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.

午安.我叫弗朗斯，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Meta 第二季財報電話會議。 （接線員指示）此通話將會被錄音。非常感謝。您可以先由 Meta 投資者關係副總裁 Deborah Crawford 女士開始。

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。下午好，歡迎參加 Meta Platform 2022 年第二季財報電話會議。今天與我一起討論我們業績的有執行長馬克·祖克柏；謝麗爾·桑德伯格（Sheryl Sandberg），首席營運長；以及財務長戴夫·韋納 (Dave Wehner)。

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

在我們開始之前，我想藉此機會提醒大家，我們今天的發言將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we 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，我們可能會展示 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上查閱。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，大家好。感謝您今天的加入。即使我們面臨充滿挑戰的宏觀環境，我們的應用程式家族仍在不斷壯大。目前，我們的服務每月覆蓋超過 36 億人。儘管由於烏克蘭戰爭導致的網路封鎖，我們看到每月活躍用戶數量預計會下降，但包括美國在內的每天使用 Facebook 的人數仍在持續增長。

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，強勁的實際成長將繼續推動 Facebook 和 Instagram 上的參與度。話雖如此，我們似乎已經進入了經濟衰退期，這將對數位廣告業務產生廣泛的影響。雖然很難預測這些週期的深度和持續時間，但我想說，情況似乎比一個季度前更糟。

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，這將使我們在走出低迷時期變得更加強大，包括我們在發現引擎和 Reels、新廣告基礎設施和元宇宙方面的工作。我們也注重嚴格衡量回報並正確確定這些投資的規模。

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.

在我們上次電話會議上，我討論了基於我們在 2021 年看到的收入成長，我們啟動了一系列多年期專案來加速我們的業務。我仍然相信這些項目很重要。但考慮到我們看到的近期收入走勢，我們正在放慢這些投資的步伐，並將一些原本在未來一兩年內出現的支出推遲到更長的時間內。鑑於持續的趨勢，現在比上一季更加受到關注。

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.

我們的計劃是明年穩步減少員工人數的成長。許多團隊將會縮減，以便我們可以將精力轉移到公司內部的其他領域。我希望讓我們的領導者有能力決定團隊內部哪些方面需要加倍努力、哪些方面需要填補人員流失、哪些方面需要重組團隊，同時盡量減少對長期計劃的衝擊。

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.

事實上，我們今年稍早僱用了大量員工，這意味著我們報告的員工人數在未來幾季仍將同比增長可觀，但隨著時間的推移，這一增長應該會繼續下降。

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大力度的時期，我希望我們能夠用更少的資源完成更多的事情。我們目前正在提高許多工作的目標。之前充滿挑戰的時期對我們公司來說是變革性的，並幫助我們培養了下一代領導者。我希望這個時期也不會例外。我希望我們能夠找到一種方法來繼續投資我們的首要領域。我認為，我們將以一個更強大、更有紀律的組織的身份度過這段時期。

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領域的工作進度。要了解我們的發展方向，重要的是要記住，我們的業務正經歷著兩大科技浪潮。當今推動我們業務的第一波浪潮是人工智慧。第二個長期浪潮是元宇宙的出現。我們業務目前面臨的一個主要轉變是，社交資訊流從主要由您關注的人和帳戶驅動，逐漸轉變為由人工智慧推薦您在 Facebook 或 Instagram 上發現的有趣的內容驅動，即使您沒有關注這些創作者。

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仍將是體驗的重要組成部分，也是我們最具差異化的內容之一。但漸漸地，我們也能夠透過來自我們網路的其他有趣內容來補充這一點。 Reels 是這一趨勢的一部分，它專注於短影片作為內容格式的發展。但整體而言，人工智慧趨勢更為廣泛，涵蓋所有類型的內容，包括文字、圖像、連結、群組內容等。我們特別關注的是針對所有這些類型的內容建立推薦系統。

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，我們的人工智慧會推薦用戶 Facebook 動態中約 15% 的內容以及 Instagram 動態中略多一點的內容，這些內容來自用戶未關注的人、群組或帳號。我們預計到明年年底這個數字將增加一倍以上。當我們的人工智慧發現人們感興趣的額外內容時，這會增加參與度和我們提供的資訊的品質。而且由於我們已經能夠有效地將大多數這些格式貨幣化，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 的參與度也在快速成長。我上個季度曾分享過，Reels 已經佔了人們在 Instagram 上花費時間的 20%。本季度，我們發現人們在 Facebook 和 Instagram 上使用 Reels 的時間增加了 30% 以上。人工智慧的進步正在推動許多此類改進。舉個例子，在推出新的大型 AI 推薦模型後，我們發現光是在 Facebook 上的 Reels 影片播放器的觀看時間就增加了 15%。所以我認為我們能夠繼續做出許多這樣的改進。

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.

然而，當我們建立我們的發現引擎時，我想明確表示，我們最終仍然是一家專注於幫助人們建立聯繫的社交公司。我們看到的一個社會趨勢是，人們不再只是在動態消息中發表評論進行互動，大多數人還會在動態消息中發現有趣的內容，然後將這些內容發送給朋友並進行互動。這創造了一個發現的飛輪，然後是社會聯繫，然後激勵人們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 上，我們發現 Reels 佔據了轉發到訊息中的內容的一半以上。因此，我們的策略不是關於公共內容與社交內容和互動。這實際上是關於啟用一個將兩者結合起來的飛輪。

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。短期內我們面臨諸多挑戰，但長遠來看，我們的投資將為我們帶來比較優勢。近期的一個挑戰是短視頻的成長。 Reels 的獲利速度還不如 feed 或 stories。因此，從短期來看，Reels 的成長速度越快，從更高的貨幣化層面所取代的收入就越多。現在從理論上講，我們可以透過減少對 Reels 成長的推動來緩解短期阻力，但從長遠來看，這對我們的產品和業務來說會更糟，因為我們相信 Reels 的整體參與度和品質都會提高，並最終實現更接近 Feed 的貨幣化。

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 廣告貨幣化效率方面的工作實際上比我們預期的更快。現在，Reels 廣告的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 在推出後的同一時間的收入運行率。所以，我認為我們的底線是我們已經走在正軌上，我們只需要繼續努力。

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.

