Meta Platforms, Inc. (FB) 2014 Q2 法說會逐字稿

Good afternoon, my name is Jay and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Second Quarter Earnings Conference Call. (Operator Instructions) Ms. Deborah Crawford, Facebook's Director of Investor Relations, you may begin.

下午好，我叫傑伊，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 第二季財報電話會議。（操作員指示）Facebook 投資者關係總監 Deborah Crawford 女士，您可以開始。

Thank you. Good afternoon and welcome to Facebook's second quarter earnings conference call. Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements and actual results may differ materially from those contemplated by these forward-looking statements.

謝謝。下午好，歡迎參加 Facebook 第二季財報電話會議。今天與我一起討論我們業績的有執行長馬克·祖克柏；謝麗爾·桑德伯格（Sheryl Sandberg），首席營運長；以及財務長戴夫·韋納 (Dave Wehner)。在我們開始之前，我想藉此機會提醒您，我們今天的評論將包括前瞻性陳述，實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today's press release and our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and non-GAAP financial measures.

可能導致這些結果出現重大差異的因素已在今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor. FB.com. Now, I'd like to turn the call over to Mark.

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。新聞稿和隨附的投資者介紹可在我們的網站投資者處查閱。FB.com。現在，我想把電話轉給馬克。

Thanks, Deborah, and thanks, everyone, for joining today. This was a good quarter for us and a good end to the first half of the year. We've continued to grow our community in size and engagement with 1.32 billion people now connecting on Facebook each month and 63% of them visiting daily. Our momentum remains especially strong on mobile.

謝謝，黛博拉，也謝謝大家今天的參加。對我們來說這是一個好的季度，也是今年上半年的一個好結束。我們的社群規模和參與度不斷擴大，目前每月有 13.2 億人透過 Facebook 進行交流，其中 63% 的人每天都會造訪。我們在行動領域的發展勢頭依然強勁。

There are now 829 million people using Facebook everyday, with more than 650 million people using our services on mobile everyday. One thing that's exciting is that there's still so much room to grow. On average, people on Facebook in the US spend around 40 minutes each day using our service, including about one in five minutes on mobile. This is more than any other app by far, but overall, people in the US spend nine hours per day engaging with digital media on TVs, phones, and computers.

目前每天有 8.29 億人使用 Facebook，每天有超過 6.5 億人透過行動裝置使用我們的服務。令人興奮的是，仍有很大的發展空間。平均而言，美國 Facebook 用戶每天花費約 40 分鐘使用我們的服務，其中約五分之一的時間是在行動裝置上。這比迄今為止任何其他應用程式都要多，但總體而言，美國人每天花費 9 個小時在電視、手機和電腦上觀看數位媒體。

So, there's a big opportunity to improve the way that people connect and share across how we all engage with the rest of media as well. When it comes to our business, we continue to be pleased with our growth. This quarter, our total revenue grew to over $2.9 billion and advertising revenue grew by 67% from a year ago. Mobile now accounts for 62% of our advertising revenue, which is a good sign of how the growth of our community on mobile is also producing better business results for our partners.

因此，我們有很大機會改善人們聯繫和分享的方式，以及我們與其他媒體互動的方式。就我們的業務而言，我們對我們的成長繼續感到滿意。本季度，我們的總收入成長至29億美元以上，廣告收入比去年同期成長了67％。行動端目前占我們廣告收入的 62%，這是一個好兆頭，顯示我們行動社群的成長也為我們的合作夥伴帶來了更好的業務成果。

The results this quarter show our continued focus on improving our core products and business. We're going to continue investing aggressively in areas that are important for our mission and long-term strategy, but we're also going to stay focused on our core products and business. This is the best way for us to continue creating value for our community. Now, let's talk about how we're making progress on our three big company goals: connecting everyone, understanding the world, and building the knowledge economy.

本季的結果表明我們繼續致力於改善我們的核心產品和業務。我們將繼續積極投資於對我們的使命和長期策略至關重要的領域，但我們也將繼續專注於我們的核心產品和業務。這是我們繼續為社區創造價值的最佳方式。現在，讓我們來談談我們如何在實現公司三大目標方面取得進展：連結每個人、了解世界和建立知識經濟。

Our strategy for connective everyone has two basic approaches. Our first approach is internet.org, our effort to bring affordable internet access to every person in the world. Our second approach is about giving everyone more tools for connecting so they can share all of the different kinds of content they want with the right people. Instagram, Messenger, and our Creative Labs apps are a part of the second approach.

我們的連結每個人的策略有兩種基本方法。我們的第一個方法是 internet.org，我們致力於為世界上的每個人提供可負擔的網路存取。我們的第二種方法是向每個人提供更多的連接工具，以便他們可以與合適的人分享他們想要的所有不同類型的內容。Instagram、Messenger 和我們的 Creative Labs 應用程式是第二種方法的一部分。

With internet.org this quarter, we've continued to deepen our partnerships with mobile operators and lay the foundation for running tests in more countries. Already, our initial partnerships in the Philippines, Paraguay, and Tanzania, have helped around 3 million people connect to the internet who had no access before. We're really proud of these early results.

本季度，我們透過 internet.org 繼續深化與行動營運商的合作夥伴關係，為在更多國家開展測試奠定基礎。我們在菲律賓、巴拉圭和坦尚尼亞建立的初步合作關係已經幫助約 300 萬以前無法上網的人上網。我們對這些早期成果感到非常自豪。

In June, we acquired Pryte, which has a lot of expertise bringing affordable internet access to communities by partnering with mobile operators, app developers, and content providers. Later this year, we expect to launch a broader set of free basic internet services in a number of other countries, as well. In our app efforts, we're continuing to build momentum with messaging.

6 月，我們收購了 Pryte，該公司透過與行動營運商、應用程式開發人員和內容提供商合作，為社區提供價格合理的網路接入，擁有豐富的專業知識。今年晚些時候，我們也預計將在其他一些國家推出更廣泛的免費基本網路服務。在我們的應用程式工作中，我們將繼續透過訊息傳遞來增強勢頭。

People now send more than 12 billion messages a day on Facebook, and in April, we reached 200 million monthly actives on Messenger. Last month, we announced that David Marcus will be joining us from PayPal to lead our messaging efforts. We expect David to continue growing Messenger, building out new experiences to serve our community, and ultimately, to build Messenger into an important business.

現在人們每天在 Facebook 上發送超過 120 億條訊息，而今年 4 月，Messenger 的每月活躍用戶數已達 2 億。上個月，我們宣布 PayPal 的 David Marcus 將加入我們，領導我們的訊息工作。我們期望 David 能夠繼續發展 Messenger，創造新的體驗來服務我們的社區，並最終將 Messenger 打造成為一項重要的業務。

Instagram continues to make great progress in giving people new ways to share their stories through photos and videos. Last month, we made one of the biggest updates ever to Instagram, by adding new creative tools that allow people to refine exactly how their photos look and feel. This is an important part of building out Instagram's capabilities as a platform and serving the creativity of the Instagram community.

Instagram 在為人們提供透過照片和影片分享故事的新方式方面繼續取得了巨大進步。上個月，我們對 Instagram 進行了迄今為止最大的更新之一，並添加了新的創意工具，讓人們可以精確地優化照片的外觀和感覺。這是建立 Instagram 平台功能和服務 Instagram 社群創造力的重要組成部分。

Next, let's talk about understanding the world. As of last month, on average, more than 1 billion search queries are made every day on Facebook. This is a great milestone and it shows we're in a unique position to answer a lot of questions for people. But this is just the start and over the next few years, as we make progress on building out search and our broader efforts in artificial intelligence, I expect us to deliver even greater utility for people.

接下來我們來談談認識世界。截至上個月，Facebook 上平均每天的搜尋查詢超過 10 億次。這是一個偉大的里程碑，它表明我們處於一個獨特的位置，可以為人們解答很多問題。但這只是個開始，在接下來的幾年裡，隨著我們在搜尋建置和人工智慧領域的更廣泛努力方面取得進展，我預計我們將為人們提供更大的實用性。

Our progress on public content is also very promising. As part of helping people better understand the world, we want to help you connect around important public moments and personalities. Now, nearly 800 million people on Facebook are connected to public figures. These connections are driving conversations at a huge scale. During the World Cup, over 350 million people made over 3 billion interactions on Facebook.

我們在公共內容方面的進展也非常令人鼓舞。為了幫助人們更了解世界，我們希望幫助您了解重要的公共時刻和人物。現在，Facebook 上有近 8 億人與公眾人物建立了聯繫。這些聯繫正在推動大規模的對話。世界盃期間，超過3.5億人在Facebook上進行了超過30億次互動。

To enable even more of these conversations, we've improved the ranking of videos and News Feed and launched new APIs to help TV and media organizations use Facebook content in their productions. Public content will continue to be a growing focus for us over the coming months and we plan to invest in building more great products and partnerships in this area.

為了實現更多這樣的對話，我們提高了影片和動態的排名，並推出了新的 API 來幫助電視和媒體組織在其製作中使用 Facebook 內容。在接下來的幾個月裡，公共內容將繼續成為我們關注的重點，我們計劃投資在該領域打造更多優秀的產品和合作關係。

Now, building great social experiences to serve our community isn't something we do alone. Supporting developers is a key part of our strategy and at our f8 conference in April, we announced new ways to help mobile developers build, grow, and monetize their apps. Over 1 billion people use Facebook on their phones every month and more than 80% of the top apps on iOS and Android now use Facebook log-ins. We think we're in a great position to be the cross-platform platform, that let's developers build great apps across every platform.

現在，建立出色的社交體驗來服務我們的社區並不是我們獨自完成的事情。支援開發人員是我們策略的關鍵部分，在 4 月的 f8 會議上，我們宣布了幫助行動開發人員建立、發展和貨幣化其應用程式的新方法。每月有超過 10 億人在手機上使用 Facebook，目前 iOS 和 Android 上超過 80% 的熱門應用程式都使用 Facebook 登入。我們認為我們處於成為跨平台平台的有利位置，可以讓開發人員在每個平台上建立出色的應用程式。

So far, we're very encouraged by the reaction from developers. App Links, our new method of deep linking to specific content in any app, is now being used by hundreds of apps across iOS, Android, and Windows phones, with links to more than 1 billion individual destinations in these apps.

到目前為止，開發人員的反應讓我們感到非常鼓舞。App Links 是我們在任何應用程式中深度連結到特定內容的新方法，現在已被 iOS、Android 和 Windows 手機上的數百個應用程式使用，並連結到這些應用程式中超過 10 億個單獨的目的地。

We also launched our Audience Network, our first big effort to help developers monetize on mobile and we've received a lot of interest from developers. We're rolling out the Audience Network gradually, but we're going to continue to ramp this up over the coming months and are excited by the opportunities ahead.

我們也推出了 Audience Network，這是我們幫助開發者在行動領域獲利的首次重大舉措，並且得到了開發者的廣泛關注。我們正在逐步推出受眾網絡，但我們將在未來幾個月繼續加強力，並對未來的機會感到興奮。

Finally, let's talk about our efforts to build the knowledge economy. This has been a strong period for us and we've reached some new milestones as a business. Now, more than 30 million small businesses use Facebook pages to connect with their customers and more than 1.5 million of them are active marketers on Facebook.

