Operator
Your next question comes from the line of Robert Pack with Suntrust. Your line is open
Robert Pack, Suntrust
Yes, I have quick 2 questions, one; Mark: You have spoken much here today about e-commerce opportunities in front of Facebook digitally the buy button can you elaborate a little bit on the plans of e-commerce do you see that opportunity and then Dave, I was wondering for investors could you go through your view on how do you see capital efficiency and ROI so that whether it would be acquisitions or Capex or even Opex how do you see a good return on that spend.
Sheryl
Q4 is a really important quarter in general but its particularly important quarter for e-commerce so it’s timely question. When you think of buy on Facebook, it’s a small test we started in u.s in the last quarter and it enabled people to buy on pages. To be clear you are not buying on Facebook you are buying directly from merchant it’s truly a fnb product to give them capability they never had. We will see what happens and in terms of where people convert on Facebook and we think the opportunity to connect to consumers with the product that they then purchased is a real big one where we play in that most directly is the time and attention consumers have and as well as all of the information to do very relevant advertising and we are going to stay focused there.
Dave
Robert, I think the bulk of investment we are doing is focused on the capital of the opex to deliver against of the coronation of the millions that connect and share so for the most part we are looking at what do we need to deploy against the nation to deliver against the financial results. There are places where we can individually take out the Ajax whether it will be mna or will it be specific capital investment and then we will look at those on a ROI basis for specific projects you have to recognize we are basically one large business and more operating against capital and delivering objectives of that business. So that’s the bulk of spend we do but certainly we do look at things on a ROI basis on an individual and project basis as well.
Operator
Your next question comes from the line of Arwin Bechio, your line is open.
Arwin Bechio
Thanks for taking the questions, just quickly on what staff I know the focus on user growth for while but in the future as you do turn on the monetization engine just curious what are the primary ways that you assuming growth will come from advertising or games perhaps. And also on Whatsapp users growth would you be able to call out from where that’s coming from is there any particular areas that are stronger I’m curious to know how’s that doing in the US, thank you.
Mark
So, you are right that the focus for Whatsapp is on helping to connect a lot more people. So when john and team joined us, one of the first things we agreed on why it made sense for them to join us is now they can focus on the few years they could give 1 billion or more on that and continue the scale and beyond that. SMS incredibly global and universal product and I think Whatsapp has a huge opportunity to serve billions of people. In terms of what business looks like I mean at the end of the day it’s a distribution business like business like Facebook and Instagram how you most effectively convert that into business opportunities for customers whether that’s your payments or ads or other different kinds of structures. We will figure that out what the optimal thing will be but the first thing in order to do is to help continue to increase engagement and when people are spending a lot of time on Whatsapp sending more than 30 billion messages everyday its really crazy when you think of the volume of global SMS overall and I think if we do that there will be number of opportunities.
People ask me this question that how we thought about games on Facebook as well. I always talked about on canvas business on desktop even though it was payment as actually the same thing as our business on mobile around app install and engagement. What developers asked for was distribution and you know whether they were doing that after payments or ads or whatever it is. It kind of is all the same the most important thing is to help people connect and help people and businesses connect, create business opportunities and then you can small amount of value that you are creating upon. So don’t play out of the next set of years and the intellectual challenges I’m really looking for to tap.
