Meta Platforms Inc (META) 2012 Q2 法說會逐字稿

Good afternoon.

午安.

My name is Mike, and I will be your conference operator today.

我叫麥克，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Facebook second-quarter 2012 earnings conference call.

此時此刻，我歡迎大家參加Facebook 2012年第二季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions)

（操作員說明）

Ms. Crawford, you may begin your conference call.

克勞福德女士，您可以開始電話會議了。

Thank you.

謝謝。

Good afternoon, and welcome Facebook's first earnings conference call.

下午好，歡迎 Facebook 首次財報電話會議。

Joining me today to talk about our second-quarter results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and David Ebersman, CFO.

今天與我一起談論我們第二季業績的是執行長馬克祖克柏 (Mark Zuckerberg)；謝麗爾·桑德伯格，營運長；和財務長大衛·埃伯斯曼。

Before we get started, I'd like to take this opportunity to remind you that during the course of this call, we will make forward-looking statements regarding future events and the future financial performance of the Company.

在我們開始之前，我想藉此機會提醒您，在本次電話會議期間，我們將對未來事件和公司未來財務表現做出前瞻性陳述。

We caution you to consider the important risk factors that could cause actual results to differ materially from those in the forward-looking statements, in the press release, and this conference call.

我們提醒您考慮可能導致實際結果與前瞻性聲明、新聞稿和本次電話會議中的結果有重大差異的重要風險因素。

These risk factors are described in our press release and are more fully detailed under the caption Risk Factors in our final prospectus filed with the SEC on May 18, 2012.

這些風險因素在我們的新聞稿中進行了描述，並在我們於 2012 年 5 月 18 日向 SEC 提交的最終招股說明書中的「風險因素」標題下進行了更全面的詳細說明。

Additionally, please note that the date of this conference call is July 26, 2012, and any forward-looking statements that we make today are based on assumptions as of this date.

此外，請注意，本次電話會議的日期是 2012 年 7 月 26 日，我們今天所做的任何前瞻性陳述均基於截至該日期的假設。

We undertake no obligation to update these statements as a result of new information or future events.

我們不承擔因新資訊或未來事件而更新這些聲明的義務。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。

This call is being broadcast on the Internet and is available on the Investor Relations section of the Facebook website, at Investor.

這場電話會議正在網路上播出，也可在 Facebook 網站投資者關係部分的 Investor 上查看。

FB.com.

FB.com。

A rebroadcast of the call will be available after 6.00 PM Pacific Time today.

太平洋時間今天下午 6 點後將重播此電話會議。

The earnings press release and accompanying investor presentation are also available on our website.

收益新聞稿和隨附的投資者介紹也可在我們的網站上取得。

After management's remarks, we will host a Q&A session.

管理階層發言後，我們將舉行問答環節。

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

現在，我想把電話轉給馬克。

Thank you, Deborah, and thanks to everyone listening for joining Facebook's first earnings call as a public Company.

謝謝黛博拉，也感謝所有聽眾參加 Facebook 作為上市公司的第一次財報電話會議。

We appreciate having the opportunity to speak directly to all of you, and to share our perspective on how we're doing in fulfilling our mission of making the world more open and connected.

我們很高興有機會直接與大家交談，並分享我們對如何履行讓世界更加開放和互聯的使命的看法。

Hopefully you'll come away from today's call with a clearer sense of the investments we're making to create value over the long term by making Facebook even more useful for all of the people who use our services worldwide.

希望您在結束今天的電話會議後能夠更清楚地認識到，我們正在為創造長期價值而進行的投資，讓 Facebook 對全球所有使用我們服務的人更加有用。

We ended June with 955 million monthly active users, over half of whom used Facebook on a daily basis, and over half of whom used Facebook from mobile devices.

截至 6 月，我們的每月活躍用戶數為 9.55 億，其中一半以上每天使用 Facebook，其中超過一半透過行動裝置使用 Facebook。

We saw more people using our services at the end of June than at the end of March across all key countries, including 3 million more people in the US.

我們發現，在所有主要國家/地區，6 月底使用我們服務的人數比 3 月底有所增加，其中美國的人數增加了 300 萬人。

Growing the network of people who use Facebook and expanding the social experiences available to them remains the foundation of our efforts, and the key to our future success.

擴大 Facebook 用戶網路並擴大他們可用的社交體驗仍然是我們努力的基礎，也是我們未來成功的關鍵。

I'm going to focus the rest of my comments today on our top priorities across our product areas for 2012.

我今天的其餘評論將集中討論 2012 年我們產品領域的首要任務。

Specifically, mobile, platform and social ads.

具體來說，就是行動廣告、平台廣告和社交廣告。

Let's start with mobile.

讓我們從行動裝置開始。

Mobile is a huge opportunity for Facebook.

移動對 Facebook 來說是一個巨大的機會。

Our goal is to connect everyone in the world, and over the next five years, we expect 4 billion or 5 billion people to have smartphones.

我們的目標是連接世界上的每個人，在未來五年內，我們預計將有 40 億或 50 億人擁有智慧型手機。

That's more than twice as many people that have computers today.

這是當今擁有計算機的人數的兩倍多。

So building great services for these devices is essential for us to help people connect.

因此，為這些設備建立出色的服務對於我們幫助人們建立聯繫至關重要。

We also think that people are inherently social, and having a device with you wherever you are creates more opportunities for sharing and connecting.

我們也認為，人本質上是社交性的，無論您身在何處，隨身攜帶設備都會創造更多分享和聯繫的機會。

We're finding that people are quickly adopting our mobile services.

我們發現人們正在迅速採用我們的行動服務。

As of the end of June, 543 million people were actively using our mobile services every month -- each month.

截至 6 月底，每月有 5.43 億人積極使用我們的行動服務。

That's 67% more people than the 325 million who were using our mobile services just a year ago.

這比一年前使用我們行動服務的 3.25 億人增加了 67%。

We've also found that people who use our mobile services are more active Facebook users than people who only use our desktop services.

