Meta Platforms, Inc. (FB) 2015 Q2 法說會逐字稿

Good afternoon. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook second-quarter 2015 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

午安.我叫克里斯，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 2015 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。

(Operator Instructions)

（操作員指示）

This call will be recorded. Thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

本次通話將會被錄音。非常感謝。您可以請 Facebook 投資者關係副總裁 Deborah Crawford 女士開始發言。

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 the Dave Wehner, CFO.

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)。

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. Factors that could cause these results to differ materially are set forth in today's press release and in 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.

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。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。

During this call, we will present both GAAP and non-GAAP financial measures. 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 www.investor.fb.com.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。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 www.investor.fb.com 上查閱。

And now, I'd like to turn the call over to Mark.

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. We've continued to make good progress in the growth of our community with 1.49 billion people now using Facebook each month and more than 1.3 billion people using Facebook on mobile. We've also continued to make gains in engagement. More than 968 million people worldwide now use Facebook daily, and 65% of our monthly actives are daily actives.

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。我們的社群發展持續取得良好進展，目前每月有 14.9 億人使用 Facebook，有超過 13 億人透過行動裝置使用 Facebook。我們的參與度也不斷進步。目前全球每天有超過 9.68 億人使用 Facebook，我們每月活躍用戶的 65% 都是每日活躍用戶。

Several products in the Facebook app are reaching global scale, too, now with more than 450 million people using events each month, and more than 850 million people using groups. And, when it comes to time spent across Facebook messenger and Instagram, people are now spending more than 50 -- sorry, 46 minutes per day on average and that doesn't include WhatsApp.

Facebook 應用程式中的幾款產品也正在達到全球規模，現在每月有超過 4.5 億人使用活動，每月有超過 8.5 億人使用群組。而說到在 Facebook Messenger 和 Instagram 上花費的時間，人們現在平均每天花費超過 50 分鐘——抱歉，是 46 分鐘，這還不包括 WhatsApp。

Our business performance has grown with our community. This quarter, our total revenue was more than $4 billion for the first time, and advertising revenue grew by 43% year over year. These results reflect the ongoing investments and improvements we've made and the quality, performance, and usefulness of our services. And, continuing to make progress here remains our biggest priority.

我們的業務表現隨著社區的發展而成長。本季度，我們的總營收首次超過40億美元，廣告收入較去年同期成長43%。這些結果反映了我們持續的投資和改進以及我們服務的品質、性能和實用性。而且，繼續取得進展仍然是我們的首要任務。

Now with that in mind, I'd like to talk about how we're working on this across our current products, our next-generation of apps, and our long-term innovation efforts. Over the next few years, our main focus is on helping our existing communities and businesses reach their full potential. An important part of our strategy is continuing to deliver great experiences across all our products. This means improving the speed and reliability of our apps and building new infrastructure to support our global scale like our new data center in Texas.

現在考慮到這一點，我想談談我們如何在現有產品、下一代應用程式以及長期創新工作中進行這項工作。在接下來的幾年裡，我們的主要重點是幫助我們現有的社區和企業充分發揮其潛力。我們策略的一個重要部分是繼續在我們所有的產品上提供出色的體驗。這意味著提高我們應用程式的速度和可靠性，並建立新的基礎設施來支援我們的全球規模，例如我們在德克薩斯州的新資料中心。

Over the last six months, we've improved the performance of our core app reducing crashes on iOS by more than 30% and some Android phones by more than 40%. On messenger, people can now send messages up to 20% faster, and it's twice as fast when you start the app. These are just a few examples of how our engineering focus is delivering better experiences for everyone in our community. Another part of delivering great experiences is helping people connect with the content they want.

在過去的六個月中，我們提高了核心應用程式的效能，將 iOS 上的崩潰減少了 30% 以上，將某些 Android 手機上的崩潰減少了 40% 以上。在 Messenger 上，人們現在可以將訊息發送速度提高 20%，而啟動應用程式時的速度則提高兩倍。這些只是我們的工程重點如何為社區中的每個人提供更好的體驗的幾個例子。提供良好體驗的另一個部分是幫助人們找到他們想要的內容。

This quarter, we've continued to focus on improving people's experience in newsfeed by making it easier to find more relevant and engaging content from friends and the entire community. Connecting people with more great video content is an important part. Video continues to be some of the richest and most engaging content for people and publishers, and since the start of the year, pages are also sharing more than 40% more videos. This quarter, we updated our newsfeed ranking to help people see more of the videos they care about and also began testing new options for video monetization to help our partners build their businesses. We're excited about the potential for continued work here.

本季度，我們持續致力於改善人們的新聞推播體驗，讓人們更容易從朋友和整個社區中找到更相關、更吸引人的內容。將人們與更多精彩的影片內容聯繫起來是很重要的一部分。對於人們和出版商來說，影片仍然是最豐富、最吸引人的內容之一，自今年年初以來，頁面分享的影片數量也增加了 40% 以上。本季度，我們更新了新聞推送排名，以幫助人們看到更多他們關心的視頻，同時也開始測試新的視頻貨幣化選項，以幫助我們的合作夥伴發展業務。我們對在這裡繼續工作的潛力感到非常興奮。

The focus we've had on video also supports our efforts to connect more people around important public moments and events. From the 59 million people who generated more than 300 million interactions around the Copa America to the 26 million people who changed their profile photos for Pride, or the more than 150 million people who are notified that their friends were safe after the Nepal earthquake. Facebook has clearly become the home for global conversations about things that people care about.

我們對影片的關注也支持我們努力讓更多人了解重要的公共時刻和事件。從圍繞美洲盃產生超過 3 億次互動的 5,900 萬人，到為「驕傲大遊行」更改個人資料照片的 2,600 萬人，再到尼泊爾地震後得知朋友平安的 1.5 億多人。Facebook 顯然已經成為人們關心的話題的全球討論中心。

And, when it comes to serving businesses on our platform, this quarter we continued to focus on delivering more useful tools and resources to help them achieve their goals. Helping marketers to tell more visually engaging stories through video and carousel ads is an important focus as well as supporting small businesses. There are now more than 40 million small businesses, small and medium-size businesses, using pages on Facebook. So, we have a big opportunity to create value for communities all over the world. And, Sheryl is going to talk more about this in a moment.

並且，在為我們平台上的企業提供服務時，本季我們繼續專注於提供更多有用的工具和資源來幫助他們實現目標。幫助行銷人員透過影片和輪播廣告講述更具視覺吸引力的故事是支持小型企業的一個重要重點。目前有超過 4000 萬家小型企業和中小型企業使用 Facebook 上的頁面。因此，我們有很大機會為世界各地的社區創造價值。Sheryl 稍後會詳細談論這一點。

Next, let's talk about how we're building our next generation of services which we also expect to be important parts of our business over the next few years. With Instagram, the continued growth in the size and engagement of the community shows how this is becoming one of the best places to get a realtime snapshot of the world. For moments from the US presidential campaign trail to NASA's first photos from Pluto, people are using Instagram in a lot of interesting ways. This quarter, we made some big improvements to the app including upgrading our search and Explore functionality and introducing trending content which we expect will provide even more engaging experiences.

接下來，讓我們談談如何建立我們的下一代服務，我們也預計這些服務將成為未來幾年我們業務的重要組成部分。Instagram 的社群規模和參與度持續成長，表明它正在成為獲取世界即時快照的最佳場所之一。從美國總統競選到美國太空總署首次拍攝冥王星照片，人們以許多有趣的方式使用 Instagram。本季度，我們對應用程式進行了一些重大改進，包括升級我們的搜尋和探索功能，並引入趨勢內容，我們期望這些內容將提供更具吸引力的體驗。

On messenger, this quarter we rolled out a number of new features including mobile video calling, a new way to share locations, and the option to sign up for messenger without using a Facebook account. We also continue to make good progress building out the messenger platform. We expect these improvements to continue making messenger a more useful and engaging experience for lots of people. More than 700 million people now use messenger, and we've reached more than 1 billion downloads on Android. These milestones are a good sign that we're on the right path here.

在 Messenger 方面，本季我們推出了許多新功能，包括行動視訊通話、新的位置共享方式以及不使用 Facebook 帳戶註冊 Messenger 的選項。我們在建立通訊平台方面也持續取得良好進展。我們希望這些改進能繼續為廣大用戶帶來更有用、更具吸引力的 Messenger 體驗。目前，已有超過 7 億人使用 Messenger，Android 版下載量已超過 10 億次。這些里程碑是一個好兆頭，表明我們正走在正確的道路上。

With WhatsApp, we're pleased with our continued growth, and the team is continuing to roll out new features to serve the whole community. We've continued to improve the web experience for WhatsApp as well as launching voice calling to more people and on more devices. With search, we are continuing to build a better experience for our whole community. We recently crossed 1.5 billion searches per day, and we've now indexed more than 2 trillion posts. This is a huge set of unique experiences and perspectives and by allowing people to unlock this knowledge, we have a huge opportunity to create value for the world in the coming years.

我們對 WhatsApp 的持續發展感到滿意，團隊正在繼續推出新功能來服務整個社區。我們不斷改進 WhatsApp 的網路體驗，並為更多用戶和更多裝置推出語音通話功能。透過搜索，我們將繼續為整個社區打造更好的體驗。我們最近的每日搜尋量已突破 15 億次，目前已索引了超過 2 兆個貼文。這是一系列獨特的經驗和觀點，透過讓人們解鎖這些知識，我們將有巨大的機會在未來幾年為世界創造價值。

Finally, let's talk about our other efforts that we expect to deliver impact over the longer term. With Internet.org we have a lot of momentum with our goal of connecting everyone in the world to the Internet. A year ago, we launched the Internet.org app for the first time in Zambia. And, since then, we've made free basic Internet services available to more than 1 billion people in 17 countries.

最後，讓我們談談我們期望在長期內產生影響的其他努力。透過 Internet.org，我們能夠更有力地實現讓世界上每個人都能連結到網路的目標。一年前，我們首次在尚比亞推出了 Internet.org 應用程式。自那時起，我們已向 17 個國家的 10 億多人免費提供了基本網路服務。

Our results show that Internet.org is working. After launching free basic services, mobile operators are seeing people adopt mobile data 50% faster than before. And, more than one-half the new people coming online through Internet.org choose to pay for data and access more Internet services within their first 30 days.

我們的結果表明 Internet.org 正在發揮作用。在推出免費基本服務後，行動電信商發現人們採用行動數據的速度比以前快了 50%。而且，透過 Internet.org 上網的新用戶中，超過一半的人選擇在前 30 天內支付資料費用並存取更多網路服務。

We recently made changes to the Internet.org program for both developers and operators that will give people -- that will give more people access to even more free services. With the Internet.org platform, now it's easy for any developer to create services that integrate with Internet.org. And, just this week, we announced a portal for operators that makes it easy for them to quickly launch free basic services in new countries.

