Meta Platforms Inc (META) 2020 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 2020 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

下午好。我叫邁克，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 Facebook 2020 年第三季度收益電話會議。 （操作員說明）此通話將被錄音。非常感謝你。

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. Good afternoon, and welcome to Facebook's Third Quarter 2020 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝你。下午好，歡迎參加 Facebook 2020 年第三季度收益電話會議。今天和我一起討論我們的結果的是首席執行官馬克扎克伯格；謝麗爾·桑德伯格，首席運營官；和首席財務官戴夫·韋納。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. 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 report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所設想的結果大不相同。今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表格季度報告中列出了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。新聞稿和隨附的投資者介紹可在我們的網站investor.fb.com 上找到。

And now I would like to turn the call over to Mark.

現在我想把電話轉給馬克。

All right. Thanks, everyone, for joining us today. I hope you're all staying safe and doing well. We had another strong quarter as people and businesses continue to rely on our services, stay connected and create economic opportunity, especially during these tough times. Now 2.5 billion people around the world use one or more of our apps each day; more than 200 million businesses use our free tools; and there are more than 10 million active advertisers across our services. And most of these are small businesses, which otherwise would have had a much harder time moving online and reaching customers during this pandemic, and that's something that I'm really proud of.

好的。謝謝大家，今天加入我們。我希望你們都保持安全並且做得很好。隨著人們和企業繼續依賴我們的服務、保持聯繫並創造經濟機會，我們又迎來了一個強勁的季度，尤其是在這些艱難時期。現在，全世界每天有 25 億人使用我們的一個或多個應用程序；超過 2 億家企業使用我們的免費工具；我們的服務中有超過 1000 萬活躍的廣告商。其中大多數是小企業，否則在這次大流行期間，它們在網上轉移和接觸客戶方面會更加困難，這讓我感到非常自豪。

And before I cover other topics, the election is, of course, top of mind for everyone right now, so I want to start there. I've discussed our effort many times on previous calls, but I want to take a few minutes to reiterate how far we have come since 2016. 4 years ago, our security teams were looking for traditional threats like hacking, but what we ended up seeing was something new, coordinated interference campaigns using fake accounts that try to spread misinformation and discord. And since then, we've built the most advanced systems in the world to find and remove these threats. And it shows in the numbers. In the years since, we've taken down more than 100 networks, including from Russia, Iran and China. And we blocked millions of potentially abusive accounts every day. And no other company has systems nearly as advanced.

在我討論其他話題之前，選舉當然是每個人現在最關心的問題，所以我想從那裡開始。我在之前的電話會議中多次討論了我們的工作，但我想花幾分鐘時間重申一下我們自 2016 年以來取得的成就。4 年前，我們的安全團隊一直在尋找黑客等傳統威脅，但我們最終發現了什麼看到是一種新的、協調的干擾活動，使用試圖傳播錯誤信息和不和諧的虛假賬戶。從那時起，我們建立了世界上最先進的系統來發現和消除這些威脅。它顯示在數字中。從那以後的幾年裡，我們已經關閉了 100 多個網絡，其中包括來自俄羅斯、伊朗和中國的網絡。我們每天都會屏蔽數百萬個可能存在濫用行為的帳戶。沒有其他公司擁有如此先進的系統。

We've also taken industry-leading steps to make ads transparent, so people know who's trying to gain their support. Anyone who wants to run a political or social issue ad has to go through our authorization process first. And between March and September, we rejected ads 2.2 million times before they can run for trying to target the U.S. without authorization. We also built the ads library, where you can see any ad that is running on Facebook or Instagram and even if it's not targeted to you. For political and social issue ads, you can see who paid for the ad and what audience the ad reached, making political advertising on Facebook more transparent than any other medium.

我們還採取了行業領先的措施來使廣告透明化，這樣人們就知道誰在努力獲得他們的支持。任何想要投放政治或社會問題廣告的人都必須先通過我們的授權程序。在 3 月至 9 月期間，我們拒絕了 220 萬次廣告，因為它們試圖在未經授權的情況下定位到美國。我們還構建了廣告庫，您可以在其中查看在 Facebook 或 Instagram 上投放的任何廣告，即使它不是針對您的。對於政治和社會問題廣告，您可以查看誰為廣告付費以及廣告覆蓋了哪些受眾，這使得 Facebook 上的政治廣告比任何其他媒體都更加透明。

We are very focused on voter suppression. We're working closely with experts in the space, including civil rights leaders, and I'm grateful for their guidance here. Our policies prohibit misrepresentations of when and how to vote and content meant to intimidate people into not showing up to polling places like claiming that ISIS will be there. And we recently expanded these policies to include implicit misrepresentations, like, for example, claims that you will get COVID by voting in person. From March through mid-October, we removed more than 135,000 pieces of content in the U.S. for breaking these rules.

我們非常關注選民壓制。我們正在與該領域的專家密切合作，包括民權領袖，我很感謝他們在這裡的指導。我們的政策禁止虛假陳述投票的時間和方式以及旨在恐嚇人們不去投票站的內容，例如聲稱 ISIS 將在那裡。我們最近擴展了這些政策，將隱含的虛假陳述包括在內，例如，聲稱您將通過親自投票獲得 COVID。從 3 月到 10 月中旬，我們在美國刪除了超過 135,000 條違反這些規則的內容。

Now these are all changes we've made in the last 4 years, and it helps us protect the integrity of more than 200 different elections around the world, including in the EU, India and Indonesia. And they've been important for stopping abuse ahead of next week's vote in the U.S. But 2020 has also brought new challenges. COVID raises questions about how people will vote safely, which will lead to higher levels of voting by mail. And I'm worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country. And given this, companies like ours need to go well beyond what we've done before.

現在，這些都是我們在過去 4 年中所做的所有改變，它幫助我們保護了全球 200 多個不同選舉的完整性，包括歐盟、印度和印度尼西亞。它們對於在下周美國投票之前製止濫用行為很重要。但 2020 年也帶來了新的挑戰。 COVID 引發了人們如何安全投票的問題，這將導致更高水平的郵寄投票。而且我擔心，由於我們的國家如此分裂，選舉結果可能需要數天或數週才能最終確定，全國各地存在內亂的風險。鑑於此，像我們這樣的公司需要遠遠超越我們以前所做的。

That's why we've taken additional steps to help people register to vote, however they're comfortable; to clear up confusion about how this election will work; and reduce the chance of uncertainty and unrest. It would take too long for me to cover everything we've done in detail, but I would like to mention a few things.

這就是為什麼我們採取了額外的措施來幫助人們登記投票，無論他們是否感到舒服；澄清關於這次選舉將如何運作的困惑；並減少不確定性和動蕩的機會。我需要很長時間才能詳細介紹我們所做的所有事情，但我想提幾點。

First, we ran the largest voting information campaign in American history. We estimate that we've helped 4.4 million people register, exceeding the goal that we set for ourselves this summer. We also estimate that in September, we helped 100,000 people sign up to be poll workers, and South Carolina saw 20% of their total sign-ups to date over a single weekend that we ran that recruitment drive.

首先，我們開展了美國歷史上規模最大的投票信息宣傳活動。我們估計我們已經幫助 440 萬人註冊，超過了我們今年夏天為自己設定的目標。我們還估計，在 9 月份，我們幫助 100,000 人註冊成為民意調查工作人員，而南卡羅來納州迄今為止在我們開展招聘活動的一個週末就看到了他們總註冊人數的 20%。

We're also taking a number of additional precautionary steps. As of this Tuesday, we've blocked new political and social issue ads running the week ahead of election day and after the election. We're doing this because while I generally believe that the best antidote to bad speech is more speech, in the final days of an election, there may simply not be enough time to contest new claims. If any candidate or campaign tries to declare victory before the final results are called, we'll put a notification at the top of people's Facebook and Instagram feeds, letting them know the results aren't final yet, and then we'll put an informational label on the candidate's post saying the same.

我們還採取了一些額外的預防措施。從本週二開始，我們已經屏蔽了在選舉日前一周和選舉後投放的新政治和社會問題廣告。我們這樣做是因為雖然我通常認為應對糟糕言論的最佳解藥是更多言論，但在選舉的最後幾天，可能根本沒有足夠的時間來質疑新的主張。如果任何候選人或競選活動試圖在最終結果公佈之前宣布勝利，我們將在人們的 Facebook 和 Instagram 信息流頂部放置一條通知，讓他們知道結果尚未最終確定，然後我們將放置一個候選人帖子上的信息標籤也是如此。

We're also attaching an informational label to content that seeks to delegitimize the outcome of the election or any particular voting method. And when there is a projected winner, we'll send people notifications letting them know, and we'll show them in the voting information center we've been displaying at the top of our apps.

我們還在試圖使選舉結果或任何特定投票方法不合法的內容上附加一個信息標籤。當有預計的獲勝者時，我們會向人們發送通知，讓他們知道，我們會在我們一直顯示在應用頂部的投票信息中心向他們展示。

Finally, we've made a number of important content moderation decisions in recent weeks, including banning QAnon and Holocaust denial content as well as rejecting ads that discourage vaccines. And to be clear, this is not a shift in our underlying philosophy or strong support of free expression. Instead, it is a reflection of the increased risk of violence and unrest and an increased risk of harm associated with vaccine misinformation as we near an approved COVID vaccine.

最後，我們在最近幾週做出了一些重要的內容審核決定，包括禁止 QAnon 和否認大屠殺的內容以及拒絕阻止疫苗接種的廣告。需要明確的是，這並不是我們基本理念的轉變或對自由表達的強烈支持。相反，它反映了隨著我們接近批准的 COVID 疫苗，暴力和騷亂的風險增加，以及與疫苗錯誤信息相關的傷害風險增加。

Even the strongest free expression advocates don't think you should be able to yell fire in a crowded theater because they recognize that your actions or speech should not be able to put people in imminent risk of physical harm. And our policy is you're trying to balance free expression and safety as well, and that's what we're doing.

即使是最堅定的言論自由倡導者也不認為您應該能夠在擁擠的劇院中大喊大叫，因為他們認識到您的行為或言論不應使人們面臨迫在眉睫的人身傷害風險。我們的政策是你也在努力平衡言論自由和安全，這就是我們正在做的事情。

Now while next week will certainly be a test for Facebook, our systems have been tested in many elections over the last few years. Election integrity is and will be an ongoing challenge, and I am proud of the work that we have done here. I also know that our work doesn't stop after November 3. So we will keep anticipating new threats, evolving our approach and fighting to protect the integrity of the democratic process and the right of people to make their voices heard around the world.