我們還發現，使用我們行動服務的用戶比僅使用我們桌面服務的用戶是更活躍的 Facebook 用戶。

On average, mobile users are around 20% more likely to use Facebook on any given day.

平均而言，行動用戶在任何一天使用 Facebook 的可能性高出 20% 左右。

Mobile not only gives us the potential to connect more people with our services, but it also gives us the ability to provide more value and a more deeply engaging experience.

移動不僅使我們有可能將更多的人與我們的服務聯繫起來，而且使我們能夠提供更多價值和更深入的體驗。

We don't just want to have the most widely used mobile apps, though.

不過，我們不僅僅想要擁有最廣泛使用的行動應用程式。

We want to build the best apps, and we also want to build experiences that are as deeply integrated as possible into every device and mobile app that people use.

我們希望建立最好的應用程序，我們還希望建立盡可能深入整合到人們使用的每個設備和行動應用程式中的體驗。

We are investing very heavily in improving our mobile apps, primarily across iOS, Android, and the mobile web.

我們正在大力投資改進我們的行動應用程序，主要是 iOS、Android 和行動網路。

This involves building out world-class teams with competencies in different technical stacks, making significant investments, and improving the technical foundation of our apps, and designing new products, and integrating into these mobile systems as deeply as we can.

這包括建立具有不同技術堆疊能力的世界級團隊、進行重大投資、改進我們應用程式的技術基礎、設計新產品並盡可能深入地整合到這些行動系統中。

We made some good progress in the past quarter as we released our camera app, shipped new releases of Messenger, shipped two releases of our Android app, agreed to acquire Instagram, and worked with Apple to integrate Facebook into their upcoming release of iOS.

我們在上個季度取得了一些良好進展，發布了相機應用程式、發布了新版本的Messenger、發布了兩個版本的Android 應用程式、同意收購Instagram，並與Apple 合作將Facebook 整合到即將發布的iOS版本中。

Going forward, you should expect to see a frequency of improvements to each of these mobile experiences.

展望未來，您應該會看到這些行動體驗的頻繁改進。

Finally, we're also beginning to demonstrate that we can advertise effectively within the mobile experience.

最後，我們也開始證明我們可以在行動體驗中有效地進行廣告。

I'll discuss social ads more in a minute, but at a high level, our Sponsored Stories, which we launched in mobile News Feed earlier this year, have grown quickly and demonstrated early success.

我將在一分鐘內詳細討論社交廣告，但從較高的層面來看，我們今年早些時候在行動動態消息中推出的贊助故事發展迅速，並取得了早期成功。

Now let's shift to platform.

現在讓我們轉向平台。

We believe one of the biggest opportunities we have is to create the identity and social layers that all new apps and websites can be built on top of.

我們相信，我們擁有的最大機會之一是創建所有新應用程式和網站都可以建立的身份和社交層。

We think almost every product is better when you can experience it with the people you care about.

我們認為，當您可以與您關心的人一起體驗時，幾乎所有產品都會變得更好。

Over time, we expect almost all of these products should naturally become social.

隨著時間的推移，我們預計幾乎所有這些產品都會自然地變得社交化。

Since there's no way we could ever build all of these ourselves, we're focused on building a successful platform, which enables developers to build great social experiences into their own apps by integrating with and exchanging information with Facebook.

由於我們無法自行建立所有這些，因此我們專注於建立一個成功的平台，使開發人員能夠透過與 Facebook 整合並交換訊息，在自己的應用程式中建立出色的社交體驗。

Our platform strategy enables millions of developers to build better products and helps us provide a lot of value to the people who use Facebook.

我們的平台策略使數百萬開發者能夠建立更好的產品，並幫助我們為 Facebook 的用戶提供大量價值。

We've already seen how social dynamics can transform industries like gaming, and we believe other industries like music are starting to follow as well.

我們已經看到社會動態如何改變遊戲等產業，我們相信音樂等其他產業也開始效仿。

Our goal is to make it easy for developers to build these social apps.

我們的目標是讓開發人員輕鬆建立這些社交應用程式。

We do this in two ways.

我們透過兩種方式做到這一點。

First, by enabling people to sign into apps using Facebook, and thereby bringing their real identities, friends and other information to the apps, so that the apps can offer a more personalized experience.

首先，讓人們能夠使用Facebook登入應用程序，從而將他們的真實身份、好友和其他資訊帶到應用程式中，從而使應用程式能夠提供更個性化的體驗。

And second, by enabling people to share what they're doing in these apps with their friends back on Facebook.

其次，讓人們能夠與 Facebook 上的朋友分享他們在這些應用程式中所做的事情。

These apps can get access to our distribution, and they can scale and grow quickly.

這些應用程式可以存取我們的發行版，並且可以快速擴展和成長。

Today you can download Spotify, log in with Facebook, and immediately see your music player light up with songs your friends are listening to and recommending.

今天，您可以下載 Spotify，使用 Facebook 登錄，然後立即看到您的音樂播放器上播放著您朋友正在收聽和推薦的歌曲。

We can imagine a day when you can buy a new car, and by logging into the car's computer with Facebook, you can similarly have it immediately light up with music, addresses, restaurants, stores and other destinations targeted specifically for you, based on your friends and your interests.

我們可以想像有一天，您可以購買一輛新車，透過使用Facebook 登入汽車的計算機，您同樣可以根據您的喜好，立即用音樂、地址、餐廳、商店和其他專門針對您的目的地來點亮它。朋友和你的興趣。

We believe social products like this will provide better experiences.

我們相信這樣的社交產品將提供更好的體驗。

If we're right, then Facebook is in a unique place to enable these experiences to get built.

如果我們是對的，那麼 Facebook 就處於一個獨特的位置，可以實現這些體驗。

It's worth calling out that our vision for platform is bigger than what most people perceive.

值得指出的是，我們對平台的願景比大多數人想像的還要大。

We believe our platform is about bringing social context to apps and providing distribution for apps, regardless of what environment they're built in, including mobile apps, websites, or inside our own campus on our own website.

