Meta Platforms Inc (META) 2021 Q3 法說會逐字稿

Good afternoon. My name is France, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Third Quarter 2021 Earnings Conference Call. (Operator Instructions) This call will be recorded.

下午好。我的名字是法國，今天我將成為你們的會議接線員。在這個時候，我想歡迎大家參加 Facebook 2021 年第三季度收益電話會議。 （操作員說明）此通話將被錄音。

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

非常感謝你。 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 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 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'd like to turn the call over to Mark.

現在我想把電話轉給馬克。

Hey, everyone, and thanks for joining today. We made good progress this quarter across a number of product priorities, and our community continues to grow. There are now almost 3.6 billion people who actively use one or more of our services, and I'm excited about our road map to keep building great new experiences for them.

大家好，感謝您今天的加入。本季度，我們在多個產品優先事項上取得了良好進展，我們的社區繼續發展壯大。現在有近 36 億人在積極使用我們的一項或多項服務，我很高興我們的路線圖能夠繼續為他們打造出色的新體驗。

As expected, we did experience revenue headwinds this quarter, including from Apple's changes that are not only negatively affecting our business, but millions of small businesses and what is already a difficult time for them in the economy. Sheryl and Dave will talk about this more later, but the bottom line is we expect we'll be able to navigate these headwinds over time with investments that we're already making today.

正如預期的那樣，我們本季度確實遇到了收入逆風，包括來自蘋果公司的變化，這些變化不僅對我們的業務產生負面影響，而且對數百萬小企業以及它們在經濟中已經是困難時期產生了負面影響。 Sheryl 和 Dave 稍後將對此進行更多討論，但最重要的是，我們預計隨著時間的推移，我們將能夠通過我們今天已經進行的投資來應對這些逆風。

Before I get to our product update, I want to discuss the recent debate around our company. I believe large organizations should be scrutinous. And I much rather live in a society where they are than one where they can't be. Good thing, criticism helps us get better. But my view is that what we are seeing is a coordinated effort to selectively use lease documents to pay a false picture of our company. The reality is that we have an open culture where we encourage discussion and research about our work so we can make progress on many complex issues that are not specific to just us. We have industry-leading programs to study the effects of our products and provide transparency to our progress because we care about getting this right.

在我開始我們的產品更新之前，我想討論一下最近圍繞我們公司的辯論。我認為大型組織應該受到審查。我寧願生活在一個他們存在的社會中，也不願生活在一個他們不可能存在的社會中。好東西，批評可以幫助我們變得更好。但我的觀點是，我們所看到的是一種協調一致的努力，有選擇地使用租賃文件來支付我們公司的虛假照片。現實情況是，我們有一種開放的文化，我們鼓勵對我們的工作進行討論和研究，這樣我們就可以在許多複雜的問題上取得進展，而這些問題不僅僅針對我們。我們擁有行業領先的計劃來研究我們產品的效果並為我們的進展提供透明度，因為我們關心做到這一點。

When we make decisions, we need to balance competing social equities like free expression with reducing harmful content or enabling strong encrypted privacy with supporting law enforcement or enabling research and interoperability with locking down data as much as possible. It makes a good soundbite to say that we don't sell these impossible trade-offs because we're just focused on making money, but the reality is these questions are not primarily about our business but about balancing different difficult social values.

當我們做出決定時，我們需要平衡相互競爭的社會公平，如言論自由與減少有害內容或啟用強大的加密隱私與支持執法或啟用研究和互操作性並儘可能鎖定數據。說我們不出售這些不可能的權衡是一個很好的說法，因為我們只專注於賺錢，但現實是這些問題主要不是關於我們的業務，而是關於平衡不同的困難社會價值觀。

And I've repeatedly called for regulation to provide clarity because I don't think companies should be making so many of these decisions ourselves. I'm proud of our record navigating the complex trade-offs involved in operating services at global scale, and I am proud of the research and transparency we bring to our work. Our programs are industry-leading. We have made massive investments in safety and security with more than 40,000 people, and we are on track to spend more than $5 billion on safety and security in 2021. I believe that's more than any other tech company even adjusted for scale.

我一再呼籲監管以提供明確性，因為我認為公司不應該自己做出這麼多的決定。我為我們在全球範圍內處理涉及運營服務的複雜權衡的記錄感到自豪，我為我們為工作帶來的研究和透明度感到自豪。我們的計劃是行業領先的。我們已經對超過 40,000 人的安全和安保進行了大規模投資，我們有望在 2021 年在安全和安保方面花費超過 50 億美元。我相信這比任何其他科技公司都多，甚至在規模上進行了調整。

We set the standard for transparency with our quarterly enforcement reports and tools like political ads archive. We established a new model for independent academic researchers to safely access data. We pioneered the Oversight Board as a model of self-regulation. And as a result, we believe that our systems are the most effective at reducing harmful content across the industry. And I think that any honest account of how we handle these issues should include that. I also think that any honest account should be clear that these issues aren't primarily about social media. That means that no matter what Facebook does, we're never going to sell them on our own.

我們通過季度執行報告和政治廣告檔案等工具設定了透明度標準。我們為獨立的學術研究人員建立了一種安全訪問數據的新模式。我們率先將監督委員會作為自我監管的典範。因此，我們相信我們的系統在減少整個行業的有害內容方面是最有效的。我認為任何關於我們如何處理這些問題的誠實描述都應該包括這一點。我還認為，任何誠實的說法都應該清楚，這些問題主要與社交媒體無關。這意味著無論 Facebook 做什麼，我們都不會自己出售它們。

For example, polarization started rising in the U.S. before it is born. At the same time, independent research shows that many countries around the world have flat or declining polarization despite similar social media use there in the U.S. We see this pattern repeat with other issues as well. The reality is that social media is not the main driver of these issues and probably can't fix them by itself either.

例如，兩極分化在美國誕生之前就開始上升。與此同時，獨立研究表明，儘管美國使用了類似的社交媒體，但世界上許多國家的兩極分化持平或下降。我們看到這種模式在其他問題上也重複出現。現實情況是，社交媒體並不是這些問題的主要驅動力，也可能無法自行解決。

We should want every other company in our industry to make the investments and achieve the results that we have. I worry about the incentives that we are creating for other companies to be as introspective as we have been, but I am committed to continuing this work because I believe it will be better for our community and our business over the long term.

我們應該希望我們行業中的所有其他公司都進行投資並取得我們所擁有的成果。我擔心我們為其他公司創造的激勵措施，讓他們像我們一樣內省，但我致力於繼續這項工作，因為我相信從長遠來看，這對我們的社區和我們的業務會更好。

Now we can't change the underlying media dynamics, but there is a different constituency that we serve that has always been more important and that I try to keep us focused. And that's people. Billions of people use our services because we build the best tools to stay connected to the people you care about, to find communities that matter to you and to grow your small business. And the reason we've been able to succeed for almost 2 decades is because we keep evolving and building.

現在我們無法改變潛在的媒體動態，但我們服務的不同選區一直更重要，我試圖讓我們保持專注。那就是人。數十億人使用我們的服務，因為我們構建了最好的工具來與您關心的人保持聯繫，找到對您很重要的社區並發展您的小型企業。近 2 年來，我們之所以能夠成功，是因為我們不斷發展和建設。

Facebook started in the dorm room and grew into a global website. We invented the News Feed and a new kind of ads platform. We became a mobile-first experience. And then we grew a whole Family of Apps that serve billions of people. And there is so much more to build.

Facebook 從宿舍起家，發展成為一個全球網站。我們發明了動態消息和一種新型廣告平台。我們成為了移動優先的體驗。然後我們發展了一個為數十億人服務的應用程序系列。還有很多東西要建造。

Even with all of the tools that we have today, we still can't feel like we're right there together with the people we care about when we're physically apart. We can't teleport these holograms to instantly be at the office without a compute or at a concert with a friend or in your parents' living room to catch up. The creative economy and commerce tools are so nascent, and there should be opportunity for millions of more people to make a living doing the work that they love.

即使使用我們今天擁有的所有工具，當我們身體分開時，我們仍然無法與我們關心的人在一起。我們不能將這些全息圖傳送到沒有計算機的辦公室，或者在與朋友的音樂會或在你父母的客廳裡趕上。創意經濟和商業工具如此新生，應該有更多的機會讓數以百萬計的人通過從事自己喜歡的工作來謀生。

Our 3 product priorities remain our focus on creators, commerce and building the next computing platform. A big part of our work with creators is our focus on Reels. Reels is already the primary driver of engagement growth lines. It's incredibly entertaining, and I think that there is a huge amount of potential ahead. We expect this to continue growing, and I am optimistic that Reels will be as important for our product as Stories is. We also expect to make significant changes to Instagram and Facebook in the next year to further lean into video and make Reels a more central part of the experience.

我們的 3 個產品優先事項仍然是我們對創造者、商業和構建下一個計算平台的關注。我們與創作者合作的很大一部分是我們對 Reels 的關注。 Reels 已經是參與度增長線的主要驅動力。這非常有趣，我認為未來有巨大的潛力。我們預計這將繼續增長，我樂觀地認為 Reels 對我們的產品將與 Stories 一樣重要。我們還希望在明年對 Instagram 和 Facebook 做出重大改變，以進一步向視頻傾斜，並使 Reels 成為體驗的更核心部分。

One aspect of this is giving all our apps the goal of being the best services for young adults, which we define as ages 18 to 29. Historically, young adults have been a strong base, and that's important because they are the future. But over the last decade, as the audience that uses our apps has expanded so much and we focused on serving everyone, our services have gotten dialed to be the best for the most people who use them rather than specifically for young adults. And during this period, competition has also gotten a lot more intense, especially with Apple's iMessage growing in popularity and, more recently, the rise of TikTok, which is one of the most effective competitors that we have ever faced.

其中一方面是讓我們所有的應用程序的目標是為年輕人提供最佳服務，我們將其定義為 18 至 29 歲。從歷史上看，年輕人一直是一個強大的基礎，這很重要，因為他們是未來。但在過去的十年中，隨著使用我們應用程序的受眾不斷擴大，我們專注於為每個人提供服務，我們的服務已經被定位為最適合使用它們的人，而不是專門為年輕人服務。在此期間，競爭也變得更加激烈，尤其是隨著 Apple 的 iMessage 越來越受歡迎，以及最近 TikTok 的崛起，這是我們曾經遇到過的最有效的競爭對手之一。

So we are retooling our teams to make serving young adults their North Star rather than optimizing for the larger number of older people. Like everything, this will involve trade-offs in our products, and it will likely mean that the rest of our community will grow more slowly than it otherwise would have. But it should also mean that our services become stronger for young adults. This shift will take years, not months, to fully execute, and I think it's the right approach to building our community and company for the long term.

