Meta Platforms, Inc. (FB) 2021 Q2 法說會逐字稿

Good afternoon. My name is France, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Second Quarter 2021 Earnings Conference Call. (Operator Instructions) This call will be recorded.

各位下午好。我叫 France，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Facebook 2021 年第二季財報電話會議。（接線員指示）本次通話將被錄音。

Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

Facebook 投資人關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you. Good afternoon, and welcome to Facebook's Second Quarter Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。各位下午好，歡迎參加 Facebook 第二季財報電話會議。今天與我一同討論業績的有執行長 Mark Zuckerberg、營運長 Sheryl Sandberg，以及財務長 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. 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.

在開始之前，我想藉此機會提醒各位，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述所預期者有重大差異。可能導致結果出現重大差異的因素已載明於今日新聞稿，以及我們向美國證券交易委員會（SEC）提交的 10-Q 季度報告中。我們在本次電話會議中所作的任何前瞻性陳述，均係基於截至今日的假設；因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

During this call, we may 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 investor.fb.com.

在本次電話會議中，我們可能同時提供 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表已包含於今日的財報新聞稿中。新聞稿及隨附的投資人簡報可於我們的網站 investor.fb.com 取得。

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

接下來我想把電話交給 Mark。

Hi, everyone. Thanks for joining us today. This was a good quarter for our product and business. There are now more than 3.5 billion people who actively use one or more of our services. And I'm excited about our product road map ahead.

各位好，感謝今天加入我們。本季在產品與業務方面表現不錯。現在有超過 35 億人活躍使用我們的一項或多項服務。我也對接下來的產品路線圖感到振奮。

I want to start today by discussing some of the themes that we're seeing in our major efforts around creators, commerce and the next computing platform. Each of these areas is important and is going to unlock a lot of value on its own, but they're also building blocks for the future of the Internet and the future vision for our company. And I'll discuss that as well.

我想先談談我們在創作者、商務以及下一代運算平台等主要投入上所觀察到的一些主題。這些領域各自都很重要，並且都將各自釋放大量價值；同時，它們也是網際網路未來以及我們公司未來願景的基石。我也會一併談到這點。

So first, let's talk about creators. Now we want our platforms to be the best place for millions of creators to earn a living. And if we can do this, then our services will also have the best content across many different types of media, from text and photos to audio, gaming and video. Video, in particular, is becoming the primary way that people use our products and express themselves.

首先，來談創作者。我們希望我們的平台成為數百萬創作者謀生的最佳場所。如果我們能做到這點，我們的服務也將在多種媒體形式上擁有最好的內容，從文字、照片到音訊、遊戲與影片。尤其是影片，正逐漸成為人們使用我們產品並表達自我的主要方式。

I know this is a theme that we've been talking about for a few years now, but we've been executing on this for a while, and video has steadily become more important in our product. Video now accounts for almost half of all time spent on Facebook, and Reels is already the largest contributor to engagement growth on Instagram.

我知道這是我們過去幾年一直在談的主題，但我們已經執行了一段時間，影片在我們產品中的重要性也穩步提升。現在，影片約占人們在 Facebook 上花費時間的近一半，而 Reels 已經是 Instagram 互動成長的最大貢獻來源。

Across all forms of video, short-form video like Reels is growing especially quickly. We're very focused on making it easy for anyone to create video and then for those videos to be viewed across all of our different services, starting with Facebook and Instagram first.

在各種影片形式中，像 Reels 這類短影音成長特別快速。我們非常專注於讓任何人都能輕鬆創作影片，並讓這些影片能在我們所有不同的服務中被觀看，首先從 Facebook 與 Instagram 開始。

Now people like to watch videos recommended by our personalized algorithms, so this gives creators a good way to reach new people who don't follow them yet. And this is also a good complement to our social feeds, and it's an area where our progress in AI is going to make the experience a lot better in the coming months and years.

人們喜歡觀看由我們個人化演算法推薦的影片，因此這讓創作者能以良好方式觸及尚未追蹤他們的新受眾。這也能很好地補充我們的社交動態消息，而我們在 AI 方面的進展，將在未來數月與數年讓體驗大幅提升。

On-demand video like in Facebook Watch is also growing quickly and is now growing faster than other types of video or content in News Feed. We're building a number of new video monetization tools for creators that can get compensated for making great content.

像 Facebook Watch 這類隨選影片也在快速成長，且目前其成長速度已超過動態消息（News Feed）中其他類型的影片或內容。我們正在為創作者打造多項新的影片變現工具，讓他們因製作優質內容而獲得報酬。

So for example, last year, people spent more than $50 million of stars to game stream creators going live on Facebook alone. And now we're extending stars so fans can send them to any creator during on-demand video as well.

例如，去年僅在 Facebook 上，人們就對進行直播的遊戲實況創作者送出了超過 5,000 萬美元的星星（Stars）。現在我們也將星星擴展到隨選影片，讓粉絲也能在隨選影片期間送給任何創作者。

I also want to call out live video for a moment. This is a smaller percent of our overall video on our services, but it's some of the most unique content and gives creators a way to build community and engage with their followers. And we're also focused on developing monetization tools like Live Breaks for midroll ads and Live Shopping, so creators can make a living and engage their communities more deeply in commerce with their content.

我也想花點時間談談直播影片。直播在我們服務的整體影片中占比不大，但它是最具獨特性的內容之一，並讓創作者能建立社群、與追蹤者互動。我們也專注於開發變現工具，例如用於插播廣告的 Live Breaks，以及 Live Shopping，讓創作者能以內容謀生，並在商務上更深入地與社群互動。

So overall, there's a lot more to do here. And as it becomes the majority of engagement across our services in the coming years, we're going to continue to focus on that.

總體而言，這方面還有很多工作要做。隨著未來幾年它將成為我們各項服務互動的主要部分，我們會持續把重點放在這上面。

We're also focused on other types of creators beyond video. And some of the most interesting emergent behavior that we're seeing is creators using a lot of different types of content to engage their communities. So we've launched Live Audio Rooms this quarter as well as podcasts. We also launched Bulletin, our publishing and subscription service for writers and with features to help them find and grow their audiences, including integrations with Groups, Facebook Live and Live Audio Room.

除了影片之外，我們也關注其他類型的創作者。我們看到一些最有趣的新興行為，是創作者使用多種不同內容形式來與其社群互動。因此，我們本季推出了 Live Audio Rooms 以及 Podcast。我們也推出了 Bulletin——面向寫作者的出版與訂閱服務，並提供協助他們尋找並擴大受眾的功能，包括與社團（Groups）、Facebook Live 與 Live Audio Room 的整合。

To help grow the creator economy overall, we're going to keep our creator tools free to use through 2023. And we recently announced that we are investing $1 billion in creators across Facebook and Instagram. So I'm optimistic that creators will get more opportunities to do the work that they want, and that's going to lead to people hearing lots of new voices across our different services.

為了整體推動創作者經濟的成長，我們將讓創作者工具在 2023 年前都可免費使用。我們也在近期宣布，將在 Facebook 與 Instagram 的創作者上投資 10 億美元。因此我對創作者能獲得更多機會去做他們想做的工作感到樂觀，而這也將讓人們在我們不同的服務中聽到更多新的聲音。

The second area that I want to talk about today is commerce. Our goal here is to create better experiences for people interacting with businesses and to help businesses grow even more on our platform. Our approach is to work our way down the stack and build world-class services at every layer of commerce, starting from discovery at the top of the stack all the way down to payments. And just like we want to be the best place for millions of creators to make a living, we also want to be the best place for businesses to grow as well.

我今天想談的第二個領域是商務。我們的目標是在使用者與企業互動時打造更好的體驗，並協助企業在我們平台上進一步成長。我們的做法是自上而下地打通整個技術堆疊（stack），在商務的每一層都建立世界級服務，從堆疊頂端的探索（discovery）一路到最底層的支付。就像我們希望成為數百萬創作者謀生的最佳場所一樣，我們也希望成為企業成長的最佳場所。

We started here by building world-class ad tools to help businesses reach potential customers and help people discover new products and services that they might like. But what we found is that when these ads link off site, you often land on a web page that's not personalized or not optimized or where you have to reenter your payment information, and that's not a good experience for people, and it doesn't lead to the best results for businesses either.

我們一開始是打造世界級的廣告工具，協助企業觸及潛在客戶，也幫助人們發現他們可能喜歡的新產品與服務。但我們發現，當這些廣告連結到站外時，你往往會落到一個未個人化、未最佳化的網頁，或需要重新輸入付款資訊；這對使用者而言不是好的體驗，對企業而言也無法帶來最佳成效。

So our next phase here is focused on building out Shops, Marketplace, business messaging in WhatsApp and Messenger to create more native commerce experiences across our apps. There's a lot of work here to do to support all of the business tools natively that already exist for the web.

因此，我們下一階段的重點是擴展 Shops、Marketplace，以及 WhatsApp 與 Messenger 的企業訊息功能，在我們的各個 App 中打造更原生的商務體驗。要在原生環境中支援目前網頁端既有的所有商務工具，仍有大量工作要做。

But as we bring more of this online and enable more of this, it's going to create a superior consumer experience, and it's going to convert better for businesses. This is going to lead to more businesses investing and building out their presences across our services, and that will lead to even more diversity of products for people to discover and interact with.

但隨著我們把更多功能搬到線上並啟用更多能力，將能創造更優質的消費者體驗，也能為企業帶來更好的轉換效果。這將促使更多企業在我們的服務中投入並建立其據點，進而讓人們能探索與互動的產品更加多元。

So this is a long-term strategy. It's going to take a while before it's meaningful, especially given the scale of our ads business already, but I'm confident that it's the right long-term bet and product direction.

因此，這是一項長期策略。要到它變得具有實質意義還需要一段時間，尤其考量到我們現有廣告業務的規模已相當龐大，但我有信心這是正確的長期押注與產品方向。

And as we work our way down the stack from discovery and ads to native commerce store front, we're also making progress on payments at the same time. So WhatsApp Payments are now available to everyone in Brazil as well as India. Lots of people are already using this as a simple and secure way to send money to friends. We're adding new payments features in Messenger in the U.S. like QR codes. We also just announced that we're making Facebook Pay available outside of our apps for the first time, which means that you're going to start seeing it as a checkout option on the web and especially in web views that you see within our app after clicking on ads or other business content.

當我們沿著堆疊從探索與廣告一路推進到原生商務店面（storefront）時，我們也同時在支付方面取得進展。因此，WhatsApp Payments 現在已在巴西以及印度向所有人開放。許多人已經把它當作一種簡單且安全的方式來向朋友匯款。我們也在美國為 Messenger 新增支付功能，例如 QR code。我們也剛宣布，將首次讓 Facebook Pay 在我們的 App 之外提供使用，這表示你將開始在網頁上看到它作為結帳選項，尤其是在你於我們 App 內點擊廣告或其他商業內容後所看到的網頁檢視（web views）中。

The commerce experiences are now accessible across most of our services, and we have a full road map of deeper integrations that I'm excited about in the months ahead.

商務體驗現在已可在我們大多數服務中使用，而且我們已規劃了完整的更深度整合路線圖，接下來幾個月我對此感到非常期待。

The third area I want to talk about is building the next computing platform. We're continuing to invest very heavily in building technology and products to deliver a full sense of presence. This is going to be critical for unlocking the next generation of social Internet services. Quest 2, in particular, continues doing well, and it keeps getting better monthly as we release regular software updates, including most recently, our pass-through APIs, so developers can start building mixed-reality experiences on Quest.