最後，我們來談談我們建立知識經濟的努力。這對我們來說是一段強勁的時期，我們作為一家企業已經達到了一些新的里程碑。現在，超過 3000 萬家小型企業使用 Facebook 頁面與客戶建立聯繫，其中超過 150 萬家是 Facebook 上的活躍行銷人員。

To continue delivering the best returns for marketers, we've been very focused on improving the quality of the ad experiences for our community. Our goal here is to make ads as interesting and useful as your friends' content on Facebook. We're investing heavily in this area and this quarter, we launched a number of efforts to improve the quality and relevance of our ads, including new ads preferences tool, interest-based advertising, and improvements to News Feed designed to reduce low quality content.

為了繼續為行銷人員帶來最佳回報，我們一直非常注重提升社群的廣告體驗品質。我們的目標是讓廣告像您的朋友在 Facebook 上發布的內容一樣有趣且實用。我們在該領域投入了大量資金，本季度，我們推出了一系列舉措來提高廣告的品質和相關性，包括新的廣告偏好工具、基於興趣的廣告以及旨在減少低品質內容的新聞推送改進。

In some countries, our surveys indicate that our ads get close to the quality level of organic content, but in most developed countries, we still have a lot to do. We expect to continue focusing on this for a long time.

在一些國家，我們的調查顯示我們的廣告接近有機內容的品質水平，但在大多數已開發國家，我們還有很多工作要做。我們希望長期繼續關注這一點。

That's my update on how we've been executing over the last quarter. It's been a quarter with good performance and continued momentum. I want to thank everyone who works at Facebook and is part of our community, including our shareholders and partners.

這是我對我們上個季度執行情況的更新。本季業績表現良好，並且持續保持成長動能。我要感謝在 Facebook 工作的所有人以及我們社群的每一位成員，包括我們的股東和合作夥伴。

Because of your efforts, we're continuing to make progress towards our mission to help connect the world and we're improving hundreds of millions of people's lives everyday. I'm grateful for your support and to have the chance to work with all of you. Thanks. Now, here's Sheryl.

因為你們的努力，我們才能不斷朝著連結世界的使命邁進，並且每天改善數億人的生活。我很感謝你們的支持並有機會與你們大家合作。謝謝。現在，請聽謝麗爾的發言。

Thanks, Mark, and hi, everyone. As Mark said, we had a strong second quarter. Ad revenue grew 67% year-over-year to more than $2.6 billion. Mobile ad revenue grew 151% year-over-year and now makes up 62% of our ad revenue. We continue to focus on three key areas in investment: capitalizing on the shift to mobile, growing the number of marketers using Facebook, and building our ad products.

謝謝，馬克，大家好。正如馬克所說，我們第二季表現強勁。廣告收入年增 67%，達到 26 億美元以上。行動廣告收入年增 151%，目前占我們廣告收入的 62%。我們繼續將投資重點放在三個關鍵領域：利用向行動端的轉變、增加使用 Facebook 的行銷人員數量以及打造我們的廣告產品。

These investments continue to generate broad-based growth. All geographies and all marketer segments performed well this quarter. Our team has a really strong belief in what we're building; the world's first ad platform that delivers personalized marketing upscale. While we believe it is still early days, we're pleased with the progress we're making and I want to join Mark in congratulating our global teams on their continued execution.

這些投資繼續帶來廣泛的成長。本季所有地區和所有行銷商部門均表現良好。我們的團隊對於我們正在建立的東西有著堅定的信念；全球首個提供高端個人化行銷的廣告平台。雖然我們認為現在還為時過早，但我們對所取得的進展感到滿意，我想和馬克一起祝賀我們的全球團隊繼續執行任務。

Today, I'm going to focus on two key marketer segments: small business and brand marketers, as well as cover some of the investments we're making on the product and ad tech fronts. We believe that personalized marketing of scale can drive results for all types of marketers. Just a few weeks ago, I was in India and I hosted our first India SMB round table. One of the entrepreneurs I met, Vivek Prabhakar, sold his house just a few years ago to raise the money to start his and his wife's dream business, Chumbak, a company that makes India-inspired products.

今天，我將重點放在兩個關鍵的行銷人員群體：小型企業和品牌行銷人員，並介紹我們在產品和廣告技術方面進行的一些投資。我們相信，規模化的個人化行銷可以為所有類型的行銷人員帶來成果。就在幾週前，我在印度主持了我們的第一次印度中小企業圓桌會議。我遇到的一位企業家維韋克·普拉巴卡 (Vivek Prabhakar) 幾年前賣掉了自己的房子，籌集資金創辦了他和妻子夢寐以求的事業 Chumbak，一家生產印度風格產品的公司。

Facebook is Chumbak's leading marketing channel and is responsible for 35% of online revenue and 38% of their website traffic. Their Facebook ads deliver a 5x return on advertising spend and have helped the company grow to more than 150 employees in three offices. We have more than 30 million active small business pages and over 19 million of these are active on mobile.

Facebook 是 Chumbak 的主要行銷管道，貢獻了 35% 的線上收入和 38% 的網站流量。他們的 Facebook 廣告帶來了 5 倍的廣告支出回報，並幫助公司發展到擁有三個辦事處的 150 多名員工。我們擁有超過 3,000 萬個活躍的小型企業頁面，其中超過 1,900 萬個在行動裝置上活躍。

We think we have a big opportunity to help SMBs like Chumbak grow their businesses. And I'm pleased to announce today that we have over 1.5 million active advertisers. We're also ramping up our engagement with this community. In the US, we're hosting Facebook Fit workshops in cities like New York, Chicago, and Miami to help small businesses and we're doing this globally, including forming our first European SMB council.

我們認為我們有很大機會幫助像 Chumbak 這樣的中小企業發展業務。今天我很高興地宣布，我們擁有超過 150 萬活躍廣告商。我們也正在加強與這個社區的互動。在美國，我們在紐約、芝加哥和邁阿密等城市舉辦 Facebook Fit 研討會，以幫助小型企業，我們在全球範圍內開展此類活動，包括成立我們的第一個歐洲中小企業委員會。

We're also making great strides in our work with larger brands who increasingly recognize how our scale, targeting, and measurement capabilities can drive great results. For example, P&G's Gillette works with us and agencies, IBS and MediaCom, to launch its Vector 3 razor to men in India. 80% of the 100 million Facebook users in India are on mobile and a majority of these are using feature phones. This was our first feature phone-only Facebook campaign in Asia. It reached 60% of Gillette's target audience and generated significant lift in both message and ad recall.

我們在與大品牌的合作中也取得了長足的進步，他們越來越認識到我們的規模、定位和測量能力如何帶來巨大的成果。例如，寶潔公司的吉列與我們以及代理商 IBS 和 MediaCom 合作，向印度男士推出 Vector 3 刮鬍刀。印度 1 億 Facebook 用戶中有 80% 使用手機，其中大多數使用功能手機。這是我們在亞洲首次針對功能手機所進行的 Facebook 活動。它涵蓋了吉列 60% 的目標受眾，並在訊息和廣告回憶方面產生了顯著的提升。

As we work with brand marketers around the world, we focus on how they can leverage our technology platforms to build their brands through creative storytelling. We saw many great examples of this at the recent Cannes Lions Festival. We were excited that campaigns that made Facebook a key part of their efforts took home prestigious awards.

當我們與世界各地的品牌行銷人員合作時，我們專注於他們如何利用我們的技術平台透過創意的故事敘述來建立他們的品牌。我們在最近的坎城國際創意節上看到了許多很好的例子。我們非常高興看到，將 Facebook 作為其工作重要組成部分的活動獲得了享有盛譽的獎項。

The World Cup also provided a great opportunity for brand building on Facebook. Facebook was an important part of this global event, with 350 million people joining the conversation, generating 3 billion interactions. The final was the single-most talked about sporting event in Facebook history, generating 280 million interactions from 88 million people. Brands such as Visa, Nike, Ford, and McDonald's capitalized on this global conversation.

世界盃也為Facebook上的品牌建立提供了絕佳的機會。Facebook 是這次全球盛事的重要組成部分，有 3.5 億人參與了討論，產生了 30 億次互動。這場決賽是 Facebook 史上討論最多的體育賽事，吸引了 8,800 萬人參與，互動次數達 2.8 億次。Visa、Nike、福特和麥當勞等品牌都利用了這場全球對話。

McDonald's worked with agencies, OMD, Framestore, and ARC sponsorship, as well as Facebook's Creative Shop, to produce 30 videos that used French fries as players. FryFutbol recreated the most spectacular World Cup moments and ran them as videos the very next day with the French fries acting as the players. This campaign reached 125 million people in 158 countries.

麥當勞與 OMD、Framestore 和 ARC 贊助機構以及 Facebook 的 Creative Shop 合作，製作了 30 個以炸薯條為主角的影片。FryFutbol 重現了世界盃最精彩的時刻，並在第二天以視頻形式播放，並以炸薯條作為球員。此次活動涵蓋158個國家的1.25億人。

We also remain committed to investing in product development to drive higher returns for all of our marketers. Our custom audiences capabilities, which enable better targeting, are being adopted quickly and are now being used by 91 of the Ad Age 100.

我們也將繼續致力於投資產品開發，為所有行銷人員帶來更高的回報。我們的自訂受眾功能能夠實現更精準的定位，正在迅速採用，目前《廣告時代》100 強中有 91 家公司都在使用此功能。

Earlier this year, we launched website Custom Audiences, which enable marketers to target recent visitors to their websites. This is like retargeting, but it's even more effective because it works across both web and mobile. We're pleased with the early reaction from marketers.

今年早些時候，我們推出了網站自訂受眾，使行銷人員能夠定位最近訪問其網站的訪客。這就像重新定位，但它更有效，因為它適用於網路和行動裝置。我們對行銷人員的早期反應感到滿意。

We also introduced premium autoplay video ads this year. Video on Facebook helps brands extend their TV investments by combining traditional reach focus campaigns with our unparalleled targeting abilities. To date, we run about a dozen campaigns and the early data show promising results. We'll continue to roll this product out slowly and carefully.

我們今年也推出了優質自動播放影片廣告。Facebook 上的影片將傳統的焦點覆蓋活動與我們無與倫比的定位能力相結合，幫助品牌擴大其電視投資。到目前為止，我們已經開展了大約十幾次活動，早期數據顯示結果令人鼓舞。我們將繼續緩慢而謹慎地推出該產品。

Similarly, we're seeing positive early demand from marketers for ads on Instagram and we're rolling these ads out carefully as well. In all of this, we remain focused on the transition to mobile. Our recently launched Audience Network lets advertisers use Facebook targeting, while extending their campaigns beyond Facebook. This can improve the relevance of ads people see both on and off Facebook and we're encouraged by the early response.

