Snap Inc (SNAP) 2026 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc.'s third-quarter 2026 earnings conference call. At this time, participants are in a listen-only mode.

各位下午好，歡迎參加 Snap Inc. 2026 年第三季財報電話會議。此時，與會者將以僅收聽模式參與。

I would now like to turn the call over to David Ometer, Head of Investor Relations.

接下來我想把電話會議交給投資人關係主管 David Ometer。

Thank you, and good afternoon, everyone. Welcome to Snap's third quarter 2026 earnings conference call.

謝謝，各位下午好。歡迎參加 Snap 2026 年第三季財報電話會議。

With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; Ronan Harris, Chief Commercial Officer; and Doug Hott, Chief Financial Officer. Please refer to our Investor Relations website at investor.snap.com to find today's press release, earnings slides and investor letter.

今天與會者包括執行長暨共同創辦人 Evan Spiegel、首席商務長 Ronan Harris，以及財務長 Doug Hott。請至我們的投資人關係網站 investor.snap.com 查閱今日新聞稿、財報簡報與投資人信函。

This conference call includes forward-looking statements which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements. And we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from these forward-looking statements, please refer to the press release we issued today, as well as risks described in our most recent Form 10-K or Form 10-Q, particularly in the section titled Risk Factors.

本次電話會議包含前瞻性陳述，係基於我們截至今日的假設。實際結果可能與這些前瞻性陳述所表達者有重大差異。我們亦無義務更新相關揭露。關於可能導致實際結果與前瞻性陳述有重大差異之因素，請參閱我們今日發布的新聞稿，以及我們最近一期 Form 10-K 或 Form 10-Q 中所描述的風險，特別是「風險因素」一節。

Today's call will include both GAAP and non-GAAP measures. Reconciliations between the two can be found in today's press release and earnings slides available on our IR website. They will exclude stock-based compensation and related payroll taxes, as well as depreciation and amortization and certain other items. Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today's call.

今日電話會議將同時包含 GAAP 與非 GAAP 指標。兩者之間的調節表可於我們 IR 網站上的今日新聞稿與財報簡報中查閱。非 GAAP 指標將排除以股份為基礎之薪酬及相關薪資稅，以及折舊與攤銷及其他若干項目。請參閱我們向 SEC 提交的文件，以了解我們如何計算今日電話會議中討論的任何指標。

With that, thank you for joining us. Q3 demonstrated the growing earnings power of Snap's business.

在此，感謝各位加入。第三季展現了 Snap 業務日益增長的獲利能力。

Revenue increased 14% year over year to $1.72 billion and we generated positive net income. Gross margin expanded by approximately seven percentage points, while net income margin and adjusted EBITDA margin each expanded by approximately 10 percentage points. Daily active users grew to $495 million and monthly active users grew to $977 million.

營收年增 14% 至 17.2 億美元，且我們實現了正的淨利。毛利率擴張約 7 個百分點，而淨利率與調整後 EBITDA 利潤率各自擴張約 10 個百分點。每日活躍用戶增至 4.95 億，月活躍用戶增至 9.77 億。

As I shared in my 15-year letter in September, our priorities are clear. Keep our community safe, grow our advertising business faster, and strengthen the relationships at the heart of Snapchat. Communication between friends and family remains the foundation of Snapchat. In Q3, average daily messages sent increased 8% year over year, and the number of people engaging in two-way communication increased 6% year over year.

正如我在 9 月的 15 年信函中分享的，我們的優先事項很明確：確保社群安全、更快地成長我們的廣告業務，並強化 Snapchat 核心的人際關係。朋友與家人之間的溝通仍是 Snapchat 的基礎。在第三季，平均每日傳送訊息數年增 8%，進行雙向溝通的人數年增 6%。

Our camera, spotlight, map and games give people more to share and more reasons to connect. Spotlight is becoming an increasingly important part of that experience with content that sparks conversations and inspires creativity. Globally, the number of people posting to Spotlight grew 130% year over year, while daily active viewers increased 40% year over year.

我們的相機、Spotlight、地圖與遊戲，讓人們有更多可分享的內容與更多連結的理由。Spotlight 正成為這段體驗中愈來愈重要的一部分，透過能引發對話並激發創意的內容。在全球範圍內，發佈至 Spotlight 的人數年增 130%，而每日活躍觀看者年增 40%。

We continue to invest in creators and AI-powered recommendations to help Snapchatters discover content they enjoy and want to share with friends. AI is becoming a meaningful advantage for Snap, helping us improve our products faster, serve our community more effectively, and work more efficiently.

我們持續投資創作者與 AI 驅動的推薦，協助 Snapchat 用戶發現他們喜歡且想與朋友分享的內容。AI 正成為 Snap 的重要優勢，幫助我們更快改進產品、更有效地服務社群，並更高效率地運作。

For example, in Q3, our engineering teams more than doubled the number of merged pull requests year over year, while the defect rate per merged pull request declined over 71%. For advertisers, AI Search now resolves over 92% of Help Center sessions, while support cases declined 35% year over year. While advertising revenue growth remains below our ambitions, advertisers are seeing the benefits of our performance improvements. Our focus now is to turn these improvements into broader adoption, more meaningful share of advertiser budgets and more durable growth.

例如在第三季，我們的工程團隊合併的 pull request 數量較去年同期增加逾一倍，而每個已合併 pull request 的缺陷率下降超過 71%。對廣告主而言，AI Search 現在可解決超過 92% 的說明中心（Help Center）工作階段，而支援案件年減 35%。雖然廣告營收成長仍低於我們的企圖目標，但廣告主正看到我們效能改善所帶來的益處。我們目前的重點是將這些改善轉化為更廣泛的採用、更具意義的廣告預算占比，以及更持久的成長。

Other revenue grew 84% year over year, and we surpassed 30 million paid subscribers across Snapchat Plus, Memory Storage, and Lens Plus. Innovative AI-powered features have helped Lens Plus exceed our expectations, demonstrating how new creative experiences can drive demand for our paid products. Paid subscribers still represent a small share of our monthly community, giving us room to grow through broader adoption and new premium experiences.

其他營收年增 84%，且我們在 Snapchat Plus、Memory Storage 與 Lens Plus 的付費訂閱用戶總數已突破 3,000 萬。付費訂閱用戶仍僅占我們月活躍社群的一小部分，透過更廣泛的採用與新的高階體驗，我們仍有成長空間。

We delivered substantial operating leverage with approximately 93% of incremental revenue flowing through to adjusted EBITDA. As revenue grew faster than our cost base, we expanded margins and generated stronger cash flow. This strengthens our ability to invest in our business, offset dilution, and create long-term value on a per share basis.

我們實現了顯著的營運槓桿，約 93% 的增量營收流入調整後 EBITDA。隨著營收成長快於成本基礎，我們擴大利潤率並產生更強勁的現金流。

Specs represent our ambition to bring computing into the world around us. By combining see-through augmented reality with artificial intelligence, we see an opportunity for computers to understand more of what we are experiencing and provide useful information and assistance in the moment. Specs can help people learn, create, and get things done while staying present with those around them.