現在，雖然下週肯定是對 Facebook 的考驗，但我們的系統在過去幾年的許多選舉中都經過了考驗。選舉誠信是並將是一個持續的挑戰，我為我們在這裡所做的工作感到自豪。我也知道，我們的工作在 11 月 3 日之後不會停止。因此，我們將繼續預測新的威脅，改進我們的方法，並努力保護民主進程的完整性和人們在世界各地發表意見的權利。

Now with that all said, I want to spend the rest of our time talking about our product work. We're making significant investments and hiring to develop a range of new products across the spectrum, from messaging to Reels, to our Commerce efforts, to our longer-term AR and VR platform work through Facebook Reality Labs. Dave will share more on the scope of those investments in just a few minutes. But while we face intense competition in every area of what we do, I'm proud of the product that we keep delivering for our community.

現在說了這麼多，我想用剩下的時間來談談我們的產品工作。我們正在進行大量投資和招聘，以開發一系列新產品，從消息傳遞到 Reels，再到我們的 Commerce 工作，再到我們通過 Facebook Reality Labs 開展的長期 AR 和 VR 平台工作。戴夫將在幾分鐘內分享更多關於這些投資範圍的信息。但是，儘管我們在我們所做的每個領域都面臨著激烈的競爭，但我為我們不斷為社區提供的產品感到自豪。

Now first, on messaging. Private messaging continues to be one of the fastest-growing forms of communication, now with roughly 100 billion messages exchanged every day on WhatsApp alone. But these conversations are still often fragmented across different apps. And people tell us that they want to be able to use the apps that they like best to reach everyone who they want to message.

現在首先，關於消息傳遞。私人消息傳遞仍然是增長最快的通信形式之一，現在僅 WhatsApp 每天就有大約 1000 億條消息交換。但這些對話仍然經常分散在不同的應用程序中。人們告訴我們，他們希望能夠使用他們最喜歡的應用程序來接觸他們想要發送消息的每個人。

So to address this, we've been working on a long-term infrastructure project to let people message across apps. And we've now started rolling out an update to Instagram that brings the best features from Messenger and creates a better messaging experience across both apps. And the early feedback has been positive so far.

因此，為了解決這個問題，我們一直在致力於一個長期的基礎設施項目，讓人們可以跨應用程序發送消息。我們現在已經開始推出 Instagram 更新，它帶來了 Messenger 的最佳功能，並在兩個應用程序之間創造了更好的消息傳遞體驗。到目前為止，早期的反饋是積極的。

This quarter, we also expanded Reels, a new way to create and discover short entertainment videos. People have always come to Instagram to express themselves and be entertained. And the community has been telling us that they want a way to make and watch short-form videos for a while now. The early results make me quite optimistic here. I also want to say I've been impressed by the AR effects that have been built by more than 400,000 creators on our AR platform. Now there's obviously a lot of competition in this space as well, but I think that we're going to bring something new and higher quality that delivers value for creators and people who want to watch this content.

本季度，我們還擴展了 Reels，這是一種創建和發現娛樂短視頻的新方式。人們總是來 Instagram 表達自己和娛樂。一段時間以來，社區一直在告訴我們，他們想要一種製作和觀看短視頻的方法。早期的結果讓我在這里相當樂觀。我還想說，超過 400,000 名創作者在我們的 AR 平台上構建的 AR 效果給我留下了深刻的印象。現在這個領域顯然也有很多競爭，但我認為我們將帶來一些新的、更高質量的東西，為想要觀看這些內容的創作者和人們帶來價值。

This quarter, we also took major steps forward in building the next computing platform. We launched Quest 2, our most advanced virtual reality headset right in time for the holidays. It delivers a real sense of presence, like you're right there with another person or in another place. And we've worked to make it accessible to more people. It's lighter, faster and has a sharper screen and a new price point of just $300. Preorders have outpaced the original Quest preorders by more than 5x and have surpassed our expectations.

本季度，我們還在構建下一個計算平台方面邁出了重要的一步。我們適時推出了 Quest 2，這是我們最先進的虛擬現實耳機。它提供了一種真實的存在感，就像您與另一個人或在另一個地方一樣。我們一直在努力讓更多人可以使用它。它更輕、更快、屏幕更清晰，新價格僅為 300 美元。預訂量比最初的 Quest 預訂量高出 5 倍以上，超出了我們的預期。

We are also laying the foundation for AR glasses, which will be the Holy Grail of delivering a sense of presence while not taking you away from the physical world. One day, you're going to be able to sit down for dinner with your parents, even if they're on the other side of the country or look up directions without having to take out your phone and take yourself out of the moment. We're working on the building blocks for true consumer AR glasses. And in the meantime, we are partnering with Luxottica, the maker of Ray-Ban and Oakley, to build our first smart glasses, which we'll launch sometime next year.

我們還在為 AR 眼鏡奠定基礎，這將是在不帶您遠離現實世界的同時提供存在感的聖杯。有一天，您將能夠與您的父母坐下來共進晚餐，即使他們在該國的另一邊或查詢路線，而無需拿出您的手機，讓自己遠離當下。我們正在研究真正的消費級 AR 眼鏡的構建模塊。與此同時，我們正在與 Ray-Ban 和 Oakley 的製造商 Luxottica 合作，打造我們的第一款智能眼鏡，我們將於明年某個時候推出。

Supporting small businesses also continues to be a major focus for us, and it's important -- more important now than ever. Sheryl is going to cover this in more detail shortly, but I want to call out a few new products that we've shipped: the Facebook Shop tab, it gives people a dedicated place to shop and find product; the Facebook Small Business Suite lets businesses easily manage their presence across our apps; and paid online events lets businesses, creators and educators make money by live streaming classes, talks and other events.

支持小型企業也仍然是我們的主要關注點，這很重要——現在比以往任何時候都更重要。 Sheryl 稍後會更詳細地介紹這一點，但我想介紹一些我們已經發布的新產品：Facebook Shop 選項卡，它為人們提供了一個專門的購物和查找產品的地方； Facebook Small Business Suite 讓企業可以輕鬆管理他們在我們的應用中的存在；付費在線活動讓企業、創作者和教育工作者可以通過直播課程、講座和其他活動賺錢。

In WhatsApp, we just announced how we're going to make it easier for people to buy products directly within a chat and integrating WhatsApp Business features with Facebook Shops, so that way, when a small business sets up a shop, they can now establish or will be able to establish a commercial presence across Facebook, Instagram and WhatsApp all at the same time.

在 WhatsApp 中，我們剛剛宣布我們將如何讓人們更輕鬆地直接在聊天中購買產品，並將 WhatsApp Business 功能與 Facebook 商店集成，這樣，當小企業開設商店時，他們現在可以建立或者將能夠同時在 Facebook、Instagram 和 WhatsApp 上建立商業形象。

We continue to see how personalized advertising is helping small businesses find customers, grow their businesses and create jobs. I continue to believe that we need new regulation that allows for personalized and relevant ads while protecting people's data and privacy. And I worry that some proposals, especially in the EU and actions planned by platform companies like Apple, could have a meaningful negative effect on small businesses and economic recovery in 2021 and beyond.

我們繼續看到個性化廣告如何幫助小企業找到客戶、發展業務和創造就業機會。我仍然認為，我們需要新的法規來允許個性化和相關的廣告，同時保護人們的數據和隱私。我擔心一些提議，尤其是在歐盟的提議以及蘋果等平台公司計劃採取的行動，可能會對 2021 年及以後的小企業和經濟復甦產生有意義的負面影響。

This is one of the policy questions that we're going to need to continue showing up and engaging on for the future of the Internet. There are very different visions of that future held in different parts of the world. Some are motivated by different values and others by strategic advantage. We're going to have to stand up strongly for our vision of an Internet where every individual can have access to free services and every small business can have access to the same kinds of tools to grow and create jobs that the big companies have.

這是我們需要繼續展示和參與互聯網未來的政策問題之一。世界不同地區對未來有著截然不同的願景。有些人受不同價值觀的驅使，有些人受戰略優勢的驅使。我們必須堅定支持我們的互聯網願景，在這個願景中，每個人都可以使用免費服務，每個小企業都可以使用與大公司相同的工具來發展和創造就業機會。

I am grateful to everyone at Facebook and all of our partners who are working to make this vision a reality. I'm proud of all the new products and experiences we've been able to deliver this year. And as always, thank you for being on this journey with us.

我感謝 Facebook 的每一個人以及我們所有致力於實現這一願景的合作夥伴。我為我們今年能夠提供的所有新產品和體驗感到自豪。和往常一樣，感謝您與我們一起踏上這段旅程。

Now I will hand it over to Sheryl.

現在我會把它交給雪兒。

Thanks, Mark, and hi, everyone. I join Mark in thanking all of you for joining us today. This was a strong quarter for us as more businesses shifted online to reach customers, tell their stories and sell virtually. Our total ad revenue for Q3 was $21.2 billion, which is a 22% year-over-year increase. Our largest verticals were e-commerce, retail and CPG, and we continue to see broad growth across sectors such as ads as advertisers continue to optimize for measurable objectives like sales and website visits.

謝謝，馬克，大家好。我和馬克一起感謝大家今天加入我們。隨著越來越多的企業轉向在線接觸客戶、講述他們的故事並進行虛擬銷售，這對我們來說是一個強勁的季度。我們第三季度的總廣告收入為 212 億美元，同比增長 22%。我們最大的垂直領域是電子商務、零售和 CPG，隨著廣告商繼續優化銷售和網站訪問等可衡量的目標，我們繼續看到廣告等行業的廣泛增長。

The digital transformation has been underway for years, but the pandemic has accelerated it dramatically. As Mark said, we now have more than 200 million businesses using our free tools across our platform every month to create virtual storefronts and communicate with customers. We also now have more than 10 million active advertisers across our services every month, the vast majority of which are small- and medium-sized businesses. These businesses rely on personalized advertising to reach potential customers and grow.

數字化轉型已經進行了多年，但大流行已經大大加速了它。正如 Mark 所說，我們現在每月有超過 2 億家企業在我們的平台上使用我們的免費工具來創建虛擬店面並與客戶交流。現在，我們每個月在我們的服務中還有超過 1000 萬活躍的廣告客戶，其中絕大多數是中小型企業。這些企業依靠個性化廣告來吸引潛在客戶並實現增長。

According to the U.S. Census Bureau, before the pandemic, e-commerce share of U.S. retail sales was steadily increasing by an average of 1 percentage point a year for the past 4 years. This share leapt by 4 percentage points in Q2 alone. That's 4 years of change in less than 100 days. That doesn't mean we will continue to see sustained acceleration. This may simply be future growth being pulled forward. But it is increasingly clear that the economic recovery will be driven by businesses, finding customers and selling online.