同樣，我們看到行銷人員對 Instagram 廣告的早期積極需求，我們也在謹慎推出這些廣告。在這一切中，我們仍然專注於向行動端的過渡。我們最近推出的 Audience Network 讓廣告主可以使用 Facebook 定位，同時將他們的廣告活動擴展到 Facebook 之外。這可以提高人們在 Facebook 內外看到的廣告的相關性，我們對早期的迴響感到鼓舞。

Finally, earlier this summer, we announced the acquisition of LiveRail, a leading online video advertising platform that enables customers like MLB.com and A&E networks to monetize their video inventory efficiently. We have a lot to do here, but with LiveRail, we're investing in tools that can improve the relevance of video ads across the web.

最後，今年夏初，我們宣布收購 LiveRail，這是一個領先的線上影片廣告平台，使 MLB.com 和 A&E 網路等客戶能夠有效地將其視訊資源貨幣化。我們在這裡有很多事情要做，但透過 LiveRail，我們正在投資可以提高網路影片廣告相關性的工具。

In summary, we're pleased with our performance and the progress we're making. We're the first platform that can deliver personalized marketing at scale and marketers are increasingly recognizing the great results we can drive for them. Staying focused and executing will remain a major theme for us moving forward. Our teams know that our future success depends on our continued execution and our plan is to stay focused. Thanks and now, here's Dave.

總而言之，我們對我們的表現和所取得的進展感到滿意。我們是第一個能夠大規模提供個人化行銷的平台，行銷人員越來越意識到我們能為他們帶來的巨大成果。保持專注和執行仍將是我們前進的主要主題。我們的團隊知道，我們未來的成功取決於我們持續的執行，而我們的計劃是保持專注。謝謝，現在請戴夫發言。

Thanks, Sheryl, and good afternoon, everyone. Q2 was a good quarter for us across our key operating and financial metrics. We generated strong revenue growth in operating margins and delivered $872 million of free cash flow. We continued to make investments to drive our core business, as well as to support our long-term strategic priorities.

謝謝，謝麗爾，大家下午好。從主要營運和財務指標來看，第二季對我們來說是一個好的季度。我們的營業利潤率實現了強勁的收入成長，並實現了 8.72 億美元的自由現金流。我們繼續進行投資以推動我們的核心業務，並支持我們的長期策略重點。

Let's start with a review of our network. We are executing well on our ongoing mission to connect everyone. 829 million people used Facebook on an average day in June, up 130 million from a year ago. This represents 63% of the 1.32 billion people who used Facebook during June. Mobile continues to be a strong driver of our growth, with over 1 billion people using Facebook monthly on mobile.

讓我們先回顧一下我們的網路。我們正在順利履行我們連結每個人的使命。6 月平均每天有 8.29 億人使用 Facebook，比去年同期增加了 1.3 億人。這佔 6 月使用 Facebook 的 13.2 億人的 63%。行動端繼續成為我們成長的強勁動力，每月有超過 10 億人透過行動裝置使用 Facebook。

At the same time, we're enabling more ways for people to connect and share beyond the core Facebook app. For instance, both Instagram and Messenger have each passed over 200 million MAU and continue to grow nicely.

同時，我們正在為人們提供更多超越核心 Facebook 應用程式的聯繫和分享方式。例如，Instagram 和 Messenger 的每月活躍用戶均已超過 2 億，並且持續保持良好的成長動能。

Turning now to the financials, total revenue in the second quarter was $2.9 billion, up 61% or 59% on a constant currency basis. Total ad revenue was $2.7 billion, up 67% or 65% on a constant currency basis. Ad revenue growth was strong around the world, with each of our four geographic regions growing by over 60%.

現在來看看財務狀況，第二季總營收為 29 億美元，成長 61% 或以固定匯率計算成長 59%。總廣告收入為 27 億美元，成長 67%，以固定匯率計算成長 65%。全球廣告收入成長強勁，我們四個地理區域的成長率均超過 60%。

Mobile ad revenue was approximately $1.66 billion or 62% of ad revenue compared to approximately $660 million or 41% of ad revenue last year. Desktop ad revenue was up 8% year over year. In Q2, the average effective price per ad increased 123% compared to last year, while total ad impressions declined 25%. The decrease in ad impressions continues to be driven by the shift towards mobile usage, where people are shown fewer ads compared to desktop.

行動廣告收入約 16.6 億美元，佔廣告收入的 62%，去年同期約為 6.6 億美元，佔廣告收入的 41%。桌面廣告收入較去年同期成長8%。第二季度，每則廣告的平均有效價格比去年同期上漲了 123%，而廣告總展示次數卻下降了 25%。廣告展示次數的下降繼續受到向行動裝置使用的轉變的影響，與桌上型電腦相比，人們在行動裝置上看到的廣告更少。

The increase in the average price per ad was primarily driven by an increase in their percentage of our ads being served in News Feed. The price volume trends were generally consistent across all four reported geographic regions. Total payments and other fees revenue was $234 million, up 9% versus last year.

平均每個廣告價格的上漲主要是因為我們在 News Feed 中投放的廣告比例增加。報告的四個地理區域的價格量趨勢總體上是一致的。總支付和其他費用收入為 2.34 億美元，比去年增長 9%。

As we have noted in the past, we believe the more meaningful comparison that better reflects the organic growth rate of the payments business, comes from looking at payments volume from games specifically, which was up 1% in Q2 versus last year. Our current games payment revenue comes entirely from desktop usage and we are seeing declines in number of people using Facebook on desktop, a trend that will make this business challenging going forward.

正如我們過去所指出的，我們認為更有意義的比較能夠更好地反映支付業務的有機增長率，具體來看遊戲的支付量，第二季度遊戲的支付量與去年相比增長了 1%。我們目前的遊戲付費收入完全來自桌面使用，我們發現使用桌面版 Facebook 的人數正在下降，這一趨勢將使這項業務在未來面臨挑戰。

Turning now to expenses, our Q2 GAAP expenses were $1.5 billion, up 22%, and our non-GAAP expenses were $1.2 billion, up 18%. Note that cost of revenue grew 2% on a GAAP basis and 1% on a non-GAAP basis, mainly driven by unusually high expenses in 2013 related to the transition out of certain lease data centers. This flatness in cost of revenue was the primary reason overall expenses grew relatively slowly.

現在談談費用，我們的第二季 GAAP 費用為 15 億美元，成長 22%，非 GAAP 費用為 12 億美元，成長 18%。請注意，收入成本按 GAAP 計算增長了 2%，按非 GAAP 計算增長了 1%，這主要是由於 2013 年與某些租賃資料中心轉型相關的費用異常高昂。收入成本持平是整體支出成長相對緩慢的主要原因。

Operating expenses, excluding cost of revenue, grew 33% on a GAAP basis and 31% on a non-GAAP basis. We ended Q2 with 7,185 employees, up 36% from last year. Our Q2 GAAP operating income was $1.4 billion, representing a 48% operating margin up from 31% last year.

不包括營業成本的營業費用以 GAAP 計算增長了 33%，以非 GAAP 計算增長了 31%。截至第二季末，我們共有員工 7,185 人，比去年同期成長 36%。我們第二季的 GAAP 營業收入為 14 億美元，營業利潤率高於去年的 31%，為 48%。

Our non-GAAP operating income was $1.7 billion, representing a 59% non-GAAP operating margin up from 44% last year. Our GAAP and non-GAAP tax rates were 43% and 36%, respectively. GAAP net income was $791 million or $0.30 per share and non-GAAP net income was $1.1 billion or $0.42 per share.

我們的非公認會計準則營業收入為 17 億美元，非公認會計準則營業利潤率從去年的 44% 上升至 59%。我們的 GAAP 和非 GAAP 稅率分別為 43% 和 36%。GAAP 淨收入為 7.91 億美元，即每股 0.30 美元，非 GAAP 淨收入為 11 億美元，即每股 0.42 美元。

In Q2, we spent $469 million on CapEx and generated $872 million of free cash flow. We ended Q2 with approximately $14 billion in cash and investments. This excludes the impact of the Oculus acquisition, which was closed earlier this week and included an approximately $400 million cash payment.

在第二季度，我們的資本支出為 4.69 億美元，產生了 8.72 億美元的自由現金流。我們在第二季結束時擁有約 140 億美元的現金和投資。這還不包括 Oculus 收購的影響，該收購於本週稍早完成，涉及約 4 億美元現金支付。

Now, looking forward, let me start by noting that the forward-looking comments I'll share today for 2014 include the impact from the recently closed acquisition of Oculus, but exclude, except where otherwise noted, the impact from WhatsApp, which we continue to expect will close later this year. In terms of expenses, we expect that our total 2014 GAAP expenses, including cost of revenue and stock compensation, will likely grow in the neighborhood of 30% to 35% and that our total non-GAAP expenses, including cost of revenue but excluding stock compensation, will grow at a similar rate. These rates are slightly lower than our prior expectations due to efficiencies in areas like cost of revenue and G&A.

現在，展望未來，首先我要指出的是，我今天分享的 2014 年前瞻性評論包括最近完成的對 Oculus 的收購的影響，但不包括 WhatsApp 的影響（除非另有說明），我們仍然預計 WhatsApp 將於今年稍後完成收購。在費用方面，我們預計 2014 年 GAAP 總費用（包括收入成本和股票薪酬）可能會增加 30% 至 35% 左右，而我們的非 GAAP 總費用（包括收入成本但不包括股票薪酬）將以類似的速度成長。由於收入成本和一般及行政費用等領域的效率提高，這些費率略低於我們先前的預期。

However, we believe that we are still in the early days of building out all of the services to maximize Facebook's impact on the world and we intend to continue to invest aggressively in people, products, and infrastructure in the second half of 2014 and beyond. Though it is premature to give a specific outlook for 2015 expenses, I wanted to note that we expect significant stock-based compensation and amortization expenses, as well as substantial incremental operating costs related to the acquisitions of Oculus and WhatsApp.

然而，我們相信，我們仍處於建立所有服務以最大程度地發揮 Facebook 對世界影響力的早期階段，我們打算在 2014 年下半年及以後繼續大力投資於人才、產品和基礎設施。雖然現在對 2015 年的支出做出具體的展望還為時過早，但我想指出的是，我們預計會有大量的股票薪酬和攤銷費用，以及與收購 Oculus 和 WhatsApp 相關的大量增量營運成本。

These will add to our overall expenses in 2015 and subsequent periods. These costs will be incremental to core Facebook expenses, which will continue to grow significantly in 2015, as we ramp investments in people, products, and infrastructure. For taxes, we expect GAAP and non-GAAP rates for the rest of 2014 to be similar to our Q2 rates, although these could very widely depending upon our international revenue and expense mix and other factors; most notably, the impact from acquisitions, including the expected closing of WhatsApp later this year.

這些將增加我們2015年及以後的整體支出。這些成本將增加 Facebook 的核心開支，隨著我們加強對人員、產品和基礎設施的投資，這些開支在 2015 年將繼續大幅增長。對於稅收，我們預計 2014 年剩餘時間的 GAAP 和非 GAAP 稅率將與我們第二季度的稅率相似，儘管這些稅率可能在很大程度上取決於我們的國際收入和支出組合以及其他因素；最值得注意的是收購帶來的影響，包括預計今年稍後關閉 WhatsApp。

We continue to anticipate the 2014 CapEx will be approximately $2 billion to $2.5 billion. We expect shares outstanding to grow from around $2.6 billion at the end of 2013 to approximately $2.9 billion at the end of 2014; again, assuming WhatsApp closes by the end of the year.