Specs 代表我們將運算帶入周遭世界的企圖。透過結合透明式擴增實境與人工智慧，我們看見一個機會：讓電腦理解更多我們正在經歷的事，並在當下提供有用的資訊與協助。Specs 能幫助人們在與身邊的人保持投入互動的同時，學習、創作並完成任務。

Our years of investment in augmented reality and our developer ecosystem give us a strong foundation to lead this transition. Specs bring those capabilities together across hardware, software and AI to make computing a more natural part of everyday life.

我們多年在擴增實境與開發者生態系的投資，為我們領導這場轉型奠定了堅實基礎。Specs 將這些能力在硬體、軟體與 AI 之間整合，讓運算更自然地融入日常生活。

A golfer can receive personalized guidance on their swing through a lens developed with input from PGA professionals while someone working on the go can edit documents on a virtual display. Through our enterprise partnerships, we are also exploring how technicians can receive visual guidance from remote experts directly in their field of view while keeping their hands free.

高爾夫球手可透過一款在 PGA 專業人士意見協助下開發的鏡頭，獲得針對其揮桿動作的個人化指導；而在外奔波工作的人則可在虛擬顯示器上編輯文件。透過我們的企業合作夥伴關係，我們也在探索技術人員如何在解放雙手的同時，於其視野中直接接收遠端專家的視覺化指引。

We are excited by the positive feedback we have already received as people experience specs firsthand. Our specs first look pop-up is now open at Westfield Century City in Los Angeles, where visitors are trying specs, meeting our team and learning more about augmented reality. The pop-up gives us an opportunity to learn directly from our community as we refine the experience and bring a more natural human way of computing to life.

我們對人們親身體驗 specs 後所收到的正面回饋感到振奮。我們的 specs 首次體驗快閃店現已在洛杉磯 Westfield Century City 開放，訪客可試用 specs、與我們團隊交流並進一步了解擴增實境。該快閃店讓我們有機會在我們持續精進體驗的同時，直接向社群學習，並將更自然、更以人為本的運算方式帶入現實。

I'll now turn the call over to Ronan Harris, our Chief Commercial Officer.

接下來我把電話會議交給我們的首席商務長 Ronan Harris。

Thank you, Evan. Snapchat is woven through how our community lives throughout their day.

謝謝你，Evan。Snapchat 已融入我們社群一整天的生活方式之中。

People use the camera to share what's happening, use chat to talk with close friends, they explore the map and discover content about where to go, what to do, and what to buy. They come to Snapchat as themselves with the people who matter to them. That is what makes Snapchat different.

人們用相機分享正在發生的事，用聊天與親密好友交談；他們探索地圖並發現關於去哪裡、做什麼、買什麼的內容。他們以真實的自己，與對他們重要的人一起來到 Snapchat。這正是 Snapchat 與眾不同之處。

It's the real you in the real world. Real relationships, real-world context, and authentic self-expression give us the distinctive foundation for advertising. AI can help us build on that understanding while protecting privacy, making recommendations more useful, and advertising more effective. Our ambition is to help businesses create demand before people start searching and turn discovery into purchases.

真實世界中的真實你。真實的人際關係、真實世界的情境，以及真誠的自我表達，為我們的廣告業務奠定了獨特基礎。AI 能在保護隱私的同時，幫助我們在此理解之上持續深化，讓推薦更有用、讓廣告更有效。我們的企圖是協助企業在人們開始搜尋之前就創造需求，並將探索轉化為購買。

Our priorities are improving advertiser performance, making results easier to measure, and expanding the ways businesses can reach our community. For these priorities, our focus is on turning stronger outcomes into greater advertiser demand, larger budgets, and sustained revenue growth. In Q3, direct response advertising grew strongly, supported by improved purchase outcomes. However, upper funnel brand advertising declined year-over-year, weighing on our overall growth.

我們的優先事項是提升廣告主成效、讓成果更容易衡量，並擴大企業觸及我們社群的方式。針對這些優先事項，我們的重點是把更強的成效轉化為更高的廣告主需求、更大的預算，以及可持續的營收成長。在第三季，直接回應型廣告在更佳的購買成果支持下強勁成長。然而，上層漏斗的品牌廣告較去年同期下滑，拖累了我們的整體成長。

In Q3, purchase volume for campaigns optimized for app purchases more than doubled year over year, while average cost per purchase declined approximately 24% and revenue grew over 54%. For web purchase campaigns, purchases increased over 31% year over year. For example, skincare brand Dermatology used WorkMagic to measure Snapchat's incremental impact on sales. The brand scaled its Snapchat investment 6.2 times, while improving incremental return on ad spend by 45%, driving 9 times incremental revenue. New customers accounted for 73% of incremental orders, up from 54%, highlighting Snapchat's role in efficient customer acquisition.

在第三季，針對應用程式購買進行最佳化的行銷活動之購買量較去年同期增加逾一倍，而每次購買的平均成本約下降 24%，營收成長逾 54%。就網站購買行銷活動而言，購買量較去年同期增加逾 31%。例如，護膚品牌 Dermatology 使用 WorkMagic 衡量 Snapchat 對銷售的增量影響。該品牌將其在 Snapchat 的投資擴大至 6.2 倍，同時將廣告支出回報（ROAS）的增量回報提升 45%，帶動增量營收成長 9 倍。新客戶占增量訂單的 73%，高於先前的 54%，凸顯 Snapchat 在高效率獲客方面的角色。

AI is helping us extend that progress through innovations like dynamic product ads generative retrieval and agentic recommendations. These capabilities help connect products in an advertiser's catalog with a Snapchatter's interests and activity to identify products they may value.

AI 正透過動態商品廣告的生成式檢索與代理式推薦等創新，協助我們延續這項進展。這些能力有助於將廣告主型錄中的商品，與 Snapchatter 的興趣與活動連結起來，以辨識他們可能重視的商品。

Together with improvements that recognize people's multiple interests, these innovations have already contributed to an over 2.5% increase in pixel purchase conversions.

結合可辨識人們多重興趣的改進，這些創新已促成像素（pixel）購買轉換率提升超過 2.5%。

Ahead of the holiday shopping season, we introduced Commerce Power Pack to help advertisers turn discovery into purchases and optimize for business value.

在假期購物季來臨之前，我們推出 Commerce Power Pack，協助廣告主將探索轉化為購買，並以商業價值為目標進行最佳化。

Dynamic product ads for sponsored Snaps brings personalized catalog ads into chat and is available globally. Third-party web optimization, now in open beta, combines Snaps signals for third-party measurement signals to optimize towards advertisers' preferred sources of measurement.