我們最近針對開發人員和營運商對 Internet.org 計畫進行了修改，這將使更多人能夠享受更多免費服務。借助 Internet.org 平台，現在任何開發人員都可以輕鬆建立與 Internet.org 整合的服務。就在本週，我們宣佈為營運商推出一個入口網站，方便他們向新的國家快速推出免費基本服務。

We're also making progress on our efforts to connect people living in some of the most remote communities on earth. Our connectivity lab is working on new technologies for connecting communities that include drones, satellites, and laser communication systems. And, we'll be sharing more of our progress here very soon.

我們也在努力幫助地球上一些最偏遠社區的人們實現互聯互通，並且取得了進展。我們的連接實驗室正在研究連接社區的新技術，包括無人機、衛星和雷射通訊系統。而且，我們很快就會在這裡分享更多進展。

And, with Oculus, we've announced that the Rift will ship to consumers in the first quarter of 2016. The team recently introduced details about the full hardware and software experience that people can expect including our new touch controllers. Oculus is going to be the best VR experience in the world when it launches, and I'm really excited for us to begin delivering on the promise of virtual reality.

並且，我們與 Oculus 合作宣布 Rift 將於 2016 年第一季向消費者發售。該團隊最近介紹了人們可以期待的完整硬體和軟體體驗的詳細信息，包括我們的新觸控控制器。Oculus 一推出，就將成為世界上最好的虛擬實境體驗，我非常高興我們能夠開始兌現虛擬實境的承諾。

So, that's how we focused our efforts over the last quarter. We're preparing for the future, but we're also working to deliver better experiences and value to our community today. And as usual, I want to thank our whole community including our employees, our shareholders, and our partners. Thanks to you, our community is getting stronger and stronger every day, and we're making progress on our mission to make the world more open and connected.

這就是我們上個季度的努力重點。我們正在為未來做準備，但我們也在努力為當今的社區提供更好的體驗和價值。像往常一樣，我要感謝我們整個社區，包括我們的員工、股東和合作夥伴。感謝您，我們的社群每天都在變得越來越強大，我們正在朝著讓世界更加開放和互聯的使命前進。

So, thank you. And now, here's Sheryl.

所以，謝謝你。現在，請謝麗爾發言。

Thanks, Mark, and hi, everyone. We had another strong quarter and a great first half of the year. Ad revenue grew 43% year over year, 55% on a constant currency basis. Mobile ad revenue grew 74% year over year, making it over three-quarters of total ad revenue. Our growth was broad-based across all marketer segments and industry verticals. Similar to Q1, we're pleased with the adoption of our ad products across all regions and we saw strong revenue growth in North America and Asia-Pacific in particular. We're staying focused on our three main priorities: capitalizing on the shift to mobile, growing the number of Facebook marketers, and making our ads more relevant and effective.

謝謝，馬克，大家好。我們又度過了一個強勁的季度，今年上半年也表現優異。廣告收入較去年同期成長 43%，以固定匯率計算成長 55%。行動廣告收入較去年同期成長 74%，佔總廣告收入的四分之三以上。我們的成長廣泛涵蓋所有行銷領域和垂直行業。與第一季類似，我們對所有地區採用我們的廣告產品感到滿意，尤其是北美和亞太地區的營收成長強勁。我們將繼續專注於三個主要優先事項：利用向行動端的轉變、增加 Facebook 行銷人員的數量以及使我們的廣告更具相關性和有效性。

First, capitalizing on the shift to mobile. People are spending more time on their mobile devices and on Facebook apps. We continue to get more than one out of every five minutes on smartphones in the US, and mobile usage is driving our growth globally as well. We believe we have the best performing mobile ad product in the market, and video is making it even better. With so many consumer videos being watched on Facebook, video ads are a natural part of the newsfeed experience.

首先，利用向行動端的轉變。人們在行動裝置和 Facebook 應用程式上花費的時間越來越多。在美國，每五分鐘就有一分鐘以上是透過智慧型手機使用的，而且行動裝置的使用也在全球範圍內推動著我們業務的成長。我們相信我們擁有市場上表現最好的行動廣告產品，而影片則使其更加出色。由於大量消費者在 Facebook 上觀看視頻，視頻廣告自然而然地成為了新聞推送體驗的一部分。

For marketers, video has always been a compelling format. Now Facebook enables mass reach and cross-device targeting and measurement abilities far superior to what other platforms offer. Mobile video was a major theme at the Cannes Lions Festival last month for some of the biggest winners like Under Armour's I will what I want, with Droga5; and Procter & Gamble's, like a girl with Leo Burnett; used mobile video on Facebook as part of their campaigns.

對於行銷人員來說，影片一直是一種引人注目的形式。現在，Facebook 擁有的大規模覆蓋範圍和跨裝置定位及測量能力遠遠優於其他平台。上個月，行動影片成為坎城國際創意節的一個主要主題，一些最大的贏家包括 Under Armour 的《I will what I want》和 Droga5；和寶潔公司合作，就像李奧貝納公司旗下的女孩一樣；使用 Facebook 上的行動影片作為其活動的一部分。

Our second priority is growing the number of marketers using our ad products. In Q2, we announced that 40 million small and medium businesses have active Facebook pages, and this number continues to grow. Earlier this month, I hosted SMB roundtables in Berlin and London. I got to hear firsthand how advertising on Facebook is helping SMBs sell their products, grow their businesses, hire new employees, and even expand to other cities and countries.

我們的第二個優先事項是增加使用我們廣告產品的行銷人員數量。在第二季度，我們宣布有 4,000 萬家中小企業擁有活躍的 Facebook 頁面，而且這個數字還在持續成長。本月初，我在柏林和倫敦主持了中小企業圓桌會議。我親耳聽到 Facebook 上的廣告如何幫助中小企業銷售產品、發展業務、僱用新員工，甚至擴展到其他城市和國家。

One of the business owners I met was Kelly Wright, a single mom who started selling dresses from her home. She began by shooting videos of her dresses on her mobile phone and promoting them on Facebook for just a few pounds. Using Facebook as her only marketing channel, Kelly grew her business, [Christalee] Fashions, to over GBP3 million annually, and she now has 10 employees. We're increasing our engagement with the global SMB community and have now held more than 80 local boost-your-business events around the world, meeting thousands of businesses and getting their feedback on how we can make our products work better for them.

我遇到的一位企業主是凱莉·賴特 (Kelly Wright)，她是一位單身媽媽，最初在家裡賣衣服。她開始用手機拍攝自己設計的裙子的視頻，然後在 Facebook 上推廣，只賺了幾英鎊。凱莉利用 Facebook 作為唯一的行銷管道，將她的公司 [Christalee] Fashions 的年收入發展到 300 多萬英鎊，現在擁有 10 名員工。我們正在加強與全球中小企業社群的合作，目前已在世界各地舉辦了 80 多場促進業務發展的本地活動，與數千家企業會面並獲取他們的反饋，了解如何讓我們的產品更好地為他們服務。

We're also building out our leadership teams around the world. In recent weeks, we've added senior talent to our International teams including a new head of Latin America and new regional leadership in several countries in EMEA. We also opened an office in Johannesburg, our first in Africa.

我們也在世界各地組建領導團隊。最近幾週，我們為國際團隊增添了高級人才，包括拉丁美洲的新負責人和歐洲、中東和非洲地區多個國家的新區域領導。我們還在約翰尼斯堡開設了辦事處，這是我們在非洲的第一個辦事處。

Our third priority is making our ads more relevant and effective. Better, more engaging, and relevant ads are good for people and marketers. And, we're working hard to improve them. We continue to innovate at a rapid pace by introducing new ad formats and new tools for marketers. This quarter, we expanded carousel ads which show multiple images in one ad unit. We introduced dynamic product ads which allow marketers to upload their product catalog and show the right product to the right person at the right time. We also introduced a new ad format called lead ads, a simpler way for people to connect with companies they're interested in hearing from.

我們的第三個優先事項是讓我們的廣告更具相關性和有效性。更好、更具吸引力、更相關的廣告對人們和行銷人員都有好處。並且，我們正在努力改進它們。我們透過為行銷人員推出新的廣告形式和新工具，持續快速創新。本季度，我們擴展了輪播廣告，在一個廣告單元中顯示多張圖片。我們推出了動態產品廣告，讓行銷人員上傳他們的產品目錄並在正確的時間向正確的人展示正確的產品。我們還推出了一種名為「線索廣告」的新廣告形式，這是一種讓人們與他們感興趣的公司建立聯繫的更簡單的方式。

We continue to focus on providing world-class products and tools for direct response advertisers. Booking.com a Priceline Group Company, is using Facebook link ads featuring book now buttons to drive reservations. In Q2, Facebook ads drove a meaningful increase in room reservations for booking.com, helping them meet their ROI goals for the campaign. They are now expanding their use of Facebook ads across multiple markets.

我們持續致力於為直接回應廣告商提供世界一流的產品和工具。Booking.com 是 Priceline 集團旗下的公司，正在使用帶有「立即預訂」按鈕的 Facebook 連結廣告來推動預訂。在第二季度，Facebook 廣告推動 booking.com 的客房預訂量大幅成長，幫助他們實現了廣告活動的投資報酬率目標。他們現在正在多個市場擴大 Facebook 廣告的使用。

We continue to make progress with ads on Instagram. In Q2, we launched Instagram ads in Brazil, Germany, and Japan. We also introduced additional capabilities for marketers including carousel ads on Instagram which brands are using in creative ways. For example, to showcase a spring fashion collection, gradually reveal a full panorama, or show different views of a location.

我們在 Instagram 上的廣告方面繼續取得進展。第二季度，我們在巴西、德國和日本推出了 Instagram 廣告。我們還為行銷人員推出了額外的功能，包括品牌正在以創意的方式使用的 Instagram 上的輪播廣告。例如，展示春季時裝系列、逐漸展現全景圖或展示某個地點的不同景觀。

Over the coming months, Instagram ads will be available to more advertisers with new formats, better targeting, and the ability to buy online as well as through third-party planners. As we ramp Instagram ads, we remain focused on quality and relevance to ensure the best experience for people and the highest performance for marketers. And, as always, our highest focus is on the consumer experience with Instagram.

