Google (GOOG) 2022 Q2 法說會逐字稿

Welcome, everyone, and thank you for standing by for the Alphabet Inc. Second Quarter 2022 Earnings Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

歡迎大家，並感謝您等待 Alphabet Inc. 2022 年第二季度財報電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係總監 Jim Friedland。請繼續。

Thank you. Good afternoon, everyone, and welcome to Alphabet's Second Quarter 2022 Earnings Conference Call.

謝謝你。大家下午好，歡迎參加 Alphabet 的 2022 年第二季度收益電話會議。

With us today are Sundar Pichai, Philipp Schindler and Ruth Porat. Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially.

今天和我們在一起的是 Sundar Pichai、Philipp Schindler 和 Ruth Porat。現在我將迅速覆蓋安全港。我們今天就我們的業務、運營和財務業績做出的一些陳述可能被認為是前瞻性的，這些陳述涉及許多可能導致實際結果出現重大差異的風險和不確定性。

For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor.

如需更多信息，請參閱我們最近提交給 SEC 的 10-K 表格中討論的風險因素。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 與 GAAP 措施的對賬包含在今天的收益新聞稿中，該新聞稿通過我們位於 abc.xyz/investor 的投資者關係網站向公眾分發和提供。

And now I'll turn the call over to Sundar.

現在我將把電話轉給 Sundar。

Thank you, Jim, and good afternoon, everyone. I'm proud of how our teams continue to build helpful products and experiences for people and partners. Reflecting this, our performance in Search in the second quarter was strong. We are also seeing momentum in Cloud.

謝謝你，吉姆，大家下午好。我為我們的團隊如何繼續為人們和合作夥伴構建有用的產品和體驗感到自豪。反映這一點，我們在第二季度的搜索表現強勁。我們也看到了雲計算的勢頭。

With an uncertain global economic outlook, our strategy to invest in deep technology and computer science to build helpful products for the long term is the right one. Our ability to take the long view stems from our timeless mission, to organize the world's information and make it universally accessible and useful.

在全球經濟前景不明朗的情況下，我們投資於深度技術和計算機科學以構建長期有用產品的戰略是正確的。我們有長遠眼光的能力源於我們永恆的使命，即組織世界信息並使其普遍可訪問和有用。

At Google I/O in May, I talked about 2 key ways we move that mission forward, advancing both knowledge and computing. Those goals are at the heart of what we do. We know that our services are particularly helpful to people and businesses during uncertain moments, whether it's using Search or YouTube define anything from anywhere or highly efficient tools like Search Ads that help businesses of all sizes reach customers or Google Cloud, which helps companies adapt to hybrid work and find efficiencies.

在 5 月的 Google I/O 上，我談到了我們推進這一使命的兩種關鍵方式，即推進知識和計算。這些目標是我們工作的核心。我們知道，我們的服務在不確定的時刻對個人和企業特別有幫助，無論是使用搜索或 YouTube 定義任何地方的任何內容，還是使用高效工具（如幫助各種規模的企業吸引客戶的搜索廣告或幫助企業適應的谷歌云）混合工作並找到效率。

We'll continue to invest in areas like AI, Search and Cloud, and we'll do it responsibly and in a way that is responsive to the current environment. Earlier this month, I announced that we'll be slowing our hiring and sharpening our focus as a company. We are focused on hiring engineering, technical and other critical roles. And we are working to improve productivity and ensure that the great talent we do hire is aligned with our long-term priorities.

我們將繼續投資於人工智能、搜索和雲等領域，我們將以負責任的方式並以對當前環境做出響應的方式進行投資。本月早些時候，我宣布我們將放慢招聘速度，並加強我們作為一家公司的關注點。我們專注於招聘工程、技術和其他關鍵職位。我們正在努力提高生產力，並確保我們聘用的優秀人才與我們的長期優先事項保持一致。

Turning now to product highlights. Years ago, we made a big bet on AI. We believe that it would be transformational for our business and for the world. We are still in the early days, yet AI already underpins many of our most helpful products and services.

現在轉向產品亮點。多年前，我們在人工智能上下了大賭注。我們相信，這將為我們的業務和世界帶來變革。我們仍處於早期階段，但人工智能已經成為我們許多最有用的產品和服務的基礎。

For example, AI is helping us create entirely new ways to search. People are using Google Lens to do visual searches more than 8 billion times per month. A new feature called multisearch helps people find what they need using words and images at the same time.

例如，人工智能正在幫助我們創造全新的搜索方式。人們每月使用 Google Lens 進行視覺搜索的次數超過 80 億次。一項稱為多重搜索的新功能可幫助人們同時使用文字和圖像找到他們需要的東西。

Later this year, multisearch will be able to help people find local results near them. AI is also helping improve translation. With the new monolingual approach to translation, we've added 24 new languages to Google Translate, spoken by 300 million people. And a new immersive view in Maps uses computer vision, AI and billions of images to create high fidelity representations of places around the world.

今年晚些時候，多重搜索將能夠幫助人們找到他們附近的本地搜索結果。人工智能也在幫助改進翻譯。借助新的單語翻譯方法，我們為 Google 翻譯添加了 3 億人使用的 24 種新語言。 Maps 中的全新沉浸式視圖使用計算機視覺、人工智能和數十億張圖像來創建世界各地的高保真表示。

Beyond AI, we are also seeing a new frontier with augmented reality. We have been testing exciting prototypes in our labs like the device we shared at IO that puts real-time translation and transcription in your line of sight. It's one example of how AR can solve real needs in the real world.

除了人工智能，我們還看到了增強現實的新前沿。我們一直在我們的實驗室中測試令人興奮的原型，例如我們在 IO 共享的設備，它可以將實時翻譯和轉錄放在您的視線範圍內。這是 AR 如何解決現實世界中的實際需求的一個例子。

And last week, we announced that we will soon begin early testing of AR prototypes in real-world scenarios. Our goal is to learn how they can help people in their everyday lives. Our investments in commerce are another way we deliver helpful experiences. People are shopping across Google more than 1 billion times each day. We see hundreds of millions of shopping searches on Google Images each month.

上週，我們宣布我們將很快開始在現實場景中對 AR 原型進行早期測試。我們的目標是了解他們如何在日常生活中為人們提供幫助。我們對商業的投資是我們提供有用體驗的另一種方式。人們每天通過 Google 購物的次數超過 10 億次。我們每個月都會在 Google 圖片上看到數億次購物搜索。

Merchants will soon be able to submit 3D images of their products to appear directly on Google Search. So customers can try before they buy. We're also focused on bringing together hardware, software and AI in a range of helpful devices.

商家很快將能夠提交其產品的 3D 圖片以直接顯示在 Google 搜索中。所以客戶可以在購買前先試用。我們還專注於將硬件、軟件和人工智能整合到一系列有用的設備中。

At IO, we announced great new products, including Pixel 6A, Pixel Buds Pro and Pixel Watch. We are currently taking preorders for Pixel 6A and Pixel Buds Pro. It's been great to see the positive feedback so far.

在 IO 上，我們宣布了出色的新產品，包括 Pixel 6A、Pixel Buds Pro 和 Pixel Watch。我們目前正在接受 Pixel 6A 和 Pixel Buds Pro 的預訂。到目前為止，很高興看到積極的反饋。

And on platforms, I'm proud that Android remains the world's most popular operating system with more than 3 billion monthly active devices worldwide. Last year alone, consumers activated 1 billion Android phones. We are making it easier for Android users to share photos and communicate with friends and family with a modern messaging standard called Rich Communication Services or RCS.

在平台上，我很自豪 Android 仍然是世界上最受歡迎的操作系統，全球每月有超過 30 億台活躍設備。僅去年一年，消費者就激活了 10 億部 Android 手機。我們通過稱為富通信服務或 RCS 的現代消息傳遞標準，讓 Android 用戶更容易分享照片並與朋友和家人交流。

Across our platforms and beyond, we keep more people safe online than anyone else in the world. Safe browsing on Chrome browsers help protect billions of people every day by warning them when they try to access dangerous sites or files.

在我們的平台內外，我們比世界上任何其他人都讓更多的人保持在線安全。 Chrome 瀏覽器上的安全瀏覽每天都會在數十億人嘗試訪問危險網站或文件時發出警告，從而幫助他們保護他們。

Earlier this year, we rolled out a new machine learning model that identifies more than twice as many potentially malicious sites and phishing attacks as the previous model, helping to contribute to a safer and more secure web.

今年早些時候，我們推出了一種新的機器學習模型，該模型識別出的潛在惡意網站和網絡釣魚攻擊的數量是之前模型的兩倍多，有助於打造更安全的網絡。

We've also unified our password managers across Chrome and Android. Now stored passwords can be grouped and protected across devices, apps on the web.

我們還統一了 Chrome 和 Android 的密碼管理器。現在可以跨設備、網絡上的應用程序對存儲的密碼進行分組和保護。

Taking a closer look at YouTube. YouTube Shorts are watched by over 1.5 billion signed-in users every month with more than 30 billion daily views. In Q2, YouTube TV surpassed 5 million subscribers, including trailers. There's also a lot of potential for shopping on YouTube. Just last week, we announced a partnership with Shopify.

