“We do expect year-over-year growth to slow in Q3, as we are lapping strong growth from China-based advertisers, as well as strong Reels impression growth from a year ago.”

In context

“e go ahead. Mark Shmulik: Yes. Hi, thanks for taking my question. Just as we look at the revenue guidance and the outlook, Susan, any color you can share on just kind of the state of the overall digital ad market? And you've highlighted some areas where you are seeing strength versus kind of some of the idiosyncratic efforts you've made to kind of improve the efficacy of the ad product. Thank you. Susan Li: Hi, Mark. We are continuing to see healthy global advertising demand, and we are also delivering ongoing ad performance improvements just related to all of the investments that we've continued to make over time. And improving the sort of ads, targeting ranking, delivery, all of the fundamental infrastructure there. And we expect that all of that will continue to benefit ad spend in Q3. We do expect year-over-year growth to slow in Q3, as we are lapping strong growth from China-based advertisers, as well as strong Reels impression growth from a year ago. And we also expect modestly larger FX headwinds in Q3 based on current rates. Operator: Your next question comes from the line of Eric Sheridan with Goldman Sachs. Please go ahead. Eric Sheridan: Thank you so much for taking the question. I'll just ask one. You called out building community size and what's happened in the United States, as well as Threads. How are you thinking about those newer faster-growing elements of either Messaging or Threads as a platform and the mix between the potential for engagement growth and overall monetization longer term of either the messaging layer or Threads and what you are most excited about there to build to sort of capitalize on scale but bring it back towards monetization? Thank you. Mark Zuckerberg: I can start and Susan can jump in, if she has an”