Alphabet Inc (GOOGL) 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，感謝大家參加 Alphabet Inc. 2022 年第二季財報電話會議。 （操作員指示）現在，我想將會議交給今天的發言人，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。大家下午好，歡迎參加 Alphabet 2022 年第二季財報電話會議。

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有 Sundar Pichai、Philipp Schindler 和 Ruth Porat。現在我將快速介紹安全港。我們今天就我們的業務、營運和財務表現所做的一些陳述可能被視為前瞻性的，而此類陳述涉及許多風險和不確定性，可能導致實際結果大不相同。

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.

欲了解更多信息，請參閱我們最近向美國證券交易委員會提交的 10-K 表中討論的風險因素。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站 abc.xyz/investor 發布並向公眾開放。

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。我為我們的團隊不斷為人們和合作夥伴打造有用的產品和體驗而感到自豪。反映這一點，我們第二季在搜尋方面的表現強勁。我們也看到了雲端運算的發展動能。

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.

在全球經濟前景不確定的情況下，我們投資深度技術和電腦科學以打造長期有用產品的策略是正確的。我們能夠放眼長遠，這源自於我們永恆的使命：整合全球訊息，使人人皆可訪問並從中受益。

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.

在五月的 Google I/O 大會上，我談到了我們推動這項使命的兩種關鍵方式，即推動知識和運算的發展。這些目標就是我們工作的核心。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，無論是使用搜尋或 YouTube 從任何地方定義任何內容，還是使用搜尋廣告等高效工具來幫助各種規模的企業接觸客戶，或使用 Google Cloud 來幫助公司適應混合工作並提高效率。

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.

我們將繼續在人工智慧、搜尋和雲端等領域進行投資，並且我們將以負責任的方式、適應當前環境的方式進行投資。本月初，我宣布我們將放慢招募速度並加強公司重點。我們專注於招募工程、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.

現在來談談產品亮點。幾年前，我們對人工智慧下了很大的賭注。我們相信，這將為我們的業務和世界帶來改變。我們仍處於早期階段，但人工智慧已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，人工智慧正在幫助我們創造全新的搜尋方式。人們每月使用 Google Lens 進行視覺搜尋超過 80 億次。一項名為多重搜尋的新功能可以幫助人們同時使用文字和圖像來尋找所需內容。

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，多重搜尋將能夠幫助人們找到附近的當地結果。人工智慧也有助於改善翻譯。透過新的單語翻譯方法，我們為 Google 翻譯添加了 24 種新語言，有 3 億人使用。地圖中的全新沉浸式視圖利用電腦視覺、人工智慧和數十億張圖像來創建世界各地地點的高保真呈現。

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.

除了人工智慧之外，我們還看到了擴增實境的新前沿。我們一直在實驗室中測試令人興奮的原型，例如我們在 IO 上分享的設備，它可以將即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，我們宣布很快就會開始在現實場景中對 AR 原型進行早期測試。我們的目標是了解它們如何在日常生活中幫助人們。我們對商業的投資是我們提供有益經驗的另一種方式。人們每天透過 Google 購物超過 10 億次。我們每月都會在 Google 圖片上看到數億次購物搜尋。

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.

商家很快就能提交其產品的 3D 圖像，以直接顯示在 Google 搜尋上。因此顧客可以在購買前試用。我們也致力於將硬體、軟體和人工智慧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，我們發布了出色的新產品，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。到目前為止看到正面的回饋真是太好了。

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.

在平台方面，我很自豪 Android 仍然是世界上最受歡迎的作業系統，全球每月有超過 30 億台活躍裝置。光是去年，消費者就啟動了 10 億支 Android 手機。我們正在利用一種名為富通訊服務 (RCS) 的現代訊息傳遞標準，讓 Android 用戶更輕鬆地與朋友和家人分享照片和交流。

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.

透過我們的平台及其他平台，我們保護的線上安全人數比世界上任何其他人都多。 Chrome 瀏覽器上的安全瀏覽功能可在人們嘗試存取危險網站或文件時發出警告，從而幫助保護數十億人的日常安全。

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，我們推出了新的機器學習模型，該模型可以識別出比以前模型多兩倍以上的潛在惡意網站和網路釣魚攻擊，有助於建立更安全的網路。

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.

我們也統一了 Chrome 和 Android 上的密碼管理器。現在，儲存的密碼可以跨裝置、跨網路應用程式進行分組和保護。

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。 YouTube Shorts 每月有超過 15 億登入用戶觀看，每日觀看次數超過 300 億次。第二季度，YouTube TV 訂閱用戶數突破 500 萬（含預告片）。 YouTube 上的購物也具有很大的潛力。就在上週，我們宣布與 Shopify 建立合作關係。

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，並實現透過直播和視訊購物。這裡還有更多內容。

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.