仔細看看 YouTube。每月有超過 15 億登錄用戶觀看 YouTube Shorts，每日觀看次數超過 300 億。在第二季度，YouTube TV 的訂閱人數超過了 500 萬，包括預告片。在 YouTube 上購物也有很大的潛力。就在上週，我們宣布與 Shopify 建立合作夥伴關係。

It will help creators easily connect their stores to YouTube and enable shopping across their live streams and videos. There's more to come here.

它將幫助創作者輕鬆地將他們的商店連接到 YouTube，並通過他們的直播和視頻進行購物。還有更多要來這裡。

Moving on to Cloud, which surpassed a $6 billion quarterly revenue mark for the first time. Q2 revenue grew to $6.3 billion, with momentum across Google Cloud Platform and Workspace.

轉向雲，其季度收入首次超過 60 億美元。第二季度收入增長至 63 億美元，谷歌云平台和 Workspace 勢頭強勁。

We saw continued demand in all geographies with global brands like Target in North America, H&M Group in Europe, Banco BV in Latin America and BioPharma in Asia. We launched Google Public Sector in June, expanding our commitment to help U.S. government agencies and public institutions accelerate their digital transformations from New York State and Arizona State University to the U.S. Forest Service and the state of Rhode Island.

我們看到全球品牌在所有地區的需求持續增長，例如北美的 Target、歐洲的 H&M Group、拉丁美洲的 Banco BV 和亞洲的 BioPharma。我們於 6 月推出了 Google Public Sector，擴大了我們幫助美國政府機構和公共機構加速數字化轉型的承諾，從紐約州和亞利桑那州立大學到美國林務局和羅德島州。

Customers are choosing Google Cloud as their technology partner because of our leadership in 4 areas. First, we continue to lead in the data cloud market because we unify data lakes, data warehouses, data governance and advanced machine learning into a single platform that can analyze data across any cloud.

客戶之所以選擇 Google Cloud 作為他們的技術合作夥伴，是因為我們在 4 個領域處於領先地位。首先，我們繼續在數據云市場處於領先地位，因為我們將數據湖、數據倉庫、數據治理和高級機器學習統一到一個可以跨任何云分析數據的單一平台中。

Companies like S.C. Johnson, Northwell Health and the Golden State Warriors choose Google Cloud for our strength in data analytics. Our capabilities helped Swiss Air optimize its flight operations. They're also helping Engie explore ways to optimize wind energy management and (inaudible) to create smarter factory floors.

S.C. Johnson、Northwell Health 和金州勇士隊等公司選擇 Google Cloud 是因為我們在數據分析方面的優勢。我們的能力幫助瑞士航空優化其航班運營。他們還幫助 Engie 探索優化風能管理和（聽不清）創建更智能的工廠車間的方法。

Second, companies like BetaBank and Mayo Clinic choose their open cloud infrastructure to modernize their IT systems on our cloud at the edge or in their data centers. Our infrastructure scales to help customers like Deutsche Telekom modernize its network, Wipro to modernize its core systems and Garvan Institute of Medical Research to process 14,000 genomes in under 2 weeks. Our multi-cloud strategy remains a differentiator for customers like Elevance Health formerly known as Anthem and AMD.

其次，像 BetaBank 和 Mayo Clinic 這樣的公司選擇了他們的開放式雲基礎設施，以在我們的邊緣或數據中心的雲上實現其 IT 系統的現代化。我們的基礎設施規模不斷擴大，可幫助德國電信等客戶實現網絡現代化，幫助 Wipro 實現核心系統現代化，幫助 Garvan 醫學研究所在 2 週內處理 14,000 個基因組。我們的多雲戰略仍然是 Elevance Health 等客戶的差異化因素，以前稱為 Anthem 和 AMD。

Third, cybersecurity. Google has always provided a secure cloud infrastructure, and we continue to introduce new cybersecurity products that help customers deduct, protect and respond to a broad range of cybersecurity threats.

第三，網絡安全。 Google 一直提供安全的雲基礎架構，並且我們不斷推出新的網絡安全產品，幫助客戶推斷、保護和應對范圍廣泛的網絡安全威脅。

Customers like GitLab, Highmark Health and Iron Mountain protect their critical systems and data with our products. [Carryable Coffee] and Etsy are among the 5 million websites protected by our cybersecurity technology. Finally, Google Workspace's easy to use and secure communication and collaboration tools continue to be chosen by many organizations as they return to hybrid work. Google Workspace helped St. Luke's Medical Center, a leading health care system in the Philippines address a 38% increase in telehealth visits during the pandemic.

GitLab、Highmark Health 和 Iron Mountain 等客戶使用我們的產品保護他們的關鍵系統和數據。 [Carryable Coffee] 和 Etsy 是受我們網絡安全技術保護的 500 萬個網站之一。最後，隨著許多組織恢復混合工作，Google Workspace 易於使用且安全的通信和協作工具繼續被選擇。 Google Workspace 幫助菲律賓領先的醫療保健系統聖盧克醫療中心解決了在大流行期間遠程醫療訪問量增加 38% 的問題。

Results like this are driving growth in many customer segments around the world, including digital natives like Canva, large enterprises like Travis Perkins plc and public sector institutions, including the Central Dutch Government.

這樣的結果正在推動全球許多客戶群的增長，包括 Canva 等數字原生代、Travis Perkins plc 等大型企業以及包括荷蘭中央政府在內的公共部門機構。

Finally, our other bets. Waymo expanded rider-only testing with employees to include Downtown Phoenix and started testing at Phoenix's Sky Harbor Airport. It also began charging trusted tested riders in San Francisco, a step closer to launching a commercial service with fully autonomous trips.

最後，我們的其他賭注。 Waymo 將僅限騎手的測試擴展到鳳凰城市中心，並開始在鳳凰城的天港機場進行測試。它還開始在舊金山嚮受信任的測試騎手收費，這離推出完全自動駕駛的商業服務又近了一步。

Waymo also opened a new facility to support Waymo Via, their autonomous Class 8 trucking solution as they continue to increase their operations and investment across the Southwest region. Calico is testing an investigational drug treatment in patients with ALS, developed in collaboration with AbbVie. It's an early step of many in the development process.

Waymo 還開設了一個新設施來支持他們的自主 8 級卡車運輸解決方案 Waymo Via，因為他們繼續增加在西南地區的運營和投資。 Calico 正在測試與 AbbVie 合作開發的用於 ALS 患者的研究性藥物治療。這是開發過程中許多人的早期步驟。

Wing recently surpassed 250,000 commercial deliveries and unveiled a series of delivery drone prototypes able to carry different sized packages. There is good progress here and will continue to be intentional across the portfolio. To close, while the economic outlook is uncertain, it's been great to see people gathering in person again.

Wing 最近超過 250,000 次商業交付，並推出了一系列能夠攜帶不同尺寸包裹的交付無人機原型。這方面取得了良好進展，並將繼續在整個投資組合中進行有意設計。結束時，雖然經濟前景不確定，但很高興看到人們再次聚集在一起。

We are pleased to see people coming back into the office more often, resulting in more opportunities for collaboration. It's a privilege to build technology that's helpful in both good times and uncertain ones. And I want to thank everyone at Alphabet and Google for their work and support of people, businesses and all of our partners everywhere. Over to you, Philipp.

我們很高興看到人們更頻繁地回到辦公室，從而帶來更多合作機會。開發在好時代和不確定時代都有幫助的技術是一種榮幸。我要感謝 Alphabet 和 Google 的每一個人，感謝他們的工作以及對世界各地的人們、企業和我們所有合作夥伴的支持。交給你，菲利普。

Thanks, Sundar, and hi, everyone. It's always great to be with you all. As Sundar indicated, we're as focused as ever on helping businesses navigate complexity and operate from a position of confidence.

謝謝，Sundar，大家好。和大家在一起總是很棒。正如 Sundar 所指出的，我們一如既往地專注於幫助企業駕馭複雜性並從信心的角度進行運營。

AI-powered tools, insights and automation are arming customers and partners with the ability to stay agile and responsive so they can capture short-term opportunities while also building for the long term. You've seen our own commitment to the long term in our latest innovation announcements at IO, Google Marketing Live and Brandcast.

人工智能驅動的工具、洞察力和自動化使客戶和合作夥伴能夠保持敏捷和響應能力，這樣他們就可以抓住短期機會，同時也可以長期發展。您已經在 IO、Google Marketing Live 和 Brandcast 的最新創新公告中看到了我們對長期的承諾。

Sundar covered a number of these. I'll dive deeper into a few more, including how we're improving our advertiser experiences and building simpler, more useful products for our partners.

Sundar 涵蓋了其中的一些。我將深入探討更多內容，包括我們如何改善廣告客戶體驗以及為我們的合作夥伴打造更簡單、更有用的產品。

Within Google Services, Search delivered strong revenue growth in the second quarter, driven by performance in both travel and retail. In travel, users appetite continued to remain strong heading into the summer season. Searches for places to visit in summer were up 2x globally year-over-year, while searches for last-minute hotel deals were up 50%.