我們面臨的第二個挑戰是蘋果 iOS 變化導致的訊號損失。正如我之前所討論的，我們的做法是，透過讓人們更輕鬆地在我們自己的應用程式中與企業互動（無論是透過商業訊息、商店還是新廣告產品），來增進對人們興趣的第一方了解。例如，點擊訊息傳遞是我們業務訊息策略的一部分，該策略發展迅速，目前已有 40% 的廣告商使用這種格式。

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.

我們正在乘著人工智慧浪潮，為所有這些解決方案帶來順風。人工智慧的進步使我們能夠在使用更少數據的同時提供更好的個人化廣告。因此，它為自動訊息傳遞和創建工具提供支持，讓企業開展效果更好的活動，這對於沒有大型行銷部門且受到蘋果政策變化嚴重打擊的小型企業尤其重要。

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.

總的來說，這裡有很多工作要做，而且很多投資都花在了人工智慧運算資本支出上。但我堅信，如果我們投資建造我們所需的新基礎設施，那麼我們將走出低迷，擁有比其他行業參與者更優質的廣告產品和更顯著的技術優勢。

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，我們面臨的第三個挑戰是宏觀經濟。我們無法控制事情何時會反彈，但我注意到，這樣的時期是行銷人員重新評估預算並更專注於尋找效果最好的廣告的時候。在上次經濟衰退中，我們在低迷時期投資了廣告業務，並在復甦後變得更加強大，我致力於確保我們今天也能做到這一點。

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.

如果人工智慧是我們今天所乘的重大科技浪潮，那麼我要討論的最後一個重點就是目前正在形成的元宇宙技術浪潮。由於多種原因，元宇宙是一個巨大的機會。最重要的是，它能夠提供更深層的社交體驗，讓你無論身在何處都能感受到與他人真實的存在感。無論您是在玩遊戲還是連續工作數小時，或者只是花一分鐘時間與朋友打招呼或快速協作一個專案。

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.

透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建立這些體驗，而不受競爭對手對我們、我們的社區和小型企業施加的限制。考慮到我們目前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，甚至數萬億美元的價值。顯然，這將是未來幾年內一項非常昂貴的工程。但隨著元宇宙在我們生活的方方面面（從社交平台和娛樂到工作、教育和商業）變得越來越重要，我相信我們會很高興我們在建立元宇宙方面發揮了重要作用。

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.

接下來需要關注的里程碑是 Horizo​​​​n（我們的社交元宇宙平台）的持續擴展，以及我們的 Avatars 平台的持續改進，您如何在元宇宙中表達自己和互動，以及圍繞它的商業活動。這些是我們最關注的一些領域。我們將在今年稍後推出可在所有平台上存取的 Horizo​​n 的網路版本，這將大大增加使用 Horizo​​n 的人數。我們也剛推出了 Avatars 商店，其中有來自領先時裝公司的數位服裝。我們將繼續擴大選擇範圍並提高整個 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.

在硬體方面，今年晚些時候，我們將發布 Project Cambria，它的體驗非常棒。它將是一款專注於專業用戶並具有高解析度彩色混合實境功能的高階設備。我真的很期待能把這個拿出來。這只是長期道路上的一個里程碑，但我認為人們對此感到非常震驚。

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。所以這些是我目前最關注的領域，我認為它們將在未來幾年甚至更長時間內對我們的產品和業務產生最大的影響。這樣的時期可能會很艱難，但我真的認為額外的專注和紀律會讓我們隨著時間的推移而變得更強大。

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。在我將電話會議交給謝麗爾 (Sheryl) 之前，這將是她的最後一次收益電話會議，在此之前，我想感謝她為 Meta、為我們的社區以及為世界各地的眾多小企業所做的一切。很難誇大謝麗爾對我們所做的許多不同方面以及對我個人的巨大影響。

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，哈維爾和馬恩是我們才華橫溢的領導者，我與他們密切合作多年。我一直賦予他們越來越多的責任，而他們也總是能出色地完成任務，因此他們所承擔的更多職責也是他們應得的。我認為他們將會出色地推動我們的業務向前發展，並以一些令人興奮的新方式擴大我們的業務。今天下午我們也分享了一條訊息，戴夫·韋納 (Dave Wehner) 將轉任首席策略官，負責監督我們的策略和企業發展團隊。戴夫作為我們的財務長做出了巨大貢獻，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，我們還將在今年稍後提拔 Susan Li 擔任 Meta 的新財務長。蘇珊是一位非常有才華的主管，我認為她會成為一名出色的財務長。她已經負責我們的財務規劃流程，並在我們的領導團隊中發揮重要作用，而這種轉變是我們多年來一直在努力的事情。好的。說完這些，我要把它交給謝麗爾 (Sheryl)。

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，謝謝你那些善意的話語，謝謝你在過去 14 年裡一直是一位偉大的領導者和朋友。能夠為您效力並幫助建立這家卓越的公司是我的莫大榮幸。

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，我想先關註一下第二季。我們第二季的總營收為 288 億美元，年減 1%。外匯趨勢對第二季產生了重大影響，特別是歐元兌美元貶值。以固定匯率計算，我們的營收將年增 3%。

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.