在接下來的幾個月裡，Instagram 廣告將以新的格式、更好的定位以及在線購買和透過第三方策劃者購買的能力向更多廣告商開放。在擴大 Instagram 廣告規模的同時，我們始終注重品質和相關性，以確保為人們提供最佳體驗並為行銷人員帶來最高的績效。像往常一樣，我們最關注的是消費者使用 Instagram 的體驗。

Measurement is a key priority as we work to expand our share of global marketing budgets. Since we introduced conversion lift, which measures the direct impact that Facebook ads have on sales, we've seen adoption from marketers across verticals. When Acura launched the TLX, the largest launch in their history, they used Facebook video to show the TLX in scenarios that quickly captured people's attention like imitating a roller coaster. They then used our retargeting technology to show more detailed ads only to the people who watched the videos. Using conversion lift, they proved that Facebook ads directly drove vehicle sales.

當我們努力擴大全球行銷預算份額時，衡量是關鍵優先事項。自從我們推出轉換率提升（衡量 Facebook 廣告對銷售的直接影響）以來，我們已經看到各個垂直行業的行銷人員都採用了它。當 Acura 推出其歷史上最大的 TLX 新品發布會時，他們使用 Facebook 影片展示 TLX 的場景，就像模仿過山車一樣，很快就吸引了人們的注意力。然後，他們使用我們的重新導向技術僅向觀看影片的人展示更詳細的廣告。他們利用轉換率提升證明了 Facebook 廣告直接推動了汽車銷售。

To help marketers target and measure campaigns both on and off Facebook, we're continuing to build out our ad tech platform with Atlas, LiveRail, and the Audience Network. Entertainment Company Live Nation knew that people browsed for concert tickets on mobile devices, but they were never able to measure whether they converted into sales. Using Atlas, Live Nation was able to link their mobile ads to 66% more ticket purchases for one of their largest artists. This shows the promise of Atlas to measure cross-device conversion. We're pleased with the progress we're making on all three of our main priorities, and we plan to stay focused.

為了幫助行銷人員在 Facebook 內外定位和衡量行銷活動，我們將繼續利用 Atlas、LiveRail 和 Audience Network 建立我們的廣告科技平台。娛樂公司 Live Nation 知道人們透過行動裝置瀏覽音樂會門票，但他們無法衡量這些瀏覽是否轉化為銷售。透過使用 Atlas，Live Nation 能夠將其行動廣告與其最知名藝術家之一的門票購買量聯繫起來，從而增加 66%。這表明 Atlas 在測量跨裝置轉換方面具有潛力。我們對三個主要優先事項上取得的進展感到滿意，並計劃繼續保持專注。

Now, here's Dave.

現在，這是戴夫。

Thanks, Sheryl, and good afternoon, everyone. Q2 was another strong quarter for Facebook. We generated $4 billion in revenue and $1.3 billion in free cash flow. Strong community growth and engagement underpinned our financial performance. In June, approximately 968 million people used Facebook on an average day, an increase of 17% compared to last year. This daily number represents 65% of the 1.49 billion people who used Facebook during the month of June. That MAU number grew by 173 million year over year, and by this measure, the second quarter was our strongest in terms of community growth since 2013.

謝謝，謝麗爾，大家下午好。第二季度對 Facebook 來說又是一個強勁的季度。我們創造了 40 億美元的收入和 13 億美元的自由現金流。強勁的社區發展和參與支撐了我們的財務表現。6月份，平均每天約有9.68億人使用Facebook，比去年同期成長了17%。這一每日用戶數量佔 6 月 Facebook 使用人數 14.9 億的 65%。月活躍用戶數量年增了 1.73 億，按照這項標準，第二季是我們自 2013 年以來社群成長最強勁的季度。

Mobile remains the key driver of our growth. In June, approximately 1.31 billion people accessed Facebook on mobile devices, up 23% from last year. We also saw strong growth in our next generation of services with Instagram, Messenger, and WhatsApp now exceeding 300 million, 700 million, and 800 million MAU, respectively.

移動仍然是我們成長的主要驅動力。6 月份，約有 13.1 億人透過行動裝置造訪 Facebook，比去年同期成長 23%。我們的下一代服務也實現了強勁成長，Instagram、Messenger 和 WhatsApp 的每月活躍用戶數分別超過 3 億、7 億和 8 億。

Now, turning to the financials. All of our comparisons are on a year-over-year basis unless otherwise noted. Additionally, our non-GAAP measures exclude stock-based compensation and the amortization of intangibles. Total revenue was $4 billion, up 39%, or 50% on a constant currency basis. Ad revenue was $3.8 billion, up 43%, or 55% on a constant currency basis. The strengthening of the US dollar has continued to have an unfavorable impact on our revenue. Had foreign exchange rates remained constant with Q2 2014 levels, our total revenue this quarter would have been approximately $330 million higher.

現在，我們來談談財務問題。除非另有說明，我們所有的比較都是以同比進行的。此外，我們的非公認會計準則指標不包括股票薪資和無形資產攤提。總營收為 40 億美元，成長 39%，以固定匯率計算成長 50%。廣告收入為 38 億美元，成長 43%，以固定匯率計算成長 55%。美元走強持續對我們的收入產生不利影響。如果外匯匯率維持與 2014 年第二季水準一致，我們本季的總營收將增加約 3.3 億美元。

Regionally, we saw strong North American ad revenue growth of 55% in the quarter, and APAC growth also remained strong at 48%. Europe and the rest of the world ad revenue grew more slowly at 30% and 22%, respectively, as currency had a significant negative impact on each of those regions' year-over-year growth rates.

從地區來看，本季北美廣告收入強勁成長 55%，亞太地區廣告收入也維持強勁成長，達到 48%。歐洲和世界其他地區的廣告收入成長較慢，分別為 30% 和 22%，因為貨幣對這些地區的年成長率產生了顯著的負面影響。

Mobile was the engine of our revenue growth. Mobile ad revenue in Q2 was $2.9 billion, up 74% from last year, and represents 76% of our advertising revenue. Revenue from ads served on personal computers was down approximately 8%.

移動是我們收入成長的引擎。第二季行動廣告收入為 29 億美元，比去年同期成長 74%，占我們廣告收入的 76%。個人電腦廣告收入下降了約 8%。

In Q2, the average price per ad increased 220% while total ad impressions declined 55%. Similar to last quarter, these price volume trends were primarily driven by the redesign of our right-hand column ads which rolled out in the third quarter of last year. To a lesser degree the shift of usage towards mobile where we don't have right-hand column ads also contributed to the reported price volume trends.

第二季度，每則廣告的平均價格上漲了 220%，而廣告總展示次數卻下降了 55%。與上一季類似，這些價格量趨勢主要是受到去年第三季推出的右側欄廣告重新設計的影響。在較小程度上，使用方式向行動裝置的轉變（我們沒有右側欄廣告）也影響了報告的價格量趨勢。

Total payments and other fees revenue was $215 million, down 8% compared to last year. The decline was driven by a 19% year-over-year reduction in payments revenue related to games played on personal computers, offset primarily by the addition of other revenue related to acquisitions closed in the second half of 2014.

總支付等費用收入為 2.15 億美元，較去年下降 8%。造成這一下降的原因是與個人電腦遊戲相關的支付收入年減 19%，但主要被 2014 年下半年完成的收購相關的其他收入所抵消。

Turning now to expenses. Our Q2 total GAAP expenses were $2.8 billion, up 82%, and non-GAAP expenses were $1.8 billion, up 57%. Similar to last quarter, stock-based compensation and amortization expenses related to the WhatsApp acquisition contributed significantly to the year-over-year growth in GAAP expenses. Non-GAAP expenses growth was primarily driven by increases in headcount-related costs, cost of revenue, and marketing expenses.

現在談談費用。我們第二季的 GAAP 總支出為 28 億美元，成長 82%，非 GAAP 支出為 18 億美元，成長 57%。與上一季類似，與 WhatsApp 收購相關的股票薪酬和攤銷費用對 GAAP 費用的同比增長貢獻巨大。非公認會計準則費用成長主要受員工人數相關成本、收入成本和行銷費用增加的推動。

We ended the quarter with 10,955 employees, up 52% compared to last year. With 873 additional employees, Q2 was one of our strongest quarters in terms of hiring, and the majority of the new employees were added in R&D. Our Q2 GAAP operating income was $1.3 billion, representing a 31% operating margin. Non-GAAP operating income was $2.2 billion, representing a 55% margin. Our Q2 GAAP and non-GAAP tax rates were 44% and 36%, respectively. Q2 GAAP net income was $719 million, or $0.25 per share, and non-GAAP net income was $1.4 billion, or $0.50 per share. In Q2, capital expenditures were $549 million, and we generated $1.3 billion of free cash flow. We ended the quarter with $14.1 billion in cash and investments.

本季末，我們共有員工 10,955 人，比去年同期成長 52%。第二季新增員工 873 名，是我們招募力度最大的季度之一，其中大部分新員工都來自研發部門。我們第二季的 GAAP 營業收入為 13 億美元，營業利益率為 31%。非公認會計準則營業收入為 22 億美元，利潤率為 55%。我們第二季的 GAAP 和非 GAAP 稅率分別為 44% 和 36%。第二季 GAAP 淨收入為 7.19 億美元，即每股 0.25 美元，非 GAAP 淨收入為 14 億美元，即每股 0.50 美元。第二季度，資本支出為 5.49 億美元，我們產生了 13 億美元的自由現金流。本季結束時，我們的現金和投資為 141 億美元。

Turning now to the outlook. Let's start with revenue. Since the first quarter of 2014, we have seen year-over-year advertising revenue growth rates decline each subsequent quarter. We expect this trend to continue in Q3 and Q4 as we continue to grow off a much larger base and face currency headwinds due to the strong dollar. In addition, we expect our total payments and other fees revenues to decline on a year-over-year basis for the remainder of the year. The decline in the second half of the year should be closer to the 19% year-over-year decline we experienced in the payments business alone, as we will be lapping periods in which we added other fees revenue from acquisitions closed in the second half of 2014.

現在來談談展望。讓我們從收入開始。自 2014 年第一季以來，我們發現廣告收入年增率每季都在下降。我們預計這一趨勢將在第三季和第四季持續下去，因為我們將繼續在更大的基礎上成長，並面臨美元走強帶來的貨幣逆風。此外，我們預計今年剩餘時間內我們的總支付和其他費用收入將年減。下半年的下降幅度應該更接近我們僅在支付業務方面就經歷的 19% 的同比下降，因為我們將處於 2014 年下半年完成的收購所產生的其他費用收入的重疊期。

Turning to expense guidance. Based on our second-quarter results, we are narrowing the expense guidance range for 2015. We now expect the year-over-year growth rate for total 2015 GAAP expenses to be between 55% and 60%, narrowed from the prior range of 55% to 65%. And, we expect the year-over-year growth rate for total 2015 non-GAAP expenses to be between 50% and 55%, narrowed from the prior range of 50% to 60%. We anticipate our 2015 capital expenditures will be in the neighborhood of $2.5 billion to $3 billion, down slightly from the prior range of $2.7 billion to $3.2 billion.