我們繼續預期 2014 年資本支出將約為 20 億至 25 億美元。我們預計流通股數將從 2013 年底的約 26 億美元增長至 2014 年底的約 29 億美元；再次假設 WhatsApp 在今年年底前關閉。

Turning last to revenue, as we saw in Q2, our year-over-year growth rate declined from 72% in Q1 to 61% in Q2, or 59% on a constant currency basis. This is consistent with our comments on the Q1 call when we indicated that, over the course of 2014, the year-over-year growth rates in revenue would decline meaningfully as the comps became more difficult. We expect this trend to continue over the course of the second half of the year.

最後談到收入，正如我們在第二季度看到的那樣，我們的同比增長率從第一季的 72% 下降到第二季度的 61%，按固定匯率計算則為 59%。這與我們在第一季電話會議上的評論一致，當時我們指出，2014 年全年，隨著可比業務變得更加困難，收入同比增長率將大幅下降。我們預計這一趨勢將在今年下半年持續下去。

While we are excited about the long-term potential of our ads initiatives like Instagram, autoplay video, and the Audience Network, we are still in the early days of building these businesses and expect their revenue contribution to remain small in the near term. We remain optimistic as ever about the long-term opportunity to grow revenue by improving the quality and relevance of our ads and increasing the value we bring to marketers through our products, tools, and technologies.

雖然我們對 Instagram、自動播放影片和 Audience Network 等廣告計劃的長期潛力感到興奮，但我們仍處於建立這些業務的早期階段，預計它們的收入貢獻在短期內仍然很小。我們一如既往地對透過提高廣告品質和相關性以及透過我們的產品、工具和技術為行銷人員帶來更多價值來增加收入的長期機會持樂觀態度。

In summary, we're very pleased with our overall performance in Q2 and in particular, the continued growth of our mobile audience, the strength of our apps business, and the investments we're making to build long-term shareholder value. With that, Jay, let's open up the call for questions.

總而言之，我們對第二季的整體表現非常滿意，特別是我們的行動用戶持續成長、應用業務的強勁成長以及我們為創造長期股東價值所做的投資。傑伊，讓我們開始提問吧。

(Operator Instructions) Eric Sheridan, UBS.

（操作員指示）瑞銀 (UBS) 的 Eric Sheridan。

Sheryl, one on Audience Network and LiveRail, maybe you can give us a little better sense of the depth of the conversations with advertisers and what that might do to the platform longer term, 2014 and beyond, in terms of broadening out Facebook's advertising effort? Second question, Dave, on the Oculus and WhatsApp, is there any way to get a sense of employee counts at the companies or the pressure that we might see from OpEx going forward?

Sheryl，Audience Network 和 LiveRail 的一位專家，您能否讓我們更好地了解一下與廣告商對話的深度，以及從擴大 Facebook 廣告業務的角度來看，這些對話對 2014 年及以後的平台可能產生什麼影響？第二個問題，戴夫，關於 Oculus 和 WhatsApp，有什麼方法可以了解這些公司的員工數量，或者我們未來可能看到的營運支出壓力？

One of the goals we have talked about in all of these calls is to make ads more relevant for people and marketers and increasingly, with the Audience Network, we have a goal to do that for publishers, as well. Video is really important, it's one of the fastest ad mediums out there on both desktop and mobile. LiveRail has the leading online video advertising platform and we think we can use it to effectively expand video ads to marketers and to publishers outside of Facebook and offer greater audience reach and ability to sell to video advertisers.

在所有這些電話會議中，我們討論的目標之一是讓廣告與人們和行銷人員更加相關，透過 Audience Network，我們也希望為出版商實現這一目標。影片非常重要，它是桌面和行動裝置上最快的廣告媒介之一。LiveRail 擁有領先的線上影片廣告平台，我們認為我們可以利用它有效地將影片廣告擴展到 Facebook 以外的行銷人員和發布商，並提供更大的受眾覆蓋範圍和向影片廣告商銷售的能力。

When you look at the Audience Network, we're still in really early days and we only have some publishers in our network, but we see this as an opportunity to provide greater reach for Facebook marketers and developers, again, to improve relevance of the ads people see, both on and off Facebook.

當您查看受眾網路時，您會發現我們仍處於早期階段，網路中只有一些發布商，但我們認為這是一個為 Facebook 行銷人員和開發人員提供更大覆蓋範圍的機會，再次提高人們在 Facebook 內外看到的廣告的相關性。

Thanks, Eric. On Oculus and WhatsApp, we're very much in investment mode on our overall business and we expect to continue to ramp investments in the core business through 2015. Like I said, we'll be layering on top of that costs related to Oculus and WhatsApp. But we're not getting into more specifics on the exact head counts on those, but we believe those are significant opportunities in the long run, and so we're going to be investing aggressively, accordingly.

謝謝，埃里克。對於 Oculus 和 WhatsApp，我們正大力投資整體業務，並預計在 2015 年繼續增加核心業務的投資。正如我所說的，我們將在此基礎上增加與 Oculus 和 WhatsApp 相關的成本。但我們不會透露這些公司的具體人數，但我們相信，從長遠來看，這些都是重大機遇，因此我們將積極投資。

Heather Bellini, Goldman-Sachs.

高盛的 Heather Bellini。

If you could share with us any qualitative commentary about the breadth of mobile ad revenue, there's always a lot of debate back and forth about how big mobile app installs are, and if there is anything you can share with us about how the breadth of these, the breadth of mobile has been changing over the last year or so.

如果您可以與我們分享有關移動廣告收入廣度的任何定性評論，那麼關於移動應用安裝量有多大總是有很多爭論，如果您可以與我們分享這些廣度的任何信息，那麼移動廣度在過去一年左右發生了怎樣的變化。

The follow-up question would just be related to how your conversations with advertisers are changing as people start to think collectively about their TV and video budget together? I'm just wondering if you're starting to see your conversations with big TV advertisers start to change somewhat over the last six months or so? Thank you.

後續問題是，當人們開始集體考慮電視和影片預算時，您與廣告商的對話發生了怎樣的變化？我只是想知道，在過去六個月左右的時間裡，您是否開始發現您與大型電視廣告商的對話開始發生一些變化？謝謝。

When you think about mobile ads, and I'm really glad you asked this question, I do think sometimes people think that mobile app install ads are all of the revenue or a great majority of the revenue and they're not, they're only part of the mobile ads revenue. Our mobile ads revenue is broad-based. We have large brand advertisers, small SMBs, direct response advertisers, as well as developers using our mobile ads.

當您考慮行動廣告時，我很高興您問了這個問題，我確實認為有時人們認為行動應用程式安裝廣告是全部收入或絕大部分收入，但事實並非如此，它們只是行動廣告收入的一部分。我們的行動廣告收入基礎廣泛。我們有大型品牌廣告商、小型中小型企業、直接回應廣告商以及開發人員在使用我們的行動廣告。

The mobile app install ads, which are run not only by developers, but also by large companies that want to get people to install apps, are growing. They remain a good part of our mobile ads revenue and we're excited about the opportunities there, but we see our opportunities in mobile ads as much broader than just installing apps.

行動應用程式安裝廣告正在不斷成長，不僅開發者在投放此類廣告，希望吸引人們安裝應用程式的大公司也在投放這類廣告。它們仍然是我們行動廣告收入的重要組成部分，我們對那裡的機會感到興奮，但我們認為行動廣告的機會遠不止於安裝應用程式。

To the second question, I do think one of the things that's happened in the last year, year and a half on Facebook is people understanding how strong the creative opportunity is. We've built out the technology platform and made our product investments, and we've really created, particularly with the move to mobile on our ads and News Feed, an opportunity to do great creative storytelling.

對於第二個問題，我確實認為過去一年半中 Facebook 上發生的事情之一是人們了解到了創造機會有多強大。我們已經建立了技術平台並進行了產品投資，並且我們確實創造了一個進行精彩創意故事講述的機會，特別是隨著我們的廣告和新聞推送轉向行動端。

A great recent example is the Progressive baby ads, if you've seen them. They're really engaging and really fun, but they're making a really important point, which is people should be buying their own insurance. But the ability for them to do that ad is based on the technology we've created and also the great work they've done with Arnold Worldwide, their agency, on the creative part.

最近的一個很好的例子就是“進步嬰兒廣告”，如果你看過的話。他們確實很吸引人，也很有趣，但他們提出了一個非常重要的觀點，那就是人們應該購買自己的保險。但他們製作該廣告的能力是基於我們創造的技術，以及他們與其代理商 Arnold Worldwide 在創意方面所做的出色工作。

I think, for a long time, people have thought TV was for creative storytelling and online ads were for more targeted tech space results. I think we're seeing that change, which means that the way people approach TV, they'll also approach Facebook and are starting to, which makes those budgets work much better together.

我認為，長期以來，人們一直認為電視是為了講述創意故事，而網路廣告是為了更有針對性的科技空間成果。我認為我們正在看到這種變化，這意味著人們接觸電視的方式也會接觸 Facebook，而且他們已經開始這樣做了，這使得這些預算能夠更好地協同發揮作用。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

Mark, there's been talk, and I know it was on your blog, about testing a buy button within the platform. I was hoping you could talk about how important you think commerce is to Facebook going forward and then perhaps also payments, as well. And then secondly, Sheryl, you mentioned some of the major brands that advertised during the World Cup. Can you talk about how you get the follow-through from those brands now that major event has passed and how you keep those ad dollars on Facebook? Thanks.

馬克，有人討論過，我知道是在你的部落格上，關於在平台內測試購買按鈕。我希望您能談談您認為商業對 Facebook 未來發展的重要性，以及付款的重要性。其次，謝麗爾，您提到了一些在世界盃期間做廣告的主要品牌。您能否談談重大事件結束後您如何獲得這些品牌的關注以及如何在 Facebook 上保留這些廣告收入？謝謝。

On the buy button, we launched a small test in the US only, which enables people to hit a buy button and on pages or in page post ads on Facebook, it streamlines the process of buying from our clients. No one's buying from us, we're just streamlining the process of buying from our clients. I think commerce is really important and is a growing important part of our business, as all marketer segments are growing, but I don't think people should confuse that with Facebook selling things directly.

關於購買按鈕，我們僅在美國進行了一項小型測試，該測試使人們能夠點擊購買按鈕並在 Facebook 上的頁面或頁面上發布廣告，從而簡化了從客戶處購買的過程。沒有人從我們這裡購買，我們只是簡化了從客戶那裡購買的流程。我認為商業確實很重要，而且是我們業務中越來越重要的一部分，因為所有行銷商領域都在成長，但我認為人們不應該將其與 Facebook 直接銷售產品混淆。

The more people buy online, the more people buy things they discover through their mobile phones, the more people discover things from a News Feed and go on to purchase, the more important we are in driving eCommerce and I think we are increasingly important. That doesn't mean we're going to or have to sell products.