與上一季類似，我們看到亞太地區以及北美和歐洲以外其他地區的穩健成長，而這些地區的環境更具挑戰性。全球經濟仍處於動盪時期。許多影響我們收入的宏觀因素都是前幾季所見情況的延續，例如烏克蘭戰爭的持續影響以及疫情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.

但通膨上升和經濟衰退即將到來的不確定性也帶來了新的挑戰。我們知道，經濟衰退給行銷人員帶來了壓力，他們必須確保以最明智的方式使用廣告預算。我們專注於幫助他們進行高效的行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調整我們平台上的廣告策略。

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.

我想談談馬克剛才提到的一些主題，展示我們是如何做到這一點的。 Reels 貨幣化，不斷發展我們的廣告系統以及人工智慧和機器學習。首先，Reels 貨幣化。我們去年推出了 Ads and Reels。它正在快速發展，我們認為它是一個未來具有巨大成長潛力的領域。這需要時間，但我們根據 Stories 的經驗制定了劇本。我們現在對 Reels 的關注重點是增加廣告負載、提高效能並確保廣告主能夠輕鬆創建廣告。

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.

我們也使用人工智慧來更好地理解 Reels 中發布的內容，以便用戶可以連接到與他們最相關的內容，行銷人員也可以展示更相關的廣告。一個透過 Reels 廣告取得成果的品牌的典型例子是 Wild Alaskan Company，這是一家永續海鮮配送公司，一直在採用和測試我們最新的廣告工具。當他們測試將 Reels 加入他們的廣告活動時，他們發現廣告支出回報率增加了 36%，新訂閱者數量也有了類似的增長，而每個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，利用更少的數據做更多的事情。在短期和中期內，我們正在努力改進和發展我們的廣告解決方案。我們透過線索廣告等產品增加現場資料轉換，幫助廣告主提高廣告效果，這使得企業更容易產生潛在客戶，以及透過點擊訊息廣告等商業訊息產品，您可以點擊 Facebook 或 Instagram 動態中的廣告，它會在 Messenger、Instagram 或 WhatsApp 中開啟與企業的聊天。

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.

我們認為商業訊息傳遞是一個具有巨大潛力的領域。我們估計每周有 10 億用戶透過 WhatsApp、Messenger 和 Instagram 與企業發送訊息。對我們來說，點擊訊息已經是一個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。這些廣告在巴西和墨西哥等新興市場的中小企業中特別受歡迎，其中許多都是 Meta 的新廣告商，他們來找我們只是為了以這種形式投放廣告。我們讓直接從 WhatsApp Business 應用程式建立這些廣告變得更加容易，這將有助於尋求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.

大品牌正在將商業訊息融入他們的行銷活動中，例如派拉蒙影業，他們使用 Click-to-Messenger 來宣傳他們的大片《壯志凌雲：獨行俠》並推動票房銷售。隨著越來越多的品牌轉向訊息傳遞，付費訊息傳遞提供了在聊天線程上銷售、支援和行銷的新方式。

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.

我們也投資於隱私安全的方法來改善定位和測量。例如，我們正在繼續投資改進我們的轉換 API，它在廣告商的行銷資料和 Meta 之間建立直接、可靠且隱私安全的連接。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訊息，同時仍允許我們展示相關廣告並衡量效果。

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.

其中一個例子就是 Private Lift，我們目前正在與一些大型廣告商進行 Beta 測試。這是一個測量解決方案，它可以幫助廣告商了解他們的廣告活動的效果，同時增加額外的隱私層來限制廣告商或 Meta 可以了解的資訊。在開發這些解決方案的同時，我們也正在與整個產業合作開發技術和其他標準，以長期支援隱私安全的個人化廣告。

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，關於人工智慧和機器學習。我想強調馬克的觀點，這是我們提高廣告排名和衡量能力的一個非常重要的部分。如果人工智慧驅動的產品（例如優勢詳細定位和優勢相似產品）有可能提高效果，則有助於增加廣告活動的受眾。人工智慧也是我們持續提高影片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。我們還推出了基於人工智慧的工具，讓為 Instagram Stories 創建影片廣告變得更加簡單，並且我們正在繼續測試幫助廣告商將靜態圖像與音樂和動作結合起來的方法，使它們看起來更像影片。

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.

更廣泛地轉向業務。毫無疑問，我們正在經歷一個過渡時期，而且正值全球經濟不確定的時期。儘管目前面臨挑戰，但我對長遠發展充滿信心。我們正面臨週期性衰退，但從長遠來看，數位廣告市場將持續成長。廣告主會選擇能夠獲得最高投資回報和推動業務發展的地方。我們相信，與其他廣告選擇相比，我們的廣告表現仍將非常有利。

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，我們準備迅速、大規模地採取行動，以應對消費者行為、宏觀經濟格局和廣告合作夥伴需求的變化。我們已經一次又一次地證明，當我們製造產品時，它們可以在全球範圍內擴展。我們已經完成了重大轉變，例如從桌面到行動裝置的轉變，或從 Feed 到 Stories 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.

我們對 Reels、我們的發現引擎、商業訊息傳遞、重組我們的廣告系統以及特別是在幫助建立元宇宙方面的投資，為我們的業務和合作夥伴帶來了巨大的機會。我要感謝那些幫助我們取得非凡成功的團隊，以及數百萬使用我們的工具和產品成長的其他企業。我要感謝我們的合作夥伴，無論大小，我們每天都從他們身上學到東西。我還要感謝我們的投資者社區。您的支持幫助我們成為一家創新且有韌性的企業。

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 董事會任職，並在未來幾年親眼見證 Meta 的成功。現在，請出場的是我的出色的同事戴夫。

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，謝麗爾，大家下午好。讓我們從綜合結果開始。除非另有說明，所有比較均以同比為基礎。第二季總營收為 288 億美元，以固定匯率計算下降 1%，成長 3%。如果外匯匯率與去年第二季保持不變，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.