轉向費用指導。根據我們第二季的業績，我們正在縮小 2015 年的支出指引範圍。我們現在預計 2015 年 GAAP 總支出的年成長率將在 55% 至 60% 之間，較之前的 55% 至 65% 有所收窄。我們預計 2015 年非 GAAP 總支出的年成長率將在 50% 至 55% 之間，較之前的 50% 至 60% 有所收窄。我們預計 2015 年資本支出將在 25 億美元至 30 億美元左右，略低於先前的 27 億美元至 32 億美元。

We continue to expect stock-based compensation in 2015 to be in the range of $3 billion to $3.3 billion, approximately one-half of which is related to our prior acquisitions, most notably, WhatsApp. We expect amortization expenses in 2015 to be approximately $700 million to $800 million. And, lastly, we anticipate our Q3 and full-year 2015 GAAP and non-GAAP tax rates to be consistent with the rates in the second quarter.

我們仍預期 2015 年的股票薪酬將在 30 億至 33 億美元之間，其中約一半與我們先前的收購有關，最著名的是 WhatsApp。我們預計 2015 年攤提費用約為 7 億至 8 億美元。最後，我們預計 2015 年第三季和全年的 GAAP 和非 GAAP 稅率將與第二季的稅率保持一致。

We have had a great first half of the year with solid revenue performance underpinned by healthy community growth across all of our services and regions. We have many exciting opportunities ahead, and we are investing in the talent and resources to capitalize on them as we seek to build long-term shareholder value.

我們上半年取得了優異的成績，所有服務和地區社區的健康發展都支撐了穩健的收入表現。我們面臨著許多令人興奮的機遇，我們正在投資人才和資源，以充分利用這些機遇，努力創造長期股東價值。

With that, Operator, let's open up the call for questions.

接線員，現在讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Anthony DiClemente, Nomura Securities.

野村證券的安東尼‧迪克萊門特 (Anthony DiClemente)。

I have one for Mark and one for Dave. Mark, Facebook has had so much success in terms of the engagement -- the growth of the engagement. I'm just wondering if there's a framework that you use to think about how much of that success is due to the core value proposition of Facebook itself continuing to resonate with people at its most basic level as opposed to the product innovation that you detailed in your prepared remarks or new use cases, which are more of a driver in your mind?

我留了一個，給戴夫留了一個。馬克，Facebook 在參與度方面取得了巨大的成功——參與度的成長。我只是想知道，您是否使用一個框架來思考，這種成功在多大程度上歸功於 Facebook 本身的核心價值主張繼續在最基本的層面上引起人們的共鳴，而不是您在準備好的發言中詳述的產品創新或新的用例，在您看來，哪一個才是更重要的驅動力？

And then, second one for Dave, CapEx being down as a percentage of revenue in the 2Q and you lowered the guidance, it doesn't feel like you are in the midst of ramping investment in the infrastructure. I wonder as you look at the assets, you have so much growth, you have the shift to bandwidth-intensive content, and applications. Do you feel like you have been more efficient in terms of your CapEx spend? Or, at some point, should we anticipate a reacceleration to CapEx? Thanks.

然後，對於戴夫來說，第二個問題，第二季度資本支出佔收入的百分比下降，而且你降低了預期，感覺你並沒有在增加基礎設施投資。我想知道，當你查看資產時，你是否擁有如此大的成長，你是否已經轉向頻寬密集的內容和應用程式。您是否覺得您的資本支出效率提高了？或者，在某個時候，我們是否應該預期資本支出會再次加速？謝謝。

I can talk to the first part. So, at some level, I do think that the core mission and promise of helping to connect people with their friends and family is very fundamental. And, everyone has friends and family and wants to stay connected. And, uses a variety of tools and ways to do that in the world today, which are often very inefficient, and the Internet offers new opportunities to make that a lot better.

我可以談談第一部分。因此，在某種程度上，我確實認為幫助人們與他們的朋友和家人建立聯繫的核心使命和承諾是非常根本的。而且，每個人都有朋友和家人，並希望保持聯繫。在當今世界，人們使用各種工具和方法來實現這一目標，但這些工具和方法往往效率低下，而互聯網提供了新的機會，使這一目標大大改善。

When you look at the specific products that -- and the work that we're doing -- there is this process that we've followed that we basically will look at an area of our products that people are using. So, for example, going back a few years, newsfeed was -- it has always been since we rolled it out a very central part of the product. But, we're looking at the stuff with increasing rigor now where we organize the Company into these product groups. And, each product group leader will not just look at the product as one thing but what are the key three or four or five use cases which often can really be their own product lines on their own, and we go through and build those out to be world-class.

當您查看特定的產品和我們正在做的工作時，我們會遵循這樣的流程，即我們基本上會查看人們正在使用的產品領域。舉例來說，回顧幾年前，自從我們推出新聞推播以來，它一直是產品中非常重要的一部分。但是，我們現在以越來越嚴格的方式審視這些問題，將公司分成這些產品組。而且，每個產品組負責人不會只將產品視為一件事，而是將產品視為三個、四個或五個關鍵用例，這些用例通常可以真正成為他們自己的產品線，我們會對其進行研究並將其打造為世界一流的產品。

I think a lot of the success that we've seen has been because of some of the work that we've done a few years back at this point in products like newsfeed. That team has executed really well. But, when I look forward, I'm very excited about doing the same thing for messaging and groups and video. There's many different use cases. You don't want to just look at these as one thing. There are a bunch of different use cases, and we want to be the best at each of them. And, if you have good people leading those teams, then I think you can deliver that over time. So, I think, yes, is the answer to your question. The mission is fundamentally, deeply important to people, but that has to be coupled with good thorough execution of each of the available opportunities.

我認為我們所取得的許多成功都歸功於我們幾年前在新聞推送等產品上所做的一些工作。那個團隊的表現確實很出色。但是，當我展望未來時，我非常興奮能夠為訊息傳遞、群組和影片做同樣的事情。有許多不同的用例。您不想僅將它們視為一件事。有很多不同的用例，我們希望在每個用例上都做到最好。而且，如果你有優秀的人才來領導這些團隊，那麼我認為你一定能夠隨著時間的推移實現這一目標。所以，我認為，是的，這是你問題的答案。這項使命對人們來說從根本上非常重要，但它必須與充分、徹底地執行每一個可用的機會相結合。

Yes. Anthony, it's Dave. So, on CapEx, we are absolutely investing in the infrastructure, and 2015 is an investment year. So, we are ramping CapEx versus 2014. The guidance is $2.5 billion to $3 billion, and that's up from $1.8 billion last year. We've got a lot of infrastructure investment that we're making across data centers, servers, network, we are clearly investing for the growth of both Facebook at its core, and then also the additional services that we're bringing on. So, we're proud about the efficiencies that we've had.

是的。安東尼，我是戴夫。因此，在資本支出方面，我們絕對會投資基礎設施，而 2015 年是投資年。因此，與 2014 年相比，我們正在增加資本支出。指導金額為 25 億美元至 30 億美元，高於去年的 18 億美元。我們在資料中心、伺服器、網路等基礎設施方面進行了大量投資，我們顯然是為了 Facebook 的核心成長以及我們正在推出的附加服務進行投資。因此，我們對我們所取得的效率感到自豪。

The infrastructure team has done an outstanding job in driving good efficiencies through things like the open compute project which allows us to leverage an open source strategy to lower our costs on server and other expensive hardware. So, it has been a great strategy for us. But, given the growth we have in the business, given the opportunity we have before us, we are very much in investment mode in terms of the infrastructure.

基礎設施團隊透過開放運算專案等方式在提高效率方面做得非常出色，這使我們能夠利用開源策略來降低伺服器和其他昂貴硬體的成本。所以，這對我們來說是一個很好的策略。但是，考慮到我們業務的成長，考慮到我們面前的機遇，我們在基礎設施方面處於投資模式。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

Mark, you talked about Oculus Rift shipping in 1Q 2016. Can you talk more about what you're most excited about in terms of the primary applications when it's into the mainstream? And then, Dave, can you also help us understand the cost structure more here as that product ramps? And then, Sheryl, if you could help us understand how broadly Instagram will open up to advertisers by year-end? Thank you.

馬克，您談到了 2016 年第一季 Oculus Rift 的出貨量。當它成為主流時，您能否詳細談談您對主要應用最感興趣的是什麼？然後，戴夫，隨著產品的成長，您能否幫助我們更了解這裡的成本結構？然後，謝麗爾，您能否幫助我們了解 Instagram 到年底將向廣告商開放到何種程度？謝謝。

I can talk about Oculus. So, the reason why Facebook is excited in this space is I can give you two reasons for this. One is there's this continued progression of people getting richer and richer ways to share what's on their mind. So, if you go back 10 years, most of how people communicated and shared was text. We are going through a period where now it's mostly visual and photos. We are entering into a period where that's going to increasingly be primarily video. And, we're seeing huge growth there. But, that's not the end of the line. There's always a richer way that people want to share and consume thoughts and ideas, and I think that immersive 3-D content is the obvious next thing after video.

我可以談談 Oculus。因此，Facebook 對這個領域感到興奮的原因在於我可以給兩個理由。一是隨著人們變得越來越富裕，他們分享想法的方式也越來越豐富。所以，如果回顧 10 年前，人們交流和分享的方式大多是透過文本。我們正處於一個主要以視覺和照片為主的時期。我們正在進入一個以視頻為主的時期。而且，我們看到那裡出現了巨大的成長。但這並不是事情的結束。人們總是希望以更豐富的方式來分享和吸收思想和創意，我認為沉浸式 3D 內容顯然是繼影片之後的下一個趨勢。

So, if you look at what the initial use cases are going to be around that, I think it's a lot of the stuff that you hear people talking about. Video, I think, will be huge. So, just taking that to be 3-D and immersive. Gaming will be huge. Those are both areas that Facebook has been involved with. Once you start to get more of a critical mass, I think you can start to get social applications which is what we as a Company are more interested in over the long term. And, think have a huge amount of potential. In addition to the video and gaming stuff which I just think is going to be awesome in the next few years as well.