轉向雲端運算，該業務季度收入首次突破 60 億美元。第二季營收成長至 63 億美元，得益於 Google Cloud Platform 和 Workspace 的成長動能。

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.

我們看到所有地區的需求持續成長，其中包括北美的 Target、歐洲的 H&M Group、拉丁美洲的 Banco BV 和亞洲的 BioPharma 等全球品牌。我們於 6 月推出了 Google 公共部門項目，擴大了我們的承諾，幫助美國政府機構和公共機構加速其數位轉型，包括紐約州和亞利桑那州立大學、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 個領域中處於領先地位。首先，我們繼續在資料雲市場保持領先地位，因為我們將資料湖、資料倉儲、資料治理和先進的機器學習統一到一個可以跨任何雲端分析資料的平台。

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.

莊臣公司、諾斯韋爾健康公司和金州勇士隊等公司之所以選擇 Google Cloud，是因為我們擁有強大的數據分析能力。我們的能力幫助瑞士航空優化了其航班營運。他們還幫助 Engie 探索優化風能管理和（聽不清楚）創建更智慧的工廠車間的方法。

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，BetaBank 和 Mayo Clinic 等公司選擇開放雲端基礎設施，在我們的邊緣雲端或資料中心上實現 IT 系統的現代化。我們的基礎設施可擴展，幫助德國電信等客戶實現網路現代化、Wipro 實現核心系統現代化以及加文醫學研究所在 2 週內處理 14,000 個基因組。對於 Elevance Health（原名 Anthem）和 AMD 等客戶來說，我們的多雲策略仍然是差異化因素。

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，網路安全。 Google 始終致力於提供安全的雲端基礎設施，我們不斷推出新的網路安全產品，幫助客戶識別、防護和應對各種網路安全威脅。

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來保護他們的關鍵系統和資料。 [Carryable Coffee] 和 Etsy 是受我們的網路安全技術保護的 500 萬個網站之一。最後，隨著許多組織恢復混合工作模式，Google Workspace 易於使用且安全的通訊和協作工具繼續受到它們的青睞。 Google Workspace 幫助菲律賓領先的醫療保健系統聖路加醫療中心解決了疫情期間遠距醫療就診量增加 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.

這樣的成果正在推動全球許多客戶群的成長，其中包括 Canva 這樣的數位原生代企業、Travis Perkins plc 這樣的大型企業以及荷蘭中央政府等公共部門機構。

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 將僅限乘客的測試範圍擴大到員工範圍，包括鳳凰城中心區，並開始在鳳凰城天港機場進行測試。它還開始向舊金山值得信賴的經過測試的乘客收費，這距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 還開設了一個新工廠來支援其自動駕駛 8 級卡車解決方案 Waymo Via，他們將繼續增加在西南地區的營運和投資。 Calico 正在測試一種針對 ALS 患者的試驗性藥物治療方法，該方法是與 AbbVie 合作開發的。這是開發過程中眾多步驟中的早期步驟。

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 最近的商業配送量突破了 25 萬次，並推出了一系列能夠攜帶不同尺寸包裹的配送無人機原型。這裡取得了良好的進展，並將繼續在整個投資組合中發揮作用。最後，儘管經濟前景不明朗，但看到人們再次聚集在一起還是很高興的。

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，從而帶來更多的合作機會。能夠開發出在順境和逆境中都能提供幫助的技術是一種榮幸。我要感謝 Alphabet 和 Google 的每一位員工，感謝他們的工作以及對各地員工、企業和所有合作夥伴的支持。交給你了，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。和你們在一起總是很開心。正如 Sundar 所指出的，我們一如既往地致力於幫助企業應對複雜情況並充滿信心地開展營運。

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.

人工智慧工具、洞察力和自動化使客戶和合作夥伴保持敏捷和回應能力，以便他們能夠抓住短期機會，同時為長期發展做好準備。您已經在 IO、Google Marketing Live 和 Brandcast 上發布的最新創新公告中看到了我們對長期發展的承諾。

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 談到了其中的一些內容。我將深入探討更多問題，包括我們如何改善廣告客戶體驗以及如何為合作夥伴打造更簡單、更實用的產品。

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，搜尋業務在第二季度實現了強勁的收入成長，這得益於旅遊和零售業務的表現。在旅遊方面，進入夏季，用戶的旅遊興趣依然強勁。在全球範圍內，夏季旅遊勝地的搜尋量比去年同期增長了 2 倍，而最後一刻酒店優惠的搜尋量則增加了 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，旅遊業一直面臨著一些挑戰。像往常一樣，我們致力於透過見解和新工具來幫助我們的旅遊合作夥伴解決這個問題。

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.