因此，我們正在重組我們的團隊，讓服務年輕人成為他們的北極星，而不是針對更多的老年人進行優化。像所有事情一樣，這將涉及我們產品的權衡，這可能意味著我們社區的其他成員將比其他方式增長得更慢。但這也應該意味著我們為年輕人提供的服務會變得更強大。這種轉變需要數年而不是數月才能完全執行，我認為這是長期建立我們的社區和公司的正確方法。

Our next product priority is Commerce. Helping people discover new products that they're interested in and reach customers inside our apps is going to unlock a lot of opportunities. As Apple's changes, make e-commerce and customer acquisition less effective on the web, solutions that allow businesses to set up shop right inside our apps will become increasingly attractive and important to them. We built solutions like ads that can dynamically point to either a business' website or their shop on our platform, depending on what will perform better for them. And that will help more businesses navigate this challenging dynamic environment.

我們的下一個產品優先級是商務。幫助人們發現他們感興趣的新產品並在我們的應用程序中吸引客戶將釋放大量機會。隨著 Apple 的改變，使電子商務和客戶獲取在網絡上的效率降低，允許企業直接在我們的應用程序內開設商店的解決方案對他們來說將變得越來越有吸引力和重要。我們構建了諸如廣告之類的解決方案，這些解決方案可以動態地指向我們平台上的企業網站或他們的商店，這取決於對他們來說效果更好的東西。這將幫助更多的企業駕馭這個充滿挑戰的動態環境。

Building a full-fledged Commerce platform is a multiyear journey. Marketplace is already at scale, and lots of people rely on it, especially now with supply chain issues that make it harder to get new products. Shops are getting more developed, and we have an exciting program planned for this holiday season where we're working closely with a number of the businesses that have invested the most in shops to identify what works to find new customers and grow their businesses even faster. And our plan is to then scale those solutions more broadly in 2022.

建立一個成熟的商務平台是一個多年的旅程。市場已經規模化，很多人都依賴它，尤其是現在供應鏈問題使得獲得新產品變得更加困難。商店越來越發達，我們在這個假期計劃了一個令人興奮的計劃，我們正在與一些在商店投資最多的企業密切合作，以確定哪些方法可以找到新客戶並更快地發展他們的業務.我們的計劃是在 2022 年更廣泛地擴展這些解決方案。

Beyond Reels and Commerce, I also want to share some thoughts on our longer-term efforts to build the next computing platform and help bring the metaverse to life. This is a major area of investment for us and an important part of our strategy going forward.

除了 Reels 和 Commerce，我還想分享一些關於我們長期努力構建下一個計算平台並幫助實現元宇宙的想法。這是我們的一個主要投資領域，也是我們未來戰略的重要組成部分。

And I think this work is critical to our mission because delivering a sense of presence, like you're right there with another person, that's the holy grail of online and social experience. Over the next decade, these new platforms are going to start to unlock the kinds of experiences that I wanted to build since before I even started Facebook. Along with those social experiences, I expect a massive increase in the creator economy and amount of digital goods and commerce.

我認為這項工作對我們的使命至關重要，因為提供一種存在感，就像你和另一個人在一起一樣，這是在線和社交體驗的聖杯。在接下來的十年裡，這些新平台將開始釋放我在創建 Facebook 之前就想構建的各種體驗。除了這些社交體驗，我預計創作者經濟以及數字商品和商業的數量都會大幅增加。

If you're in the metaverse every day, then you'll need digital clothes and digital tools and different experiences. Our goal is to help the metaverse reach 1 billion people and hundreds of billions of dollars of digital commerce a day. And strategically, helping to shape the next platform should also reduce our dependence on delivering our services for competitors.

如果您每天都在虛擬世界中，那麼您將需要數字服裝和數字工具以及不同的體驗。我們的目標是幫助 Metaverse 每天接觸 10 億人和數千億美元的數字商務。從戰略上講，幫助塑造下一個平台還應該減少我們對為競爭對手提供服務的依賴。

Building the foundational platform for the metaverse will be a long road. We just released the 128-gigabyte Quest 2, replacing a 64-gigabyte model for $299. With EssilorLuxottica, we released our first smart glasses, and they are off to a strong start as well. But bringing this vision to life isn't just about building one glass of product. There's a whole ecosystem. We're building multiple generations of our VR and AR products at the same time as well as a new operating system, a development model, a digital commerce platform, content studio and, of course, a social platform.

為元宇宙構建基礎平台將是一條漫長的道路。我們剛剛發布了 128GB 的 Quest 2，以 299 美元的價格取代了 64GB 的型號。通過 EssilorLuxottica，我們發布了我們的第一款智能眼鏡，它們也有了一個良好的開端。但是，將這一願景變為現實不僅僅是製造一杯產品。有一個完整的生態系統。我們正在同時構建多代 VR 和 AR 產品，以及新的操作系統、開發模式、數字商務平台、內容工作室，當然還有社交平台。

So to reflect the significance of this for our business, today, we are announcing a change to our financial reporting. Starting next quarter, we will begin disclosing financial metrics for Facebook Reality Labs separately from our Family of Apps. And this will provide investors with additional visibility into the investments that we're making in augmented and virtual reality.

因此，為了反映這對我們業務的重要性，今天，我們宣布對我們的財務報告進行更改。從下個季度開始，我們將開始獨立於我們的應用系列披露 Facebook Reality Labs 的財務指標。這將使投資者對我們在增強現實和虛擬現實方面的投資有更多的了解。

In 2021, we expect these investments to reduce our overall operating profit by approximately $10 billion, and I expect this investment to grow even further for each of the next several years. David will share more about this later, but I encourage you all to tune in to Connect on Thursday to hear more about our vision and our work here in more detail.

到 2021 年，我們預計這些投資將使我們的整體營業利潤減少約 100 億美元，我預計未來幾年這項投資將進一步增長。 David 稍後將分享更多關於此的信息，但我鼓勵大家在周四收聽 Connect，以更詳細地了解我們的願景和我們的工作。

I recognize the magnitude of the spec on the future, and I am grateful for the support of our investors, the creative community and the thousands of talented people working on this effort inside our company to bring this inspiring future to.

我認識到未來規範的重要性，我感謝我們的投資者、創意社區和數千名在我們公司內部為實現這一鼓舞人心的未來而努力工作的人才的支持。

And with that, here's Sheryl.

有了這個，這裡是雪莉。

Thanks, Mark, and hi, everyone. This quarter, our total revenue was $29 billion, up 35% year-over-year. We saw solid revenue growth across all regions, and we continue to grow our user base.

謝謝，馬克，大家好。本季度，我們的總收入為 290 億美元，同比增長 35%。我們在所有地區都看到了穩健的收入增長，並且我們繼續擴大我們的用戶群。

We felt the impact of some big external factors in Q3. I want to explain some of the revenue softness we've seen and what we're doing to mitigate the headwinds and help businesses over the crucial holiday period and beyond.

我們在第三季度感受到了一些重大外部因素的影響。我想解釋一下我們已經看到的一些收入疲軟，以及我們正在採取哪些措施來緩解不利因素並在關鍵的假期期間及以後幫助企業。

To start, let's take a step back. Over the past decade, we've seen more and more businesses shift online. When the pandemic hit, this digital transformation accelerated. We've invested in tools and products over many years to help businesses make this shift. So this acceleration drove very strong growth for us throughout the last few quarters.

首先，讓我們退後一步。在過去的十年中，我們看到越來越多的企業轉向線上。當大流行來襲時，這種數字化轉型加速了。多年來，我們一直在投資工具和產品，以幫助企業實現這一轉變。因此，這種加速在過去幾個季度為我們帶來了非常強勁的增長。

We've been open about the fact that there were headwinds coming, and we've experienced that in Q3. The biggest is the impact of Apple iOS 14 changes, which has created headwinds for others in the industry as well, major challenges for small businesses and advantaged Apple's own advertising business. We started to see that impact in Q2, but adoption on the consumer side ramped up by late June, so it hit critical mass in Q3.

我們一直對即將到來的逆風持開放態度，我們在第三季度就經歷了這一點。最大的是蘋果 iOS 14 變化的影響，這也給業內其他公司帶來了阻力，給小企業帶來了重大挑戰，並有利於蘋果自己的廣告業務。我們在第二季度開始看到這種影響，但到 6 月底，消費者方面的採用率有所增加，因此在第三季度達到臨界質量。

As a result, we've encountered 2 challenges. One is that the accuracy of our ads targeting decreased, which increased the cost of driving outcomes for our advertisers; and the other is that measuring those outcomes became more difficult.

結果，我們遇到了兩個挑戰。一是我們廣告定位的準確性下降，這增加了為我們的廣告商帶來成果的成本；另一個是衡量這些結果變得更加困難。

On targeting, we focused on improving campaign performance even with the increased limitations facing our industry. We're building commerce tools to help businesses reach more new customers and get more incremental sales. And over the longer term, we're developing privacy-enhancing technologies in collaboration with others across the industry to help minimize the amount of personal information we process while still allowing us to show relevant ads. Progress in these areas will take time and will be a focus for us throughout 2022 and beyond.

在定位方面，即使我們的行業面臨越來越多的限制，我們也專注於提高活動績效。我們正在構建商務工具，以幫助企業接觸更多新客戶並獲得更多增量銷售。從長遠來看，我們正在與業內其他公司合作開發隱私增強技術，以幫助最大限度地減少我們處理的個人信息量，同時仍然允許我們展示相關廣告。這些領域的進展將需要時間，並將成為我們整個 2022 年及以後的重點。

On measurement, as we wrote in a recent blog post, we believe we are underreporting iOS web conversions. This means real-world conversions like sales and app installs are higher than what's being reported from many advertisers, especially small advertisers. We're making good progress fixing this. We think we'll be able to address more than half of the underreporting by the end of this year, and we'll continue to work on this into 2022.