用於贊助 Snap 的動態商品廣告，將個人化型錄廣告帶入聊天中，並已在全球推出。第三方網站最佳化目前處於公開測試（open beta），結合 Snaps 訊號與第三方衡量訊號，以朝向廣告主偏好的衡量來源進行最佳化。

For example, after switching to third-party web optimization for its Snapchat campaigns in France, Footlocker recorded a 53% higher return on ad spend and a 38% lower cost per acquisition measured through its third-party measurement platform.

例如，Footlocker 在法國將其 Snapchat 行銷活動切換至第三方網站最佳化後，透過其第三方衡量平台觀測到的廣告支出回報（ROAS）提高 53%，每次獲客成本降低 38%。

For app advertisers, unified attribution became generally available across AppsFire and Adjust in August, extending support to measurement partners representing over 75% of app advertising revenue.

對於應用程式廣告主而言，統一歸因（unified attribution）於 8 月在 AppsFire 與 Adjust 上正式全面可用，將支援擴展至代表超過 75% 應用程式廣告營收的衡量合作夥伴。

It helps align campaign optimization with purchase outcomes reported by advertisers' mobile measurement partners.

這有助於使行銷活動最佳化與廣告主之行動衡量合作夥伴所回報的購買成果對齊。

Our third priority is expanding the ways businesses can reach our community.

我們的第三項優先事項，是擴大企業觸及我們社群的方式。

Advertising within chat, spotlight, and the map connects businesses with the conversations, content, and places that matter to Snapchatters. These experiences give advertisers more ways to build awareness, create demand, and drive purchases.

在聊天、Spotlight 與地圖中的廣告投放，讓企業能與 Snapchatter 重視的對話、內容與地點建立連結。這些體驗為廣告主提供更多方式來建立知名度、創造需求並推動購買。

Sponsored Snaps revenue grew 56% sequentially, with Chat's share of total revenue increasing approximately 8 percentage points year over year. Our launch of auction-based Sponsored Snaps in Europe is an exciting step in bringing this format to more advertisers. Adding personalized product ads through Commerce Power Pack further expands its potential to turn conversations and discovery into action.

贊助 Snaps 營收較前一季成長 56%，Chat 在總營收中的占比亦較去年同期提高約 8 個百分點。我們在歐洲推出以競價為基礎的贊助 Snaps，是將此格式帶給更多廣告主的重要一步。透過 Commerce Power Pack 加入個人化商品廣告，進一步擴大其將對話與探索轉化為行動的潛力。

Spotlight's growing audience creates more opportunities for brands to reach our community through full-screen vertical video. Average Spotlight eCPM increased 22% year over year, and we continue to strengthen data buying and measurement capabilities that help advertisers achieve their goals. Promoted Places brings this opportunity into the real world, helping businesses connect with people exploring where to go and what to do on Snap Map.

Spotlight 受眾的成長，為品牌透過全螢幕直式影片觸及我們社群創造更多機會。Spotlight 平均 eCPM 較去年同期提升 22%，我們也持續強化資料購買與衡量能力，協助廣告主達成其目標。Promoted Places 將此機會帶入現實世界，協助企業在 Snap Map 上與正在探索去哪裡、做什麼的人建立連結。

Revenue and advertiser adoption each more than doubled sequentially in Q3, and we expanded the product to 14 countries. This early momentum demonstrates advertiser interest in reaching our community at moments of discovery with opportunities spanning restaurants, retailers and other local businesses.

第三季營收與廣告主採用度皆較前一季增加逾一倍，我們並將產品擴展至 14 個國家。這股早期動能顯示，廣告主對於在探索時刻觸及我們社群具有高度興趣，機會涵蓋餐廳、零售商及其他在地商家。

Across these priorities, success means helping more advertisers achieve their goals, return to Snapchat and grow their investment. By delivering results they can trust and build upon, we believe we can earn lasting relationships, a larger share of their budgets and sustained advertising revenue growth.

在這些優先事項上，成功意味著協助更多廣告主達成其目標、回到 Snapchat 並擴大其投資。透過交付他們能信任且可持續累積的成果，我們相信能建立長期關係、取得其預算中更大的份額，並推動廣告營收的持續成長。

I'll now turn the call over to Doug to discuss our financial results.

接下來我將把電話會議交給 Doug，請他說明我們的財務結果。

Thank you, Ronan. In Q3, revenue increased 14% year over year to $1.72 billion, within our prior guidance range of $1.72 billion to $1.74 billion. While our total cost structure grew just 1% year over year. Advertising revenue grew 4% and other revenue grew 84%, led by Snapchat+, Memory Storage, and Lens+.

謝謝你，Ronan。第三季營收較去年同期成長 14% 至 17.2 億美元，落在我們先前指引區間 17.2 億至 17.4 億美元之內。同時，我們的總成本結構僅較去年同期成長 1%。廣告營收成長 4%，其他營收成長 84%，主要由 Snapchat+、Memory Storage 與 Lens+ 帶動。

We delivered substantial operating leverage with approximately 93% of incremental revenue flowing through to adjusted EBITDA. Gross margin reached 62%, net income reached $56 million, an improvement of $160 million year over year. And adjusted EBITDA increased by approximately $201 million to $383 million year over year, representing a margin of 22%. Margin expansion reflected revenue growth, a greater contribution from direct revenue and efficiencies across our cost base.

我們實現了顯著的營運槓桿，約 93% 的增量營收轉化為調整後 EBITDA。

Our focus is on sustaining disciplined cost growth while investing in the products and capabilities that support revenue growth. Operating cash flow increased 44% year over year to $210 million and free cash flow increased 76% to $164 million. On a trailing 12-month basis, operating cash flow reached $983 million, up 59% and free cash flow reached $777 million, up 88%.

我們的重點是在維持嚴謹的成本成長紀律的同時，投資於支援營收成長的產品與能力。營運現金流較去年同期成長 44% 至 2.10 億美元，自由現金流成長 76% 至 1.64 億美元。以過去 12 個月計，營運現金流達到 9.83 億美元，成長 59%；自由現金流達到 7.77 億美元，成長 88%。

This growth in cash generation strengthens our ability to invest in a business, manage dilution and maintain a strong balance sheet. We ended Q3 with approximately 1.93 billion shares outstanding, including shares underlying stock-based awards, an increase of 3.8% year over year. Managing dilution remains an important part of translating stronger earnings and cash generation. We ended the quarter with approximately $2.77 billion in cash equivalents and marketable securities, an increase of approximately $111 million from the end of Q2.

現金創造能力的提升，強化了我們投資業務、管理稀釋並維持強健資產負債表的能力。第三季末我們約有 19.3 億股流通在外（包含以股票為基礎獎酬所對應的股份），較去年同期增加 3.8%。管理稀釋仍是將更強的獲利與現金創造轉化為股東價值的重要一環。本季末我們約有 27.7 億美元的現金等價物與有價證券，較第二季末增加約 1.11 億美元。

Now turning to our outlook. As we move into Q4, we remain focused on accelerating top-line growth, growing our community, deepening engagement, and improving financial efficiency. Our guidance range for Q4 revenue is $1.950 billion to $1.985 billion. We expect infrastructure costs to grow modestly year over year in Q4 and now anticipate full-year infrastructure costs of $1.65 billion to $1.66 billion, compared with our prior guidance of $1.65 billion to $1.70 billion, as we have been able to increase our investments in AI and ML without increasing our overall infrastructure costs.