我們相信我們的平台旨在為應用程式帶來社交背景並為應用程式提供分發，無論它們建構在什麼環境中，包括行動應用程式、網站或我們自己校園內的網站。

When many people think about our platform, they think only about games that are built inside of the Facebook website directly, and not all of the other kinds of apps that developers can build.

當許多人想到我們的平台時，他們只會想到直接在 Facebook 網站內建立的遊戲，而不是開發人員可以建立的所有其他類型的應用程式。

Our Open Graph platform is what we call the tools we launched last year that enable developers to easily integrate more kinds of actions and experiences with Facebook.

我們的開放圖譜平台就是我們去年推出的工具，讓開發人員能夠輕鬆地將更多類型的操作和體驗與 Facebook 整合。

Open Graph has already been adopted by many of the most popular websites and mobile apps.

Open Graph 已被許多最受歡迎的網站和行動應用程式採用。

Many of the top apps in the iOS and Android App stores are integrated with Facebook.

iOS 和 Android 應用程式商店中的許多頂級應用程式都與 Facebook 整合。

Apps like Spotify, Netflix, Pinterest, foursquare, Instagram, Airbnb, Tumblr, [Vide], Nike+, SongPop and thousands more have integrated with Open Graph to provide better social experiences and grow their user bases.

Spotify、Netflix、Pinterest、foursquare、Instagram、Airbnb、Tumblr、[Vide]、Nike+、SongPop 等數千個應用程式已與 Open Graph 集成，以提供更好的社交體驗並擴大用戶群。

Already, people are sharing nearly 1 billion pieces of content each day using Open Graph.

人們每天已經使用 Open Graph 分享近 10 億則內容。

These Open Graph integrations enable Facebook users to share more of the content they want with their friends.

這些開放圖譜整合使 Facebook 用戶能夠與朋友分享更多他們想要的內容。

This helps to make our service more engaging overall, since there's more content to consume.

這有助於使我們的服務整體更具吸引力，因為有更多內容可供消費。

Additionally, we found that our largest developers also tend to become our largest advertisers, as they look to further boost the distribution they're getting from us.

此外，我們發現我們最大的開發商也往往成為我們最大的廣告商，因為他們希望進一步提高從我們那裡獲得的分銷。

We're still in the early days of our Open Graph efforts, and we're continually working to improve how it works.

我們仍處於開放圖譜工作的早期階段，並且我們正在不斷努力改進其工作方式。

A big focus for us right now is giving people more tools to control how they share their information using these integrations.

我們現在的一大重點是為人們提供更多工具來控制他們如何使用這些整合共享資訊。

We're also working on improving the distribution that these apps get in exchange for the content they help people share.

我們也致力於改善這些應用程式的分發，以換取它們幫助人們分享的內容。

These are some complex problems that will take time to work out, but you should expect us to make steady progress towards building out this ecosystem.

這些都是一些複雜的問題，需要時間來解決，但您應該期望我們在建立這個生態系統方面取得穩步進展。

Finally, I'd like to discuss our social ads initiatives.

最後，我想討論一下我們的社群廣告計劃。

The basic idea here is that the best type of advertising is a message from a friend.

這裡的基本想法是最好的廣告類型是來自朋友的訊息。

Facebook wants to offer advertisers the best tools to create ads that are social.

Facebook 希望為廣告主提供製作社群廣告的最佳工具。

We believe that the more our advertising includes interesting content from people you care about, the more marketers will be able to create advertising that adds value to people's experience on Facebook.

我們相信，我們的廣告包含的來自您關心的人的有趣內容越多，行銷人員就越能夠製作出為人們在 Facebook 上的體驗增加價值的廣告。

Advertising on Facebook today is already delivering a compelling ROI, even though most advertising on Facebook today isn't social.

儘管如今 Facebook 上的大多數廣告都不是社群廣告，但如今 Facebook 上的廣告已經帶來了令人矚目的投資報酬率。

We believe the experience can be better and more social.

我們相信這種體驗可以變得更好、更具社交性。

For example, if I like a restaurant, then my friends might see that I like that place and that's likely a more convincing ad than anything the restaurant would produce on its own.

例如，如果我喜歡一家餐廳，那麼我的朋友可能會看到我喜歡那個地方，這可能是比餐廳自己製作的任何廣告更有說服力的廣告。

That's an example of aligning social activity and ads.

這是協調社交活動和廣告的一個例子。

One important aspect of social ads is that since they're based on social activity, they fit into our News Feed product on both the mobile and desktop.

社群廣告的一個重要方面是，由於它們基於社交活動，因此它們適合我們在行動裝置和桌面裝置上的動態消息產品。

This is important because mobile users already spend so much time reading their News Feed, so these social ads and News Feed give us a clear path to building a strong business on mobile.

這很重要，因為行動用戶已經花費大量時間閱讀他們的動態消息，因此這些社交廣告和動態消息為我們在行動裝置上建立強大的業務提供了一條清晰的道路。

I mentioned earlier that we recently began to roll out our Sponsored Stories in both desktop and mobile News Feed.

我之前提到過，我們最近開始在桌面和行動動態消息中推出贊助故事。

By the end of June, Sponsored Stories in News Feed was at a run rate of over $1 million per day in revenue, and about half of that is coming from mobile.

截至 6 月底，News Feed 中的贊助故事每天的收入超過 100 萬美元，其中約一半來自行動裝置。

This is an encouraging start in our effort to generate revenue from the mobile use of Facebook.

這是我們透過 Facebook 行動使用創造收入的努力的一個令人鼓舞的開始。

We know that social ads perform much better than non-social ads so our job over the next few years is to increase the percentage of ads that are social and engaging.

我們知道社群廣告的效果比非社群廣告好得多，因此我們未來幾年的工作是增加社群廣告和吸引力廣告的比例。

Overall, I hope my comments here give you a good sense of our priorities around mobile, platform and social ads.