在衡量方面，正如我們在最近的一篇博文中所寫，我們認為我們低估了 iOS 網絡轉化率。這意味著銷售和應用安裝等現實世界的轉化率高於許多廣告商（尤其是小型廣告商）報告的轉化率。我們在解決這個問題方面取得了很好的進展。我們認為，到今年年底，我們將能夠解決一半以上的漏報問題，我們將在 2022 年繼續努力。

Another external factor is slowing e-commerce growth. The strong e-commerce growth in recent quarters was driven in part by the acceleration of the digital transformation that is now tapering out. I think most people see this in their own lives. There is a period of time when many people who are able to stay at home and order things online much more. But now in many places, things have opened up, and people are increasingly making purchases in person. This doesn't mean e-commerce has stopped growing. Businesses are still making the shift online, but e-commerce is no longer growing at the pace it was at the height of the pandemic.

另一個外部因素是電子商務增長放緩。近幾個季度電子商務的強勁增長部分是由於數字化轉型的加速推動的，而數字化轉型的步伐正在逐漸放緩。我想大多數人在自己的生活中都看到了這一點。有一段時間，許多人能夠呆在家裡並在網上訂購更多的東西。但現在在很多地方，事情已經開放，人們越來越多地親自購買。這並不意味著電子商務已經停止增長。企業仍在在線上進行轉變，但電子商務不再以大流行高峰時的速度增長。

These factors have been compounded from many advertisers by major global supply chain issues and labor shortages, which have lost many consumer businesses with less inventory. This has reduced their appetite to generate demand from consumers, which has impacted advertising spend. Businesses in every region and across a range of verticals have been affected. At the same time, we've also seen some impact from COVID surges around the world in places like Southeast Asia.

全球主要供應鏈問題和勞動力短缺使許多廣告商的這些因素更加複雜，這導致許多庫存較少的消費者業務流失。這降低了他們從消費者那裡產生需求的興趣，從而影響了廣告支出。每個地區和一系列垂直領域的企業都受到了影響。與此同時，我們也看到了全球 COVID 激增對東南亞等地的一些影響。

Overall, if it wasn't for Apple's iOS 14 changes, we would have seen positive quarter-over-quarter revenue growth. And while we and our advertisers will continue to feel the effect of these changes in future quarters, we will continue working hard to mitigate them.

總體而言，如果不是因為 Apple 的 iOS 14 更改，我們會看到季度環比正增長。雖然我們和我們的廣告商將在未來幾個季度繼續感受到這些變化的影響，但我們將繼續努力減輕它們。

Despite the headwinds, we remain confident about our future. We believe Facebook and Instagram are the best place for people to connect with their friends and families, build communities and starting to grow businesses. And we believe they're still the best platform for advertisers to reach people where they are and get measurable outcomes. Our focus remains where it has always been, building products that help people connect and businesses grow.

儘管有逆風，我們仍然對我們的未來充滿信心。我們相信 Facebook 和 Instagram 是人們與朋友和家人聯繫、建立社區和開始發展業務的最佳場所。我們相信它們仍然是廣告商接觸他們所在的人並獲得可衡量結果的最佳平台。我們的重點始終如一，打造幫助人們聯繫和業務發展的產品。

Mark talked about video a moment ago. Not only is this a growing area for us overall, but we're also continuing to get better at monetizing it. More than 60% of video revenue now comes from mobile-first video, meaning videos that are shot vertically or are under 15 seconds. Over 2 billion people per month now watch videos that are eligible for in-stream ads, which are ad shown before, during or after videos. And we're expanding access to Reels ads on Instagram to more advertisers with automatic placement in new creative formats.

馬克剛才談到了視頻。這不僅對我們整體來說是一個不斷增長的領域，而且我們還在繼續更好地利用它獲利。現在超過 60% 的視頻收入來自移動優先視頻，這意味著視頻是垂直拍攝的或時長不足 15 秒的視頻。現在每月有超過 20 億人觀看符合視頻插播廣告條件的視頻，這些視頻在視頻之前、期間或之後展示。我們正在擴大對 Instagram 上 Reels 廣告的訪問權限，讓更多的廣告客戶使用新的創意格式自動投放。

Another area we're seeing good progress is in lead generation. Our products helped businesses generate quality leads at scale and meet customers where they are in their preferred channel of communication, whether it's messaging, forms or calls. In April, we started rolling out a new conversion leads optimization goal for higher quality leads. And advertisers can also integrate their CRM with Facebook via our conversions API. Our tests show that on average, advertisers see a 20% increase in lead to sales conversion rate when they use both the optimization goal and the integration.

我們看到的另一個進展良好的領域是潛在客戶的產生。我們的產品幫助企業大規模產生高質量的潛在客戶，並在客戶首選的溝通渠道（無論是消息、表格還是電話）中與他們會面。 4 月，我們開始推出新的轉化潛在客戶優化目標，以獲得更高質量的潛在客戶。廣告商還可以通過我們的轉換 API 將他們的 CRM 與 Facebook 集成。我們的測試表明，平均而言，當廣告客戶同時使用優化目標和集成時，他們的銷售線索轉化率提高了 20%。

Q4 is the most important quarter of the year for many businesses, large and small. As always, we're focused on making the holiday season a success for them. We're working to fix the measurement issues they are experiencing and deliver the tools and products they need to grow. And we're rolling out a range of holiday shopping experiences to help people find great deals, support small businesses and good causes and shop with local and black-owned businesses.

對於許多大大小小的企業來說，第四季度是一年中最重要的一個季度。與往常一樣，我們專注於讓他們的假期取得成功。我們正在努力解決他們遇到的衡量問題，並提供他們成長所需的工具和產品。我們正在推出一系列假日購物體驗，以幫助人們找到超值優惠、支持小型企業和公益事業，並與當地和黑人擁有的企業一起購物。

We're bringing exclusive gifts to shops that will be available when people check out on Facebook or Instagram, like 20% off your first purchase and free shipping. Starting next week, we'll host daily live shopping experiences with companies large and small, brands like Walmart, Macy's, Benefit Cosmetics and Paint Box Nail to educate shoppers and share exclusive deals. And we're bringing back one of my favorite campaigns ever by Black Friday to showcase black-owned small businesses during the holidays. It includes things like buyback collections in the Facebook and Instagram Shop tab and a weekly #BuyBlack Friday show with live shopping segments from up and coming black-owned small businesses.

我們將為人們在 Facebook 或 Instagram 上結賬時提供的商店提供獨家禮物，例如首次購買可享受 20% 的折扣和免費送貨。從下週開始，我們將與大型和小型公司、沃爾瑪、梅西百貨、Benefit Cosmetics 和 Paint Box Nail 等品牌舉辦每日現場購物體驗，以教育購物者並分享獨家優惠。我們將在黑色星期五帶回我最喜歡的活動之一，在假期期間展示黑人擁有的小企業。它包括 Facebook 和 Instagram 商店標籤中的回購系列，以及每週一次的#BuyBlack Friday 節目，其中包括來自新興黑人擁有的小企業的現場購物環節。

I want to close by saying how grateful I am to our partners around the world and to our incredible teams who are working so hard to help people and businesses throughout this period.

最後，我想對我們在世界各地的合作夥伴以及我們出色的團隊表示感謝，他們在此期間一直在努力幫助人們和企業。

Now here is Dave.

現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone. We delivered solid results in the third quarter in the face of a challenging mobile platform landscape and an evolving macroeconomic environment.

謝謝，Sheryl，大家下午好。面對充滿挑戰的移動平台環境和不斷變化的宏觀經濟環境，我們在第三季度取得了穩健的業績。

Let's begin with our community metrics. Our global community continued to grow, even as we lapped elevated user growth in the third quarter of last year related to the pandemic. We estimate that approximately 2.8 billion people used at least one of our services on a daily business -- basis in September and that approximately 3.6 billion people used at least one on a monthly basis.

讓我們從我們的社區指標開始。我們的全球社區繼續增長，儘管我們在去年第三季度與大流行有關的用戶增長有所提高。我們估計，大約 28 億人在 9 月份的日常業務中至少使用了我們的一項服務，而大約 36 億人每月至少使用一項服務。

Facebook daily active users reached 1.93 billion, up 6% or 110 million compared to last year. DAUs represented approximately 66% of the 2.91 billion monthly active users in September. MAUs grew by 170 million or 6% compared to last year.

Facebook 日活躍用戶達到 19.3 億，比去年增長 6% 或 1.1 億。 DAU 約佔 9 月 29.1 億月活躍用戶的 66%。與去年相比，MAU 增長了 1.7 億或 6%。

Turning to the financials. All comparisons are on a year-over-year basis, unless otherwise noted. Q3 total revenue was $29 billion, up 35% or 34% 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 $259 million lower. Q3 ad revenue was $28.3 billion, up 33% or 32% on a constant currency basis.

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 290 億美元，按固定匯率計算增長 35% 或 34%。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 2.59 億美元。第三季度廣告收入為 283 億美元，按固定匯率計算增長 33% 或 32%。

On a user geography basis, year-over-year ad revenue growth was strongest in Rest of World at 50%. Europe, North America and Asia Pacific grew 35%, 31% and 28%, respectively. Europe, Asia Pacific and Rest of World benefited from currency tailwinds, though to a lesser degree than in the prior quarter.

在用戶地域的基礎上，世界其他地區的廣告收入同比增長最為強勁，達到 50%。歐洲、北美和亞太地區分別增長了 35%、31% 和 28%。歐洲、亞太地區和世界其他地區受益於貨幣順風，但程度低於上一季度。

In Q3, the total number of ad impressions served across our services increased 9%, and the average price per ad increased 22%. Impression growth was driven primarily by developing markets, especially in Asia Pacific. Pricing growth benefited from advertiser demand and lapping COVID-related pricing weakness during the third quarter of last year, though, as Sheryl noted, growth was hindered by 3 primary headwinds. First, advertising spend was negatively impacted by performance and measurement headwinds related to Apple's ATT changes. Second, we are seeing some macro headwinds as growth in online commerce has moderated from the elevated levels experienced earlier in the pandemic and businesses faced supply chain disruptions. Third, COVID resurgences in Southeast Asia have led to additional lockdowns and the curtailment of economic activity. Other revenue was $734 million, up 195% driven by strong Quest 2 sales.