然後是零售業，我們又度過了一個穩健的季度。在 GML，我們強調了我們如何持續創新，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全通路方法，從測量到競價，再到在 Google 上使用全通路廣告格式。

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.

透過在其本地庫存廣告組合中採用全方位廣告並展示路邊和店內取貨服務，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.

如今的顧客希望隨時隨地購物，不僅關心當地狀況，也關心尋找下次網路購物的靈感。在第二季度，全球「現在營業，附近」的搜尋量年增了 8 倍，而「名牌奧特萊斯」的搜尋量則增加了 90%。我們也發現人們對女裝等服裝類別以及香水和香料等美容類別表現出濃厚的興趣。

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.

透過 Performance Max 等人工智慧工具（其本地和智慧購物廣告系列也將在假日期間升級），我們正在幫助企業快速、大規模地向新舊客戶提供相關、有用的內容，無論他們身處購物旅程的哪個階段。

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.

我們看到 P-Max 的發展勢頭強勁。今年迄今為止，廣告商的採用率已成長了 5 倍。永續服裝品牌 Rothy's 在採用 P-Max 後，轉換率提高了 59%，收入提高了 60%。透過利用其創意資產並大規模展示，Rothy 以以前無法做到的方式接觸到了更多的客戶。

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.

搜尋和 YouTube 方面的創新也仍然是重中之重。 Sundar 提到了新的 3D AR 功能。 Target 和 Wayfair 正在測試這些功能，以幫助客戶在現實生活中看到和購買產品。

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，以提供更直覺的瀏覽搜尋體驗。此外，還有一些很酷的直播商務功能，例如直播直銷，它可以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了解更多資訊。

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 年第二季度表現非常強勁，當時我們從 2020 年初 COVID 的影響中強勁復甦。 Ruth 稍後將提供更多有關此方面的詳細資訊。

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.

在我們繼續幫助廣告商應對不確定性的同時，我想指出 YouTube 的 3 個關鍵亮點。首先，Brandcast 於 5 月首次參加紐約的預展活動，這體現了數位電視和線性電視世界對觀眾和廣告商如何融合。 YouTube 是覆蓋所有裝置觀眾的頭號串流影片平台，每天的影片觀看長達數十億小時，因此它始終能夠為廣告商提供所需的覆蓋率、效果和相關性。

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，即使在電視最火爆的時刻，YouTube 仍然能夠帶來巨大的增量覆蓋範圍。據 Comscore 稱，在超級盃比賽當天，49.9% 的成年人在 YouTube 上觀看了超級盃廣告，但沒有觀看附加電視。隨著越來越多的廣告商進入連網電視領域，他們的業績也不斷提升。

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委員會尼爾森對美國消費包裝商品中 YouTube CTV 和電視的 MMM 元分析，YouTube CTV 的有效性平均比電視高 3.1 倍。以葛蘭素史克消費者保健公司（現為 Haleon）為例，該公司在其全球十大市場試行了 CTV 活動，以提高規模效益並利用串流媒體的轉變。結果表明，73% 的廣告活動顯著提升了品牌和非品牌搜尋量，瀏覽者搜尋 Haleon 相關術語的可能性提高了 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 添加到現有計劃中也帶來了更高的效率和更低的成本。 Haleon 此後選擇了 2022-2023 年的投資，目前正在 LATAM 和 EMEA 市場擴展 CTV。

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 領域的發展勢頭仍在繼續。上個季度，我們曾表示，我們正處於透過廣告進行貨幣化測試的早期階段，迄今為止的結果仍然令我們感到鼓舞。第三，我們之前已經介紹過全通路行銷，越來越多的廣告商正在接受這種行銷方式。

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，採用全通路策略的 YouTube 廣告客戶在品牌和行動廣告系列的獨立覆蓋率達到 80%。透過這種跨越上層和下層漏斗格式的增量覆蓋，廣告商可以根據購買旅程中的各個階段來滿足不同的受眾。

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.

雅詩蘭黛台灣最近針對其高級夜間修復精華液所進行的宣傳活動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 購物貨架功能則提升了考慮度，並產生了新的潛在客戶和銷售額，一系列精心策劃的行動形式發揮了作用。

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.

