Meta Platforms Inc (META) 2022 Q2 法說會逐字稿

Good afternoon. My name is France, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta's second quarter earnings conference call. (Operator Instructions) This call will be recorded. Thank you very much. Ms. Deborah Crawford, Meta's Vice President of Investor Relations, you may begin.

下午好。我的名字是法國，今天我將成為你們的會議接線員。在這個時候，我想歡迎大家參加 Meta 的第二季度財報電話會議。 （操作員說明）此通話將被錄音。非常感謝。 Meta 投資者關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you. Good afternoon, and welcome to Meta Platform's Second Quarter 2022 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝你。下午好，歡迎來到 Meta Platform 2022 年第二季度收益電話會議。今天和我一起討論我們的結果的是首席執行官馬克扎克伯格；謝麗爾·桑德伯格，首席運營官；和首席財務官戴夫·韋納。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所設想的結果大不相同。今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表格季度報告中列出了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com. And now I'd like to turn the call over to Mark.

在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。新聞稿和隨附的投資者介紹可在我們的網站investor.fb.com 上找到。現在我想把電話轉給馬克。

All right. Hey, everyone. Thanks for joining today. Our family of apps continues to grow even as we navigate a challenging macro environment. We now reach more than 3.6 billion people monthly across our services. The number of people using Facebook daily continues to grow, including in the U.S., although we saw an expected decline in monthly actives due to Internet blocks related to the war in Ukraine.

好的。嘿大家。感謝您今天的加入。即使我們在充滿挑戰的宏觀環境中航行，我們的應用程序系列仍在繼續增長。現在，我們的服務每月覆蓋超過 36 億人。每天使用 Facebook 的人數持續增長，包括在美國，儘管由於與烏克蘭戰爭相關的互聯網封鎖，我們預計每月活躍人數會下降。

Engagement trends on Facebook have generally been stronger than we anticipated, and strong real growth is continuing to drive engagement across Facebook and Instagram. That said, we seem to have entered an economic downturn that will have a broad impact on the digital advertising business. And it's always hard to predict how deep or how long these cycles will be, but I'd say that the situation seems worse than it did a quarter ago.

Facebook 上的參與度趨勢總體上比我們預期的要強勁，強勁的實際增長正在繼續推動 Facebook 和 Instagram 的參與度。也就是說，我們似乎已經進入了經濟衰退，這將對數字廣告業務產生廣泛影響。而且總是很難預測這些週期會有多深或多長時間，但我想說情況似乎比四分之一前更糟。

In this environment, we're focused on making the long-term investments that will position us to be stronger coming out of this downturn, including our work on our discovery engine and Reels, our new ads infrastructure and the metaverse. And we're also focused on being rigorous about measuring returns and sizing these investments correctly.

在這種環境下，我們專注於進行長期投資，這將使我們在這次低迷中變得更加強大，包括我們在發現引擎和 Reels、我們的新廣告基礎設施和元界方面的工作。我們還專注於嚴格衡量回報和正確調整這些投資的規模。

Now on our last call, I discussed that based on the revenue growth we were seeing in 2021, we kicked off a number of multiyear projects to accelerate our business. And I still believe that these projects are important. But given the more recent revenue trajectory that we're seeing, we are slowing the pace of these investments and pushing some expenses that would have come in the next year or 2 off to a somewhat longer time line. And given the continued trends, this is even more of a focus now than it was last quarter.

現在在我們上次的電話會議上，我討論了基於我們在 2021 年看到的收入增長，我們啟動了一些多年項目以加速我們的業務。我仍然相信這些項目很重要。但鑑於我們所看到的最近的收入軌跡，我們正在放慢這些投資的步伐，並將一些本應在明年或 2 年內出現的支出推遲到更長的時間線。鑑於持續的趨勢，與上一季度相比，這現在更受關注。

Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas inside the company. And I want to give our leaders the ability to decide within their teams where to double down, where to backfill attrition and where to restructure teams while minimizing thrash to the long-term initiatives.

我們的計劃是在明年穩步減少員工人數增長。許多團隊將縮小規模，因此我們可以將精力轉移到公司內部的其他領域。我想讓我們的領導者能夠在他們的團隊中決定在哪裡加倍努力，在哪裡回補減員以及在哪裡重組團隊，同時最大限度地減少對長期計劃的影響。

The fact that we hired a lot of people earlier this year means that our reported year-over-year headcount growth will still be substantial for the next few quarters, but it should continue to decline over time.

我們今年早些時候招聘了很多人，這意味著我們報告的員工人數在接下來的幾個季度中同比增長仍然很可觀，但隨著時間的推移應該會繼續下降。

Now this is a period that demands more intensity, and I expect us to get more done with fewer resources. We're currently going through the process of increasing the goals for many of our efforts. Previously challenging periods have been transformational for our company and helped us develop our next generation of leaders. And I expect this period to be no different. I expect that we're going to find a way to keep investing in our top priority areas. And I think we're going to come through this period as a stronger and more disciplined organization.

現在這是一個需要更高強度的時期，我希望我們能用更少的資源完成更多的工作。我們目前正在為我們的許多努力增加目標。以前充滿挑戰的時期對我們公司來說是轉型期，並幫助我們培養了下一代領導者。我希望這個時期不會有什麼不同。我希望我們能夠找到一種方法來繼續投資於我們最優先的領域。我認為我們將作為一個更強大、更有紀律的組織度過這一時期。

Now next, I want to discuss how we're doing in our high-priority areas. To understand where we're going, it's important to keep in mind that there are 2 major technological waves that we're riding in our business. The first wave of driving our business today is AI. And then the second longer-term wave is the emergence of the metaverse. One of the main transformations in our business right now is that social feeds are going from being driven primarily by the people and accounts you follow to increasingly also being driven by AI-recommending content that you'll find interesting from across Facebook or Instagram, even if you don't follow those creators.

接下來，我想討論一下我們在高優先級領域的表現。要了解我們的發展方向，重要的是要記住，我們的業務正在經歷兩大技術浪潮。今天推動我們業務發展的第一波浪潮是人工智能。然後第二個長期浪潮是元宇宙的出現。我們目前業務的主要轉變之一是，社交信息源正從主要由您關注的人和帳戶驅動，逐漸由人工智能推薦內容驅動，您會在 Facebook 或 Instagram 上發現有趣的內容，甚至如果您不關注這些創作者。

Social content from people you know is going to remain an important part of the experience and some of our most differentiated content. But increasingly, we'll also be able to supplement that with other interesting content from across our networks. Reels is one part of this trend that focuses on the growth of short-form video as a content format. But this overall AI trend is much broader and covers all types of content, including text, images, links, group content and more. And building a recommendation system across all these types of content is something that we're uniquely focused on.

來自您認識的人的社交內容將仍然是體驗的重要組成部分，也是我們一些最具差異化的內容。但是，我們也將越來越多地通過我們網絡中的其他有趣內容來補充這一點。 Reels 是這一趨勢的一部分，它專注於將短視頻作為一種內容格式的增長。但這種整體的人工智能趨勢要廣泛得多，涵蓋所有類型的內容，包括文本、圖像、鏈接、群組內容等等。在所有這些類型的內容中構建推薦系統是我們唯一關注的事情。

Right now, about 15% of content in a person's Facebook feed and a little more than that of their Instagram feed is recommended by our AI, from people, groups or accounts that you don't follow. And we expect these numbers to more than double by the end of next year. As our AI finds additional content that people will find interesting, that increases engagement and the quality of our feeds. And since we're already efficient in monetizing most of these formats, this should increase our business opportunity over that period as well.

目前，我們的 AI 從您不關注的人、群組或帳戶中推薦了一個人的 Facebook 提要中大約 15% 的內容，比他們的 Instagram 提要多一點。我們預計到明年年底，這些數字將增加一倍以上。隨著我們的 AI 發現人們會覺得有趣的其他內容，這會增加參與度和我們提要的質量。而且由於我們已經有效地將這些格式中的大多數貨幣化，這也應該會增加我們在此期間的商業機會。

Reels engagement is also growing quickly. I shared last quarter that Reels already made up 20% of the time that people spend on Instagram. This quarter, we saw a more than 30% increase in the time that people spent engaging with Reels across Facebook and Instagram. AI advances are driving a lot of these improvements. And one example is that after launching a new large AI model for recommendations, we saw a 15% increase in watch time in the Reels video player on Facebook alone. So I think that there are many improvements like this that we're going to be able to continue to make.

Reels 的參與度也在快速增長。我在上個季度分享了 Reels 已經佔據了人們在 Instagram 上花費的時間的 20%。本季度，我們看到人們在 Facebook 和 Instagram 上與 Reels 互動的時間增加了 30% 以上。人工智能的進步正在推動許多這些改進。一個例子是，在推出新的大型 AI 推薦模型後，僅 Facebook 上的 Reels 視頻播放器的觀看時間就增加了 15%。所以我認為我們將能夠繼續進行許多這樣的改進。

As we are building out our discovery engine though, I want to be clear that we are still ultimately a social company focused on helping people connect. One social trend that we're seeing is that instead of people just interacting in comments in their feeds, most people find interesting content in their feeds then they message that content to friends and interact there. And this creates this flywheel of discovery and then social connection and then inspiring those people to create more content themselves.

雖然我們正在構建我們的發現引擎，但我想明確一點，我們最終仍然是一家專注於幫助人們聯繫的社交公司。我們看到的一種社交趨勢是，人們不再只是在他們的提要中進行評論互動，而是大多數人在他們的提要中找到有趣的內容，然後將這些內容髮送給朋友並在那裡進行互動。這創造了這個發現的飛輪，然後是社會聯繫，然後激勵這些人自己創造更多的內容。

In Instagram, for example, we see the Reels makes up more than half of content reshared into messages. So our strategy isn't about public versus social content and interaction. It's really about enabling a flywheel that compounds both.

例如，在 Instagram 中，我們看到 Reels 佔轉發到消息中的內容的一半以上。所以我們的策略不是關於公共內容和社交內容和互動。這實際上是關於啟用一個混合兩者的飛輪。

All right. Next on to ads. We faced a number of challenges here in the near term, but the investments that we're making should give us a comparative advantage over the longer term. One near-term challenge is the growth of short-form video. Reels doesn't yet monetize at the same rate as feed or stories. So in the near term, the faster that Reels grows, the more revenue that actually displaces from higher monetizing surfaces. Now in theory, we could mitigate the short-term headwind by pushing less hard on growing Reels, but that would be worse for our products and business longer term since we're confident that Reels will grow engagement overall and quality and will eventually monetize closer to Feed.

好的。接下來是廣告。我們在短期內面臨著許多挑戰，但我們正在進行的投資應該會給我們帶來長期的比較優勢。近期的一項挑戰是短視頻的增長。 Reels 尚未以與提要或故事相同的速度獲利。因此，在短期內，Reels 增長得越快，實際從更高的貨幣化表面上取代的收入就越多。現在理論上，我們可以通過減少推動 Reels 增長的力度來緩解短期逆風，但這對我們的產品和業務長期而言會更糟，因為我們相信 Reels 將提高整體參與度和質量，最終將更接近盈利餵。

Our work on ads monetization efficiency for Reels is actually making faster progress than we'd expected. We've now crossed a $1 billion annual revenue run rate for Reels ads, and Reels also has a higher revenue run rate than Stories did at identical times post launch. So the bottom line is I think we're on track here and we just need to push through this one.