在 Google 服務中，搜索在第二季度實現了強勁的收入增長，這得益於旅遊和零售的業績。在旅行方面，進入夏季，用戶的胃口繼續保持強勁。全球夏季旅遊景點的搜索量同比增長 2 倍，而最後一刻酒店優惠的搜索量增長了 50%。

However, as we've all seen in the news recently, the travel sector has been experiencing some challenges. As always, we're committed to helping our travel partners navigate this with insights and new tools.

然而，正如我們最近在新聞中看到的那樣，旅遊業一直在經歷一些挑戰。與往常一樣，我們致力於通過洞察力和新工具幫助我們的旅行合作夥伴駕馭這一點。

Then there's retail, where we had another solid quarter. At GML, we highlighted how we're continuing to innovate to help merchants make the most of how quickly consumer shopping is evolving, like Best Buy was embracing a full omnichannel approach from measurement to bidding to using omni ad formats across Google.

然後是零售，我們有另一個穩定的季度。在 GML，我們強調了我們如何繼續創新以幫助商家充分利用消費者購物的快速發展，例如百思買正在採用從衡量到出價再到在 Google 上使用全方位廣告格式的完整全渠道方法。

By adopting omni across its local inventory ads portfolio and showcasing curbside and in-store pickup, Best Buy increased in-store revenue from Google Ads by 34% last year.

通過在其本地庫存廣告組合中採用全方位並展示路邊和店內提貨，百思買去年從 Google Ads 獲得的店內收入增加了 34%。

Today's customers expect to shop wherever, whenever, and they care as much about local as they do about finding inspiration for the next purchase online. In Q2, searches for open now, near me were up 8x globally year-over-year, while searches for designer outlet jumped 90%. We also saw strong interest in apparel categories like women's clothing and in beauty categories like perfume and fragrances.

今天的顧客希望隨時隨地購物，他們關心當地的情況就像他們關心為下一次網上購物尋找靈感一樣。在第二季度，在全球範圍內對 open now, near me 的搜索量同比增長了 8 倍，而對設計師奧特萊斯的搜索量則增長了 90%。我們還看到對女裝等服裝類別以及香水和香水等美容類別的濃厚興趣。

With AI-powered tools like Performance Max, which local and smart shopping campaigns will upgrade too in time for the holidays, we're helping businesses move at speed and scale to reach new and existing customers wherever they are in their shopping journey with relevant, useful content.

借助 Performance Max 等 AI 驅動的工具，本地和智能購物活動也將在假期期間及時升級，我們正在幫助企業以速度和規模移動，無論他們在購物過程中的任何地方，都可以通過相關的、有用的內容。

We've seen strong momentum with P-Max. Advertiser adoption is up 5x year-to-date. Sustainable Apparel brand, Rothy's drove a 59% increase in conversions and a 60% increase in revenue after turning to P-Max. By leveraging its creative assets and showing them at scale, Rothy's reached more customers in a way they hadn't been able to do before.

我們已經看到 P-Max 的強勁勢頭。今年迄今為止，廣告客戶的採用率增長了 5 倍。可持續服裝品牌 Rothy's 在轉向 P-Max 後，轉化率增加了 59%，收入增加了 60%。通過利用其創意資產並進行大規模展示，Rothy's 以前所未有的方式吸引了更多客戶。

Innovating across Search and YouTube also remain top priorities. Sundar mentioned new 3D AR features. Target and Wayfair are testing these to help customers see and shop products in real life.

在搜索和 YouTube 上進行創新也仍然是重中之重。 Sundar 提到了新的 3D AR 功能。 Target 和 Wayfair 正在測試這些產品，以幫助客戶在現實生活中查看和購買產品。

We launched new ad formats for more visual browsy search experiences. And then there's cool live commerce capabilities like live direct which let creators start a shopping live stream on their channel and then redirect viewers to a brand's channel for more.

我們推出了新的廣告格式，以提供更直觀的瀏覽搜索體驗。還有一些很酷的直播商務功能，比如直播，讓創作者在他們的頻道上開始購物直播，然後將觀眾重定向到品牌的頻道以獲得更多信息。

Let's dive deeper into YouTube. In the second quarter, the biggest factor in the year-over-year comparison was the lapping of a very strong second quarter in 2021 when we experienced a strong recovery from the impact of COVID in early 2020. Ruth will provide more details on this later on.

讓我們更深入地了解 YouTube。在第二季度，與去年同期相比，最大的因素是 2021 年第二季度非常強勁，當時我們在 2020 年初從 COVID 的影響中強勁復甦。Ruth 稍後將提供更多細節上。

As we continue to help advertisers manage through uncertainty, I would point out 3 key highlights for YouTube. First, Brandcast joined the upfronts in New York in May for the first time ever, a reflection of how digital and linear TV worlds are converging for both viewers and advertisers. As the #1 streaming video platform to reach viewers across all devices with billions of hours of video watched every day, YouTube remains well positioned to deliver the reach, results and relevance that advertisers need.

隨著我們繼續幫助廣告商應對不確定性，我要指出 YouTube 的 3 個主要亮點。首先，Brandcast 於 5 月首次加入紐約的前線，這反映了數字和線性電視世界如何為觀眾和廣告商融合。作為排名第一的流媒體視頻平台，每天觀看數十億小時視頻的所有設備上的觀眾，YouTube 仍然處於有利地位，可以提供廣告商所需的覆蓋面、結果和相關性。

In fact, even in TV's biggest moments, YouTube is still delivering huge incremental reach. According to Comscore, 49.9% of adults that saw a Super Bowl ad on YouTube on the day of the Super Bowl did not see the add-on TV. And as more advertisers tap into connected TV, they're also driving results.

事實上，即使在電視最重要的時刻，YouTube 仍在提供巨大的增量覆蓋面。根據 Comscore 的數據，在超級碗當天在 YouTube 上看到超級碗廣告的成年人中有 49.9% 沒有看到附加電視。隨著越來越多的廣告商使用聯網電視，他們也在推動結果。

According to Google Commission Nielsen meta-analysis of MMMs that measured YouTube CTV and TV across U.S. consumer packaged goods, on average, YouTube CTV effectiveness was 3.1x greater than TV. Take GSK Consumer Healthcare, now Haleon, who piloted CTV campaigns across its top 10 global markets to drive effectiveness at scale and tap into the shift to streaming. The results, 73% of campaigns drove substantial lift in brand and unbranded searches, and viewers were up to 14x more likely to search for Haleon related terms.

根據 Google Commission Nielsen 對衡量美國消費包裝商品的 YouTube CTV 和電視的 MMM 的元分析，平均而言，YouTube CTV 的有效性是電視的 3.1 倍。以葛蘭素史克消費者保健公司（現在的 Haleon）為例，該公司在其全球十大市場試行 CTV 活動，以大規模提高有效性並利用流媒體的轉變。結果，73% 的廣告系列大幅提升了品牌和非品牌搜索，觀眾搜索 Haleon 相關字詞的可能性提高了 14 倍。

Adding CTV to its existing plans also led to greater efficiencies and savings. Haleon has since opted its 2022-2023 investment and is now expanding CTV across LATAM and EMEA markets.

將 CTV 添加到其現有計劃中還可以提高效率和節省成本。 Haleon 此後選擇了 2022-2023 年的投資，現在正在將 CTV 擴展到拉丁美洲和 EMEA 市場。

Second, as Sundar said, our momentum in Shorts continues. Last quarter, we shared that we're in the early stages of testing monetization with ads, and we continue to be encouraged by the results so far. Third, there's full funnel, which we've covered before, and more advertisers are embracing.

其次，正如 Sundar 所說，我們在 Shorts 方面的勢頭仍在繼續。上個季度，我們分享了我們正處於通過廣告測試獲利的早期階段，到目前為止，我們仍然對結果感到鼓舞。第三，有完整的漏斗，我們之前已經介紹過，更多的廣告商正在接受。

On average, YouTube advertisers using a full funnel strategy experienced 80% unique reach across brand and action campaigns. With this incremental reach across upper and lower funnel formats, advertisers meet different audiences based on where they are in the purchase journey.

平均而言，使用完整渠道策略的 YouTube 廣告客戶在品牌和行動廣告系列中獲得了 80% 的獨特覆蓋率。通過這種跨越漏斗上部和下部格式的增量覆蓋，廣告商可以根據他們在購買過程中所處的位置來滿足不同的受眾。

Estee Lauder Taiwan's recent campaign for its advanced night repair serum is a great example. Branded content collaboration with top creators raised awareness, while YouTube shopping shelf feature boosted consideration and to generate new leads and sales, a series of well-orchestrated action formats did the trick.

台灣雅詩蘭黛最近推出的高級夜間修護精華液就是一個很好的例子。與頂級創作者的品牌內容合作提高了知名度，而 YouTube 購物貨架功能提高了考慮並產生了新的潛在客戶和銷售，一系列精心策劃的行動形式起到了作用。

This full funnel strategy drove 29% more unique visits to its website and a 95% increase in sales. With our performance products, advertisers can confront demand. With our massive reach products, they create net new demand at scale. Lastly, an update on how we're bringing the best across Google to our partners and key ecosystems.