第二季總支出為 205 億美元，比去年同期成長 22%。在具體項目方面，由於核心基礎設施投資和內容相關成本的成長，被 Quest 2 宣布漲價導致的 Reality Labs 損失準備金的減少所抵消，因此收入成本下降了 4%。研發費用增加了 43%，主要原因是招募人員來支持 Family of Apps 和 Reality Labs。行銷和銷售額成長了 10%，主要得益於招募和行銷支出。最後，一般及行政費用增加了 53%，主要受法律相關成本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.

我們在第二季度淨增了 5,700 多名新員工，其中大部分是技術職位員工。截至本季度，我們擁有超過 83,500 名全職員工，比去年同期成長 32%。我們第二季度的成長率反映了我們今年早些時候的招募進度。然而，由於招聘計劃的減少，我們預計今年剩餘時間內員工人數的成長將會放緩。

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.

第二季營業收入為 84 億美元，營業利益率為 29%。我們的稅率是18%。我們在利息和其他費用項下記錄了 1.72 億美元的損失，主要原因是未實現損失和股權投資。淨收入為 67 億美元，即每股 2.46 美元。資本支出（包括融資租賃的本金支付）為 77 億美元，主要由對伺服器、資料中心和網路基礎設施的投資推動。資本支出大幅增加，無論是同比還是環比都與伺服器支出有關，包括我們的人工智慧基礎設施。

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.

永續性仍然是我們基礎設施建設工作的重點。六月，我們發布了第三個年度永續發展報告。該報告展示了我們的永續發展措施不斷取得的進展。自由現金流為45億美元。我們在第二季回購了價值 51 億美元的 A 類普通股，本季末我們的現金和有價證券價值為 405 億美元。

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.

現在轉到我們的分部業績。我將從應用程式系列部分開始。第二季應用程式系列總收入為 284 億美元，下降 1%。第二季應用程式系列營收為 282 億美元，以固定匯率計算下降 1%，成長 3%。由於廣告商需求減弱，第二季廣告收入成長放緩。各個垂直行業的成長減速都是普遍性的，我們認為企業正在降低廣告支出以應對日益增加的經濟不確定性。整個第二季度，外匯逆風也加劇。雖然這不是導致第二季成長放緩的因素，但我們也繼續面臨目標定位和衡量方面的阻力，例如蘋果 iOS 的變化，我們認為這些阻力加劇了整個數位廣告行業的成長挑戰。

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.

從用戶地理來看，亞太地區和世界其他地區的廣告收入較去年同期成長最為強勁，分別為 13% 和 11%，這兩個地區都受益於點擊訊息廣告的強勁成長。北美和歐洲分別下降4%和12%。外匯對所有國際地區來說都是不利因素，其中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，我們服務中投放的廣告展示總數增加了 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。價格同比下降的原因是廣告商需求減少、廣告展示組合向地區貨幣化服務較低的方向轉變以及外幣貶值。應用程式系列的其他收入為 2.18 億美元，成長 14%，這得益於 WhatsApp 商業 API。

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.

應用程式系列支出為 172 億美元，成長 23%，主要受到員工相關支出、法律成本和基礎設施成本的影響。應用程式系列營運收入為 112 億美元，營運利潤率為 39%。我們估計，6 月大約有 29 億人每天至少使用一款我們的應用，大約有 36 億人每月至少使用一款我們的應用程式。

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每日活躍用戶數為19.7億，較去年同期成長3%，即增加6,000萬。 6 月份，DAU 約佔每月活躍用戶 29.3 億的 67%。與去年相比，MAU 增加了 3,900 萬，即 1%。歐洲的 DAU 和 MAU 連續下降，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.

在我們的現實實驗室部門，第二季營收為 4.52 億美元，成長 48%，主要得益於 Quest 2 的銷售。 Reality Labs 的支出為 33 億美元，成長 19%，原因是員工相關成本和研發營運費用的成長，但被前面提到的損失準備金的減少部分抵銷。 Reality Labs 第二季的營運虧損為 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.

現在來談談展望。我們預計 2022 年第三季總營收將在 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，我們認為這是由更廣泛的宏觀經濟不確定性所驅動的。我們也預計第三季現實實驗室的營收將低於第二季的營收。我們的指導假設是，根據當前匯率，外幣將對第三季年比總收入成長造成約 6% 的阻力。此外，正如先前的電話會議中所提到的，我們將繼續關注跨大西洋資料傳輸的可行性及其對我們歐洲業務的潛在影響。

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.

現在來談談費用前景。我們預計 2022 年總支出將在 850 億美元至 880 億美元之間，低於先前預測的 870 億美元至 920 億美元。為了應對更具挑戰性的營運環境，我們今年減少了招聘和整體費用成長計劃，同時繼續將資源用於公司優先事項。我們預計 2022 年資本支出（包括融資租賃的本金支付）將在 300 億美元至 340 億美元之間，低於先前的 290 億美元至 340 億美元。如果美國稅法沒有任何變化，我們預計 2022 年全年稅率將高於第二季的稅率，且處於高位。

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，我們正處於一個對數位廣告業務產生廣泛影響的經濟週期之中。我們在嚴格控制支出的同時，仍在對那些隨著經濟環境改善而能夠推動成長的領域進行投資。在開始提問之前，我想說，我很高興蘇珊李 (Susan Li) 將在我 11 月上任新職位時擔任我們的下一任財務長。過去 10 年，蘇珊和我並肩工作，她是團隊的傑出領導者。法國代表，現在讓我們開始提問。

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

（操作員指示）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.