接著談談我們的展望。進入第四季之際，我們仍聚焦於加速營收成長、擴大社群、深化互動並提升財務效率。我們對第四季營收的指引區間為 19.50 億至 19.85 億美元。我們預期第四季基礎設施成本較去年同期僅小幅成長，並將全年基礎設施成本預期調整為 16.5 億至 16.6 億美元，較先前指引 16.5 億至 17.0 億美元下修，因為我們得以在不提高整體基礎設施成本的情況下，加大對 AI 與 ML 的投資。

We continue to expect all of our cost of revenue, excluding infrastructure costs to represent 16% to 17% of revenue for the full year, is $490 million to $525 million in Q4. Our outlook includes our planned investments in SPACs, which we continue to pace against product, ecosystem, and economic milestones.

我們仍預期全年除基礎設施成本外的營收成本占營收比重為 16% 至 17%，而第四季為 4.90 億至 5.25 億美元。我們的展望包含對 SPACs 的既定投資計畫，我們將持續依產品、生態系與經濟里程碑來安排投資節奏。

Following the expected completion of our current repurchase program in Q4, we intend to pursue a multi-year approach to dilution management with the goal of offsetting future dilution and supporting a stable, fully diluted share count in 2027. Beginning with our Q1 2027 results, global monthly active users, MAU, will become our primary audience metric. Snapchat is approaching 1 billion people each month.

在預期於第四季完成目前的庫藏股回購計畫後，我們擬採取多年期的稀釋管理策略，目標是在 2027 年抵銷未來稀釋並支持穩定的完全稀釋後股數。自 2027 年第一季財報起，全球每月活躍用戶（MAU）將成為我們的主要受眾指標。Snapchat 每月觸及的人數正接近 10 億。

And we believe MAU provides the most complete view of the community we serve and our revenue opportunity over time. MAU represents the scale of our community, while engagement and monetization metrics reflect the depth and value of our service. Daily engagement has historically been stable as a percentage of month engagement, but we do not intend to optimize Snapchat around daily use at the expense of long-term value for our community.

我們認為 MAU 能最完整地呈現我們所服務的社群，以及我們隨時間推移的營收機會。MAU 代表社群規模，而互動與變現指標則反映我們服務的深度與價值。每日互動歷來占每月互動的比例相對穩定，但我們不打算為了每日使用而犧牲社群的長期價值來最佳化 Snapchat。

A longer-term horizon better aligns our reported metrics with the product and safety decisions that strengthen relationships, create lasting utility and support broader, more durable audience growth. Alongside global MAU, we are introducing global MAU-based average revenue per user, ARPU, as our primary monetization metric.

較長期的時間視角，能讓我們所揭露的指標更貼近那些能強化關係、創造持久效用並支持更廣泛且更具韌性的受眾成長之產品與安全決策。除全球 MAU 外，我們也將引入以全球 MAU 為基礎的每用戶平均收入（ARPU），作為我們主要的變現指標。

Together, global MAU, ARPU and free cash flow per share provide a clearer scorecard for Snap. The scale of our community, our progress monetizing that community, and our ability to translate that progress into long-term shareholder value. As discussed last quarter, we continue to monitor the evolving legal and regulatory landscape in the United States and internationally that could materially impact our business and financial results, including increased regulatory scrutiny on youth-related issues, while outcomes remain uncertain, they may result in significant changes to our products and business practices.

綜合而言，全球 MAU、ARPU 與每股自由現金流為 Snap 提供了更清晰的成績單：我們社群的規模、我們在該社群上的變現進展，以及我們將該進展轉化為長期股東價值的能力。如同上季所討論，我們持續關注美國及國際間不斷演變的法律與監管環境，該環境可能對我們的業務與財務結果造成重大影響，包括對青少年相關議題更嚴格的監管審視；儘管結果仍不確定，但可能導致我們的產品與商業作法出現重大變更。

Increased compliance requirements and legal costs, increased payments for legal judgments, and settlements, and negative impacts to user growth and engagement.

更高的合規要求與法律成本、因法律判決與和解而增加的支付，以及對用戶成長與參與度的負面影響。

(Operator Instructions) Ross Sandler, Barclays.

（接線員指示）Ross Sandler，巴克萊。

And one for Evan please. So, Ronan, it looks like brand was once again the culprit in driving weakness in the third quarter. What are you guys doing to address that? And the 4Q guidance assumes a nice reacceleration in growth at the mid or the high end. Can you talk about what you're seeing quarter to date in 4Q?

另外也請 Evan 回答一題。所以，Ronan，看起來品牌廣告再次是第三季疲弱的主因。你們正在做什麼來因應？而第四季指引在中位數或高位數端假設成長會有不錯的再加速。你能談談第四季截至目前你們看到的情況嗎？

And then, Evan, any early read on specs out of the gate?

然後，Evan，SPECs 一推出有沒有任何初步觀察？

Ross, thank you for the question. So to talk about brands, it declined mainly because of lower CPG spending driven by macro pressures in the US and also the Middle East. Q2 also benefited, I think, from easier comparisons in World Cup related spending, so that's part of the sequential deceleration that you see.

Ross，謝謝你的提問。談到品牌廣告，它下滑主要是因為美國以及中東地區在總體經濟壓力下，民生消費品（CPG）支出降低。第二季我認為也受惠於世界盃相關支出在比較基期上較容易，因此這也是你看到環比放緩的一部分原因。

As we look ahead, we're seeing. Very positive signs of growth from diversified verticals like financial services in the US. So part of our strategy here is to look outside of the pressures in CPG and find traction in these other verticals. And I'm pleased to say we're seeing progress there.

展望未來，我們看到……在美國，像金融服務等多元垂直領域出現非常正面的成長訊號。因此，我們的策略之一是跳脫 CPG 的壓力，在其他垂直領域尋找動能。我很高興地說，我們在那方面正看到進展。

So I think that go-to-market shift together with other work we're doing on inventory, expanding the inventory that we've got available and also the formats, I think give us confidence that we're going to start to see the brand business we're ground over the course of 2027.

所以我認為，這項市場進入策略（go-to-market）的轉變，加上我們在廣告庫存方面所做的其他工作——擴大可用庫存以及廣告格式——讓我們有信心，品牌業務將在 2027 年期間開始……（成長/回升）。

Hey, Ross. Thanks so much for the question. It's been so exciting to finally have SPECs out in the world, and we opened our First Look pop-up in October here in Los Angeles, and it's just been so gratifying to see people try SPECs for the first time. We've had more than 10,000 demos to date at the pop-up. And I think that's really a testament to the excitement around SPECs, and what's possible SPECs represent totally new computing paradigm.