我想談的第三個領域是打造下一個運算平台。我們持續大幅投資於技術與產品的建置，以提供完整的臨場感。這將是解鎖下一代社交網際網路服務的關鍵。尤其是 Quest 2 仍持續表現良好，而且隨著我們定期發布軟體更新，它每個月都在變得更好；最近我們也推出了穿透（pass-through）API，讓開發者可以開始在 Quest 上打造混合實境體驗。

The range of content and experiences that we're seeing keeps broadening as well to the point where there are a lot of popular virtual reality experiences beyond games at this point. The most popular apps on Quest are social, which fits our original thesis here that virtual reality will be a social platform. And that's why we're so focused on building it. But we're also seeing compelling use cases in other forms of entertainment as well as work, creativity and fitness.

我們所看到的內容與體驗範圍也持續擴大，到了目前這個階段，除了遊戲之外，已經有許多受歡迎的虛擬實境體驗。Quest 上最受歡迎的 App 是社交類，這符合我們最初的論點：虛擬實境將會是一個社交平台。這也是我們如此專注於打造它的原因。不過，我們也在其他娛樂形式，以及工作、創作與健身等方面看到很有吸引力的使用情境。

Looking ahead here, the next product release will be the launch of our first smart glasses from Ray-Ban in partnership with EssilorLuxottica. The glasses have their iconic form factor, and they let you do some pretty neat things. So I'm excited to get those into people's hands and to continue to make progress on the journey towards full augmented reality glasses in the future.

展望未來，下一個產品發布將是我們與 EssilorLuxottica 合作、由 Ray-Ban 推出的第一款智慧眼鏡正式上市。這款眼鏡保有其經典外型，並且能讓你做一些相當酷的事情。因此，我很期待讓更多人親手體驗，也期待在邁向未來完整擴增實境眼鏡的旅程上持續取得進展。

Now the areas that I've discussed today: creators, commerce and the next computing platform, they're each important priorities for us, and they're each going to unlock a lot of value on their own. But together, these efforts are also part of a much larger goal: to help build the metaverse. And I'll be sharing a lot more about this in the months ahead. So I wanted to discuss this now so you can see the future that we're working towards and how our major initiatives across the company are going to map to that.

我今天談到的幾個領域：創作者、商務，以及下一個運算平台，對我們而言各自都是重要的優先事項，而且各自都將能單獨釋放大量價值。但合在一起，這些努力也屬於一個更宏大的目標的一部分：協助打造元宇宙。我會在接下來幾個月分享更多相關內容。因此我想現在先談一談，讓你能看見我們正在努力邁向的未來，以及公司各項重大計畫將如何對應到那個方向。

So what is the metaverse? It's a virtual environment. We can be present with people in digital spaces. And you can kind of think about this as an embodied Internet that you're inside of rather than just looking at. And we believe that this is going to be the successor to the mobile Internet.

那麼，什麼是元宇宙？它是一個虛擬環境。我們可以在數位空間中與他人同在。你可以把它想像成一個你身處其中、具身化（embodied）的網際網路，而不只是站在外面觀看。我們相信它將成為行動網際網路的接班者。

You're going to be able to access the metaverse from all different devices and different levels of fidelity from apps on phones and PCs to immersive virtual and augmented reality devices. Within the metaverse, you're going to be able to hang out, play games with friends, work, create and more. You're basically going to be able to do everything that you can on the Internet today as well as some things that don't make sense on the Internet today, like dancing.

你將能從各種不同裝置、以不同擬真程度來進入元宇宙，從手機與 PC 上的 App，到沉浸式的虛擬實境與擴增實境裝置。在元宇宙中，你可以一起聊天、和朋友玩遊戲、工作、創作等等。基本上，你今天在網際網路上能做的事都能做，另外還能做一些今天在網際網路上不太合理的事，例如跳舞。

The defining quality of the metaverse is presence, which is this feeling that you're really there with another person or in another place. Creation, avatars and digital objects are going to be central to how we express ourselves, and this is going to lead to entirely new experiences and economic opportunities.

元宇宙的決定性特質是「臨場感」，也就是你真的和另一個人同在、或真的身處另一個地方的那種感覺。創作、化身（avatar）與數位物件將成為我們表達自我的核心，而這將帶來全新的體驗與經濟機會。

I think that, overall, this is one of the most exciting projects that we're going to get to work on in our lifetime. But it's going to take a lot of work. And no one company is going to be able to build this all by themselves.

我認為整體而言，這是我們一生中能參與的最令人興奮的專案之一。但這需要大量工作，而且沒有任何一家公司能夠單靠自己把這一切都建起來。

Part of what I've learned over the last 5 years is that we can't just focus on building great experiences, we also need to make sure that we're helping to build ecosystems so millions of other people can participate in the upside and opportunity of what we're all creating. There are -- going to need to be new protocols and standards, new devices, new chips, new software from rendering engines to payment systems and everything in between. And in order for the metaverse to fill its potential, we believe that it should be built in a way that is open for everyone to participate.

我在過去 5 年學到的一點是：我們不能只專注於打造很棒的體驗，也必須確保我們正在協助建立生態系，讓數以百萬計的其他人也能參與我們共同創造的成果所帶來的上行空間與機會。將會需要新的協定與標準、新的裝置、新的晶片、新的軟體，從渲染引擎到支付系統，以及介於兩者之間的一切。為了讓元宇宙發揮其全部潛力，我們相信它應該以對所有人開放參與的方式來建構。

I expect that this is going to create a lot of value for many companies up and down the stack, but it's also going to require a very significant investment over many years. I see our focus here as a continuation of our work to build technology that brings people together.

我預期這將為產業堆疊上下游的許多公司創造大量價值，但同時也需要在多年期間投入非常可觀的投資。我認為我們在這裡的聚焦，是延續我們打造能把人們連結在一起的技術之工作。

In many ways, the metaverse is the ultimate expression of social technology. Some of the experiences that I've dreamed of building since well before I started Facebook are only starting to become possible now. If you look at the investments that we've made over the years, you can see this vision gradually starting to come to focus. And you can see why we're so excited about it.

在許多方面，元宇宙是社交科技的終極呈現。我從在創立 Facebook 之前很久就夢想打造的一些體驗，直到現在才開始變得可行。如果你回顧我們多年來的投資，你會看到這個願景正逐步變得清晰，也能理解我們為何如此興奮。

So in addition to being the next generation of the Internet, the metaverse is also going to be the next chapter for us as a company. And in the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company. And there's a lot that we need to do to get there. And there are going to be many exciting milestones along the way, including some which we'll share in the months ahead.

因此，除了成為下一代網際網路之外，元宇宙也將是我們公司下一個篇章。在未來幾年，我預期人們會從主要把我們視為一家社群媒體公司，轉變為把我們視為一家元宇宙公司。我們還有很多事情要做才能走到那一步。而在這條路上也會有許多令人振奮的里程碑，其中一些我們會在接下來幾個月分享。

But in the meantime, I just want to take a moment to thank everyone in our community, all of our partners and employees and everyone who has supported us so far. I continue to be grateful to be on this journey with all of you.

但在此同時，我想花點時間感謝我們社群中的每一位、所有合作夥伴與員工，以及至今支持我們的每一個人。我仍然很感激能與各位一同踏上這段旅程。

And now here is Sheryl.

接下來交給 Sheryl。

[Hi], everyone. Thanks, Mark. I hope you're all safe and healthy.

[嗨]，各位。謝謝你，Mark。我希望大家都平安健康。

This was a really strong quarter for our business. Our total revenue for Q2 was $29.1 billion, which is a 56% year-over-year increase. We've seen strong growth in all regions and across most verticals. Our strongest verticals are those that have performed well through the -- throughout the pandemic, including e-commerce, retail and CPG. And we're also seeing continued recovery in others like travel that were hit hard by COVID. Our performance continues to be driven by the ongoing digital transformation, which has accelerated during the pandemic and our long-term investments in tools and products to help businesses make the shift online.

這一季對我們的業務而言表現非常強勁。我們第二季（Q2）的總營收為 291 億美元，年增 56%。我們在所有地區以及大多數垂直產業都看到強勁成長。我們表現最強的垂直產業，是那些在疫情期間一直表現良好的領域，包括電子商務、零售與 CPG（消費性包裝商品）。同時，我們也看到其他在 COVID 期間受到重創的產業（例如旅遊）持續復甦。我們的表現持續由數位轉型的推進所帶動；這股趨勢在疫情期間加速，而我們長期投資於工具與產品，協助企業轉向線上，也同樣推動了成長。

Not long ago, it was much harder and much more expensive for businesses to create a digital presence, take orders online and reach customers remotely. Our tools and products make these things easier and more accessible. Businesses and creators can set up pages, profiles and shops from Facebook and Instagram. They can engage with customers directly in groups or through Messenger and WhatsApp, and they can tell their stories in creative ways with real stories or by going live on Facebook and Instagram.

不久之前，企業要建立數位據點、在線上接單並遠端觸及客戶，還要困難得多、成本也高得多。我們的工具與產品讓這些事情變得更容易、也更可及。企業與創作者可以透過 Facebook 與 Instagram 建立粉絲專頁、個人檔案與商店。他們可以在社團中或透過 Messenger 與 WhatsApp 直接與客戶互動，也可以用創意方式講述品牌故事，例如發布限時動態，或在 Facebook 與 Instagram 上進行直播。

With personalized ads, they can easily reach the people most likely to be interested in their products or services for just a few dollars. This has helped so many businesses, especially small businesses, find success when reaching people in person have been much harder.

透過個人化廣告，他們只需花幾美元，就能輕鬆觸及最可能對其產品或服務感興趣的人。這已幫助了非常多企業，尤其是小型企業，在面對面接觸人群變得更困難的情況下仍能取得成功。

A great example is The Pizza Cupcake, a family-owned baking business in New York City. They've been selling at pop-up shops since 2018. But when COVID hit, pop-up locations shut down and catering events canceled. So in March last year, they became an e-commerce business. In Q3, they tested their first Facebook Ad campaigns in the New York Tri-State Area. And by the following quarter, ramped up their budget to sell across 28 states. They since made 3 new hires and plan to start shipping nationwide this year. They've expanded production, which has also led to jobs being created at fulfillment centers in Maryland, Florida, Arizona and California.

一個很好的例子是 The Pizza Cupcake，這是一家位於紐約市的家族烘焙企業。他們自 2018 年起就在快閃店販售。但 COVID 來襲後，快閃據點關閉、外燴活動取消。因此在去年 3 月，他們轉型為電子商務企業。第三季（Q3），他們在紐約三州地區測試了第一波 Facebook 廣告活動；到了下一季，便提高預算，將銷售擴展到 28 個州。此後他們新增聘用 3 名員工，並計畫今年開始全美出貨。他們也擴大了產能，進而在馬里蘭、佛羅里達、亞利桑那與加州的履約中心帶動了就業機會。

We're constantly working to improve the effectiveness of our ad products to help businesses like The Pizza Cupcake reach customers and get a great return on their investment. We're doing this through investments in machine learning and monetization of newer surfaces like Stories and Reels. In all of this, we're planning for the long term.