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 9%，每個廣告的平均價格增加了 22%。印象增長主要由發展中市場推動，尤其是在亞太地區。定價增長得益於去年第三季度廣告客戶的需求和與 COVID 相關的定價疲軟，儘管正如 Sheryl 指出的那樣，增長受到三個主要不利因素的阻礙。首先，廣告支出受到與 Apple ATT 變化相關的性能和測量逆風的負面影響。其次，我們看到一些宏觀逆風，因為在線商務的增長已經從大流行早期經歷的高水平放緩，並且企業面臨供應鏈中斷。第三，東南亞新冠疫情的死灰復燃導致了更多的封鎖和經濟活動的縮減。其他收入為 7.34 億美元，在 Quest 2 強勁銷售的推動下增長了 195%。

Turning now to expenses. Q3 total expenses were $18.6 billion, up 38% compared to last year. In terms of the specific line items, cost of revenue increased 38% driven mostly by consumer hardware costs, core infrastructure investments and payments to partners. R&D increased 33% driven primarily by hiring to support our core products and consumer hardware efforts. Marketing and sales increased 32%, mainly driven by marketing spend and hiring. Lastly, G&A expenses increased 65% driven primarily by higher legal-related costs and employee-related costs.

現在轉向開支。第三季度總支出為 186 億美元，比去年增長 38%。就具體項目而言，收入成本增長了 38%，主要受消費硬件成本、核心基礎設施投資和合作夥伴付款的推動。研發增長 33%，主要是通過招聘來支持我們的核心產品和消費硬件工作。營銷和銷售增長 32%，主要受營銷支出和招聘的推動。最後，G&A 費用增長了 65%，主要是由於法律相關成本和員工相關成本增加。

We added over 4,700 net new hires in Q3 primarily in technical functions. We ended the quarter with over 68,100 full-time employees, up 28% -- up 20% compared to last year. Third quarter operating income was $10.4 billion, representing a 36% operating margin. Our tax rate was 13%. Net income was $9.2 billion or $3.22 per share.

我們在第三季度增加了 4,700 多名淨新員工，主要是在技術部門。我們在本季度末擁有超過 68,100 名全職員工，增長 28% - 與去年相比增長 20%。第三季度營業收入為 104 億美元，營業利潤率為 36%。我們的稅率是 13%。淨收入為 92 億美元或每股 3.22 美元。

Capital expenditures, including finance leases, were $4.5 billion driven by investments in data centers, servers, network infrastructure and office facilities. Free cash flow was $9.5 billion, and we ended the quarter with $58.1 billion in cash and marketable securities. We repurchased $14.4 billion of our Class A common stock in the third quarter and had $8 billion remaining on our prior authorization as of September 30. Today, we announced a $50 billion increase in our stock repurchase authorization.

包括融資租賃在內的資本支出為 45 億美元，主要來自對數據中心、服務器、網絡基礎設施和辦公設施的投資。自由現金流為 95 億美元，本季度末我們擁有 581 億美元的現金和有價證券。我們在第三季度回購了 144 億美元的 A 類普通股，截至 9 月 30 日，我們的事先授權剩餘 80 億美元。今天，我們宣布將股票回購授權增加 500 億美元。

Turning now to the outlook. Starting with our results for the fourth quarter of 2021, we plan to break out Facebook Reality Labs, or FRL, as a separate reporting segment. As we have discussed, we are dedicating significant resources towards our augmented and virtual reality products and services, which are an important part of our work to develop the next generation of online social experiences. The new segment disclosures will provide additional information on the performance of FRL and the investments we are making.

現在轉向展望。從 2021 年第四季度的業績開始，我們計劃將 Facebook 現實實驗室 (FRL) 拆分為單獨的報告部分。正如我們所討論的，我們將大量資源用於增強和虛擬現實產品和服務，這是我們開發下一代在線社交體驗工作的重要組成部分。新的分部披露將提供有關 FRL 業績和我們正在進行的投資的更多信息。

Under this reporting structure, we will provide revenue and operating profit for 2 segments. The first segment, Family of Apps, will include Facebook, Instagram, Messenger, WhatsApp and other services. The second segment, Facebook Reality Labs, will include augmented and virtual reality-related hardware, software and content. As Mark noted, we expect our investment in FRL to reduce our overall operating profit in 2021 by approximately $10 billion. We are committed to bringing this long-term vision to life, and we expect to increase our investments for the next several years. Ahead of the fourth quarter earnings call, we will share additional details about the reporting format of our segmented financials.

在此報告結構下，我們將提供 2 個分部的收入和營業利潤。第一部分，應用系列，將包括 Facebook、Instagram、Messenger、WhatsApp 和其他服務。第二部分，Facebook Reality Labs，將包括增強和虛擬現實相關的硬件、軟件和內容。正如馬克所指出的，我們預計我們對 FRL 的投資將使我們在 2021 年的整體營業利潤減少約 100 億美元。我們致力於將這一長期願景變為現實，並希望在未來幾年增加我們的投資。在第四季度財報電話會議之前，我們將分享有關我們細分財務報告格式的更多細節。

Turning now to the revenue outlook. We expect fourth quarter 2021 total revenue to be in the range of $31.5 billion to $34 billion. Our outlook reflects the significant uncertainty we faced in the fourth quarter in light of continued headwinds from Apple's iOS 14 changes and macroeconomic and COVID-related factors. In addition, we expect non-ads revenue to be down year-over-year in the fourth quarter as we lap the strong launch of Quest 2 during last year's holiday shopping season. As previously noted, we also continue to monitor developments regarding the viability of transatlantic data transfers and their potential impact on our European operations.

現在轉向收入前景。我們預計 2021 年第四季度的總收入將在 315 億美元至 340 億美元之間。鑑於蘋果 iOS 14 變化以及宏觀經濟和 COVID 相關因素的持續不利影響，我們的展望反映了我們在第四季度面臨的重大不確定性。此外，我們預計第四季度非廣告收入將同比下降，因為我們在去年假日購物季推出了 Quest 2。如前所述，我們還將繼續監測跨大西洋數據傳輸的可行性及其對我們歐洲業務的潛在影響的發展。

Turning now to the expense outlook. We expect 2021 total expenses to be in the range of $70 billion to $71 billion, updated from our prior outlook of $70 billion to $73 billion. We anticipate our full year 2022 total expenses will be in the range of $91 billion to $97 billion driven by investments in technical and product talent and infrastructure-related costs. We expect 2021 capital expenditures to be approximately $19 billion, updated from our prior estimate of $19 billion to $21 billion. For 2022, we expect capital expenditures to be in the range of $29 billion to $34 billion driven by our investments in data centers, servers, network infrastructure and office facilities. A large factor driving the increase in CapEx spend is an investment in our AI and machine learning capabilities, which we expect to benefit our efforts in ranking and recommendations for experiences across our products, including in feed and video, as well as improving ads performance and relevance.

現在轉向費用前景。我們預計 2021 年的總支出將在 700 億美元至 710 億美元之間，高於我們之前的 700 億美元至 730 億美元的預期。我們預計，在技術和產品人才投資以及基礎設施相關成本的推動下，我們 2022 年全年的總支出將在 910 億美元至 970 億美元之間。我們預計 2021 年的資本支出約為 190 億美元，高於我們之前估計的 190 億美元至 210 億美元。在我們對數據中心、服務器、網絡基礎設施和辦公設施的投資的推動下，我們預計 2022 年的資本支出將在 290 億美元至 340 億美元之間。推動資本支出增加的一個重要因素是對我們的人工智能和機器學習能力的投資，我們預計這將有利於我們在對我們的產品（包括提要和視頻）的體驗進行排名和推薦方面所做的努力，以及提高廣告性能和關聯。

We expect our Q4 2021 tax rate to be in the high teens. Absent any changes to U.S. tax law, we would expect our full year tax rate in 2022 to be similar to the full year 2021 rate. Please note that our outlook for 2022 expenses, capital expenditures and tax rate are preliminary estimates as we have not yet finalized our 2022 budget.

我們預計 2021 年第四季度的稅率將處於高位。如果美國稅法沒有任何變化，我們預計 2022 年的全年稅率將與 2021 年的全年稅率相似。請注意，我們對 2022 年費用、資本支出和稅率的展望是初步估計，因為我們尚未最終確定 2022 年預算。

In closing, this was another solid quarter for our business despite facing some headwinds, and we believe the investments we're making in our current services as well as new products and experiences will enable us to remain the best place for people to connect and for businesses to advertise both now and in the years ahead.

最後，儘管面臨一些不利因素，這對我們的業務來說是又一個穩健的季度，我們相信我們在當前服務以及新產品和體驗方面所做的投資將使我們能夠繼續成為人們聯繫和促進交流的最佳場所。企業現在和未來幾年都可以做廣告。

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

有了這個，法國，讓我們開始提問。

(Operator Instructions) And your first question comes from the line of Brian Nowak with 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. The first one on Reels. It sounds like it's a pretty important part of long-term adoption. Curious to hear about anything you'll share about current user adoption, current engagement or more color on the demographics of people who are using Reels now.

我有 2 個。第一個在 Reels 上。聽起來它是長期採用的一個非常重要的部分。很想知道您將分享有關當前用戶採用率、當前參與度或更多關於現在使用 Reels 的人口統計數據的信息。

Then the second one, just a little more question on Apple and the ATT changes. I appreciate the color on accuracy and measurement improvements. Any more specifics you can share about where you've made the most progress from your investment to date and sort of some of the areas where you're seeing more challenges, you need to continue to invest to really improve to navigate through this more challenging environment?

然後是第二個，關於蘋果和 ATT 變化的更多問題。我很欣賞準確性和測量改進的顏色。您可以分享任何更多細節，說明迄今為止您在投資中取得的最大進展，以及您看到更多挑戰的一些領域，您需要繼續投資以真正改善以度過這個更具挑戰性的領域環境？

Yes. Sure, Brian. On Reels, that's been a bright spot for Instagram. And currently, we're seeing good growth globally -- strength in a number of different markets, but we've been making a lot of progress on Reels and have been happy with it on Instagram.

是的。當然，布賴恩。在 Reels 上，這一直是 Instagram 的亮點。目前，我們在全球範圍內看到了良好的增長——許多不同市場的實力，但我們在 Reels 上取得了很大進展，並且在 Instagram 上對它感到滿意。

In terms of launch on Facebook, that's earlier stage. On the monetization front, we're just starting to roll out ads in Instagram. So it's earlier on that front, and we really haven't gotten to a monetization point with Reels on Facebook.

就在 Facebook 上發布而言，這是早期階段。在貨幣化方面，我們才剛剛開始在 Instagram 中投放廣告。所以在這方面還比較早，而且我們還沒有通過 Facebook 上的 Reels 實現盈利。

Sheryl, do you want to take the iOS 14 question?