第一個是關於用戶參與度和總體花費時間。馬克，你們在 AI 和 Reels 等方面做出了很多改變。令人鼓舞的是，Facebook 和 Instagram 上使用 Reels 的時間增加了 30%。當您研究那些使用更多 Reels 的用戶時，您是否發現這些用戶的總使用時間正在增加？換句話說，所有這些變化都是漸進的嗎？這是第一個。

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成長。我們理解，我們預計下半年員工人數的成長會放緩，但馬克，回到你的觀點，在某個時候，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減少的一年？

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。布萊恩，我可以拿走這兩個，然後馬克可以根據自己的喜好添加任何顏色。 Reels 會增加花費的時間。但顯然，它也確實有自相殘殺的影響，但淨影響是正面的。我們認為，有些互動是透過 Feed 和 Stories 等介面實現的，而我們在 Reels 上獲得了這種互動。這是我們明確的策略的一部分，旨在讓更多用戶看到捲軸。但整體而言，它對所花的時間有逐漸增加的益處。

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.

關於員工人數成長，我們目前還沒有為 2023 年制定任何指標。但正如馬克所說，我們正在降低員工人數成長率，並且計劃在進入 2023 年時更加重視對員工人數成長保持嚴格的約束。因此，隨著我們越來越接近這一目標並製定預算，我們將就此提供更明確的指導，布萊恩。

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

下一個問題來自美國銀行的賈斯汀·波斯特 (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為了降低 CPM 而轉移到那裡？對於競爭逆風有何看法？第二，關於指導的一個簡單問題。由於 Reel 使用量的增加，第三季的季度營收是否會比第二季面臨壓力？

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.

我來回答第一個問題。我們處在一個競爭非常激烈的廣告市場中，廣告主擁有廣泛的機會進行線上和線下廣告投放，而且選擇幾乎無窮無盡。因此，我們知道我們必須贏得自己的份額並繼續提供出色的投資回報率並能夠衡量結果。這就是為什麼我們專注於在這些電話會議中逐季度討論的持續產品改進，並且我們將繼續這樣做。

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.

賈斯汀，讓我確認一下我是否理解了這個問題。我認為您問的是 Q3 以及由於 Reels 的使用而對 Q3 造成的壓力。馬克提到，我們非常高興 Reels 的運行率突破了 10 億美元，但總體而言，這是因為參與度正在轉向 Reels。這對整個業務來說是一個不利因素。我們還沒有具體量化這一點，但隨著 Reels 的發展，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.

從長遠來看，我們當然相信這將對收入產生推動作用，但這在 2022 年不會發生。我們樂觀地認為，從長遠來看，這是可以實現的。但總體而言，我們在第三季看到的壓力主要是宏觀壓力，我們看到大多數垂直產業都存在普遍的疲軟現象。

Our next question is from Eric Sheridan with Goldman Sachs.

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.

如果可以的話，兩個。一是在公司內部加強投資重點，重新檢視成本方面。當您完善公司的成本結構並考慮兩個業務領域的投資週期時，我們應該如何看待 Reality Labs 和 Family of Apps 之間的組合，以及這對這兩個部門的相對損失或利潤結構可能產生什麼影響？那將是第一位的。

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，也許只是繼續回答賈斯汀的問題，並稍微擴大範圍。有什麼方法可以解開宏觀經濟的一些影響嗎？這些影響顯然超過了您在第三季將面臨的一些較容易的比較？因為我們正在對一年前的 IDFA 進行迭代，所以在 IDFA 之上有一個更容易的比較，但這意味著第三季的成長率相對於第二季繼續減弱。因此，也許稍微分析一下第三季與第二季之間的一些逆風與順風會有所幫助。

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，艾瑞克，我可以接受這些。再說一次，如果有人有顏色，他們可以添加。關於投資重點，我想說，我們的投資範圍很廣泛，我們真正關注的是公司在關鍵優先事項上的投資。現在，其中一個關鍵優先事項顯然是我們在 Metaverse 和 Reality Labs 背後的努力。因此，這仍然是我們要增加投資的領域。但我們確實計劃對公司的整個營運態勢進行規範。

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.

當查看第三季的比較時，我認為你提出了一個重要的觀點。隨著我們進入今年下半年，我們的年比成長率確實因趕上蘋果 iOS 的推出而受益，而 iOS 的推出已在去年第三季和第四季基本完成。因此，我們在訊號逆風方面獲得了更有利的利益。但這被宏觀環境和我們所看到的挑戰所抵消。

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，現在存在一些難以解決的因素。這是第一步，但當然，我們看到數位廣告環境整體上充滿挑戰。還有幾個複合因素。當然，市場反映的是整體經濟的不確定性。事實上，我們正​​處於一些對我們很重要的行業（例如電子商務）仍然受益於 COVID 的時期。

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，訊號逆風和廣告商面臨的第二大挑戰可能會影響一些支出。但至少就第一順序而言，我們認為這主要是宏觀環境抵消了我們去年推出 iOS 14 所獲得的好處。

Our next question is from Mark Shmulik with Bernstein.

我們的下一個問題來自伯恩斯坦的馬克‧施穆里克 (Mark Shmulik)。

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.

請問我有兩個問題。第一句話，回到發現引擎的樞紐，這對平台來說無疑是一個巨大的變化，當然也理解用戶對任何變化的猶豫。但是除了分享的飛輪效應之外，如果您能分享更多關於 Facebook 和 Instagram 上的發現平台與其他一些平台的區別的信息，我們將非常感激。

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，關於回購節奏，有沒有正確的方式去思考這個問題？我知道本季的回購量有所下降。而且我還注意到它似乎與自由現金流的產生趨勢一致。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?