我們在 Reels 廣告變現效率方面的工作實際上取得了比我們預期更快的進展。現在，我們的 Reels 廣告年收入運行率已超過 10 億美元，而且 Reels 的收入運行率也高於 Stories 在發布後相同時間的收入運行率。所以最重要的是，我認為我們已經走上了正軌，我們只需要推動這一點。

The second challenge that we face here is the signal loss from Apple's iOS changes. And as I've discussed before, our approach here is to grow first-party understanding of people's interests by making it easier for people to engage with businesses in our own apps, whether that's through business messaging, shops or new ad products. For example, click to messaging as part of our business messaging strategy that's grown quickly with 40% of our advertisers already using this format.

我們在這裡面臨的第二個挑戰是蘋果 iOS 變化帶來的信號丟失。正如我之前所討論的，我們的方法是通過讓人們更容易地在我們自己的應用程序中與企業互動（無論是通過商業消息、商店還是新的廣告產品）來增進第一方對人們興趣的理解。例如，作為我們業務消息傳遞策略的一部分的點擊消息傳遞迅速發展，我們 40% 的廣告客戶已經在使用這種格式。

The AI wave that we are riding is a tailwind for all of these solutions. Advances in AI enable us to deliver better personalized ads while using less data. So it powers automated messaging and creation tools to let businesses run better performing campaigns, which is particularly important for small businesses that don't have big marketing departments and that have been hit hard by Apple's policy changes.

我們所駕馭的人工智能浪潮是所有這些解決方案的順風車。人工智能的進步使我們能夠在使用更少數據的同時提供更好的個性化廣告。因此，它為自動化消息傳遞和創建工具提供支持，讓企業能夠開展更好的營銷活動，這對於沒有大型營銷部門並且受到 Apple 政策變化重創的小型企業來說尤其重要。

Now overall, there's a lot of work to do here and a lot of the investment is in AI compute CapEx. But I'm confident that if we invest in building the new infrastructure that we need, then we're going to come out of this downturn with even more superior ad products and a meaningful technology advantage over other industry players.

現在總的來說，這裡有很多工作要做，很多投資都在人工智能計算資本支出上。但我有信心，如果我們投資於建設我們需要的新基礎設施，那麼我們將憑藉比其他行業參與者更出色的廣告產品和有意義的技術優勢走出這次低迷。

Now of course, the third challenge that we're facing here is the macro economy. And we can't control the timing of when things will bounce back, but I'll note that periods like this are when marketers reevaluate their budgets and are even more focused on finding the highest-performing advertising. And in the last recession, we invested in our Ads business through the downturn and came out stronger on the other side, and I'm focused on making sure that we do the same today.

當然，我們現在面臨的第三個挑戰是宏觀經濟。而且我們無法控制事情何時反彈的時間，但我會注意到這樣的時期是營銷人員重新評估他們的預算並且更加專注於尋找效果最好的廣告的時候。在上一次經濟衰退中，我們在低迷時期投資了我們的廣告業務，並在另一邊變得更強大，我專注於確保我們今天也這樣做。

Now if AI is the major technological wave that we're riding today, then the last priority that I want to discuss is about the metaverse technological wave that is currently building. And the metaverse is a massive opportunity for a number of reasons. Most importantly, it enables deeper social experiences, where you feel a realistic sense of presence with other people, no matter where they are. Whether you're playing games or working for hours at a time or if you're just jumping in for just a minute at a time to say hi to a friend or collaborate on a project quickly.

現在，如果人工智能是我們今天所駕馭的主要技術浪潮，那麼我要討論的最後一個優先事項是關於當前正在構建的元宇宙技術浪潮。出於多種原因，元宇宙是一個巨大的機會。最重要的是，它可以實現更深入的社交體驗，無論他們身在何處，您都能感受到與他人的真實存在感。無論您是在玩遊戲還是一次工作幾個小時，或者一次只是花一分鐘時間與朋友打招呼或快速合作項目。

By helping to develop these platforms, we're going to have the freedom to build these experiences the way that we and the overall industry believe will be best rather than being limited by the constraints that competitors place on us and on our community and on small businesses. And given some of the product and business constraints that we face now, I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not trillions, over time. This is obviously a very expensive undertaking over the next several years. But as the metaverse becomes more important in every part of how we live from our social platforms and entertainment to work and education and commerce, I'm confident that we're going to be glad that we played an important role in building this.

通過幫助開發這些平台，我們將可以自由地以我們和整個行業認為最好的方式來構建這些體驗，而不是受到競爭對手對我們、我們的社區和小型企業施加的限制的限制。企業。鑑於我們現在面臨的一些產品和業務限制，我現在更加強烈地感覺到，隨著時間的推移，開發這些平台將釋放數千億美元，甚至數万億美元。在接下來的幾年裡，這顯然是一項非常昂貴的工作。但隨著元宇宙在我們生活的方方面面變得越來越重要，從社交平台和娛樂到工作、教育和商業，我相信我們會很高興我們在構建這個過程中發揮了重要作用。

The next milestones to look out for here are the continued expansion of Horizon, our social metaverse platform, and the continued improvement of our Avatars platform, how you express yourself and interact in the metaverse as well as the commerce around that. These are some of the areas that we're most focused on. And we're going to be launching a web version of Horizon that will be accessible on all platforms later this year, which should dramatically increase the number of people who can use Horizon. And we also just launched our Avatars store with digital clothes from leading fashion houses. And we're going to continue expanding that selection and the fidelity of our Avatar system overall.

這裡要關注的下一個里程碑是我們的社交虛擬世界平台 Horizon 的持續擴展，以及我們的 Avatars 平台的持續改進，您如何在虛擬世界中表達自己和互動以及圍繞它的商業。這些是我們最關注的一些領域。我們將在今年晚些時候推出可在所有平台上訪問的網絡版 Horizon，這將大大增加可以使用 Horizon 的人數。我們還剛剛推出了 Avatars 商店，出售來自領先時裝公司的數字服裝。我們將繼續擴大我們的整體選擇和我們 Avatar 系統的保真度。

On the hardware front, later this year, we'll release Project Cambria, and the experience here is getting pretty awesome. It will be a high-end device focused on professional users and work with high-resolution color mixed reality. I'm really looking forward to getting this one out. This is just one milestone in the long-term path, but I think people are going to be pretty blown away by this.

在硬件方面，今年晚些時候，我們將發布 Project Cambria，這裡的體驗變得非常棒。它將是一款專注於專業用戶並支持高分辨率彩色混合現實的高端設備。我真的很期待把這個拿出來。這只是長期道路上的一個里程碑，但我認為人們會對此感到震驚。

All right. So those are the areas that I'm most focused on right now and that I think are going to have the greatest impact on our products and business over the next few years and much longer. Periods like this can be tough, but I really think that the additional focus and discipline are going to make us stronger over time.

好的。所以這些是我現在最關注的領域，我認為這些領域將對我們的產品和業務在未來幾年甚至更長時間內產生最大的影響。像這樣的時期可能會很艱難，但我真的認為隨著時間的推移，額外的專注和紀律將使我們變得更強大。

Now in addition to our business, this is also a period of transition for our leadership team. And before I hand it over to Sheryl for what will be her last earnings call, I want to thank her for everything that she has done for Meta, for our community and for so many small businesses around the world. It's really hard to overstate how big of an impact that Sheryl has had on so many different parts of what we do and on me personally.

現在除了我們的業務之外，這也是我們領導團隊的過渡時期。在我將它交給 Sheryl 參加她最後一次財報電話會議之前，我要感謝她為 Meta、我們的社區和世界各地的許多小企業所做的一切。很難誇大雪莉對我們所做工作的許多不同部分以及對我個人的影響有多大。

At the same time, Javier and Marne are our talented leaders who I've worked with closely for many years. They're the type of people who I've kept giving more and more responsibility to and they just keep crushing it, so the expanded roles are well deserved. And I think that they're going to do a great job carrying our business forward and expanding it in some exciting new ways. And we also shared the news this afternoon that Dave Wehner will be transitioning into a new role as our Chief Strategy Officer, overseeing our strategy and corporate development teams. Dave has done great work as our CFO, and I'm really looking forward to continuing to work with him in this new role.

同時，Javier 和 Marne 是我們多年來密切合作的才華橫溢的領導者。他們是我一直賦予他們越來越多責任的人，他們只是不斷地粉碎它，所以擴展的角色是當之無愧的。而且我認為他們將在推動我們的業務向前發展並以一些令人興奮的新方式擴展它方面做得很好。今天下午，我們還分享了 Dave Wehner 將擔任首席戰略官的新角色，負責監督我們的戰略和企業發展團隊。作為我們的首席財務官，戴夫的工作非常出色，我非常期待在這個新職位上繼續與他合作。

And as part of this, we're also promoting Susan Li to be Meta's new Chief Financial Officer starting later this year. Susan is an incredibly talented executive and I think she'll be an excellent CFO. She already runs our financial planning process and plays an important role on our leadership team, and this transition is something that we've been working on for years. All right. With that, I'm going to hand it over to Sheryl.

作為其中的一部分，我們還將從今年晚些時候開始提拔 Susan Li 成為 Meta 的新首席財務官。蘇珊是一位非常有才華的高管，我認為她將成為一名出色的首席財務官。她已經管理了我們的財務規劃流程，並在我們的領導團隊中發揮了重要作用，而這種轉變是我們多年來一直在努力的事情。好的。有了這個，我要把它交給雪莉。

Thank you, Mark, for those kind words and for being a great leader and friend for the last 14 years. It has been an enormous privilege to work for you to help build this remarkable company.

謝謝你，馬克，感謝你在過去 14 年裡的客氣話以及成為偉大的領導者和朋友。為您工作來幫助建立這家卓越的公司，我感到非常榮幸。

I'd like to focus on Q2 before making some wider observations about the business. Our total revenue in Q2 was $28.8 billion, a decrease of 1% year-over-year. Foreign exchange trends had a significant impact in Q2, in particular, the depreciation of the euro relative to the dollar. On a constant currency basis, we would have seen 3% revenue growth year-over-year.

在對業務進行更廣泛的觀察之前，我想先關注第二季度。我們第二季度的總收入為 288 億美元，同比下降 1%。外匯趨勢在第二季度產生了重大影響，特別是歐元相對於美元貶值。在固定貨幣基礎上，我們將看到 3% 的收入同比增長。

Similar to last quarter, we saw solid growth in APAC and other parts of the world outside of North America and Europe, where it's been a more challenging environment. These continue to be turbulent times for the global economy. Many of the macro factors having an impact on our revenue are continuations of things we've seen in previous quarters, such as the continued impact of the war in Ukraine and the normalization of e-commerce after the pandemic peak.