根據美國人口普查局的數據，在大流行之前，電子商務在美國零售額中的份額在過去 4 年中以平均每年 1 個百分點的速度穩步增長。僅在第二季度，這一份額就躍升了 4 個百分點。那是在不到 100 天的時間內發生了 4 年的變化。這並不意味著我們將繼續看到持續加速。這可能只是未來的增長被拉動。但越來越明顯的是，經濟復甦將由企業、尋找客戶和在線銷售推動。

As the number of businesses going digital accelerates during the pandemic, we have accelerated our efforts to support them. On the product side, our teams have been working around the clock to build new tools that make operating online simple and efficient. This quarter, we released Facebook Business Suite, a new interface for businesses to manage their pages and profiles across our apps, helping them save time and stay up-to-date with customers.

隨著大流行期間數字化企業數量的增加，我們加快了支持他們的努力。在產品方面，我們的團隊一直在夜以繼日地工作，以構建新工具，使在線操作變得簡單高效。本季度，我們發布了 Facebook Business Suite，這是一個新界面，供企業在我們的應用程序中管理他們的頁面和個人資料，幫助他們節省時間並與客戶保持同步。

We also expanded Facebook and Instagram Shops, Instagram checkout and launched the Facebook Shop tab, so businesses can showcase their products and consumers can discover brands and buy things they love. And with more and more businesses using live streaming when they can't host events in person, we introduced paid online events to help them generate revenue.

我們還擴展了 Facebook 和 Instagram 商店、Instagram 結賬功能，並推出了 Facebook 商店標籤，因此企業可以展示他們的產品，消費者可以發現品牌併購買他們喜歡的東西。隨著越來越多的企業在無法親自舉辦活動時使用直播，我們推出了付費在線活動來幫助他們創收。

On WhatsApp, there are now more than 40 million people viewing a business catalog every month, so we created a new shopping button to make it even easier for people to discover a catalog and find something they would like to buy. Soon, you'll also be able to click a WhatsApp icon on a Facebook Shop to chat directly with the business.

在 WhatsApp 上，現在每個月有超過 4000 萬人查看商業目錄，因此我們創建了一個新的購物按鈕，讓人們更容易發現目錄並找到他們想要購買的東西。很快，您還可以點擊 Facebook 商店上的 WhatsApp 圖標，直接與商家聊天。

As well as improving our products, we are also helping business owners learn the skills they need to thrive online. Our Business Resource Hub provides training to small businesses, on everything from getting set-up online, to engaging with customers, and has been visited tens of millions of times since its launch just in March.

除了改進我們的產品外，我們還幫助企業主學習在線發展所需的技能。我們的業務資源中心為小型企業提供培訓，涵蓋從在線設置到與客戶互動的方方面面，自 3 月推出以來，已訪問數千萬次。

As the needs of our community evolve, our training changes, too. We launched a new partnership with Coursera to train job seekers in skills like social marketing that are becoming ever more critical in a digital economy. We have also built on the success of our Summer of Support training program, which reached more than 17 million people by launching a new 3-month Season of Support to help businesses make the most of the holidays. This includes our #BuyBlack Friday initiative to support Black-owned businesses in their communities.

隨著我們社區需求的發展，我們的培訓也發生了變化。我們與 Coursera 建立了新的合作夥伴關係，以培訓求職者掌握社交營銷等技能，這些技能在數字經濟中變得越來越重要。我們還在成功的夏季支持培訓計劃的基礎上再接再厲，該計劃通過推出新的為期 3 個月的支持季幫助超過 1700 萬人，幫助企業充分利用假期。這包括我們的#BuyBlack Friday 倡議，以支持社區中的黑人擁有的企業。

While we continue to invest in helping businesses, we are equally focused on keeping our platform safe. Last month, we took an important step by agreeing, along with YouTube and Twitter, to a common set of definitions of hate speech and other harmful content. This was done in partnership with the World Federation of Advertisers and the Global Alliance for Responsible Media. There's more work to do, but we're headed in the right direction as we continue to develop industry-wide standards.

在我們繼續投資幫助企業的同時，我們同樣專注於確保我們的平台安全。上個月，我們邁出了重要的一步，與 YouTube 和 Twitter 一起就仇恨言論和其他有害內容的一套通用定義達成一致。這是與世界廣告商聯合會和全球負責任媒體聯盟合作完成的。還有更多工作要做，但隨著我們繼續制定全行業標準，我們正朝著正確的方向前進。

I want to acknowledge that despite these strong results, we faced significant headwinds, which Dave will talk about more. There is an important debate taking place about the way companies use data, including for online advertising. We welcome this debate and have been advocating for new rules for the Internet in a range of areas, from privacy and harmful content, to election integrity and data portability. While we face greater scrutiny than ever before, we are also experiencing more demand from businesses for both our free and paid tools, especially our personalized ad products.

我想承認，儘管取得了這些強勁的結果，但我們仍面臨著巨大的逆風，戴夫將對此進行更多討論。關於公司使用數據的方式（包括用於在線廣告），正在進行一場重要的辯論。我們歡迎這場辯論，並一直在倡導在一系列領域制定互聯網新規則，從隱私和有害內容到選舉完整性和數據可移植性。雖然我們面臨比以往任何時候都更嚴格的審查，但我們也遇到了企業對我們的免費和付費工具的更多需求，尤其是我們的個性化廣告產品。

As this debate continues, it is important that we don't lose sight of the hugely important role personalized ads play for small businesses. Small businesses can't afford the broad mass-marketing campaigns that big brands can. A good example is Glamnetic, a beauty brand specializing in magnetic eyelashes, which started in a 1-bedroom apartment in Los Angeles a little more than a year ago. Co-founders, Ann and Kevin, post photos and videos on Instagram and Facebook and use personalized ads to reach people they think might like their products, including women between 18 to 50 who are interested in beauty and cosmetics. They also advertise to people who have visited their website made possible by personalized ads technology, which help them identify customer hotspots to focus on, like California, New York, Texas, Ohio and several Southern states. They saw a 9x increase in revenue in Q3 versus 2019 and doubled their revenue month-over-month. While so many businesses are struggling this year, this has helped them to grow from 5 employees to 35.

隨著這場辯論的繼續，重要的是我們不要忽視個性化廣告對小企業所扮演的極其重要的角色。小企業負擔不起大品牌可以進行的廣泛的大眾營銷活動。一個很好的例子是 Glamnetic，一個專門生產磁性睫毛的美容品牌，一年多前在洛杉磯的一居室公寓裡起步。聯合創始人 Ann 和 Kevin 在 Instagram 和 Facebook 上發布照片和視頻，並使用個性化廣告吸引他們認為可能喜歡其產品的人，包括對美容和化妝品感興趣的 18 至 50 歲女性。他們還通過個性化廣告技術向訪問過他們網站的人做廣告，這有助於他們確定要關注的客戶熱點，如加利福尼亞、紐約、德克薩斯、俄亥俄和幾個南方州。與 2019 年相比，他們在第三季度的收入增長了 9 倍，收入環比翻了一番。儘管今年許多企業都在苦苦掙扎，但這幫助他們從 5 名員工增長到 35 名。

There are countless stories like Ann and Kevin's among the over 10 million advertisers on our platform. For many small- and medium-sized businesses, personalized advertising, which uses data safely and in a privacy-protected way, is the secret ingredient that makes their success possible. These businesses have the potential to be the driving force of the economic recovery in the months and years ahead as long as they can continue to rely on the data-driven tools they use day in and day out.

在我們平台上超過 1000 萬的廣告商中，有無數像 Ann 和 Kevin 的故事。對於許多中小型企業而言，安全使用數據並以保護隱私的方式的個性化廣告是他們成功的秘訣。只要這些企業能夠繼續依賴他們日復一日使用的數據驅動工具，它們就有可能成為未來數月和數年經濟復甦的推動力。

We're living in a time of deep uncertainty. The next few months or quarters will continue to be precarious for so many businesses. Whatever happens, we will remain focused on keeping people connected and supporting businesses as they make the transition online.

我們生活在一個充滿不確定性的時代。對於如此多的企業來說，接下來的幾個月或幾個季度將繼續不穩定。無論發生什麼，我們都將繼續專注於讓人們保持聯繫並支持企業在線過渡。

I want to close by saying how grateful I am to our partners, big and small, old and new, around the world and to our incredible teams who are working hard every day to make a real and very positive difference in people's lives. Now here's Dave.

最後，我想對我們在世界各地的大大小小的、新老的合作夥伴以及我們每天都在努力為人們的生活帶來真正和非常積極的改變的令人難以置信的團隊表示感謝。現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone. Now let's start with our community metrics. In September, we estimate that approximately 2.5 billion people used at least one of our services on a daily basis and that approximately 3.2 billion people used at least one of our services on a monthly basis. Facebook daily active users reached 1.82 billion, up 12% or 197 million compared to last year. DAUs represented approximately 66% of the 2.74 billion monthly active users in September. MAUs grew by 291 million or 12% compared to last year.

謝謝，Sheryl，大家下午好。現在讓我們從我們的社區指標開始。 9 月，我們估計大約 25 億人每天至少使用我們的一項服務，大約 32 億人每月至少使用我們的一項服務。 Facebook 日活躍用戶達到 18.2 億，比去年增長 12% 或 1.97 億。 DAU 約佔 9 月 27.4 億月活躍用戶的 66%。與去年相比，MAU 增加了 2.91 億或 12%。

Turning to the financials. All comparisons are on a year-over-year basis, unless otherwise noted. Q3 total revenue was $21.5 billion, up 22% or 21% on a constant currency basis. We benefited from a currency tailwind, and had foreign exchange rates remained constant with Q3 of last year, total revenue would have been $114 million lower.

轉向財務。除非另有說明，否則所有比較均按年進行。第三季度總收入為 215 億美元，按固定匯率計算增長 22% 或 21%。我們受益於貨幣順風，如果匯率與去年第三季度保持不變，總收入將減少 1.14 億美元。

Q3 ad revenue was $21.2 billion, up 22% or 21% on a constant currency basis. The acceleration in advertising revenue growth from Q2 to Q3 was largely driven by strong advertiser demand resulting from the accelerated shift from off-line to online commerce that we saw in connection with the pandemic. We are seeing particular strength among small- and medium-sized businesses. We are proud of the role that our services are playing in helping people stay connected and businesses reach consumers during these challenging and uncertain times.

第三季度廣告收入為 212 億美元，按固定匯率計算增長 22% 或 21%。從第二季度到第三季度廣告收入增長的加速主要是由於我們看到與大流行有關的從線下到在線商務的加速轉變導致廣告客戶需求強勁。我們在中小型企業中看到了特別的優勢。我們為我們的服務在這些充滿挑戰和不確定的時期在幫助人們保持聯繫和企業接觸消費者方面所發揮的作用感到自豪。

On a user geography basis, year-over-year ad revenue growth rates improved in all regions compared to Q2. Asia Pacific and Europe were strongest and grew 30% and 25%, respectively. Both regions benefited from currency tailwinds. U.S. and Canada grew 20%. Rest of world grew 12% and was impacted by foreign currency headwinds.