人們在網上購物的越多，人們透過手機發現的東西就購買的越多，人們從新聞提要中發現東西並繼續購買的越多，我們在推動電子商務方面的作用就越重要，我認為我們越來越重要。這並不意味著我們將要或必須銷售產品。

I'd just add to that, because some of the question was about payments, that we will clearly do work in payments to accept payments for advertising and on platform and other things that we do, but just because we'll do that doesn't -- we still basically view ourselves as a partner to other companies in the payment space, rather than trying to compete directly for that. Our main business is advertising and I think we're mostly, to the extent that we do payments, it's going to be supportive to that.

我想補充一點，因為有些問題是關於支付的，我們顯然會在支付方面開展工作，接受廣告、平台和我們所做的其他事情的支付，但僅僅因為我們會這樣做並不意味著——我們仍然基本上將自己視為支付領域其他公司的合作夥伴，而不是試圖直接競爭。我們的主要業務是廣告，我認為，就我們進行的支付而言，它將主要支持這項業務。

I wanted to make one more point related to that because I think some of the questions around payments are connected to what we're planning on doing in the other apps outside of Facebook, so things like Messenger and WhatsApp over time when that closes and Instagram. I really do just want to emphasize that there's a lot of work to set up the foundation for having a good business community and ecosystem in those that we think is going to be years of work before those are huge businesses for us.

我想就此再談一點，因為我認為有關支付的一些問題與我們計劃在 Facebook 之外的其他應用程式中做的事情有關，所以當 Messenger 和 WhatsApp 關閉後，以及 Instagram 等應用程式也會關閉。我確實只是想強調，在這些領域建立良好的商業社區和生態系統的基礎還有很多工作要做，我們認為這需要多年的工作才能成為我們的大生意。

I liken where we are now on something like Messenger to where we were on Facebook in like 2006 or 2007, where it was primarily a consumer product at the time where you really only communicated with friends and a bunch of people asked us and said that we should put ads in. But before we did that, we wanted to create really good organic consumer experiences for people to interact with different entities, so we created pages so people could interact with organic businesses.

我把我們現在在 Messenger 上的情況比作我們在 2006 年或 2007 年在 Facebook 上的情況，當時它主要是一種消費產品，你實際上只能與朋友交流，很多人問我們，說我們應該在裡面放廣告。但在此之前，我們希望為人們創造真正良好的有機消費者體驗，以便他們與不同的實體互動，因此我們創建了頁面，以便人們可以與有機企業互動。

In order to make it so that businesses and public figures and folks would create pages, we offered insights and different products. We gave all those away for free. Pages were free and continue to be free and that's partially why we have 30 million businesses today using pages on the platform and insights we gave away for free in order to enable more folks to use pages. But only after we had a good organic interaction that people could and would want to interact with these different businesses and entities, did we really layer ads on top of that and start to build the business that we have today.

為了讓企業、公眾人物和一般民眾能夠創建頁面，我們提供了見解和不同的產品。我們免費贈送了所有這些。頁面過去是免費的，現在仍然是免費的，這也是為什麼今天我們有 3000 萬家企業使用平台上的頁面，我們免費提供見解，以便讓更多人使用頁面。但只有在我們建立了良好的有機互動，人們能夠並且願意與這些不同的企業和實體進行互動之後，我們才會真正在其上投放廣告，並開始建立我們今天的業務。

I just think it's worth emphasizing this because we've said in a number of comments that we think that some of these newer initiatives are going to ramp over time. We really do mean that. We're serious about doing this the right way and building out these ecosystems. I think for some of these other apps, we're just going to build all the infrastructure that we need to make it be something that's scalable over time, rather than trying to have this be an impact that you'll notice in the next short-term period of time.

我只是認為值得強調這一點，因為我們在許多評論中都表示，我們認為其中一些較新的舉措將會隨著時間的推移而得到加強。我們確實是這個意思。我們認真地以正確的方式做這件事並建立這些生態系統。我認為，對於其他一些應用程序，我們只需建立所需的所有基礎設施，使其能夠隨著時間的推移而擴展，而不是試圖讓您在接下來的短期內註意到它的影響。

To the World Cup part of your question, brands certainly use the World Cup and big events like this to launch things that they continue those ad campaigns. They also have other big events that come along, as well as their own events around product launches. We think, obviously not every day is a World Cup, but there are lots of opportunities throughout the year and through the product cycle to work with brand advertisers in big ways.

對於你問題中關於世界盃的部分，品牌肯定會利用世界盃和類似的大型賽事來推出新產品，並繼續進行這些廣告活動。他們還會舉辦其他大型活動，以及圍繞產品發布的活動。我們認為，顯然不是每天都是世界杯，但全年和整個產品週期中都有很多機會與品牌廣告商進行大規模合作。

Ross Sandler, Deutsche Bank.

德意志銀行羅斯桑德勒。

I had one question for Mark on the product side, and one for Dave. Mark, App Links just launched, but if you go out a few years, how much do you think something like deep linking could increase engagement or add effectiveness for Facebook? For those 1 billion links that you have up and running already, what are you seeing in those early tests?

我向馬克問了一個關於產品方面的問題，向戴夫問了一個關於產品方面的問題。馬克，App Links 剛剛推出，但如果您回顧幾年，您認為深度連結之類的功能可以在多大程度上提高 Facebook 的參與度或提高其有效性？對於您已經建立並運行的 10 億個鏈接，您在早期測試中看到了什麼？

Dave, we know you don't break out the price versus volume metrics for mobile, but just directionally, could you give us some color on how the ad impression growth in mobile compares with the 31% MAU growth in mobile? Thanks.

戴夫，我們知道您沒有列出行動端的價格與銷售指標，但只是從方向上看，您能否給我們一些關於行動裝置廣告印象成長與行動端 31% 的 MAU 成長相比的情況？謝謝。

Sure. I don't have much color that's useful to share here on App Links. It's still early. People have marked up a bunch of apps with this meta data that allows us to search for it, but Search for Facebook is going to be a multi-year voyage. There's just so much content that is unique to the Facebook ecosystem that we can answer questions for you that really no other service can.

當然。我沒有太多有用的顏色可以在 App Links 上分享。時間還早。人們已經用這些元資料標記了大量應用程序，以便我們搜尋它，但搜尋 Facebook 仍將是一場多年的航程。Facebook 生態系統中擁有如此多的獨特內容，我們可以為您解答其他服務無法解答的問題。

The other day I was curious about finding out which of one of my friend's friends worked at a company. I don't know any other service where you can just go do that query, but on Facebook, you can. The secret to this is going to be basically just over a long period of time, indexing all of the different content that's on Facebook in every different way. We started off with people, because obviously you need to be able to find people in order to use the product and add friends and just have our core ecosystem work.

有一天，我很好奇想知道我朋友的哪個朋友在一家公司工作。我不知道還有什麼其他服務可以讓您直接進行該查詢，但在 Facebook 上您可以。實現這一目標的秘訣基本上就是在很長一段時間內，以各種不同的方式對 Facebook 上的所有不同內容進行索引。我們從人開始，因為顯然你需要能夠找到人才能使用產品、添加朋友並讓我們的核心生態系統正常運作。

We're indexing more of the connection, and now we're getting into more of the content and it's a huge amount of content. There is more than a trillion posts, which some of the search engineers on the team like to remind me, is bigger than any web search corpus that is out there. But that's just one part of the data and we're going to keep on doing more and more. We're going to start off focusing on stuff that's unique to Facebook, that you couldn't really answer those questions elsewhere.

我們正在索引更多的連接，現在我們正在獲得更多的內容，而且內容量非常龐大。貼文數量超過一萬億，團隊中的一些搜尋工程師喜歡提醒我，這比現有的任何網路搜尋語料庫都要大。但這只是數據的一部分，我們將繼續做更多的事情。我們將首先關注 Facebook 獨有的東西，而這些問題在其他地方是無法得到解答的。

App Links, by definition being outside of Facebook, are not going to be unique to Facebook. We'll get to that over time. I think it will be a valuable part of the ecosystem, but honestly, we're mostly interested in that to enable value for other developers and pushing distribution to them than we are for our own search.

從定義上來說，App Links 不屬於 Facebook，因此它並不是 Facebook 獨有的。隨著時間的推移，我們會實現這一點。我認為它將成為生態系統中一個有價值的部分，但老實說，我們最感興趣的是為其他開發人員創造價值並向他們推廣分銷，而不是我們自己的搜尋。

It's going to enable interesting ways for a developer to be able to make it so that people and their apps can share content on Facebook and link directly to the right part of the app, it'll enable some engagement ads, so that way a developer can say a person was using my app and they were going to buy something, but they dropped out of the check-out flow, so now we're going to have an ad that helps them link right back to the check-out flow so they can complete their conversion. You want deep linking to be able to enable things like that, but it's going to take a while to play out in the search.

它將為開發人員提供一些有趣的方式，使人們及其應用程式能夠在 Facebook 上分享內容並直接連結到應用程式的正確部分，它將啟用一些互動廣告，這樣開發人員就可以說，一個人正在使用我的應用程序，他們打算買一些東西，但他們退出了結帳流程，所以現在我們將推出一個廣告，幫助他們直接連結回結流程，以便他們能夠完成轉換流程。您希望深​​度連結能夠實現這樣的功能，但這需要一段時間才能在搜尋中實現。

Ross, on your question on mobile ads, mobile DAU is ramping nicely at 39% growth and we're seeing it grow nicely across all of our geographic regions. Of course, mobile ads are ramping as well. In terms of pricing, we don't break it out, but on the reported pricing trend, as I think I made clear, the 123% increase in price was driven by mix shift with a higher percentage of News Feed ads. News Feed ads are really effective for marketers and that includes mobile News Feed ads as well.

羅斯，關於你提到的行動廣告問題，行動 DAU 成長了 39%，而且我們看到它在我們所有的地理區域都呈現良好的成長勢頭。當然，行動廣告也在蓬勃發展。在定價方面，我們不會單獨公佈，但就報告的定價趨勢而言，我認為我已經明確表示，價格上漲 123% 是由於組合轉變以及新聞推送廣告比例的提高所致。新聞推播廣告對於行銷人員來說確實非常有效，其中也包括行動新聞推播廣告。

They deliver a lot of value for marketers, that's why they're getting a higher price in the auction. The price of ads correlates to the value that they create. We continue to focus on making those ad units better and better, more relevant and targeted for the people who use Facebook, as well as for marketers. We're seeing good results. Marketers are getting good ROIs and they're coming back and spending more with us, so we're pleased about all of that.

它們為行銷人員帶來了巨大的價值，這就是為什麼它們在拍賣中獲得更高價格的原因。廣告的價格與其創造的價值有關。我們將繼續致力於讓這些廣告單元變得越來越好，對於使用 Facebook 的用戶以及行銷人員來說更加相關和有針對性。我們看到了良好的結果。行銷人員獲得了良好的投資回報率，他們回來並在我們這裡花更多的錢，所以我們對這一切都感到高興。

Justin Post, Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

I'd like to follow a little bit on the ad pricing, obviously up 123%. Sheryl, maybe you can comment a little bit about the organic growth, like for like ads there, and do you see opportunities to continue to see nice pricing growth as you look out the next couple of years? And then, as you think about the new ad formats, video and other things, would you think that could continue to drive pricing higher, meaning new ad formats could drive even more value than the existing ads that you have on Facebook. Thank you.