您想進行回購，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。所以謝謝你，馬克。顯然，我們在製定回購計畫時會考慮許多因素。我們的回購計畫中仍有大量剩餘，我們預計將繼續回購作為未來資本配置策略的一部分。因此，無需宣布任何真正的姿態變化。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。關於發現引擎，我認為這裡有幾個不同的背景資訊很重要。一是來自你認識的人的社交內容將繼續非常重要。顯然，關注他人是一個重要的訊號。

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.

如果回到 10 年前，那時的人工智慧基本上還不存在，它無法判斷你對什麼類型的事物感興趣，只能知道你直接關注什麼。這還不夠好。所以，你關注的人或你的好友是誰，這是一個令人驚奇的訊號。從某種程度上來說，它更加獨特。而現在，人工智慧越來越能夠識別你感興趣的內容，這些內容可能來自你沒有關注的帳戶，甚至可能是你沒有關注該主題中任何人的整個主題。這只會解鎖您感興趣的更大內容庫。

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.

因此，我們所做工作中的社會部分將永遠保留。我認為，這將是我們所做工作中非常有差異化且重要的一部分。在發現引擎方面，我確實認為我們採取了與一些競爭對手不同的方法，因為我們擁有許多不同類型的內容格式。因此我在開場白中稍微談到了這一點。但我們在這裡構建的人工智能不僅適用於視頻，或者肯定不僅適用於短視頻。它還可以處理文字、連結、照片、內容、群組、評論討論以及所有這些不同的東西。

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.

事實上，真正令人著迷的人工智慧問題之一就是產生一個非常大的模型。人工智慧研究人員稱之為嵌入，它基本上是試圖將帖子的含義或語義或內容解構到這個非常高維的數學空間中。但這適用於所有不同類型的內容。如果能夠做好這一點，我認為我們最終會在 Facebook 和 Instagram 上創造出與只專注於一種內容格式的其他競爭對手不同的體驗。我認為從這個意義上來說，我們所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.

我認為人們不想被限制在僅僅一種格式。我當然認為人們會一直關心他們的朋友、家人和認識的人的近況。所以這一切都會成為一種不斷發展的事物，從而提供更多有趣的內容。基本上，它使服務更加——更適合人們參與等等。

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，業務挑戰的一部分是我們需要確保能夠很好地將 Reels 貨幣化。就像我在開場白中所說的那樣，這在某種程度上是在按計劃進行，但比今天 Feed 的其他部分要少，但我們樂觀地認為我們會實現這一目標。這樣，由於這最終會增加平台的整體參與度，最終也會成為業務的順風。

Our next question is from Doug Anmuth with JPMorgan.

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?

一個給謝麗爾 (Sheryl)，一個給戴夫 (Dave)。謝麗爾，我希望你能談談你認為自己處於什麼階段，在製作和實施廣告方面，而不是用更少的數據做更多的廣告。您是否預計，隨著時間的推移，您將能夠恢復到平台變革之前的目標和測量水平？

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，如果宏觀經濟在明年甚至更久以後進一步放緩，或者您的收入增長因其他原因而趨於平緩，您是否準備將總體支出增長降低到類似的水平，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。所以我不知道我是否是棒球迷。我可以做──我不能做一個精確的局，我有點希望局是棒球。是嗎？有人點頭。是的。這是。一共有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.

但我要說的是，我們確實——我認為我們在這方面還處於相當早期的階段。我認為，在很多方面，我們始終以非常有效且非常保護隱私的方式使用數據，從而為廣告商建立非常可衡量的結果和非常可衡量的個人化定位。我認為我們在這方面取得了領先。現在我們處在一個新時代，我們必須使用更少的數據進行同樣的定位、相同的測量。

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.

我認為我們目前還處於實現這一目標的早期階段。我們將透過自主投資、投資人工智慧、投資機器學習來實現這一目標。我們會在推出產品時這樣做，就像我們最近做的那樣。正如我在發言中談到的，這有助於我們和廣告商衡量我們之間共享的數據是否減少。但我們也將與我們的行業一起努力，因為值得注意的是，這不是我們獨自面臨的挑戰。這是任何在 Apple iOS 平台上運行的人都會面臨的挑戰。我認為，整個產業正在齊心協力——不是每個參與者，而是很多參與者，透過多種方式來尋求解決方案。

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，我首先想談談這個問題的前提，即我們是否會繼續面臨宏觀經濟挑戰。從歷史上看，宏觀經濟挑戰往往與某種週期性影響有關。我們確實知道，更廣泛的經濟領域正在發生的許多事情都指向這個方向，包括升息等等。

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其中有周期性因素。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，數位廣告仍將擁有非常光明的未來。我們認為，我們有能力繼續良好地提高參與度，並在市場上打造最好的數位產品。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良好的成長水準。

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，我們願意在規劃總體支出和資本基礎時考慮市場環境。因此，在未來的預算和規劃週期中，我們將繼續監控這一點。

Our next question is from Michael Nathanson with MoffettNathanson.

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

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。謝麗爾，我對 Reels 比 Stories 發展更快的這種並列立場很感興趣。您的收入已達 10 億美元。但同時，您又說這項業務更難獲利。那麼是什麼推動了——您認為為什麼採用速度更快？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，我想回到之前的一個問題，關於你在 Facebook 的優勢。我們認為，以前的護城河只是數十億人、家人和朋友的社交圖譜。您是否認為，您現在利用人工智慧和數位技術建構的內容，是否比您以前的業務更有護城河、更好？考慮到您所建立的網路的社會效應，以前的業務進入門檻相當高？這些都是我的問題。

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.