這種全通路策略使其網站的獨立訪問量增加了 29%，銷售額增加了 95%。借助我們的高性能產品，廣告商可以滿足需求。憑藉我們覆蓋廣泛的產品，他們大規模地創造了淨新需求。最後，我們將介紹如何將 Google 的最佳產品帶給我們的合作夥伴和主要生態系統。

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，在遊戲領域，幫助萬代南夢宮娛樂推動沉浸式遊戲體驗，並建立更強大的 IP 策略。我們在雲端、地理、廣告、YouTube 等領域都有合作。然後就有新聞了。 Google News Showcase 目前已與 17 個國家的 1,500 多家出版物建立了合作夥伴關係，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.

最後，我將一如既往地向客戶、合作夥伴以及銷售、合作、產品工程和眾多支援團隊的Google員工表示感謝。感謝您不懈地致力於為世界帶來正面影響。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。我們第二季的財務表現反映了搜尋領域的實力和雲端運算領域的發展勢頭。除非我另有說明，否則我的評論將基於第二季的同比比較。

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%.

我將從字母層級的結果開始，然後是細分結果，最後是我們的展望。第二季度，我們的綜合營收為 697 億美元，成長 13%，以固定匯率計算成長 16%。我們的總收入成本為 301 億美元，成長 15%，主要原因是其他收入成本為 179 億美元，成長 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資料中心和其他營運相關的成本。營運費用為 201 億美元，成長 24%，原因如下：首先，研發費用增加，主要受員工人數成長推動。其次，銷售和行銷費用的成長，主要原因是廣告和促銷支出的增加以及員工人數的成長。

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，一般及行政費用的成長反映了專業服務費和員工人數的增加，但部分被法律事務相關費用的下降所抵銷。營業收入為 195 億美元，與去年持平，營業利益率為 28%。其他收入和支出損失4.39億美元。淨收入為160億美元。我們在本季實現了 126 億美元的自由現金流，過去 12 個月實現了 650 億美元的自由現金流。本季末，我們擁有 1,250 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%.

現在讓我來談談我們分部的財務表現。從我們的 Google 服務部分開始。谷歌服務總收入為 628 億美元，成長 10%。本季度，Google搜尋和其他廣告收入為 407 億美元，成長 14%，主要得益於旅遊和零售業的推動。 YouTube廣告收入為73億美元，成長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.

溫和的年成長率主要反映了 2021 年第二季獨特強勁的表現。在 AdSense 的推動下，網路廣告收入為 83 億美元，成長 9%。 YouTube 和網路廣告收入較上月下降主要反映了一些廣告商的支出減少。

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%，反映了 Play 的同比下降，這主要是由於我們之前討論過的費用變化所致。我們也發現，由於多種因素，買家支出有所放緩，其中包括與疫情初期相比參與度較低。

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%.

就Google服務內部成本而言，TAC 為 122 億美元，成長 12%。谷歌服務營運收入為 228 億美元，成長 2%，營運利潤率為 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 Google Cloud 部分。第二季營收為 63 億美元，成長 36%。 GCP 的營收成長再次高於雲端運算，反映出基礎設施和平台服務的顯著成長。 Google Workspace 的強勁收入成長得益於席位數和每席位平均收入的穩健成長。

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.

谷歌雲端營運虧損 8.58 億美元。至於我們對第二季的其他預測，營收為 1.93 億美元，營運虧損為 17 億美元。最後，請容許我對我們的展望發表一些評論。就谷歌服務部分而言。我們對第二季搜尋業務的表現感到滿意，並持續取得強勁的業績。

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.

需要提醒的是，2022 年的營收成長率是與特別艱難的可比業績對比得出的，因為我們在 2021 年第二季才剛從 2020 年初疫情的影響中復甦。展望未來，去年非常強勁的營收表現將繼續創造艱難的可比業績，這將對今年剩餘時間的廣告收入同比增長率造成壓力。

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 領域，部分廣告主在第二季削減支出，反映出一系列難以分解的因素存在不確定性。在第三季的其他收入中，我們預期費用變動和買家支出放緩將持續帶來不利影響，進而影響第二季的業績。

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 Google Cloud。客戶正在轉變他們的業務，利用 GCP 具有資料、分析和 AI 功能的安全基礎設施，發現即時洞察並利用 Workspace 的協作工具。他們正處於轉型的早期階段，我們將繼續投資我們的產品、上市能力和雲端區域。

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，我們的第二季業績反映出美元較去年同期走強，從去年的顯著順風轉為第二季的 3.7 個百分點的逆風。展望第三季度，基於本季迄今美元的走強，我們預期外匯的阻力將進一步加大。提醒一下，所有部門的收入都是按照 GAAP 報告的。我們僅按合併程度和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，由於我們的支出基礎更偏向美國，並且我們的大部分研發工作都位於美國，因此外匯對營業收入的影響大於對收入的影響。就 Alphabet 員工總數而言，我們在第二季度增加了 10,108 名員工，其中大部分是技術人員。

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.