在用戶地域的基礎上，與第二季度相比，所有地區的廣告收入同比增長率都有所提高。亞太地區和歐洲表現最為強勁，分別增長了 30% 和 25%。這兩個地區都受益於貨幣順風。美國和加拿大增長了 20%。世界其他地區增長 12%，並受到外匯逆風的影響。

In Q3, the total number of ad impressions served across our services increased 35%, and the average price per ad decreased 9%. Impression growth was driven by both Facebook and Instagram. The decline in average price per ad was primarily driven by the ongoing mix shift towards geographies and stories ads, which monetize at lower rates, although year-over-year pricing trends improved from the second quarter due to broad improvements in advertiser demand, coupled with slower impression growth.

在第三季度，通過我們的服務投放的廣告總展示次數增加了 35%，每個廣告的平均價格下降了 9%。印象增長是由 Facebook 和 Instagram 共同推動的。每個廣告平均價格的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，儘管由於廣告客戶需求的廣泛改善，與第二季度相比，定價趨勢有所改善，再加上印象增長放緩。

Other revenue was $249 million, down 7%, primarily due to the timing of a new product launch as we transitioned to Quest 2, which we began selling in the fourth quarter.

其他收入為 2.49 億美元，下降 7%，主要是由於我們過渡到 Quest 2 時推出新產品的時機，我們於第四季度開始銷售。

Turning now to expenses. Q3 total expenses were $13.4 billion, up 28% compared to last year. In terms of the specific line items, cost of revenue increased 33% driven primarily by infrastructure-related investments, including both depreciation and operational expenditures. R&D increased 35 -- 34% driven primarily by hiring and investments in our innovation efforts, notably Facebook Reality Labs as well as core product. Marketing and sales increased 11%, a slower growth rate than prior quarters due to a slowdown in consumer marketing and hiring. Lastly, G&A expenses increased 33% driven primarily by higher legal-related expenses.

現在轉向開支。第三季度總支出為 134 億美元，比去年增長 28%。就具體項目而言，收入成本增加了 33%，主要受基礎設施相關投資的推動，包括折舊和運營支出。研發增長 35 - 34%，主要是由於招聘和對我們創新工作的投資，特別是 Facebook Reality Labs 以及核心產品。由於消費者營銷和招聘放緩，營銷和銷售增長了 11%，增速低於前幾個季度。最後，G&A 費用增長了 33%，主要是由於法律相關費用增加。

We added over 4,100 net new hires in Q3, primarily in technical functions. We ended the quarter with over 56,600 full-time employees, up 32% compared to last year. We continue to be pleased with our ability to recruit, onboard and retain talent in this environment.

我們在第三季度增加了 4,100 多名淨新員工，主要是在技術部門。截至本季度末，我們擁有超過 56,600 名全職員工，與去年相比增長 32%。我們繼續對我們在這種環境中招聘、入職和留住人才的能力感到滿意。

Operating income was $8 billion, representing a 37% operating margin. Our tax rate was 4%, which reflects a onetime benefit related to a tax election to capitalize certain R&D expenses for tax purposes. Net income was $7.8 billion or $2.71 per share. The onetime tax benefit resulted in EPS being $0.31 higher.

營業收入為 80 億美元，營業利潤率為 37%。我們的稅率為 4%，這反映了與稅收選舉相關的一次性利益，以將某些研發費用資本化用於稅收目的。淨收入為 78 億美元或每股 2.71 美元。一次性稅收優惠導致每股收益增加 0.31 美元。

Capital expenditures were $3.9 billion driven by investments in data centers, servers, office buildings and network infrastructure. In Q3, we announced that our 17th data center will be in Gallatin, Tennessee and will be 100% supported by renewable energy.

資本支出為 39 億美元，主要來自對數據中心、服務器、辦公樓和網絡基礎設施的投資。在第三季度，我們宣布我們的第 17 個數據中心將位於田納西州的加拉廷，並將 100% 由可再生能源提供支持。

Facebook recognizes the urgency of addressing climate change, and we are committed to help tackle this global crisis. That is why, in Q3, we set a new goal to reach net-zero carbon emissions for our value chain in 2030. This is in addition to our current plans for our global operations to achieve net-zero carbon emissions and be 100% supported by renewable energy by the end of 2020 and beyond.

Facebook 認識到應對氣候變化的緊迫性，我們致力於幫助應對這場全球危機。這就是為什麼在第三季度，我們設定了一個新的目標，即在 2030 年為我們的價值鏈實現淨零碳排放。這是我們目前在全球運營中實現淨零碳排放並得到 100% 支持的計劃的補充到 2020 年底及以後通過可再生能源。

Free cash flow was $5.9 billion. We repurchased $1.7 billion of our Class A common stock, completed the $5.8 billion investment in Jio Platforms Limited and ended the quarter with $55.6 billion in cash and marketable securities.

自由現金流為 59 億美元。我們回購了 17 億美元的 A 類普通股，完成了對 Jio Platforms Limited 的 58 億美元投資，並在本季度末以 556 億美元的現金和有價證券。

Turning now to the outlook. As expected, in Q3, we saw Facebook DAUs and MAUs in the U.S. and Canada decline slightly from Q2 levels, which were elevated due to the impact of the pandemic. In Q4, we expect this trend to continue and that the number of DAUs and MAUs in the U.S. and Canada will be flat or slightly down compared to Q3.

現在轉向展望。正如預期的那樣，在第三季度，我們看到美國和加拿大的 Facebook DAU 和 MAU 比第二季度的水平略有下降，而第二季度由於大流行的影響而有所上升。在第四季度，我們預計這一趨勢將持續下去，美國和加拿大的 DAU 和 MAU 數量將與第三季度持平或略有下降。

Turning now to revenue. We expect our Q4 year-over-year ad revenue growth rate to be higher than our reported Q3 rate driven by continued strong advertiser demand during the holiday season. Additionally, Oculus Quest 2 orders have been strong, which should benefit other revenue.

現在轉向收入。我們預計我們的第四季度廣告收入同比增長率將高於我們報告的第三季度增長率，這是由於假期期間廣告客戶需求持續強勁。此外，Oculus Quest 2 的訂單一直很強勁，這將有利於其他收入。

Looking ahead to 2021, we continue to face a significant amount of uncertainty. We believe the pandemic has contributed to an acceleration in the shift of commerce from off-line to online, and we experienced increasing demand for advertising as a result of this acceleration. Considering that online commerce is our largest ad vertical, a change in this trend could serve as a headwind to our 2021 ad revenue growth.

展望 2021 年，我們將繼續面臨大量不確定性。我們認為，大流行加速了商業從線下向在線的轉變，並且由於這種加速，我們經歷了對廣告的需求增加。考慮到在線商務是我們最大的廣告垂直領域，這一趨勢的變化可能會阻礙我們 2021 年的廣告收入增長。

In addition, we expect more significant targeting and measurement headwinds in 2021. This includes headwinds from platform changes, notably on iOS 14, as well as those from the evolving regulatory landscape. There is also continuing uncertainty around the viability of transatlantic data transfers in light of recent European regulatory developments. And like other companies in our industry, we are closely monitoring the potential impact on our European operations as these developments progress.

此外，我們預計 2021 年將面臨更大的目標和衡量阻力。這包括來自平台變化的阻力，尤其是在 iOS 14 上，以及來自不斷變化的監管環境的阻力。鑑於最近歐洲監管的發展，跨大西洋數據傳輸的可行性也存在持續的不確定性。與我們行業中的其他公司一樣，隨著這些發展的進展，我們正在密切關注對我們歐洲業務的潛在影響。

Turning now to expenses. We expect 2020 total expenses to be in the range of $53 billion to $54 billion, narrowed from our prior range of $52 billion to $55 billion. We anticipate that our full year 2021 total expenses will be in the range of $68 billion to $73 billion driven by continued investments in product development and technical talent as well as a return to more normal levels of spend in areas like office operations and travel. However, these are preliminary estimates as we have not yet finalized our 2021 budget.

現在轉向開支。我們預計 2020 年的總支出將在 530 億美元至 540 億美元之間，從我們之前的 520 億美元至 550 億美元範圍縮小。我們預計，由於對產品開發和技術人才的持續投資以及辦公室運營和旅行等領域的支出恢復到更正常的水平，我們 2021 年全年的總支出將在 680 億美元至 730 億美元之間。然而，這些只是初步估計，因為我們尚未最終確定 2021 年的預算。

We expect 2020 capital expenditures to be approximately $16 billion, unchanged from our prior outlook. For 2021, we anticipate capital expenditures to be in the range of $21 billion to $23 billion driven by investments in data centers, servers, network infrastructure and office facilities. Our outlook includes spend that was delayed from 2020 due to the impact of the pandemic on our construction efforts.

我們預計 2020 年的資本支出約為 160 億美元，與我們之前的預期持平。到 2021 年，我們預計資本支出將在 210 億美元至 230 億美元之間，這主要得益於對數據中心、服務器、網絡基礎設施和辦公設施的投資。我們的展望包括由於大流行對我們的建設工作的影響而推遲到 2020 年的支出。

Turning now to tax. We expect our Q4 effective -- Q4 2020 effective tax rate to be in the mid-teens and our full year 2021 tax rate to be in the high teens.

現在轉向稅收。我們預計我們的第四季度有效——2020 年第四季度的有效稅率將在十幾歲左右，而我們 2021 年全年的稅率將在十幾歲左右。

In summary, we are proud of the role that our services are playing in keeping people and businesses connected through these difficult times. At the same time, we are continuing to invest aggressively in new products and experiences to better serve our global community.

總之，我們為我們的服務在這些困難時期保持人們和企業之間的聯繫所發揮的作用感到自豪。與此同時，我們將繼續積極投資於新產品和新體驗，以更好地服務於我們的全球社區。

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

有了這個，邁克，讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Brian Nowak from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2, one for Mark, one for Dave. Mark, there's a lot of different types of consumer behavior on the platform for messaging, posting videos, stories, shopping, et cetera. I would be curious, as you sort of look at the way in which people are using the products now versus the start of the year, pre-COVID, what's changed the most that surprised you. And how does that sort of impact your product priorities as you continue to make sure you're delivering value for your advertisers over the next couple of years?