我們持續努力提升廣告產品的成效，協助像 The Pizza Cupcake 這樣的企業觸及客戶，並在其投資上獲得良好回報。我們透過投資機器學習，以及將 Stories 與 Reels 等較新版位進行變現來做到這一點。在所有這些工作上，我們都以長期為規劃方向。

Mark talked about some of the key elements of our strategy going forward. So I'll focus on the strategy for the ads business. If you think about the journey we've been on over the past decade or so, we started with desktop ads on the right-hand side of people's feeds. Then consumers shifted to mobile, and we put ads in News Feed. And quarter after quarter, year after year, as we've created great new consumer products like Stories or Reels, we found the right way for advertisers to reach consumers within these products. And we're constantly working to make our ads deliver more for businesses and be more relevant for people.

Mark 談到了我們未來策略的一些關鍵要素。因此我將聚焦在廣告業務的策略上。回顧過去十年左右我們走過的歷程，我們從人們動態消息右側的桌面版廣告起步。接著消費者轉向行動裝置，我們把廣告放進動態消息（News Feed）。而且一季又一季、年復一年，隨著我們打造出 Stories 或 Reels 等優秀的新消費者產品，我們也在這些產品中找到讓廣告主觸及消費者的正確方式。我們也持續努力，讓廣告為企業帶來更多成效，並對人們更具相關性。

To support the growth of our ads business over the next 10 years, it's going to take a similar effort. We need to build on our success by developing innovative new products and discovery experiences while giving everyone more control over their personal information.

為了支持未來 10 年我們廣告業務的成長，將需要類似的努力。我們必須在既有成功基礎上，開發創新的新產品與探索體驗，同時讓每個人對其個人資訊擁有更多控制權。

To build the next era of personalized experiences, we're focused on product innovations in 4 areas. The first is discovery. We want to keep making our app the best places to discover products and businesses you'll love. For example, we're testing a new experience in News Feed where you can tap to browse content from businesses on topics like beauty, fitness or clothing. And we're using context to make smarter recommendations about which ads to show. So if you're watching a travel video, we could show ads for hotels and flights.

為了打造下一個時代的個人化體驗，我們聚焦於 4 個領域的產品創新。第一個是探索（discovery）。我們希望持續讓我們的 App 成為你發掘你會喜愛的產品與商家的最佳場所。例如，我們正在動態消息（News Feed）測試一種新體驗，你可以點按瀏覽來自商家的內容，主題包括美妝、健身或服飾。我們也運用情境資訊（context）來更聰明地推薦要展示哪些廣告。因此如果你正在觀看旅遊影片，我們可能會展示飯店與機票的廣告。

The second area is commerce, which Mark touched on a moment ago. We're building a modern commerce system across ads, community tools, messaging, shops and payments. It's all about creating a personalized, seamless customer journey where it's easier to discover products, buy it, pay for it and have it delivered to your doorstep.

第二個領域是商務（commerce），Mark 剛才也提到。我們正在跨越廣告、社群工具、訊息、商店與支付，打造一套現代化的商務系統。核心在於建立個人化、無縫的顧客旅程，讓人們更容易發掘產品、購買、付款，並把商品送到家門口。

The third area is privacy-enhancing technologies. We know businesses are experiencing challenges because of platform changes. We want to make sure they can continue getting great results through privacy-safe, personalized ads long into the future. So we're collaborating across the industry to develop new technologies to help minimize the amount of personal information we process while still allowing us to show relevant ads and measure their effectiveness.

第三個領域是強化隱私的技術（privacy-enhancing technologies）。我們知道企業因平台變更而面臨挑戰。我們希望確保他們在未來很長一段時間內，仍能透過兼顧隱私安全的個人化廣告持續取得優異成果。因此我們正與產業各方合作開發新技術，以在仍能展示相關廣告並衡量其成效的同時，將我們處理的個人資訊量降到最低。

The fourth is building tools that help businesses beyond marketing. We want to help solve all kinds of business needs, whether it's customer relationship management, business messaging tools or hiring through Facebook jobs.

第四個領域是打造在行銷之外也能協助企業的工具。我們希望協助解決各式各樣的企業需求，無論是客戶關係管理、企業訊息工具，或是透過 Facebook 工作（Facebook jobs）進行招募。

We're helping people run their business across our apps easily with Facebook Business Suite. We're making it easier to message customers across our apps from a single interface. And we're expanding our Messenger API for Instagram as customers increasingly rely on messaging instead of phone calls.

我們透過 Facebook Business Suite，協助人們在我們的各個 App 上更輕鬆地經營業務。我們讓企業能從單一介面更容易地跨 App 與客戶傳訊。我們也正在擴展 Instagram 的 Messenger API，因為客戶愈來愈依賴訊息而非電話通話。

The digital transformation is a long-term trend that isn't going away. By focusing on innovation in these 4 areas, we will continue to help businesses of all sizes make the shift online and reach customers with privacy-safe, personalized advertising.

數位轉型是一個不會消失的長期趨勢。透過聚焦於這 4 個領域的創新，我們將持續協助各種規模的企業完成線上轉型，並以兼顧隱私安全的個人化廣告觸及客戶。

As ever, I'm grateful to all the businesses who work with us, and I continue to be amazed by our teams all over the world. Throughout this period, we've been really lucky to have so many brilliant people working hard to keep people connected and help businesses survive and thrive online.

一如既往，我感謝所有與我們合作的企業，也持續對遍布全球的團隊感到驚嘆。在這段期間，我們非常幸運有這麼多傑出的人才努力工作，讓人們保持連結，並協助企業在線上生存並茁壯。

Now over to Dave.

接下來交給 Dave。

Thanks, Sheryl, and good afternoon, everyone.

謝謝你，Sheryl，各位下午好。

We delivered strong results in the second quarter as our services continue to help millions of businesses reach customers around the world. Let's begin with our community metrics.

第二季我們交出強勁的成果，因為我們的服務持續協助數以百萬計的企業觸及全球客戶。先從我們的社群指標開始。

We estimate that approximately 2.8 billion people used at least 1 of our services on a daily basis in June and that approximately 3.5 billion people used at least 1 on a monthly basis. Our global community continue to grow even as we lapped elevated user growth in the second quarter of last year related to the pandemic.

我們估計 6 月每日約有 28 億人至少使用我們其中 1 項服務，且每月約有 35 億人至少使用其中 1 項服務。即使我們在去年第二季因疫情帶來的使用者成長高基期下進行比較，我們的全球社群仍持續成長。

Facebook daily active users reached 1.91 billion, up 7% or 123 million compared to last year. DAUs represented approximately 66% of the 2.9 billion monthly active users in June. MAUs grew by 194 million or 7% compared to last year.

Facebook 每日活躍用戶（DAUs）達到 19.1 億，較去年成長 7%，增加 1.23 億人。6 月 DAUs 約占 29 億月活躍用戶（MAUs）的 66%。MAUs 較去年增加 1.94 億或成長 7%。

Turning to the financials. All comparisons are on a year-over-year basis unless otherwise noted. Q2 total revenue was $29.1 billion, up 56% or 50% on a constant currency basis. We benefited from a currency tailwind. And had foreign exchange rates remained constant with Q2 of last year, total revenue would have been $982 million lower. On a 2-year basis, Q2 total revenue growth decelerated to 72% from 74% in the first quarter.

接著看財務表現。除非另有說明，所有比較皆為年對年。第二季總營收為 291 億美元，年增 56%；以固定匯率計算則成長 50%。我們受惠於匯率順風。若外匯匯率維持與去年第二季相同，總營收將會少 9.82 億美元。以兩年基礎來看，第二季總營收成長率由第一季的 74% 放緩至 72%。

Q2 ad revenue was $28.6 billion, up 56% or 51% on a constant currency basis. The macroeconomic environment for online advertising remains very strong. As Sheryl noted, the growth in the advertising revenue was largely driven by verticals that have performed well during the pandemic such as online commerce and consumer packaged goods. In addition, we have -- we saw improved growth trends in verticals that were particularly challenged during the pandemic, such as travel, entertainment and media.

第二季廣告營收為 286 億美元，年增 56%；以固定匯率計算則成長 51%。線上廣告的總體經濟環境仍然非常強勁。如 Sheryl 所提，廣告營收成長主要由在疫情期間表現良好的垂直領域所帶動，例如線上商務與民生消費品（consumer packaged goods）。此外，我們也看到在疫情期間特別受衝擊的垂直領域出現更佳的成長趨勢，例如旅遊、娛樂與媒體。

On a user geography basis, ad revenue growth accelerated in all regions as we lapped the strongest quarter of last year, this is the second quarter of last year, which was the period hardest hit by the pandemic. Growth was strongest in the Rest of World at 86%. Europe, Asia Pacific and the U.S. and Canada grew 63%, 56% and 48%, respectively. Europe, Asia Pacific and Rest of World, all benefited from currency tailwinds.

以用戶地理區域來看，當我們與去年最強的一季（也就是去年第二季，疫情衝擊最嚴重的期間）相比時，各地區的廣告營收成長皆加速。其中以世界其他地區（Rest of World）成長最強，達 86%。歐洲、亞太以及美國與加拿大分別成長 63%、56% 與 48%。歐洲、亞太與世界其他地區皆受惠於匯率順風。

In Q2, the total number of ad impressions served across our services increased 6% and the average price per ad increased 47%. Impression growth was primarily driven by developing markets, especially in Asia Pacific, while pricing growth benefited from broad-based strength in advertiser demand. Recall that in the second quarter of 2020, the effects of the pandemic contributed to elevated impressions and depressed prices, which we are now lapping.

第二季，我們各項服務投放的廣告曝光總量增加 6%，每則廣告平均價格上升 47%。曝光成長主要由開發中市場帶動，尤其是亞太地區；而定價成長則受惠於廣告主需求的廣泛強勁。請記得在 2020 年第二季，疫情效應導致曝光偏高、價格偏低，而我們現在正是在與該基期進行比較。

Other revenue was $497 million, up 36%. Other revenue growth continues to be driven by Quest 2 sales, though the rate of growth slowed in the second quarter as we entered a seasonally slower sales period. We also recorded a revenue adjustment for returns related to the Quest 2 foam facial interface recall.

其他營收為 4.97 億美元，年增 36%。其他營收成長仍主要由 Quest 2 銷售所帶動，但第二季進入季節性較慢的銷售期間後，成長速度放緩。我們也針對 Quest 2 泡棉臉部介面召回（recall）相關退貨，記錄了一項營收調整。

Turning now to expenses. Q2 total expenses were $16.7 billion, up 31% compared to last year. In terms of the specific line items: cost of revenue increased 41% driven by consumer hardware costs, payments partners and core infrastructure investments. R&D increased 37%, driven primarily by hiring to support our core products and consumer hardware efforts. Marketing and sales increased 15%, mainly driven by hiring and marketing spend. Lastly, G&A expenses increased 23% driven mostly by employee-related costs and legal expenses.

接著看費用。第二季總費用為 167 億美元，較去年增加 31%。就各項目而言：營收成本增加 41%，主要由消費者硬體成本、支付合作夥伴以及核心基礎設施投資所驅動。研發（R&D）增加 37%，主要因招募以支持我們的核心產品與消費者硬體工作。行銷與銷售增加 15%，主要由招募與行銷支出帶動。最後，一般及行政（G&A）費用增加 23%，多數由員工相關成本與法律費用所致。

We added over 2,700 net new hires in Q2, primarily in technical functions. We ended the quarter with over 63,400 full-time employees, up 21% compared to last year. Second quarter operating income was $12.4 billion, representing a 43% operating margin. Our tax rate was 17%. Net income was $10.4 billion or $3.61 per share. Capital expenditures, including capital leases, were $4.7 billion, driven by investments in data centers, servers, network infrastructure and office facilities. Free cash flow was $8.5 billion. We repurchased $7.1 billion of our Class A common stock in the second quarter, and we ended the quarter with $64.1 billion in cash and marketable securities.