雪兒，你想回答 iOS 14 的問題嗎？

Yes. I can take that. I mean when you start at the top of this, you really have to think about what personalized ads are. And we think they're better for people and businesses, and they're especially important to small businesses. They also can be delivered, can be done in a very privacy safe way.

是的。我可以接受。我的意思是，當您從頭開始時，您真的必須考慮什麼是個性化廣告。我們認為它們對個人和企業更好，對小企業尤其重要。它們也可以交付，可以以非常隱私安全的方式完成。

There are 2 big challenges coming from this iOS changes. The one is targeting and one is measurement. I'm taking the second one first. On measurement, we think we can address more than half of that underreporting by the end of the year and make more progress in the years ahead. We estimate we're underreporting iOS web conversions. We believe that real-world conversions like sales and app installs are higher. And so we have to do the work to help clients measure these properly in order for them to really understand the outcomes they're getting and improving performance. And again, we think we can get a good chunk of that done this year and more in the next year.

這個 iOS 變化帶來了兩大挑戰。一個是目標，一個是測量。我先拿第二個。在衡量方面，我們認為我們可以在年底前解決一半以上的漏報問題，並在未來幾年取得更多進展。我們估計我們少報了 iOS 網絡轉化。我們相信銷售和應用安裝等現實世界的轉化率更高。因此，我們必須努力幫助客戶正確衡量這些，以便他們真正了解他們獲得的結果並提高績效。再說一次，我們認為我們今年可以完成大部分工作，明年可以完成更多工作。

Targeting is a longer-term challenge. Our direct response products are built on user-level conversions. And as a result of the iOS changes, we don't see the same level of conversion data coming through. So we have to rebuild our targeting and optimization systems to work with less data. So this is a multiyear effort. We are developing privacy-enhancing technology to minimize the amount of personal information we learn and using more aggregate or anonymized data while still allowing us to show those relevant personalized ads and measure ads effectiveness. In order for this to really work and benefit all businesses, it can require some cross-industry collaboration and more commerce tools, and those are going to be longer-term efforts.

定位是一項長期挑戰。我們的直接響應產品建立在用戶級轉換之上。由於 iOS 的變化，我們沒有看到相同級別的轉換數據通過。所以我們必須重建我們的目標和優化系統來處理更少的數據。所以這是一項多年的努力。我們正在開發隱私增強技術，以最大限度地減少我們學習的個人信息量，並使用更多聚合或匿名數據，同時仍然允許我們展示相關的個性化廣告並衡量廣告的有效性。為了讓它真正發揮作用並使所有企業受益，它可能需要一些跨行業的協作和更多的商業工具，而這些都將是長期的努力。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. Maybe Sheryl, following up there, in terms of thinking in terms of quarters or years on both the targeting and the measurement piece, can you help us just go one level lower in terms of what you're building in terms of what's in your control to put out into the advertising ecosystem versus what might just take time for advertisers to adopt and get comfortable with and better understand the data that drive their business outcomes and how they allocate advertising budget. That would be for you.

也許2，如果可以的話。也許 Sheryl，跟進那裡，就目標和衡量方面的季度或年份進行思考，你能幫助我們在你所控制的方面降低一個層次嗎？投入到廣告生態系統中，而不是廣告商可能需要時間來採用、適應和更好地了解推動其業務成果的數據以及他們如何分配廣告預算。那是給你的。

And then, Dave, maybe if I could follow up on OpEx and CapEx. Just how should we be thinking about the elements of core Facebook versus some of the things you're trying to build against Mark's vision for the long term with Reality Labs and how that might be a driver of permanence versus transient nature of OpEx and CapEx in the years ahead?

然後，戴夫，也許我可以跟進運營支出和資本支出。我們應該如何考慮核心 Facebook 的元素與你試圖構建的一些東西，這與 Mark 與 Reality Labs 的長期願景相悖，以及這可能是運營支出和資本支出的持久性與短暫性的驅動因素。未來幾年？

So some of the technology we can build ourselves. We build AI. We made continued investments in AI that help us maintain or improve long-term performance data. We're building some of our own commerce tools, and those are tools we can build that we need other people to adopt. And then some of the targeting opportunities we see have to take tools we can build or tools we can build in industry collaboration. We're really working as part of several industry collaborative groups on what those tools will look like and how those get adopted. So those obviously take more partnership and are less in our direct control.

所以我們可以自己構建一些技術。我們構建人工智能。我們對人工智能進行了持續投資，以幫助我們維護或改進長期績效數據。我們正在構建一些我們自己的商業工具，這些是我們可以構建的工具，我們需要其他人採用。然後我們看到的一些目標機會必須採用我們可以構建的工具或我們可以在行業協作中構建的工具。作為幾個行業協作組的一部分，我們確實在研究這些工具的外觀以及如何採用這些工具。因此，這些顯然需要更多的合作夥伴關係，並且更少由我們直接控制。

Eric, on the outlook on expenses in 2022, it's obviously early, but we wanted to give an initial outlook of our expected expense range since we typically do that in Q3. Mark outlined we had a lot of priorities that we're investing against across the business that includes a lot of areas in the core sort of Family of Apps. But also in FRL, we've got a lot of priorities in advertising, AI, commerce, privacy. So when you kind of pull all these things together, we've got a pretty robust spending plan next year. The primary driver is going to be accelerating head count growth in 2022. So that's going to be something you'll see head count coming in above 20%, obviously, that we had this quarter. And we also expect to have higher expenses from office operations and travel once larger parts of the workforce are returning to the office in 2022. We're not providing a specific breakdown at this point for segment expense.

埃里克，關於 2022 年的支出前景，顯然還為時過早，但我們想對我們的預期支出範圍給出初步展望，因為我們通常在第三季度這樣做。 Mark 概述了我們在整個業務中投資的許多優先事項，其中包括核心應用系列中的許多領域。但同樣在 FRL 中，我們在廣告、人工智能、商業、隱私方面有很多優先事項。所以當你把所有這些東西放在一起時，我們明年就有了一個相當穩健的支出計劃。主要驅動力將是 2022 年員工人數的加速增長。因此，很明顯，我們本季度的員工人數將超過 20%。而且，我們還預計，一旦 2022 年大部分員工返回辦公室，辦公室運營和差旅費用將會增加。我們目前沒有提供分部費用的具體明細。

Our next question from Doug Anmuth with JPMorgan.

Doug Anmuth 與摩根大通的下一個問題。

One for Mark and one for Dave. Mark, just given the significant investments in both P&L expenses and CapEx, and clearly, you're talking about the heavy focus on metaverse over the long term, I was just hoping you could help us recap kind of the 1-year, 3-year and then 5-year aspirations from a product perspective as you've done in the past? And then, Dave, just on the 2022 expenses, which is about 29% to 38% growth, do you have any commentary on revenue growth in '22 to go along with that?

一份給馬克，一份給戴夫。馬克，剛剛考慮到在損益支出和資本支出方面的重大投資，很明顯，你說的是長期對元界的高度關注，我只是希望你能幫助我們回顧一下 1 年，3-像過去一樣，從產品的角度來看一年，然後是 5 年的抱負？然後，戴夫，僅就 2022 年的支出（增長率約為 29% 至 38%）而言，您對 22 年的收入增長有何評論？

I can talk about metaverse and Reality Labs part of this. So for the next 1 and 3 years, especially, I think what you'll see is us putting more of the foundational pieces into place. This is not an investment that is going to be profitable for us anytime in the near future. But we basically believe that the metaverse is going to be the successor of the mobile Internet, that it's going to enable social experiences that are the ultimate expression of what we try to build, which is allowing people to feel really present with the people they care about no matter where they actually are. And we think it's going to unlock a massively larger creative economy of both digital and physical goods that would exist today and allow millions of people to be able to do work doing what they love and enabling a whole different economy around that, that I think is going to be another important pillar of our business. over the next decade.

我可以談談元宇宙和現實實驗室的一部分。因此，特別是在接下來的 1 年和 3 年，我認為你會看到我們將更多的基礎部分落實到位。這不是一項在不久的將來任何時候都會對我們有利可圖的投資。但我們基本上相信，元宇宙將成為移動互聯網的繼任者，它將使社交體驗成為我們嘗試構建的最終表達，讓人們真正感受到與他們關心的人在一起不管他們實際上在哪裡。我們認為這將開啟一個巨大的數字和實體商品的創意經濟，讓數以百萬計的人能夠做他們喜歡做的事情，並圍繞它創造一個完全不同的經濟，我認為這是將成為我們業務的另一個重要支柱。在接下來的十年裡。

So on the next 1 to 3 years, I mean, I almost -- I wouldn't focus on the sort of business outcomes there quite as much as I would just -- there's a product to the infrastructure that we're putting in place. So there's -- they're a new platform and there's hardware components. There's the whole virtual reality product line. There's the augmented reality product line. We're kind of starting to put those pieces in place. There's the operating system and development model for all these new creative tools. There's the commerce parts of what we're doing around this and how they tie into broader commerce effort across Family of Apps.

所以在接下來的 1 到 3 年，我的意思是，我幾乎不會像以前那樣專注於那裡的業務成果——我們正在實施的基礎設施產品.所以有 - 它們是一個新平台，並且有硬件組件。有整個虛擬現實產品線。有增強現實產品線。我們有點開始把這些部分放在適當的位置。所有這些新的創意工具都有操作系統和開發模型。這是我們圍繞這一點所做的商業部分，以及它們如何與整個應用系列中更廣泛的商業活動聯繫起來。

And then there's all the social platform work that we're doing with our Horizon effort that touches a bunch of different areas of what we're doing. But I think you'll see all of those pieces start to build out and start to mature a bit over the next few years. And then if we do a good job on this, and I would say later in this decade, this one we would sort of expect this to be more of a real business story.

然後是我們通過 Horizon 所做的所有社交平台工作，這些工作涉及我們正在做的許多不同領域。但我認為你會看到所有這些作品在接下來的幾年中開始構建並開始成熟。然後，如果我們在這方面做得很好，我會在這十年的晚些時候說，我們會期望這更像是一個真實的商業故事。

But I think what we kind of think about for the near term is that we're delivering the product experiences that are completely groundbreaking and that people try this, and they just think this is amazing and can see the glimpse of where this is going, and that will pave the way for the future. The business North Star that I mentioned in some of my opening remarks, we hope that by the end of the decade that we can help 1 billion people use the metaverse and support hundreds of billions of dollars of digital commerce. And I think if we can do that, then this will be a good investment over the long term.