鑑於全球經濟前景的不確定性以及迄今為止的招聘進展，正如 Sundar 先前宣布的那樣，我們打算放慢招聘步伐。我們預計，我們的招募行動將在 2023 年變得更加明顯。第三季的員工人數增加將反映出我們已經擁有大量承諾，包括新畢業生的聘用。

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，我們也預計對 Mandiant 的收購將在今年年底完成，這將進一步增加員工數量。儘管我們預計明年員工人數成長速度將會放緩，但我們將繼續招募關鍵職位，尤其註重頂尖工程和技術人才。

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。第二季最大的投資是伺服器，其次是資料中心和辦公設施。在第一季完成幾筆大型交易之後，辦公設施的投資再次集中在現有項目的裝修和從頭開始建設。我們繼續預期 2022 年的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.

就2022年的剩餘時間而言，這一成長將特別體現在全球技術基礎設施的投資上，其中伺服器是最大的組成部分。謝謝。桑達爾、菲利普和我現在將回答你們的問題。

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道格拉斯·安穆斯 (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。我想問兩個問題。首先，Sundar，就在您的信中，您談到了經濟挑戰將如何成為 Alphabet 深化關注和長期投資的機會。

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?

只是想了解這將如何改變公司優先領域的投資狀況。然後，露絲，我希望您能提供一些關於第二季度成長趨勢的詳細資訊？您對 7 月第三季迄今為止的情況有何評論？

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。正如我對公司所說的那樣，我認為現在是我們集中精力的好時機。就我個人而言，我發現這樣的時刻讓人豁然開朗。這是一個消化的機會，確保我們作為一家公司以長遠的眼光做正確的事情，確保我們繼續投資於深度技術和電腦科學並進行差異化的工作。

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.

它使我們有機會以批判的眼光評估我們所做的一切，並將資源重新分配給我們最重要的優先事項。所以這是一個受約束的最佳化問題。我認為，鑑於強勁的——鑑於幾年的強勁增長，這給了我們一個加倍努力和集中精力的機會，我們將非常自律地對待這個問題。但我們將繼續關注長期領域，無論是人工智慧、雲端運算或其他關鍵領域。

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.

關於您的第二個問題，我將把建模留給您。只要介紹一下背景，Sundar 和我，我想，Philipp，也使用了不確定性這個術語，因為我們確實認為這是描述我們所看到的複雜數據的最佳方式。

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.

我們的業績已經體現了研磨，繼續體現了去年研磨的顯著增長率。除此之外，全球經濟環境也存在不確定性。此外，不同行業存在不同的問題。您可能在新聞中看到過，有些是供應鏈問題，有些是庫存問題。因此，我們將把預測留給您，並嘗試為您提供我們在這裡經歷的第二季度的組成部分。

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.

桑達爾，我只是想稍微跟進最後一個問題。我認為——過去幾週來，今年的投資基調有所改變，七月以來，我們聽說了招聘放緩的消息，現在又報道了招聘暫停的消息。

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機來優化支出。您能否談談您在業務中看到的情況，特別是在廣告方面或雲端方面，您現在說的是我們確實需要確保進行最佳化。您看到回調了嗎？或者您只是看到了宏觀經濟新聞並想搶佔先機？

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.

我認為露絲對我們所談論的不確定性做出了說明。我想我們也看到了這一點。我們所有人都對一系列不同的動態做出反應，很難總結，因為因素——潛在因素是不同的，而且可能因地理位置和垂直行業而異。

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.

但從宏觀環境來看，還是有一定共通性的。因此，我們肯定正在關註一些事情，並且希望在前進的過程中更加自律。這就是更高層次的主題。我認為就基礎領域而言，我主要將時間集中在從長遠角度來看應該做的事情上。

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.

我確實認為，作為一家公司，當你處於成長模式時，很難總是花時間去做所有需要做的調整，而這樣的時刻給了我們機會。所以我將其視為一個機會。因此，我們要利用當下的時機來提高專注力。

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

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 上問一個兩部分的問答。您在過去幾季中已經指出了更嚴峻的競爭情況。您能否讓我們更好地了解一下，在未來 12 到 18 個月內，您將如何擺脫一些更艱難的競爭，以及我們應該如何考慮消化 YouTube 一年前看到的直接反應增長和消費增長，以及這將如何為 YouTube 在未來一段時間內帶來更好的增長。

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?