總的來說，我希望我在這裡的評論能讓您更了解我們在行動、平台和社群廣告方面的優先事項。

We have a lot of interesting things going on here.

我們這裡發生了很多有趣的事。

There are a lot of challenges, and these are the types of problems that we like to work on.

存在著許多挑戰，而這些正是我們喜歡解決的問題類型。

We're working hard to staff up across the Company, especially in the technical groups, to make sure that we make progress against these goals.

我們正在努力在公司範圍內招募員工，特別是技術團隊，以確保我們在實現這些目標方面取得進展。

We just announced we've begun recruiting engineers to work in our London office to help us access talent across the Europe.

我們剛剛宣布，我們已經開始招募工程師到倫敦辦事處工作，以幫助我們在歐洲各地獲取人才。

We're pleased that the Company and culture are centered around building great products, and around our mission to make the world more open and connected.

我們很高興看到公司和文化以打造卓越的產品為中心，並圍繞著我們讓世界更加開放和互聯的使命。

Thanks again for taking the time to be on the call with us today.

再次感謝您今天抽出時間與我們通話。

And now I'd like to hand it over to Sheryl.

現在我想把它交給謝麗爾。

Thanks, Mark.

謝謝，馬克。

I'm going to focus today on Facebook opportunities in the advertising market, and the progress we've made in the past quarter.

今天我將重點放在 Facebook 在廣告市場中的機會，以及我們在過去一個季度取得的進展。

Our total second-quarter revenue of $1.18 billion, $992 million came from advertising.

我們第二季的總營收為 11.8 億美元，其中 9.92 億美元來自廣告。

This represents a 32% year-over-year increase overall, and a 28% increase for advertising.

這意味著整體年增 32%，廣告成長 28%。

Facebook's power to change the way people and businesses influence each other creates unique advertising opportunities.

Facebook 改變人們和企業相互影響方式的能力創造了獨特的廣告機會。

We offer marketers the ability to reach a mass or a targeted audience, and establish real and ongoing relationships directly with their customers.

我們為行銷人員提供接觸大眾或目標受眾的能力，並直接與客戶建立真實且持續的關係。

Marketers have always known that a recommendation from a friend is one of the most powerful ways to sell their products.

行銷人員一直都知道朋友的推薦是銷售產品最有力的方式之一。

Marketing on Facebook is fundamentally different than other mediums, because messages can be shared from friend to friend.

Facebook 上的行銷與其他媒體有著本質上的不同，因為訊息可以在朋友之間分享。

This is word of mouth marketing at an unprecedented scale.

這是規模空前的口碑行銷。

In an increasingly crowded world, this is essential for the world's largest global companies, as well as the small business around the corner.

在日益擁擠的世界中，這對世界上最大的跨國公司以及即將到來的小型企業至關重要。

We believe we are very well-positioned to compete for advertising dollars throughout the entire marketing funnel, from the very top, where companies focus on generating demand, to the bottom, where the focus is on fulfilling demand.

我們相信，我們處於非常有利的地位，可以在整個行銷漏斗中爭取廣告收入，從最頂層（公司專注於產生需求）到最底層（重點是滿足需求）。

The majority of the advertising spend that has migrated online to date has been for demand fulfillment, which happens when a customer already has intent to purchase.

到目前為止，大部分轉移到線上的廣告支出都是為了滿足需求，這種情況發生在客戶已經有購買意願時。

Search advertising has been the primary driver of this migration.

搜尋廣告是這種遷移的主要驅動力。

Facebook is also effective at the bottom of the funnel, with gaming being a primary example.

Facebook 在頻道底部也很有效，遊戲就是一個主要例子。

We believe that Facebook also helps marketers build brands and generate demand.

我們相信 Facebook 還可以幫助行銷人員建立品牌並創造需求。

This is important because the majority of the $600 billion of global advertising market is spent on demand generation.

這一點很重要，因為全球 6000 億美元的廣告市場大部分都用於按需生成。

Over the past quarter, we have made important progress in our monetization efforts in three areas.

過去一個季度，我們在三個領域的變現工作取得了重要進展。

First, rolling out new ad products.

首先，推出新的廣告產品。

Second, demonstrating the ROI of Facebook ad spend.

其次，展示 Facebook 廣告支出的投資報酬率。

And third, making it easier for businesses to advertise with us.

第三，讓企業更容易透過我們做廣告。

I'll start with the new products we introduced.

我將從我們推出的新產品開始。

Earlier this year, we launched Sponsored Stories in Facebook News Feed.

今年早些時候，我們在 Facebook News Feed 中推出了贊助故事。

Sponsored Stories are regular stories that people see in their News Feeds already, updates like comments posted to Facebook every day, that a marketer pays to highlight.

贊助故事是人們在動態消息中看到的常規故事，是行銷人員付費突出顯示的更新內容，例如每天發佈到 Facebook 的評論。

For example, if I post a positive review of a product I purchased at Walmart, about 20% of my friends would see the post, depending on things like when they check their News Feed.

例如，如果我對在沃爾瑪購買的產品發表正面評論，大約 20% 的朋友會看到該帖子，具體取決於他們何時查看動態消息等情況。

Using Sponsored Stories, Walmart can pay to increase distribution of this post so a larger percentage of my friends see it.

使用贊助故事，沃爾瑪可以付費來增加這篇文章的分發，以便我的更多朋友看到它。

Delivering social messages in Facebook's News Feed is an extraordinary opportunity for marketers.

對於行銷人員來說，在 Facebook 的動態消息中傳遞社交訊息是一個絕佳的機會。

On the web, people spend more time using Facebook than any other service, by far.

到目前為止，人們在網路上使用 Facebook 的時間比其他服務都多。

We believe this is true in mobile devices as well.

我們相信這在行動裝置上也是如此。

Moreover, Facebook users spend a large percentage of their time on News Feeds.

此外，Facebook 用戶將很大一部分時間花在新聞推送上。

Sponsored Stories enable marketers to interact with their customers where their customers are spending their time.

