of them and why I think they're important.

所以我會談談他們兩個，以及為什麼我認為他們很重要。

We'll start with the product, which is if you look at the Facebook app overall, for a lot of years, the app was synonymous with News Feed, right, the main tab in the app.

我們將從產品開始，如果您從整體上看 Facebook 應用程序，那麼多年來，該應用程序一直是 News Feed 的代名詞，對，是應用程序中的主選項卡。

And of course, everyone who uses Facebook pretty much uses News Feed.

當然，幾乎所有使用 Facebook 的人都使用 News Feed。

And one of the questions that we had was there were, of course, a lot of things that some people want to do, but not everyone.

我們的問題之一是，當然，有些人想做很多事情，但不是每個人都想做。

And we weren't sure if we were going to be able to build secondary tabs in the app that could be meaningful even if most people didn't use them.

我們不確定我們是否能夠在應用程序中構建可能有意義的輔助選項卡，即使大多數人不使用它們也是如此。

But we started building things like Marketplace.

但我們開始構建像 Marketplace 這樣的東西。

There's a tab that -- and even if the majority of people on Facebook don't use it, it's still hundreds of millions of people are using it.

有一個標籤——即使 Facebook 上的大多數人不使用它，仍然有數億人在使用它。

So that's really valuable.

所以這真的很有價值。

And we built Watch.

我們打造了 Watch。

We're seeing a similar trend there.

我們在那裡看到了類似的趨勢。

It took us a little while to really get it to work the way that we wanted, but now it's growing quickly.

我們花了一些時間才真正讓它按照我們想要的方式工作，但現在它正在快速增長。

That's going to be hundreds of millions of people are using it.

那將有數億人在使用它。

We rolled out Facebook Dating.

我們推出了 Facebook 約會。

I don't know if that'll be many hundreds of millions of people, just because of the size of that market, but it's going to be very useful for tens of millions of people around the world, maybe 100 million or more.

我不知道這是否會是數億人，只是因為這個市場的規模，但它對全世界數千萬人非常有用，可能有 1 億或更多。

And we're, of course, doing this with groups.

當然，我們正在與小組一起做這件事。

And there will be opportunities to do this in other places, including with news.

並且將有機會在其他地方這樣做，包括新聞。

So I think in the future, if this works out, what we're going to see is that how people use the Facebook app is going to be -- they're going to keep on using News Feed, they're going to keep on sharing with friends and family, but the average person will also probably have 1, 2 or 3 other apps or kind of secondary tabs that they use that are quite useful for them in connecting with their broader community on Facebook, but those things that each individual user are going to vary from person to person.

所以我認為在未來，如果這成功了，我們將看到人們使用 Facebook 應用程序的方式將是——他們將繼續使用 News Feed，他們將繼續關於與朋友和家人分享，但普通人可能還會使用 1、2 或 3 個其他應用程序或某種輔助選項卡，它們對他們在 Facebook 上與更廣泛的社區建立聯繫非常有用，但這些東西每個個人用戶將因人而異。

So it's not going to be that everyone is using News Feed, they're going to have -- different people are going to care about different things, whether it's community, it's our marketplace for some or dating or news for others.

所以不會是每個人都在使用 News Feed，他們會 - 不同的人會關心不同的事情，無論是社區，還是我們的市場，對某些人來說是約會或新聞。

And surely, even though not everyone comes to Facebook because they want high-quality news, I believe that there are going to be, whether it's 10% or 20%, at a floor who I think would really want something like this, and we're going to work with the news publishers to make this very valuable.

可以肯定的是，即使不是每個人都因為想要高質量的新聞而來到 Facebook，但我相信會有 10% 或 20% 的人在我認為真正想要這樣的東西的地板上，我們將與新聞出版商合作，使它變得非常有價值。

And I'm optimistic that we can get there.

我很樂觀，我們可以到達那裡。

So that's the kind of the product strategy on the Facebook side.

這就是 Facebook 方面的產品策略。

For news publishers, the thing that I'm excited about is, look, I do think that we have a responsibility to help work with news publishers to fund high-quality journalism.

對於新聞出版商，讓我感到興奮的是，看，我確實認為我們有責任幫助新聞出版商合作，為高質量的新聞事業提供資金。

It's no secret that the Internet has disrupted the business model for journalism.

互聯網已經顛覆了新聞業的商業模式，這已經不是什麼秘密了。

And I think that, that means that the major Internet platforms have a responsibility to form partnerships and help to fund this work.

我認為，這意味著主要互聯網平台有責任建立合作夥伴關係並幫助資助這項工作。

And the challenge that we've had historically is that when most of the usage of the app was a News Feed, what our community told us is that they really wanted more content from friends and family and less other stuff.

我們一直面臨的挑戰是，當應用程序的大部分使用是新聞提要時，我們的社區告訴我們，他們真的想要更多來自朋友和家人的內容，而不是其他東西。

So less public video, less of the other content besides friends and families.

所以公共視頻少了，朋友和家人以外的其他內容也少了。

So even though we were talking to a lot of news publishers, and we wanted to find a way to support and they, of course, wanted more distribution and some kind of financial relationship, it didn't really make a lot of sense in the past to pay for content that a lot of our community was generally telling us that they want to see other stuff instead of that.

因此，即使我們與很多新聞出版商交談，我們想找到一種支持方式，他們當然想要更多的發行量和某種財務關係，但這在過去為我們社區的許多人通常告訴我們的內容付費，他們希望看到其他內容而不是那些內容。

But now with the dedicated News tab, we finally have a space where the business model for it really works for us to be in a long-term sustainable financial relationship with news publishers where we can pay them for high-quality content that can go in there, that will be what fuels the tab and makes it a great product.

但現在有了專門的新聞標籤，我們終於有了一個空間，它的商業模式真正適用於我們與新聞出版商建立長期可持續的財務關係，我們可以向他們支付可以進入的高質量內容在那裡，這將推動標籤並使其成為一個偉大的產品。

And I think in doing so, this can be a long-term virtuous cycle and sustainable business model in a way that we can help support journalism, and I'm really happy to do this.

我認為這樣做可以成為一個長期的良性循環和可持續的商業模式，我們可以幫助支持新聞業，我真的很高興這樣做。

Great.

偉大的。

Thank you.

謝謝。

Thank you all for joining us today.

感謝大家今天加入我們。

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

感謝您的寶貴時間，我們期待與您再次交談。

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。