與上一季度類似，我們看到亞太地區以及北美和歐洲以外的世界其他地區實現穩健增長，那裡的環境更具挑戰性。對於全球經濟來說，這些仍然是動蕩的時期。影響我們收入的許多宏觀因素是我們在前幾個季度看到的情況的延續，例如烏克蘭戰爭的持續影響以及大流行高峰後電子商務的正常化。

But there are also new challenges with rising inflation and uncertainty around a looming recession. We know that recessions put pressure on marketers to make sure their ad budgets are spent in the smartest way possible. We're focused on helping them run efficient marketing campaigns to get the best possible return on investment, including helping them shift their ad strategies on our platform in line with user trends and our own evolving ad solutions.

但是，通脹上升和迫在眉睫的衰退帶來的不確定性也帶來了新的挑戰。我們知道，經濟衰退給營銷人員帶來了壓力，以確保他們的廣告預算以最明智的方式使用。我們專注於幫助他們開展有效的營銷活動以獲得最佳的投資回報，包括幫助他們根據用戶趨勢和我們自己不斷發展的廣告解決方案在我們的平台上調整他們的廣告策略。

I want to pick up on some of the themes Mark just touched on that show how we're doing this. Reels monetization, evolving our ad system and AI and machine learning. First, Reels monetization. We launched Ads and Reels last year. It's growing quickly and we see it as an area where there is significant potential for growth in the future. It's going to take time but we have a playbook from our experience with Stories. Our focus right now with Reels is ramping up ad load, improving performance and making sure the ads are easy for advertisers to create.

我想了解一下馬克剛剛談到的一些主題，這表明我們是如何做到這一點的。捲軸貨幣化，發展我們的廣告系統和人工智能和機器學習。首先，Reels 貨幣化。我們去年推出了 Ads and Reels。它發展迅速，我們認為它是一個未來具有巨大增長潛力的領域。這需要時間，但我們有一個從我們的故事經驗中獲得的劇本。我們目前在 Reels 上的重點是提高廣告加載量、提高性能並確保廣告客戶易於製作。

We're also using AI to better understand the content being published in Reels, so users can connect to the content that is most relevant to them and marketers can also show more relevant ads. A good example of a brand seeing results with Reels ads is Wild Alaskan Company, a sustainable seafood delivery business that is consistently adopting and testing our latest ad tools. When they tested adding Reels to their campaign, they saw a 36% increase in return on ad spend, a similar uplift in new subscribers and a 26% lower cost per new subscriber.

我們還使用 AI 來更好地了解 Reels 中發布的內容，因此用戶可以連接到與他們最相關的內容，營銷人員也可以展示更多相關的廣告。使用 Reels 廣告看到效果的品牌的一個很好的例子是 Wild Alaskan Company，這是一家可持續的海鮮配送企業，一直在採用和測試我們最新的廣告工具。當他們測試將 Reels 添加到他們的廣告系列時，他們發現廣告支出回報增加了 36%，新訂閱者也有類似的提升，每位新訂閱者的成本降低了 26%。

Second, adapting our ad system to do more with less data. In the short and medium term, we're working to improve and evolve our ad solutions. We're helping advertisers improve the performance of their ads by growing on-site data conversions with products like lead ads, which make it easier for businesses to generate leads and with business messaging products like click-to-message ads, where you click on an ad in your Facebook or Instagram feed and it opens a chat with the business in Messenger, Instagram or WhatsApp.

其次，調整我們的廣告系統，用更少的數據做更多的事情。在短期和中期，我們正在努力改進和發展我們的廣告解決方案。我們通過使用線索廣告等產品增加現場數據轉換來幫助廣告商提高廣告效果，這使企業更容易產生線索，並使用點擊消息廣告等商業消息產品，您點擊您的 Facebook 或 Instagram 信息流中的廣告，並在 Messenger、Instagram 或 WhatsApp 中打開與企業的聊天。

Business messaging is an area where we see big potential. We estimate that 1 billion users are messaging with a business each week across WhatsApp, Messenger and Instagram. Click-to-message is already a multibillion-dollar business for us and we continue to see strong double-digit year-over-year growth. These ads are proving particularly popular with SMBs in emerging markets like Brazil and Mexico, many of whom are new advertisers to Meta who come to us to advertise solely in this format. We're making it easier to create these ads directly from the WhatsApp Business app, which will help small businesses looking to find customers and grow.

商業消息傳遞是我們看到巨大潛力的領域。我們估計每周有 10 億用戶通過 WhatsApp、Messenger 和 Instagram 與企業進行消息傳遞。點擊消息對我們來說已經是一項價值數十億美元的業務，我們繼續看到強勁的兩位數同比增長。事實證明，這些廣告在巴西和墨西哥等新興市場的中小型企業中特別受歡迎，其中許多是 Meta 的新廣告客戶，他們來我們這裡只是為了以這種格式做廣告。我們讓直接從 WhatsApp Business 應用程序創建這些廣告變得更加容易，這將幫助希望尋找客戶和發展的小型企業。

And big brands are incorporating business messaging into their campaigns like Paramount Studios, who used Click-to-Messenger to promote their blockbuster movie Top Gun: Maverick and drive ticket sales. As more brands turn to messaging, paid messaging provides new ways to sell, support and market right on the chat thread.

大品牌正在將商業信息整合到他們的活動中，例如 Paramount Studios，他們使用 Click-to-Messenger 來宣傳他們的大片 Top Gun：Maverick 並推動門票銷售。隨著越來越多的品牌轉向消息傳遞，付費消息傳遞提供了在聊天線程上進行銷售、支持和營銷的新方式。

We're also investing in privacy-safe ways to improve targeting and measurement. For example, we're continuing to invest improving our conversions API, which creates a direct, reliable and privacy-safe connection between advertiser's marketing data and Meta. And over the longer term, we're developing privacy-enhancing technologies to help minimize the personal information we process while still allowing us to show relevant ads and measure performance.

我們還投資於隱私安全的方式來改進定位和衡量。例如，我們將繼續投資改進我們的轉化 API，它在廣告客戶的營銷數據和 Meta 之間建立了直接、可靠和隱私安全的連接。從長遠來看，我們正在開發增強隱私的技術，以幫助最大限度地減少我們處理的個人信息，同時仍然允許我們展示相關的廣告並衡量性能。

One example is Private Lift, which we're currently beta testing with a number of large advertisers. This is a measurement solution, which helps advertisers understand how their campaigns are performing while adding extra layers of privacy to limit the information that can be learned by the advertiser or Meta. While we develop these solutions, we're also collaborating across our industry on technologies and other standards that will support privacy-safe personalized advertising over the long term.

一個例子是 Private Lift，我們目前正在與一些大型廣告商進行 Beta 測試。這是一個衡量解決方案，它可以幫助廣告商了解他們的活動的執行情況，同時增加額外的隱私層以限制廣告商或 Meta 可以了解的信息。在我們開發這些解決方案的同時，我們還在整個行業就技術和其他標准進行合作，這些技術和其他標準將長期支持隱私安全的個性化廣告。

Third, on AI and machine learning. I want to emphasize Mark's point that this is a really important part of how we improve our ads ranking and measurement capabilities. AI-driven products like advantage detailed targeting and advantaged look-alikes help to increase the audience for an ad campaign if it's likely to improve performance. AI is also an important part of how we continue to grow video monetization. A moment ago, I touched on how we're using it in Reels. We've also launched AI-based tools to make it simpler to create video ads for Instagram Stories, and we're continuing to test ways for advertisers to transform static images with music and motion so they appear more like video.

第三，關於人工智能和機器學習。我想強調 Mark 的觀點，這是我們如何提高廣告排名和衡量能力的一個非常重要的部分。人工智能驅動的產品（如優勢詳細定位和優勢相似）有助於增加廣告活動的受眾，前提是它可能會提高性能。人工智能也是我們如何繼續發展視頻貨幣化的重要組成部分。剛才，我談到了我們如何在 Reels 中使用它。我們還推出了基於 AI 的工具，以便更輕鬆地為 Instagram 快拍製作視頻廣告，並且我們正在繼續測試廣告商將靜態圖像轉換為音樂和動作的方法，使它們看起來更像視頻。

Turning to the business more broadly. There's no doubt that we're going through a transition period and doing so at a time of global economic uncertainty. But despite the current challenges, I'm very confident for the long term. We're facing a cyclical downturn but over the long run, the digital ad market will continue to grow. Advertisers will go where they get the highest return on investment and ability to drive their business. We believe we will continue to show up very favorably compared to other advertising options.

轉向更廣泛的業務。毫無疑問，我們正在經歷一個過渡期，而且是在全球經濟不確定的時候這樣做的。但儘管目前面臨挑戰，但我對長期前景充滿信心。我們正面臨週期性衰退，但從長遠來看，數字廣告市場將繼續增長。廣告商將前往他們獲得最高投資回報和推動業務發展能力的地方。我們相信，與其他廣告選項相比，我們將繼續表現得非常好。

Meta is a company that has shown extraordinary resilience. We have demonstrated time and time again that we are prepared to move quickly and at scale to respond to changes in consumer behavior, the macroeconomic landscape and the needs of our advertising partners. And we have demonstrated time and time again than when we build products, they scale globally. We have made big transitions like the shift from desktop to mobile or from Feed to Stories. We innovate relentlessly and are always laser-focused on execution, delivering tools and products that help advertisers drive business results.

Meta 是一家表現出非凡韌性的公司。我們一次又一次地證明，我們已準備好迅速採取大規模行動，以應對消費者行為、宏觀經濟形勢和廣告合作夥伴需求的變化。我們已經一次又一次地證明，當我們構建產品時，它們會在全球範圍內擴展。我們已經進行了重大轉變，例如從桌面到移動或從 Feed 到故事的轉變。我們不斷創新，始終專注於執行，提供幫助廣告商推動業務成果的工具和產品。

The investments we're making in Reels, our discovery engine, business messaging, retooling our ad system, and especially in helping to build the metaverse, represent enormous opportunities for our business and our partners. I want to thank the teams that have helped us achieve remarkable success for our business and the millions of other businesses who have grown using our tools and products. I want to thank our partners, large and small, who we learn from every day. And I want to thank our investor community. Your support has helped us to be the innovative and resilient business that we are.

我們在 Reels、我們的發現引擎、業務消息傳遞、重組我們的廣告系統，特別是在幫助構建元宇宙方面進行的投資，為我們的業務和合作夥伴帶來了巨大的機會。我要感謝幫助我們為我們的業務取得顯著成功的團隊以及使用我們的工具和產品發展起來的數百萬其他企業。我要感謝我們每天向他們學習的大大小小的合作夥伴。我要感謝我們的投資者社區。您的支持幫助我們成為具有創新性和彈性的企業。

I look forward to continuing to serve on Meta's Board, where I'll have a front row seat to Meta's success in the years ahead. And now here's my amazing colleague, Dave.

我期待繼續在 Meta 的董事會任職，我將在 Meta 未來幾年的成功中佔據一席之地。現在這是我了不起的同事，戴夫。

Thanks, Sheryl, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis, unless otherwise noted. Q2 total revenue was $28.8 billion, down 1% or up 3% on a constant currency basis. Had foreign exchange rates remained constant with Q2 of last year, total revenue would have been approximately $1.3 billion higher.