嗨，Ross。非常感謝你的提問。SPECs 終於正式面世，真的令人興奮。我們在洛杉磯於 10 月開設了 First Look 快閃店，看到人們第一次試用 SPECs，感覺非常欣慰。截至目前，我們在快閃店已進行超過 10,000 次體驗展示（demo）。我認為這充分證明了大家對 SPECs 的興奮，以及 SPECs 所代表的可能性——它代表一種全新的運算典範。

So it's really important for people to try them to understand the value. So we're very focused now on all the new opportunities that specs create, and including things like remote assistance, or virtual workstations for on-the-go productivity and, of course, all the amazing location-based experiences, places like museums. So we think we barely scratched the surface of what's possible with specs, and we're really looking forward to beginning to ship specs later this fall, and really to see what our community will build.

因此，讓人們親自試用、理解其價值非常重要。我們目前非常專注於 SPECs 所帶來的各種新機會，包括遠端協助、用於行動生產力的虛擬工作站，當然還有各種令人驚豔的地點式體驗，例如博物館等場域。我們認為 SPECs 的可能性才剛剛起步；我們非常期待在今年秋季稍晚開始出貨 SPECs，也很期待看看我們的社群會打造出什麼。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the question. Maybe two, if I could. I want to come back to the audience metric shift towards MAU and understand a little bit better, just the thought process around that, and how that's the indication you want to leave folks with, in terms of measuring the business going forward. And then the second, on Sponsored Snaps, you continue to show a lot of progress there and a lot of growth, how should we be thinking about the learnings and how they're scaling as to what the market opportunity is around Sponsored? Thank you.

非常感謝讓我提問。如果可以的話，我有兩個問題。我想回到受眾指標轉向 MAU 這件事，更深入了解你們背後的思考，以及你們希望市場未來用什麼方式來衡量公司表現。第二個問題關於 Sponsored Snaps：你們持續展現很多進展與成長。我們應該如何看待其中的學習與規模化，以及 Sponsored 相關的市場機會有多大？謝謝。

Hey, Eric. This is Doug. Hello there. So this goes back to the shift we outlined in 2025 towards more profitable growth. We reduced our investment in community growth marketing globally for less emphasis on growing daily active users and focused on building our direct revenue business. The changes here to our point reflect that strategy. If you remember back in Q2 '25, we introduced monthly active users as a reported metric.

嗨，Eric。我是 Doug。你好。這要回到我們在 2025 年所概述、朝向更高獲利成長的轉變。我們在全球降低了對社群成長行銷的投資，減少對提升每日活躍用戶的著重，並把重心放在建立我們的直接營收業務。我們在此對外揭露指標的調整，反映了這項策略。如果你還記得，在 2025 年第二季，我們引入了月活躍用戶作為揭露指標。

As we approach a billion people using Snapchat each month, we think MAU gives investors the clearest view of the scale of our community and our long-term revenue opportunity. So we're focused on three things: how many people we serve, how effectively we monetize that community and how that translates into free cash flow per share, level MAU, MAU-based ARPU, and free cash flow per share give investors a pretty straightforward way to follow that progress.

隨著每月使用 Snapchat 的人數接近 10 億，我們認為 MAU 能讓投資人最清楚地看見我們社群的規模與長期營收機會。因此我們聚焦三件事：我們服務多少人、我們將該社群變現的效率，以及這如何轉化為每股自由現金流。整體而言，MAU、以 MAU 為基礎的 ARPU，以及每股自由現金流，能讓投資人用相當直接的方式追蹤這些進展。

We also want to give our teams the flexibility to make the right long-term decisions for our community. So daily engagement has historically been stable as a share monthly engagement, but some decisions that improve the experience on Snap keep people safe or support long-term retention may actually affect daily X in the near term. So we want to make those decisions with the long-term health of our community in mind.

我們也希望讓團隊有彈性，為社群做出正確的長期決策。歷史上，每日互動在月度互動中的占比一直相對穩定，但某些能改善 Snap 體驗、保障用戶安全或支持長期留存的決策，短期內可能會影響每日 X。因此，我們希望以社群長期健康為前提來做這些決策。

We'll continue to report revenue for North America, Europe, and rest of the world separately performance across those markets. So investors will continue to have visibility into where revenue is growing alongside a global view of our audience and monetization.

我們將持續分別揭露北美、歐洲與世界其他地區的營收，以呈現各市場的表現。因此，投資人仍能看見營收成長發生在哪些地區，同時也能掌握我們受眾規模與變現的全球視角。

And I'll take the question on Sponsored Snaps. So on the platform, clearly our community is coming and spending huge amounts of time within the chat environment. So when we introduced this, it was a tremendous opportunity to give advertisers more ways to go out and reach people in experiences that they're already using on the platform.

我來回答 Sponsored Snaps 的問題。在平台上，很明顯我們的社群會進入聊天環境並花費大量時間。因此當我們推出這項產品時，這是個巨大的機會，能讓廣告主在用戶已經在平台上使用的體驗中，以更多方式觸及他們。

So when you look at the numbers, I think it's showing up in the growth. Sponsored Snaps revenue grew 56% sequentially in Q3 and we've continued to innovate, so we've introduced the auction-based Sponsored Snaps into Europe. So continue to expand geographically. And dynamic product ads are now also available in chat. So advertisers that the format can serve. So we'll continue to see that in coming quarters.

從數據來看，我認為成長已反映出來。第三季 Sponsored Snaps 營收環比成長 56%，而我們也持續創新，例如把競價式（auction-based）的 Sponsored Snaps 推向歐洲。因此也在持續擴大地理覆蓋。此外，動態產品廣告（dynamic product ads）現在也可在聊天中投放。因此這個格式能服務更多廣告主。我們預期未來幾季會持續看到這方面的進展。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

Great. Thanks for taking the questions. Evan, I know in your annual letter, you kind of talked about the ambition to ultimately move ad growth toward the mid-teens. I was just hoping you could kind of elaborate on what you think maybe the three kind of most important things you need to do are to really accelerate advertising growth in a material way. And perhaps in conjunction with that.

很好。謝謝讓我提問。Evan，我知道你在年度信中提到，長期目標是把廣告成長推進到十幾%的中段。我希望你能更具體說明，你認為要在實質上加速廣告成長，最重要的三件事可能是什麼。也許再搭配……

We're obviously seeing lots of benefits across the space in terms of AI tools and driving greater engagement and ad targeting, higher conversion rates. If you can give us kind of an update there where you are with AI-driven ad improvements?

我們顯然看到整個產業在 AI 工具方面帶來許多效益，包括提升互動與廣告定向、提高轉換率。你能否更新一下你們在 AI 驅動的廣告改進方面目前進展到哪裡？

Thanks, Doug. Certainly, 4% ad growth is below our ambitions, and I'm cautiously optimistic about the progress. We're seeing here in Q4 as we're seeing a bit of acceleration on the ad side. We do continue to see strong growth in direct response, which I think is really the durable underpinning of the business, but the upper funnel brand advertising did decline year over year and that weighed on the overall results.