因此，如果你看一下最初的用例，我認為你會看到很多你聽到人們談論的內容。我認為視頻將會非常流行。因此，只需將其視為 3-D 和沈浸式的即可。遊戲將會非常火爆。這些都是 Facebook 涉足的領域。一旦你開始獲得更多的臨界質量，我認為你就可以開始獲得社交應用程序，這是我們作為一家公司長期更感興趣的。並且，認為具有巨大的潛力。除了視頻和遊戲之外，我認為未來幾年它們也會變得非常棒。

Doug, it's Dave. Just on the question of how Oculus would affect the cost structure, it's premature for us to be giving guidance on the cost structure in 2016. But, I think one of the things to recognize here is that we're still early with Oculus. We haven't announced any specific plans as it relates to shipment volumes for the consumer for Rift. But, VR is still early and in the development stage so it would be early to be talking about large volume shipments. Obviously, we're investing on the research and development side on Oculus in 2015, and that's factored into our expense guidance for this year.

道格，我是戴夫。關於 Oculus 將如何影響成本結構的問題，我們現在就 2016 年的成本結構給出指導還為時過早。但是，我認為需要認識到的一點是，Oculus 仍處於早期階段。我們尚未宣布任何與 Rift 消費者出貨量相關的具體計劃。但是，VR 仍處於早期發展階段，因此談論大規模出貨量還為時過早。顯然，我們將在 2015 年對 Oculus 的研發進行投資，這已計入我們今年的支出指引中。

On Instagram, we are opening up to more advertisers. I talked about some of our global rollouts in the past quarter. We're also opening up more capabilities, which means more formats like direct response, more ways to buy like self-serve. That said, and it's important to understand this, while we think there's a lot of interest and a great opportunity, we're going to be really thoughtful and strategic about how we ramp revenue. Instagram remains small relative to Facebook, and it's going to really take time to have significant impact on our growth.

在 Instagram 上，我們正​​在向更多廣告商開放。我談到了我們上個季度的一些全球推廣活動。我們還將開放更多功能，這意味著更多形式（如直接回應）和更多購買方式（如自助服務）。話雖如此，理解這一點很重要，雖然我們認為有很多興趣和很好的機會，但我們會非常認真和有策略地考慮如何增加收入。與 Facebook 相比，Instagram 的規模仍然較小，它需要一些時間才能對我們的成長產生重大影響。

Heather Bellini, Goldman Sachs.

高盛的 Heather Bellini。

I wanted to ask a little bit more about as you start to speak with more advertisers on the Instagram opportunity, how are you and they thinking about the differences in how they'll engage with their customers across both platforms? And, I guess what I'm getting at is do you see Instagram targeting a different type of advertiser? Or, do you expect people to leverage both platforms and almost think of them as separate areas to budget for?

我想進一步問一下，當您開始與更多廣告商談論 Instagram 機會時，您和他們如何看待在兩個平台上與客戶互動方式的差異？而且，我想我要說的是，您是否認為 Instagram 針對的是不同類型的廣告商？或者，您希望人們利用這兩個平台並幾乎將它們視為需要預算的獨立領域？

I think one of the things that's interesting about Instagram is while the ads are really visually appealing and that brings to mind certain verticals like fashion or autos -- things where the visual really matters. What we're seeing is that lots of different verticals can use the platform really well. So, a recent example, HTC working with their agency, Swift, did Instagram videos to raise awareness of their mobile device warranty program. So, they targeted 18 to 34-year-olds. They did five short videos with these funny moments of where you're about to break your phone, and they got a 6-point lift in awareness of what is a warranty program. I think that's not something you would think of typically as Instagram.

我認為 Instagram 的一個有趣之處在於，它的廣告在視覺上非常吸引人，這讓人想起時尚或汽車等某些垂直行業——視覺效果非常重要。我們看到，許多不同的垂直行業都可以很好地利用該平台。舉個最近的例子，HTC 與其代理商 Swift 合作製作了 Instagram 視頻，以提高人們對其行動裝置保固計劃的認識。因此，他們的目標客戶是18至34歲的人。他們製作了五個簡短的視頻，講述了即將損壞手機的有趣時刻，他們對保固計劃的認識提高了 6 個百分點。我認為這不是你通常認為的 Instagram。

In terms of Instagram and Facebook, we believe that marketers are looking to connect with people in a really deep way, connect with the right people, and our targeting we think is really strong compared to other any other platform at the right time. And, that really means mobile. We see such engagement on both Facebook and Instagram along with the different targeting and ad formats. We believe we'll be able to have and are already starting to have relationships with marketers which grow across both platforms.

就 Instagram 和 Facebook 而言，我們相信行銷人員希望以真正深入的方式與人們建立聯繫，與合適的人建立聯繫，我們認為，與任何其他平台相比，我們的定位在正確的時間非常強大。這確實意味著移動。我們在 Facebook 和 Instagram 上都看到了這樣的互動以及不同的定位和廣告格式。我們相信，我們能夠並且已經開始與跨平台的行銷人員建立關係。

Our focus with our marketing partners is their business results. I talked about in my remarks how we're looking for conversions. We're trying to help them measure if you do a car ad for us, how many vehicles were driven off the lot? We see what products you use within Facebook or Instagram or Facebook and Instagram as less important as the best product for the right marketer at the right time to drive their business results. And, we like having more abilities, more products, more apps to work with so that we can drive this business results.

我們與行銷合作夥伴關注的重點是他們的業務成果。我在我的評論中談到了我們如何尋求轉變。我們正在嘗試幫助他們衡量，如果您為我們做一個汽車廣告，會有多少輛車被開走？我們認為，您在 Facebook 或 Instagram 或 Facebook 和 Instagram 上使用什麼產品並不重要，重要的是在正確的時間為正確的行銷人員提供最佳產品以推動他們的業務成果。而且，我們希望擁有更多的能力、更多的產品、更多的應用程式來推動這項業務成果。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

In early June, you rolled out some new CPC measurement methods about how the changes and the clicks and the CPCs are measured. I'd be curious about early findings you see in ad engagement growth, average price per ad? And then, the advertiser feedback or change in budgeting since you've rolled out these CPC measurement changes.

六月初，您推出了一些關於如何衡量變化、點擊和每次點擊費用的新每次點擊費用衡量方法。我很好奇您對廣告參與度成長、每則廣告平均價格的早期發現是什麼？然後，自從您推出這些每次點擊費用衡量標準變化以來，廣告商的回饋或預算變化。

And then, the second one -- on the North American advertising results were really strong. I think you have accelerating growth. Sheryl, could you call out any specific ad products that are driving this faster North American ad growth? Thanks.

然後，第二個——北美的廣告效果非常強勁。我認為你們的成長速度正在加快。謝麗爾，您能否列舉出推動北美廣告業快速成長的具體廣告產品？謝謝。

On the first, we're always trying to improve our ad products so marketers can buy what they want and pay as they want to pay. We recently announced that we're updating the definition of CPC so that includes only websites and apps. But, you can also buy on a cost per engagement basis, and that includes likes, comments, and shares. It's too early to see any direct impact, but I think it's part of the innovation that you'll see from us as we continue to roll out different ways that marketers can use our tools, different ways they can pay, different results they can target.

首先，我們一直在努力改進我們的廣告產品，以便行銷人員可以購買他們想要的產品並以他們想要的方式付費。我們最近宣布，我們正在更新 CPC 的定義，以便僅包括網站和應用程式。但是，您也可以按每次參與的費用購買，其中包括按讚、評論和分享。現在還無法看出任何直接影響，但我認為這是我們創新的一部分，隨著我們繼續推出行銷人員可以使用我們的工具的不同方式、他們可以支付的不同方式以及他們可以瞄準的不同結果。

When you look at our overall growth, our growth is very broad-based. We're broad-based against all of our segments of marketers so brand and direct response, SMBs and developers. Definitely, a part of the story here is video. Our video demand is very deep. People love the format of video. It has long been used to reach people in a compelling way, and we can do targeting in a way that's really unique.

當你觀察我們的整體成長時，你會發現我們的成長基礎非常廣泛。我們針對所有行銷人員領域開展廣泛業務，包括品牌和直接回應、中小企業和開發商。毫無疑問，這裡的故事有一部分是影片。我們對影片的需求非常強烈。人們喜歡影片的格式。它長期以來一直被用來以引人注目的方式接觸人們，我們可以以一種真正獨特的方式進行定位。

So, I'll share another example. Wendy is working with their agency, VML, launched their jalapeno fresco spicy chicken product, and they were trying to reach millennials and spicy food lovers. Working with us, they did five video ads, and on our platform they could not just do the video format, but they could target millennials and people who like spicy food which is very specific targeting. They got an 8-point lift in ad recall and a 4-point lift in purchase attempts among their millennial target, and so what that shows is our growth is being driven by the ability of us to do this broad-based consumer media advertising but do it in a more targeted way.

因此，我將分享另一個例子。溫蒂正在與他們的代理商 VML 合作，推出他們的墨西哥辣椒新鮮辣雞產品，他們試圖吸引千禧世代和辣味食物愛好者。他們與我們合作製作了五個影片廣告，在我們的平台上，他們不僅可以採用影片格式，還可以針對千禧世代和喜歡辛辣食物的人，這是非常具體的定位。他們在千禧世代目標群體中獲得了 8 個百分點的廣告回憶率提升和 4 個百分點的購買嘗試率提升，這表明我們的成長是由我們以更有針對性的方式進行廣泛的消費者媒體廣告的能力所驅動的。

I think, Brian, you were also commenting on North America. Obviously, it's probably -- everybody realizes this. But, that the big disparity between the US-Canada growth rates versus the other regions like Europe and the Rest of World are the currency headwinds which had a very significant impact to the year-over-year advertising growth rates in those regions.

布萊恩，我想你也在評論北美。顯然，很可能——每個人都意識到了這一點。但是，美國和加拿大的成長率與歐洲和世界其他地區之間的巨大差異是貨幣逆風對這些地區的同比廣告成長率產生了非常顯著的影響。

John Blackledge, Cowen and Company.

約翰·布萊克利奇，考恩公司。

Couple questions on video. Mark, I think you mentioned potentially some new options for video monetization. Maybe could you discuss some of the new options that we may see implemented? More broadly, how does video content evolve on Facebook from what we see today? Thank you.

影片中有幾個問題。馬克，我認為你提到了一些影片貨幣化的潛在新選擇。也許您能討論一下我們可能會看到的一些新選擇嗎？更廣泛地說，與我們今天所見的相比，Facebook 上的影片內容是如何演變的？謝謝。

On the options on video monetization, it's going to be -- still our focus is going to be on continuing to grow autoplay and continuing to leverage the video unit in newsfeed. That's going to be the primary driver of video growth for us. So, that's really the main focus. We've got other areas that we're experimenting with like suggested videos which are going to be very much like those ads in a feed of suggested videos. Which are also an opportunity for us, but essentially the focus is going to be on monetizing through feed ads for video.