贊助故事使行銷人員能夠在客戶花時間的地方與客戶互動。

Our early results are encouraging.

我們的早期結果令人鼓舞。

As measured by click-through rates, Sponsored Stories in News Feeds perform multiple times better on both desktop and mobile than ads in the right-hand column.

根據點擊率衡量，動態消息中的贊助故事在桌面和行動裝置上的表現比右側欄中的廣告好幾倍。

Sponsored Stories in News Feed are the cornerstone of our mobile monetization strategy.

動態消息中的贊助故事是我們行動貨幣化策略的基石。

News Feed functions in exactly the same way, whether you're on the desktop or phone.

無論您是在桌面上還是在手機上，動態消息的功能都完全相同。

This is important, because we avoid the dilemma faced by other industry players, where to put ads on the smaller screen.

這很重要，因為我們避免了其他行業參與者面臨的困境，即在較小的螢幕上放置廣告的位置。

With News Feed, marketing is incorporated seamlessly into the user experience on mobile devices.

透過動態消息，行銷可以無縫地融入行動裝置上的用戶體驗。

We recently enabled our advertisers to buy ads exclusively in mobile News Feed.

我們最近允許廣告商專門在行動新聞源中購買廣告。

We're seeing strong interest, particularly from our clients who know mobile is critical to reaching new customers, especially in emerging markets.

我們看到了強烈的興趣，特別是來自我們的客戶，他們知道行動對於吸引新客戶至關重要，尤其是在新興市場。

As always at Facebook, the user experience is paramount.

Facebook 一如既往，使用者體驗至關重要。

We have been deliberate in introducing Sponsored Stories in a way that maintains the experience users have with our service.

我們一直在刻意引入贊助故事，以保持用戶對我們服務的體驗。

As we continue to roll out Sponsored Stories in News Feed, we are carefully monitoring user engagement and sentiment, and we're pleased with the results to date.

隨著我們繼續在動態消息中推出贊助故事，我們正在仔細監控用戶的參與和情緒，我們對迄今為止的結果感到滿意。

We believe Sponsored Stories in News Feed has the potential to be among the most relevant ad formats for marketers.

我們相信動態消息中的贊助故事有潛力成為行銷人員最相關的廣告格式之一。

As Mark mentioned, in the short amount of time since launch, by the end of Q2, we were already generating more than $1 million a day from this product, with approximately half of this generated in mobile.

正如 Mark 所提到的，自推出以來的短時間內，到第二季末，我們已經從該產品中每天獲得超過 100 萬美元的收入，其中大約一半來自行動裝置。

In Q2, we also began testing another new ad product.

在第二季度，我們也開始測試另一種新的廣告產品。

The Facebook ad exchange, or FEX, allows marketers to bid in real time for ad impressions on Facebook.

Facebook 廣告交易平台 (FEX) 讓行銷人員可以針對 Facebook 上的廣告曝光量進行即時競價。

Real-time bidding is a standard industry practice to help advertisers reach the right customer at the right time, and it will help us deliver more relevant ads to users.

即時出價是一種標準的行業慣例，可以幫助廣告商在正確的時間接觸到正確的客戶，也將幫助我們向用戶投放更多相關的廣告。

We're in an early alpha test with FEX, but advertiser interest is strong.

我們正在進行 FEX 的早期 alpha 測試，但廣告商的興趣很濃厚。

eMarketer estimates this market to be approximately $2 billion in the US alone.

eMarketer 估計，光是在美國這一市場的價值就約為 20 億美元。

The second area of progress this quarter has come from our efforts to better demonstrate the effectiveness of ad spend on Facebook.

本季的第二個進展來自於我們努力更好地展示 Facebook 廣告支出的有效性。

Today, nearly every one of the Global Ad Age 100 advertisers spends with us every quarter, but to date most only allocate a small size of their budget to Facebook, even though their customers spend large amounts of time using our service.

如今，全球廣告時代 100 強廣告商幾乎每個季度都會在我們這裡進行支出，但迄今為止，大多數廣告商只向 Facebook 分配了一小部分預算，儘管他們的客戶花費大量時間使用我們的服務。

This imbalance represents a substantial opportunity for us, if we can educate the market about the ROI our ads deliver.

如果我們能夠讓市場了解我們的廣告所帶來的投資報酬率，那麼這種不平衡對我們來說就是一個巨大的機會。

We have partnered with Nielsen to demonstrate that Facebook ads are not just seen but remembered.

我們與 Nielsen 合作，證明 Facebook 廣告不僅會被看到，還會被記住。

Studies of over 500 ad campaigns show that on average Facebook ads drive 98% better ad recall and 31% higher brand awareness in non-Facebook online ad campaigns.

對 500 多個廣告活動的研究表明，平均而言，Facebook 廣告在非 Facebook 線上廣告活動中提高了 98% 的廣告回想度和 31% 的品牌知名度。

Independent research has also demonstrated that social context significantly increases both ad recall and brand awareness of Facebook ads.

獨立研究也表明，社群背景可顯著提高 Facebook 廣告的廣告回憶度和品牌知名度。

This is not surprising, since people are more likely to remember a message that comes from a friend.

這並不奇怪，因為人們更有可能記住來自朋友的消息。

We recognize that ad recall is important, but it's only the first step in delivering results for marketers.

我們認識到廣告回想度很重要，但這只是為行銷人員提供成果的第一步。

Marketers' ROI is generated when a cash register rings.

當收銀機響起時，行銷人員的投資報酬率就會產生。

We're making great progress measuring our ability to help marketers generate sales.

我們在衡量幫助行銷人員創造銷售的能力方面取得了巨大進展。

Independent analysis of more than 60 campaigns, 45 of which were completed in the first half of this year, show that 70% of those campaigns delivered a return on ad spend of 3 times or better, and 49% of those campaigns delivered a return of 5 times or better.

對 60 多個廣告活動（其中 45 個在今年上半年完成）的獨立分析表明，其中 70% 的廣告活動實現了 3 倍或更高的廣告支出回報，其中 49% 的廣告活動實現了5次或更好。

I'd like to share a few examples.