這種完整的漏斗策略使其網站的獨特訪問量增加了 29%，銷售額增加了 95%。借助我們的性能產品，廣告商可以應對需求。憑藉我們龐大的覆蓋範圍產品，它們可以大規模創造淨新需求。最後，關於我們如何將最好的 Google 產品帶給我們的合作夥伴和主要生態系統的最新信息。

First, in gaming to help Bandai Namco entertainment drive immersive gaming experiences and build a more robust IP strategy. We're partnering across Cloud, Geo, Ads, YouTube and more. And then there's news. Google News Showcase now has 1,500-plus partnerships with publications across 17 countries, including recent agreements with publications in the U.K., Romania and Slovakia.

首先，在遊戲方面幫助萬代南夢宮娛樂推動身臨其境的遊戲體驗，並建立更強大的 IP 戰略。我們正在雲、地理、廣告、YouTube 等領域開展合作。然後有消息。 Google News Showcase 現在與 17 個國家/地區的出版物建立了 1,500 多家合作夥伴關係，包括最近與英國、羅馬尼亞和斯洛伐克的出版物達成的協議。

I'll close, as I always do with gratitude for customers and partners and for Googlers across sales, partnerships, product engineering and our many, many support teams. Thank you for your tireless commitment to making a positive impact around the world. Ruth, over to you.

我將一如既往地感謝客戶和合作夥伴以及銷售、合作夥伴、產品工程和我們眾多支持團隊的 Google 員工。感謝您孜孜不倦地致力於在世界範圍內產生積極影響。露絲，交給你了。

Thank you, Philipp. Our financial results for the second quarter reflect strength in Search and momentum in Cloud. My comments will be on year-over-year comparisons for the second quarter unless I state otherwise.

謝謝你，菲利普。我們第二季度的財務業績反映了搜索的實力和雲的發展勢頭。除非我另有說明，否則我的評論將針對第二季度的同比比較。

I will start with results at the Alphabet level followed by segment results and conclude with our outlook. For the second quarter, our consolidated revenues were $69.7 billion, up 13% or up 16% in constant currency. Our total cost of revenues was $30.1 billion, up 15% primarily driven by other cost of revenues, which was $17.9 billion, up 17%.

我將從字母級別的結果開始，然後是細分結果，最後是我們的展望。第二季度，我們的綜合收入為 697 億美元，按固定匯率計算增長 13% 或 16%。我們的總收入成本為 301 億美元，增長 15%，主要受其他收入成本的推動，即 179 億美元，增長 17%。

The biggest factor here was costs associated with data centers and other operations. Operating expenses were $20.1 billion, up 24%, reflecting the following: first, the increase in R&D expenses, which was driven primarily by headcount growth. Second, the growth in sales and marketing expenses, which was driven primarily by increased spending on ads and promo followed by headcount growth.

這裡最大的因素是與數據中心和其他運營相關的成本。運營費用為 201 億美元，增長 24%，反映如下：首先，研發費用增加，主要受員工人數增長推動。其次，銷售和營銷費用的增長，主要是由於廣告和促銷支出的增加，其次是員工人數的增長。

And finally, the growth in G&A, which reflects increases in both professional service fees and in head count, partially offset by a decline in charges related to legal matters. Operating income was $19.5 billion, flat versus last year, and our operating margin was 28%. Other income and expense was a loss of $439 million. Net income was $16 billion. We delivered free cash flow of $12.6 billion in the quarter and $65 billion for the trailing 12 months. We ended the quarter with $125 billion in cash and marketable securities.

最後，G&A 的增長反映了專業服務費和員工人數的增加，但部分被與法律事務相關的費用下降所抵消。營業收入為 195 億美元，與去年持平，營業利潤率為 28%。其他收入和支出為 4.39 億美元的損失。淨收入為160億美元。我們在本季度實現了 126 億美元的自由現金流，在過去的 12 個月中實現了 650 億美元。我們在本季度末擁有 1250 億美元的現金和有價證券。

Let me now turn to our segment financial results. Starting with our Google Services segment. Total Google Services revenues were $62.8 billion, up 10%. Google Search and other advertising revenues of $40.7 billion in the quarter, were up 14%, driven by both travel and retail. YouTube advertising revenues of $7.3 billion, were up 5%.

現在讓我談談我們的分部財務業績。從我們的 Google 服務部門開始。谷歌服務總收入為 628 億美元，增長 10%。本季度谷歌搜索和其他廣告收入為 407 億美元，增長 14%，受旅遊和零售的推動。 YouTube 廣告收入為 73 億美元，增長 5%。

The modest year-on-year growth rate primarily reflects lapping the uniquely strong performance in the second quarter of 2021. Network advertising revenues of $8.3 billion, were up 9%, driven by AdSense. The quarter-on-quarter deceleration in both YouTube and network advertising revenues primarily reflects pullbacks in spend by some advertisers.

適度的同比增長率主要反映了 2021 年第二季度獨特的強勁表現。在 AdSense 的推動下，網絡廣告收入為 83 億美元，增長了 9%。 YouTube 和網絡廣告收入的環比下降主要反映了一些廣告商的支出回落。

Other revenues were $6.6 billion, down 1%, reflecting a year-on-year decline in Play, primarily driven by the fee changes we have discussed previously. We also saw a slowdown in buyer spend due to a number of factors, including lower engagement levels compared with earlier stages of the pandemic.

其他收入為 66 億美元，下降 1%，反映出 Play 同比下降，主要是由我們之前討論的費用變化推動的。由於多種因素，我們還看到買家支出放緩，包括與大流行早期階段相比較低的參與度。

In terms of costs within Google Services, TAC was $12.2 billion, up 12%. Google Services operating income was $22.8 billion, up 2%, and the operating margin was 36%.

在 Google 服務的成本方面，TAC 為 122 億美元，增長 12%。谷歌服務營業收入為 228 億美元，增長 2%，營業利潤率為 36%。

Turning to the Google Cloud segment. Revenues were $6.3 billion for the second quarter, up 36%. GCP's revenue growth was again greater than Cloud's, reflecting significant growth in both infrastructure and platform services. Strong revenue growth in Google Workspace was driven by solid growth in both seats and average revenue per seat.

轉向谷歌云部分。第二季度收入為 63 億美元，增長 36%。 GCP 的收入增長再次超過 Cloud，反映了基礎設施和平台服務的顯著增長。 Google Workspace 收入的強勁增長得益於席位和每個席位的平均收入的穩健增長。

Google Cloud had an operating loss of $858 million. As to our other bets for the second quarter, revenues were $193 million and the operating loss was $1.7 billion. Let me close with some comments on our outlook. In terms of the Google Services segment. We are pleased with our performance in Search in the second quarter, which continued to deliver strong results.

谷歌云的運營虧損為 8.58 億美元。至於我們對第二季度的其他押注，收入為 1.93 億美元，經營虧損為 17 億美元。最後讓我對我們的前景發表一些評論。就谷歌服務部分而言。我們對第二季度在搜索領域的表現感到滿意，繼續取得強勁的業績。

As a reminder, the 2022 revenue growth rates are presented against particularly tough comps as we lapped the recovery in the second quarter of 2021 from the impact of the pandemic in early 2020. Going forward, the very strong revenue performance last year continues to create tough comps that will weigh on year-on-year growth rates of advertising revenues for the remainder of the year.

提醒一下，由於我們在 2021 年第二季度從 2020 年初大流行的影響中復蘇，因此 2022 年的收入增長率與特別艱難的比較呈現出來。展望未來，去年非常強勁的收入表現繼續創造艱難這將影響今年剩餘時間廣告收入的同比增長率。

In YouTube and Network, the pullbacks in spend by some advertisers in the second quarter reflects uncertainty about a number of factors that are challenging to disaggregate. Within other revenues in the third quarter, we expect an ongoing headwind from the fee changes and the slowdown in buyer spend that impacted results in the second quarter.

在 YouTube 和 Network 中，一些廣告商在第二季度的支出回落反映了許多難以分解的因素的不確定性。在第三季度的其他收入中，我們預計費用變化和買家支出放緩會影響第二季度的業績。

Turning to Google Cloud. Customers are transforming their businesses, utilizing GCP's secure infrastructure with data, analytics and AI capabilities, uncovering real-time insights and leveraging the collaborative tools of Workspace. They are in the early days of this transformation, and we continue to invest in our products, go-to-market capabilities and cloud regions.

轉向谷歌云。客戶正在轉變他們的業務，利用具有數據、分析和人工智能功能的 GCP 安全基礎架構，發現實時洞察並利用 Workspace 的協作工具。他們正處於這一轉型的早期階段，我們將繼續投資於我們的產品、上市能力和雲區域。

In terms of foreign exchange, our second quarter results reflect the U.S. dollar strengthened versus last year from a significant tailwind last year to a 3.7 percentage point headwind in 2Q. Looking to the third quarter, based on strengthening of the U.S. dollar quarter-to-date, we expect an even larger headwind from foreign exchange. As a reminder, all segment revenues are reported on a GAAP basis. We provide fixed FX revenues only at the consolidated level and by geographic region.