但我認為我們在短期內考慮的是，我們正在提供完全開創性的產品體驗，人們嘗試這樣做，他們只是認為這太棒了，可以看到它的發展方向，這將為未來鋪平道路。我在一些開場白中提到的商業北極星，我們希望在這個十年結束時，我們可以幫助 10 億人使用元宇宙並支持數千億美元的數字商務。我認為，如果我們能做到這一點，那麼從長遠來看，這將是一項不錯的投資。

Doug, it's Dave. We're not at this point providing a specific revenue outlook for 2022. We continue to see opportunities to grow both impressions and price next year, but we're obviously coming off an incredibly strong year of revenue growth in 2021. So we do expect deceleration in growth in 2022 from the full year 2021 rate. And this -- there's sort of uncertainty implied in our range for Q4 revenue, and I think that holds true for the 2022 outlook as well.

道格，我是戴夫。我們目前還沒有提供 2022 年的具體收入前景。我們繼續看到明年展示次數和價格都有增長的機會，但我們顯然在 2021 年實現了令人難以置信的強勁收入增長。所以我們確實預計與 2021 年全年的增長率相比，2022 年的增長率有所放緩。而這一點——我們的第四季度收入範圍隱含著某種不確定性，我認為這也適用於 2022 年的前景。

There's a lot of factors at play, including advertisers working their way through the impact of the Apple platform changes. We're obviously navigating a challenging macroeconomic environment. We'll have a better sense of how these things work together as we get through the holiday season. But yes, given the expense growth that we outlined, which is implied in the 30 -- north of 30%, we don't expect revenue growth at that level. So we would expect 2022 margins to be lower than 2021.

有很多因素在起作用，包括廣告商正在努力應對 Apple 平台變化的影響。我們顯然正在應對充滿挑戰的宏觀經濟環境。隨著假期的到來，我們將更好地了解這些事情是如何協同工作的。但是，是的，考慮到我們概述的費用增長，這隱含在 30% 的 30% 以上，我們預計收入增長不會達到這個水平。因此，我們預計 2022 年的利潤率將低於 2021 年。

Our next question is from Justin Post with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的賈斯汀·波斯特。

Great. Maybe one for Mark and one for Dave. Getting 18- to 29-year old users is not easy. I wonder if you could maybe outline some of your strategies to kind of get some progress there. I know it's multi-quarter.

偉大的。也許一個給馬克，一個給戴夫。獲得 18 到 29 歲的用戶並不容易。我想知道您是否可以概述您的一些策略以在那裡取得一些進展。我知道這是多季度的。

And then, Dave, in your guidance for Q4, can you help us on the IDFA impact? Is it contemplated to be about the same as 3Q, a little bit better as you work on your measurement? Or is it a little bit more of a headwind in Q4?

然後，Dave，在您對第四季度的指導中，您能幫助我們解決 IDFA 的影響嗎？是否考慮與 3Q 大致相同，在您進行測量時稍微好一點？還是第四季度的阻力更大？

Yes, Justin, I can take the -- I can actually take both of those questions. In terms of the younger demographics, our products are obviously widely used by young adults. And we remain focused on building out those product capabilities and continuing to focus on making our products relevant for that audience. I think Reels is a big part of that strategy. And we've now got that -- we've got that rolled out in over 100 countries since launching in August of last year, and we're continuing to invest in that experience and make ongoing product enhancements. And so that's probably one of our big focus points that I would point to.

是的，賈斯汀，我可以回答——我實際上可以回答這兩個問題。在年輕人口方面，我們的產品顯然被年輕人廣泛使用。我們仍然專注於構建這些產品功能，並繼續專注於使我們的產品與這些受眾相關。我認為 Reels 是該策略的重要組成部分。我們現在已經做到了——自去年 8 月推出以來，我們已經在 100 多個國家/地區推出了該產品，我們將繼續投資於這種體驗並不斷改進產品。所以這可能是我們要指出的重點之一。

In terms of the IDFA...

就 IDFA 而言...

Maybe I'll just add on Reels. Yes. I think that this is going to be a very meaningful qualitative change in how people use a lot of different products across the Internet. I mean I think every once in a while, a format comes along that allows new types of content, right? So we saw this with News Feeds. We saw it with Stories. And I think Reels is -- from everything I've seen has the potential to be something of that scale where there are different flavors of it and different apps. But I think as a format, it can be very fundamental. And I think we're still closer to the beginning of that journey than we are to its maturity in terms of just having rolled out some of the initial tests and experiences and rolled it out in Facebook. And I mean you mentioned all the countries that it's in Instagram, but it's just continuing to grow very quickly.

也許我會添加捲軸。是的。我認為這將是人們如何在互聯網上使用許多不同產品的一個非常有意義的質變。我的意思是我認為每隔一段時間就會出現一種允許新類型內容的格式，對嗎？所以我們在新聞提要中看到了這一點。我們在故事中看到了它。而且我認為 Reels 是 - 從我所看到的一切來看，它有可能成為那種規模的東西，其中有不同的風格和不同的應用程序。但我認為作為一種格式，它可能是非常基礎的。而且我認為，就剛剛推出一些初始測試和體驗並在 Facebook 中推出而言，我們仍然更接近這一旅程的開始，而不是成熟。我的意思是你提到了它在 Instagram 中的所有國家，但它只是繼續快速增長。

So I think that, that's going to be a big part of the focus here. And I think we'll -- I'm excited over the next year or 2 to see how that grows into something -- I would bet will be like Stories in our product today. Sorry, Dave. Go for it.

所以我認為，這將是這裡重點的重要組成部分。而且我認為我們會 - 我很高興在接下來的一兩年內看到它如何成長為一些東西 - 我敢打賭今天我們的產品中會像故事一樣。對不起，戴夫。去吧。

Yes. Justin, on the iOS question as it relates to Q4 versus Q3, the bulk of iOS 14 updates were completed as we entered Q3, which contributed to the step-up and the impact from Q2 to Q3. Since iOS 14 is now widely adopted, we don't expect a similar step-up in Q4. But importantly, we haven't gone through a holiday season with these changes, and prices are higher during the holidays given strong demand. And so there's uncertainty how that will intersect with the challenges on targeting and measurement coming from the iOS changes. So I think that brings some uncertainty into the Q4 outlook that's reflected in our guidance range.

是的。賈斯汀，關於第 4 季度與第 3 季度的 iOS 問題，iOS 14 的大部分更新在我們進入第 3 季度時已完成，這有助於從第 2 季度到第 3 季度的升級和影響。由於 iOS 14 現在已被廣泛採用，我們預計第四季度不會出現類似的升級。但重要的是，我們並沒有經歷這些變化的假期，而且由於需求強勁，假期期間價格會更高。因此，不確定這將如何與來自 iOS 變化的定位和衡量挑戰相交叉。所以我認為這給第四季度的前景帶來了一些不確定性，這反映在我們的指導範圍內。

Our next question is from Youssef Squali with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

Two questions for me. Mark, it's the week of Facebook Connect. So I was hoping you can provide us an update on horizon. This is that social app where people can create games and experiences to -- sharing together. When will that finally come out of the closed beta? I think it's been in for the last 2 years. It seems to us that to move Facebook into the metaverse successfully, you really need to have a VR social app that's obviously cool and successful.

我有兩個問題。馬克，這是 Facebook Connect 的一周。所以我希望你能為我們提供最新的地平線。這是一個社交應用程序，人們可以在其中創建遊戲和體驗——一起分享。什麼時候最終會從封閉測試版中出來？我認為它在過去 2 年中一直存在。在我們看來，要想成功地將 Facebook 帶入虛擬世界，你真的需要一個很酷且成功的 VR 社交應用程序。

And the other question is around, again, this focus on 18 to 29. Can you maybe just speak to the current trends in engagement at both in Facebook and Instagram among millennials and younger audiences? I know you're speaking about a focus on it going forward, but how has it been trending of late?

另一個問題是，再次關注 18 到 29 歲。您能否談談當前 Facebook 和 Instagram 在千禧一代和年輕觀眾中的參與趨勢？我知道你說的是對未來的關注，但它最近的趨勢如何？

I'll take the first, and then Dave can talk about whatever numbers you want to share. So first, let me say, I think we have -- on Thursday, at Connect, we're going to -- be going into quite a bit of detail about our vision for the metaverse and how we think we can help contribute to building this. So I encourage all of you to tune in. Part of that, that we are going to talk about is horizon, how that fits into this. And we've been steadily working on this and onboarding more creators and more people to it, and we're adding more world all the time.

我會拿第一個，然後戴夫可以談論你想分享的任何數字。所以首先，讓我說，我認為我們已經 - 週四，在 Connect 上，我們將 - 詳細介紹我們對元宇宙的願景以及我們認為我們可以如何幫助構建這。所以我鼓勵大家收聽。我們將要討論的部分內容是地平線，它如何適應這一點。我們一直在穩步推進這方面的工作，並讓更多的創作者和更多的人加入其中，而且我們一直在增加更多的世界。

I think you're right, this is going to be a critical part of at least our platform and the work that we're doing here. We released Workrooms recently. I'm really excited about how that experience has come together. And I think, to your point, you mentioned it's important to have a VR social experience. I actually think it's important to have an experience that goes across all of the platforms, right? So I don't think what you're going to end up with is just a -- something that's like a VR or social network. I think you want to be able to have these experiences where you can feel present with people and have this immersive experience that's going to be best if you're in VR or in AR and your hologram, but it needs still to work everywhere, right? It needs to be able to work across our whole Family of Apps. It needs to be able to work on the web and on phones and on computers. So there's a lot to do.

我認為你是對的，這將成為至少我們平台和我們在這裡所做工作的關鍵部分。我們最近發布了 Workrooms。我對這種體驗如何融合在一起感到非常興奮。我認為，就你的觀點而言，你提到擁有 VR 社交體驗很重要。實際上，我認為擁有跨所有平台的體驗很重要，對嗎？所以我不認為你最終會得到一個——類似於 VR 或社交網絡的東西。我認為您希望能夠擁有這些體驗，讓您可以與人同在，並擁有這種身臨其境的體驗，如果您在 VR 或 AR 和您的全息圖中，這將是最好的，但它仍然需要在任何地方工作，對吧?它需要能夠在我們的整個應用系列中運行。它需要能夠在網絡、手機和計算機上工作。所以有很多事情要做。

And whether we call it beta or not, I think the reality is we're going to be -- this is kind of similar to the question before about where we're going to be in a year or 3 years. There's a lot of foundational infrastructure that just needs to get built up here. And part of what we're trying to reflect in the segment reporting and all that is we're committed to doing this work. It's going to be a big investment. We want to be transparent about it. But we think it's very exciting. It's a huge opportunity for the future, and I encourage you to tune in on Thursday to hear more.