我想分享幾個例子。

Electronic Arts recently spent $2.75 million promoting Battlefield 3 on Facebook.

美國藝電公司 (Electronic Arts) 最近斥資 275 萬美元在 Facebook 上推廣《戰地 3》。

They attributed $12.1 million of their sales to these ads, translating to a 4.4 times return on their Facebook marketing spend.

他們將 1,210 萬美元的銷售額歸功於這些廣告，相當於 Facebook 行銷支出的 4.4 倍回報。

Barclay Card purchased Facebook ads as a part of a direct response strategy to promote NFL team-branded credit cards.

巴克萊卡購買了 Facebook 廣告，作為推廣 NFL 球隊品牌信用卡的直接回應策略的一部分。

They targeted the ads to people, based on specific teams that people like.

他們根據人們喜歡的特定團隊向人們投放廣告。

Their Facebook ads generated a 40% higher conversion rate than any other online ad platforms they used in the campaign.

他們的 Facebook 廣告產生的轉換率比他們在活動中使用的任何其他線上廣告平台高出 40%。

This made their cost per acquisition 48% lower on Facebook than from other online ad buys.

這使得他們在 Facebook 上的每次獲取成本比其他線上廣告購買低 48%。

In total, 60% of the approved credit card applications from the campaign came from Facebook.

總共，該活動中批准的信用卡申請中有 60% 來自 Facebook。

Wooga, an international games developer, used mobile News Feed to drive installs of its Diamond Dash game.

國際遊戲開發商 Wooga 使用行動新聞源來推動其 Diamond Dash 遊戲的安裝。

They increased downloads by 26% in the US, 29% in Germany, and 37% in France, all at attractive costs per app installs.

美國的下載量增加了 26%，德國的下載量增加了 29%，法國的下載量增加了 37%，而且每次應用程式安裝的成本都很有吸引力。

This is just the beginning of our important effort to educate the market about the ROI Facebook ads deliver.

這只是我們向市場宣傳 Facebook 廣告帶來的投資報酬率這一重要努力的開端。

We will continue to work account by account and campaign by campaign to demonstrate the value we provide.

我們將繼續逐一帳戶、逐一活動地進行工作，以展示我們所提供的價值。

Finally, our third area of progress has been to make it easier for small and medium size businesses to advertise on Facebook.

最後，我們的第三個進展領域是讓中小型企業更容易在 Facebook 上做廣告。

Local business advertising is considered by many to be the holy grail of Internet advertising, since the market opportunity is so great.

本地商業廣告被許多人認為是網路廣告的聖杯，因為市場機會如此巨大。

This has proven difficult, however, because small business owners often lack the time or ability to adopt new technology.

然而，事實證明這很困難，因為小企業主往往缺乏時間或能力採用新技術。

Facebook is uniquely accessible to them, as they typically learn to use Facebook by setting up personal profiles or Timelines.

Facebook 對他們來說是獨一無二的，因為他們通常會透過設定個人資料或時間軸來學習使用 Facebook。

They then discover the value our service can provide them as business owners.

然後，他們發現我們的服務可以為他們作為企業主提供的價值。

Many of the world's approximately 60 million business owners are already Facebook users.

全球約 6,000 萬企業主中的許多人已經是 Facebook 用戶。

Over 11 million businesses already have pages on Facebook.

超過 1100 萬家企業已經在 Facebook 上擁有頁面。

Over 7 million of these pages are actively used each and every month.

每月有超過 700 萬個此類頁面被活躍使用。

In addition, hundreds of thousands of small businesses advertise with us.

此外，還有數十萬家小企業在我們這裡做廣告。

By making it easier to create a business page and run ads, we believe we can increase the number of small and local businesses who use our tools.

透過讓建立企業頁面和投放廣告變得更加容易，我們相信我們可以增加使用我們工具的小型和本地企業的數量。

In the last quarter, we began testing simpler ads and easier purchase loads.

在上個季度，我們開始測試更簡單的廣告和更輕鬆的購買負載。

For example, page owners can now turn a post into an ad campaign with just a few clicks.

例如，頁面所有者現在只需點擊幾下即可將貼文變成廣告活動。

We're still in the early days of building our monetization engine.

我們仍處於建立獲利引擎的早期階段。

For the rest of 2012, we plan to focus on the same priorities I have discussed.

在 2012 年剩下的時間裡，我們計劃專注於我已經討論過的相同優先事項。

In particular, the ramp-up of Sponsored Stories in News Feed.

特別是新聞推播中贊助故事的增加。

If we are successful working with advertisers to increase the amount of content they generate that is social and engaging enough to promote a news feed, we believe we should be able to increase our revenue on both PCs and mobile devices.

如果我們成功地與廣告商合作，增加他們產生的社群內容和吸引人的內容數量，足以推廣新聞推播，我們相信我們應該能夠增加 PC 和行動裝置上的收入。

In 2012 and beyond, we will also continue to invest in developing new products, particularly in mobile, and in educating the market on the value we deliver.

2012 年及以後，我們也將繼續投資開發新產品，特別是行動產品，並讓市場了解我們所提供的價值。

We believe the world is becoming increasingly social and personal and the future of marketing depends upon building word of mouth at scale.

我們相信世界正變得越來越社會化和個人化，行銷的未來取決於大規模的口碑傳播。

We offer the best tools for marketers to not just participate in, but to shape this evolution.

我們為行銷人員提供最好的工具，不僅可以參與，而且可以塑造這一演進。

Facebook closed the gap between the audience we deliver, and our share of advertising budget.

Facebook 縮小了我們提供的受眾群體與廣告預算份額之間的差距。

Now, I'm happy to turn it over to David to walk you through our financial results for the quarter.

現在，我很高興將其交給大衛，讓他向您介紹我們本季的財務表現。

Thank you, Sheryl, and good afternoon everyone.

