“Having said that, we are still roughly on track to bring the overall Reels revenue headwind to a neutral place by the end of this year or early next year and we are planning to do that through both improving Reels monetization efficiency and growing incremental engagement from Reels.”

In context

“ing good progress with now over 40% of our advertisers use Reels across our apps. And between Direct Response versus brand, we are actually seeing progress with both, but Direct Response continues to be where advertisers are focused. And just as an example, Outletcity, which is a German fashion retailer, developed – created specifically for Reels to test the impact of conversions. And they found that Reels resulted in a 19x higher ROIs, 89% lower cost per purchase, and 9x higher lift in sales. So overall, very good results. Susan Li: On your third question, Eric, we are not quantifying the gap in monetization efficiency between Reels and other services. We know it took us several years to bring the gap close between Stories and Feed Ads. And we expect that this will take longer for Reels. Having said that, we are still roughly on track to bring the overall Reels revenue headwind to a neutral place by the end of this year or early next year and we are planning to do that through both improving Reels monetization efficiency and growing incremental engagement from Reels. Operator: Your next question comes from the line of Mark Shmulik with Bernstein. Your line is open. Mark Shmulik: Yes. Thanks for taking the questions. I’ve got a couple as well. First one, I know for Susan or Javier. As we think about – I appreciate the color on improving conversion rate. Would it be fair to say that you’re kind of through the other side of some of those IDFA headwinds we’ve been talking about for the last year or so? And any more color just kind of that journey of the AI-driven adage would be appreciated. And secondly, Mark, kind of diving in that annual theme of efficiency and following on Buzz’s post. What’s the right way to think about long-term investment intensity in Reality Labs and kind of balancing that with the ambition to build the next computing platform. Is”