謝謝，Sheryl，大家下午好。讓我們從綜合結果開始。除非另有說明，否則所有比較均按年進行。第二季度總收入為 288 億美元，按固定匯率計算，下降 1% 或上升 3%。如果匯率與去年第二季度保持不變，總收入將增加約 13 億美元。

Q2 total expenses were $20.5 billion, up 22% compared to last year. In terms of the specific line items, cost of revenue decreased 4% as growth in core infrastructure investments and content-related costs were more than offset by a reduction in Reality Labs loss reserves as a result of the announced price increase of Quest 2. R&D increased 43%, mainly driven by hiring to support Family of Apps and Reality Labs. Marketing and sales increased 10%, mainly driven by hiring and marketing spend. Lastly, G&A increased 53%, mainly driven by legal-related and employee-related costs.

第二季度總支出為 205 億美元，比去年增長 22%。就具體項目而言，收入成本下降了 4%，因為核心基礎設施投資和內容相關成本的增長被 Quest 2 宣布的價格上漲導致 Reality Labs 損失準備金的減少所抵消。增長 43%，主要是受僱於支持應用程序家族和現實實驗室。營銷和銷售增長了 10%，主要受招聘和營銷支出的推動。最後，G&A 增長 53%，主要受法律相關和員工相關成本的推動。

We added over 5,700 net new hires in Q2, the majority in technical functions. We ended the quarter with over 83,500 full-time employees, up 32% compared to last year. Our second quarter growth rate reflects our hiring progress earlier this year. However, we anticipate headcount growth will slow throughout the rest of the year due to the reduction in our hiring plans.

我們在第二季度新增了 5,700 多名新員工，其中大部分是技術職能部門。截至本季度末，我們擁有超過 83,500 名全職員工，比去年增長 32%。我們第二季度的增長率反映了我們今年早些時候的招聘進度。然而，由於我們減少招聘計劃，我們預計今年剩餘時間的員工人數增長將放緩。

Second quarter operating income was $8.4 billion, representing a 29% operating margin. Our tax rate was 18%. We recorded a loss of $172 million under interest and other expenses, driven mainly by unrealized losses and equity investments. Net income was $6.7 billion or $2.46 per share. Capital expenditures, including principal payments on finance leases, were $7.7 billion, driven by investments in servers, data centers and network infrastructure. The big step-up in CapEx, both year-over-year and sequentially related to server spend, including for our AI infrastructure.

第二季度營業收入為 84 億美元，營業利潤率為 29%。我們的稅率是 18%。我們在利息和其他費用項下錄得 1.72 億美元的虧損，主要是由於未實現虧損和股權投資。淨收入為 67 億美元或每股 2.46 美元。受對服務器、數據中心和網絡基礎設施投資的推動，包括融資租賃本金在內的資本支出為 77 億美元。資本支出的大幅增長，無論是同比還是與服務器支出相關，包括我們的人工智能基礎設施。

Sustainability remains a key focus of our infrastructure efforts. And in June, we published our third annual sustainability report. The report demonstrates continued progress on our sustainability initiatives. Free cash flow was $4.5 billion. We repurchased $5.1 billion of our Class A common stock in the second quarter, and we ended the quarter with $40.5 billion in cash and marketable securities.

可持續性仍然是我們基礎設施工作的重點。 6 月，我們發布了第三份年度可持續發展報告。該報告展示了我們在可持續發展計劃方面的持續進展。自由現金流為 45 億美元。我們在第二季度回購了 51 億美元的 A 類普通股，並以 405 億美元的現金和有價證券結束了本季度。

Moving now to our segment results. I'll begin with the Family of Apps segment. Q2 total Family of Apps revenue was $28.4 billion, down 1%. Q2 Family of Apps revenue was $28.2 billion, down 1% or up 3% on a constant currency basis. Advertising revenue growth slowed throughout the second quarter as advertiser demand softened. The deceleration has been broad-based across verticals, and we believe businesses are lowering their advertising spend in response to the increased economic uncertainty. Foreign currency headwinds also increased throughout the second quarter. While it wasn't a factor contributing to the deceleration in Q2, we're also continuing to face targeting and measurement headwinds such as Apple's iOS changes, which we believe are contributing to the growth challenges across the digital advertising industry.

現在轉到我們的細分結果。我將從應用系列部分開始。第二季度家庭應用總收入為 284 億美元，下降 1%。 Q2 系列應用收入為 282 億美元，按固定匯率計算，下降 1% 或上升 3%。由於廣告客戶需求疲軟，整個第二季度廣告收入增長放緩。減速在各個垂直領域都是廣泛的，我們認為企業正在降低廣告支出以應對經濟不確定性的增加。外匯逆風在整個第二季度也有所增加。雖然這不是導致第二季度減速的一個因素，但我們也繼續面臨定位和衡量方面的不利因素，例如 Apple 的 iOS 變化，我們認為這會導致整個數字廣告行業的增長挑戰。

On a user geography basis, year-over-year ad revenue growth was strongest in Asia Pacific and Rest of World at 13% and 11%, respectively, with both regions benefiting meaningfully from strong growth in click-to-messaging ads. North America and Europe declined 4% and 12%, respectively. Foreign currency was a headwind in all international regions, with Europe and Asia Pacific experiencing the largest impacts.

從用戶地域來看，亞太地區和世界其他地區的廣告收入同比增長最為強勁，分別為 13% 和 11%，這兩個地區都從點擊消息廣告的強勁增長中受益匪淺。北美和歐洲分別下降了 4% 和 12%。外匯是所有國際地區的逆風，歐洲和亞太地區受到的影響最大。

In Q2, the total number of ad impressions served across our services increased 15% and the average price per ad decreased 14%. Impression growth was driven by Asia Pacific and Rest of World. The year-over-year decline in pricing was driven by a reduction in advertiser demand, the mix shift in ad impressions towards lower monetizing services in regions and foreign currency depreciation. Family of Apps other revenue was $218 million, up 14%, driven by the WhatsApp business API.

在第二季度，通過我們的服務投放的廣告總展示次數增加了 15%，每個廣告的平均價格下降了 14%。印象增長是由亞太地區和世界其他地區推動的。定價同比下降的原因是廣告客戶需求減少、廣告印象的組合轉變為地區較低的貨幣化服務以及外匯貶值。 Family of Apps 的其他收入為 2.18 億美元，增長 14%，受 WhatsApp 業務 API 的推動。

Family of Apps expenses were $17.2 billion, up 23%, driven mainly by employee-related expenses, legal costs and infrastructure costs. Family of Apps operating income was $11.2 billion, representing a 39% operating margin. We estimate that approximately 2.9 billion people used at least one of our Family of Apps on a daily basis in June and that approximately 3.6 billion people used at least 1 on a monthly basis.

Family of Apps 費用為 172 億美元，增長 23%，主要受員工相關費用、法律成本和基礎設施成本的推動。 Family of Apps 的營業收入為 112 億美元，營業利潤率為 39%。我們估計，在 6 月份，每天約有 29 億人至少使用我們的一個應用系列，並且每月約有 36 億人至少使用一個。

Facebook daily active users were 1.97 billion, up 3% or 60 million compared to last year. DAUs represented approximately 67% of the 2.93 billion monthly active users in June. MAUs grew by 39 million or 1% compared to last year. Europe DAUs and MAUs declined sequentially and were negatively impacted by the loss of users in Russia and Ukraine.

Facebook 日活躍用戶為 19.7 億，比去年增長 3% 或 6000 萬。 DAU 約佔 6 月份 29.3 億月活躍用戶的 67%。與去年相比，MAU 增長了 3900 萬或 1%。歐洲 DAU 和 MAU 依次下降，並受到俄羅斯和烏克蘭用戶流失的負面影響。

Within our Reality Labs segment, Q2 revenue was $452 million, up 48%, driven primarily by Quest 2 sales. Reality Labs expenses were $3.3 billion, up 19% due to growth in employee-related costs and R&D operating expenses that were partially offset by the previously mentioned reduction in loss reserves. Reality Labs' operating loss was $2.8 billion in the second quarter.

在我們的 Reality Labs 部門中，第二季度收入為 4.52 億美元，增長 48%，主要受 Quest 2 銷售的推動。 Reality Labs 費用為 33 億美元，增長 19%，原因是員工相關成本和研發運營費用的增長部分被前面提到的損失準備金減少所抵消。 Reality Labs 第二季度的經營虧損為 28 億美元。

Turning now to the outlook. We expect third quarter 2022 total revenue to be in the range of $26 billion to $28.5 billion. This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty. We also anticipate third quarter Reality Labs revenue to be lower than second quarter revenue. Our guidance assumes foreign currency will be an approximately 6% headwind to year-over-year total revenue growth in the third quarter based on current exchange rates. In addition, as noted on previous calls, we continue to monitor developments regarding the viability of transatlantic data transfers and their potential impact on our European operations.

現在轉向展望。我們預計 2022 年第三季度的總收入將在 260 億美元至 285 億美元之間。這一前景反映了我們在整個第二季度經歷的疲軟廣告需求環境的延續，我們認為這是受到更廣泛的宏觀經濟不確定性的推動。我們還預計第三季度 Reality Labs 的收入將低於第二季度的收入。我們的指導假設根據當前匯率，第三季度外幣總收入將同比增長約 6%。此外，正如之前的電話會議所述，我們將繼續監測跨大西洋數據傳輸的可行性及其對我們歐洲業務的潛在影響的發展。

Turning now to the expense outlook. We expect 2022 total expenses to be in the range of $85 billion to $88 billion, lowered from our prior outlook of $87 billion to $92 billion. We've reduced our hiring and overall expense growth plan this year to account for the more challenging operating environment while continuing to direct resources towards our company priorities. We expect 2022 capital expenditures, including principal payments on finance leases to be in the range of $30 billion to $34 billion, narrowed from our prior range of $29 billion to $34 billion. Absent any changes to U.S. tax law, we expect our full year 2022 tax rate to be above the Q2 rate and in the high teens.

現在轉向費用前景。我們預計 2022 年的總支出將在 850 億美元至 880 億美元之間，低於我們之前預期的 870 億美元至 920 億美元。我們今年減少了招聘和整體開支增長計劃，以應對更具挑戰性的運營環境，同時繼續將資源用於我們公司的優先事項。我們預計 2022 年的資本支出（包括融資租賃的本金支付）將在 300 億美元至 340 億美元之間，低於我們之前的 290 億美元至 340 億美元的範圍。在美國稅法沒有任何變化的情況下，我們預計我們 2022 年的全年稅率將高於第二季度的稅率並處於高位。

In closing, we're in the midst of an economic cycle that is having a broad impact on the digital advertising business. We're being disciplined on spending while still investing in those areas that will position to drive growth as the economic environment improves. Before opening up the call for questions, I want to say how pleased I am that Susan Li will serve as our next CFO when I step into my new role in November. Susan and I have worked side-by-side for the last 10 years, and she is an outstanding leader for the team. With that, France, let's open up the call for questions.

