Evan Spiegel: Thanks, Rich. Yeah, that’s an internal memo really designed to motivate and inspire the team around what’s possible. When it comes to the content penetration, that’s really going to be driven by emerging countries where, in some cases, our growth there is earlier in its cycle and so folks are just ramping up with our communications products and have yet to really transition to the content-focused products. So, when we talk about 80% of DAU, in aggregate, what we’re really trying to accomplish is breadth of content engagement in some of the emerging countries and then really depth of engagement in the more developed countries where we do have a very high rate of DAUs engaging with content already. So that’s really how that strategy — how we’re thinking about the content strategy.
The 20% revenue, that’s really about making more progress in terms of customer success, especially with the lower funnel. We are excited about the progress that we’re seeing. So, we’re hoping we can just keep our heads down and keep making more progress there.
Operator: Thank you. Our next question is from Mark Shmulik with Bernstein. You may proceed.
Mark Shmulik: Yes, thanks for taking the question. Evan, I’d love to hear just a little bit more color on My AI, like around usage. Are folks using this daily? What are they really asking their AI companions? And then, is there any real commercial intent that you’re seeing there? And kind of like a sub follow-up, any color you could share on how that Microsoft partnership is going there would be fantastic. Thanks.
Evan Spiegel: Yeah. We’re excited about the progress we’re seeing with My AI. I don’t think it’s really a daily use case yet. I think, we hope that it’s really a weekly use case for now, because there are some gaps. It doesn’t yet have access to real-time information and those sorts of things. So, our primary focus right now is just improving response quality. As you can imagine, it’s a little hard to measure because the responses can be unpredictable. So, we think we’ve built a pretty good way of understanding if the responses people are getting are satisfactory and we’re seeing some of the work we’re doing to improve those responses lead to higher retention with the product overall. But I would say it’s just very, very early with this product and we’re going to keep the vast majority of our focus on response quality, which we think can drive more engagement and long-term retention.
There’s certainly plenty of commercial intent. We are taking steps to integrate that, for example, into our models to help folks see more relevant content and advertising. So, making some progress there as well.
Operator: Thank you. Our next question is from Justin Post with Bank of America.
Justin Post: Maybe I’ll ask two. Lots of third-party data out here on engagement and time spent, just wondering how you’d characterize engagement on the platform and the drivers from here. And then, I think you gave some DAU guidance, some modest slowdown. What are you seeing as far as DAUs in North America and rest of the world in Q4? Thank you.
Evan Spiegel: I’ll let Derek speak to the guidance question, but overall, healthy engagement trends. We certainly see an opportunity in more developed regions like North America, where we do reach a very large percentage of the smartphone population to drive more daily usage with monthly active users. There are plenty of folks who are monthly active, but maybe not daily active, who have messages that are unread from friends or stories available. And so, we do see an opportunity to drive more frequency of use with monthly active users in regions like North America. Of course, plenty more headroom in the rest of world region in terms of incremental new users. We are also excited about what we’re seeing on the content side. So, we saw a year-over-year acceleration in time spent growth globally and some positive trends in the U.S. as well with U.S. content time spent growing quarter-over-quarter.
So, I’d say in terms of overall engagement, we’re pleased we see opportunity to continue growing it.
