 Good day fellow investors. You've probably seen Facebook's numbers many times over by now. So I'll just give a quick overview, really quick, two slides on the numbers and then we will focus on what's more important because everybody has the numbers. But we'll talk about the conference call, what the management is saying and what is not priced into Facebook's stock price yet. So what are analysts investors not focusing on but is extremely important for Facebook in the long term which will be the driver of the stock and the price and the investment. All that everybody knows does not drive the stock. Let's go. So just one slide. Diluted earnings per share is growing, is not growing compared to the previous quarter but has been growing extremely fast compared to last year's quarter. This growth 30 something percent growth in revenue is still priced very, very cheaply. Consensus forward price earnings ratio is 18 with the price earnings ratio for this year probably being around 22, a little bit higher now that the stock jumped after earnings. So what I want to focus is the conference call and let's see what Mark Zuckerberg and the squad at Facebook is saying about this. There are now more than 2.6 billion people using Facebook, WhatsApp, Instagram or Messenger each month. So that's up 4% from the previous quarter. So they are still growing even if I believe the market is saturated. Nevertheless, the growth continues, the revenue growth lies into private messaging stories and video and watch is now growing very quickly according to Mark. They are still behind YouTube and working to make this a unique people centric experience and I like how he mentions immediately at the beginning that they are still behind YouTube that that is their target. So when they reach that, I think that's another unpriced thing when it comes to Facebook. On Messenger, it has a higher daily message volume than SMS had globally at its peak and this isn't just text. People are sharing more photos, videos and links on WhatsApp and Messenger than they do on social networks. So sharing both those platforms are becoming an integrated part of people's lives and you can do share and whatever mostly for free on that, which is a big mode and a big advantage and switching to something else is really costly. Then the focus is also on ads. Of course, we are following our normal playbook here of building out the best consumer products first and focusing on succeeding there before ramping up ads. So whatever is going on with stories, which are a huge success, Snapchat is slowly going into oblivion except for the very young, but Facebook and those platforms are really leading and they are putting things into perspective. They are focusing on the consumer and they will later see where can they profitively create ads and that's the only way to succeed in social media. They are also exploring how to put more ads into Messenger as 10 billion messages are sent between people and businesses every month. So this is just the business part, the business selection on Messenger without entering the normal private selection on Messenger. Further on WhatsApp, the paid messaging model is also implemented more and more messages from businesses with avoiding clutter that you can price highly if the person receiving that messages for from the business wants that message. So that is another opportunity for pricing in the future and then they expanded also marketplace ads to nearly 17 market tiers. So they are also testing that. And this is Facebook's future. They even did the buyback, which is approximately 1% of the company. So you might say Facebook is paying a 4% dividend yield through buyback. So that's already pretty big. Even if I'm not a fan of buybacks, but if done at lower prices, undervalued prices, as I believe those currently are as Buffett believes Apple is doing, then this is a smart thing to do. And the 4% return on investment dividend yield through buybacks is not something I would oppose. So let's say I bought again some Facebook stocks, even if I didn't buy directly, because Facebook did that for me. And that's what you want from a great business. Growth is still high. They see the decelerating, but still at mid to high single digit percentage compared to the previous quarter, which is still very high and a little bit more positive than it was in the previous quarter. And there they will really force investments. The chart here shows how much more will they invest. And that's extremely important because they are building also the ecosystem for the future artificial reality, virtual reality, inter artificial intelligence, watch, video. So really building what will be the next Facebook in five to 10 years. And that's what we are investing in, not whether there will be higher revenue growth of 30, 25%, whether earnings will grow this at this rate or that rate, we are investing here in the very, very long term future. Also of Instagram shopping experience, 19 million people tap to reveal product tags. So that's really growing. And that's something also we as investors are focusing on because it could be a big competitor in the future of online shopping. Also, as said already, the impression growth opportunity is significant on stories. And as they are saying, continuing saying, take it slow, it can take years. So the journey that's going to take years, not quarters, so it's going to take time. And that's the focus on Facebook. However, you have time to go back to the one of the first slides at the price earnings ratio of 18, and growth of 30%. I have all the time I want to get to higher ads to develop this into a better business and a better platform. So thank you for listening. Facebook is one of the great businesses I cover both on YouTube and on my stock market research platform. So feel free to subscribe on YouTube to have more coverage, more insight into Facebook and similar businesses from a very value growth perspective. And check my platform for detailed stock analysis, where we look for value and growth at the margin of safety at a fair price that will lead to long term great returns. And please take the opportunity to check the platform before year end. There is a 30 day money back guarantee. So if you don't like it, you will get your money back. No questions asked. But check it before the end of 2018, because the platform price per year, the subscription price, which is now less than a dollar per day. So you get all my work for less than a dollar per day will go significantly up in 2019. So you have still the opportunity to lock this price forever per year forever. And that will comprehend whatever they do in the future when it comes to investing. Thank you for watching. Looking forward to your comments and I'll see you in the next video.