最後，我們正處於對數字廣告業務產生廣泛影響的經濟周期之中。我們在支出方面受到紀律處分，同時仍在投資那些隨著經濟環境改善而能夠推動增長的領域。在開始提問之前，我想說的是，我很高興 Susan Li 在我 11 月上任時擔任我們的下一任首席財務官。在過去的 10 年裡，Susan 和我並肩工作，她是團隊的傑出領導者。有了這個，法國，讓我們開始提問。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Brian Nowak。

The first one around engagement and overall time spent among the users. Mark, you guys are making a lot of changes around AI and Reels, et cetera. It's encouraging to hear the stats about 30% increase in time spent with Reels across Facebook and Instagram. As you're studying those users that are using more Reels, are you seeing total time among those users grow? Said another way, are all these changes proving to be incremental? That's the first one.

第一個是關於參與度和用戶花費的總時間。馬克，你們正在圍繞 AI 和 Reels 等做出很多改變。令人鼓舞的是，在 Facebook 和 Instagram 上使用 Reels 的時間增加了約 30% 的統計數據。當您研究那些使用更多 Reels 的用戶時，您是否看到這些用戶的總時間在增長？換句話說，所有這些變化都被證明是漸進的嗎？那是第一個。

And the second one on headcount growth. Understanding we're expecting a slowing of headcount in the back half, but Mark, to kind of go to your points about at some point, you see headcount decline. Should we think about '23 as being a year in which headcount declines for the company?

第二個是關於員工人數的增長。了解我們預計後半部的員工人數會放緩，但是馬克，在某個時候有點像你的觀點，你會看到員工人數下降。我們是否應該將 23 年視為公司員工人數下降的一年？

Yes. Brian, I can take both of those and then Mark can add any color if he would like. Reels is additive to time spent. But obviously, it does have a cannibalistic impact as well but the net impact is positive. There is some engagement that we think is coming out of surfaces like Feed and Stories, and we're getting that engagement on Reels. And that's been part of our explicit strategy to get reels in front of more users. But overall, it is incrementally beneficial to time spent.

是的。布賴恩，我可以把這兩個都拿走，然後馬克可以添加任何顏色，如果他願意的話。捲軸會增加花費的時間。但顯然，它也確實會產生自相殘殺的影響，但淨影響是積極的。我們認為有一些參與來自 Feed 和 Stories 等表面，我們正在 Reels 上獲得這種參與。這是我們將捲軸展示在更多用戶面前的明確戰略的一部分。但總的來說，它對所花費的時間越來越有益。

And then on headcount growth, we're not putting any markers yet out for 2023. But we're -- as Mark said, we're reducing our headcount growth rates, and we plan to be more focused on maintaining a lot of discipline on headcount growth as we go into 2023. So as we get closer to that and the setting of the budget, we'll be giving more explicit guidance on that, Brian.

然後在員工人數增長方面，我們還沒有為 2023 年設定任何指標。但我們 - 正如馬克所說，我們正在降低員工人數增長率，我們計劃更加專注於保持大量紀律關於我們進入 2023 年的員工人數增長。因此，隨著我們越來越接近這一目標和預算的設定，我們將在這方面提供更明確的指導，Brian。

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

我們的下一個問題來自美國銀行的 Justin Post。

In the headwinds, you didn't mention TikTok. Are you seeing any dollars or advertisers pull that could be moving over there for maybe lower CPMs? Any thoughts on competitive headwinds? And then second, just a quick question on guidance. Is there contemplated pressure on quarter revenue in 3Q versus 2Q because of the Reel usage increases?

在逆風中，你沒有提到 TikTok。您是否看到任何資金或廣告商拉動可能會轉移到那里以降低每千次展示費用？關於競爭逆風的任何想法？其次，只是一個關於指導的快速問題。由於捲軸使用量的增加，第三季度與第二季度的季度收入是否存在預期壓力？

I'll take the first question. We exist in a really competitive advertising market, where advertisers have broad opportunities to advertise both offline and online and there are almost endless options. So we know we have to earn our share and continue to deliver great ROI and be able to measure results. And that's why we're focused on the continual product improvements that we talk about in these calls quarter-over-quarter and we'll continue to do going forward.

我會回答第一個問題。我們存在於一個競爭激烈的廣告市場，廣告商有廣泛的機會在線下和在線上做廣告，而且幾乎有無窮無盡的選擇。所以我們知道我們必須贏得我們的份額並繼續提供巨大的投資回報率並能夠衡量結果。這就是為什麼我們專注於我們在這些電話中討論的持續產品改進，我們將繼續前進。

And Justin, let me make sure I got that question. I think you were asking about Q3 and just pressure on Q3 because of Reels usage. Mark mentioned that we are really excited that the run rate on Reels crossed $1 billion, but it is overall because engagement is shifting to Reels. It is an overall headwind on the business. We haven't specifically quantified that, but there is a headwind on the business as Reels grows.

還有賈斯汀，讓我確定我有這個問題。我想你是在問第三季度，只是因為捲軸的使用而對第三季度施加壓力。馬克提到，我們對 Reels 的運行率超過 10 億美元感到非常興奮，但總體而言，因為參與度正在轉向 Reels。這對企業來說是一個整體的逆風。我們沒有具體量化這一點，但隨著 Reels 的增長，業務面臨阻力。

In the long run we, of course, believe that this will be a tailwind on revenue but that's not happening in 2022. We're optimistic that it can be in the long run. But in general, the pressure that we're seeing on Q3 is overwhelmingly a macro one, where we're seeing sort of broad-based weakness across most of the verticals.

當然，從長遠來看，我們相信這將是收入的順風，但這不會在 2022 年發生。我們樂觀地認為它可以從長遠來看。但總的來說，我們在第三季度看到的壓力絕大多數是宏觀壓力，我們在大多數垂直領域都看到了廣泛的疲軟。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Two, if I could. One, in terms of honing the focus on investments inside the company and reexamining the cost side. How should we think about the mix between Reality Labs and Family of Apps and what the impact might be on relative loss or margin structure of the 2 segments as you hone the cost structure of the company and think about that investment cycle in both areas of the business? That would be number one.

二，如果可以的話。一是在註重公司內部投資和重新審視成本方面。當您磨練公司的成本結構並考慮這兩個領域的投資週期時，我們應該如何考慮 Reality Labs 和應用系列之間的組合以及這兩個細分市場的相對損失或利潤率結構可能產生的影響商業？那將是第一名。

And number two, maybe just following up on Justin's question and broadening out a little bit. Is there any way to unpack some of the impact of macro, which is clearly outrunning some of the easier comps you'll be facing in Q3? Because we're lapping IDFA from a year ago, there was an easier comp on top of just IDFA and yet implied is that the rate of growth continues to sort of weaken in Q3 versus Q2. So maybe unpacking a little bit some of the headwinds versus tailwinds in Q3 to Q2 would be helpful.

第二，也許只是跟進賈斯汀的問題並擴大一點。有什麼方法可以解開宏觀的一些影響，這顯然超過了你在第三季度將面臨的一些更容易的組合？因為我們從一年前開始使用 IDFA，所以在 IDFA 之上有一個更容易的比較，但暗示第三季度的增長率繼續低於第二季度。因此，也許在第三季度到第二季度解開一些逆風和順風會有所幫助。

Yes, Eric, I can take those. And again, if anybody has color, they can add. On the investment focus, I would say broad-based, we're really focusing the investments that the company is making on the key priorities. Now one of those key priorities is clearly the effort that we have behind the Metaverse and Reality Labs. So it remains an area in which we are going to be increasing investment. But we do plan to have discipline across the entire operating posture of the company.

是的，埃里克，我可以接受。再說一次，如果有人有顏色，他們可以添加。關於投資重點，我會說基礎廣泛，我們確實將公司正在進行的投資集中在關鍵優先事項上。現在，這些關鍵優先事項之一顯然是我們在 Metaverse 和 Reality Labs 背後所做的努力。因此，它仍然是我們將增加投資的領域。但我們確實計劃在公司的整個運營狀況中保持紀律。

When looking at the Q3 comps, I think you're making an important point. As we headed into the back half of this year, we do get the benefit in our year-over-year growth rates from lapping the Apple iOS rollout, which happened -- was largely complete by Q3 and Q4 of last year. So we're getting the benefit of more favorable comps on the signals headwind. But that is being offset by the macro environment and the challenges we're seeing there.

在查看第三季度的比賽時，我認為您提出了一個重要的觀點。當我們進入今年下半年時，我們確實從蘋果 iOS 的推出中獲益，這在去年第三季度和第四季度基本完成。因此，我們在信號逆風中獲得了更有利的組合的好處。但這被宏觀環境和我們在那裡看到的挑戰所抵消。

Now of course, there are some hard-to-unpack factors. That is at the first order, but of course, we're seeing just generally challenging environment for digital advertising. And there's several compounding factors. Of course, there's just the overall economic uncertainty that's reflected in the markets. There is the fact that we're lapping periods in which there was still a benefit from COVID in some of the sectors that are important to us, like e-commerce.

當然，現在有一些難以解開的因素。這是第一順序，但當然，我們看到的數字廣告環境普遍具有挑戰性。還有幾個複合因素。當然，市場上反映的只是整體經濟的不確定性。事實上，在一些對我們很重要的領域，比如電子商務，我們仍然可以從 COVID 中受益。

And then finally, just the signals headwinds and the challenges that advertisers are facing on a second order basis may be affecting some spend. But at least on the first order, we think it's largely a macro environment that is offsetting the benefit that we would otherwise be getting from lapping the iOS 14 rollout last year.

最後，只是信號逆風和廣告商在二階基礎上面臨的挑戰可能會影響一些支出。但至少在第一筆訂單上，我們認為這在很大程度上是一個宏觀環境，抵消了我們從去年推出 iOS 14 中獲得的好處。

Our next question is from Mark Shmulik with Bernstein.

我們的下一個問題來自 Mark Shmulik 和 Bernstein。

Two questions, if I may. The first remark, back to the discovery engine pivot, certainly a big change for the platform and certainly understand users' hesitancy on kind of any changes. But beyond the flywheel effect of sharing, any more color you can share on kind of what would differentiate the discovery platform here on Facebook and Instagram versus some other platforms would be much appreciated.

兩個問題，如果可以的話。第一句話，回到發現引擎支點，對於平台來說肯定是一個很大的變化，當然也理解用戶對任何變化的猶豫。但除了分享的飛輪效應之外，您可以分享更多的顏色來區分 Facebook 和 Instagram 上的發現平台與其他一些平台的區別，我們將不勝感激。

And then secondly, on the buyback cadence, is there any right way to think about that? I know the buybacks kind of went down a little bit this quarter. And I've also noticed it kind of seems to trend along with free cash flow generation. Is that the right way to think about the buyback strategy going forward?

其次，在回購節奏上，有沒有正確的方法來思考這個問題？我知道本季度的回購有所下降。而且我還注意到它似乎與自由現金流的產生一起趨勢。這是思考未來回購策略的正確方式嗎？

You want to take buybacks and then I'll take the product question? Do you want to go first?

你想回購，然後我會回答產品問題？你想先走嗎？

I can do buybacks first. So thanks, Mark. Obviously, we look at a lot of factors when it comes to our buyback program. We are -- we still have a substantial amount remaining in the buyback program and then we expect to continue to have buybacks as part of our capital allocation strategy going forward. So no real change in posture to announce there. We'll continue to be looking at capital return opportunities over time.