謝謝你，Doug。確實，4%的廣告成長低於我們的企圖心，但我對進展抱持審慎樂觀。我們在第四季看到廣告端出現一些加速的跡象。我們仍持續看到直接回應（DR）強勁成長，我認為這是業務真正持久的基礎；但上層漏斗的品牌廣告同比下滑，並拖累了整體結果。

I think what gives me confidence looking forward is really the progress in advertiser performance. So if you look at Q3, purchase volume for app purchase campaigns more than doubled, cost per purchase declined approximately 24% and revenue grew over 54%.

我認為讓我對未來更有信心的，主要是廣告主成效表現的進展。所以如果你看第三季，App 購買活動的購買量超過翻倍、每次購買成本約下降24%，而營收成長超過54%。

When we look at web purchase campaigns, they delivered more purchases at a lower cost with revenue growing 11%. So we're really seeing these better outcomes for advertisers translate into revenue growth into broader adoption and a larger share of advertiser budgets. I do think AI is a meaningful accelerant there. So as we look into 2027 and beyond, we're continuing to improve performance with better AI-powered recommendations, and we're making it easier for advertisers to measure those results using the tools they already rely on, which.

當我們看網站購買活動時，它們以更低的成本帶來更多購買，營收成長11%。因此，我們確實看到這些對廣告主更好的成效，轉化為營收成長、更廣泛的採用，以及在廣告主預算中占比提升。我確實認為 AI 在這裡是重要的加速器。因此，展望2027年及以後，我們將持續透過更好的 AI 驅動建議來提升成效，並讓廣告主更容易使用他們已經依賴的工具來衡量這些結果，而這。

We know it's really important to their confidence in putting more budget behind Snapchat. So we'll also be expanding the ways that advertisers can reach our community across Chat, Spotlight, and the map and Ronan mentioned the progress with sponsored Snaps, but we're also seeing meaningful progress with promoted places where revenue and advertiser adoption both more than doubled sequentially.

我們知道，這對他們更有信心把更多預算投向 Snapchat 非常重要。因此，我們也會擴大廣告主在 Chat、Spotlight 與地圖等場景觸及我們社群的方式；Ronan 提到贊助 Snaps 的進展，但我們也在推廣地點（promoted places）上看到顯著進展，其營收與廣告主採用度皆較前一季翻倍以上。

So I think bringing our performance and measurement capabilities into these new placements and experiences gives us more opportunities to help advertisers turn discovery into purchases. So I think taking it all together, we've got better tools to deliver results, we've got more ways for advertisers to reach our community, and now, Ron, and the team are working really hard to get these improved capabilities. Advertisers hands demonstrate that they really work and drive results and ultimately earn larger and sustained commitments from our advertising partners.

因此，我認為把我們的成效與衡量能力帶入這些新的版位與體驗，能帶來更多機會，協助廣告主把「發現」轉化為「購買」。綜合來看，我們有更好的工具來交付成果，也有更多方式讓廣告主觸及我們的社群；而現在，Ron 和團隊正非常努力把這些改進的能力。交到廣告主手上，證明它們確實有效並能帶動成果，最終從我們的廣告合作夥伴那裡獲得更大且可持續的承諾。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

Thanks for taking the questions. I got two. Evan, the letter talks about how Snap is not going to optimize daily use at the expense of long-term value. I was just wondering, I think everyone would appreciate.

謝謝讓我提問。我有兩個問題。Evan，信中提到 Snap 不會為了最佳化每日使用而犧牲長期價值。我只是想知道，我想大家都會很感激。

Some examples of something that you're choosing not to do and what does that mean for time spent and ad revenue going forward? Like, is there a tension between those two and just how should we think about sort of how you're trying to optimize the company for the long-term?

能否舉一些你們選擇不做的例子？這對未來的使用時長與廣告營收意味著什麼？例如，兩者之間是否存在張力？我們應該如何理解你們在長期面向上試圖最佳化公司的方式？

And then I guess you've been talking a lot about this sort of the improvements in DR. And the pressures on brand advertising. Anything you can give us a sense of like where are we in the transition, like when do we get to the point where DR performance is a large enough piece of the pie that it actually can overwhelm the pressure.

另外，我想你們一直在談 DR 的改善，以及品牌廣告的壓力。你們能否讓我們大致了解目前轉換進程到哪裡了？例如，何時 DR 的表現會成為足夠大的占比，以至於能真正壓過這些壓力。

You actually start to see a real accelerate -- a meaningful acceleration in the growth back to what you used to see years ago. Like, how small is -- I guess what size is brand still in terms of the overall company? It would be really helpful. Thanks.

你們會開始看到成長出現真正的加速——也就是有意義的加速，回到幾年前你們曾看到的水準。品牌目前在整體公司中的占比到底有多小——我想問的是品牌目前大概是多大的規模？這會非常有幫助。謝謝。

Hey, Rich, thanks so much for the question. I can speak a little bit. To user engagement and then Ronan can share a little bit on his thoughts on brand advertising. I think looking maybe at a couple of examples, one might be the choice to engage in user acquisition or costly user engagement in a geography that we don't currently monetize or don't effectively monetize.

嗨，Rich，謝謝你的提問。我可以先談一點。關於用戶互動，然後 Ronan 也可以分享他對品牌廣告的看法。我想從幾個例子來看，其中一個可能是：我們選擇不在目前無法變現或無法有效變現的地區，投入用戶獲取或高成本的用戶互動。

Another example might be deciding not to send certain notifications or to add new features to Snapchat that might generate. Their app open but don't ultimately lead to long-term value. So those are the types of examples of actions that can be costly either financially or in the terms of user satisfaction.

另一個例子可能是：決定不發送某些通知，或不在 Snapchat 上新增某些可能會帶來。App 開啟，但最終無法帶來長期價值的新功能。所以這些就是一些行動的例子：它們可能在財務上成本很高，或在用戶滿意度層面帶來代價。

While they might increase daily active use, they don't actually help us achieve our long-term goals of developing more engaged community or expanding our monetization opportunity. So I think Doug spoke earlier about this shift from DAU to monthly active users. That's really because we -- to focus on the lasting utility of Snapchat and durable audience growth, not just daily frequency for its own sake.

雖然它們可能會提高每日活躍使用，但實際上並不能幫助我們達成長期目標：打造更投入的社群，或擴大我們的變現機會。因此我想 Doug 先前提到從 DAU 轉向月活躍用戶（MAU）的轉變。這主要是因為我們——要聚焦於 Snapchat 的長期效用與更持久的受眾成長，而不只是為了每日頻次本身。

So it certainly doesn't mean we're trying to reduce time spent or accept lower ad revenue. On the contrary, I think what this means is that we're focusing on earning engagement through useful experiences and really demonstrating that this stronger, more durable engagement supports Hi, Rich.