第二季我們淨新增超過 2,700 名員工，主要在技術職能。我們在季末共有超過 63,400 名全職員工，較去年增加 21%。第二季營業利益為 124 億美元，營業利益率為 43%。我們的稅率為 17%。淨利為 104 億美元，或每股 3.61 美元。資本支出（含資本租賃）為 47 億美元，主要由資料中心、伺服器、網路基礎設施與辦公設施投資所驅動。自由現金流為 85 億美元。第二季我們回購 71 億美元的 A 類普通股，季末持有 641 億美元的現金與有價證券。

In terms of our sustainability efforts, we remain focused on achieving our goal to reach net zero emissions for our entire value chain in 2030. In June, we released our second annual sustainability report, which details our work towards achieving our objectives.

在永續發展方面，我們仍聚焦於達成 2030 年在整個價值鏈實現淨零排放的目標。6 月我們發布了第二份年度永續報告，詳述我們為達成目標所做的工作。

Turning now to the outlook. Similar to the second quarter, we expect that advertising revenue growth will be primarily driven by year-over-year advertising price increases during the rest of 2021. In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth. When viewing growth on a 2-year basis to exclude the impacts from lapping the COVID recovery, we expect [year -- over 2-year] total revenue growth rates to decelerate modestly in the second half compared to the second quarter rate.

現在轉向展望。與第二季類似，我們預期在 2021 年剩餘期間，廣告營收成長將主要由廣告價格的年增所帶動。在 2021 年第三季與第四季，隨著我們進入先前成長愈發強勁的比較基期，我們預期年增的總營收成長率將在季比基礎上顯著放緩。若以 2 年基礎來觀察成長、以排除 COVID 復甦比較基期的影響，我們預期【年增——以 2 年為基礎】的總營收成長率在下半年相較於第二季的水準將小幅放緩。

We continue to expect increasing ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates, which we expect to have a more significant impact in the third quarter compared to the second quarter. As noted in recent earnings calls, we continue to monitor developments related -- regarding the viability of transatlantic data transfers and their potential impact on our European operations.

我們仍預期 2021 年因監管與平台變動而帶來的廣告定向逆風將加劇，尤其是近期的 iOS 更新；我們預期其在第三季的影響將較第二季更為顯著。如同近期財報電話會議所提及，我們持續關注與跨大西洋資料傳輸可行性相關的進展，以及其對我們歐洲營運可能造成的影響。

Turning now to expenses. We expect 2021 total expenses to be in the range of $70 billion to $73 billion, unchanged from our prior outlook. The year-over-year growth in expenses is driven primarily by investments in technical and product talent, infrastructure and consumer hardware-related costs. Our expenses -- our expense outlook reflects our commitment to invest ahead of the compelling long-term growth opportunities we see across our product portfolio.

接著談費用。我們預期 2021 年總費用將介於 700 億至 730 億美元之間，與先前展望一致。費用的年增主要由對技術與產品人才、基礎設施，以及與消費者硬體相關成本的投資所驅動。我們的費用——費用展望反映了我們承諾在所見到的產品組合中具吸引力的長期成長機會之前，提前進行投資。

We expect 2021 capital expenditures to be in the range of $19 billion to $21 billion, unchanged from our prior estimate. Our capital expenditures are driven primarily by our investments in data centers, servers, network infrastructure and office facilities. We expect our full year 2021 tax rate to be in the high teens.

我們預期 2021 年資本支出將介於 190 億至 210 億美元之間，與先前估計一致。我們的資本支出主要由對資料中心、伺服器、網路基礎設施與辦公設施的投資所驅動。我們預期 2021 全年稅率將落在 10% 高段（high teens）。

In closing, we are pleased with the strong performance of our business and remain committed to innovating on behalf of the people and businesses who use our services around the world.

最後，我們對業務的強勁表現感到滿意，並將持續致力於代表全球使用我們服務的個人與企業進行創新。

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

接下來，France，我們開放提問。

(Operator Instructions) Our first question is from the line of Brian Nowak with Morgan Stanley.

（接線員指示）我們的第一個問題來自摩根士丹利（Morgan Stanley）的 Brian Nowak。

I have 2. The first one on shopping and sort of all the Instagram and Facebook shopping efforts. You've been sort of at this for over a year now. And Mark, I thought your comments about, "It's going to take a before it's meaningful," tonight were somewhat meaningful. Talk to us about sort of what are 1 or 2 of the key execution areas you really need to overcome to make the shopping opportunity really be larger for the company over the next few years.

我有兩個問題。第一個是關於購物，以及 Instagram 和 Facebook 的各項購物推動。你們投入這件事已經一年多了。Mark，我覺得你今晚提到「要一段時間才會變得有意義」的評論，其實頗具訊息量。請談談在未來幾年，為了讓購物機會對公司而言真正變得更大，你們需要克服的 1 到 2 個關鍵執行面向是什麼。

And then secondly, on the creator economy, there's a lot of different platforms with reach and algorithms sort of attacking this creator economy. Maybe just help us better understand a little bit the way you intend to really compete for creators to bring more exclusive content to your platform.

第二個問題是關於創作者經濟（creator economy）。有許多不同的平台，憑藉觸及與演算法等方式在搶攻創作者經濟。能否協助我們更理解一下，你們打算如何競爭，吸引創作者把更多獨家內容帶到你們的平台上？

Sure. I think I can probably take both of those. On commerce, I think the main thing to keep in mind is just the ads business is so large that it's going to take a long time before anything that we do with commerce is going to be particularly meaningful at scale. But I think overall, the strategy is really to work our way down the funnel from discovery and all the things that were already world-class that -- with ads to making it so that those ads increasingly point to shops across our different services. In order to do that, each layer of the funnel that we're working on, we want to be world class on its own, which means that basically, there's this whole long tail of functionality that businesses have come to expect on the web and from other tools, and we need to make sure that, that's available for shops and business messaging and all the tools, whether we do that through partnerships with other e-commerce companies or building it up ourselves.

當然。我想這兩個我都可以回答。關於商務（commerce），我認為要記住的重點是：廣告業務規模非常大，因此我們在商務上所做的任何事情，要在規模上變得特別有意義，會需要很長時間。但整體而言，策略確實是沿著漏斗往下推進：從探索（discovery）以及我們原本就已是世界級的——透過廣告所做到的各種事情——進一步讓這些廣告愈來愈多地指向我們不同服務中的商店。為了做到這點，我們在漏斗的每一層所做的工作，都希望各自都能達到世界級；這意味著，企業在網路上以及從其他工具中已經習慣的一整套長尾功能，我們需要確保這些功能能在商店、商務訊息（business messaging）以及所有工具上可用——無論是透過與其他電商公司的合作，或是我們自行建置。

So it's -- we're seeing meaningful improvements every quarter in this in terms of how effective these are. There are already a pretty meaningful number of merchants and people who are using Shops, and we expect this to compound over the coming years. But I just think in terms of the scale of the ads business that we're starting at, I just think realistically, we shouldn't expect that this is going to be a meaningful driver of our business or profitability in the near term. It's just going to take a while for that compounding to become meaningful numbers.

因此——我們在這方面每一季都看到顯著改善，尤其是在成效上。已經有相當可觀數量的商家與用戶在使用 Shops，我們預期這會在未來幾年持續複利成長。但就我們起點的廣告業務規模而言，我認為務實地說，不應期待這在短期內會成為推動我們業務或獲利能力的重要動能。要讓這種複利累積成為有意義的數字，確實需要一段時間。

But I think the strategy is the right one. It's creating a better product experience for people. When you click on an ad or when you engage with a business, it's just going to be much better to do that natively, whether you're in Instagram or Facebook or WhatsApp or whatever you're using, than go to a website that doesn't have your payment information and it isn't personalized. So I think we're on the right path here, and we're focused on compounding this as quickly as we can.

但我認為這個策略是正確的。它正在為人們創造更好的產品體驗。當你點擊一則廣告，或與一家企業互動時，以原生方式完成這些行為——不論你是在 Instagram、Facebook、WhatsApp 或你正在使用的任何服務中——都會比跳轉到一個沒有你的付款資訊、也沒有個人化的網站更好。因此我認為我們走在正確的道路上，並且專注於盡可能快速地讓這件事複利成長。

I guess for the second question on the creator economy, I mean, yes, there are a number of different companies that are focused on this. I'd say there are a couple of things here that are interesting properties of this. One is that if you're a creator and you're trying to get your content out there and you're trying to make a living, you want to be in all these different platforms. So I think a lot of what we're trying to do is it's not necessarily the case that people are going to be on one platform versus another. We just want to make it so that the creators have their best content here and that we can help them make a living better than other platforms. And we think that if we do, we'll have an advantage on content over the long term. But it's not like we fundamentally have to win creators over from another place.

至於第二個關於創作者經濟的問題，我的意思是，沒錯，確實有不少公司都在聚焦這件事。我會說這裡有幾個有趣的特性。其一是，如果你是創作者，想把內容傳播出去並以此維生，你會希望同時存在於這些不同的平台上。所以我認為我們在做的很多事情，並不一定是要讓人們只在某一個平台而不是另一個平台。我們只是希望創作者把他們最好的內容放在我們這裡，並且我們能比其他平台更好地幫助他們維生。我們認為如果能做到，長期而言我們在內容上就會有優勢。但這並不是說我們在根本上必須把創作者從其他地方「搶」過來。

Our monetization tools, I think, are a pretty big advantage that we bring to the table. Our advertising is world-class. So the ability to basically help creators make more money from the work that they're already doing, I think it's something that we should really be able to bring those set of tools to the table. We also have a lot of distribution that -- and ability to -- for people to find their communities and help personalize recommendations to help connect people with the people who are going to be interested in their content.

我認為我們的變現工具是我們帶來的一個相當大的優勢。我們的廣告是世界級的。因此，基本上能夠幫助創作者從他們已經在做的工作中賺到更多錢，我認為我們確實應該能把這套工具帶到桌面上。我們也擁有大量的分發能力——以及讓人們找到其社群的能力，並透過個人化推薦，協助把人們與會對其內容感興趣的受眾連結起來。

So I bet that is -- that's some of what we're seeing and why a lot of creators are excited about the work that we're doing. And over the long term, I think if we're able to make it so that millions of creators are able to make a living across our platforms, I think that that's just going to mean that there's going to be a long-term breadth and healthy set of content across the systems that I think is going to be increasingly important, especially as video becomes more important on our platforms, like what we're seeing both with Watch and Reels now.

所以我打賭那就是——那也是我們所看到的一部分原因，為什麼許多創作者對我們正在做的工作感到興奮。長期而言，我認為如果我們能讓數以百萬計的創作者能在我們的平台上維生，這就意味著系統中將會有長期、廣泛且健康的內容供給；我認為這會愈來愈重要，特別是當影片在我們的平台上變得更重要時，就像我們現在在 Watch 和 Reels 上所看到的那樣。

And France, we can go ahead and take the next question.

France，我們可以繼續進行下一個問題。

Our next question is from Justin Post with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Justin Post。

Maybe one for Dave and one for Mark. First on the DAUs, you're kind of back where you were in Q1 last year for U.S. and Europe. How do you feel about how reopening is affecting activity? And penetration levels today, where could they go from here?