我可以先回購。所以謝謝，馬克。顯然，在我們的回購計劃中，我們會考慮很多因素。我們 - 我們仍然在回購計劃中剩餘大量資金，然後我們預計將繼續回購作為我們未來資本配置戰略的一部分。所以沒有真正的姿勢改變在那裡宣布。隨著時間的推移，我們將繼續尋找資本回報機會。

Great. Yes. And on the discovery engine thing, there are a few different pieces of context that I think are important here. One is the social content from the people you know is going to continue being very important. And obviously, following people is an important signal.

偉大的。是的。在發現引擎方面，我認為這裡有幾個不同的上下文很重要。一是你認識的人的社交內容將繼續非常重要。顯然，關注人是一個重要的信號。

If you go back 10 years ago, the AI to basically figure out what types of things you were interested in, other than having a signal of what you directly follow, didn't really exist. It wasn't good enough. So who you followed or who you're friends with was this sort of amazing signal. And it was more unique in a way. Whereas now increasingly, AI is able to identify things that you're interested in that might be from accounts that you're not following or might even be whole topics that you're not following anyone in that topic. And that just unlocks a bigger corpus of content that you're going to be interested in.

如果你回到 10 年前，除了有你直接關注的信號之外，基本上還沒有人工智能可以找出你感興趣的事物類型。這還不夠好。所以你關注的人或者你的朋友就是這種驚人的信號。它在某種程度上更加獨特。而現在，人工智能越來越能夠識別您感興趣的事物，這些事物可能來自您未關注的帳戶，甚至可能是您未關注該主題中任何人的整個主題。這只是解鎖了您將感興趣的更大的內容語料庫。

So the social parts of what we do will always remain. I think that, that will be a very kind of differentiated and important part of what we're doing. On the discovery engine piece, I do think that we're seeing a different approach than some competitors in that we have a lot of different types of content formats. So I talked about this a little bit upfront in my opening remarks. But the AI that we're building here, it doesn't just apply to videos or it's certainly not just short-form video. It also works with text and links and photos and content and groups and discussions on comments and all of these different things.

所以我們所做的社會部分將永遠存在。我認為，這將是我們正在做的一個非常差異化和重要的部分。在發現引擎部分，我確實認為我們看到了與一些競爭對手不同的方法，因為我們有很多不同類型的內容格式。所以我在開場白中提前談到了這一點。但是我們在這裡構建的人工智能，它不僅適用於視頻，當然也不僅僅是短視頻。它還適用於文本、鏈接、照片、內容、組和關於評論的討論以及所有這些不同的事情。

And actually, one of the really fascinating AI problems is to produce just like basically a very large model. The AI researchers call it an embedding that's basically trying to unpack basically like meaning or semantics or kind of what a post is about into this very high dimensional mathematical space. But that can work across all different content types. And being able to do that well, I think we'll end up producing a different experience on Facebook and Instagram compared to some of our other competitors that are just focused on 1 content format. And I think in that sense, what we're doing is going to be pretty unique and is going to create a lot of value.

實際上，真正引人入勝的 AI 問題之一就是基本上像一個非常大的模型一樣生產。人工智能研究人員稱其為嵌入，基本上試圖將意義或語義或某種帖子的內容解壓縮到這個非常高維的數學空間中。但這可以適用於所有不同的內容類型。能夠做到這一點，我認為我們最終會在 Facebook 和 Instagram 上產生與我們其他一些只專注於一種內容格式的競爭對手不同的體驗。我認為從這個意義上說，我們正在做的事情將會非常獨特，並且會創造很多價值。

I don't think people are going to want to be constrained to just 1 format. And I certainly think that people are going to always continue caring about what's going on with their friends and family and people they know as well. So this is all going to be kind of a growing thing that makes it so there's more interesting content available. And basically, it makes the service more -- just better for people to engage with and other things.

我認為人們不會希望僅限於一種格式。我當然認為人們會一直關心他們的朋友和家人以及他們認識的人的情況。因此，這一切都將成為一種不斷發展的事物，使之有更多有趣的內容可用。基本上，它使服務更多——更好地讓人們參與和其他事情。

And then part of the business challenge is just we need to make sure we can monetize Reels well. Like I said in my opening remarks, that's sort of on track but less than the rest of Feed today, but we're optimistic that we'll get it there. So that way, as this ends up increasing the overall engagement on the platform, it will also end up being a tailwind for the business, too.

然後，業務挑戰的一部分就是我們需要確保我們能夠很好地通過 Reels 獲利。就像我在開場白中所說的那樣，這有點走上正軌，但比今天的其他 Feed 少，但我們樂觀地認為我們會實現它。這樣一來，隨著這最終增加了平台的整體參與度，它最終也將成為業務的順風車。

Our next question is from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

One for Sheryl and one for Dave. Sheryl, I was hoping if you could just talk about what inning you think you're in, in building out and implementing the ads than to do more with less data for advertising. And do you expect that over time, you'll ever be able to return to the levels of targeting and measurement from before the platform changes?

一份給雪兒，一份給戴夫。謝麗爾，我希望你能談談你認為自己所處的局，在構建和實施廣告方面，而不是用更少的廣告數據做更多的事情。您是否期望隨著時間的推移，您將能夠從平台更改之前恢復到定位和測量水平？

And Dave, if macro slows down more into perhaps next year and even beyond or your revenue growth flattens even for other reasons, are you prepared to [dial down] overall expense growth to a similar level to preserve margins and profitability?

戴夫，如果宏觀經濟可能在明年甚至更久之後進一步放緩，或者您的收入增長甚至由於其他原因而趨於平緩，您是否準備將整體支出增長降至類似水平以保持利潤率和盈利能力？

I can take the first. So I don't know if I'm the baseball aficionado. I can do -- I can't do an exact inning and I'm kind of hoping inning is baseball. Is that right? Someone nod. Yes, it is. It is. There are 9 of them. But I don't know exactly which one we are.

我可以拿第一個。所以我不知道我是不是棒球迷。我可以——我不能做一個精確的局，我有點希望局是棒球。那正確嗎？有人點頭。是的。這是。其中有 9 個。但我不知道我們到底是哪一個。

But I will say that we're really -- I think we're pretty early on this. I think in many ways, we use data very effectively and in a very privacy-safe way all along to build out very measurable results and very measurable personalized targeting for advertisers. And I think we led there. And now we're in a new era, where we have to do that same form of targeting, that same form of measurement using less data.

但我會說我們真的 - 我認為我們在這方面還很早。我認為在很多方面，我們一直非常有效地使用數據，並且以非常隱私安全的方式為廣告商構建非常可衡量的結果和非常可衡量的個性化定位。我認為我們領導了那裡。現在我們處於一個新時代，我們必須使用更少的數據進行相同形式的定位、相同形式的測量。

And I think it's pretty early days in our ability to do that. We're going to do it by investing on our own, investing in AI, investing in machine learning. We're going to do it in rolling out products, like we have recently. That help us and advertisers measure where we're sharing less data between, as I talked about in my remarks. But we're also going to do it with our industry because it's worth noting that this is not a challenge we face alone. This is a challenge that anyone that's running on the Apple iOS platform has. And the industry is working together, I think, pretty collaboratively in -- not every player, but in a lot of players, many ways to get solutions.

我認為現在我們有能力做到這一點還為時過早。我們將通過自己投資、投資人工智能、投資機器學習來做到這一點。我們將在推出產品時做到這一點，就像我們最近所做的那樣。正如我在講話中談到的那樣，這有助於我們和廣告商衡量我們在哪里共享更少的數據。但我們也將在我們的行業中做到這一點，因為值得注意的是，這不是我們一個人面臨的挑戰。這是任何在 Apple iOS 平台上運行的人都面臨的挑戰。我認為，這個行業正在合作，非常合作 - 不是每個參與者，而是很多參與者，很多方法來獲得解決方案。

Doug, I just wanted to first kind of hit the premise of the question, which is if we continue to see macroeconomic challenges. It's just historically, macroeconomic challenges are often linked to some sort of cyclical effects. And we do know there's lots of things going on in the broader economy that point in that direction, including rate hikes and the like.

道格，我只是想先打一下問題的前提，即我們是否繼續看到宏觀經濟挑戰。只是從歷史上看，宏觀經濟挑戰通常與某種週期性影響有關。而且我們確實知道，在更廣泛的經濟中，有很多事情都指向了這個方向，包括加息等。

So we do think there is a cyclical component of this. We know that advertising can be especially subject to these cyclical pressures. We do think that long term, digital within advertising continues to have a very positive future. And we think that we are positioned to continue to grow engagement nicely and build the best products in digital, in the market. So we're quite confident that as the market conditions improve, we'll continue to be able to return to nice levels of growth.

所以我們確實認為這有一個週期性的成分。我們知道，廣告尤其容易受到這些週期性壓力的影響。我們確實認為，從長遠來看，廣告中的數字化將繼續擁有非常積極的未來。我們認為我們有能力繼續很好地提高參與度，並在市場上打造最好的數字產品。因此，我們非常有信心，隨著市場條件的改善，我們將繼續能夠恢復到良好的增長水平。

But we also, I think, have demonstrated that we're willing to take into account the market environment as we plan our overall expense and capital base. So we'll continue to monitor that as we go into future budget and planning cycles.

但我認為，我們也表明，我們願意在計劃整體開支和資本基礎時考慮市場環境。因此，當我們進入未來的預算和規劃週期時，我們將繼續對此進行監控。

Our next question is from Michael Nathanson with MoffettNathanson.

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

I have 2, maybe 1 for Sheryl and 1 for Mark. Sheryl, I'm interested in this juxtaposition position that Reels grew faster than Stories did. You reached $1 billion. Yet at the same time, you're saying that it's a harder business to monetize. So what drove -- why do you think the adoption was faster? And then in terms of the sticking points, when you talk to advertisers, what are the things that they need to solve for in order to move money faster to Reels?

我有 2 個，也許 1 個給 Sheryl，1 個給 Mark。 Sheryl，我對 Reels 的增長速度比 Stories 快的這種並置位置感興趣。你達到了 10 億美元。然而，與此同時，你說這是一項更難賺錢的業務。那麼是什麼推動了 - 為什麼您認為採用速度更快？然後就癥結而言，當您與廣告商交談時，他們需要解決哪些問題才能更快地將資金轉移到 Reels？

And Mark, I think going to one of the earlier questions about your advantages at Facebook. The previous moat, we would argue, was just the social graph of billions of people, families and friends. Do you think what you're building now with AI and from digital, how all those content is even -- is a better moat, is a better business than the one you had before, which was a pretty high barrier to entry, just given the social effects of the network you built? So those are my questions.

馬克，我想先回答一個關於你在 Facebook 的優勢的早期問題。我們認為，之前的護城河只是數十億人、家人和朋友的社交圖譜。你認為你現在用人工智能和數字構建什麼，所有這些內容如何 - 是一個更好的護城河，是一個比你以前擁有的更好的業務，這是一個相當高的進入門檻，剛剛給出你建立的網絡的社會影響？所以這些是我的問題。

So I'll take the Reels one. On Reels, we have a playbook where we, I think, do a very good job building products that consumers love to use and then building ad formats which match those products so they can integrate nicely into the consumer experience. So we learned from Stories how to do that, and I think part of the faster adoption of Reels ads is that we are getting better at this.