關於視訊貨幣化的選項，我們的重點仍然是繼續發展自動播放功能並繼續利用新聞推送中的視訊單元。這將成為我們視訊成長的主要驅動力。所以，這確實是主要焦點。我們正在嘗試其他領域，例如推薦視頻，它與推薦視頻訊息流中的廣告非常相似。這對我們來說也是一個機會，但本質上我們的重點將放在透過視訊訊息流廣告實現盈利。

I think you got it.

我想你明白了。

Justin Post, Merrill Lynch.

美林證券的賈斯汀波斯特 (Justin Post)。

I think on the call you said time spent was 46 minutes per day. Any comparable metric from past quarters? And then, how would you -- if you can't give us that -- how would you gauge the overall engagement of Facebook? Just for the core site? Maybe some help about what you're seeing there? And, what products are really having an impact? Thank you.

我認為您在電話中說過每天花費的時間是 46 分鐘。與前幾季相比，有任何可比較指標嗎？那麼，如果您不能告訴我們的話，您將如何衡量 Facebook 的整體參與度？僅針對核心站點？也許對您在那裡看到的內容有幫助？那麼，哪些產品真正產生了影響呢？謝謝。

I think in terms of engagement the product is having the biggest impact is newsfeed continuing to do very well. So, newsfeed at the core is proving to be just a great experience for users. It's getting better. We continue to invest in that. As people spend more time with newsfeed, we get better about understanding what they like and getting the content that they care about in front of them. So, we're investing on that front. We're also doing more with public content. That's having an impact. So, we're seeing across the board, good improvements to newsfeed videos -- another contributor there as well. So, that's what we're seeing in terms of driving engagement.

我認為，就參與度而言，產品影響最大的是新聞推送繼續表現良好。因此，事實證明，新聞推送的核心為用戶帶來了極佳的體驗。情況正在好轉。我們將繼續對此進行投資。隨著人們花在新聞推播上的時間越來越多，我們越來越了解他們喜歡什麼，並將他們關心的內容呈現在他們面前。因此，我們正在這方面進行投資。我們也在公共內容方面做了更多工作。這正在產生影響。因此，我們看到新聞推送影片有了全面改善——這也是另一個貢獻者。這就是我們在推動參與方面所看到的情況。

Engagement across the different regions as we think about it from a DAU to MAU perspective was at record levels in the quarter so we're pleased with that. And, we continue to see time spent growth across the platform. So, on all those measures, we really like what we're seeing, and we like the investments that we're making to make that newsfeed experience even better.

從 DAU 到 MAU 的角度看，本季不同地區的參與度達到了創紀錄的水平，我們對此感到滿意。而且，我們繼續看到整個平台的使用時間成長。因此，從所有這些指標來看，我們真的很喜歡我們看到的結果，我們也喜歡我們為使新聞推送體驗變得更好而進行的投資。

Ross Sandler, Deutsche Bank.

德意志銀行羅斯桑德勒。

I just had two questions. One for Mark and then one clarification for Dave. Mark, question on the messaging app. So, the vibe at F8 from the first-day keynote at the end of the day, Brian Acton and David Marcus were basically presenting different strategies in terms of their long-term philosophy around monetization of those two platforms. So, if you look out three to five years, do you see the opportunity with Messenger and WhatsApp as being similar? Or, can you talk about the strategy there?

我只有兩個問題。一個是給馬克的，另一個是給戴夫的澄清。馬克，關於訊息應用程式的問題。因此，從第一天的主題演講到當天結束時，F8 大會的氛圍來看，Brian Acton 和 David Marcus 基本上就這兩個平台的貨幣化長期概念提出了不同的策略。那麼，如果展望未來三到五年，您是否認為 Messenger 和 WhatsApp 的機會相似？或者，您能談談那裡的策略嗎？

And, is the engagement for the messaging apps similar, higher, lower than the average for the core Facebook app in terms of daily visits? And then, Dave, you mentioned that you expect ad revenue to decelerate. I'm guessing that's a function of some of the FX headwinds. Can you talk about that on a currency-neutral basis? Relative to the 55% in the second quarter? Thanks.

而且，就每日訪問量而言，訊息應用程式的參與度是否與核心 Facebook 應用程式的平均參與度相似、更高還是更低？然後，戴夫，您提到您預計廣告收入將會下降。我猜測這是一些外匯逆風的影響。您能從貨幣中立的角度來談論這個問題嗎？相對於第二季的55%？謝謝。

I can take the second part first. So, in terms of the -- also you had asked about the growth rate in the back half of the year. I'd reiterate what I said in my comments, the business continues to perform very well driven off the strength of our mobile newsfeed ads business. And, really consistent with the trend we've seen in the last several quarters, we would expect that year-over-year ads growth rate to decline modestly in Q3 and Q4. It's really because we're delivering growth against a much larger scale newsfeed business in the prior-year period, and also of course, headwinds are an impact as well as you mentioned.

我可以先拿第二部分。因此，就—您也詢問了今年下半年的成長率。我想重申我在評論中所說的話，在我們的行動新聞推播廣告業務強勁推動下，業務繼續表現良好。而且，與我們在過去幾季看到的趨勢一致，我們預計第三季和第四季的廣告年增率將小幅下降。這確實是因為我們在去年同期實現了比大規模新聞推送業務更高的成長，當然，正如您所說，逆風也會產生影響。

And, I can talk to the messaging strategy questions. So, the playbook that we're going to run with Messenger and WhatsApp is kind of similar to how we thought about building a business in Facebook and newsfeed. Where if you go back to 2006 and 2007, there were a lot of people who were encouraging us to just put Banner ads and inorganic content into the experience. And, what we decided was that over the long term, the ads and monetization would perform better if there was an organic interaction between people using the product and businesses. So, instead of focusing on ads first, what we did was we built pages, and we made that free. That way as many businesses as possible could get into the network. And, we built insights to make it so that businesses knew how they were driving business when they used pages for free and could post into newsfeed. And then, on top of that whole ecosystem, we then had the opportunity to build what has turned into a newsfeed business that we're really proud of, right. That we think is driving a lot of value and good content for people are using the platform and helping a lot of businesses find customers and sell their products and grow overall.

而且，我可以談論訊息傳遞策略問題。因此，我們在 Messenger 和 WhatsApp 上採取的策略與我們在 Facebook 和新聞推播中開展業務的想法有點類似。如果你回顧 2006 年和 2007 年，有很多人鼓勵我們將橫幅廣告和無機內容融入體驗中。並且，我們認為，從長遠來看，如果使用產品的人和企業之間有有機互動，廣告和貨幣化將會表現得更好。因此，我們並沒有先關注廣告，而是建立了頁面，並且免費提供。這樣，盡可能多的企業就可以加入網路。並且，我們建立了洞察力，以便企業知道當他們免費使用頁面並發佈到新聞源時他們是如何推動業務的。然後，在整個生態系統之上，我們就有機會建立我們真正引以為傲的新聞推送業務，對吧。我們認為，這為使用該平台的人們帶來了許多價值和優質內容，並幫助許多企業找到客戶、銷售產品並實現整體成長。

Messaging, I think, is going to be pretty similar. We're right now -- some people in WhatsApp use the service in order to message businesses. Messenger is, I think, more people to people today. We're working on a lot of different things that make it so that people can get value from interacting with businesses. We launched some of them at F8. We have a number of other things that we're working on across Messenger and WhatsApp.

我認為，訊息傳遞將會非常相似。我們現在——WhatsApp 上的一些人使用該服務來向企業發送訊息。我認為，如今 Messenger 更適合人與人之間的溝通。我們正在進行許多不同的工作，以便人們能夠從與企業的互動中獲得價值。我們在 F8 上推出了其中一些。我們正在 Messenger 和 WhatsApp 上進行許多其他工作。

But, the long-term bet is that by enabling people to have good organic interactions with businesses, that will end up being a massive multiplier on the value of the monetization down the road when we work on that and really focus on that in a bigger way. So, we would ask for some patience on this to do this correctly. And, the game plan will be more similar to what we did in Facebook with newsfeed.

但是，長期來看，透過讓人們與企業進行良好的有機互動，當我們致力於此並真正以更大的方式關注這一點時，這最終將成為未來貨幣化價值的巨大倍數。因此，我們希望您能耐心等待，以便正確地完成此事。而且，遊戲計劃將與我們在 Facebook 上對新聞推送所做的更相似。

And, Ross, you also asked about I think the impact of Messenger on our user statistics and the daily users. The vast, vast majority virtually -- all of Messenger users are using newsfeed as well. So, Messenger-only usage is not having a material impact on our overall usage stats.

羅斯，你也詢問了我認為 Messenger 對我們的用戶統計數據和每日用戶的影響。幾乎所有 Messenger 用戶都在使用新聞推播。因此，僅使用 Messenger 不會對我們的整體使用情況統計產生實質影響。

Mark May, Citi.

花旗銀行的馬克‧梅。

I had one on search. I think you mentioned 1.5 billion daily searches. Just kind of curious, what portion of those our commercial, if you will? Not so much lookups for friends and family, but more commercial-oriented? And, can you give us an update of where you are in the process of building out an even more robust search experience on Facebook and across the other family of apps?

我搜尋過一個。我想你提到了每天 15 億次搜尋。只是有點好奇，如果您願意的話，其中有多少部分是我們的廣告？尋找朋友和家人的目的並不多，而是更以商業為導向？另外，您能否向我們介紹一下在 Facebook 和其他系列應用程式上建立更強大的搜尋體驗的進展？

And then, on Instagram, just a question on how we should be thinking about the ramp as well as the long-term opportunity? I guess the question would be in your tests, have you noticed any meaningful difference in Instagram users' willingness to see or interact with ads in their newsfeed as compared with an average Facebook user? Recognizing that probably Instagram's audience is more geared towards some of the developing markets in the US relative to the Facebook? Thanks.

然後，在 Instagram 上，只有一個問題，我們應該如何考慮成長機會以及長期機會？我想問題在於，在您的測試中，您是否注意到 Instagram 用戶與普通 Facebook 用戶相比，在查看或與新聞推送中的廣告互動的意願方面存在任何顯著差異？是否意識到與 Facebook 相比，Instagram 的受眾可能更傾向於美國的一些發展中市場？謝謝。

Sure. On the search experience, and Mark can add anything if he'd like. But, on the search experience from a monetization perspective the vast majority of the searches are for people or posts, and there can be -- there's the potential for there to be commercially-relevant content in people's posts, people searches. Which is the largest part of searching is not something that we think is really a monetizing category, but there is certainly great content that people are finding using post-search. But, it's really the focus is really to try and allow people to discover content that's been shared on Facebook that's relevant to them. And, that's going to be the focus in the near term. And, as people consume more content on Facebook, there's opportunities to show them ads in feeds. There's an opportunity there, but it's really around engaging with content that you want to find on Facebook.