然後當你觀察影片更廣泛的競爭格局時。您如何看待 YouTube 的定位，短影片與長影片的定位，或如何讓創作者和企業擁有在 YouTube 上開展業務的工具。您如何看待產品開發以及如何使產品適應更廣泛的競爭格局？

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。您的問題很多，所以我先開始回答，然後再交給 Philipp。正如我們所指出的，一個顯而易見的觀點是，隨著時間的推移，我們將度過真正非凡的成長率的重疊階段。這是顯而易見的數學，但你提出了這個問題。

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.

所以就從那開始吧。然後我確實注意到，我們看到一些廣告商減少了支出，事實上，這是季度環比變化、成長率連續下降的最大因素。而且我們——正如我所說，我們確實認為這相當特殊，其中一些是供應鏈，一些是庫存。所以就努力解決這個問題。

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.

然後我想說，還有其他幾個相關因素。戰爭對同比和環比增長而言是一個溫和的阻力。事實上，AT&T 的影響力保持相對穩定。過去幾季我們一直這麼說。所以這確實仍然是一個阻力。所以我們正在努力解決這些問題。但同樣，這實際上是為了繼續投資 YouTube 以及為我們的整個生態系統提供體驗和機會；用戶、創造者。為什麼我不把它傳給菲利普，讓他帶你更深入地了解這些呢？

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，儘管一些廣告商撤出廣告，但我們確實相信 YouTube 仍然能夠從向數位影片的轉變中獲益——也許首先是品牌方面。值得一提的是，這是我們第一年參與預付款項目，這真的令人興奮，也真正證明了 YouTube 的進化，我們對我們的強勁增長和預付款承諾感到非常滿意。

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 的覆蓋範圍和推動成果的能力的價值。我之前和上次通話中都談到了 CTV，我們對這裡的路線圖感到非常興奮。我們也將繼續為廣告商提供獨特而富有創意的講故事機會以及依賴非常精確的 KPI 的能力，並且我們最近推出了一些非常關鍵的測量工具。

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.

在直接反應方面，我們仍然認為，在影片行動廣告系列、應用程式廣告系列、產品資訊流和新的即時商務功能之間，YouTube 上有很多空間可以實現商業意圖，我們正在即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非常興奮，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.

我們也看到 YouTube 在頻道的兩端都有廣告商，正如我之前提到的，這讓廣告商能夠提高覆蓋率和相關性，而行動正是 YouTube 的優勢所在。因此，從長遠來看，[品牌 DR] 和整個 YouTube 的創新機會仍然令人鼓舞。

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.

我還可以簡單談談 Shorts 部分。消費者明顯在增加和消費短影片。我們在包括 YouTube 在內的多個平台上都看到了這種情況。 Sundar 先前指出，每月有超過 15 億登入用戶觀看 Shorts。因此總體而言，我們繼續看到 YouTube 上良好的用戶參與度。

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，我們分享了過去兩年來 YouTube 的觀看時間顯著增長，即使人們已經恢復了面對面的活動。全球用戶在 YouTube 上花費的時間持續成長。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?

我可以問 Ruth 和 Sundar 一個問題，然後再問 Philipp 一個問題嗎？ 所以，露絲和桑達爾，考慮到這家公司在資產負債表和盈利能力方面有多強大，我想知道當你們考慮購物重點時，你們的北極星是什麼？是什麼驅動著你的決策？

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?

您是否希望達到最佳利潤或現金產生？所以我只是想——當你說這些話時，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面臨壓力。那麼，您所追求的數學形式是什麼呢？

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.

然後對於菲利普，我認為人們只是想知道 - 這是一個大問題，但廣告基礎的組成以及我認為人們擔心其他一些公司可能確實受益於那些沒有盈利的年輕、新公司的大量增長。那麼，您能否簡單談談您在構圖組合方面所看到的情況？財富 500 強企業是否可能從更健康的起步基礎轉向投入更多資金？您能告訴我們您的廣告基礎的構成嗎？我知道這是一個很大的問題，但這會很有幫助。

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.

也許我想在這樣的時刻說一件事，看，我想幾年來，我們一直在談論，特別是在我們較新的領域，重點是建立永續價值。

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，這是一個長期框架。顯然，我們已經在某些領域開展了很長時間，例如搜尋等。但還有更新的領域，我們當然希望確保在進行長期投資的同時，我們會仔細考慮商業模式、價值創造和長期獲利能力。

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.

所有這些都是我們使用的框架。我認為這很重要，無論你的資產負債表在各個領域的健康狀況如何。你所建構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刻讓我們有機會更加專注，花更多的時間在這個角度上。

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.