所以我會拿捲軸一個。在 Reels 上，我們有一本手冊，我認為，我們可以很好地構建消費者喜歡使用的產品，然後構建與這些產品相匹配的廣告格式，以便它們可以很好地融入消費者體驗。所以我們從 Stories 中學到瞭如何做到這一點，我認為 Reels 廣告的更快採用的部分原因是我們在這方面做得更好。

We know we need to make it really easy for advertisers to create that content. We know we need to create the ad formats. We know we need to give them measurable tools, and we've gotten better at selling the next product, and I think we'll continue to get better at that going forward.

我們知道我們需要讓廣告商真正輕鬆地創建該內容。我們知道我們需要創建廣告格式。我們知道我們需要為他們提供可衡量的工具，並且我們在銷售下一個產品方面做得更好，我認為我們將繼續在這方面做得更好。

But as you do say, there are still some challenges. Video is harder than photos, than static photos. Small businesses are better at static photos than they are at video. So this is a new format that we have to help them use. I think we have a number of tools that are working. We have a number of tools in development. But the idea is to help businesses really easily create those Reels ads, really easily test them so they can iterate and keep improving as we do this. So I think it's very promising but we've got some hard work ahead of us.

但正如你所說，仍然存在一些挑戰。視頻比照片難，比靜態照片難。小型企業更擅長靜態照片而不是視頻。所以這是一種我們必須幫助他們使用的新格式。我認為我們有許多有效的工具。我們有許多正在開發的工具。但我們的想法是幫助企業真正輕鬆地創建這些 Reels 廣告，真正輕鬆地對其進行測試，以便他們可以迭代並在我們這樣做時不斷改進。所以我認為這是非常有希望的，但我們還有一些艱苦的工作要做。

Yes. And in terms of building sustainable competitive advantages, in terms of the social graph, right, which you cited from before, people have been able to get that from phones for more than a decade now, right? So I don't really think that, that's been the thing for us. I think it's -- we're a serious technology company. We invest a lot in building infrastructure. And culturally, we focus on moving and learning faster than everyone else. And I think that those are sustainable advantages.

是的。在建立可持續的競爭優勢方面，就你之前引用的社交圖譜而言，人們已經能夠從手機中獲得十多年了，對吧？所以我真的不這麼認為，這對我們來說就是這樣。我認為是——我們是一家嚴肅的科技公司。我們在基礎設施建設方面投入了大量資金。在文化上，我們專注於比其他人更快地移動和學習。我認為這些都是可持續的優勢。

And so certainly, I think that the AI technology infrastructure that we're building, I think it can compound and be better than others in the industry and that will be an advantage and make the product better over time. But I think at the end of the day, what that really comes down to is just I try to push the company to be one that learns faster and just keeps iterating and moving faster than we did in the past and than others in the industry do. And I think if we can do that well, then we'll continue to succeed.

所以當然，我認為我們正在構建的人工智能技術基礎設施，我認為它可以復合併比業內其他人更好，這將是一個優勢，並且隨著時間的推移使產品變得更好。但我認為歸根結底，真正歸根結底的只是我試圖推動公司成為一家比我們過去和業內其他公司學習速度更快、不斷迭代和移動速度更快的公司.我認為，如果我們能做到這一點，那麼我們將繼續取得成功。

But I think the moment that we stop doing that, then we'll basically fall behind. It's a very competitive field and we need to keep on pushing ahead. But I think the reason why we have succeeded and seen so good results with Facebook, Instagram and the other social apps is because we basically focus pretty relentlessly on just pushing to constantly improve them.

但我認為，一旦我們停止這樣做，我們基本上就會落後。這是一個競爭非常激烈的領域，我們需要繼續前進。但我認為，我們之所以能在 Facebook、Instagram 和其他社交應用上取得如此成功並取得如此出色的成績，是因為我們基本上無情地專注於推動不斷改進它們。

And we're going to do that with AI, too. And I feel pretty good about the internal results that we've gotten on this. It's a big effort at this point. We have multiyear road maps in place, so it's not like back when I was in a dorm room and just shipping code every week. I mean some of these are we're touching billions of people's lives and building really deep technologies. These are long-term things. But I think the same principles basically still apply for how you want to build a company and stay ahead. And I think that, that's going to be the sustainable advantage.

我們也將使用人工智能來做到這一點。我對我們在這方面獲得的內部結果感覺非常好。在這一點上這是一個很大的努力。我們有多年的路線圖，所以不像以前我在宿舍裡每週只發送代碼的時候。我的意思是其中一些是我們正在觸及數十億人的生活並構建真正深入的技術。這些都是長期的事情。但我認為同樣的原則基本上仍然適用於你想要建立一家公司並保持領先地位。我認為，這將是可持續的優勢。

But yes, I do think AI, if we can do this better in terms of recommendation systems, that's going to make Facebook better. It's going to make Instagram better. It's going to make the ads better, which is why in my opening remarks, I talked about AI as one of the big technology waves that we're riding. I think it's certainly -- I think that's the truth. It's kind of a big underlying factor for our business, but we need to execute on that well, and I think we're starting to see a bunch of good results on that.

但是，是的，我確實認為人工智能，如果我們能在推薦系統方面做得更好，那會讓 Facebook 變得更好。這將使 Instagram 變得更好。這將使廣告變得更好，這就是為什麼在我的開場白中，我談到人工智能是我們正在駕馭的重大技術浪潮之一。我認為這是肯定的——我認為這是事實。這對我們的業務來說是一個很大的潛在因素，但我們需要很好地執行這一點，我認為我們開始看到很多好的結果。

Our next question is from Youssef Squali with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

Just, I guess, a follow-up on Reels and thank you for the $1 billion run rate commentary. But just kind of stepping back, how far behind is monetization of Reels versus maybe Instagram Stories right now? I think you mentioned earlier that it's already tracking ahead versus when Instagram Stories were launched. Just trying to get a sense of how long before we get to parity. Is it a matter of several quarters or several years? And maybe how quickly did Stories get to parity with News Feed back in 2018?

我想，只是對 Reels 的跟進，感謝您對 10 億美元的運行率評論。但只是有點退後一步，現在 Reels 的貨幣化與 Instagram Stories 相比落後了多遠？我想您之前提到過，與 Instagram Stories 推出時相比，它已經提前進行了跟踪。只是想了解我們需要多長時間才能達到平價。是幾個季度還是幾年的問題？也許在 2018 年，Stories 以多快的速度與 News Feed 相提並論？

And Mark, how important is M&A to you accomplishing your vision of the metaverse? And I ask because one of the regulatory agencies just today announced a lawsuit to block your acquisition of Within, a seemingly pretty small VR fitness app.

馬克，併購對你實現你對元宇宙的願景有多重要？我之所以這麼問，是因為一個監管機構今天剛剛宣布了一項訴訟，以阻止你收購一個看似非常小的 VR 健身應用程序 Within。

Yes. Youssef, I'll take those. So in terms of Reels monetization and the Stories journey that we went on, Stories really started rolling out in earnest in, I think it was 2018. It really wasn't until this year that we, at least in the developed markets, got to parity on a monetization basis, on a time spent basis with Feed. So it was a multiyear journey.

是的。優素福，我會拿走那些。因此，就 Reels 貨幣化和我們繼續的 Stories 之旅而言，Stories 真正開始認真推出，我認為是 2018 年。直到今年我們，至少在發達市場，才真正開始在貨幣化的基礎上，在 Feed 上花費的時間的基礎上進行平價。所以這是一個多年的旅程。

I think we're still very early in that multiyear journey with Reels. So though we're proud of where we've gotten on a run rate basis, we're still very early in the trajectory of monetization. And we'll have to see. We're able to do a great job of closing that gap with Stories. I think there's always unique features in each different format that make an exact analogy imperfect, but we're optimistic on our ability to at least get a good ways on that journey towards closing the gap.

我認為我們在 Reels 的多年旅程中仍處於早期階段。因此，儘管我們為我們在運行率基礎上取得的成績感到自豪，但我們仍處於貨幣化軌蹟的早期階段。我們將不得不看到。我們能夠很好地縮小與 Stories 的差距。我認為每種不同的格式總是有獨特的特徵，使得精確的類比不完美，但我們對我們至少能夠在縮小差距的過程中找到一個好的方法感到樂觀。

In terms of M&A, there's -- M&A is definitely a component of our strategy, and we'll continue to look at acquisitions going forward. In terms of the specific announcement about the FTC looking to block the Within acquisition, I would refer you to our statement in the newsroom, but we believe that the acquisition of Within would be good for competition and expand the VR ecosystem and would attract new users to VR and make it a more productive space for new and existing developers. So we definitely take odds with the FTC's position on that.

在併購方面，併購絕對是我們戰略的一個組成部分，我們將繼續關注未來的收購。關於 FTC 希望阻止 With 收購的具體公告，我建議您參考我們在新聞編輯室的聲明，但我們認為收購 Within 將有利於競爭並擴大 VR 生態系統並吸引新用戶到 VR 並使其成為新的和現有的開發人員更高效的空間。因此，我們肯定對 FTC 的立場持懷疑態度。

Our next question is from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Dave, just when you think about this downturn that you're in now in comparing to past downturns, many are asking, do you feel this is shallower? Is it more -- is there a longer duration in this? Is there any sense you have and how you think about the duration of what we're all seeing right now?

戴夫，當你想到現在與過去的低迷相比，你現在所處的低迷時，很多人都在問，你覺得這更淺嗎？是不是更多——這裡面有更長的持續時間嗎？你有什麼感覺嗎？你如何看待我們現在所看到的持續時間？

Thanks, Brent, and you get the prize for asking just 1 question. The -- I think it's really -- there's a lot of unique factors in the place we are in right now. One is that we're also comping against these very strong periods for online advertising during the pandemic that make the downturn sort of coincide with some reversion to offline behavior that exacerbates the impact of, I think, what is a cyclical sort of finance-driven downturn with the reversion to sort of more offline behavior. So I think you've got some unique things going on in the online ecosystem that do sort of exacerbate some of those cyclical effects because of the tough comps.

謝謝，布倫特，您只需提出 1 個問題即可獲得獎勵。 - 我認為真的 - 我們現在所處的位置有很多獨特的因素。一個是我們也在與大流行期間在線廣告的這些非常強勁的時期進行競爭，這使得經濟低迷與線下行為的某種回歸相吻合，這加劇了我認為周期性金融驅動的影響隨著回歸到更多的離線行為，經濟衰退。因此，我認為在線生態系統中發生了一些獨特的事情，由於艱難的競爭，它們確實會加劇一些週期性影響。

And we've seen, obviously, not just us, but others kind of experience that. I think in terms of prognosticating on the cycle itself and the duration, I'll leave that for better economists than I to understand how that may play out. But obviously, the continued difficult environment is factored into our Q3 guidance.