無論我們是否稱其為測試版，我認為現實是我們將成為 - 這與之前關於我們將在一年或三年內到達哪裡的問題有點相似。有很多基礎設施需要在這裡建立。我們試圖在細分報告中反映的部分內容以及我們致力於完成這項工作的所有內容。這將是一筆巨大的投資。我們希望對此保持透明。但我們認為這非常令人興奮。這是未來的巨大機會，我鼓勵您在星期四收聽更多信息。

And Youssef, just on overall, the engagement trends, our products are widely used by teens, but we are facing tough competition from the likes of TikTok, particularly in Snapchat. And we're focused on obviously continuing to innovate and roll out products like Reels and attract the younger demographics and retain the younger demographics for our products. And that's why we're continuing to build and invest in those areas.

而優素福，就整體而言，就參與趨勢而言，我們的產品被青少年廣泛使用，但我們正面臨來自 TikTok 之類的激烈競爭，尤其是在 Snapchat 中。我們顯然專注於繼續創新和推出 Reels 等產品，吸引年輕人群，並為我們的產品保留更年輕的人群。這就是我們繼續在這些領域建設和投資的原因。

Our next question is from Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

I apologize. Two questions. On the iOS changes, is it fair to say that, that's the majority that accounts for the majority of the headwinds that you saw in Q3 and expect to see in Q4?

我道歉。兩個問題。關於 iOS 的變化，公平地說，這就是你在第三季度看到並預計在第四季度看到的大部分不利因素的大部分原因嗎？

And then secondly, a question for Mark. Just on the application of artificial intelligence to kind of help moderate content is the wrong word, but to try to make sure that inappropriate content is removed from Facebook and Instagram, et cetera. Where do you think you are in terms of getting that to be where you want it to be? I know it's been a multiyear investment journey experience. Here we are several years later. It's a Sisyphean task. Do you think you've been able to show success in using AI constructively?

其次，問馬克的問題。僅將人工智能應用於幫助審核內容是錯誤的詞，但要確保從 Facebook 和 Instagram 等中刪除不適當的內容。你認為你在哪裡讓它成為你想要的地方？我知道這是一個多年的投資旅程經驗。幾年後我們在這裡。這是一項西西弗斯式的任務。你認為你在建設性地使用人工智能方面取得了成功嗎？

Mark, it's Dave. On the first question, yes, the Apple platform changes. We're the largest factor in terms of Q3 headwinds. I mean it was really the first full quarter impact of those new AT&T policy changes following just the increased consumer adoption ramp of the iOS updates. And if it really weren't for that, we would have expected sequential growth Q2 to Q3. So that was the largest headwind in the quarter.

馬克，我是戴夫。第一個問題，是的，Apple 平台發生了變化。就第三季度的不利因素而言，我們是最大的因素。我的意思是，這確實是那些新的 AT&T 政策變化對 iOS 更新的消費者採用率增加之後的第一個完整季度的影響。如果真的不是這樣，我們預計第二季度到第三季度的連續增長。所以這是本季度最大的逆風。

Sure. I can speak a bit to AI. So my answer is, yes, I think it's made a big impact. We issued these quarterly transparency reports, which I should add we're industry-leading on this in both in terms of defining this and in terms of the depth of what we outlined that people can hold us accountable and kind of see the breakdown of how we're actually doing. But what we measure in those reports and disclosed is what percent of the content that we act on is our AI or our internal systems finding rather than people having to report it because we have a lot of people, right, who use our products. If they find something that's problematic, and they report stuff to us. And it used to be before the last several years that most of what we did for community integrity was just respond to incoming reports, but we decided, hey, we should really try to get in front of this and build really sophisticated systems that we're not just relying on people to tell us when there are issues, but we can proactively go address that.

當然。我可以和 AI 談談。所以我的回答是，是的，我認為它產生了很大的影響。我們發布了這些季度透明度報告，我應該補充說，我們在這方面處於行業領先地位，無論是在定義這一點，還是在我們概述的內容的深度方面，人們可以讓我們負責，並看到如何分解我們實際上在做。但我們在這些報告中衡量和披露的是，我們採取行動的內容中有多少是我們的人工智能或我們的內部系統發現的，而不是人們不得不報告它，因為我們有很多人，對，他們使用我們的產品。如果他們發現有問題，他們會向我們報告。在過去幾年之前，我們為社區誠信所做的大部分工作只是對收到的報告做出回應，但我們決定，嘿，我們真的應該嘗試走在前面，建立我們真正複雜的系統。不僅僅是依靠人們在出現問題時告訴我們，而是我們可以主動解決這個問題。

And in most of these categories and we've basically gotten to the point now where 90-plus percent of the content were basically -- that we act on. We're identifying largely through the AI system, and it varies a bit by category. So for categories like nudity where relatively, it's easier train a computer to identify that. The numbers are very high. Some of the categories like hate speech that have been harder because, first of all, we're operating in I think it's around 150 languages around the world. I also think it's -- there's a lot of cultural nuance in this where you want to be able to make sure you understand these nuances and all those languages and that you want to make sure that people can say [or did] racism, right? If someone is saying something racist to encourage someone to do something hateful, that's bad. But if you -- if someone wants to basically say, hey, I saw this person doing this and people shouldn't be doing that, and you don't want to sense of people doing that.

在大多數這些類別中，我們現在基本上已經達到了 90% 以上的內容基本上是我們採取行動的程度。我們主要通過人工智能係統進行識別，並且它因類別而異。因此，對於像裸體這樣的類別，相對而言，訓練計算機識別它更容易。數字非常高。仇恨言論等一些類別變得更加困難，因為首先，我們在全球範圍內使用大約 150 種語言開展業務。我也認為這是 - 在這方面存在很多文化細微差別，您希望能夠確保您理解這些細微差別和所有這些語言，並且您希望確保人們可以說[或做過]種族主義，對嗎？如果有人說一些種族主義的話來鼓勵某人做一些可恨的事情，那就不好了。但是如果你——如果有人想基本上說，嘿，我看到這個人這樣做，人們不應該那樣做，你不想感覺到人們這樣做。

So it ends up being a very challenging problem. And for the first couple of years of working on this, we're still at a relatively low recall rate where our AI systems had 10%, 15% of the content that we were addressing -- we were dealing with proactively. But in recent years, like the AI progress has been very impressive. We're now above 90% of the content that we take an action on there is also proactive even with hate speech.

所以它最終成為一個非常具有挑戰性的問題。在最初幾年的工作中，我們的召回率仍然相對較低，我們的人工智能係統有 10%，我們正在處理的內容的 15%——我們正在積極處理。但近年來，像人工智能一樣的進步令人印象深刻。我們現在對 90% 以上的內容採取行動也是主動的，即使是仇恨言論也是如此。

So overall -- I mean, look, let me take this question in a slightly different direction, which is I know that there is a lot of scrutiny of our efforts. And I guess I just want to say to the team and the people who work on this that I'm really proud of the progress that they make. I think we have the best people in the world, and we're doing the best job of this, I believe, across any company in the industry. And I think this is an important area. There shouldn't be scrutiny on it, but I also think that any honest account of what's actually going on here should take into account that a huge amount of progress has been made and will continue to be made by a lot of talented people who are working on this.

所以總的來說——我的意思是，讓我從一個稍微不同的方向來回答這個問題，我知道我們的努力受到了很多審查。我想我只是想對團隊和為此工作的人說，我為他們取得的進步感到非常自豪。我認為我們擁有世界上最優秀的人才，而且我相信，在業內任何一家公司中，我們都在這方面做得最好。我認為這是一個重要的領域。不應該對此進行審查，但我也認為，對這裡實際發生的事情的任何誠實描述都應該考慮到已經取得併將繼續由許多有才華的人取得巨大的進步，他們正在致力於此。

Our next question is from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Dave, one nitpicky question on the guide and then one kind of big picture for Sheryl maybe. So since we're now all focusing on the 2-year CAGRs for the guidance for the high end of the fourth quarter revenue actually has an acceleration on the 2-year CAGR. So I know we're talking about headwinds and IDFA and supply chains and everything like that, but the sequential growth looks normal, and then that 2-year CAGR is accelerating.

戴夫，指南上有一個挑剔的問題，然後可能是雪莉的一張大圖。因此，由於我們現在都將注意力集中在 2 年 CAGR 上，因此對第四季度高端收入的指導實際上加速了 2 年 CAGR。所以我知道我們談論的是逆風、IDFA 和供應鍊等等，但連續增長看起來很正常，然後 2 年的複合年增長率正在加速。

So I guess where is the strength coming from? And would you call that a strong 4Q environment? And then, Sheryl, you talked about overhaul and targeting longer term to have less focus on users or user-based targeting and more contextual and kind of other things. I guess, high level, how do you think that will impact the overall return on ad spend compared to pre-IDFA levels? And as you look at Facebook's competitive position in the digital ad market versus some of the other large platforms, like any impact on the long term as you kind of retool the targeting?

所以我猜力量來自哪裡？您認為這是一個強大的 4Q 環境嗎？然後，Sheryl，您談到了大修和更長期的定位，以減少對用戶或基於用戶的定位的關注，而更多地關注上下文和其他事情。我想，高水平，與 IDFA 之前的水平相比，您認為這將如何影響廣告支出的整體回報？當您查看 Facebook 在數字廣告市場與其他一些大型平台的競爭地位時，您會重新調整目標定位對長期的影響嗎？

Ross, it's Dave. We're giving sort of specific quantitative revenue guidance on Q4. I think if you look at the range, it's from a sequential growth basis on a seasonal basis Q3 to Q4. It's lower sequential growth than we've seen historically. So I do think that reflects some of the uncertainty that we're seeing out there as it relates to how IDFA -- sorry, with the iOS 14 and ATT and IDFA impacts play into pricing during the holidays and also the macroeconomic factors like the supply chain issues. So I do think that kind of the seasonal sequential growth is lower than we've seen in the past. And with the range, I think that reflects that uncertainty.