可能一個問 Dave、一個問 Mark。首先關於 DAU，你們在美國與歐洲的水準大致回到去年第一季的位置。你們如何看待重新開放對活動度的影響？以及以目前的滲透率水準，接下來可能往哪裡走？

And then, Mark, really appreciate all the commentary on meta universe. I think some companies would build them private. I appreciate the thoughts around that. Maybe first, what's kind of the business model on a very high level? And second, what kind of disclosures could we see on expenses around AR, VR? It looks like maybe up to 20% of job openings are Oculus. So it looks like the investments already started. I was wondering if you might be able to -- how you're thinking about giving us updates around that.

然後，Mark，非常感謝你對元宇宙（meta universe）的所有評論。我想有些公司會把它做成封閉式的，我很欣賞你對此的想法。首先，從非常高的層級來看，商業模式大概是什麼？第二，關於 AR、VR 的費用，我們可能會看到什麼樣的揭露？看起來也許多達 20% 的職缺都與 Oculus 有關，所以投資似乎已經開始了。我想知道你是否能——你們如何思考向我們提供相關更新？

Yes. Thanks, Justin. On the DAU front, we are seeing those trends being impacted by COVID. That's especially noticeable in some of the larger markets where we have high levels of penetration like North America and Europe.

是的。謝謝你，Justin。就 DAU 而言，我們確實看到這些趨勢受到 COVID 的影響。這在一些我們滲透率很高的大型市場特別明顯，例如北美和歐洲。

And I'd say in North America, given our high level of penetration, we do expect sort of MAU and DAU levels to sort of bounce around from quarter-to-quarter given kind of how significantly penetrated we are in that market.

而且我會說，在北美，鑑於我們的滲透率很高，我們確實預期 MAU 和 DAU 水準會在季度之間有所波動，因為我們在該市場的滲透程度相當高。

And then in Europe, we're seeing a combination of seasonal slowness as well as COVID-related softness when we saw restriction ease -- restrictions ease. Obviously, with Delta, we might see other trends. It's hard to predict how that's going to play out in this cycle. But that's kind of the best read on it I can give you at this point.

接著在歐洲，我們看到季節性放緩以及與 COVID 相關的疲弱同時出現，尤其是在我們看到限制措施放寬——限制放寬的時候。當然，隨著 Delta 變異株，我們可能會看到其他趨勢。很難預測在這個週期中會如何發展。但就目前而言，這大概是我能給你的最佳判讀。

Sure. And on the metaverse point, what we're primarily focused on here, before I get into the business model, our basic playbook as a company is build products that get to scale, especially social products. It's important that the people you want to interact with are there. So we're going to focus on having hundreds of millions of people use the metaverse and the new platforms that we're building before we really turn this into what I expect to be a very important and big part of the business.

當然。至於元宇宙這點，在我談到商業模式之前，我們在這裡主要聚焦的是：作為一家公司，我們的基本作戰手冊是打造能夠擴大到規模的產品，尤其是社交產品。你想互動的人也在那裡，這點很重要。因此，在我們真正把它變成我預期會是業務中非常重要且龐大的一部分之前，我們會先專注於讓數以億計的人使用元宇宙以及我們正在打造的新平台。

But overall -- and I think that there's -- as we embark on this next chapter, ads are going to continue being an important part of the strategy across the social media parts of what we do, and it will probably be a meaningful part of the metaverse, too. I think commerce is going to be increasingly important, which is why we're -- one of the reasons why we're focused on this across our current apps and the current economy. But I think digital goods and creators are just going to be huge, right, in terms of people expressing themselves through their avatars, through digital clothing, through digital goods, the apps that they have, that they bring with them from place to place. A lot of the metaverse experience is going to be around being able to teleport from one experience to another. So being able to basically have your digital goods and your inventory and bring them from place to place, I think that's going to be a big investment that people make.

但整體而言——而且我認為——當我們開啟下一個篇章時，廣告仍會是我們在社群媒體相關業務中的重要策略部分，而且它也很可能會是元宇宙中相當有意義的一部分。我認為電商會變得愈來愈重要，這也是我們在現有 App 與現有經濟體系中聚焦這件事的原因之一。但我覺得數位商品與創作者將會非常巨大，對吧？人們會透過他們的化身、數位服飾、數位商品、他們擁有的 App，以及他們從一個地方帶到另一個地方的東西來表達自我。元宇宙體驗很大一部分會圍繞著能夠從一個體驗「瞬移」到另一個體驗。因此，能夠基本上擁有你的數位商品與庫存，並把它們帶到不同地方，我認為這會是人們會做出的一項重大投資。

And our focus for now is really on helping to develop the community, helping to develop the number of people who -- and grow the number of people who can be in these metaverse experiences and can experience in these next computing platforms like virtual and augmented reality. And that's, I think, what you should expect us to focus on over the next period. But over the long term, I think that there's going to be a very big digital economy around this. And that's what we're primarily going to be shooting for.

而我們目前的重點，確實是在協助建立社群、協助提升——並擴大——能夠參與這些元宇宙體驗的人數，並讓更多人能在虛擬實境與擴增實境等下一代運算平台中體驗這些內容。我想，這就是你在接下來一段時間應該預期我們會聚焦的方向。但從長期來看，我認為圍繞這件事會形成一個非常龐大的數位經濟，而這就是我們主要要努力達成的目標。

Our business model isn't going to primarily be around trying to sell devices at a large premium or anything like that because our mission is around serving as many people as possible. So we want to make everything that we do as affordable as possible, so as many people as possible can get into it and then compounds the size of the digital economy inside it.

我們的商業模式不會主要是靠以很高的溢價去賣裝置或類似的事情，因為我們的使命是服務盡可能多的人。因此，我們希望把我們所做的一切都做得盡可能可負擔，讓盡可能多的人能夠加入，進而擴大其中數位經濟的規模並產生複利效應。

So that's kind of at a high level how I'm thinking about this. And I'm happy to talk about this more as we continue to evolve the investment. And Dave can speak about the expenses and disclosures and all that. But I will note that I appreciate the ingenuity and cleverness of looking to our job descriptions to -- just to see where we're investing. This is a big focus, as I called out in my comments at the beginning.

所以大致上，這就是我在高層次上對此的思考方式。隨著我們持續推進投資、逐步演進，我也很樂意再多談。Dave 也可以談談費用、揭露等事項。不過我想補充的是，我很欣賞你們的巧思與聰明，會去看我們的職缺描述——只是為了了解我們把投資放在哪裡。正如我在一開始的評論中提到的，這是一個很大的重點。

Yes. And Justin, I mean, obviously, from a capital allocation perspective, our overall focus is on growth. And we've repeatedly called out that as it relates to our investments in innovation, FRL is a big focus area for us and a major investment driver in our expense outlook. So we have mentioned that we're investing billions of dollars annually, and we expect to invest in this area for the foreseeable future. As we make progress towards building this next computing platform, there's a lot of hard work that needs to be done, but it is a big focus, but we haven't provided any more granularity on it.

是的。而且 Justin，從資本配置的角度來看，我們整體的重點顯然是成長。我們也一再強調，就我們在創新方面的投資而言，FRL 是我們非常重要的聚焦領域，也是我們費用展望中的主要投資驅動因素。因此我們提到過，我們每年投資數十億美元，並且預期在可預見的未來會持續投資這個領域。當我們朝著打造下一代運算平台邁進時，還有很多艱鉅的工作需要完成；這確實是很大的重點，但我們尚未提供更細的拆解。

Okay, France, the -- you can go ahead and go to the next question, please.

好的，France——你可以繼續進到下一個問題，謝謝。

Our next question is from Doug Anmuth with JPMorgan.

下一個問題來自 JPMorgan 的 Doug Anmuth。

I'm going to go 2 for Dave. Just first on the mix of slower impression growth and then with price as the driver here for the year, is there anything else that we should be thinking about beyond the comps from last year? And how do you think about expanding surfaces to create more ad inventory going forward?

我有兩個問題要問 Dave。第一個是關於曝光量成長放緩的組合，以及今年由價格作為主要驅動因素這件事：除了去年同期比較基期之外，還有沒有其他我們應該考量的因素？以及你如何看待未來透過擴展版位來創造更多廣告庫存？

And then secondly, just curious if your view on ATT has changed over the past 3 months at all? And if you could comment at all just early on, on some of your mitigation efforts and what you're seeing there.

第二個是想請教，你們對 ATT 的看法在過去 3 個月有沒有任何改變？另外，如果可以的話，也請你就你們一些緩解措施的早期進展，以及你們目前看到的情況做些評論。

Yes. Sure, Doug. In terms of impression growth, we had called out last quarter that we would expect for the remainder of 2021 for pricing to be a bigger driver of growth. So -- and mentioned at that time, there were a few factors driving it. The biggest factor is lapping the COVID engagement that we saw that was particularly pronounced in North America where we saw more engagement related to the lockdowns and higher impression growth last year. So that is one of the big factors.

是的。當然，Doug。就曝光量成長而言，我們在上一季就提到，預期 2021 年剩餘期間，價格會是更大的成長驅動因素。所以——而且我們當時也提到有幾個因素在推動。最大的因素是我們正在與去年 COVID 期間的互動高峰做比較，這在北美特別明顯，因為去年封鎖期間互動更高、曝光量成長也更高。因此，這是其中一個主要因素。

The other factor that we're seeing is a shift towards video, both for our products and other products. And that's just generally a big trend in the market, and that tends to have a -- lower impressions per the amount of engagement than things like News Feed. So kind of both those things are factors, but the COVID factor is the one that I would call out.

我們看到的另一個因素是向影片的轉移，不論是我們的產品或其他產品。這在市場上整體而言是一個很大的趨勢，而相較於像動態消息（News Feed）這類產品，影片通常在相同互動量下帶來的曝光數會更低。所以這兩點都是因素，但我會特別點出的是 COVID 這個因素。

And when you think about how we're expanding services to create more ad inventory, I would say that we've got a number of impression growth opportunities. We've seen growing impression contributions from new services like Instagram Explore broadly within video, Marketplace. And then when we look forward, I think Reels is a really significant future opportunity. We've only just really begun to make ads available globally on Reels.

至於你提到我們如何擴展服務以創造更多廣告庫存，我會說我們有多個曝光量成長機會。我們看到來自新服務的曝光貢獻正在增加，例如 Instagram Explore、整體影片領域、Marketplace。再往前看，我認為 Reels 是一個非常重要的未來機會。我們其實才剛開始在全球範圍內讓 Reels 提供廣告。

So when you kind of look at all of these different services, we think there are a lot of good growth opportunities. They're still small in absolute size compared to things like Feed and Stories, but big opportunities for growth.

所以當你把這些不同的服務放在一起看，我們認為有很多不錯的成長機會。它們相較於像 Feed 和 Stories 這些產品，在絕對規模上仍然較小，但成長機會很大。

In terms of your question on ATT, so the impact from the ATT changes has really generally been in line with our expectation. We're obviously benefiting, as others are, from a very strong macro environment for advertising. But look, this has been very challenging for advertisers to navigate, and we're working with them to help them navigate these changes. And we've introduced solutions to help them do that through approaches like our Aggregated Events Management API, which is aggregated data for targeting and measurement. Obviously, we're doing a lot of work on using machine learning and AI to help rank apps and make them more valuable. But overall, we do think there are opportunities to continue to improve our capabilities through investments in areas like machine learning and AI to make ads more effective. And if we can get advertisers to get the same number of conversions from fewer ads, that's great. That works for them, and it creates more value for the ads for us.