我有兩個，一個給馬克，一個給戴夫。馬克，平台上有很多不同類型的消費者行為，用於消息傳遞、發布視頻、故事、購物等。我會很好奇，當你看看人們現在使用產品的方式與今年年初（在 COVID 之前）相比時，最讓你驚訝的是發生了什麼變化。在您繼續確保在未來幾年為廣告客戶創造價值的過程中，這對您的產品優先級有何影響？

And then, Dave, I wanted to ask one about the initial '21 OpEx guide. Now you mentioned sort of R&D and technical talent. Are there any specific projects or initiatives where you sort of look at and you say these areas we really need to invest materially harder in next year than you may have this year?

然後，戴夫，我想問一個關於最初的 '21 OpEx 指南的問題。現在你提到了那種研發和技術人才。有沒有什麼具體的項目或倡議，你會看，你說這些領域我們明年確實需要比你今年更努力地投資？

Sure. Thanks for the question. In terms of what behaviors we really saw with COVID, it was an increase in -- well, first of all, there was an increase in almost everything across the board, which I think was somewhat temporary and is now returning to baseline levels of growth, which is partially what we're seeing. But in terms of some of the more permanent trends, I think more people are doing kind of synchronous forms of connection. So voice calling and video calling, I think we're seeing continue to be elevated in a lot of areas. We're seeing a stronger need for community. That's been a theme that we've seen for a while, but I think, especially with COVID and people feeling a little more isolated, that has grown, the need to do that online. So we're really going to double-down and invest in that area to help even more than we are today, building out the infrastructure for communities as a foundation going forward.

當然。謝謝你的問題。就我們在 COVID 中真正看到的行為而言，這是一種增加——嗯，首先，幾乎所有方面都有增加，我認為這在某種程度上是暫時的，現在正在恢復到基線增長水平，這部分是我們所看到的。但就一些更持久的趨勢而言，我認為更多的人正在做一種同步形式的聯繫。因此，語音通話和視頻通話，我認為我們看到在很多領域繼續得到提升。我們看到對社區的需求越來越大。這是我們已經看到了一段時間的主題，但我認為，尤其是在 COVID 和人們感到更加孤立的情況下，這種情況已經增長，需要在線進行。因此，我們真的會加倍投入並在該領域進行投資，以提供比現在更多的幫助，為社區建設基礎設施作為前進的基礎。

People have more time where they want entertainment, so we're seeing video and gaming and things like that grow as well. And that seems to have been sustained. That's on top of all the commerce trends, where I don't think we know exactly which way this will turn, as Dave and Sheryl both said, whether this is a sort of a onetime shift towards a dramatic increase in the amount of commerce that's happening online versus a continued trend that we will see. But certainly, we haven't seen any decline or return to baseline off of the quite elevated levels of online commerce behavior that we see both from consumers and small businesses.

人們有更多的時間在他們想要娛樂的地方，所以我們看到視頻和遊戲以及類似的東西也在增長。這似乎一直在持續。這是所有商業趨勢之上的，我認為我們並不確切知道這將轉向哪個方向，正如戴夫和謝麗爾都說的那樣，這是否是一種一次性的轉變，即商業數量的急劇增加在線發生與我們將看到的持續趨勢。但可以肯定的是，我們從消費者和小企業中看到的在線商務行為水平相當高，我們沒有看到任何下降或恢復到基線水平。

Hey, Brian. I'll take that second question. As Mark outlined in his prepared remarks, we're making significant investments in hiring across a wide range of new products. I would probably talk about big investments that we're making in our longer-term AR/VR work through Facebook Reality Labs as well as continued investments in areas like messaging, Commerce and Reels.

嘿，布賴恩。我會回答第二個問題。正如馬克在他準備好的講話中所概述的那樣，我們正在對廣泛的新產品招聘進行重大投資。我可能會談論我們通過 Facebook Reality Labs 對長期 AR/VR 工作進行的大筆投資，以及在消息傳遞、商業和 Reels 等領域的持續投資。

The other thing that I would mention on the 2021 total expense guide is that we expect to have higher expenses from office operations and travel once we have seen larger parts of the workforce return to the office. We estimate that in 2020, we saved approximately $1.5 billion on those expenses. And in 2021, we would be kind of working off a higher employee count, which is ultimately what drives those expenses. So we would expect to see a snapback of some of those savings.

我在 2021 年總費用指南中要提到的另一件事是，一旦我們看到大部分員工返回辦公室，我們預計辦公室運營和旅行的費用會更高。我們估計，到 2020 年，我們在這些費用上節省了大約 15 億美元。到 2021 年，我們會增加員工數量，這最終是推動這些支出的原因。因此，我們希望看到其中一些節省的回升。

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

您的下一個問題來自瑞銀的 Eric Sheridan。

Maybe I'll try 2 as I -- also. First, maybe following up on Brian's question the way Dave answered it, but turning it back to Mark. Mark, I would love to understand your philosophy around what you think the company needs to either invest in or sort of solve for, for the unlock on augmented reality of the long term, it's sort of a broad-based consumer and enterprise platform, to be that sort of next wave of computing that you've talked about in the past. What do you see as sort of the 3- to 5-year roadblocks you're investing against and key unlocks you're looking for in the business?

也許我會像我一樣嘗試 2 - 也是。首先，也許按照 Dave 的回答方式跟進 Brian 的問題，但將其轉回給 Mark。馬克，我很想了解你關於你認為公司需要投資或解決什麼問題的理念，為了解鎖長期的增強現實，它是一個基礎廣泛的消費者和企業平台，成為你過去談到的那種下一波計算浪潮。您如何看待您正在投資的 3 到 5 年障礙以及您在業務中尋找的關鍵解鎖？

And maybe, Sheryl, if I could just ask you, probably the #1 question we get from investors is that all the innovation you guys are doing on the Commerce side, whether it be Facebook Shops or the transformation of Instagram around shopping and checkout, given the way you framed your statements around the shift in commerce in real time as we continue through this COVID period, how are those sort of platforms positioned to capitalize very short-term Q3 into Q4? And how are you thinking about the ability for those shifts to be there for advertisers and commerce participants in '21 and beyond?

也許，Sheryl，如果我可以問你，我們從投資者那裡得到的第一個問題可能是你們在商業方面所做的所有創新，無論是 Facebook 商店還是 Instagram 圍繞購物和結賬的轉型，鑑於您在我們繼續度過這段 COVID 時期時圍繞商業轉變實時構建您的陳述的方式，這些平台如何定位以利用非常短期的第三季度到第四季度？您如何看待 21 世紀及以後的廣告商和商業參與者能夠實現這些轉變的能力？

Sure. Well, I can take the first one in terms of some of the milestones for the next computing platform. I think that there are a few things that I'm really looking for. So there's virtual reality, there's augmented reality, and then there's the whole kind of operating system of sort of spatial computing and 3D around that. And there are pieces that need to come together on each of those.

當然。好吧，就下一個計算平台的一些里程碑而言，我可以採取第一個。我認為有一些東西是我真正在尋找的。所以有虛擬現實，有增強現實，然後是圍繞它的空間計算和 3D 的整個操作系統。每個部分都需要結合在一起。

VR, we are the most advanced in. The big milestone that I'm focused on here is we want to get to 10 million active units in our VR systems because we think, at that point, that's when it will become -- the ecosystem will really be able to be self-sustaining and accelerate, where independent developers will be able to start -- it will really economically make sense for independent developers to prioritize the Oculus platform above alternative gaming platforms because the installed base will be sufficiently large that they will get good returns.

VR，我們是最先進的。我在這里關注的一個重要里程碑是，我們希望在我們的 VR 系統中達到 1000 萬個活躍單元，因為我們認為，到那時，它就會變成——生態系統將真正能夠自我維持和加速，獨立開發者將能夠開始 - 獨立開發者將 Oculus 平台優先於替代遊戲平台在經濟上確實有意義，因為安裝基數將足夠大，以至於他們會得到不錯的回報。

Right now, we're funding a lot of the content development ourselves. But we hope that, at some point in the next few years, we'll reach that. And we feel like we have line of sight to that.

現在，我們自己資助了很多內容開發。但我們希望，在未來幾年的某個時間點，我們能夠實現這一目標。我們覺得我們對此有一定的了解。

Part of building out AR is going to be a little bit harder in that, VR, people do it, they do it at home. It's meant to be pretty immersive. Obviously, you want the headset to be as small and comfortable as possible. But fundamentally, it's not the type of thing that you're going to be wearing down the street that you need to really have a very kind of stylish or socially acceptable form factor just yet. Whereas I do think to have viable augmented reality consumer glasses, you need to clear a number of technological hurdles to make it so that all of that technology fits in what would be kind of a normal, maybe thick-rimed consumer glasses form factor, so these are -- there are a number of fundamental technological advances that still need to be made there, which is why I think that, that product is still a few years out, but it's one that we're very excited about.

構建 AR 的一部分將變得更加困難，因為 VR，人們在做，他們在家裡做。這意味著非常身臨其境。顯然，您希望耳機盡可能小巧舒適。但從根本上說，這並不是你要在街上穿的那種東西，你需要真正擁有一種非常時尚或社會可接受的外形。雖然我確實認為擁有可行的增強現實消費者眼鏡，但你需要清除許多技術障礙才能做到這一點，以便所有這些技術都適合普通的、可能是厚邊消費者眼鏡的外形，所以這些是 - 仍然需要在那裡取得一些基本的技術進步，這就是為什麼我認為該產品仍然需要幾年時間，但它是我們非常興奮的產品。

The work that we're doing on VR and AR will share some of kind of the operating system and the ecosystem around them of 3D development and spatial development. And that's also shared across some of the AR effects and things that we're seeing people use in Reels and the camera and Instagram and Facebook and Messenger. And that work, I think, is going quite well, where there are hundreds of thousands of creators and developers and people building for that. But all of those pieces basically need to come together for the ecosystem to work. And I've been very impressed and excited by the progress that our teams have made on this. And I think that the new Quest 2 product is extraordinary. I love using it. And I'm really proud of the work that we've done there.

我們在 VR 和 AR 上所做的工作將共享某種操作系統和圍繞它們的 3D 開發和空間開發的生態系統。我們看到人們在 Reels、相機、Instagram、Facebook 和 Messenger 中使用的一些 AR 效果和事物也分享了這一點。我認為，這項工作進展順利，有成千上萬的創作者和開發人員以及為此而建設的人。但是所有這些部分基本上都需要結合在一起才能使生態系統發揮作用。我們的團隊在這方面取得的進展給我留下了深刻的印象和興奮。而且我認為新的 Quest 2 產品非同尋常。我喜歡使用它。我為我們在那裡所做的工作感到非常自豪。

So I'll talk about Commerce. We have been focused on making Commerce more convenient, more accessible, secure across our apps for people and businesses. We always were at the top of the funnel for discovery and for connecting people to many businesses and products around the world. And we saw, even before the pandemic, an opportunity to keep moving people down that funnel.