我想稍微關註一下廣告定價，顯然上漲了 123%。謝麗爾，也許您可以評論一下有機增長，例如那裡的廣告，展望未來幾年，您是否看到繼續看到良好的價格增長的機會？然後，當您考慮新的廣告格式、影片和其他內容時，您是否認為這可能會繼續推高價格，這意味著新的廣告格式可能會比您在 Facebook 上現有的廣告帶來更大的價值。謝謝。

Justin, it is Dave. In terms of the pricing, as I said, it's really about the mix shift towards the News Feed ads is what's driving the overall reported pricing trend, but we are focused on making our ads all better and driving better returns for our marketers, and we see that reflected in the price. There's other things. For instance, we're making our right-hand column ads more effective by changing the format of those.

賈斯汀，我是戴夫。就定價而言，正如我所說，真正推動整體報告定價趨勢的是向新聞推送廣告的組合轉變，但我們專注於讓我們的廣告變得更好，並為我們的行銷人員帶來更好的回報，我們看到這反映在價格上。還有其他事情。例如，我們透過改變右側欄廣告的格式來提高其有效性。

Those will be higher value to our marketers because they'll drive more engagement, but there will be fewer of them. That will impact pricing. But everything that we're doing is about trying to drive more value for our marketers, as well as trying to drive more relevant ad experiences for the people who use Facebook. If we're successful in doing that, we'll drive ROI for the marketers, we'll drive good experiences, and we'll get good pricing.

這些對我們的行銷人員來說價值更高，因為它們將推動更多的參與，但數量會更少。這將影響定價。但我們所做的一切都是為了努力為行銷人員創造更多價值，並努力為 Facebook 用戶帶來更相關的廣告體驗。如果我們成功做到這一點，我們將為行銷人員帶來投資報酬率，帶來良好的體驗，並獲得良好的定價。

Mark Mahaney, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬克‧馬哈尼 (Mark Mahaney)。

Anything you could share with us with regards to China and efforts to develop more of a presence there? On David Marcus coming over, somebody with a huge payments background running the Messaging product, it's kind of like hiring, signing Messi up to the Miami Heat, like it's a little of an odd transition. Are we looking at it wrong? Is there any particular reason why he wouldn't be more focused on payments? Thank you.

您能與我們分享一下有關中國以及在中國擴大影響力所做的努力嗎？大衛馬庫斯 (David Marcus) 的到來，讓擁有豐富支付經驗的人來負責訊息傳遞產品，這有點像僱用梅西，然後簽下梅西加入邁阿密熱火隊，這是一個有點奇怪的轉變。我們的看法是否錯誤？他沒有更關注支付問題有什麼特別的原因嗎？謝謝。

I'll talk about China. Our mission is to enable everyone in the world to share and connect. We've been studying and learning about China for a number of years and we remain very interested. We are seeing Chinese-based companies use Facebook to reach a global audience and we think we have an important opportunity, just with their export market, and we're focused on that for now.

我將談論中國。我們的使命是讓世界上的每個人都能共享和連結。我們已經研究和學習中國很多年了，我們仍然非常感興趣。我們看到中國公司正在使用 Facebook 來接觸全球受眾，我們認為我們有一個重要的機會，就在出口市場上，我們目前正專注於此。

On Messenger and David, I think he is just a real talented product generalist and he's done a number of different things, including in his past, he ran and built a messaging company. Most recently, clearly, he ran a very important company and I think it was pretty successful in helping get really good results there. Messenger will have, over time, there will be some overlap between that and payments.

關於 Messenger 和 David，我認為他是一位真正有才華的產品通才，他做過很多不同的事情，包括過去經營和創建過一家通訊公司。顯然，最近他經營著一家非常重要的公司，而且我認為這家公司在幫助該公司取得良好業績方面做得非常成功。隨著時間的推移，Messenger 和支付之間將會存在一些重疊。

But what I'm trying to say is two things. One is, the payments piece will be a part of what will help drive the overall success and help people share with each other and interact with businesses, but we're really focused on the interactions overall, rather than the mechanism and David shares that view. The second thing is just that there's so much groundwork that we need to do in order to make it so that people are communicating with businesses and public figures and entities in these other apps that we're building, which is part of the business ecosystem.

但我想說的是兩件事。一方面，支付部分將有助於推動整體成功，並幫助人們相互分享並與企業互動，但我們真正關注的是整體的互動，而不是機制，David 也認同這一觀點。第二件事是，我們需要做大量的基礎工作，以便人們能夠透過我們正在建立的其他應用程式與企業、公眾人物和實體進行交流，這些應用程式是商業生態系統的一部分。

I really can't underscore this enough that we have a lot of work to do and we could take the cheap and easy approach and just try to put ads in or do payments and make some money in the short-term, but we're not going to do that. To the extent that any of your models or anything reflect that we might be doing that, I would strongly encourage you to adjust that, because we're not going to. We're going to take the time to do this in the way that we think that's going to be right over multiple years.

我真的不能過分強調這一點，我們有很多工作要做，我們可以採取廉價而簡單的方法，只是嘗試投放廣告或付款並在短期內賺一些錢，但我們不會這樣做。如果您的任何模型或任何東西反映出我們可能正在這樣做，我強烈建議您進行調整，因為我們不會這樣做。我們將花費數年時間，按照我們認為正確的方式來完成這件事。

Arvind Bhatia, Sterne Agee.

阿爾溫德·巴蒂亞、斯特恩·阿吉。

On WhatsApp, I realize it hasn't closed yet, but can you give us any indications on the user trends and engagement, et cetera. Sheryl, you mentioned India where we see a lot of usage coming out of there for WhatsApp, in particular. Any comments there would be helpful.

在 WhatsApp 上，我知道它還沒有關閉，但您能否向我們提供有關用戶趨勢和參與度等方面的任何跡象。謝麗爾，您提到了印度，我們發現那裡對 WhatsApp 的使用尤其多。任何評論都會有幫助。

No, the deal hasn't closed. We have nothing to say.

不，交易尚未完成。我們沒什麼好說的。

Neil Doshi, CRT Capital.

CRT Capital 的 Neil Doshi。

Sheryl, I think attribution could be big opportunity, especially for local businesses to help them realize ROIs or if people are going from online to offline. With 30 million businesses now on Facebook, how are you helping those businesses realize the online to offline conversion through Facebook in order to drive more dollars going to local businesses? Thanks.

謝麗爾，我認為歸因可能是一個巨大的機會，特別是對於本地企業來說，它可以幫助他們實現投資回報率，或者當人們從線上轉向線下時。目前 Facebook 上有 3000 萬家企業，您如何幫助這些企業透過 Facebook 實現線上到線下的轉換，從而為本地企業帶來更多收入？謝謝。

I agree strongly that this is a huge opportunity. Our goal with all of our clients from the biggest to the smallest is to drive their business results and that's usually selling a product, sometimes online, but often in stores. We've done a lot of work over the last year or two on measurement. We talk about measurement in all of these calls and that's because investing in measurement and connecting, not just from online to online, but online to offline is super important.

我非常同意這是一個巨大的機會。我們對所有客戶（無論大小）的目標都是推動他們的業務成果，這通常是銷售產品，有時是在線銷售，但更多的是在商店銷售。過去一兩年我們在測量方面做了很多工作。我們在所有這些電話會議中都談到了測量，這是因為投資測量和連接（不僅是從線上到線上，而且從線上到線下）非常重要。

Because if we can prove those results to our marketers large and small, they will continue to invest. We think we have a real advantage here that we have real identity, we have real identity across the desktop and across mobile and we have found ways in very privacy-protective ways to work with third parties, third party users of data to connect offline sales to online ads and those investments remain a very big focus for us.

因為如果我們能夠向我們的大小行銷人員證明這些成果，他們就會繼續投資。我們認為我們在這裡有一個真正的優勢，那就是我們擁有真實的身份，我們在桌面和行動裝置上都有真實的身份，並且我們已經找到了以非常保護隱私的方式與第三方、第三方數據用戶合作的方法，將線下銷售與線上廣告聯繫起來，這些投資仍然是我們非常關注的重點。

Ken Sena, Evercore.

肯·塞納，Evercore。

You mentioned over 1 billion users, 80% of app developers use the Facebook log-in on iOS and Android. When we think about Facebook as a platform, can you provide any stats on the number of developers who are starting to build their experience on Facebook? How integrated do they need to be to see things like app linking, data formats, autoplay video, or other? Thanks.

您提到超過 10 億用戶，80% 的應用程式開發人員使用 iOS 和 Android 上的 Facebook 登入。當我們將 Facebook 視為一個平台時，您能否提供一些關於開始在 Facebook 上建立體驗的開發人員數量的統計數據？它們需要整合到什麼程度才能看到應用程式連結、資料格式、自動播放影片或其他內容？謝謝。

We've shifted to this model on mobile where developers aren't really building their apps inside Facebook. We're not an operating system. We had a little bit more of this dynamic with Canvas on desktop, but now we've shifted the strategy to helping developers with three things: build, grow, and monetize their apps. We have a number of services that developers can plug into their apps to help out with all three of those.

我們在行動裝置上已經轉向了這種模式，開發人員實際上並沒有在 Facebook 內部建立他們的應用程式。我們不是一個作業系統。我們在桌面版 Canvas 上實現了更多這樣的功能，但現在我們已將策略轉變為幫助開發人員完成三件事：建立、發展和貨幣化他們的應用程式。我們提供多種服務，開發人員可以將其插入到他們的應用程式中，以幫助解決這三個問題。

For example, we have -- and for helping people build their app, we do things like log-in and we have services like parse that help developers build apps more easily, that stuff is all great for helping folks build social apps in a way that's faster than they could have otherwise. In terms of growth, we offer tools like sharing and messaging so that a developer can enable their users to be able to organically spread the app.

例如，為了幫助人們建立他們的應用程序，我們提供諸如登入之類的服務，並且提供諸如解析之類的服務來幫助開發人員更輕鬆地建立應用程序，這些東西對於幫助人們以比其他方式更快的方式建立社交應用程式非常有用。在成長方面，我們提供共享和訊息傳遞等工具，以便開發人員可以讓他們的用戶有機地傳播應用程式。

We have things like app installs and engagement ads to make it so that developers can pay to increase that. On the monetized side, we are rolling out the Audience Network and on Canvas, we have things like payments to help developers monetize and that's an increasing focus, as well. Audience Network is new and it's just getting started, so, again, it's one of these things that will be pretty slow for a while because we really want to do it right, but that's going to be an important part of this, as well.