我只想補充一點，我們去年討論過這個問題。去年營業利潤率上升的部分原因是收入搜尋的時間問題，我們當時指出，部分投資（無論是資料中心還是其他投資）存在滯後。

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.

因此，從某種程度上來說，您已經看到了其中的一些情況。但正如 Sundar 所言，我們的看法是，我們將繼續投資於長期成長，多年來，這為用戶和投資者帶來了豐厚的回報。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.

其中一些措施將在中期和長期內帶來回報。正如他多次提到的那樣，我們想要研究哪些是有意義的投資，以便為伺服器和用戶提供持續的非凡體驗，從而支援長期成長。它需要投資，我們只是想確保我們能夠取得正確的平衡，並盡可能有效地利用資源，重新部署它並將其重新投入長期投資。這就是一種平衡行為。

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.

瞧，當談到——當談到你問題的第二部分時，我們擁有非常非常廣泛的客戶群；世界各地的大型、小型、不同垂直行業、不同行業和不同地區。他們非常自豪能夠為如此龐大的玩家群體和如此多樣化的玩家提供服務。

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.

如果您更傾向於這裡的整體可尋址市場，那麼您問的是一個很廣泛的問題。讓我重申一下我之前說過的話。我們不只是解決傳統廣告或電視廣告等高於標準的行銷預算。我們看到線下有很多好處，預算，無論是促銷定價、產品置入、贊助等等，以及（聽不清楚）跨越我剛才描述的不同參與者、部門、垂直領域的領域。

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用戶提供出色的體驗，為廣告主提高投資報酬率，然後使他們在我剛才談到的所有領域取得成功。我相信，只要我們專注於解決這個問題，預算就會繼續朝著我們想要的方向發展。

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賈斯汀波斯特。

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。我想問一下關於雲的事。您多次提到雲端運算的發展勢頭，我知道與去年同期相比，雲端運算的發展非常艱難，但成長確實放緩了。

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起重和船舶項目或其他新客戶增加的任何回落？或者如果你發現交易量有一點放緩。那麼，就利潤率而言，是否有緊迫感來將利潤率提高到損益平衡點？或者這仍然是一種投資模式，需要建構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.

在雲端運算方面，我們繼續看到強勁的發展勢頭和巨大的市場機遇，並且仍然感覺處於這一轉型的早期階段。不斷與剛踏上旅程的大小客戶進行交談。所以它向你展示了未來的機會。

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，除了我們處於不同的地域和不同的行業之外，沒有什麼值得注意的。您確實會看到，有些客戶的消費能力受到了不同程度的影響，有些客戶的消費時間只是稍微長了一些。在某些情況下，也許還要考慮他們預訂的期限等等。所以——但我不一定將其視為一種長期趨勢，而是要解決每個人都在應對的宏觀不確定性。

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.

關於您的保證金問題，我們仍然認為這是一個難得的機會。這是一個長期機會，企業客戶在遷移至雲端方面仍處於早期階段。

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.

因此，我們確實在爭論您提出的問題是否正確，即收入成長和即時獲利之間的權衡。我們關注的是確保我們的投資能夠支持長期成長並帶來我們所看到的優勢。

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，我們將繼續關注這一點，並尋找獲利之路、實現自由現金流為正的途徑，以推動可觀的回報。這顯然是在其整體模型中，但我非常相信長期增長，並相信這是對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進行建設。

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？我認為這是你們有史以來最高的回購，而其他科技公司卻對此避而遠之。我只是好奇，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。我的意思是，資本配置策略的核心其實就是我們在這次電話會議上所討論的內容，也就是投資長期成長和推動現金流。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.

我們非常高興能夠將授權金額增加至 700 億美元。並且繼續相信它是我們所做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?

菲利普，您談到了 YouTube Shorts 盈利的開始。到目前為止，您得到什麼教訓了嗎？或者從長遠來看，您是否認為該庫存的貨幣化效果會比您過去傳統上擁有的其他 YouTube 庫存更好還是更低？

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，關於一些廣告商撤資的評論。所以您談到了零售業，特別是旅遊業的優勢，那還剩下什麼呢？這是否意味著您認為西歐在金融垂直領域以及汽車領域有弱點？廣告商減少使用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.

因此，在 Shorts 方面，在貨幣化方面，我堅持我先前所作的聲明。我們看到的結果令我們感到鼓舞。我們對這個機會感到非常興奮。目前我們無法分享更多細節。

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.