謝謝你，謝麗爾，大家下午好。

Thanks for joining us on the call today.

感謝您今天加入我們的電話會議。

I'm going to walk you through our Q2 progress against our key financial metrics related to revenue, users and expenses.

我將根據與收入、用戶和費用相關的關鍵財務指標向您介紹第二季的進度。

As Sheryl mentioned, revenue in the second quarter was up 32% from last year.

正如 Sheryl 所提到的，第二季的營收比去年成長了 32%。

The strengthening of the dollar cost us a few percentage points of revenue growth, which would have been 36% with constant exchange rates.

美元走強使我們的收入成長下降了幾個百分點，在匯率不變的情況下，收入成長將達到 36%。

Ads revenue was up 28%, driven by an 18% increase in the number of ads delivered, and a 9% increase in the average price per ad.

由於投放的廣告數量增加了 18%，每個廣告的平均價格增加了 9%，廣告收入增加了 28%。

The increase in ads delivered was primarily due to user growth, and also benefited from the net effect of product changes that increased the average number of ads per page, relative to last year.

廣告廣告的增加主要是由於用戶成長，同時也受益於產品變化的淨效應，即與去年相比，每頁平均廣告數量增加。

Ad impressions continued the recent trend of growing more slowly than users, as more of our usage is on mobile devices.

廣告展示次數延續了近期成長速度慢於用戶成長的趨勢，因為我們更多地使用行動裝置。

This trend is particularly true in markets such as the US, where smartphone use is expanding rapidly.

這種趨勢在美國等智慧型手機使用迅速擴大的市場尤其如此。

The overall number of ads delivered in the US this quarter decreased 2% year-over-year, despite a 10% increase in daily users, and despite the increase in ads per page from the product changes I mentioned earlier as daily web users in the US declined in favor of mobile users, and we're seeing similar trends in other developed markets.

儘管日常用戶增加了 10%，而我之前提到的產品變化導致每頁廣告數量增加，但本季在美國投放的廣告總數同比下降了 2%。美國對行動用戶的青睞有所下降，我們在其他已開發市場也看到了類似的趨勢。

The 9% increase in price per ad was driven primarily by the United States, where CPMs increased by over 20%, due in large part to the ramp-up of Sponsored Stories in News Feed on both PCs and mobile devices.

每個廣告價格上漲 9% 主要是由美國推動的，其中每千次展示費用 (CPM) 增長了 20% 以上，這在很大程度上是由於 PC 和行動裝置上 News Feed 中贊助故事的增加。

Sponsored Stories in News Feed are displayed where the user's primary attention is, and are stories that we believe users will find engaging, based on their interests and connections.

動態消息中的贊助故事顯示在用戶主要關注的位置，我們認為根據用戶的興趣和聯繫，這些故事會吸引用戶。

That makes Sponsored Stories in Feed more relevant, resulting in stronger click-through rates and higher prices.

這使得 Feed 中的贊助故事更具相關性，從而帶來更高的點擊率和更高的價格。

Price per ad also increased significantly in Asia and the rest of world markets.

在亞洲和世界其他市場，每個廣告的價格也大幅上漲。

These markets are growing more rapidly in terms of users, and therefore are receiving a growing share of our ad impressions each quarter, so we're pleased to see continued improvement in pricing.

這些市場的用戶成長速度更快，因此每季我們的廣告展示次數所佔的份額都在增加，因此我們很高興看到定價的持續改善。

The relatively faster volume growth in Asia and rest of world does have the effect of reducing our worldwide average price per ad, due to the relatively lower pricing in those markets.

亞洲和世界其他地區相對較快的銷售成長確實降低了我們全球每個廣告的平均價格，因為這些市場的定價相對較低。

In Europe, price per ad decreased a few percentage points compared to last year, similar to what we saw in Q1, and we believe due in large part to the overall macro environment there.

在歐洲，每個廣告的價格與去年相比下降了幾個百分點，與我們在第一季看到的情況類似，我們認為這在很大程度上是由於那裡的整體宏觀環境所致。

Over the long term, we continue to believe that we have a significant opportunity to increase CPMs.

從長遠來看，我們仍然相信我們有很大機會提高每千次曝光費用。

There are a number of potential drivers, including increasing the number of Sponsored Stories delivered in News Feed across desktop and mobile, improvements in our ad products, including better targeting capabilities, increased advertising demand as we continue to demonstrate ROI, and as our clients get better at creating social and engaging ads, and overall growth and development of online ad markets globally.

有許多潛在的驅動因素，包括增加在桌面和行動裝置上的動態消息中提供的贊助故事數量、我們廣告產品的改進（包括更好的定位能力）、隨著我們繼續展示投資回報率以及我們的客戶獲得更多的廣告需求來更好地製作社交和引人入勝的廣告，以及全球線上廣告市場的整體成長和發展。

Payments revenue for Q2 was $192 million.

第二季支付營收為 1.92 億美元。

For the past three sequential quarters, payments revenue has been essentially flat.

在過去三個連續季度中，支付收入基本上持平。

We believe this trend is due to the fact that gaming in general has been growing mainly on mobile devices, where our payment system is generally not utilized.

我們認為這一趨勢是由於遊戲總體上主要在行動裝置上成長，而我們的支付系統通常不被使用。

We're continuing to invest in the gaming ecosystem on Facebook.com.

我們將繼續投資 Facebook.com 的遊戲生態系統。

For example, with our new Facebook App Center, which is designed to help people discover new games and other types of apps as well.

例如，我們新的 Facebook 應用程式中心旨在幫助人們發現新遊戲和其他類型的應用程式。

In terms of revenue per user, ARPU increased by double-digit rates in North America, Asia and rest of world and by 8% in Europe, and worldwide ARPU was $1.28 in the quarter.

就每位用戶收入而言，北美、亞洲和世界其他地區的 ARPU 成長了兩位數，歐洲成長了 8%，本季全球 ARPU 為 1.28 美元。

Our higher user growth in geographies with relatively lower revenue works to weigh down worldwide ARPU, and the global growth rate.