我們有應用程式安裝和互動廣告等功能，以便開發人員可以付費來增加這個數字。在貨幣化方面，我們正在推出 Audience Network 和 Canvas，我們提供支付等服務來幫助開發者實現貨幣化，這也是我們日益關注的重點。Audience Network 是一個新項目，它才剛剛起步，所以，再說一次，它的進展在一段時間內會相當緩慢，因為我們真的想把它做好，但這也將是其中的一個重要部分。

That's how you want to think about developers and right now, we're really proud that 80% of the top developers see value in touching a part of our platform. We obviously want to get the last 20%, but we're excited about the progress so far.

這就是你對開發人員的看法，現在，我們非常自豪，80% 的頂尖開發人員認為接觸我們平台的一部分具有價值。我們顯然想要獲得最後的 20%，但我們對迄今為止的進展感到興奮。

In terms of those developers using our different ad products, as we say, we roll out slowly and slowly usually means we pick a handful of advertisers to work with. That's certainly what we've been doing on autoplay video ads. Over time, our goal is to make our ad products available to all of our marketer segments and that's what we'll work on. Over the long run, any developer, any small or large business, whether they're using other parts of our platform or not, would be able to purchase any type of our ads.

對於使用我們不同廣告產品的開發者，正如我們所說，我們會緩慢地推出產品，而緩慢地推出產品通常意味著我們會選擇少數廣告商進行合作。這當然就是我們在自動播放影片廣告上所做的事情。隨著時間的推移，我們的目標是讓我們的所有行銷人員都能使用我們的廣告產品，這就是我們將要努力的方向。從長遠來看，任何開發者、任何小型或大型企業，無論他們是否使用我們平台的其他部分，都能夠購買任何類型的廣告。

Brian Nowak, SIG.

Brian Nowak，SIG。

The first one is on video ads. You mentioned it's the early days on video advertising. I was wondering if you could talk to some of your early learnings, what you're pleased with, and where you see areas for improvement and which metrics you're gauging to determine when to undergo a broader rollout. Secondly, I think you mentioned the larger, higher quality rail desktop ads. There's been some changes in experimentation around that inventory.

第一個是關於影片廣告。您提到影片廣告還處於早期階段。我想知道您是否可以談談您早期的一些經驗教訓、您對哪些方面感到滿意、您認為哪些方面需要改進，以及您正在衡量哪些指標來確定何時進行更廣泛的推廣。其次，我認為您提到了更大、更高品質的鐵路桌面廣告。圍繞該庫存的實驗已經發生了一些變化。

How has the advertiser receptivity been to those ad units compared to the old right rail? Where are those dollars coming from? Is that new dollars to the platform or are they shifting from old sponsor stories or old right rail? Thanks.

與舊的右側廣告欄相比，廣告商對這些廣告單元的接受度如何？這些錢是從哪裡來的？這是向平台注入的新資金，還是他們從舊的贊助商故事或舊的右翼故事中轉移過來的？謝謝。

I'll talk about video and then Sheryl can answer on the right hand column. The biggest thing that we want to make sure is that quality is really good as we roll this out and that's going to be the same on all of these different initiatives. One of the reasons why we're optimistic about autoplay specifically as a format for both organic and paid content, is that you're strolling through feeds and if the content catches your eye and you like it, then it's playing and it's loaded and you can just easily continue watching it.

我將討論視頻，然後 Sheryl 可以在右側欄中回答。我們最想確保的是，在推出這項服務時，品質確實很好，而且在所有這些不同的計劃中，品質都將是一樣的。我們對自動播放（特別是作為有機內容和付費內容的一種格式）持樂觀態度的原因之一是，當您瀏覽信息流時，如果某個內容吸引了您的眼球並且您喜歡它，那麼它就會播放並加載，然後您就可以輕鬆地繼續觀看。

Or otherwise the person has complete control and if they don't like it, they can just keep on going through it, so the content has to be really good and we think that's going to be a really high quality experience. There are still a number of things that we really want to prove and make sure that we're doing well here. We want to make sure that when people see an autoplay video, that's not only paid content, we want a lot of that to be organic content, as well.

或者說，人們擁有完全的控制權，如果他們不喜歡它，他們可以繼續瀏覽下去，所以內容必須非常好，我們認為這將是一次真正高品質的體驗。我們仍然有很多事情想要證明，並確保我們在這裡做得很好。我們希望確保當人們看到自動播放影片時，不僅是付費內容，我們還希望其中許多也是有機內容。

We're trying to ramp up the amount of good public content and common content that people share at the same time as we're ramping up the autoplay video ads. We also want to make sure that this doesn't consume a lot of people's data. We're just being really careful about how we handle that and getting that really right across different markets. That's going to be a different thing that we want to be really sensitive to.

我們正在嘗試增加人們分享的優質公共內容和常見內容的數量，同時我們也在增加自動播放影片廣告。我們還想確保這不會消耗大量用戶的資料。我們只是非常小心地處理這個問題，並在不同的市場上正確地做到這一點。這將是我們希望真正敏感地關注的另一件事。

It really just, in a word, this all comes down to quality and we're more focused on just making sure that this is the right and best thing over time than something in the near term. That, I think, is a theme of the lot of the areas that we've talked about, whether it is the new apps that we're building, things like Messenger or Instagram and what we're doing there, or things like Audience Network, which we just announced, or video adds.

總而言之，這一切都取決於質量，我們更注重確保這是長期正確且最好的事情，而不是短期內的事情。我認為，這是我們討論過的許多領域的主題，無論是我們正在開發的新應用程序，例如 Messenger 或 Instagram，以及我們在那裡所做的工作，還是像我們剛剛宣布的 Audience Network 或影片廣告。

There are just a lot of things that we're super excited about. We, obviously, will talk about them publicly because we're working with partners and we're excited to talk about them here as well because we do really think that these are going to be great things to help build businesses over time. But we want to make sure that we don't want to get ahead of ourselves, because these things are early and quality is the most important thing for growing this the right way over time.

有很多事情讓我們感到非常興奮。顯然，我們會公開談論它們，因為我們正在與合作夥伴合作，我們也很高興在這裡談論它們，因為我們確實認為這些將是有助於長期建立業務的偉大事物。但我們要確保我們不會操之過急，因為這些事情還處於早期階段，而品質對於隨著時間的推移以正確的方式發展最為重要。

On the right-hand column redesign, the redesign was driven by making the ads more consistent with News Feed, which results in fewer but larger ads. But they just don't come from any one place. When you think about Facebook's growing part in the ad ecosystem, you really have to think about ad dollars shifting online as the majority of the driver of budget shifting and ad dollars coming on to mobile.

在右側欄的重新設計中，重新設計的目的是使廣告與新聞提要更加一致，從而減少廣告數量但增加廣告尺寸。但它們並非來自任何一個地方。當你考慮到 Facebook 在廣告生態系統中日益增長的角色時，你真的必須考慮廣告費用向網路轉移，因為這是預算轉移和廣告費用流向行動裝置的主要驅動力。

We are pleased that we see higher engagement rates from the people who are shown the new ads compared to the old, which makes us optimistic that these are more valuable.

我們很高興地看到，與舊廣告相比，看到新廣告的人們的參與率更高，這讓我們樂觀地認為這些廣告更有價值。

Brian Pitz, Jefferies.

布萊恩‧皮茨，傑富瑞集團。

Maybe a question in a different direction regarding privacy and maybe you could just walk us through your current thoughts? The reason I ask is because Facebook recently introduced the anonymous log-in product at f8 this year and new services like Save are hidden from friends unless users specifically opt-in. Can you just give us a sense, is this kind of a change of strategic shift in thinking or tone with regards to privacy? Thanks so much.

也許是關於隱私的另一個方向的問題，也許您可以向我們介紹您目前的想法？我之所以問這個問題，是因為 Facebook 最近在今年的 F8 大會上推出了匿名登入產品，而像 Save 這樣的新服務對於好友來說是隱藏的，除非用戶明確選擇加入。您能否跟我們講一下，這是否是一種關於隱私的策略思維或基調的轉變？非常感謝。

It's a really important question, I think something that's misunderstood about Facebook. One of the things that we focused on the most is creating private spaces for people to share things and have interactions that they couldn't have had elsewhere. If you go back to the very beginning of Facebook, rewind 10 years, there were blogs and things where you could be completely public and there were email, so you could circulate something completely privately, but there was no space where you could share with just your friends.

這是一個非常重要的問題，我認為人們對 Facebook 有一些誤解。我們最關注的事情之一是創建私人空間，讓人們可以分享東西並進行在其他地方無法進行的互動。如果回顧 Facebook 的最初發展階段，回溯到 10 年前，那時有部落格和其他可以完全公開的內容，還有電子郵件，因此你可以完全私密地傳播某些內容，但沒有一個空間可以只與朋友分享。

It wasn't a completely private experience, but it's not completely public in that it's 100 or 150 of the people that you care about. Creating that space, which was a space that had the kind of privacy that no one had ever seen before, was what enabled and continues to enable the kind of interactions and the content that people feel comfortable sharing in this network that don't exist in other places in the world.

這不是一個完全私人的體驗，但它也不是完全公開的，因為它只針對 100 或 150 個你關心的人。創造這個空間，一個具有前所未見的隱私的空間，使得人們能夠並將繼續在這個網路中舒適地分享互動和內容，而這在世界其他地方是不存在的。

We're constantly looking for new opportunities to create new dynamics like that and open up new different private spaces for people where they can then feel comfortable sharing and having the freedom to express things that you otherwise wouldn't be able to. It's one of the reasons why I'm personally so excited about Messaging, because right now, at some level, there are only so many photos that you're going to want to share with all of your friends.

我們一直在尋找新的機會來創造這樣的新動力，並為人們開闢新的不同的私人空間，讓他們可以舒適地分享和自由地表達你原本無法表達的東西。這也是我個人對訊息傳遞如此興奮的原因之一，因為現在，在某種程度上，你只想與所有朋友分享這麼多照片。

We still think that there's more to do there. The amount of messaging and how quickly we see that growing is crazy. There is just a lot more that people want to express and that they need the tools to express with smaller groups of people, not just one person at a time, but smaller groups, as well. Things like anonymous log-in totally unlock different behaviors.

我們仍然認為還有很多事情要做。我們看到的資訊量和增長速度令人難以置信。人們想要表達的東西還有很多，他們需要工具來與更小的群體進行表達，不只是一次一個人，而是更小的群體。匿名登入之類的事情完全解鎖了不同的行為。

How many times would you want to sign into an app, but you don't necessarily want to share a lot of information with that app, but if you can do it anonymously, we think that's going to unlock a lot of different interactions and experiences that people want to have. We view our jobs as very fundamentally providing people with these spaces and tools, which, I think, is very different from how a lot of people think about what Facebook is. But it's an important thing to think about how we do our product development.

您想多少次登入一個應用程序，但您不一定想與該應用程式分享大量訊息，但如果您可以匿名進行操作，我們認為這將解鎖人們想要擁有的許多不同的互動和體驗。我們認為我們的工作從根本上就是為人們提供這些空間和工具，我認為這與許多人對 Facebook 的看法非常不同。但思考如何進行產品開發是一件重要的事情。

Colin Sebastian, Robert Baird.