在外匯方面，我們第二季度的業績反映了美元與去年相比走強，從去年的顯著順風到第二季度的 3.7 個百分點的逆風。展望第三季度，基於本季度迄今美元走強，我們預計來自外彙的阻力會更大。提醒一下，所有分部收入均按公認會計原則報告。我們僅在合併層面和按地理區域提供固定外匯收入。

In addition, as we've said previously, the impact of foreign exchange is greater on operating income than it is on revenues given that our expense base is weighted more toward the U.S. with most of our R&D efforts located here. With respect to Alphabet head count, we added 10,108 people in the second quarter with the majority of hires for technical roles.

此外，正如我們之前所說，外匯對營業收入的影響比對收入的影響更大，因為我們的支出基礎更多地偏向美國，我們的大部分研發工作都在這裡。在 Alphabet 員工人數方面，我們在第二季度增加了 10,108 人，其中大部分是技術職位。

Given the uncertain global economic outlook and the hiring progress achieved to date, as Sundar previously announced, we intend to slow the pace of hiring. We expect our actions on hiring to become more apparent in 2023. Our headcount additions in the third quarter will reflect we already have a strong number of commitments, including new graduate hires.

鑑於不確定的全球經濟前景和迄今為止所取得的招聘進展，正如 Sundar 先前宣布的那樣，我們打算放慢招聘步伐。我們預計我們在招聘方面的行動將在 2023 年變得更加明顯。我們在第三季度增加的員工人數將反映出我們已經有大量的承諾，包括新的畢業生招聘。

As a reminder, we also expect the acquisition of Mandiant to close by the end of the year, which will further increase head count on top of hiring. Although we expect the pace of headcount growth to moderate next year, we will continue hiring for critical roles, particularly focused on top engineering and technical talent.

提醒一下，我們還預計 Mandiant 的收購將在年底前完成，這將進一步增加招聘人數。儘管我們預計明年員工人數增長速度將放緩，但我們將繼續招聘關鍵職位，尤其是頂級工程和技術人才。

Turning to CapEx. The largest investments in the second quarter were in servers followed by data centers and office facilities. After several large transactions closed in the first quarter, investment in office facilities was once again focused on fit-outs and ground-up construction on existing projects. We continue to expect an increase in CapEx in 2022 versus last year.

轉向資本支出。第二季度最大的投資是服務器，其次是數據中心和辦公設施。在第一季度完成幾筆大宗交易後，對辦公設施的投資再次集中在現有項目的裝修和地面建設上。我們繼續預計 2022 年資本支出將比去年增加。

For the balance of 2022, the increase will be particularly reflected in investments in technical infrastructure globally with servers as the largest component. Thank you. Sundar, Philipp, and I will now take your questions.

在 2022 年的剩餘時間裡，這一增長將特別體現在以服務器為最大組成部分的全球技術基礎設施投資上。謝謝你。 Sundar、Philipp 和我現在將回答您的問題。

And our first question comes from the line of Douglas Anmuth from JPMorgan.

我們的第一個問題來自摩根大通的 Douglas Anmuth。

Great. Hopefully, you can hear me. I want to ask 2 questions. First, Sundar, just in your letter, you talked about how the economic challenges will serve as an opportunity for Alphabet to deepen its focus and invest for the long term.

偉大的。希望你能聽到我的聲音。我想問2個問題。首先，Sundar，就在你的信中，你談到了經濟挑戰將如何成為 Alphabet 深化其重點和長期投資的機會。

Just wanted to get a sense of how that might change the investment profile in areas of priority for the company. And then, Ruth, I was hoping you could provide some color perhaps on how growth trended more through the second quarter? And if you have any comments on what you're seeing so far in 3Q in July?

只是想了解這可能如何改變公司優先領域的投資概況。然後，露絲，我希望你能提供一些關於第二季度增長趨勢如何的顏色？如果您對 7 月第三季度迄今為止所看到的情況有任何評論？

Thanks, Doug. As I said to the company, I think it's a good time to sharpen our focus. Personally, I find moments like these clarifying. It's a chance to digest and make sure we are working on the right things as a company with taking a long-term view, making sure we are continuing to invest in deep technology and computer science and doing differentiated work.

謝謝，道格。正如我對公司所說，我認為現在是加強我們關注的好時機。就個人而言，我發現這樣的時刻可以澄清。這是一個消化的機會，並確保我們作為一家具有長遠眼光的公司正在做正確的事情，確保我們繼續投資於深度技術和計算機科學並做差異化的工作。

And it gives a chance to assess everything we are doing with the critical lens and reallocate resources to our most critical priorities. So it's a constrained optimization problem. I think it gives us a chance given the strong -- given a few years of strong growth to double down and focus and we're going to be very disciplined in terms of how we will approach it. But our focus on the long-term areas, be it AI, be it Cloud and other critical areas, will continue.

它提供了一個機會來評估我們用關鍵鏡頭所做的一切，並將資源重新分配給我們最關鍵的優先事項。所以這是一個有約束的優化問題。我認為這給了我們一個機會，考慮到強大的 - 考慮到幾年的強勁增長，可以加倍努力和專注，我們將在如何處理它方面非常自律。但我們對長期領域的關注，無論是人工智能、雲計算和其他關鍵領域，都將繼續。

In terms of your second question, I'm going to leave the modeling to you. Just a bit of context, Sundar and I, I think, Philipp, as well used the term uncertainty because we do think that's the best way to characterize what we're seeing the data are complicated.

關於你的第二個問題，我將把建模留給你。只是一點上下文，我認為，Sundar 和我，Philipp 也使用了不確定性一詞，因為我們確實認為這是描述我們所看到的數據複雜的最佳方式。

Our results have reflected lapping, continue to reflect lapping of the significant growth rates last year. On top of that, there is uncertainty in the global economic environment. And then, there are issues that differ across industry. You've seen it in the news for some it's supply chain, for some it's inventory issues. So we will leave the forecasting to you and try to give you sort of the components as we went through Q2 here.

我們的業績已經反映了研磨，繼續反映研磨去年的顯著增長率。最重要的是，全球經濟環境存在不確定性。然後，各個行業存在不同的問題。你已經在新聞中看到了一些它的供應鏈，一些它的庫存問題。因此，我們將把預測留給您，並嘗試為您提供我們在第二季度經歷的部分組件。

And our next question comes from the line of Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

Sundar, I just wanted to sort of follow up on the last question a little bit. I think your -- the tone around investment for the year changed somewhat over the course of the last few weeks, you've kind of gone through July and heard about slowing of hiring and now reported hiring pause.

Sundar，我只是想稍微跟進最後一個問題。我認為，在過去的幾周里，你今年圍繞投資的基調發生了一些變化，你已經經歷了 7 月份，聽說招聘放緩，現在報告招聘暫停。

You mentioned just recently, you're finding moments like these to sort of optimize spend. Could you just talk to what are you seeing in your business specifically on the advertising side or the cloud side that you sort of saying now is when we really do need to make sure we're optimizing. Are you seeing pullbacks? Or is it more sort of just you're seeing the macroeconomic headlines and wanting to get ahead of it?

您最近提到，您正在尋找這樣的時刻來優化支出。您能否談談您在廣告方面或云方面看到的業務，您現在所說的是我們確實需要確保我們正在優化的時候。你看到回調了嗎？還是只是您看到宏觀經濟頭條新聞並想要領先於它？

I think Ruth gave color on what we are talking about as uncertainty. I think we see that as well. All of us are reacting to quite a varying set of dynamics, and it's tough to summarize it because the factors -- underlying factors are different and they vary by maybe geography and verticals.

我認為露絲為我們所說的不確定性提供了色彩。我想我們也看到了這一點。我們所有人都在對一系列不同的動態做出反應，很難總結它，因為這些因素——潛在因素是不同的，它們可能因地理和垂直方向而異。

But there is some commonality to it in terms of the macro environment. So there's definitely something we are looking at and want to be more disciplined as we go forward. So that's the higher-level theme. I think in terms of underlying areas, pretty much I'm focusing my time on what are the right set of things to do with a longer-term view.

但就宏觀環境而言，它有一些共性。因此，我們肯定有一些東西正在研究，並且希望在我們前進的過程中更加自律。這就是更高層次的主題。我認為就潛在領域而言，我幾乎將時間集中在與長期觀點有關的正確事情上。

And I do think as a company, when you're in growth mode, it's tough to always take the time to do all the readjustments you need to do and moments like this gives us a chance. So I view it as an opportunity. And so some of the sharpening our focus is taking advantage of the moment.

而且我確實認為，作為一家公司，當您處於增長模式時，很難總是花時間進行您需要做的所有調整，而這樣的時刻給了我們機會。所以我認為這是一個機會。因此，我們的一些重點是利用這一刻。

And our next question comes from Eric Sheridan from Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe I can ask a 2-parter on YouTube. You've called out the tougher comps over the last couple of quarters. Can you give us a better sense of how you move away from some of those tougher comps in the periods ahead of us, over the next 12 to 18 months and how maybe we should think about the digestion of the direct response growth and consumption growth that YouTube saw a year ago and how that might lead to better growth ahead for YouTube in the periods going forward.