所以我會談談商業。我們一直致力於在我們的應用程序中為個人和企業提供更方便、更易於訪問、更安全的 Commerce。我們始終處於發現渠道的頂端，並將人們與世界各地的許多企業和產品聯繫起來。甚至在大流行之前，我們就看到了一個讓人們繼續走下去的機會。

What happened with coronavirus is we just massively accelerated -- this shift massively accelerated, and we really doubled-down on shipping commerce products so that we could help the now 10 million small businesses who advertise, with the hundreds of millions who really rely on our free tools so that they would be able to pivot online. And so Mark mentioned Shops in his remarks. We launched this very quickly in Q2, and we're seeing -- it's early, but we're really pleased with the progress. We've just announced expansion to WhatsApp. We're building for Facebook. We're building for Instagram. And I think what we see is that acceleration really works, and it's good because we can provide these tools to small businesses. But it also accelerates our ad revenue, and I'll share an example.

冠狀病毒發生的事情是我們大大加速了——這種轉變大大加速了，我們真的加倍運輸商業產品，這樣我們就可以幫助現在有 1000 萬個做廣告的小企業，還有數億真正依賴我們的免費工具，以便他們能夠在線轉向。所以馬克在他的講話中提到了商店。我們在第二季度非常迅速地推出了這個，我們看到了——現在還早，但我們對進展感到非常滿意。我們剛剛宣布擴展到 WhatsApp。我們正在為 Facebook 建設。我們正在為 Instagram 打造。而且我認為我們看到的是加速確實有效，這很好，因為我們可以為小企業提供這些工具。但它也加速了我們的廣告收入，我將分享一個例子。

There an indigenous brand called Sisters Sage. They make handcrafts and wellness products like soaps, and they were founded by sisters. And before coronavirus, they were selling at local farmers markets and mall kiosks. So that obviously just went away overnight. They pivoted to Facebook and Shopify, were able to put themselves online and then used our targeted ads and have had a 9x return on ad sales and have increased their sales by 2 -- over 2.5x during this. And so what we see is that when we help provide the commerce tools, it can help the small businesses that rely on us, and it can also drive our ad revenue.

有一個本土品牌叫Sisters Sage。他們製作手工藝品和肥皂等健康產品，由姐妹創立。在冠狀病毒爆發之前，他們在當地的農貿市場和商場售貨亭銷售。所以這顯然只是在一夜之間消失了。他們轉向 Facebook 和 Shopify，能夠將自己置於網上，然後使用我們的定向廣告，並獲得了 9 倍的廣告銷售回報，並且在此期間銷售額增加了 2 倍——超過 2.5 倍。所以我們看到的是，當我們幫助提供商務工具時，它可以幫助依賴我們的小企業，也可以推動我們的廣告收入。

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

您的下一個問題來自美國銀行的 Justin Post。

Mark, on prior calls, you mentioned that, eventually, margins have to kind of -- I mean, expense growth kind of has to match revenue growth. So interesting, the midpoint of your range, 32% expense growth. Does that show some optimism on revenues? Or are you investing in some products that could pay off with some revenues down the road? And just thinking about the progress with messaging. You have a deal with Didi in Brazil and opening up with other platforms. Is that something you're excited about over the next couple of years of starting to really show some revenues?

馬克，在之前的電話會議上，你提到，最終，利潤率必須——我的意思是，費用增長必須與收入增長相匹配。太有趣了，你範圍的中點，32% 的費用增長。這是否顯示出對收入的一些樂觀情緒？或者您是否正在投資一些可以在未來獲得一些收入的產品？只是想想消息傳遞的進展。你與巴西的滴滴達成交易，並與其他平台開放。在接下來的幾年裡開始真正顯示一些收入，這是你感到興奮的事情嗎？

So Justin, why don't I take the first part of that, which is on the expense growth guidance. And there, we're not giving guidance on revenue growth, and there's not implied guidance on revenue growth. So at the midpoint, you've got that right, it's sort of in the low 30s on an expense growth basis. That's fairly consistent with where our headcount growth is right now, and that really reflects the opportunities we see to invest. We've been successful with hiring and retaining talent. We've got a lot of priorities, given everything we have seen from COVID and the shift to online with Commerce, with messaging and also the big investments that we're making for the long term in Facebook Reality Labs.

那麼賈斯汀，我為什麼不採取第一部分，即費用增長指導。在那裡，我們沒有就收入增長提供指導，也沒有對收入增長的暗示指導。所以在中點，你是對的，它在費用增長的基礎上處於 30 多歲的低點。這與我們目前的員工人數增長情況相當一致，這確實反映了我們看到的投資機會。我們在招聘和留住人才方面取得了成功。考慮到我們從 COVID 中看到的一切，以及通過 Commerce 向在線的轉變、消息傳遞以及我們對 Facebook Reality Labs 的長期投資，我們有很多優先事項。

So I think it's clear that we would expect there to be a margin decline next year based on that guidance, but we're not giving specific revenue guidance at this time. And then, Mark, do you want to cover the messaging?

因此，我認為很明顯，根據該指導，我們預計明年的利潤率會下降，但我們目前沒有給出具體的收入指導。然後，馬克，你想報導消息嗎？

Sure. I think the short answer is, yes, I think the goal is to build out a commerce platform around messaging with all of the tools, starting with Facebook Shops, which we've already announced, will be coming to WhatsApp and Messenger. So any small business will be able to set up a shop and have that kind of automatically establish a presence in those services, too. We're building out a number of tools around business messaging, so that way, people can follow up and complete transactions and get support through messaging and then payments, so that people can complete transactions, too.

當然。我認為簡短的回答是，是的，我認為目標是建立一個圍繞消息傳遞的商務平台，使用所有工具，從我們已經宣布的 Facebook Shops 開始，將進入 WhatsApp 和 Messenger。因此，任何小型企業都可以開設商店並自動在這些服務中建立業務。我們正在圍繞業務消息構建許多工具，這樣人們就可以跟進和完成交易，並通過消息傳遞和支付獲得支持，這樣人們也可以完成交易。

One of the early monetization products that is working quite well are those click-to-messaging ads, so that way, someone can get -- a business can run ads in Facebook or Instagram and in the destination for that ad, can take the person to a thread, a chat thread either in Messenger or WhatsApp, to kind of further build out the relationship with the consumer or complete a transaction. And that's growing quite well, and I'm quite excited about that.

早期運行良好的貨幣化產品之一是那些點擊消息廣告，這樣，某人就可以得到——企業可以在 Facebook 或 Instagram 上投放廣告，並且在該廣告的目的地，可以吸引人到一個線程，一個在 Messenger 或 WhatsApp 中的聊天線程，以進一步建立與消費者的關係或完成交易。這發展得很好，我對此感到非常興奮。

But overall, just the big priority is building out all these commerce tools, both -- so that small businesses and all kinds of businesses can do this kind of commerce in Facebook and Instagram, but also within messaging, like you say.

但總的來說，當務之急是構建所有這些商務工具——這樣小型企業和各種企業都可以在 Facebook 和 Instagram 中進行這種商務，也可以在消息傳遞中進行，就像你說的那樣。

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。

If you could just maybe talk a little bit about the Reels engagement and what you're seeing so far. I know it's early. But any observations there?

如果您可以談談 Reels 的參與以及您目前所看到的情況。我知道現在還早。但是有什麼觀察嗎？

I'm happy to jump in here. I'm quite excited about the progress here. It's still quite early. We've expanded Reels into more than 50 countries. We've launched a number of new features. The results are encouraging. There's a lot more work to do here as well. And I don't have any specific numbers to share here. Dave, I assume you don't have any specific numbers that you would share either.

我很高興跳到這裡。我對這裡的進展感到非常興奮。現在還很早。我們已將 Reels 擴展到 50 多個國家/地區。我們推出了許多新功能。結果令人鼓舞。這裡還有很多工作要做。我沒有任何具體的數字可以在這里分享。戴夫，我假設你也沒有任何具體的數字可以分享。

Yes. That's right. I think we're encouraged by the initial results, but it's still early.

是的。這是正確的。我認為我們對初步結果感到鼓舞，但現在還為時過早。

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

您的下一個問題來自高盛的 Heather Bellini。

I had 2 questions. Mark, I know you've been asked a lot about AR/VR on this call. But I was wondering if you could share with us how do you think about the advances you're making on that front, helping to drive differentiation from an e-commerce perspective. And how much of a competitive differentiator can your work be here as Commerce obviously continues to accelerate online?

我有 2 個問題。馬克，我知道你在這次電話會議上被問了很多關於 AR/VR 的問題。但我想知道您是否可以與我們分享您如何看待您在這方面取得的進步，從電子商務的角度幫助推動差異化。隨著電子商務顯然繼續在線加速，您的工作可以在這裡有多大的競爭優勢？

And then I just had a quick one for Dave about any update on the percentage of revenue from the top 100 advertisers. I could have missed that.

然後我剛剛給戴夫做了一個關於前 100 名廣告商收入百分比的更新。我本來可以錯過的。

Yes. I mean I think your question on augmented reality is a really good one because it hits on the fact that we mostly talk about it as a long-term new kind of platform. But in the next couple of years, I also think that there will be opportunities to build these kind of features into our mobile apps in an increasing way to kind of help people express themselves, like they're doing in Reels and Stories, in our cameras. We have, as you probably know, rolled out a number of augmented reality commerce tools and ad formats, right? So the type of things, like for cosmetics, people can try on lipstick or sunglasses to see what they would look like on them. We think we can get to the place where for more kind of items that you might buy to put in your house, we'll be able to, for a lot more of that stuff, be able to visualize what it would look like in your living room just through your camera and augmented reality tools, try on clothes, different things like that over time.

是的。我的意思是我認為你關於增強現實的問題是一個非常好的問題，因為它觸及了我們大多將其作為一種長期的新型平台來談論的事實。但在接下來的幾年裡，我也認為將有機會以越來越多的方式將這些功能構建到我們的移動應用程序中，以幫助人們表達自己，就像他們在 Reels 和 Stories 中所做的那樣，在我們的相機。您可能知道，我們推出了許多增強現實商務工具和廣告格式，對吧？所以像化妝品這樣的東西，人們可以試一下口紅或太陽鏡，看看他們穿上會是什麼樣子。我們認為我們可以到達這樣的地方客廳只需通過你的相機和增強現實工具，試穿衣服，隨著時間的推移，不同的東西。

So there is a lot of this work that I think will help out by building new innovative experiences in our mobile apps. And all of that is also contributing to building up this longer-term development platform around 3D and spatial computing that will be very foundational to all of the VR and AR work longer-term as well.