所以這當然不代表我們想要降低使用時長或接受較低的廣告營收。相反地，我認為這代表我們專注於透過有用的體驗來贏得互動，並真正證明這種更強、更持久的互動能夠支持 嗨，Rich。

Thanks for the question. It's very exciting to see the increased engagement across the platform, so across both Spotlight and Chat. We've already talked about what the Chat product are increase in Spotlight engagement is also super encouraging. And when you look at that and the advertiser interest, you can see the resulting eCPM increase on Spotlight, which is up about 22% year-over-year.

謝謝你的提問。看到整個平台的互動提升非常令人振奮，涵蓋 Spotlight 與 Chat。我們已經談過 Chat 產品，而 Spotlight 互動的提升也非常鼓舞人心。當你把這些與廣告主的興趣放在一起看，就能看到 Spotlight 的 eCPM 隨之上升，同比約增加22%。

Today, we are definitely seeing stronger growth on the direct response side of the business and it. Continues to grow as a percentage to about 77% of our revenues at this stage. So that's a substantial increase versus last year. And we think that will continue in the short-term as we continue to expand the focus on those improvements on our brand go-to-market and our brand product innovations, which I talked to earlier, kicking in as we move into 2027.

目前，我們確實看到業務的直接回應端成長更強，而且它。目前占我們營收的比例持續提升，現階段約為77%。因此，相較去年這是相當可觀的提升。我們認為短期內這一趨勢會延續，因為我們會持續擴大對這些改善的聚焦；同時，我先前提到的品牌端 go-to-market 與品牌產品創新，將在我們邁入2027年時開始發揮作用。

Justin Post, Bank of America.

Justin Post，美國銀行（Bank of America）。

Impressive growth there. What are people doing more of this year than they were and just how do you feel about the pipeline of additions over the next 12 months? And then just a general question, the spotlight and chat metrics look really good, but it doesn't seem like it's translating to US and Europe DAUs. And any reason why that increase in engagement would show up in monthly, but maybe not daily? Thank you.

那邊的成長很亮眼。今年人們相較以往更多在做哪些事？你們對未來12個月新增功能/改進的管線有何看法？另外一個一般性問題：Spotlight 和 Chat 的指標看起來很好，但似乎沒有轉化為美國與歐洲的 DAU。為什麼互動提升會反映在月活躍上，但可能不反映在日活躍上？

Thanks so much for the question. We're really excited about the progress with Spotlight and our strategy has been to focus on what makes Snapchat special, which is this real content made by real creators. And so earlier this year, we really worked hard to remove AI-generated content or reposted content from the service and really focused on our community and the things that they were creating.

非常感謝你的提問。我們對 Spotlight 的進展感到非常興奮，而我們的策略是聚焦於 Snapchat 的獨特之處，也就是由真實創作者製作的真實內容。因此在今年稍早，我們非常努力地把 AI 生成內容或轉貼內容從服務中移除，並真正聚焦於我們的社群以及他們所創作的內容。

And what that led to was, I think, a really meaningful growth in the number of Spotlight posters, which has really helped increase inventory overall for Spotlight, which then obviously helps us show the right videos to the right folks on the service. So we continue to think Spotlight is a really meaningful.

我認為這帶來的結果是 Spotlight 發文者數量出現非常顯著的成長，這確實有助於提升 Spotlight 的整體庫存量，進而很明顯地幫助我們在服務上把合適的影片展示給合適的人。因此我們仍然認為 Spotlight 是非常重要的。

One of the things we're particularly focused on right now is the way that it can strengthen connections and relationships between friends as people share content with each other to start conversations on the service. So it will certainly continue to be a priority. We're doing a lot of work right now on the ranking architecture overall and exploring some of the new generative techniques, which may help us leapfrog our current architecture. But overall, I think it's really that focus on what makes Snapchat unique and that authentic content. That's helping us drive the growth of Spotlight.

我們目前特別聚焦的一點，是它如何在大家彼此分享內容、在服務上開啟對話時，強化朋友之間的連結與關係。因此它當然會持續是優先事項。我們目前也在整體排序架構上做大量工作，並探索一些新的生成式技術，這可能幫助我們超越現有架構。但整體而言，我認為正是這種聚焦於 Snapchat 的獨特性與真實內容。在幫助我們推動 Spotlight 的成長。

Just to take the question on which products and ad formats are resonating most with our advertisers at the moment. So in Q3, I mean, we've talked to the strong results for both Web Dior and App Dior. So that continues to capture a lot of attention, increases in return on ad spend, and also in reach as people experiment and expand into the new products. We've also been bringing really -- what we're trying to do is to bring more AI in behind making the purchase easier, making the measurement easier, and as a result being able to demonstrate durable performance and then expand budgets overtime time.

就目前哪些產品與廣告格式最能引起我們廣告主共鳴這個問題來回答。所以在第三季，我的意思是，我們已經談到 Web Dior 和 App Dior 都有很強勁的成果。因此，這些產品持續吸引大量關注，廣告投資報酬率（ROAS）提升，觸及也增加，因為大家在嘗試並擴展到新產品。我們也一直在做的是——我們想在背後導入更多 AI，讓購買更容易、讓衡量更容易，因此能夠展現可持續的成效，並隨時間逐步擴大預算。

So things like DPA, generative retrieval and agentic recommendations that help match products with those interests of our community beyond keyword matching are really having a big impact and our new commerce power pack is. Also getting a lot of traction as a way to optimize for purchase value and advertiser preferred measurement. So alongside all of that product work and consistent advertiser outcomes, so I think those focus areas will help us to increase that share of wallet over time.

像是 DPA、生成式檢索（generative retrieval）以及代理式推薦（agentic recommendations），能在不僅限於關鍵字比對的情況下，協助把產品與我們社群的興趣做更好的匹配，確實帶來很大的影響；我們新的 commerce power pack 也是如此。它也作為一種方式獲得很多採用，用來針對購買價值以及廣告主偏好的衡量方式進行最佳化。因此，配合所有這些產品工作與一致的廣告主成效，我認為這些重點領域將幫助我們隨時間提升錢包份額（share of wallet）。

Dan Salmon, New Street Research.

Dan Salmon，New Street Research。

Good afternoon, everyone. I want to follow-up on direct response with Ronan as well. As you move to overseeing the global business, I guess I'd like to hear just a little bit more on your high-level views on the state of the DR business. Obviously, lots of updates on the ad stack that you talked about, much stronger growth there lately.

各位下午好。我也想就直接回應（DR）再跟 Ronan 追問一下。當你開始負責全球業務時，我想聽你更高層次地談談你對 DR 業務現況的看法。顯然，你談到廣告技術堆疊（ad stack）有很多更新，最近那邊的成長也強勁得多。

Maybe just to come back and talk a little bit more about what Evan spoke to about the sustainability there. And in particular, I think of things like growing the number of advertisers on the platform. That's always an important metric. I'd love to hear your ambitions on that.