很明顯，我們已經看到，不僅是我們，其他人也有這種經歷。我認為就週期本身和持續時間的預測而言，我將把它留給比我更好的經濟學家來了解它會如何發展。但顯然，持續艱難的環境已被納入我們的第三季度指導。

Our next question is from Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. It's kind of something others have already asked on this call but maybe we could flesh it out a little bit better. But you talk about medium term, gaining competitive advantage and gaining back market share on the revenue side. But I think some folks on this call are doubting that looking at the 2Q numbers, which obviously have like IDFA and Reels in there, but the 3Q guide compared to the likes of Google, Amazon, TikTok and the numbers that they're putting up.

偉大的。這是其他人在這次電話會議上已經提出的問題，但也許我們可以更好地充實它。但是您談論的是中期，獲得競爭優勢並在收入方面重新獲得市場份額。但我認為本次電話會議中的一些人懷疑查看 2Q 數字，其中顯然有 IDFA 和 Reels，但 3Q 指南與穀歌、亞馬遜、TikTok 等公司以及他們提供的數字相比.

And if you look at previous times where you've gained competitive advantage, you also had a big data advantage that seemingly you may not enjoy post-IDFA anymore versus those other companies. So can you maybe flesh out either specific products that you are working on, that you're pumped up about that could drive that competitive advantage on the revenue side and when that might happen? Is this a 2023 event or is this more kind of like long term that we think will claw that back?

而且，如果您查看以前獲得競爭優勢的時間，您還擁有大數據優勢，與其他公司相比，您似乎不再享受 IDFA 後的優勢。那麼，您是否可以充實您正在開發的任何特定產品，您對這可能會在收入方面推動競爭優勢以及何時可能發生？這是 2023 年的事件，還是我們認為這更像是長期的事件？

Yes. Thanks, Ross. I think there's a lot in there. So why don't I, at least, just take the components of it that I think that we can kind of address? I think Sheryl and Mark both outlined some of the areas that we're really focused on, on the revenue side. Reels is obviously, right now, a tailwind to revenue, but we're excited about continuing to grow engagement on Reels and then grow monetization on that over time. So we think that's a very interesting venue for our clients to explore and advertise on, and that's going to create some real opportunities for them and us over time.

是的。謝謝，羅斯。我覺得里面有很多。那麼，為什麼我至少不採用我認為我們可以解決的組件呢？我認為 Sheryl 和 Mark 都概述了我們真正關注的一些領域，在收入方面。 Reels 顯然現在是收入的順風車，但我們很高興繼續增加 Reels 的參與度，然後隨著時間的推移增加貨幣化。因此，我們認為這是我們的客戶探索和宣傳的一個非常有趣的場所，隨著時間的推移，這將為他們和我們創造一些真正的機會。

We're also investing in AI to make our ads products better and we're excited about what we can do there. And Sheryl talked about some of the different products there. So we think that, that will -- those are a couple of examples of things that will position us well.

我們還在人工智能方面進行投資，以使我們的廣告產品更好，我們對我們可以在那裡做些什麼感到興奮。 Sheryl 談到了那裡的一些不同產品。所以我們認為，這將 - 這些是一些可以很好地定位我們的事情的例子。

As it relates to kind of competitive dynamics, I think there's a lot of different things going on in the industry. Different companies are affected differently or not at all or not as significantly by things like the headwinds related to the iOS changes. There's also just different mixes of vertical businesses that affect how different companies are affected by the current economic climate and the COVID lockdown. So you've got a lot going on, but we're confident in our ability to continue to build the best products for users to be engaged as well as building great advertising products for businesses who want to reach those consumers.

由於它涉及到一種競爭動態，我認為這個行業正在發生很多不同的事情。與 iOS 變化相關的不利因素等因素對不同公司的影響不同，或者根本沒有影響，或者沒有那麼顯著。垂直業務的不同組合也會影響不同公司受當前經濟環境和 COVID 封鎖的影響。所以你有很多事情要做，但我們有信心繼續為用戶打造最好的產品，並為想要接觸這些消費者的企業打造出色的廣告產品。

Operator, we have time for one last question.

接線員，我們有時間回答最後一個問題。

Our last question will be from Mark Mahaney with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Mark Mahaney。

A couple of things. Dave and Sheryl, just wanted to wish you best of luck going forward, and Sheryl, particularly want to congratulate you. I think $5 billion to $120 billion over 14 years, that's pretty damn impressive, so congratulations. Wish you all the best going forwards.

有幾件事。 Dave 和 Sheryl，只是想祝你們好運，而 Sheryl，特別想祝賀你們。我認為 14 年 50 億到 1200 億美元，這非常令人印象深刻，所以恭喜。祝你一切順利。

Two questions. One on AI. Mark, you talked about the advantages of AI. Any update on how AI is done in terms of tackling content moderation issues? Do you feel like you've made some breakthroughs there? And then, Sheryl, you talked about this click-to-message marketing opportunity, and you've mentioned a couple of times over the last couple of calls, it's a couple of billion in revenue, but particularly strong, I think, in Latin America and the Rest of World.

兩個問題。一個關於人工智能。馬克，你談到了人工智能的優勢。在解決內容審核問題方面如何完成人工智能的任何更新？你覺得你在那裡取得了一些突破嗎？然後，Sheryl，你談到了點擊消息營銷機會，在過去的幾次電話會議中，你已經多次提到，這是幾十億的收入，但我認為在拉丁語中特別強勁美國和世界其他地區。

Any thoughts on the opportunity for that as a business within North America and Western Europe? Is it just culturally different or are there certain things that can be done to make it just as good, as strong in those markets as it is in the others?

對在北美和西歐開展業務的機會有何想法？它只是在文化上不同，還是可以做一些事情來讓它在這些市場和其他市場一樣好、一樣強大？

Yes, I can take the first question on AI. Yes, on content moderation, most of this is done through AI today. And every quarter, we release a community standards enforcement report, where basically, the main metric is what percent of the harmful content to our systems, identifying and taking an action on before someone has to report it to us. And those metrics are generally moving in the right direction and different things going on in the world make them sometimes fluctuate. But in general, we've made a lot of progress there over the last few years, and I'm quite proud of that. We focused a lot of AI efforts there.

是的，我可以回答關於 AI 的第一個問題。是的，在內容審核方面，今天大部分都是通過人工智能完成的。每個季度，我們都會發布一份社區標準執行報告，基本上，主要指標是對我們系統的有害內容的百分比，在有人必須向我們報告之前識別並採取行動。這些指標通常朝著正確的方向發展，世界上發生的不同事情使它們有時會波動。但總的來說，過去幾年我們在這方面取得了很大進展，我為此感到非常自豪。我們在那裡集中了大量的人工智能工作。

And at this point, a lot of the newer AI efforts that we have, and we're obviously going to continue that work as well. But a lot of the new efforts are focused on recommendations of content and in these large sparse models that can do better content and ads recommendations with a much larger model with even sparse data. So yes, pretty optimistic about that overall. All right. Sheryl?

在這一點上，我們有很多新的人工智能工作，我們顯然也會繼續這項工作。但是許多新的努力都集中在內容推薦和這些大型稀疏模型中，這些模型可以使用更大的模型甚至稀疏的數據來提供更好的內容和廣告推薦。所以，是的，總體上對此非常樂觀。好的。雪兒？

Mark, thank you for those kind words, and also thank you for this question because this will be the last one I take and it's exactly the note I'd like to end on because it's a part of our business we're so excited about. Click-to-Messaging ads is one of our fastest-growing ad format. It's already a multibillion-dollar business for us, growing at double digits. And that's because, again, I think it follows the playbook we've had of building a consumer engagement that businesses can be part of, having that consumer behavior happen first and then being able to work with businesses.

馬克，謝謝你的客氣話，也謝謝你的這個問題，因為這將是我的最後一個問題，這正是我想結束的筆記，因為這是我們業務的一部分，我們對此感到非常興奮.點擊消息廣告是我們增長最快的廣告格式之一。對我們來說，這已經是一項價值數十億美元的業務，而且還在以兩位數的速度增長。那是因為，我再次認為它遵循了我們建立消費者參與的劇本，企業可以參與其中，讓消費者行為首先發生，然後能夠與企業合作。

So messaging is hugely -- sorry, growing hugely quickly everywhere in the world. And we have particularly engaged broad, very well-used messaging platforms and many of them. So when you think about consumers using it, we already know it, we already know that's happening. And then businesses are increasingly using it. And you're right that we've seen a lot of that behavior start in other parts of the world. But we are seeing that behavior in North America and Europe as well. And I think we're deep believers that, that behavior will continue to grow all over the world.

所以消息傳遞是巨大的——抱歉，在世界各地都在迅速增長。我們特別參與了廣泛的、非常常用的消息傳遞平台和其中的許多平台。因此，當您考慮使用它的消費者時，我們已經知道它，我們已經知道正在發生這種情況。然後企業越來越多地使用它。你是對的，我們已經看到很多這種行為始於世界其他地區。但我們在北美和歐洲也看到了這種行為。我認為我們堅信，這種行為將繼續在世界各地增長。

So that means the click-to-messaging ads become the perfect opportunity. They help us move people from discovery to a direct relationship with a business. In a world where we're trying to do more with less data, they give businesses and consumers a direct connection, so it's much easier to measure ROI. And so we're investing heavily. You can message a business from Facebook and Instagram feed from Facebook, Instagram, Messenger Stories to WhatsApp, Messenger, Instagram Direct. You can see how many entry points we have to drive real engagement and real demand.

因此，這意味著點擊消息廣告成為絕佳機會。它們幫助我們將人們從發現轉變為與企業建立直接關係。在我們試圖用更少的數據做更多事情的世界中，它們為企業和消費者提供了直接的聯繫，因此更容易衡量投資回報率。所以我們正在大力投資。您可以從 Facebook 和 Instagram 源向企業發送消息，從 Facebook、Instagram、Messenger Stories 到 WhatsApp、Messenger、Instagram Direct。你可以看到我們有多少切入點來推動真正的參與和真正的需求。

And I'll end with a case study. RoamHowl Creative, they're a small business consultancy. They used click-to-messaging ads for lead generation. And then they compared those to their normal ads, which were driving website conversions. And the Click-to-Messenger ads resulted in 2.3x more qualified leads. And this is important, a 57% lower cost per lead. And that doesn't even take into account the fact that it was measurable, that even if the return had been the same, they would have been able to measure it and attribute it more directly to our platform. So we are hugely optimistic about this area of our business, and I am very convinced it will work and is already working everywhere in the world.

我將以一個案例研究結束。 RoamHowl Creative，他們是一家小型企業諮詢公司。他們使用點擊消息廣告來產生潛在客戶。然後他們將這些廣告與推動網站轉化的普通廣告進行了比較。 Click-to-Messenger 廣告帶來了 2.3 倍的合格潛在客戶。這很重要，每條潛在客戶的成本降低了 57%。這甚至沒有考慮到它是可衡量的，即使回報是相同的，他們也能夠衡量它並將其更直接地歸因於我們的平台。因此，我們對我們業務的這一領域非常樂觀，我非常相信它會奏效，並且已經在世界各地發揮作用。

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

偉大的。謝謝大家今天加入我們。感謝您的寶貴時間，我們期待再次與您交談。

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

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開線路。