因此，我認為通過在我們的移動應用程序中構建新的創新體驗，有很多這項工作會有所幫助。所有這些也有助於建立這個圍繞 3D 和空間計算的長期開發平台，這對於所有 VR 和 AR 的長期工作也是非常基礎的。

And Heather, it's Dave. We don't have an update on the top 100 advertiser statistic. But I would say that we continue to see strong growth from our small- and medium-sized advertisers in the quarter, continued strength with our direct response to advertisers. So we're really pleased with the broad base of advertisers that we saw in the quarter and helping those advertisers connect with consumers in this challenging climate. So really pleased with what we're seeing on that front.

希瑟，是戴夫。我們沒有關於前 100 名廣告客戶統計數據的更新。但我想說的是，我們在本季度繼續看到我們的中小型廣告商的強勁增長，我們對廣告商的直接反應繼續強勁。因此，我們對本季度看到的廣泛的廣告商基礎感到非常滿意，並幫助這些廣告商在這個充滿挑戰的環境中與消費者建立聯繫。對我們在這方面看到的非常滿意。

Your next question comes from the line of Doug Anmuth from JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

One for Mark and then one for Sheryl or Dave. Mark, you touched on interoperability briefly. I was hoping you could talk about your rollout efforts thus far and how we should think about the key benefits and milestones there. And then, Sheryl or Dave, would you still expect IDFA to have the same degree of impact on your business as you did 3 months ago whenever it is actually rolled out? Or is it possible that the delay has benefited you with more time to work around and leverage other data sets and therefore minimize the impact?

一個給馬克，一個給雪兒或戴夫。馬克，您簡要介紹了互操作性。我希望您能談談迄今為止的推廣工作，以及我們應該如何考慮那裡的關鍵優勢和里程碑。然後，Sheryl 或 Dave，您是否仍然期望 IDFA 對您的業務產生與 3 個月前實際推出時相同程度的影響？或者延遲是否有可能使您有更多時間來解決和利用其他數據集，從而最大限度地減少影響？

I can speak about interop. It's been a long-term infrastructure project that we've been working on to make it that people can send messages between the apps. We started rolling out interoperability between Messenger and Instagram messaging, and that's live in a lot of countries around the world now, including in the U.S. The initial feedback, I think, has been quite positive as it brought a number of features to Instagram that we previously had only had in Messenger.

我可以談談互操作。這是一個長期的基礎設施項目，我們一直致力於讓人們可以在應用程序之間發送消息。我們開始在 Messenger 和 Instagram 消息傳遞之間推出互操作性，現在世界上很多國家都採用這種方式，包括在美國。我認為最初的反饋是非常積極的，因為它為 Instagram 帶來了我們的許多功能以前只在 Messenger 有過。

The big benefit, the way that I think about this, is that in a lot of countries around the world, there is a primary messaging app that most people use. In the U.S., that doesn't quite exist in the same way. iMessage is certainly the leading messaging app, but of course, people on Android can't use it. And there's still a quite large portion of the population is on Android. So the messaging experience in the U.S. is very fragmented compared to what you would experience if you were in India or China or Brazil or a lot of countries in Europe, which I think just makes it confusing. It means that people have to have all these different apps to reach people, that they're not sure where to reach people. It makes it a little bit harder to build out the business ecosystem because now businesses have to work across all these different places.

我認為最大的好處是，在世界上的許多國家/地區，都有一個大多數人使用的主要消息傳遞應用程序。在美國，這並不完全以同樣的方式存在。 iMessage 無疑是領先的消息應用程序，但當然，Android 用戶無法使用它。而且仍然有相當大一部分人口使用 Android。因此，與您在印度、中國、巴西或歐洲許多國家的體驗相比，美國的消息傳遞體驗非常分散，我認為這只會讓人感到困惑。這意味著人們必須擁有所有這些不同的應用程序才能接觸到人們，他們不確定在哪裡接觸到人們。這使得構建商業生態系統變得更加困難，因為現在企業必須在所有這些不同的地方工作。

So our goal is to make it so that people could just choose one of our apps that they prefer using the most for messaging and can reach all the people who they want to reach across all of our different apps from whichever of the apps is their favorite. And of course, they can continue using multiple if they want. This is going to be a choice that people have. But I think it should simplify things and make it so that these 3 different networks that we've had, between Messenger, Instagram and WhatsApp, can start to function a little bit more like one connected interoperable system.

因此，我們的目標是做到這一點，以便人們可以選擇他們最喜歡用於消息傳遞的應用程序之一，並且可以通過他們最喜歡的應用程序在我們所有不同的應用程序中接觸到他們想要接觸的所有人.當然，如果他們願意，他們可以繼續使用多個。這將是人們的選擇。但我認為它應該簡化事情，讓我們在 Messenger、Instagram 和 WhatsApp 之間擁有的這 3 個不同的網絡可以開始像一個連接的互操作系統一樣運行。

And that's the vision. There is more work to happen here. We, of course, want to bring in WhatsApp to that interoperability as well. There are more features we want to add even to the Messenger-Instagram interoperability. But it's good to see this starting to roll out after what has been a pretty large engineering and infrastructure project.

這就是願景。這裡還有更多工作要做。當然，我們也希望將 WhatsApp 引入到這種互操作性中。我們甚至想為 Messenger-Instagram 互操作性添加更多功能。但很高興看到這在一個相當大的工程和基礎設施項目之後開始推出。

And Doug, on IDFA, and I guess, iOS 14 more broadly, obviously, Apple did delay the implementation of certain elements of their iOS 14 launch as it relates to some of the privacy initiatives. So I think that impact won't be felt in Q4, where prior, we would expect to have seen that in Q4. So I think it's mainly a delay in the impact rather than it's a change in the impact. So we're going to experience that in 2021.

Doug 在 IDFA 上，我猜是更廣泛的 iOS 14，顯然，Apple 確實推遲了其 iOS 14 發布的某些元素的實施，因為這與一些隱私計劃有關。因此，我認為第四季度不會感受到這種影響，而之前我們預計會在第四季度看到這種影響。所以我認為這主要是影響的延遲，而不是影響的變化。因此，我們將在 2021 年體驗到這一點。

Specifically, as it relates to IDFA, it's going to have a disproportionate impact on app installs and thus, our audience network. And so that's obviously a big challenge for app developers who are looking to grow their business in what is a difficult time. So we think that challenge will remain when that implementation happens. But in terms also of whether there is work that we can do to mitigate that impact, the businesses reach out to us all the time on how they can continue to run effective ads in the face of these platform changes. We're looking at various options, but our best view is that there's -- there are going to be significant headwinds next year as a result of these changes, specifically on iOS 14.

具體來說，由於它與 IDFA 相關，它將對應用安裝量以及我們的受眾網絡產生不成比例的影響。因此，對於希望在困難時期發展業務的應用程序開發人員來說，這顯然是一個巨大的挑戰。所以我們認為，當實施發生時，挑戰將仍然存在。但就我們是否可以做一些工作來減輕這種影響而言，企業一直在與我們聯繫，討論如何在面對這些平台變化時繼續投放有效的廣告。我們正在考慮各種選擇，但我們最好的觀點是——由於這些變化，明年將會有很大的阻力，特別是在 iOS 14 上。

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

您的下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I had one for Mark and one for Sheryl. Mark, I want to take you back to Section 230 and yesterday for a second. It seems like you're the most comfortable CEO about making changes to the law. I wonder what are the changes that you had proposed. Does that pact to have a proposal in June resemble where we need to go? And what do you think the cost of these changes would be for Facebook?

我有一個給馬克，一個給雪兒。馬克，我想帶你回到第 230 節和昨天。看起來你是最願意修改法律的 CEO。我想知道你提出的改變是什麼。在 6 月份提出提案的協議是否類似於我們需要去的地方？您認為這些變化對 Facebook 的成本是多少？

And then for Sheryl, you talked about the acceleration of more business embracing Facebook due to this crisis. Can you talk a bit about what verticals maybe had been lagging within their move to Facebook and Instagram and maybe how this crisis has accelerated certain verticals to spend more than they had before?

然後對於 Sheryl，你談到了由於這場危機，更多企業擁抱 Facebook 的速度加快。您能否談談哪些垂直行業在轉向 Facebook 和 Instagram 的過程中可能滯後，以及這場危機如何加速某些垂直行業的支出比以前更多？

Sure, I can talk about the first one. So at this point, we have the benefit of seeing how different countries have adopted different types of regulation and getting to understand how that either makes the problems more effective for dealing with them or in some cases, makes it harder and actually makes -- creates worse results.

當然，我可以談談第一個。因此，在這一點上，我們有利於了解不同國家如何採用不同類型的監管，並了解這如何使問題更有效地處理它們，或者在某些情況下，使問題變得更加困難並實際上導致 - 創造更糟糕的結果。

So the approaches that I think seem to have worked best, by looking at what France and a few other countries have done, is basically one which focuses on creating a transparent process where companies have to report how they're doing moderation, reporting on how much harmful content of different categories is visible, the portion of the content on the service and what percent of it our content moderation systems can get to before people need to report it to us.

因此，通過查看法國和其他一些國家的做法，我認為似乎效果最好的方法基本上是一種專注於創建透明流程的方法，在該流程中，公司必須報告他們如何進行節制，報告如何許多不同類別的有害內容是可見的，服務上的內容部分以及我們的內容審核系統在人們需要向我們報告之前可以達到的百分比。

And I think a system like that, that basically requires companies to meet certain thresholds or show improvement, basically aligns incentives in the right way to encourage companies to minimize the amount of that harmful content that people are seeing. But there are plenty of examples where there are other regulatory regimes that I think point towards -- that are counterproductive, right, or basically require companies to do things that aren't quite getting at the most important aspect of the problem.

我認為像這樣的系統，基本上要求公司達到某些門檻或表現出改進，基本上以正確的方式調整激勵措施，以鼓勵公司盡量減少人們看到的有害內容的數量。但是有很多例子，我認為還有其他監管制度——它們適得其反，對，或者基本上要求公司做一些沒有完全解決問題最重要方面的事情。

As one example, in some countries, there are rules saying you have to get to a certain content within a short period of time. And that, I think, is good on its face, but I think the reality is that a piece of content that's going to not be seen by many people, maybe it's not as urgent to deal with as one that is going to be problematic but is going to be seen by a lot of people. You really want to get to that sooner. So treating all content equally compared to just looking at the prevalence of how much bad stuff people are seeing, I think, is going to be less effective overall.