當然。關於搜尋體驗，如果馬克願意的話，他可以添加任何內容。但是，從貨幣化角度來看，搜尋體驗絕大多數是針對人或貼文的搜索，並且人們的貼文、人物搜尋中可能存在與商業相關的內容。我們認為搜尋中最大的部分並不是一個真正可以獲利的類別，但人們使用後搜尋肯定會找到很棒的內容。但它真正的重點是嘗試讓人們發現 Facebook 上分享的與他們相關的內容。這將成為近期的重點。而且，隨著人們在 Facebook 上消費的內容越來越多，就有機會在資訊流中向他們展示廣告。這裡有機會，但它實際上圍繞著與你想在 Facebook 上找到的內容互動。

On Instagram, we haven't noticed any difference in willingness to engage with ads between the platforms for Instagram and Facebook. But, we've ramped really slowly, and we're very, very cautious. And, again, we're going to continue to focus on the user experience, focus on the community growth, and monetization will follow.

在 Instagram 上，我們沒有註意到 Instagram 和 Facebook 平台之間在參與廣告的意願上有任何差異。但是，我們的進展非常緩慢，而且我們非常非常謹慎。而且，我們將繼續關注用戶體驗，關注社群發展，然後實現貨幣化。

Ben Schachter, Macquarie.

麥格理銀行的本·沙赫特。

A couple questions. One, given your success with standalone apps, should we expect to see more apps in the future? And, could one of those focus specifically on video? And then, on Oculus. The monetization for that? Should we expect an app store-like model where you'll be sharing revenue with the content partners? Thanks.

幾個問題。第一，鑑於你們在獨立應用程式方面的成功，我們是否應該期待在未來看到更多應用程式？其中一個可以專門針對影片嗎？然後，在 Oculus 上。那是貨幣化嗎？我們是否應該期待一個類似應用程式商店的模式，與內容合作夥伴分享收入？謝謝。

We work on a lot of different things. I don't think we'd rule out the things that you just mentioned, but we don't have anything specific to talk about today on either of them, I think.

我們從事很多不同的事情。我認為我們不會排除您剛才提到的事情，但我認為我們今天沒有什麼具體的事情要談論。

Obviously, a big part of our investment strategy is investing in this next generation of apps, and the focus there is on growing the communities around Messenger, WhatsApp, and of course, Instagram. That's all going really well, and that's a big focus of our investments.

顯然，我們投資策略的很大一部分是投資下一代應用程序，重點是發展圍繞 Messenger、WhatsApp 以及 Instagram 的社群。一切進展順利，這也是我們投資的重點。

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)。

Two questions. David, the sales and marketing expenses this quarter were almost flattish sequentially. You don't normally see that in your business. Was there anything -- any particular reason behind that, and why you didn't have that area grow? I assume it will continue to grow going forward.

兩個問題。大衛，本季的銷售和行銷費用幾乎與上一季相比持平。您在自己的業務中通常不會看到這種情況。這背後有什麼特殊原因嗎？為什麼那個區域沒有發展？我認為它未來還將繼續增長。

And then, Mark, you had made a comment about -- I think you were referring to Instagram becoming one of the best places to get a realtime snapshot of the world. And, it reminds me or makes me think about some other leading platforms on the Internet, and I wonder how does that happen with Instagram? Is that something that you're already seeing users use Instagram to make that happen? Or, is that something that you have to tweak the user interface and change the product a little bit in order to try to have people think about it that way? How does it become that realtime snapshot of the world? Thanks.

然後，馬克，你發表了評論——我想你指的是 Instagram 成為獲取世界實時快照的最佳場所之一。而且，它讓我想起或想到網路上其他一些領先的平台，我想知道 Instagram 是如何做到這一點的？您是否已經看到用戶使用 Instagram 來實現這一目標？或者，您是否需要調整使用者介面並稍微改變產品，以便讓人們以這種方式思考？它是如何成為世界的即時快照的？謝謝。

So, on the sales and marketing expenses, Mark, I think you're going to see that be lumpy. That's just due to product marketing. And, that's just not going to necessarily be a steady quarter-to-quarter trend so you're going to see that be lumpy. But, yes, we are investing more in general in sales and marketing over time so you'd expect to see that line grow in line with the expense guidance that we're giving. So, it's definitely an area that we'll be investing in on an ongoing basis, and I wouldn't read too much into the quarterly trend there.

因此，馬克，關於銷售和行銷費用，我想你會看到它並不穩定。這只是由於產品行銷。而且，這不一定是穩定的季度趨勢，所以你會看到它不穩定。但是，是的，隨著時間的推移，我們在銷售和行銷方面投入了更多資金，因此您可以預期該業務將按照我們提供的費用指導進行成長。因此，這絕對是我們將持續投資的領域，我不會過度解讀該領域的季度趨勢。

Yes. In terms of Instagram, I just think Kevin and the team are doing amazing work. The clarity of focus and clarity of the vision that Kevin and Mike have has been exceptional. And, this is something that they've always focused on. They've cared deeply about it since the first conversations I've had with Kevin. And, I think it takes real composure as a leader to scale something from to [many X] where it was just a few years ago and build up the organization and be able to continue pushing the products forward every day to be able to do that. I think it's rare that you get someone who's as talented as the folks who are leading this, and they're just doing an amazing job.

是的。就 Instagram 而言，我認為 Kevin 和他的團隊做得非常出色。凱文 (Kevin) 和邁克 (Mike) 的焦點和願景都非常清晰。這是他們一直在關注的事情。自從我第一次與凱文交談以來，他們就非常關心這個問題。而且，我認為，作為一名領導者，需要真正的冷靜才能將某個事物從幾年前的 [許多 X] 擴展到組織，並能夠每天繼續推動產品向前發展，才能做到這一點。我認為很少能找到像領導這項工作的人一樣有才華的人，而且他們的工作做得非常出色。

Paul Vogel, Barclays.

巴克萊銀行的保羅‧沃格爾。

Similar follow-up question to Mark's. Your DAU to MAU number has been exceptionally strong and moving up. I'm going to guess a lot of that is mobile-related so I guess that would be question number one. Is it a lot mobile? And, the second question would be around this realtime issue? Are you seeing more realtime usage of Facebook? And, are you developing more products specifically around realtime usage of Facebook as a platform? Thank you.

與馬克的後續問題類似。您的 DAU 與 MAU 之比一直非常強勁，並且還在不斷上升。我猜其中很多都與移動有關，所以我想這是第一個問題。它的移動性強嗎？那麼，第二個問題是關於這個即時問題嗎？您是否發現 Facebook 的即時使用率有所提高？而且，您是否正在開發更多專門圍繞 Facebook 作為平台的即時使用的產品？謝謝。

I think a lot of it is that we're getting better and better at ranking and showing people the content they want. So, part of it is that there's of course a bigger opportunity when people have their phones with them all the time. But, I think that there are plenty of other worlds that we could be living in where we wouldn't have necessarily executed on that opportunity. The execution is hard. And, just having something that's appealing universally to people wanting to stay connected with their friends -- that's an important piece of it. But, the team has just done really good work in terms of ranking the content and making the experience faster and building out better ways to get feedback from our community on what kinds of content they want to see in newsfeed. And, helping people have the tools that they need to share the social content and news and video content that they want. That way it exists in the corpus of content that can be shown. I just think the team is doing really good work on all of these, and I'm really proud of them.

我認為這在很大程度上是因為我們在排名和向人們展示他們想要的內容方面做得越來越好。因此，部分原因是，當人們隨身攜帶手機時，當然會有更大的機會。但是，我認為，我們可能生活在許多其他的世界裡，在那裡我們不一定會抓住這個機會。執行起來很困難。而且，只要有一些東西能吸引那些想與朋友保持聯繫的人，這就是其中很重要的一部分。但是，團隊在內容排名、加快體驗以及建立更好的方式來從我們的社區獲取他們希望在新聞推送中看到什麼類型的內容的反饋方面做得非常出色。並幫助人們擁有他們需要的工具來分享他們想要的社交內容、新聞和影片內容。這樣它就存在於可以顯示的內容語料庫中。我只是認為團隊在所有這些方面都做得非常出色，我為他們感到驕傲。

Paul, there's no doubt that mobile has the beneficial effect on our engagement. In the US, two out of three smartphone users check their phone as soon as they wake up in the morning. It's just having that experience readily available in your pocket is tremendous, and we just see that being helpful across the business as it relates to mobile engagement.

保羅，毫無疑問，行動裝置對我們的參與度產生了有益的影響。在美國，三分之二的智慧型手機用戶早上醒來後就會查看手機。擁有這種隨時隨地可用的體驗真是太棒了，我們發現它對與行動互動相關的整個業務都很有幫助。

Brian Weiser, Pivotal Research.

Brian Weiser，Pivotal Research。

You mentioned 40 million small businesses have active pages. I'm wondering if you can update us on how many individual small businesses -- or businesses in total [are] buying ads right now. And, separately, I was curious about current thoughts on how ad-type businesses will evolve? If you see an integrated marketplace evolving? Or, if you see a discrete demand by side businesses -- sorry, demand and supply-side businesses evolving?

您提到有 4000 萬家小型企業擁有活躍頁面。我想知道您是否可以告訴我們目前有多少個人小型企業或總共有多少企業正在購買廣告。另外，我很好奇目前人們對廣告型業務將如何發展的看法？如果您看到綜合市場正在不斷發展？或者，如果您看到副業有離散需求—抱歉，需求方和供應方業務正在發展？

On the first, we announced that we have over 2 million advertisers who are buying ads on Facebook. And, the process for that is often that small businesses become organic users. So, those 40 million small business pages that are using it once a month. And then, we're able to move them on to being advertisers. The best way we've done that is by simplified ad products. 82% of the people who start advertising with us, start with our really simple ad products. Do you want to pay a few dollars or a few pounds or a few euro to sponsor this post -- is a really easy on-ramp for a small business.

首先，我們宣布有超過 200 萬廣告商在 Facebook 上購買廣告。而這個過程通常是小型企業成為有機用戶。因此，每月有 4000 萬個小型企業頁面使用一次它。然後，我們就可以讓他們成為廣告商。我們做到這一點的最佳方法是簡化廣告產品。82% 開始與我們合作做廣告的人都是從我們非常簡單的廣告產品開始的。您是否願意支付幾美元、幾英鎊或幾歐元來贊助這篇文章——對於小型企業來說，這是一個非常容易的入門途徑。

In terms of the overall ad tech world, I think a lot is happening and there is a lot that's going to evolve in the whole ecosystem. Our focus is on bringing people-based marketing and the effectiveness and relevance of Facebook ads off of Facebook. So, we can give marketers and publishers the tools to reach people across all of their devices, and importantly for our business, is connect the dots between online marketing and business outcomes. You heard on this call me give a few examples of where we're already able to connect what happens in terms of ads with real sales of real products. For us, this is an important investment, and it's a very strategic. We are going to put the time in to make this work rather than look for any short-run, specific return.