至於你關於 ATT 的問題，ATT 變更帶來的影響整體而言確實大致符合我們的預期。我們當然也和其他公司一樣，受惠於非常強勁的廣告總體環境。但坦白說，這對廣告主來說非常難以因應，我們正與他們合作，協助他們應對這些變化。我們也推出了解決方案來幫助他們，例如我們的 Aggregated Events Management API，也就是用於定向與衡量的彙總資料。當然，我們也在大量投入機器學習與 AI，來協助排序 App 並提升其價值。但整體而言，我們確實認為，透過在機器學習與 AI 等領域的投資，仍有機會持續提升我們的能力，讓廣告更有效。如果我們能讓廣告主用更少的廣告取得相同的轉換數，那就很好：這對他們有利，也會為我們的廣告創造更高的價值。

Okay, France, we can go to the next question.

好的，France，我們可以進到下一個問題。

Our next question is from Mark Mahaney with Evercore ISI.

下一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. Two questions, please. Back on the metaverse investments, Dave, will you take a swing at that question about how much expense associated with building out the metaverse that investors should expect? We came up with our own crude numbers of maybe $5 billion a year. Are we anywhere, ballpark, close on that?

好的。兩個問題，謝謝。回到元宇宙投資，Dave，你能不能嘗試回答一下投資人應該預期與打造元宇宙相關的費用大概會是多少？我們自己粗略估算可能是每年 50 億美元。我們的數字在大致範圍內接近嗎？

And then given the rise in pricing, just to address the issue. I know you've done it in the past, the extent to which that's had a material impact on ROI for marketers. I know it's an auction-based system. But as prices rise, is there -- should -- is there any reason to be concerned about whether there will be some marketers that would be priced out because of that and create less optimal outcomes for your platform?

然後，鑑於定價上升，想就這個問題請教一下。我知道你們過去做過，在多大程度上這對行銷人員的投資報酬率（ROI）造成了實質影響。我知道這是一個以拍賣為基礎的系統。但當價格上升時，是否——應該——有任何理由需要擔心，會不會有一些行銷人員因此被「定價排除」而無法參與，進而讓你們的平台出現較不理想的結果？

Yes. Sure, Mark. And I can certainly hit this with Justin's earlier question. We haven't given a specific breakout on what we're investing in FRL. It's obviously a significant investment. We've categorized it as billions and so your number is billions. So it's consistent with us saying billions. But beyond that, we don't have any more specificity to give, but it is certainly a significant investment. And I would say that is inclusive, obviously, of all of the efforts we're making across FRL, not just the metaverse.

是的。當然，Mark。我也可以把這點和 Justin 先前的問題一起回應。我們沒有提供關於我們在 FRL 投資項目的具體拆分。這顯然是一項重大投資。我們把它歸類為「數十億」，所以你的數字就是數十億。因此這與我們所說的「數十億」一致。但除此之外，我們沒有更多具體細節可以提供；不過這確實是一項相當可觀的投資。而且我會說，這當然包含我們在 FRL 各方面所做的所有努力，不僅僅是元宇宙。

And then on pricing and ROI, Sheryl, you might be able to give some color on that as well. You're muted, Sheryl.

然後關於定價與 ROI，Sheryl，你或許也能補充一些說明。你現在是靜音，Sheryl。

Hang on a second.

等我一下。

Sorry. On pricing and ROI, the beauty of an auction is that people can see the prices they're paying. They're able to measure the results, and then bid appropriately. As people get more specific, more personalized, more targeted in what they're doing, even if prices are rising, they can find the buys within the system network for them. And the good news is that's good pressure in the system because it makes the ads more relevant for the people who are seeing them.

抱歉。關於定價與 ROI，拍賣機制的好處在於，人們可以看到自己支付的價格。他們能衡量結果，然後做出適當的出價。當人們在操作上變得更具體、更個人化、更精準投放時，即使價格上升，他們也能在系統網路中找到適合自己的購買機會。而好消息是，這對系統而言是良性的壓力，因為它會讓廣告對看到它的人更具相關性。

Once you are really incentivized within an auction to find the thing that is returning for you, that's actually almost always the thing that is the most relevant for people who are seeing the ads. And I think that's been a good system and good pressure within the system going forward.

一旦在拍賣中你真的被激勵去找到對你有回報的那個選項，那幾乎總是同時也是對看到廣告的人最相關的內容。我認為這一直是一個良好的系統，也是在系統內部向前推進的良性壓力。

We're certainly seeing our large brand advertisers continue to spend and get better at using personalization in our ad formats. And we're seeing small advertisers be able to compete very effectively. Doesn't mean that rising prices aren't an issue sometimes. But I think overall, this is where the auction system serves us well and most importantly, serves consumers well.

我們確實看到大型品牌廣告主持續投入支出，並且更擅長在我們的廣告格式中運用個人化。我們也看到小型廣告主能非常有效地競爭。這不代表價格上升有時不會成為問題。但我認為整體而言，這正是拍賣系統能很好地服務我們、而且最重要的是，能很好地服務消費者的地方。

Great, France, we can go to the next question.

很好，France，我們可以進入下一個問題。

Our next question is from Youssef Squali with Truist.

下一個問題來自 Truist 的 Youssef Squali。

Two questions, please. First, with Mark -- for Mark, maybe going back to the metaverse vision. How much of the building blocks that you need to basically build this future is within your control versus maybe pieces that other areas need to build, I'm thinking particularly around the hardware side because just listening to you, it seems like this is more of a communal thing that many, many, many people, many parties, even maybe some walled gardens would need to kind of open up to embrace this. Just wondering how you kind of look at that.

兩個問題，謝謝。第一個，給 Mark——可能回到元宇宙願景。你們要打造這個未來所需的「基礎建設」中，有多少是在你們可控範圍內，多少可能需要其他領域來建置？我特別想到硬體端，因為聽你描述，這似乎更像是一件需要很多很多人、很多方，甚至可能一些封閉生態（walled gardens）也需要某種程度開放、共同擁抱的事情。想請教你如何看待這點。

And then maybe Dave or maybe Sheryl, I was -- I want to go back to the impact of iOS 14.5 on target in general, but maybe DR in particular. We heard from several marketers throughout the quarter that they had pulled back, not just on Facebook, but really across the board on some ad formats like app-installed ads because of ATT. I was wondering if you can maybe speak to DR versus brand.

然後第二個，可能給 Dave 或 Sheryl：我想回到 iOS 14.5 對整體定向（targeting）的影響，尤其是對 DR（直接回應）可能的影響。我們在本季聽到幾位行銷人員表示，他們不只是在 Facebook，而是幾乎全面性地在某些廣告格式上縮手，例如因為 ATT 而減少 app 安裝廣告。我想請你們談談 DR 相對於品牌（brand）的情況。

I can start off with the metaverse question. I do think that this is going to be a macro wave overall that a lot of companies are going to be able to ride and benefit from. So whether that's companies like NVIDIA that are building a lot of the graphics chips that are going to be really important for a lot of the content that I think is going to be increasingly graphically intense, that's -- certainly, building those kind of graphics chips is not a thing that we're intending to get into. So we're certainly counting on companies like that in the industry to kind of continue improving and compounding overall.

我先從元宇宙的問題開始。我確實認為這將是一個整體的宏觀浪潮，很多公司都能乘勢而上並從中受益。比如像 NVIDIA 這樣的公司，正在打造大量圖形晶片，而這些晶片對我認為將愈來愈圖形密集的內容會非常重要——當然，打造這類圖形晶片並不是我們打算涉足的事情。所以我們確實仰賴產業中這類公司持續改進並累積進步。

But on the hardware side, I would say that we have a pretty big program on building virtual and augmented reality devices. And I mean sure, a lot of people are still going to be using phones and computers for a long time. But I think when it gets to what are the devices that are going to deliver the deepest sense of presence and that are going to be increasingly important over the next decade, we're certainly investing in that because we want to make sure that those develop in a way that's in line with the vision of these platforms helping people to interact with each other and socialize. And that means prioritizing certain feature development or certain sensors in the devices that we want to make sure that we can help push that in a direction that will help leave these to become a very social platform.

但在硬體端，我會說我們在打造虛擬實境與擴增實境裝置方面有相當大的計畫。當然，很多人仍會在很長一段時間內使用手機和電腦。但我認為，當談到哪些裝置能帶來最深的臨場感（presence），並且在未來十年變得愈來愈重要時，我們確實在投資，因為我們希望確保這些裝置的發展方式符合我們的願景：這些平台能幫助人們彼此互動與社交。這也意味著要優先推動某些功能開發或裝置中的某些感測器，我們希望能確保自己能把它往一個方向推進，讓這些裝置能成為一個非常社交化的平台。

So overall, I do think this is going to be a big space. The point that I was making is that I think there are going to be a lot of winners. And there's -- and this is going to be not something that one company builds alone, but I think it is going to be a whole ecosystem that needs to develop. But we're certainly making a lot of the key investments that we need to make in the foundational technology to be able to deliver the parts that we want to.

所以整體而言，我確實認為這會是一個很大的領域。我剛才想表達的是，我認為會有很多贏家。而且——這不會是某一家公司單獨打造的東西；我認為它需要整個生態系的發展。但我們當然正在對基礎技術做出許多關鍵投資，以便能交付我們想要的那部分。

Why don't -- Youssef, why don't I start off on it and then if Sheryl wants to add any color, she can jump in and add that. So in terms of Facebook Ads performing well in both direct response and brand this quarter, we continue to see solid growth across both direct response and brand. And direct response continues to be the bulk of our business and the primary driver of growth, but we did see a nice rebound consistent with others in the market of brand spend back on platform. And brand obviously took a big hit on a year-ago basis. Really saw a bigger pullback in brand. And so brand came back more strongly than DR.

Youssef，不如我先回答，然後如果 Sheryl 想補充說明，她可以加入。就本季 Facebook 廣告在直接回應與品牌兩方面的表現而言，我們持續看到 DR 與品牌都呈現穩健成長。直接回應仍然是我們業務的主體，也是成長的主要驅動力；但我們也看到品牌支出在平台上出現不錯的反彈，這與市場上其他公司一致。而品牌在去年同期的基期上顯然受到很大衝擊，當時品牌端的縮手更明顯。因此品牌的回升幅度比 DR 更強。

But DR is still doing quite well. We're seeing a lot of the categories that led during the pandemic continue to do well, and those are all highly DR-centric verticals like commerce. So continuing to see good performance there.

但 DR 仍然表現相當不錯。我們看到疫情期間領先的許多類別仍持續表現良好，而這些多半都是高度以 DR 為核心的垂直領域，例如電商。因此我們在那裡仍持續看到良好表現。

The only thing I'll add is that increasingly, the brand/DR distinction is less and less traditional. Large brand advertisers that have done brand advertising for a very long time, are increasingly learning to do direct response ads and use our different formats and use our different measurement tools.

我唯一想補充的是，品牌／DR 的區分正變得愈來愈不那麼傳統。長期以來做品牌廣告的大型品牌廣告主，正愈來愈學會投放直接回應廣告，並使用我們不同的格式與不同的衡量工具。

So even the categories that people are used to thinking about, I think it's more the buy than the advertiser. As our largest brand advertisers, I think many of them are becoming increasingly proficient and effective in what would traditionally be considered DR advertising.

所以即使是人們習慣用來思考的那些類別，我認為更重要的是「買法」而不是廣告主本身。就我們最大的品牌廣告主而言，我認為其中很多正愈來愈熟練且有效地在做傳統上會被視為 DR 的廣告。

France, you can go ahead and go to the next question, please.