例如，在某些國家/地區，有規定您必須在短時間內訪問特定內容。而且，我認為，從表面上看是好的，但我認為現實情況是，一段不會被很多人看到的內容，也許它不像處理有問題的內容那麼緊迫，但會被很多人看到。你真的想早點做到這一點。因此，與僅查看人們看到的不良內容的普遍性相比，平等對待所有內容，我認為總體上會不太有效。

So it's hard for me to speak to the cost to Facebook or other companies specifically because this is pretty nuanced stuff, and a lot of it will depend on specific language or details of how this lands. But I do think, at this point, there are enough examples in other countries that you can kind of get a sense of what helps create a more healthy ecosystem and what doesn't.

因此，我很難特別談到 Facebook 或其他公司的成本，因為這是非常微妙的東西，其中很多將取決於具體的語言或如何實現的細節。但我確實認為，在這一點上，其他國家有足夠多的例子，你可以了解什麼有助於創建一個更健康的生態系統，什麼沒有。

So on verticals, our growth is very broad-based, and it's especially important for small- to medium-sized businesses. These businesses have faced huge challenges in the pandemic, and they've needed to become digital, often for the first time. So the free tools we provide to get themselves online, online presence and mobile presence, have been more and more important. And personalized ads are more and more important.

因此，在垂直領域，我們的增長基礎非常廣泛，這對中小型企業尤其重要。這些企業在大流行中面臨著巨大的挑戰，他們需要實現數字化，通常是第一次。因此，我們提供的免費工具讓他們自己上網、在線展示和移動展示變得越來越重要。而個性化廣告也越來越重要。

The use of data, which we can do in a very privacy-protective way, to let them buy the audiences they want are increasingly important. Big companies can afford to buy broad-based ad campaigns that hit countries or whole geographies. Small companies can't. So survival and the economic growth and the increasing ability to stay afloat and hire has really been driven across the board by SMBs.

我們可以以非常保護隱私的方式使用數據來讓他們購買他們想要的受眾，這一點變得越來越重要。大公司有能力購買影響國家或整個地區的廣泛的廣告活動。小公司做不到。因此，中小型企業真正全面推動了生存和經濟增長以及不斷增強的維持生計和招聘能力。

Now some verticals have experienced more of this. Certainly, e-commerce is the leading example, but there are a lot of other businesses that have also lend themselves to online. Education is growing nicely, retail. There are others like travel and auto that have lagged during this but are starting to rebound as well.

現在一些垂直行業已經經歷了更多這樣的事情。當然，電子商務是主要的例子，但還有很多其他業務也適合在線。教育發展良好，零售業。旅行和汽車等其他行業在此期間表現落後，但也開始反彈。

I also, while we're talking about verticals, want to take the opportunity to say that I think there is a bit of a misunderstanding about the size of political ads on our services. In Q3, combined political ads and government spending all together was still low single-digit percentages of ad revenue in the U.S. and globally. It's not a top 10 vertical in the U.S. or globally as well.

當我們談論垂直行業時，我也想藉此機會說，我認為我們服務中政治廣告的大小存在一些誤解。在第三季度，政治廣告和政府支出加在一起在美國和全球廣告收入中的佔比仍然很低。它不是美國或全球排名前 10 的垂直行業。

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

您的下一個問題來自 RBC 的 Mark Mahaney。

A question for Sheryl. Sheryl, you talked about an acceleration in ad revenue associated with, I guess, the buildout of social commerce. Could you double-click on that a little bit more and explain that? And is it just that as the inventory becomes more transactionable, it's more valuable and therefore, marketers are willing to bid more for it? Just explain that link between the growth in commerce activity on the network and the acceleration in that revenue.

謝麗爾的一個問題。 Sheryl，你談到了廣告收入的加速增長，我猜，這與社交商務的發展有關。你能再雙擊一下並解釋一下嗎？僅僅是因為庫存變得更易交易，它就更有價值，因此，營銷人員願意為它出價更高嗎？只需解釋網絡上商業活動的增長與收入加速之間的聯繫。

I think the acceleration I was talking about is really an acceleration to businesses moving online. There were just a lot of businesses that before the pandemic were consistently off-line businesses. They sold locally, they advertised locally. You walked into their store and bought. And what the -- and this was already changing, right? Businesses were already going online.

我認為我所說的加速實際上是對在線業務的加速。在大流行之前，只有很多企業一直是離線業務。他們在當地銷售，他們在當地做廣告。你走進他們的商店買了。什麼 - 這已經在改變，對吧？企業已經開始上網。

But we just have seen a massive acceleration in businesses doing things online, whether it's finding customers, letting you know they're open, selling curbside pickup. When people couldn't walk into stores all over the world, they had to reach customers a different way. That acceleration has really powered our business. That's why there are 200 million small businesses or businesses using our free tools because a lot of these businesses had to get online for the very first time. That's why we have 10 million advertisers because once you have an online presence, once you're doing things to reach customers online and even delivering products not in person, you see that acceleration.

但是我們剛剛看到企業在網上做事的速度大大加快，無論是尋找客戶、讓你知道他們是開放的，還是銷售路邊取貨。當人們無法走進世界各地的商店時，他們必須以不同的方式接觸顧客。這種加速確實為我們的業務提供了動力。這就是為什麼有 2 億小企業或企業使用我們的免費工具的原因，因為其中很多企業必須第一次上網。這就是為什麼我們擁有 1000 萬廣告商的原因，因為一旦您擁有在線形象，一旦您在網上接觸客戶，甚至不是親自交付產品，您就會看到這種加速。

And so it is that overall acceleration onto online commerce, some of our e-commerce tools, that's really, I think, increased the number of small businesses all over the world, that are using our free tools and are advertising with us.

因此，在線商務的整體加速，我們的一些電子商務工具，我認為，這確實增加了全世界使用我們的免費工具並與我們一起做廣告的小企業的數量。

Your last question comes from the line of Youssef Squali from Truist Securities.

您的最後一個問題來自 Truist Securities 的 Youssef Squali。

One question for Mark and one for Dave. Mark, on the -- online gaming is an opportunity, it's an emerging opportunity for you. I was wondering how you see your position today. Just as you compete with very entrenched players like Twitch and YouTube, what do you need to do to win longer-term? And is VR and AR and the work you're doing potentially a competitive advantage over time?

馬克一問，戴夫一問。馬克，在線遊戲是一個機會，對你來說是一個新興的機會。我想知道你如何看待你今天的立場。就像您與 Twitch 和 YouTube 等根深蒂固的玩家競爭一樣，您需要做些什麼才能贏得長期的勝利？隨著時間的推移，VR 和 AR 以及你正在做的工作是否具有潛在的競爭優勢？

And then Dave, just given the amount of cash you guys have on the balance sheet, I think you just added $5.9 billion in free cash flow this past quarter, would a change in the administration and prospects for maybe higher capital gains and dividend taxes change your way on how to manage or how you guys are managing your capital allocation and return short-term?

然後戴夫，考慮到你們資產負債表上的現金數額，我認為你們在上個季度剛剛增加了 59 億美元的自由現金流，行政部門的變化以及可能更高的資本收益和股息稅的前景會發生變化你如何管理或你們如何管理你的資本分配和短期回報？

I can talk about gaming. So this is an area that I'm very excited about. I think it's a big growth area and one that I enjoy a lot personally. It's -- so we're doing a number of things here. And I think you're right, that the longer-term virtual and augmented reality projects do help here, both in the near term and the long term. It's also just a very exciting area of gaming.

我可以談談遊戲。所以這是一個讓我非常興奮的領域。我認為這是一個很大的增長領域，也是我個人非常喜歡的領域。這是 - 所以我們在這裡做了很多事情。我認為你是對的，長期的虛擬和增強現實項目在短期和長期都有幫助。這也是一個非常令人興奮的遊戲領域。

But then most people are using gaming through our services, through the Facebook Gaming initiative that we have. People stream games using our live tools. People want to be able to build a community. I think our features and our just kind of social focus as a company means that we are better able to serve game streamers who want to build out a community across our service. That part is going quite well and is growing quickly.

但是大多數人通過我們的服務，通過我們擁有的 Facebook 遊戲計劃來使用遊戲。人們使用我們的直播工具流式傳輸遊戲。人們希望能夠建立一個社區。我認為我們的功能和我們作為一家公司的社交重點意味著我們能夠更好地為想要在我們的服務中建立社區的遊戲主播提供服務。這部分進展順利，並且正在迅速增長。

We just launched our cloud initiative, which plugs into both the Facebook Gaming work that we're doing and the ads work that we do around helping game companies get new customers. It's sort of not a completely different approach. It sort of plugs into the core things that we do. So you're basically seeing gaming combined with video and the communities work that we're doing in order to just kind of grow all of those at once.

我們剛剛啟動了我們的雲計劃，該計劃融入了我們正在進行的 Facebook Gaming 工作以及我們圍繞幫助遊戲公司獲得新客戶所做的廣告工作。這不是一種完全不同的方法。它有點像我們所做的核心事情。所以你基本上看到了遊戲與視頻的結合，以及我們正在做的社區工作，以便同時發展所有這些。

Over the longer term, I think the VR piece will obviously come into that as well. Some of the cloud gaming stuff that we're doing will, of course, be useful for VR as well, and we're building a big community around that on Oculus. But this, I do think, will be a very exciting growth opportunity and ability to offer a lot of innovation over the coming years.

從長遠來看，我認為 VR 作品顯然也會出現這種情況。當然，我們正在做的一些雲遊戲對 VR 也很有用，我們正在 Oculus 上圍繞它建立一個大型社區。但我確實認為，這將是一個非常令人興奮的增長機會，並有能力在未來幾年提供大量創新。

Yes. Thanks, Youssef. So on our capital allocation, our focus is in investing in growth and continuing to make sure that we make the investments to drive the long-term growth of the business. That includes investing in our core product as well as investing in some of our longer-term initiatives like Facebook Reality Labs. This past quarter, we made an important strategic investment in Jio Platforms, so that was a significant outlay of capital. We continue to have an active share repurchase program authorized by the Board. And we'll certainly factor in any changes in the tax landscape. But I wouldn't expect that to necessarily lead to a shift in our fundamental approach.

是的。謝謝，優素福。因此，在我們的資本配置方面，我們的重點是投資於增長，並繼續確保我們進行投資以推動業務的長期增長。這包括投資我們的核心產品以及投資我們的一些長期計劃，如 Facebook Reality Labs。上個季度，我們對 Jio Platforms 進行了重要的戰略投資，因此這是一筆可觀的資本支出。我們繼續執行董事會授權的積極股票回購計劃。我們肯定會考慮稅收格局的任何變化。但我不認為這必然會導致我們的基本方法發生轉變。

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

偉大的。感謝您今天加入我們。感謝您的寶貴時間，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。您現在可以斷開線路。