就整個廣告技術領域而言，我認為正在發生很多事情，整個生態系統將會發生很多變化。我們的重點是將以人為本的行銷以及 Facebook 廣告的有效性和相關性帶到 Facebook 之外。因此，我們可以為行銷人員和出版商提供工具，讓他們能夠透過各種設備接觸到用戶，而對於我們的業務而言，重要的是將線上行銷與業務成果聯繫起來。您在這次電話會議中聽到我給了幾個例子，這些例子表明我們已經能夠將廣告中發生的事情與實際產品的實際銷售聯繫起來。對我們來說，這是一項重要的投資，而且具有戰略意義。我們將投入時間來完成這項工作，而不是尋求任何短期、特定的回報。

Peter Stabler, Wells Fargo Securities.

富國證券的彼得‧斯特布勒 (Peter Stabler)。

Drafting off that, Sheryl, wondering if you could update us on Atlas? We understand Atlas in and of itself is not likely to be a major revenue driver, but we do see it as a strategically important piece of your tool set. Wondering if you could comment on agency adoption? Is it going according to plan? Are you happy with it?

謝麗爾，根據這個起草，想知道你是否可以向我們更新 Atlas 的情況？我們知道 Atlas 本身不太可能成為主要的收入驅動因素，但我們確實將其視為您的工具集中具有重要戰略意義的一部分。想知道您是否可以對機構採用發表評論？一切都按照計畫進行嗎？你對此滿意嗎？

Secondly, on SMB, just wondering -- the 80 events that you've held around the world. In terms of learning coming out of those, you talked a little bit about how folks get introduced as users and that makes sense. Is the tool set simple enough today for SMBs to grasp? Or, are there significant additions that you need to make to the tool set to accelerate the growth of SMB advertisers? Thanks very much.

其次，關於 SMB，我只是想知道——您在世界各地舉辦了 80 場活動。就從中學習而言，您稍微談到如何將人們介紹為用戶，這是有道理的。目前的工具組是否夠簡單，中小企業能夠掌握？或者，您是否需要對工具集進行重大補充以加速 SMB 廣告商的成長？非常感謝。

On the first, Atlas is really important because it's solving a measurement problem which is that the current systems for serving and measuring ads are really flawed. They basically assume that you are one person on one device, and we know that's not true. They're only about 65% accurate in demographic targeting. They don't work on mobile because they are cookie-based. They don't work on multiple devices. They don't go off-line to online, and they overemphasize the last click and reach.

首先，Atlas 非常重要，因為它解決了測量問題，即目前的廣告投放和測量系統存在嚴重缺陷。他們基本上假設你是一台設備上的一個人，但我們知道事實並非如此。他們的人口統計定位準確率只有 65% 左右。它們無法在行動裝置上運行，因為它們是基於 cookie 的。它們無法在多種設備上運作。他們不會從線下走向線上，過度強調最後的點擊和觸達。

And so, our focus with Atlas is helping people really understand the results they get with ads. You heard my Live Nation example earlier where we are able to connect Facebook ads and our platform directly to ticket sales. We never could have done that without Atlas measurement.

因此，我們對 Atlas 的關注是幫助人們真正了解他們透過廣告獲得的結果。您之前聽過我以 Live Nation 為例，我們能夠將 Facebook 廣告和我們的平台直接與門票銷售聯繫起來。如果沒有 Atlas 測量，我們就不可能做到這一點。

In terms of the migration process, this is an enterprise sale. We have to work client by client, then they have to choose us. Then, they have to migrate their systems. And so, it's going to take time. What really matters is that when we get that migration and we are seeing it, we are able to show them the value because it makes their buying much more effective because they understand real results in a new way.

從遷移過程來看，這是一次企業銷售。我們必須針對每個客戶開展工作，然後他們必須選擇我們。然後，他們必須遷移他們的系統。所以，這需要時間。真正重要的是，當我們實現這種遷移並看到它時，我們能夠向他們展示其價值，因為它使他們的購買更加有效，因為他們以一種新的方式理解了實際結果。

In [tune] with SMBs I would say two things. One, our products aren't simple enough yet because they can never be simple enough for SMBs. But, two, our products are probably the simplest ones out there. And so, I think we're leading, and I think we have a lot more to do. If you look at even in the United States, which is a very advanced market, I think it's something like 35% of SMBs don't have a web presence of any kind. But, a great majority of those do have a Facebook page, and that's because setting up a web presence for an SMB is complicated and expensive. You can't just start a webpage, but it is easier and free to start a Facebook page until you see broad adoption.

針對中小企業，我想說兩件事。首先，我們的產品還不夠簡單，因為它們對中小企業來說永遠不可能夠簡單。但是，其次，我們的產品可能是最簡單的產品。所以，我認為我們處於領先地位，而且我認為我們還有很多事情要做。如果你看看美國這個非常發達的市場，我認為大約有 35% 的中小企業沒有任何形式的網路存在。但是，其中絕大多數都有 Facebook 頁面，這是因為為 SMB 建立網路形象既複雜又昂貴。您無法直接建立一個網頁，但建立 Facebook 頁面會更加簡單且免費，直到您看到廣泛採用為止。

We also make a lot of things that they couldn't do in other platforms available on us. So, over 1 million SMBs have posted a video on Facebook. Which is pretty amazing because I doubt 1 million SMBs have ever run what is a video or TV ad. That's because you can shoot it on your mobile device, you can upload it. You can do that for free, or you can pay us for the ad. And so, I think our tools are the simplest. But, I think we still need to do better because what we hear from SMBs is simple, fast, inexpensive, showing them real return, and we're going to continue to focus on all of those things.

我們也實現了許多其他平台無法實現的功能。因此，超過 100 萬家中小企業在 Facebook 上發布了影片。這真是令人驚訝，因為我懷疑有沒有 100 萬家中小企業曾經播放過影片或電視廣告。這是因為您可以在行動裝置上拍攝它，然後上傳它。您可以免費這樣做，也可以向我們支付廣告費。所以，我認為我們的工具是最簡單的。但是，我認為我們仍然需要做得更好，因為我們從中小企業那裡聽到的是簡單、快速、便宜、向他們展示真正的回報，我們將繼續關注所有這些事情。

Eric Sheridan, UBS. Your line is open.

瑞銀的艾瑞克·謝裡丹。您的線路已開通。

I wonder if I could get an update on the e-commerce initiatives including the partnership with Shopify? And, how we should be thinking longer-term about e-commerce becoming a bigger and bigger part of the platform. Sheryl you called out Priceline.com and the booking relationship during your prepared remarks. Curious how far that might go longer term? Thanks.

我想知道我是否可以了解電子商務計劃的最新動態，包括與 Shopify 的合作？並且，我們應該如何從長遠角度考慮，讓電子商務成為平台中越來越重要的一環。謝麗爾，您在準備好的演講中提到了 Priceline.com 和預訂關係。好奇長期來看這會持續多久？謝謝。

E-commerce is one of our top categories of advertisers, and we are already driving a lot of product sales through Facebook. But, importantly, our e-commerce initiatives are really about connecting consumers with marketers so that they can buy from companies. They are not buying through us. We are testing a buy button in the new shops section on pages, but again that buy button is letting people buy directly from their advertisers not from us. It's pretty early days. We're excited by what we see in the e-commerce vertical, and we're going to continue to invest in growing that vertical as part of our ads business.

電子商務是我們最大的廣告客戶類別之一，我們已經透過 Facebook 推動了大量產品銷售。但重要的是，我們的電子商務計劃實際上是將消費者與行銷人員聯繫起來，以便他們可以從公司購買產品。他們不是透過我們購買的。我們正在頁面新商店部分測試購買按鈕，但該購買按鈕再次允許人們直接從他們的廣告商處購買，而不是從我們這裡購買。現在還為時過早。我們對電子商務垂直領域所取得的進展感到非常興奮，我們將繼續投資發展該垂直領域，並將其作為我們廣告業務的一部分。

Brian Pitz, Jefferies.

布萊恩‧皮茨，傑富瑞集團。

Questions on audience network. Any updates here including a sense for the level of adoption you're seeing from developers? Also, any synergies with the mobile app install product? And, finally, any comments on ad price comparisons to traditional newsfeed ads?

觀眾網路上的提問。這裡有任何更新嗎，包括您從開發人員那裡看到的採用程度？此外，與行動應用安裝產品有任何協同作用嗎？最後，您對廣告價格與傳統新聞推播廣告的比較有何評論？

We're seeing investment. We're investing in the audience network, and we think it's important because it takes -- it makes the ads more relevant. It's part of our overall Ad Tech push to bring the effectiveness and relevance of our ads off of. We're growing the number of advertisers and publishers, and we're continuing to see growth and we'll continue to invest.

我們看到了投資。我們正在投資受眾網絡，我們認為這很重要，因為它可以使廣告更具相關性。這是我們整體廣告技術推動的一部分，旨在提高廣告的有效性和相關性。我們的廣告商和出版商的數量正在增加，我們也將繼續看到成長，因此我們將繼續投資。

When you think about mobile app install ads, those are an important, but relatively small, part of our revenue. The important thing to understand here is that they're not only used by developers, they're used by all four marketer segments. So, for example, HBO used our video retargeting mobile app install ads on Facebook to drive downloads at HBO now, and Facebook is now the number one channel driving subscribers. I think when people think about our mobile app install ads, they often think this only applies to developers and small companies. And really, it's them as well, but it's also companies like HBO which are using those ads to drive adoption and downloads.

當您考慮行動應用程式安裝廣告時，它們是我們收入中重要但相對較小的一部分。這裡需要理解的重要一點是，它們不僅被開發人員使用，而且被所有四個行銷人員群體使用。例如，HBO 使用我們在 Facebook 上的影片重新導向行動應用程式安裝廣告來推動 HBO 的下載量，而 Facebook 現在是推動訂閱用戶的第一管道。我認為當人們想到我們的行動應用程式安裝廣告時，他們通常會認為這只適用於開發人員和小型公司。事實上，他們也是這樣做的，但 HBO 等公司也在利用這些廣告來推動採用和下載。

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

Ladies and gentlemen, this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路了。