也許我可以在 YouTube 上問一個 2-parter。在過去的幾個季度中，您已經召集了更艱難的比賽。您能否讓我們更好地了解在接下來的 12 到 18 個月內，您如何擺脫一些更艱難的競爭，以及我們應該如何考慮消化直接反應增長和消費增長？ YouTube 在一年前就看到了，這將如何為 YouTube 在未來的時期內帶來更好的增長。

And then when you look at the broader competitive landscape for video. How do you think about positioning YouTube, short-form video versus long-form video or enabling creators and businesses to have tools to build their businesses within YouTube. How do you think about product development and aligning the product against the broader competitive landscape?

然後，當您查看更廣泛的視頻競爭格局時。您如何看待 YouTube 的定位、短視頻與長視頻的對比，或者讓創作者和企業擁有在 YouTube 內開展業務的工具。您如何看待產品開發和使產品與更廣泛的競爭格局保持一致？

Thanks, Eric. There was a lot in your question, so I'll start and then I'll pass it to Philipp. An obvious point as we're pointing out the lapping of what truly were extraordinary growth rates as time will get us through the lapping. So that's obvious math, but you asked the question.

謝謝，埃里克。你的問題有很多，所以我會開始，然後我會把它傳遞給 Philipp。顯而易見的一點是，我們指出真正非凡的增長率隨著時間的推移將幫助我們度過難關。所以這是顯而易見的數學，但你問了這個問題。

So starting with that. And then I did note that we have seen pullbacks in spend by some advertisers that, in fact, was the biggest factor in the quarter-on-quarter change, the sequential decline in the growth rate. And we're -- that we do view that as rather idiosyncratic as I said, some of it is supply chain, some of it's inventory. And so just working through that.

所以從那開始。然後我確實注意到，我們已經看到一些廣告商的支出回落，這實際上是環比變化的最大因素，即增長率的連續下降。而且我們 - 我們確實認為正如我所說的那樣，其中一些是供應鏈，其中一些是庫存。所以只是努力解決這個問題。

And then I would say, there were a couple of other factors that were relevant. The war was a modest headwind to year-on-year and sequential growth. AT&T impact, in fact, remained relatively constant. We've said that for the last couple of quarters. So that does remain a headwind. So we're working through those. But again, it goes really to continuing to invest in YouTube and the experiences and the opportunity to deliver for our entire ecosystem; users, creators. And why don't I pass it to Philipp to maybe take you a step deeper into those.

然後我會說，還有其他一些相關的因素。這場戰爭對同比和連續增長構成了適度的逆風。事實上，AT&T 的影響仍然相對穩定。在過去的幾個季度中，我們已經說過了。所以這仍然是一個逆風。所以我們正在解決這些問題。但同樣，這真的是繼續投資 YouTube 以及為我們整個生態系統提供體驗和機會；用戶，創作者。我為什麼不把它傳給 Philipp，讓你更深入地了解這些。

So despite the pullback from some advertisers, we really believe YouTube remains well positioned to benefit from the shift to digital video -- maybe first on brand. It's worth calling out that this was our first year participating in the upfronts, which is really exciting and really a testament to YouTube's evolution, and we were very pleased with our strong growth and upfront commitments.

因此，儘管一些廣告商的撤退，我們真的相信 YouTube 仍然處於有利位置，可以從向數字視頻的轉變中受益——也許是品牌上的第一個。值得一提的是，這是我們參與前期工作的第一年，這真的很令人興奮，也確實證明了 YouTube 的發展，我們對我們的強勁增長和前期承諾感到非常滿意。

Customers tell us they see value in YouTube's reach and the ability to drive results. I talked about CTV earlier and as well on our last call, and we are very excited about the road map here. We're also continuing to give advertisers unique and creative storytelling opportunities and the ability to lean into very precise KPIs and we recently rolled out some very critical measurement tools.

客戶告訴我們，他們看到了 YouTube 的影響力和推動結果的能力的價值。我之前談到了 CTV，在我們上次的電話會議上也是如此，我們對這裡的路線圖感到非常興奮。我們還將繼續為廣告商提供獨特而富有創意的故事講述機會，以及讓他們了解非常精確的 KPI 的能力，我們最近推出了一些非常關鍵的衡量工具。

On the direct response side, we still think there's a lot of runway to address commercial intent on YouTube between video action campaigns and app campaigns and product feeds and new live commerce features, where we're testing a number of different things across live commerce. So we're excited about the opportunities here, especially to connect brands with creators.

在直接響應方面，我們仍然認為在 YouTube 上的視頻操作廣告系列和應用廣告系列以及產品供稿和新的實時商務功能之間存在很多解決商業意圖的渠道，我們正在這些實時商務中測試許多不同的東西。因此，我們對這裡的機會感到興奮，尤其是將品牌與創作者聯繫起來。

We're also seeing advertisers by YouTube at both ends of the funnel, which I talked about earlier, giving advertisers the ability to drive reach and relevance and action is really where YouTube excels. So the big picture in long term remain very encouraged by the opportunity for innovation at [branded DR] and across YouTube.

我們還在渠道的兩端看到了 YouTube 的廣告商，我之前談到過，這讓廣告商能夠擴大覆蓋面、相關性和行動，這正是 YouTube 擅長的地方。因此，從長遠來看，[品牌 DR] 和整個 YouTube 的創新機會仍然非常鼓舞人心。

And I can also briefly touch on the Shorts piece. Consumers are increasing and consuming short-form videos obviously. We're seeing this across multiple platforms, including YouTube. Sundar noted earlier that Shorts are being watched by 1.5 billion plus logged-in users every month. So overall, we're continuing to see good user engagement on YouTube.

我還可以簡要介紹一下 Shorts 部分。消費者顯然正在增加和消費短視頻。我們在包括 YouTube 在內的多個平台上都看到了這一點。 Sundar 早些時候指出，每月有超過 15 億登錄用戶觀看 Shorts。因此，總體而言，我們繼續在 YouTube 上看到良好的用戶參與度。

And last quarter, we shared that over the past 2 years, YouTube has seen significant growth in watch time and even as people have returned to in-person activities. Time spent on YouTube globally has continued to grow. And as I said before, early results in Shorts' monetization are also encouraging, and we're excited about the opportunities here.

上個季度，我們分享了在過去 2 年中，YouTube 的觀看時間顯著增長，即使人們已經回到了面對面的活動中。全球在 YouTube 上花費的時間持續增長。正如我之前所說，Shorts 貨幣化的早期結果也令人鼓舞，我們對這裡的機會感到興奮。

And our next question comes from Michael Nathanson from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Michael Nathanson。

Can I ask one to Ruth and Sundar and then one to Philipp. So Ruth and Sundar, given just how strong this company is in terms of balance sheet and profitability, I wonder what's your north star when you think about shopping your focus? What's driving your decision-making?

我可以向 Ruth 和 Sundar 詢問一份，然後向 Philipp 詢問一份嗎？所以 Ruth 和 Sundar，鑑於這家公司在資產負債表和盈利能力方面的實力，我想知道當你考慮購買你的焦點時，你的北極星是什麼？是什麼推動了你的決策？

Is there an optimal margin you're looking to seek to or cash generation. So I'm just trying to get -- when you say these things, I know what other companies have to do because they are pressured on balance sheets and profitability. So what is the mathematical form that you're looking for that you're driving towards?

您是否正在尋求最佳利潤或現金產生。所以我只是想得到 - 當你說這些事情時，我知道其他公司必須做什麼，因為他們在資產負債表和盈利能力方面受到壓力。那麼，您正在尋找的數學形式是什麼？

And then to Philipp, I think people are wondering just -- and this is a big question, but the composition of the ad base and I think people are worried that some other companies may have really benefited from a lot of growth in younger, newer companies that were not profitable. So can you just talk a bit about what you're seeing in terms of mix of your composition. Is there any shift maybe towards Fortune 500 companies that are spending more from a healthier maybe starting base? Anything you tell us on composition of your ad base? I know it's a huge question, but that would be helpful.

然後對於 Philipp，我認為人們只是想知道——這是一個很大的問題，但廣告基礎的構成，我認為人們擔心其他一些公司可能真的從年輕、新公司的大量增長中受益沒有盈利的公司。所以你能不能談談你在你的作品組合方面看到的東西。是否有任何轉向財富 500 強公司的轉變，這些公司從一個更健康的起點開始支出更多？你告訴我們關於你的廣告基礎的構成嗎？我知道這是一個很大的問題，但這會有所幫助。

Maybe one thing I'll say through moments like this, look, I think for a few years, we've been talking about, particularly in our newer areas, the focus on building sustainable value.

也許我會在這樣的時刻說一件事，看，我想幾年來，我們一直在談論，特別是在我們的新領域，專注於建立可持續價值。

And so for me, it's a long-term framework. We are obviously -- we have areas where we've been doing this for a long time, like Search and so on. But there are newer areas, and we definitely want to make sure while we are investing for the long term, we are thinking through the business model, the value creation and profitability over time.

所以對我來說，這是一個長期的框架。很明顯，我們有一些領域我們已經這樣做了很長時間，比如搜索等等。但是還有更新的領域，我們絕對希望確保在進行長期投資時，我們正在考慮商業模式、價值創造和盈利能力。

And so all of that are the frameworks we use. And I think it's important, regardless of the health of your balance sheet on an area by area. Everything you're building is sustainable on its own and you're very disciplined and so I think times like this gives us a chance to bring more focus and spend more time on with that lens.