France，請繼續進入下一個問題。

Our next question is from Ross Sandler with Barclays.

下一個問題來自 Barclays 的 Ross Sandler。

Just one question for Mark or Dave, I guess, a follow-up on the creator economy topic. So YouTube pays $0.50 on every dollar to the creator, about $15 billion or so this year. So I guess, Dave, what's the view on the financial model and how that might change as you guys lean in, in this area? I know that influencers are getting paid maybe not directly by Facebook today, but by other folks to post things on Facebook. So I guess in the new world, are we looking at lower margins and other things that might offset that, like higher engagement? And then is the creator content going to be on just the new surfaces like Reels? Or is it likely to proliferate everywhere, including like the News Feeds on [blue] and Instagram?

我只有一個問題給 Mark 或 Dave，算是延伸追問創作者經濟（creator economy）的主題。YouTube 每 1 美元會支付 0.50 美元給創作者，今年大約是 150 億美元左右。所以我想問，Dave，你們對財務模型的看法是什麼？當你們在這個領域加大投入時，這個模型可能會如何改變？我知道目前網紅可能不是由 Facebook 直接付費，而是由其他人付費來在 Facebook 上發文。所以在新的世界裡，我們是否會看到較低的利潤率，以及是否會有其他因素抵銷，例如更高的互動？另外，創作者內容會只出現在像 Reels 這樣的新介面上嗎？還是可能會在各處擴散，包括 [blue] 和 Instagram 的動態消息（News Feeds）？

Yes, Ross, I can take that. I think it's a question of definition as well. I mean we already, like YouTube, pay a lot out to the creative industry more broadly as opposed to specific individual creators. So for instance, we pay to -- on the music licensing front, we do a fair amount of that. There's significant payments we make there above and beyond what we're talking about with the $1 billion commitment to creators that Mark outlined.

是的，Ross，我可以回答這個。我認為這也牽涉到定義的問題。我的意思是，我們其實已經像 YouTube 一樣，向更廣泛的創意產業支付了大量費用，而不只是針對特定的個別創作者。舉例來說，在音樂授權方面，我們支付了相當多的費用。我們在那方面有相當可觀的支出，且遠高於 Mark 所概述、我們對創作者做出的 10 億美元承諾所涵蓋的範圍。

This is obviously something that is part of the cost structure, but it's something that we've long had in our outlook. So I don't think it's a meaningful change in the business model or outlook, but it is something that we're committed to helping people continue to build vibrant communities and businesses on our platform just like we have with advertising.

這顯然是成本結構的一部分，但這也是我們長期以來在展望中就已納入的事項。因此我不認為這會對商業模式或展望造成實質性的改變，但我們確實承諾要幫助人們持續在我們的平台上建立充滿活力的社群與事業，就像我們在廣告方面所做的一樣。

So France, you can go ahead and go to the next question, please. Thank you.

所以 France，請繼續進行下一個問題。謝謝。

Our next question is from Mark Shmulik with Alliance Bernstein (sic) [Sanford C. Bernstein & Co., LLC].

下一個問題來自 Alliance Bernstein（原文如此）[Sanford C. Bernstein & Co., LLC] 的 Mark Shmulik。

A couple for Sheryl or Dave. The first on Reels ads, a lot of talk around kind of the upgrade cycle to video and any color you can share around the engagement, traction or effectiveness of kind of video ads on that type of a platform?

有兩個問題想請教 Sheryl 或 Dave。第一個關於 Reels 廣告：市場上談了很多關於升級週期轉向影片的議題；你們能否分享一些關於在這類平台上，影片廣告的互動、牽引力或成效的資訊？

And secondly, with 1.2 million stores now on Shop, specifically those selling on Facebook, are there any learnings or noticeable differences in the effectiveness of the ad -- of their advertising or conversion rates?

第二個問題是：Shop 現在已有 120 萬家商店，特別是那些在 Facebook 上銷售的商家，在廣告成效——他們的投放成效或轉換率——方面，有沒有任何學習或可觀察到的差異？

I can start by talking about Reels ads. Our process has been -- as I talked about, we roll out consumer products and then we find the right ad format, so that businesses can take those opportunities as well. And I think that's what we're seeing.

我可以先談 Reels 廣告。我們的流程一直是——如我先前提到的——先推出消費者產品，然後再找到合適的廣告格式，讓企業也能把握這些機會。我認為我們現在看到的正是如此。

We now have Reels ads available to advertisers in almost all markets where Reels is live. It's a pretty similar format to Stories. It's full screen and in between Reels videos up to 30 seconds. We think it's a pretty natural fit in Reels. It's a really great discovery surface. And we're seeing engagements and effectiveness parallel to some of our other products. And we're really pleased with that. It's still early, but we think this has a lot of potential.

目前在幾乎所有 Reels 已上線的市場，我們都已向廣告主提供 Reels 廣告。其格式與限時動態（Stories）相當類似：全螢幕，並插播在 Reels 影片之間，長度最長 30 秒。我們認為這在 Reels 中是相當自然的搭配。這是一個非常好的探索（discovery）介面。我們看到的互動與成效，與我們其他一些產品大致相當，對此我們非常滿意。現在仍屬早期，但我們認為這具有很大的潛力。

Do you want me to take the second question?

你要我回答第二個問題嗎？

Either way, Sheryl. I'd take it, if you want.

都可以，Sheryl。如果你願意，我可以回答。

Go ahead, Dave. Yes.

你來吧，Dave。好的。

Yes. So Mark, on the second question, we're obviously very focused on making sure that our ads are effective, and we've got good conversion rates for our advertising partners. So part of what we're doing there, and Mark talked about this in the Q1 call, is making sure that the ad units optimize for whichever experience is converting the best.

好的。所以 Mark，關於第二個問題，我們顯然非常專注於確保我們的廣告有效，並且讓我們的廣告合作夥伴有良好的轉換率。我們在做的一部分工作——Mark 在第一季電話會議也談到——是確保廣告單元會針對轉換表現最佳的體驗進行最佳化。

So if you've got a store, a shop on Facebook or Instagram, is that converting better? Or is your own web store converting better? And then that allows us to also just get better at making our Shops more effective. And so we want to do what's best for the advertiser and also continue to make our online and our own Shops more effective. So no specific numbers to share there, but we're continuing to work to make our Shops convert better.

也就是說，如果你在 Facebook 或 Instagram 上有一家商店（Shop），那邊的轉換是否更好？還是你自己的網路商店轉換更好？這也讓我們能更擅長提升 Shops 的成效。因此我們希望做對廣告主最有利的事，同時也持續讓我們的線上商店以及我們自有的 Shops 更有效。這裡沒有特定數字可以分享，但我們會持續努力讓 Shops 的轉換表現更好。

And France, we can go ahead and go to the next question, please.

France，請繼續進行下一個問題。

Our next question is from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Dave, just the modest deceleration to your stack, there are a lot of investor questions. Do you mean more 2 or 3 points or -- decel? Or is it more 5 to 7? Any more granularity you can add to what that modest decel looks like would be extremely helpful.

Dave，關於你們「堆疊」（stack）的溫和減速，投資人有很多疑問。你指的是減速 2 到 3 個百分點，還是——減速？或是更像 5 到 7 個百分點？你能否更細緻地說明一下這個「溫和減速」大概長什麼樣子，會非常有幫助。

Thanks, Brent. We didn't provide specific guidance on it. We obviously saw a deceleration from Q1 to Q2 from 74% to 72%. And we expect modest deceleration in the second half of the year, but we haven't put a specific number on that.

謝謝，Brent。我們沒有就此提供具體指引。我們顯然看到從第一季到第二季出現減速，從 74% 降到 72%。我們預期今年下半年會有溫和的減速，但我們沒有給出具體數字。

And France, you can go ahead and go to the next question.

France，請繼續進行下一個問題。

Our next question is from John Blackledge with Cowen.

下一個問題來自 Cowen 的 John Blackledge。

Two questions. On the iOS changes, any color on the opt-in rates for Facebook and Instagram? Are they kind of in line, better or worse than your expectations at this point?

兩個問題。關於 iOS 的變更，你們能否提供一些關於 Facebook 與 Instagram 的選擇加入（opt-in）率的資訊？目前是大致符合、優於或劣於你們的預期？

And then on OpEx at the midpoint of the guide implies 39% growth in second half versus 28% in the first half. Just any color on key drivers of the accelerating OpEx growth in the back half of the year.

另外，關於營運費用（OpEx），以指引中位數來看，代表下半年成長 39%，相較於上半年 28%。能否提供一些資訊，說明今年下半年 OpEx 成長加速的主要驅動因素？

Yes, yes. Thanks, John. On the iOS changes, really very much in line with expectations on things like opt-in rates. So I would say, overall, the impact has been in line with our expectations. So not a huge surprise there. We're not fully rolled out with those changes, but Q3 will have the impact, more or less, of those being fully rolled out.

是的，是的。謝謝，John。關於 iOS 的變更，在像是選擇加入率這類指標上，確實非常符合預期。因此我會說，整體影響與我們的預期一致，沒有太大的意外。我們尚未完全推行完這些變更，但第三季將會承受這些變更幾乎全面推行後的影響。

And then in terms of the OpEx guide, yes, we do expect accelerating expense growth in the back half of 2021, and we're going to see that in areas like consumer marketing. So some of the nonheadcount-related spend we expect to accelerate in the back half of the year. So that's the expectation on that front.

至於 OpEx 指引，是的，我們確實預期 2021 年下半年費用成長會加速，我們會在像是消費者行銷等領域看到這點。因此，我們預期部分與人力編制無關的支出會在下半年加速。這就是在這方面的預期。

And France, we can go to the next question, please.

France，請進行下一個問題。

Our next question is from Colin Sebastian with Baird.

下一個問題來自 Baird 的 Colin Sebastian。

Great. Maybe a couple of higher-level questions, really coming out of F8 refresh. First off, can you talk about the integration of messaging across the family of apps and how the opening of messaging APIs is adding functionality to apps and if this is contributing incrementally to more business activity through messaging?

很好。也許是兩個較高層次的問題，主要是從 F8 更新後延伸出來。首先，你能談談在應用程式家族（family of apps）之間整合訊息功能的進展，以及開放訊息 API 如何為應用程式增加功能？這是否正在為透過訊息帶來更多商業活動提供增量貢獻？

And then with advanced AI and machine learning now seemingly table stakes for most platform companies, Mark, I'm just kind of curious if this is still a significant competitive advantage for you, in your view. And based on what you heard at F8, I wonder how important a product like PyTorch is in terms of moving faster and new product development, things like that.

另外，隨著先進 AI 與機器學習如今似乎已成為多數平台公司的基本配備（table stakes），Mark，我想請教你是否仍認為這對你們而言是顯著的競爭優勢。並且根據你在 F8 聽到的內容，我也想知道像 PyTorch 這樣的產品，在加速推進與新產品開發等方面的重要性如何。

Sure. I can take both of those. So in terms of messaging, we're working on cross-app communication between them, business messaging APIs. I mean a lot of this is very much -- the business messaging, I think, is going to be an important part of commerce and helping people interact with businesses in a way that is natural to them. The cross-app communication in terms of helping people reach people wherever they are, it kind of fits into this vision that we have for the future of people being able to easily teleport between experiences that I think is going to be increasingly important as we move towards the metaverse. People are going to need messaging services, they're -- that's going to continue to be a core way that people communicate. People are going to want to reach the people they care about no matter what service they're on and be able to move between these.

