Facebook, Inc. (NASDAQ:FB) Q3 2020 Earnings Conference Call - Final Transcript

Oct 29, 2020 • 06:00 pm ET


Facebook, Inc. (NASDAQ:FB) Q3 2020 Earnings Conference Call - Final Transcript


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Mark Zuckerberg

abusive accounts every day. No other company has systems nearly as advanced.

We've also taken industry leading steps to make ads transparent, so people know who is trying to gain their support. Anyone who wants to run a political or social issue ad has to go through our authorization process first and between March and September, we rejected ads 2.2 million times before they could run for trying to target the US without authorization. We also built the ads library where you can see any ad that is running on Facebook or Instagram even if it's not targeted to you. For political and social issue ads, you can see you paid for the ad and what audience the ad reached, making political advertising on Facebook more transparent than any other medium.

We are very focused on voter suppression, working closely with experts in the space, including civil rights leaders and I am grateful for their guidance here. Our policies prohibit misrepresentations of when and how to vote and content meant to intimidate people into not showing up to polling places like claiming that ICE will be there. And we recently expanded these policies to include implicit misrepresentations like for example claims that you will get COVID by voting in person. From March through mid-October, we removed more than 135,000 pieces of content in the US for breaking these rules. Now, these are all changes we've made in the last four years and it helped us protect the integrity of more than 200 different elections around the world, including in the EU, India, and Indonesia. And they've been important for stopping abuse as have next week's vote in the US.

The 2020 has also brought new challenges. COVID raises questions about how people will vote safely, which will lead to higher levels and voting by mail and I'm worried that with our nation so divided, an election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country. And given this, companies like ours need to go well beyond what we've done before. That's why we've taken additional steps to help people register to vote however they're comfortable, to clear-up confusion about how this election will work and reduce the chance of uncertainty and unrest.

It would take too long for me to cover everything we've done in detail, but I'd like to mention a few things. First, we ran at the largest voting information campaign in American history. We estimate that we've helped 4.4 million people register, exceeding the goal that we set for ourselves this summer. We also estimate that in September, we helped 100,000 people sign up to be poll workers and South Carolina saw a 20% of their total sign-ups to-date over a single weekend that we ran that recruitment drive.

We're also taking a number of additional precautionary steps. As of this Tuesday, we blocked new political and social issue ads from running the week ahead of election