科林·塞巴斯蒂安、羅伯特·貝爾德。

On mobile advertising and ad loads, just curious what you're seeing in terms of the ad load thresholds is that you're at the point now where the relevancy and quality of ads means that you can tick that up, perhaps, a little bit. On Oculus and virtual reality applications, how should we think about the pace of development of this technology and the potential integration with Facebook's applications? Thank you.

關於行動廣告和廣告負載，我很好奇您在廣告負載閾值方面看到的是，您現在正處於這樣的一個階段：廣告的相關性和品質意味著您可以稍微提高一點。關於Oculus和虛擬實境應用，我們應該如何看待這項技術的發展速度以及與Facebook應用程式的潛在整合？謝謝。

I can take care of the mobile ad load question. Ad load is really one of dozens of factors that we focus on. Others are, of course, the quality, the relevance, and then the prominence of the ads.

我可以處理行動廣告載入問題。廣告負載其實是我們關注的數十個因素之一。當然，其他因素包括廣告的品質、相關性以及突出性。

We monitor the sentiment and engagement of people engaging in News Feed. We're really pleased with the strength of sentiment and engagement as we've ramped up News Feed ads. We feel like we're in a good position, given where we are with that, to continue to grow the advertising business while driving good user experience. We're in a good place on that.

我們監控參與新聞推播的人們的情緒和參與。隨著我們加大新聞推播廣告的投放力度，我們對用戶情緒和參與度的提升感到非常滿意。考慮到目前的狀況，我們覺得自己處於有利地位，可以繼續發展廣告業務，同時提供良好的使用者體驗。我們在這方面處於有利地位。

Yes. I can talk about Oculus. We're really excited about this. The acquisition just closed earlier this week and we're real excited to welcome that team. They're extremely talented and have pulled off something that people had been talking about for a really long time and now it's possible, given the technology that this team has developed.

是的。我可以談談 Oculus。我們對此感到非常興奮。此次收購於本週稍早剛完成，我們非常高興地歡迎該團隊。他們非常有才華，完成了人們談論已久的事情，現在憑藉著這個團隊開發的技術，這一切都成為可能。

This hits on a different part of our strategy, which the way that I organize my remarks every quarter are around these 10-year goals and themes that we have for the Company: connecting everyone, understanding the world, helping to build the knowledge economy, and these future platforms. When I'm talking about how I think things like the businesses that we're talking about are further out than you think, I think that this stuff is actually even further out than that.

這涉及到我們策略的不同部分，我每季的發言都圍繞著公司十年目標和主題：連結每個人、了解世界、幫助建立知識經濟以及這些未來平台。當我談到我認為我們所談論的業務之類的事情比你想像的還要遙遠時，我認為這些東西實際上比那還要遙遠。

But there are huge opportunities to build the next generation of computing platforms. When mobile was getting defined, we were basically just getting founded; in 2004, the first SmartPhone came out in 2003. We've mostly been a company that has played on top of the different mobile foundations that other companies have built. One of the things I care really deeply about, on kind of a 10-year arc for the Company, is having a different relationship to whatever the next set of computing platforms are and investing accordingly now to make sure when the next set of computing platforms get defined, we can help define of what the next generation of computing is going to be.

但建構下一代運算平台仍有巨大的機會。當行動端被定義的時候，我們基本上才剛成立； 2004年，第一部智慧型手機於2003年問世。我們基本上是一家在其他公司所建構的不同行動基礎上運作的公司。我真正關心的事情之一是，在公司未來 10 年的發展歷程中，與下一組運算平台建立不同的關係，並進行相應的投資，以確保當下一組運算平台確定下來時，我們可以幫助定義下一代運算將會是什麼樣子。

I think virtual reality, augmented reality, vision, some of the AI work that we're doing is all going to play into this in an important way. I just think, while I was emphasizing that we're early on some of those businesses and we're not going to rush those, the flip side of the coin is to emphasize that we're also going to spend a lot and invest very heavily in a bunch of these things to do it right over the long term.

我認為虛擬實境、擴增實境、視覺以及我們正在進行的一些人工智慧工作都將發揮重要作用。我只是認為，雖然我在強調我們在一些業務上還處於起步階段，我們不會急於求成，但另一方面，我也要強調，我們也將在這些事情上投入大量資金，進行巨額投資，以便長期做好這些事情。

Dave pointed out that we expect to continue investing heavily and that our costs will increase and I just want to underscore that, as well, because I expect that to continue to be true. It's not that we're necessarily going to go out and have a lot more new strategic priorities, but we expect to go very deep on the priorities that we have to make sure that we completely nail them all, whether it's a 5-year or 10-year timeframe.

戴夫指出，我們預計將繼續大力投資，我們的成本將會增加，我也想強調這一點，因為我預計這種情況將持續下去。這並不是說我們一定要製定更多新的策略重點，而是我們希望深入研究我們必須確定的優先事項，以確保我們能夠完全解決所有問題，無論是 5 年還是 10 年的時間框架。

Ben Schachter, Macquarie.

麥格理銀行的本·沙赫特。

Mark, you talked about a focus on public content. Does that include a focus on exclusive content and should we expect that you'll pay for or have revenue share agreements with the content with some key public figures? Separately, on search, I think you still have quite a large team working on improving search, but from our vantage point, we haven't seen many changes since the original beta graph search product launch.

馬克，你談到了對公共內容的關注。這是否包括專注於獨家內容？我們是否應該期待您會為一些關鍵公眾人物支付費用或與一些關鍵公眾人物達成內容收入分成協議？另外，在搜索方面，我認為你們仍然有一個相當大的團隊致力於改進搜索，但從我們的角度來看，自從最初的測試版圖形搜索產品發布以來，我們並沒有看到太多變化。

When should we expect to see those improvements and how would you rank search in terms of you priorities? Finally, just a quick housekeeping question, David, the D&A continues to trend down over the past few quarters. Why is that happening and should we expect that to continue? Thanks.

我們什麼時候可以看到這些改進，以及您如何根據優先順序對搜尋進行排名？最後，David，我只想問一個簡單的問題，D&A 在過去幾季中持續呈下降趨勢。為什麼會發生這種情況？我們是否應該預期這種情況會持續下去？謝謝。

I can take the D&A question first, if you'd like. Ultimately, depreciation is going to track more closely against the CapEx. In the first half of the year, we've been aggressively investing in the things we want to invest in and that includes infrastructure. CapEx is up 40% in the first half of the year. There are some investments that we're making, notably in the Iowa data center, also the new headquarters we're building where those facilities have not gone into service, so they're not hitting depreciation yet.

如果您願意的話，我可以先回答 D&A 問題。最終，折舊將與資本支出更加緊密追蹤。今年上半年，我們一直在積極投資我們想要投資的領域，其中包括基礎設施。今年上半年資本支出增加了40%。我們正在進行一些投資，特別是在愛荷華州資料中心，還有我們正在建造的新總部，這些設施尚未投入使用，因此它們尚未貶值。

We're making the big investments in CapEx that will ultimately flow through in depreciation. In short, the answer to your question is we'll see depreciation come up as those things come online.

我們對資本支出進行了大量投資，這些投資最終將透過折舊實現。簡而言之，你的問題的答案是，隨著這些東西的上線，我們會看到折舊率上升。

I can answer the others. On public content, we actually do get a lot of exclusive content. We don't pay for it. This week, for example, I think Shakira hit her 100 million fans moment on Facebook. Part of the reason why some of these public figures and political leaders and folks have such big followings is because they're constantly providing insight into their lives and unique types of content that other folks -- that you can't get anywhere else.

我可以回答其他問題。在公開內容方面，我們確實獲得了許多獨家內容。我們不支付這筆費用。例如，我認為本週夏奇拉 (Shakira) 在 Facebook 上的粉絲數量突破 1 億。這些公眾人物、政治領袖和民眾之所以擁有如此多的追隨者，部分原因是他們不斷地分享他們生活的見解和其他人無法在其他地方獲得的獨特內容。

There's a format that I think makes sense for Facebook. You're not going to come to Facebook to watch a movie or watch a full TV show, that's really long form stuff. But in the mode that we have today in our service, that kind of attraction is the best place for a number of types of content like this that we're starting to see that we get.

我認為有一種格式對 Facebook 來說是有意義的。你不會來 Facebook 看電影或看完整的電視節目，那都是很長的內容。但在我們今天提供的服務模式中，這種吸引力對於我們開始看到的許多類型的內容來說都是最好的。

We're mostly focused on driving success for partners, whether they're news organizations that are publishing content that people share or public figures and individuals who are engaging directly on Facebook. Our view is that the more success from distribution and engagement we can drive for them, the better the content and the quality that they're going to invest in building for Facebook.

我們主要致力於推動合作夥伴的成功，無論他們是發佈人們分享的內容的新聞機構，還是直接在 Facebook 上互動的公眾人物和個人。我們的觀點是，我們為他們帶來的分發和參與成功越多，他們為 Facebook 投資的內容和品質就越好。

Type of search, I mentioned in my opening remarks that this quarter, I think for the first time, we are over, on average, 1 billion searches a day, which is awesome and it's something that we're really proud of and have worked a lot on, especially given that we generally found that people search a little bit less on average on mobile. We went through a period where in order to have that increased, we had to do some really good work and make it a lot faster and improve ranking and do a lot of the basic things that needed to get done.

搜尋類型，我在開場白中提到，本季度，我認為我們首次平均每天的搜尋量超過 10 億次，這太棒了，這是我們非常自豪的事情，我們為此付出了很多努力，特別是考慮到我們普遍發現人們在行動裝置上的平均搜尋量要少一些。我們經歷了一個時期，為了提高這一水平，我們必須做一些非常好的工作，使其更快，提高排名，並做很多需要完成的基本事情。

There is just so much more content that needs to get indexed. If you want to go find that Shakira video that I was just talking about, I don't know if today the product fully delivers on that, but we will soon and in the next six months, we're going to be able to do that if we do well and then a year later, we're going to have more content in the system and be able to index that better.

還有太多內容需要索引。如果你想找到我剛才提到的夏奇拉視頻，我不知道今天的產品是否完全實現了這一點，但我們很快就會做到，在接下來的六個月裡，如果我們做得好，我們就能做到這一點，一年後，我們將在系統中擁有更多內容，並能夠更好地對其進行索引。

It's an ongoing thing. There's huge potential. There are a lot of questions that only Facebook can answer that other services aren't going to be able to answer for you.

這是一件持續進行的事情。潛力大。有很多問題只有 Facebook 可以回答，其他服務無法為您解答。

We're really committed to investing in that and building out this unique service over the long-term and I think at some point, there's going to be an inflection where it starts to just be useful for a lot of use cases. But that may still be years away, but we're just committed to doing this investment and making this right.

我們確實致力於對此進行投資並長期打造這種獨特的服務，我認為在某個時候，它將會出現一個轉折點，開始對許多用例有用。但這可能還需要幾年的時間，但我們只是致力於進行這項投資並使其正確。

Thank you for joining us today. We appreciate your time and we look forward to speaking with you again.

感謝您今天加入我們。感謝您的時間，我們期待再次與您交談。

This concludes this conference call. You may now disconnect.

本次電話會議到此結束。您現在可以斷開連線。