所以我會選擇 Reels。在 Reels 上，我們有一個劇本，我認為我們在打造消費者喜歡使用的產品以及建立與這些產品相匹配的廣告格式方面做得非常好，這樣它們就可以很好地融入消費者體驗。因此，我們從 Stories 中學到如何做到這一點，我認為 Reels 廣告的更快普及部分原因在於我們在這方面做得越來越好。

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能夠輕鬆創建內容。我們知道我們需要建立廣告格式。我們知道我們需要為他們提供可衡量的工具，而且我們在銷售下一代產品方面已經做得更好了，我認為我們在未來會繼續做得更好。

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.

但正如您所說，仍然存在一些挑戰。影片比照片、比靜態照片更難。小型企業在靜態照片方面比在影片方面更擅長。所以這是我們必須幫助他們使用的新格式。我認為我們有許多正在發揮作用的工具。我們正在開發多種工具。但我們的想法是幫助企業真正輕鬆地創建這些 Reels 廣告，真正輕鬆地測試它們，以便他們可以在我們這樣做的同時進行迭代和不斷改進。所以我認為這是非常有前景的，但我們還需要做一些艱苦的工作。

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。就打造永續競爭優勢而言，就社群圖譜而言，正如您之前提到的，人們十多年來一直能夠透過手機獲得這種優勢，對嗎？所以我並不真的認為那對我們來說是問題所在。我認為──我們是一家嚴肅的科技公司。我們在基礎建設上投入了大量資金。從文化上來說，我們注重比其他人更快地行動和學習。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.

因此，我認為我們正在建立的人工智慧技術基礎設施可以綜合起來，比業內其他技術更好，這將是一個優勢，並會使產品隨著時間的推移而變得更好。但我認為，歸根結底，我只是試圖推動公司成為一家學習速度更快、不斷迭代、比過去和業內其他公司更快發展的公司。我認為如果我們能做好這一點，我們就會繼續取得成功。

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，我們就會落後。這是一個競爭非常激烈的領域，我們需要繼續努力。但我認為，我們之所以能夠成功並在 Facebook、Instagram 和其他社交應用程式上取得如此好成績，是因為我們基本上堅持不懈地專注於不斷改進它們。

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.

我們也將利用人工智慧來實現這一點。我對我們在這方面所取得的內部成果感到非常滿意。從這一點來說，這是一項巨大的努力。我們已經制定了多年的路線圖，所以這不像以前我在宿舍裡每週都會發送代碼那樣。我的意思是，我們正在影響數十億人的生活並建立真正深層的技術。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如何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.

但是的，我確實認為，如果我們能在推薦系統方面做得更好，那麼 Facebook 就會變得更好。這將使 Instagram 變得更好。這將使廣告變得更好，這就是為什麼我在開場白中談到人工智慧是我們正在乘上的一大技術浪潮之一。我認為這確實是事實。這對我們的業務來說是一個很大的潛在因素，但我們需要好好地執行它，我認為我們已經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，這只是對 Reels 的後續報道，感謝您對 10 億美元運行率的評論。但退一步來看，Reels 的獲利能力目前與 Instagram Stories 相比落後多少？我記得您之前提到過，與 Instagram Stories 推出時相比，它已經取得了領先優勢。只是想了解我們還需要多長時間才能達到平價。這是幾個季度還是幾年的事情？那麼，2018 年 Stories 與 News Feed 的差距有多大呢？

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，併購對於你實現元宇宙的願景有多重要？我之所以問這個問題，是因為今天剛有一家監管機構宣布了一項訴訟，以阻止你們收購 Within，這是一款看似很小的 VR 健身應用程式。

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，我會接受這些。因此，就 Reels 的盈利能力和我們所進行的 Stories 之旅而言，Stories 真正開始認真推出，我想應該是在 2018 年。直到今年，我們才在已開發市場，在獲利能力、用戶使用時間方面與 Feed 達到了同等的水平。所以這是一次多年的旅程。

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.

我認為我們與 Reels 的多年合作才剛起步。因此，儘管我們對所取得的運作率感到自豪，但我們仍處於貨幣化的早期階段。我們拭目以待。我們能夠透過 Stories 很好地彌補這一差距。我認為每種不同的格式都有其獨特的特點，使得精確的類比並不完美，但我們對自己至少能夠在縮小差距的過程中取得良好進展的能力充滿信心。

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.

就併購而言，併購絕對是我們策略的一個組成部分，我們將繼續關注未來的收購。關於聯邦貿易委員會試圖阻止 Within 收購的具體聲明，請您參閱我們在新聞編輯室的聲明，但我們相信，收購 Within 將有利於競爭並擴大 VR 生態系統，吸引新用戶使用 VR，並使其成為新舊開發者更有效率的空間。因此，我們絕對不同意聯邦貿易委員會對此的立場。

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，當你將現在所處的低迷時期與過去的低迷時期進行比較時，很多人會問，你是否覺得這次的低迷程度較淺？它的持續時間是否更長？您對我們現在所看到的情況的持續時間有何看法？

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，你只問了一個問題就可以獲得獎品。我認為，我們目前所處的環境確實存在許多獨特因素。一是，我們也正處於疫情期間在線廣告的非常強勁的時期，這使得經濟衰退與線下行為的回歸在某種程度上相吻合，這加劇了周期性金融驅動的經濟衰退的影響，以及向更多線下行為的回歸。因此，我認為在線上生態系統中發生了一些獨特的事情，由於競爭激烈，這些事情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.

顯然，我們看到的不只是我們，其他人也有這樣的經驗。我認為，就預測週期本身和持續時間而言，我會將這個問題留給比我更優秀的經濟學家去理解它將如何發展。但顯然，持續的艱難環境已被納入我們的第三季預測。

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問過的問題，但也許我們可以進一步詳細地闡述。但您談論的是中期目標，即獲得競爭優勢並在收入方面重新獲得市場份額。但我認為，這次電話會議上的一些人對此表示懷疑，因為從第二季的數據來看，顯然包含了 IDFA 和 Reels 等數據，但第三季的數據與Google、亞馬遜、TikTok 等公司公佈的數據相比，存在一些差異。

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?