羅斯，是戴夫。我們在第四季度給出了某種具體的量化收入指導。我認為如果你看一下這個範圍，它是從第三季度到第四季度的季節性連續增長。它的連續增長低於我們歷史上看到的。所以我確實認為這反映了我們看到的一些不確定性，因為它與 IDFA 的關係——抱歉，iOS 14 和 ATT 和 IDFA 的影響會影響假期期間的定價，以及供應等宏觀經濟因素連鎖問題。所以我確實認為這種季節性的連續增長比我們過去看到的要低。對於範圍，我認為這反映了這種不確定性。

In terms of the overall targeting, I think it's hard to sit here and decide exactly where we're going to end up at the all of this. It is going to be a multiyear effort. We've definitely seen a hit already, and we're definitely focused on tools to help advertisers.

就整體目標而言，我認為很難坐在這裡並確切地決定我們最終將在哪裡結束。這將是一項多年的努力。我們肯定已經看到了成功，我們肯定專注於幫助廣告商的工具。

We think we have opportunities to strengthen targeting ourselves, both by the work we do ourselves and as part of industry consortium. You're right in your question in that advertisers have to make a choice of where they advertise. So the question for us is, how good can our targeting be compared to others?

我們認為我們有機會通過我們自己的工作和作為行業聯盟的一部分來加強針對自己的目標。您的問題是正確的，因為廣告商必須選擇他們在哪裡做廣告。所以我們的問題是，我們的定位與其他人相比有多好？

I think our targeting can suffer compared to others like Apple who have the direct data themselves, but I think our targeting still remains, I think, in very, very many ways, very good for advertisers. When you compare us on ROI, we've always performed well. We still do even though we've taken a hit, and we're focused on continuing to do that for businesses.

我認為與擁有直接數據的 Apple 等其他公司相比，我們的定位可能會受到影響，但我認為我們的定位仍然存在，我認為，在很多方面，對廣告商非常有利。當您比較我們的投資回報率時，我們一直表現良好。即使我們受到了打擊，我們仍然會這樣做，並且我們專注於繼續為企業做這件事。

Our next question is from John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen。

Two questions. First on the macro, are you already seeing supply chain issues impacting 4Q ad revenue? Or do you expect them -- the issues to be more impactful later in the quarter?

兩個問題。首先在宏觀上，您是否已經看到影響第四季度廣告收入的供應鏈問題？或者您是否期望它們——這些問題在本季度晚些時候會產生更大的影響？

And then second question on Instagram. Given the rise of Reels, is it cannibalizing engagement on the other Instagram services?

然後是 Instagram 上的第二個問題。鑑於 Reels 的興起，它是否會蠶食其他 Instagram 服務的參與度？

Yes, John. I mean it's -- look, we're not the macroeconomic authority on all things. I would tell you that what we're hearing from advertisers is they are seeing supply chain issues. That was true in Q3 and had an impact there as well as we expect that to continue to carry over into Q4. They're also obviously that intersects with the challenges with the targeting and measurement headwinds from iOS 14. So it's hard to parse exactly how the platform issues and the macroeconomic factors will play into Q4, but I think those are the 2 biggest factors driving the range of potential outcomes that we've outlined in our guidance.

是的，約翰。我的意思是——看，我們不是所有事情的宏觀經濟權威。我會告訴你，我們從廣告商那裡聽到的是他們看到了供應鏈問題。這在第三季度確實如此，並在那裡產生了影響，我們預計這種影響將繼續延續到第四季度。它們顯然也與來自 iOS 14 的目標和測量逆風的挑戰相交。因此很難準確分析平台問題和宏觀經濟因素將如何影響第四季度，但我認為這是推動 iOS 14 的兩大因素我們在指南中概述的一系列潛在結果。

In terms of Reels and other IG services, I can take a crack at that, and then Mark and Sheryl want to add anything. Whenever we launch new experiences, this was true with Stories, it was true with Facebook Watch. It's -- you're always going to see some amount of shifting of people's time and attention to the new areas. And we do think that, that benefits the experience overall, and we think that makes the overall experience more engaging over time. And we do think that it's -- we're able to with Reels drive incremental engagement with Instagram and Facebook. So that's why we're investing to do that.

在 Reels 和其他 IG 服務方面，我可以嘗試一下，然後 Mark 和 Sheryl 想要添加任何內容。每當我們推出新體驗時，Stories 都是如此，Facebook Watch 也是如此。這是 - 你總是會看到人們的時間和注意力轉移到新領域。我們確實認為，這有利於整體體驗，我們認為這會使整體體驗隨著時間的推移更具吸引力。我們確實認為它——我們能夠通過 Reels 推動與 Instagram 和 Facebook 的增量參與。所以這就是我們投資這樣做的原因。

Our next question is from the line of Mark Shmulik with AllianceBernstein (sic) [Sanford C. Bernstein].

我們的下一個問題來自 Mark Shmulik 與 AllianceBernstein (原文如此) [Sanford C. Bernstein] 的觀點。

One for Sheryl, specifically around kind of on-platform commerce and that pivot. And I know previously you've shared kind of merchant and user adoption metrics, but any progress you could share on that front as it relates to activity? Are users embracing it?

一個是給雪兒的，特別是圍繞平台上的商業和那個支點。而且我之前知道您已經分享了某種商家和用戶採用指標，但是您可以在這方面分享與活動相關的任何進展嗎？用戶是否接受它？

And then the second question kind of more broadly around recruiting. I know the recent post to create kind of 10,000 jobs tied to the metaverse in Europe. Any particular kind of rationale for how you're thinking about recruiting kind of globally?

然後第二個問題更廣泛地圍繞招聘。我知道最近發布的一篇文章創造了與歐洲元宇宙相關的 10,000 個工作崗位。您如何考慮在全球範圍內進行招聘，有什麼特別的理由嗎？

So on commerce, we have a lot of commerce activity on our platform already. People are discovering lots of products through our Feed and Stories ads. This is our largest ad vertical, and COVID really accelerated it, but it's also been one of the fastest-growing verticals over a 5-year period.

所以在商業方面，我們的平台上已經有很多商業活動。人們通過我們的 Feed 和 Stories 廣告發現了很多產品。這是我們最大的廣告垂直行業，COVID 確實加速了它，但它也是 5 年來增長最快的垂直行業之一。

We believe we drive hundreds of billions of dollars of off-site e-commerce gross merchandise volume today through our ads business. And we think commerce tools will be built and layered on top of that to help businesses reach more new customers and drive more incremental sales.

我們相信，我們今天通過我們的廣告業務推動了數千億美元的場外電子商務總商品交易量。我們認為商務工具將在此基礎上構建和分層，以幫助企業接觸更多新客戶並推動更多增量銷售。

In those commerce efforts, we're focused on 3 areas: continuing to be the best place to advertise, making it easier to sell on the platform and improving the customer experience. And I think we're in different places on those. In the first, in terms of continuing to be the best place to advertise, we are a great place to find customers. We think the ROI is very strong, and it continues to be competitive.

在這些商務努力中，我們專注於 3 個領域：繼續成為最好的廣告場所、更容易在平台上銷售以及改善客戶體驗。我認為我們在這些方面處於不同的位置。首先，就繼續成為最佳廣告場所而言，我們是尋找客戶的好地方。我們認為投資回報率非常高，並且繼續具有競爭力。

In terms of making it easier, the second, to sell on the platform, here, we're catching up to other mobile and web shopping experiences. And I think we have some work to do there.

第二，在平台上銷售更容易，在這裡，我們正在追趕其他移動和網絡購物體驗。我認為我們有一些工作要做。

And then the third, improving the consumer experience to encourage people to shop, I think we're also making progress there, but we've got some room to grow.

然後第三個，改善消費者體驗以鼓勵人們購物，我認為我們也在這方面取得了進展，但我們還有一些成長空間。

And Mark, on the recruiting front, obviously, we've got a big investment a year planned in 2022. That's going to be largely driven by recruiting. We're going to have to do that globally. We're looking to build technical talent. We're going to be hiring people to do more remote work and focusing on that. We're going to be investing in head count outside of the Bay Area and continuing to focus on building our technical and product capabilities across the globe. Europe is an important part of that, and that's why it was outlined in that announcement.

馬克，在招聘方面，很明顯，我們計劃在 2022 年進行大筆投資。這主要是由招聘推動的。我們將不得不在全球範圍內這樣做。我們正在尋找培養技術人才。我們將招聘人員來做更多的遠程工作並專注於此。我們將投資於灣區以外的人數，並繼續專注於在全球範圍內建立我們的技術和產品能力。歐洲是其中的重要組成部分，這就是該公告中概述的原因。

Our last question then will be from the line of Brent Thill with Jefferies.

我們的最後一個問題將來自 Jefferies 的 Brent Thill。

Dave, just on the CapEx at the midpoint over 70%. There are a lot of questions just as it relates to what the surge is related to there. Is there any more detail you can help us better understand that investment?

戴夫，剛剛超過 70% 的中點資本支出。有很多問題與激增與那裡有關。您是否有更多細節可以幫助我們更好地了解該投資？

Yes. Sure, Brent. I mean I mentioned in my prepared remarks, our 2022 outlook really reflects a significant increase in our planned investment in areas like AI and machine learning. And a lot of that will be dedicated to investing in areas where we can use machine learning to improve ranking and recommendations to power experiences across our products in areas like Feed and in emerging areas like Reels. We'll also be dedicating that to ads as we work to improve ads relevance and leveraging machine learning and AI to help balance out the loss of Signal that we've experienced from some of the platform changes. So we think that we can, as part of sort of making our ads even more effective, make up for that loss with the large investment on the machine learning and AI side. And I think our position gives us a good ability to do that. So that's really part of the logic behind the big increase in the CapEx budget next year.

是的。當然，布倫特。我的意思是我在準備好的講話中提到，我們的 2022 年展望確實反映了我們計劃在人工智能和機器學習等領域的投資顯著增加。其中很大一部分將用於投資我們可以使用機器學習來提高排名和建議的領域，以增強我們在 Feed 等領域和 Reels 等新興領域的產品體驗。在我們努力提高廣告相關性並利用機器學習和 AI 來幫助平衡我們在某些平台變化中經歷的 Signal 損失時，我們還將致力於廣告。因此，我們認為，作為使我們的廣告更加有效的一部分，我們可以通過在機器學習和人工智能方面的大量投資來彌補這一損失。我認為我們的位置使我們有能力做到這一點。因此，這確實是明年資本支出預算大幅增加背後的邏輯的一部分。

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

偉大的。再次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。

And this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

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。