所以所有這些都是我們使用的框架。而且我認為這很重要，無論您的資產負債表在各個領域的健康狀況如何。你正在建造的一切都是可持續的，而且你非常自律，所以我認為這樣的時代讓我們有機會更加專注並花更多時間在這個鏡頭上。

I would just add, we talked about this last year. Some of the operating margin upside last year was due to timing issues with the search of revenues, and we indicated at the time there was a lag in part on some of the investments whether that's data centers or otherwise.

我想補充一下，我們去年討論過這個問題。去年的一些營業利潤率上升是由於尋找收入的時間問題，我們當時指出，無論是數據中心還是其他方面的一些投資都存在一定的滯後。

And so in part, you're seeing some of that. But very much to Sundar's point, the way we look at it is we are continuing to invest in long-term growth that has paid wonderful dividends for users and investors over the years. And we want to make sure we're doing it responsibly and judiciously.

所以在某種程度上，你看到了其中的一些。但在 Sundar 看來，我們看待它的方式是，我們將繼續投資於多年來為用戶和投資者帶來豐厚紅利的長期增長。我們希望確保我們以負責任和明智的方式行事。

Some of these things pay out over the medium and longer term. And so as he said a couple of times now, this notion of wanting to look at what are meaningful investments to deliver continued -- extraordinary experiences for [servers] and users that then supports longer-term growth. It requires investments, and we just want to make sure that we're getting that balance right and that we're using resources effectively where we can to redeploy it and put it back into long-term investments. And so it's that sort of balancing act.

其中一些東西會在中長期內得到回報。正如他現在多次所說的那樣，這種想法是想看看什麼是有意義的投資，以提供持續的 - 為 [服務器] 和用戶提供非凡的體驗，然後支持長期增長。它需要投資，我們只是想確保我們獲得正確的平衡，並且我們正在有效地利用資源，我們可以重新部署它並將其重新投入長期投資。所以這是一種平衡行為。

Look, when it comes -- when it comes to the second part of your question, we have a very, very broad base of customers; large, small, different verticals, different sectors and different geographies across the world. They're very proud to serve such a large base with such a diversity of different players.

看，當涉及到問題的第二部分時，我們擁有非常非常廣泛的客戶群；世界各地的大、小、不同的垂直行業、不同的部門和不同的地區。他們非常自豪能夠為如此龐大的基地和如此多樣化的不同球員服務。

It's a broad question you're asking, if you're leaning a little bit more towards the total addressable market here. Let me reiterate what I said before. We're not just addressing above-the-line marketing budgets, like traditional advertising or television advertising. There's a lot of upside that we've seen below the line, budgets, whether it's promotional pricing, product placements, sponsorships and so on and (inaudible) cuts across the universe of different players, sectors, verticals that I just described.

這是一個廣泛的問題，如果你更傾向於這裡的整個潛在市場。讓我重申我之前說過的話。我們不只是解決線上營銷預算，如傳統廣告或電視廣告。我們在底線下看到了很多好處，預算，無論是促銷定價、產品展示位置、贊助等等，而且（聽不清）跨越了我剛才描述的不同參與者、行業、垂直領域。

But in the end, our main goal is on delivering great experiences for our users and driving incremental ROI for advertisers and then making them successful across all this big universe of sectors I just talked about. And I'm positive that budget should continue to move our ways as long as we stay focused on this one.

但最終，我們的主要目標是為我們的用戶提供出色的體驗，並為廣告商增加投資回報率，然後讓他們在我剛才談到的所有這些大領域取得成功。我很肯定，只要我們繼續專注於這一預算，預算就應該繼續改變我們的方式。

And our next question comes from Justin Post from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Justin Post。

I hope you can hear me okay. I wanted to ask about Cloud. You mentioned several times Cloud momentum, and I know it was a very tough year-over-year comp, but growth did slow.

我希望你能聽到我的聲音。我想問一下云。您多次提到 Cloud 的發展勢頭，我知道這是一個非常艱難的年度對比，但增長確實緩慢。

Wondering if you're seeing any pullback in new lift and ship projects or other new client adds? Or if you're seeing a little slowdown in volumes at all. And then on the margins, is there any urgency to move margins towards breakeven? Or is it still kind of investment mode here with a lot of different products and services to build?

想知道您是否看到新的升降機和船舶項目或其他新客戶增加的任何回落？或者，如果您看到交易量略有放緩。然後在利潤率方面，是否有任何緊迫性將利潤率推向盈虧平衡？還是這裡仍然是一種投資模式，需要構建許多不同的產品和服務？

On Cloud, we continue to see strong momentum, substantial market opportunity here and still feels like early stages of this transformation. Constantly in conversations with customers, big and small, who are just undertaking the journey. So it kind of shows you the opportunity ahead.

在雲上，我們繼續看到強勁的勢頭和巨大的市場機會，而且感覺仍是這種轉型的早期階段。不斷與剛剛踏上旅程的大大小小的客戶交談。因此，它向您展示了未來的機會。

I would just say nothing noticeable other than -- given we are in different geographies and different sectors. You do see a varying mix of some customers impacted in terms of their ability to spend, some customers just slightly taking longer, longer times. And maybe in some cases, thinking about the term for which they're booking and so on. So -- but I don't necessarily view it as a longer-term trend as much as working through the macro uncertainty everyone is dealing with.

我只想說除了 - 考慮到我們位於不同的地理位置和不同的部門之外，沒有什麼值得注意的。您確實看到一些客戶的消費能力受到影響，一些客戶只是稍微花費更長的時間。也許在某些情況下，考慮他們預訂的期限等等。所以 - 但我不一定將其視為一個長期趨勢，就像解決每個人都在處理的宏觀不確定性一樣。

And then in terms of your margin question, our view continues to be that this is an extraordinary opportunity. It's a long-term opportunity and enterprise customers are still early in their move to the cloud.

然後就您的保證金問題而言，我們仍然認為這是一個非凡的機會。這是一個長期的機會，企業客戶仍處於遷移到雲的早期階段。

And so we do very much have that debate that same question that you posed is the right one, which is a trade-off as between revenue growth and immediate profitability. And what we're focused on is ensuring that we're investing to support the long-term growth and given the upside that we see.

所以我們確實有很多爭論，你提出的問題是正確的，這是收入增長和直接盈利能力之間的權衡。我們關注的是確保我們正在投資以支持長期增長並考慮到我們看到的上行空間。

And so continue to focus on it and are looking at the path to profitability, path to free cash flow positive to drive attractive returns. That's obviously in the overall model of it, but I very much believe in the long-term growth and believe this is the right level of investment across the business, go to market, the product teams continuing to build it out globally.

因此，繼續關注它，並正在尋找盈利之路，通往正自由現金流的道路，以推動有吸引力的回報。這顯然是它的整體模型，但我非常相信長期增長，並相信這是整個業務的正確投資水平，進入市場，產品團隊繼續在全球範圍內建立它。

And our next question comes from the line of Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Ruth, good to see you lean into the buyback? I think it was your highest buyback ever, while other tech companies have kind of run away from it. I'm just curious if you could talk about your capital allocation strategy and ultimately how you're thinking about the buyback?

露絲，很高興看到你傾向於回購？我認為這是你有史以來最高的回購，而其他科技公司已經在逃避它。我只是想知道您是否可以談談您的資本配置策略以及您最終如何考慮回購？

Thank you. I mean at the heart of the capital allocation strategy is really what we've been talking about on this call, investing in long-term growth and driving cash flow. So we have the opportunity to continue to invest and return capital to shareholders.

謝謝你。我的意思是資本配置策略的核心是我們在這次電話會議上一直在談論的，投資於長期增長和推動現金流。因此，我們有機會繼續投資並向股東返還資本。

We're very pleased that we were able to increase the authorization up to $70 billion. And do continue to believe it's yet another valuable tool in the overall set of investments that we make. So pleased to have it.

我們很高興我們能夠將授權增加到 700 億美元。並且繼續相信它是我們進行的整體投資中的另一個有價值的工具。很高興擁有它。

And our next question comes from Mark Mahaney from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Philipp, you talked about the beginning of monetizing YouTube Shorts. Do you have any lessons that you've drawn so far? Or in the long term, is there any view you have on whether that inventory can be better or less monetized than other YouTube inventory that you've had traditionally historically?

Philipp，您談到了通過 YouTube Shorts 獲利的開始。到目前為止，你有什麼經驗教訓嗎？或者從長遠來看，您對這些廣告資源是否可以比您傳統上擁有的其他 YouTube 廣告資源更好或更不賺錢有什麼看法？

And then secondly, just on these comments on the pullback by some advertisers. So you talked about strength in retail and especially in travel, so what's left? Does that mean are you seeing weakness out of Western Europe in financial verticals and maybe automotive? Any color on which advertisers are pulling back would be helpful.

其次，就一些廣告商對這些回調的評論。所以你談到了零售，尤其是旅遊方面的實力，那麼還剩下什麼？這是否意味著您看到西歐在金融垂直領域和汽車領域的疲軟？廣告商撤退的任何顏色都會有所幫助。

So on the Shorts side, on the monetization side, I am sticking with the statement I made before. We are encouraged by the results that we're seeing. We're excited about the opportunity. And there's not more -- not a lot more detail that we can share at this point in time.