如果你回顧一下以前你們獲得競爭優勢的時候，你也會發現你們還擁有大數據優勢，而與其他公司相比，在 IDFA 之後你們似乎不再享有這種優勢了。那麼，您能否詳細說明您正在開發的具體產品，您認為這些產品可以在收入方面帶來競爭優勢，以及什麼時候可能實現？這是 2023 年的事件嗎？還是我們認為這更像是個可以挽回損失的長期事件？

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。我認為裡面有很多內容。那麼，為什麼我不至少只提出那些我認為我們可以解決的部分呢？我認為謝麗爾和馬克都概述了我們在收入方面真正關注的一些領域。顯然，Reels 目前是收入的順風，但我們很高興能夠繼續增加 Reels 的參與度，然後隨著時間的推移增加其貨幣化。因此，我們認為這是一個非常有趣的場所，可供我們的客戶探索和宣傳，並且隨著時間的推移，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.

我們也正在投資人工智慧，以改進我們的廣告產品，我們對我們能在這方面取得的成就感到興奮。謝麗爾 (Sheryl) 談到了那裡一些不同的產品。所以我們認為，這些將使我們處於有利地位。

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.

就競爭動態而言，我認為產業中正在發生很多不同的事情。不同的公司受到的影響不同，或者根本不受影響，或者受 iOS 變化相關的不利因素的影響不那麼顯著。垂直業務的不同組合也會影響不同公司如何受到當前經濟環境和 COVID 封鎖的影響。所以你有很多事情要做，但我們有信心我們有能力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優秀的廣告產品。

Operator, we have time for one last question.

接線員，我們還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。戴夫和謝麗爾，我只想祝福你們未來一切順利，謝麗爾尤其想向你們表示祝賀。我認為 14 年內從 50 億美元增加到 1200 億美元，這真是令人印象深刻，所以值得祝賀。祝您一切順利。

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。一個是關於人工智慧的。馬克，你談到了人工智慧的優勢。關於人工智慧在解決內容審核問題方面有何進展？您覺得您在那裡取得了一些突破嗎？然後，謝麗爾，您談到了這個點擊訊息行銷機會，並且在過去的幾次電話會議中您提到過幾次，它的收入有幾十億美元，但我認為在拉丁美洲和世界其他地區尤其強勁。

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?

您對於在北美和西歐開展業務的機會有何看法？這僅僅是文化差異嗎？還是可以採取某些措施使其在這些市場中也像其他市場一樣出色、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，我可以回答關於人工智慧的第一個問題。是的，就內容審核而言，如今大部分都是透過人工智慧完成的。每個季度，我們都會發布一份社群標準執行報告，其中的主要指標基本上是對我們的系統有害內容的百分比，在有人向我們報告之前識別並採取行動。這些指標總體上朝著正確的方向發展，但世界上發生的不同事情有時會使它們波動。但總的來說，過去幾年我們取得了很大進展，我對此感到非常自豪。我們在那裡集中了大量的人工智慧努力。

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?

目前，我們已經在人工智慧方面做出了許多創新努力，而且我們顯然還會繼續進行這些工作。但是許多新的努力都集中在內容推薦上，這些模型可以透過更大的模型甚至稀疏資料做出更好的內容和廣告推薦。所以是的，總體而言，對此相當樂觀。好的。謝麗爾？

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，謝謝你的善意，也謝謝你提出這個問題，因為這是我回答的最後一個問題，這也是我想結束談話的原因，因為這是我們業務中讓我們興奮的一部分。點擊訊息廣告是我們成長最快的廣告形式之一。對我們來說，這已經是一個價值數十億美元的產業，而且還在以兩位數的速度成長。這是因為，我認為它遵循了我們建立消費者參與的策略，企業可以參與其中，首先讓消費者行為發生，然後才能與企業合作。

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.

因此，訊息傳遞在世界各地都發展迅速。我們特別關注了廣泛且使用率很高的通訊平台，其中有許多。因此，當您想到消費者使用它時，我們已經知道了，我們已經知道正在發生什麼。如今，企業越來越多地使用它。您說得對，我們已經看到很多此類行為在世界其他地方出現。但我們在北美和歐洲也看到了這種行為。我認為我們堅信，這種行為將在世界各地持續增長。

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.

這意味著點擊訊息廣告成為絕佳的機會。它們幫助我們將人們從發現業務轉變為與企業建立直接關係。在這個我們試圖用更少的數據做更多事情的世界裡，它們為企業和消費者提供了直接的聯繫，因此衡量投資報酬率變得更加容易。因此我們投入了大量資金。您可以從 Facebook、Instagram、Messenger Stories 到 WhatsApp、Messenger、Instagram Direct，透過 Facebook 和 Instagram 動態向企業發送訊息。您可以看到我們有多少個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.

最後我將以一個案例研究來結束。 RoamHowl Creative，他們是一家小型企業顧問公司。他們使用點擊訊息廣告來吸引潛在客戶。然後，他們將這些廣告與推動網站轉換的常規廣告進行了比較。 Click-to-Messenger 廣告帶來的合格潛在客戶數量增加了 2.3 倍。這一點很重要，每個線索的成本降低了 57%。這甚至沒有考慮到它是可衡量的事實，即使回報相同，他們也能夠衡量它並將其更直接歸因於我們的平台。因此，我們對這一業務領域非常樂觀，我非常有信心它會發揮作用，而且它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。感謝大家今天加入我們。感謝您的時間，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。現在您可以斷開線路了。