當然。我可以一起回答。就訊息而言，我們正在推動跨應用程式的互通溝通，以及商業訊息 API。我的意思是，這裡面有很大一部分——我認為商業訊息將會是商務的重要組成，並以人們覺得自然的方式，幫助他們與企業互動。至於跨應用程式的互通溝通，讓人們無論身在何處都能聯繫到彼此，這也符合我們對未來的願景：人們能夠在不同體驗之間輕鬆「瞬移」（teleport）。我認為，隨著我們邁向元宇宙，這會變得愈來愈重要。人們會需要訊息服務——那將持續是人們溝通的核心方式。人們會希望不論對方使用哪一種服務，都能聯繫到他們在乎的人，並能在這些服務之間移動。

So when I talk about kind of interoperability and moving more there in the future, we're trying to get our core experiences today aligned with that as well. The other thing I'd say on messaging is -- the connect to the business today is that click-to-messaging ads are one of the parts of the ad business that is growing quickly and doing quite well. And part of that is because even if we're not charging a lot directly for the messaging APIs for businesses that if the interactions between people and businesses end up helping businesses convert better and drive more sales, then business is naturally going to want to pay to have their ads point towards that rather than other services that we may not control or that may be a worse experience. So that's on the messaging side.

因此，當我談到互通性（interoperability）以及未來在這方面更進一步時，我們也在嘗試讓今天的核心體驗與此對齊。關於訊息的另一點是——與當前商業的連結在於，「點擊進入訊息」（click-to-messaging）廣告是廣告業務中成長很快、表現相當好的部分之一。其中一個原因是，即使我們沒有直接向企業就訊息 API 收取太多費用，但如果人們與企業之間的互動最終能幫助企業提升轉換、帶動更多銷售，那麼企業自然會願意付費，讓他們的廣告導向這種互動，而不是導向其他我們可能無法掌控、或體驗可能更差的服務。以上是訊息方面的說明。

On the AI side, I think this is a really good question. It's probably something that doesn't come up as much on these earnings calls is it probably should for how important of a driver of the progress in AI is for our overall results. One of the things that I've observed in just running the business over the last couple of years is there's a lot of focus on kind of different headwinds that we may face, whether it's from other platforms or regulation or different things.

在 AI 方面，我認為這是一個非常好的問題。這可能是在這些財報電話會議上不太常被提到的議題，但就 AI 對我們整體業績而言，它是推動進展的重要驅動因素，理應被更常討論。過去幾年在經營業務的過程中，我觀察到大家很常把焦點放在我們可能面臨的各種逆風上，不論是來自其他平台、監管，或其他不同因素。

But one of the areas that I think has routinely outperformed our expectations is progress on AI. And we don't have a single product, which is like an AI product that's sort of the embodiment of all the AI work. That's not something that we've done yet. But we basically -- we have a very large investment in AI and we build out this platform that then all of our products use. So when we make foundational improvements, it makes ranking better in News Feed and in Reels and in ads, and it makes our spam detection and our integrity systems more effective at identifying stuff. Everything just gets better. And this has really been one of the big tailwinds or waves that we've been riding.

但我認為有一個領域一再超出我們的預期，那就是 AI 的進展。我們並沒有單一產品是所謂的「AI 產品」，用來集中體現所有 AI 工作；這不是我們目前已經做出的事情。不過基本上——我們在 AI 上投入非常龐大，並建置出一個平台，讓我們所有產品都能使用。因此，當我們在基礎層做出改進時，就能讓動態消息（News Feed）、Reels 與廣告的排序更好，也能讓我們的垃圾內容偵測與完整性（integrity）系統更有效地識別各種內容。整體都會變得更好。而這確實一直是我們所乘勢而上的一股重要順風或浪潮。

And just from what I can see technologically on the horizon, it really doesn't seem like this is going to be slowing down anytime soon. And I don't think that this is a Facebook-specific thing. I think that this is probably across the whole industry or maybe even across the whole economy more broadly. But I do think that the progress that's being made at the fundamental levels with AI is driving a lot of progress and is one of the important macro effects that we're seeing.

而就我在技術上所看到的未來趨勢而言，這看起來短期內並不會放緩。我也不認為這是 Facebook 特有的現象；我認為這可能是整個產業，甚至更廣泛的整體經濟都在發生的事。但我確實認為，在 AI 的基礎層面所取得的進展，正在推動大量的進步，並且是我們所看到的重要宏觀影響之一。

For PyTorch specifically, I mean it certainly helps that the framework that we use to develop our AI work is one that's embraced by the community. So a lot of times when we go to spin up a new project, it's -- there will already have been some team that contributed an open-source library to it, and that makes it easy. So I think that there certainly are dividends that we get from having developed or helped develop PyTorch to become an increasing standard, especially among researchers. And it's certainly an area that we're going to focus on, on investing more in. I think that the core AI platform is just an important part of the progress that we're seeing overall.

就 PyTorch 而言，我的意思是，當然有幫助的一點是：我們用來開發 AI 工作的框架，是社群所採納與擁抱的。因此很多時候，當我們要啟動一個新專案時——往往已經有某個團隊為它貢獻了開源函式庫，這讓事情變得容易。我認為，我們因為開發或協助開發 PyTorch，讓它逐漸成為（尤其在研究人員之間）越來越標準的工具，確實獲得了回報。而這也肯定是我們會持續加大投資、聚焦的領域。我認為核心 AI 平台是我們整體所見進展中的重要一環。

And France, I think we have time for one last question.

France，我想我們還有時間再問最後一個問題。

Very good. Then our last question will be from the line of Michael Nathanson with MoffettNathanson.

很好。那麼我們最後一個問題將來自 MoffettNathanson 的 Michael Nathanson。

One for Sheryl and one for Dave. Sheryl, in the past, I've asked this question, but now we're seeing it. So postpandemic, there's been a real weakness in TV impressions. And those TV dollars are going, it looks like, to AVOD and YouTube. So can you talk a bit about your vision for video and how they may sink with the opportunity to maybe grab some of those TV dollars? And would you expand the definition of creators to include premium video content or sports?

一個問題給 Sheryl，一個問題給 Dave。Sheryl，過去我問過這個問題，但現在我們正在看到這個現象。疫情後，電視曝光（impressions）出現明顯疲弱。而那些電視預算看起來正流向 AVOD 和 YouTube。所以你能否談談你對影片的願景，以及你們如何與這個機會結合、也許能抓住部分電視預算？另外，你是否會擴大「創作者」的定義，把高品質（premium）影片內容或體育賽事也納入？

And then for you, Dave, following up on Doug's question, can you talk a bit -- I know it's early about the learnings from your Aggregated Event Measurement, what has been the impact on things like signal loss, ROI or spending from those who've used it in the early days?

然後 Dave，延續 Doug 的問題，你能否談談——我知道還很早——你們從 Aggregated Event Measurement 的學習是什麼？在早期使用者中，對於像是訊號流失、ROI 或支出等方面的影響是什麼？

So I can talk about video ads. So we're seeing very strong growth in video monetization across Watch, Feed, Reels. And we think we're continually getting better at monetizing video, but they are still monetizing at lower rates versus Feed, Stories, but we have a lot here. We have 2 billion people watching in-stream ad eligible videos per month.

我可以談談影片廣告。我們看到在 Watch、動態消息（Feed）、Reels 上的影片變現都有非常強勁的成長。我們也認為自己在影片變現方面持續變得更好，但相較於 Feed、限時動態（Stories），影片的變現率仍然較低，不過我們在這方面有很大的空間。我們每月有 20 億人觀看符合插播廣告（in-stream ad）資格的影片。

Mobile-first video is increasing, meaning even brand advertisers are getting better at doing mobile-first video. And certainly, we think advertisers are looking for the best place to reach audiences, and we compare very favorably across the board.

以行動裝置優先（mobile-first）的影片正在增加，這表示即使是品牌廣告主也越來越擅長製作行動優先的影片內容。而且我們確實認為，廣告主正在尋找觸及受眾的最佳場所，而我們在各方面的比較中都非常有競爭力。

I'll share really, I think, a cool recent example. Walmart, a very -- a large advertiser, engaged Ree Drummond, who's The Pioneer Woman cooking show host, to host their first Live Shopping event. And the event was to launch her Walmart exclusive line of home and fashion products. And they used a mix of our personal ads to drive awareness to a Live Shopping event and then reengaged with viewers after the purchase, and they had really great results across the board. They ran part of that live as video ads and resulted in thousands of engagements, a lot of engagement with people and sales.

我分享一個我認為很酷的近期案例。Walmart 這個非常——大型的廣告主，邀請 Ree Drummond（《The Pioneer Woman》烹飪節目主持人）主持他們的第一場 Live Shopping 活動。這場活動是為了推出她在 Walmart 獨家販售的家居與時尚產品系列。他們混合使用我們的個人化廣告來提升對 Live Shopping 活動的認知，並在購買後再與觀眾重新互動；整體成效非常好。他們把其中一部分以影片廣告的形式進行直播，帶來數千次互動，包含大量的用戶互動與銷售。

And so I think that's a good example of our products like Live, combined with the use of video on our platform, combined with people taking an opportunity for video ads and putting it all together in ways I think will compete very favorably with older formats like TV.

因此我認為，這是個很好的例子，說明我們像 Live 這類產品，結合平台上的影片使用，再加上人們把握影片廣告的機會，把這些元素整合在一起，我認為這將能非常有利地與像電視這類較舊的形式競爭。

And Michael, I'll take the second question. I don't have specific data to share, but I mean I -- just contextually, the work that we're doing with the Aggregated Events Management API is part of the broader work that we're doing to rebuild meaningful elements of our ad tech so that our system can continue to perform while having access to less data in the future. And it really dovetails into some of the work that Mark was talking about with machine learning and AI because that's going to be an important part of being able to make better use of less data. And so again, why having access to the ML and AI capabilities that we have with Facebook are -- is going to be so important to the future and maintaining and growing the efficacy of ads.

Michael，我來回答第二個問題。我沒有具體數據可以分享，但就背景而言，我們在 Aggregated Events Management API 上所做的工作，是我們更廣泛努力的一部分：重建我們廣告技術（ad tech）中有意義的關鍵要素，讓系統在未來可取得的資料更少的情況下，仍能持續運作並維持表現。這也與 Mark 剛才談到的機器學習與 AI 的一些工作相互呼應，因為那將是能在資料更少的情況下更有效利用資料的重要一環。因此再次強調，為什麼我們能使用 Facebook 的 ML 與 AI 能力——對未來、以及維持並提升廣告成效而言——會如此重要。

So I think broadly, we're pleased with the progress we're making on this. It is disruptive for advertisers to have to go through the process of also learning how to retool. So I don't want to lessen the impact this is having on our advertisers. I think it is a challenging period for them, and we're trying to help them work through it as effectively as we can.

所以整體而言，我們對在這方面取得的進展感到滿意。對廣告主來說，必須經歷學習並重新調整（retool）的過程確實具有干擾性。因此我不想淡化這對廣告主造成的影響。我認為這對他們而言是一段具挑戰性的時期，而我們正努力盡可能有效地協助他們度過。

So with that, I think we are done. So thank you, everybody, for joining us on the call today, and hope everybody stays safe.

那麼，我想我們就到這裡。感謝各位今天加入我們的電話會議，也希望大家都能平安。

And this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。