也許可以回來再多談一些 Evan 提到的可持續性。特別是像增加平台上的廣告主數量這類事情。那一直是很重要的指標。我很想聽聽你在這方面的企圖心。

And then maybe a little bit that's more about small advertisers, maybe a little bit about your largest DR advertisers. How do you help move them into really everyday performance budgets that they can continue to. Lean into and become a bit more sustainable for SAP over time.

然後也許再談一點關於小型廣告主，以及你們最大的 DR 廣告主。你們如何協助他們把預算轉向真正的日常成效型預算，讓他們可以持續加碼投入，並隨時間讓 SAP 更具可持續性。

Thanks for the question. So my focus is on making the performance we deliver easier for advertisers to both see and measure, to be able to buy it, so making sure that we've integrated with the right buying platforms and then to be able to scale. So I think if it's easy to buy, they're getting great results that they can rely on, then they're happily going to scale and we're going to be able to increase our share of wallet. So that's where our teams are focused on both in terms of product innovation and also in terms of our go-to-market.

謝謝你的提問。所以我的重點是，讓我們提供的成效對廣告主而言更容易看見與衡量，也更容易購買——也就是確保我們已與正確的採買平台完成整合——並且能夠擴大規模。因此我認為，如果購買很容易、他們能拿到可依賴的優異成果，那他們就會很樂意擴大投放，而我們也能提升錢包份額。這就是我們團隊在產品創新以及市場推進（go-to-market）兩方面的聚焦方向。

So I've already mentioned that the introduction of things like EPA generative retrieval, agentic recommendations, they're really capturing the minds of advertisers in terms of using the power of AI to help match products with the interests of our community. So that's making the purchasing easier.

我先前已提到，像是 EPA、生成式檢索、代理式推薦等的導入，確實在廣告主心中引起很大關注，因為它們運用 AI 的力量，協助把產品與我們社群的興趣做匹配。因此這讓購買流程更容易。

We've also talked about unified attribution and how we're making third-party measurements of performance on Snap, again, much easier, much more reliable. Those two things alone are giving us tremendous traction with the advertiser base. You mentioned the distinction between large and small advertisers.

我們也談到統一歸因（unified attribution），以及我們如何讓第三方對 Snap 上成效的衡量再次變得更容易、也更可靠。光是這兩件事就讓我們在廣告主基礎上獲得非常大的動能。你提到了大型與小型廣告主之間的差異。

For small advertisers, this is super important. They are typically resource and time constrained. So being able to make it super easy for them to come onto the platform, get that first conversion, measure it and rely on us and for that buying process to be easy is critical. So we're continuing to put a lot of work into that to make sure that they can, again, they can do it directly on Snap, they can self-serve or they can have a managed experience.

對小型廣告主而言，這點非常重要。他們通常在資源與時間上都受限。因此，讓他們能非常容易地進入平台、拿到第一筆轉換、完成衡量並信任我們，而且讓採買流程簡單易行，至關重要。所以我們持續投入大量工作，確保他們可以——再次強調——直接在 Snap 上操作、可以自助投放（self-serve），或是採用代管式體驗（managed experience）。

We're also integrating in further with lots of partners to make sure that their clients can use those third-party platforms to buy into Snap as well. So I think those two things are definitely making the buying process for SMBs an awful lot easier time and time again, making sure that the third-party measurement systems are super reliable and making sure that our performance stays consistent. Again, introducing all of these new signals and AI technologies to help drive that incremental performance is critical to giving them those results.

我們也在與許多合作夥伴做更深度的整合，確保他們的客戶也能透過那些第三方平台來採買 Snap 的廣告。因此我認為，這兩件事確實一次又一次地讓 SMB 的採買流程容易許多：確保第三方衡量系統非常可靠，並確保我們的成效表現保持一致。同樣地，導入所有這些新訊號與 AI 技術來推動增量成效（incremental performance），對於讓他們取得那些成果至關重要。

And as you'll seen in the results we discussed, particularly of course, web and app Dior. That growth is super strong and we expect that to continue to be positive over the coming quarters.

而且如同你在我們討論的結果中所看到的，特別是 Web 和 App Dior。那邊的成長非常強勁，我們預期在接下來幾季仍會持續正向。

Alice Duska, Loop Capital.

Alice Duska，Loop Capital。

Hi, Alice here on for Rob Sanderson. Thank you so much for taking the question. I was just wondering, you've made significant progress in improving margins and controlling costs throughout 2026, about 93% of incremental EBITDA margins and seven points of gross margin expansion. Could you provide some color on how much more room there is for cost optimization and if we can expect similar margin improvements in 2027? Thank you.

嗨，我是 Alice，代替 Rob Sanderson 提問。非常感謝讓我提問。我想請教的是，你們在 2026 年期間在提升利潤率與控管成本方面取得顯著進展，增量 EBITDA 利潤率約 93%，毛利率也擴張了 7 個百分點。你能否補充一下成本最佳化還有多少空間，以及我們是否能在 2027 年看到類似的利潤率改善？謝謝。

Thanks for the question. This is Doug. Look, Q3 really demonstrates the earning power of Snap when our revenue grows faster than our cost base. Revenue increased 14%, while our total cost structure grew just 1%. Our gross margin, as you noted, reached 62%. That translated into positive net income of $56 million, so really positive results for the quarter.

謝謝你的提問。我是 Doug。你看，第三季確實展現了當我們的營收成長快於成本基礎時，Snap 的獲利能力。營收成長 14%，而我們的總成本結構僅成長 1%。如你所指出，我們的毛利率達到 62%。這轉化為 5,600 萬美元的正淨利，因此本季的結果非常正面。

One thing to call up, the 93% flow through is the measure of this quarter's year-over-year operating leverage. So the revenue mix, seasonality, timing of expenses, that said, unequivocally, our objective is to translate that earnings progress into sustained free cash flow per share rather than really optimize a single quarter's margin. And we're going to then use that cash against our three priorities.

有一點要特別說明，93% 的流入（flow through）是衡量本季相較去年同期的營運槓桿。因此，營收組合、季節性、費用認列時點等都會影響；但無庸置疑地，我們的目標是把這些獲利進展轉化為每股可持續的自由現金流，而不是只去最佳化單一季度的利潤率。接著我們會把這些現金用在我們的三項優先事項上。

So we're really happy with the flow through this quarter. But there's obviously timing impacts from our cost base that impact that. But I think if you look over the last several quarters, we've been able to take all of the savings that we had mentioned in Q1 and roll out through the year. So really happy about the results there. Thank you.

所以我們對本季的流入表現非常滿意。但顯然，我們的成本基礎在時點上也會帶來影響。不過我想如果你回看過去幾季，我們已能把第一季提到的所有節省措施，逐步在全年推行落地。因此對那邊的結果非常滿意。謝謝。

This concludes our question-and-answer session as well as Snap Inc.'s. Thank you for attending today's session you may now disconnect.

我們的問答環節以及 Snap Inc. 的會議到此結束。感謝各位參與今天的會議，您現在可以中斷連線。