關於部分廣告商減少支出，正如露絲所提到的，第二季部分廣告商減少在 YouTube 和網路上的支出反映了多種因素的不確定性。對於每個廣告商來說，他們實際上面臨著挑戰​​，即分解公司和行業之間的不確定性差異。正如您從新聞中看到的，一些公司也受到了多種因素的影響。

And our next question comes from Colin Sebastian from Baird.

我們的下一個問題來自貝爾德公司的科林·塞巴斯蒂安。

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?

Sundar，也許我可以跟進一下，關於您談論的重點關注，當然，人工智慧和雲端運算是長期關注的關鍵領域。考慮到這一重點，是否存在哪些值得關注但目前優先順序較低的領域？

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，您在過去一年左右的時間裡向我們提供了一些有關對話和視覺搜尋查詢的良好數據，以及這些領域的強勁增長。好奇的是，這可能也轉化為與技術領域搜尋相關的不同類型的貨幣化？這是否會增強您在搜尋方面的獲利能力？或者這會對貨幣化產生什麼影響？

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。瞧，我們可以透過這樣​​的時刻來思考這個問題。例如，我們顯然正在大力投資人工智慧。我們從事各種研究，從純研究到應用研究，再到現在的研究，也就是人工智慧工作，這些工作實際上正在非常接近或在搜尋和 YouTube 等領域內發生。

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.

因此，你可以想像這樣一個場景：我們正在優先考慮並調動資源以確保推動產品改進，而產品改進正是在這樣的時刻發生的。這對我來說就是一個提高專注力的例子。當我思考人工智慧帶來的機會時，我在今年的 I/O 大會上就談到了這一點，看看我們取得的進展，看看我們在多搜索方面取得了多大的進步，看看多模式事物是如何發展的，看看人們現在實際上在大量進行語音搜索和視覺搜索，所有這些都是我們如何推動核心產品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，如果你在 Google Marketing Live 上看到廣告，你會發現該團隊談論了很多由人工智慧驅動的產品和功能，這些產品和功能確實以最注重隱私的方式為廣告商帶來了價值。我想說，雲端運算是當今人工智慧的一大機遇，更多的是從數據分析的角度來發揮的。正是在這一領域，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，我們不斷看到我們的研究團隊取得許多突破性進展，無論是 LaMDA 2、PaLM、Minerva 還是我們最近的一些進展。

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，繼續致力於將研究轉化為實際產品和應用，並專注於長遠。

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 (Ross Sandler)。

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，世界上一些最大的零售商，例如沃爾瑪，確實在苦苦掙扎，並正在尋求削減成本，從露絲剛才在 YouTube 上談到的供應鏈庫存膨脹來看，他們可能會削減成本。

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，您能否從產品角度詳細說明您在搜尋方面所做的工作，以保持零售類別的強勁？您提到了針對一些較小廣告商的 P-Max，針對較大廣告商的全通路廣告，但也許你可以詳細說明一下——你們使用什麼策略來保持支出的流動？或者這只是一個時間問題並且它可能會在未來的某個時間點消失？

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。這是一個非常好的問題。正如我在開場白中指出的那樣，零售仍然是第二季度搜尋的重要推動力。我們發現，我之前提到的幾個類別的搜尋興趣很強烈，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成長時也值得澄清這一點。我們正在討論我們的整體零售方法，它貫穿我們所有的廣告產品和表面，而我們的購物策略只是其中一個重要的部分。

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，您完全正確，全通路仍然是零售商繼續建立其數位業務以推動線上和線下銷售的有效途徑，而我們顯然正在幫助他們做到這一點。在過去的幾個季度裡，我想我已經談論了很多我們如何做到這一點的方法。在第二季度，與第一季一樣，我們看到本地庫存廣告等的採用率同比增長。

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.

這些都是行動優先和基於位置的，可幫助各種規模的企業在店內、線上或可在店內、路邊取貨等各種不同形式展示其產品和庫存。此外，我們正處於從智慧購物廣告系列向 Performance Max 的遷移階段，我們也提到過這一點，廣告客戶對於覆蓋面的擴大和效果的提升感到非常滿意。

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.

我們的重點一直是建立工具和功能，幫助線上和線下企業透過我們的平台直接與這些客戶建立聯繫，我們對我們服務中零售商務的下一步發展感到興奮，尤其是搜尋和 YouTube。我們將繼續致力於為用戶和企業打造有用的優質產品和體驗。

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。我想將會議交還給吉姆·弗里德蘭 (Jim Friedland) 做最後發言。

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.

感謝大家今天加入我們。我們期待在 2022 年第三季電話會議上再次與您交談。謝謝，祝您晚上愉快。

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

謝謝。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了。