所以在短褲方面，在貨幣化方面，我堅持我之前所做的聲明。我們對所看到的結果感到鼓舞。我們對這個機會感到興奮。而且沒有更多 - 沒有更多的細節我們可以在這個時間點分享。

On the pullback in spend by some of the advertisers, as Ruth mentioned, pullbacks and spend on YouTube and network by some advertisers in the second quarter reflects uncertainty about a number of factors. And for each advertisers, they're actually challenging to disaggregate the uncertainty -- difference between companies and sectors. And as you can see from the news and some companies were impacted by multiple factors as well.

正如 Ruth 所提到的，在一些廣告商的支出回落方面，一些廣告商在第二季度在 YouTube 和網絡上的支出回落反映了許多因素的不確定性。對於每個廣告商來說，他們實際上都很難分解不確定性——公司和行業之間的差異。正如您從新聞中看到的那樣，一些公司也受到多種因素的影響。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

Maybe 1 follow-up, Sundar, on the sharpening of the focus you talked about, of course, AI and Cloud as being key areas of long-term focus. Are there any areas worth calling out that may be a lower priority now given that focus?

也許 1 後續行動，Sundar，關於你談到的重點的銳化，當然，人工智能和雲是長期關注的關鍵領域。考慮到這一焦點，是否有任何值得關注的領域現在可能是較低優先級？

And then secondly, you've given us some good data over the last year or so around conversational and visual search queries and strong growth there. Curious how that also translates into maybe different types of monetization relative to tech space search? Does this give you greater monetization capability in Search? Or how would that impact monetization?

其次，您在過去一年左右為我們提供了一些關於對話和視覺搜索查詢以及那裡強勁增長的良好數據。好奇這也如何轉化為與技術空間搜索相關的不同類型的貨幣化？這是否為您在搜索中提供了更大的獲利能力？或者這將如何影響貨幣化？

Good question. And look, one way we can think about it is through moments like this. So for example, we are obviously investing deeply in AI. We do everything from pure research to applied research to research, which is now -- things -- AI work, which is actually happening very close or within the areas like Search and YouTube, et cetera.

好問題。看，我們可以考慮的一種方式是通過這樣的時刻。例如，我們顯然正在大力投資人工智能。我們所做的一切從純粹的研究到應用研究再到研究，這就是現在的人工智能工作，這實際上是在非常接近或在搜索和 YouTube 等領域內發生的。

And so you can imagine a scenario in which we are prioritizing and on the margin moving resources to making sure we are driving product improvements, which flow through a moment like that. That would be an example of sharpening focus for me. And when I think about the opportunities out of AI, just coming out of I/O this year, looking at the progress we have made, how much we have made progress with multisearch, how multimodal things are getting and the fact that people are now actually doing voice searches a lot, visual searches a lot, all that is a good example of how we are driving value in our core products.

所以你可以想像一個場景，我們正在優先考慮並在邊緣移動資源以確保我們正在推動產品改進，就像這樣的時刻。對我來說，這將是一個銳化焦點的例子。當我想到 AI 帶來的機會時，今年剛剛從 I/O 中走出來，看看我們已經取得的進展，我們在多搜索方面取得了多少進展，多模式的事情正在變得如何以及人們現在的事實實際上做了很多語音搜索，很多視覺搜索，所有這些都是我們如何在核心產品中推動價值的一個很好的例子。

Similarly, if you take at ads at Google Marketing Live, the team talked a lot about AI-driven products and features that really give value to advertisers in the most privacy-forward way. And cloud is, I would say, lot of the AI opportunity today plays out as more from a data analytics standpoint. It's within that segment, we see the most strength. But over time, I think there'll be broader opportunities as well. And on top of it all, we are continuing to see a lot of breakthrough work coming from our research teams, be it LaMDA 2, PaLM, Minerva or some of our recent advances.

同樣，如果您在 Google Marketing Live 上觀看廣告，該團隊談論了很多關於人工智能驅動的產品和功能，這些產品和功能真正以最保護隱私的方式為廣告商帶來價值。我想說的是，從數據分析的角度來看，今天的很多 AI 機會都在發揮作用。在那個細分市場中，我們看到了最強大的力量。但隨著時間的推移，我認為也會有更廣泛的機會。最重要的是，我們繼續看到來自我們的研究團隊的許多突破性工作，無論是 LaMDA 2、PaLM、Minerva 還是我們最近取得的一些進展。

So we'll stay cutting-edge drive progress and keep focusing on turning that research into real products and applications, and we'll take a long-term view.

因此，我們將保持領先地位，推動進步，並繼續專注於將研究成果轉化為實際產品和應用，我們將著眼長遠。

And our last question comes from the line of Ross Sandler from Barclays.

我們的最後一個問題來自巴克萊銀行的羅斯桑德勒。

So maybe just following up on the retail segment. So some of the biggest retailers in the world like Walmart are really struggling and are looking to cut costs and sounded to me from what Ruth just said about supply chain inventory inflation that they might be cutting on YouTube.

所以也許只是跟進零售領域。因此，像沃爾瑪這樣的世界上一些最大的零售商確實在苦苦掙扎，並且正在尋求削減成本，從 Ruth 剛剛談到的供應鏈庫存通脹的說法中，他們可能會在 YouTube 上削減成本。

So I'm just curious, can you flesh out what you guys are doing in Search from a product perspective to keep that retail category as strong as it is? You mentioned P-Max for some of the smaller advertisers, an omnichannel for the larger, but maybe just elaborate on how that -- what strategy do you guys are using to keep that spend flowing? Or is that just a timing thing and it might drop off at some point in the future?

所以我很好奇，你能從產品的角度充實你們在搜索中所做的事情，以保持零售類別的強大嗎？您提到了一些小型廣告商的 P-Max，大型廣告商的全渠道，但也許只是詳細說明一下 - 你們使用什麼策略來保持支出流動？或者這只是一個時間問題，它可能會在未來的某個時候下降？

Yes. This is an excellent question. As I noted in my opening remarks, retail continued to be an important driver of Search in the second quarter. We saw strong Search interest in several categories I called out, apparel categories like women's clothing earlier.

是的。這是一個很好的問題。正如我在開場白中指出的那樣，零售在第二季度繼續成為搜索引擎的重要推動力。我們在我之前提到的幾個類別中看到了強烈的搜索興趣，例如女裝等服裝類別。

I think it's also worth clarifying when we talk about retail growth. We're talking about our overall approach to retail, which runs through all of our ads products and surfaces and our shopping strategy is just one important piece of that.

我認為當我們談論零售增長時，也值得澄清一下。我們談論的是我們的整體零售方法，它貫穿我們所有的廣告產品和表面，我們的購物策略只是其中重要的一部分。

From a trend perspective, you're absolutely right, omnichannel remains the way to when retailers continue to build their digital presence to drive both online and offline sales, and we're obviously helping them do it. Over the last few quarters, I think I've talked quite a bit about the ways how we're doing this. In Q2 -- like in Q1, we saw a year-over-year increase in adoption of, for example, local inventory ads.

從趨勢的角度來看，您是絕對正確的，當零售商繼續建立他們的數字存在以推動在線和離線銷售時，全渠道仍然是一種方式，我們顯然正在幫助他們做到這一點。在過去的幾個季度裡，我想我已經談了很多關於我們如何做到這一點的方式。在第二季度 - 與第一季度一樣，我們看到本地庫存廣告的採用率同比增長。

These are mobile first and location-based and helping businesses of all sizes showcase their products and stock in-store, online or available for store, curbside pickup, all different variations. Additionally, we're midway through the migration from smart shopping campaigns into Performance Max, which we also mentioned and advertisers have been pleased with increased reach and the increased performance.

這些是移動優先和基於位置的，並幫助各種規模的企業在店內、在線或可用於商店、路邊取貨等所有不同的變體中展示他們的產品和庫存。此外，我們正在從智能購物廣告系列遷移到 Performance Max，我們也提到了這一點，廣告商對擴大的覆蓋面和提高的表現感到滿意。

And our focus really has always been on building tools and features that help both offline and online businesses connect directly with these customers across our platforms, and we're excited about what's next for retail commerce across our services, especially Search and YouTube. And we will remain focused on building helpful great products and experiences for both users and these businesses.

我們的重點一直是構建工具和功能，幫助線下和在線企業在我們的平台上直接與這些客戶建立聯繫，我們對我們服務的零售商業的下一步發展感到興奮，尤其是搜索和 YouTube。我們將繼續專注於為用戶和這些企業打造有用的優秀產品和體驗。

And that concludes our question-and-answer session. I'd like to turn the conference back over to Jim Friedland for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給 Jim Friedland 來做任何閉幕詞。

Thanks, everyone, for joining us today. We look forward to speaking with you again on our third quarter 2022 call. Thank you, and have a good evening.

謝謝大家，今天加入我們。我們期待在 2022 年第三季度電話會議上再次與您交談。謝謝你，祝你晚上愉快。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。