我們在收入相對較低的地區的用戶成長較高，這會拖累全球 ARPU 和全球成長率。

Staying with user metrics for a minute, we ended June with 955 million monthly users, up 29% from 12 months earlier.

我們先關註一下用戶指標，截至 6 月份，我們的月度用戶數為 9.55 億，比 12 個月前增長了 29%。

On average in June, 552 million people accessed Facebook each day, up 32% from a year ago.

6 月平均每天有 5.52 億人造訪 Facebook，比去年同期成長 32%。

Relative to last quarter, Brazil, India and Japan were key contributors to our growth in daily users.

與上季相比，巴西、印度和日本是我們每日用戶成長的主要貢獻者。

58% of our monthly users were active daily users of the product which we view as a positive measure of user engagement, and in addition, engagement patterns remained steady or grew across user groups, as measured by the percentage of people creating content or providing feedback such as likes and comments, and by the amount of content and feedback created per person.

我們的每月用戶中有58% 是該產品的日常活躍用戶，我們認為這是衡量用戶參與度的積極指標，此外，不同用戶群的參與模式保持穩定或有所增長（以創建內容或提供反饋的人數百分比來衡量）例如喜歡和評論，以及每個人創建的內容和回饋的數量。

We're encouraged that growth and engagement have remained strong as our network has expanded and as we have added later adopters to the service.

我們感到鼓舞的是，隨著我們的網路不斷擴大以及後來的採用者加入到該服務中，成長和參與度仍然強勁。

We view this strong engagement as a sign of the utility of the service and the network, and as the foundation for everything we're trying to accomplish.

我們將這種強烈的參與視為服務和網路實用性的標誌，也是我們試圖完成的一切的基礎。

A couple of points on user metrics.

關於用戶指標的幾點。

First, we reviewed our methodology for estimating users by geography, and as a result have made small adjustments to the geographic distribution of users as of the March 31 measurement date.

首先，我們檢視了以地理位置估算使用者的方法，並因此對截至 3 月 31 日測量日期的使用者地理分佈進行了小幅調整。

Second, we also refined and improved our methodology for recognizing what we call duplicate or false accounts.

其次，我們也完善並改進了識別重複或虛假帳戶的方法。

These refinements resulted in an increase in our estimate of duplicate or false accounts, relative to our earlier global estimate, primarily driven by emerging markets such as Turkey and Indonesia.

相對於我們先前的全球估計，這些改進導致我們對重複或虛假帳戶的估計增加，這主要是由土耳其和印尼等新興市場推動的。

Please see slides 18 and 19 for more detail.

請參閱投影片 18 和 19 以了解更多詳細資訊。

Since authentic identity is so important to the Facebook experience, we'll continue to try to improve our user measurement techniques with the goal of ensuring that every account on Facebook represents an authentic, unique individual.

由於真實身分對於 Facebook 體驗非常重要，因此我們將繼續努力改進我們的使用者測量技術，目標是確保 Facebook 上的每個帳戶都代表一個真實、獨特的個人。

Turning now to expenses, in Q2, our GAAP expenses were $1.93 billion.

現在轉向支出，第二季我們的 GAAP 支出為 19.3 億美元。

As planned and described in our prospectus, the biggest expense item was stock-based compensation, including associated payroll tax, which totaled $1.3 billion in the quarter, driven by the completion of our IPO, and the recognition of expense for RSUs granted between 2007 and 2011, which had a vesting condition tied to the IPO.

正如我們在招股說明書中計劃和描述的那樣，最大的支出項目是基於股票的薪酬，包括相關的工資稅，由於我們IPO 的完成以及2007 年至2007 年期間授予的RSU 費用的確認，本季度的支出總額為13 億美元。2011 年，該公司的 IPO 附帶了行使條件。

Please take a look at slide 9 for more information on the past and expected future flow of stock comp expense.

請查看投影片 9，以了解有關過去和預期未來股票補償費用流量的更多資訊。

Excluding the effect of stock comp, our remaining expenses increased 60% to $669 million, driven by headcount growth and infrastructure.

排除股票補償的影響，在員工人數成長和基礎設施的推動下，我們的剩餘費用增加了 60%，達到 6.69 億美元。

Headcount at the end of the quarter was just under 4,000, a year-over-year increase of about 50%.

截至本季末，員工人數略低於 4,000 人，較去年同期成長約 50%。

While we will seek to remain disciplined in our spend across the Company, hiring top talent remains a key priority, enabling us to aggressively pursue the opportunities in mobile, platform and monetization that Mark and Sheryl discussed earlier.

雖然我們將力求在整個公司的支出上保持嚴格，但聘用頂尖人才仍然是一個關鍵優先事項，使我們能夠積極尋求 Mark 和 Sheryl 之前討論過的移動、平台和貨幣化方面的機會。

In the second half of 2012, we expect our operating expenses, excluding stock comp, to continue to increase significantly relative to our spend in the second half of last year, probably at a slightly higher growth rate than we observed in Q2.

2012 年下半年，我們預計我們的營運支出（不包括股票補償）將相對於去年下半年的支出繼續顯著增加，成長率可能略高於我們在第二季度觀察到的成長率。

While we ultimately believe Facebook's business model should support attractive operating margins, at this early stage of our growth, investment is a top priority as opposed to managing for a target margin.

雖然我們最終認為 Facebook 的商業模式應該支持有吸引力的營業利潤，但在我們發展的早期階段，投資是重中之重，而不是管理目標利潤。

Therefore, you can expect us to continue an aggressive pace of investment in R&D and infrastructure in particular.

因此，您可以預期我們將繼續大力投資研發，特別是基礎設施。

We had a GAAP operating loss of $743 million in the second quarter.

第二季我們的 GAAP 營運虧損為 7.43 億美元。

Excluding the effect of stock comp, our operating income would have been $515 million, representing a 43% operating margin.

排除股票補償的影響，我們的營業收入將為 5.15 億美元，營業利益率為 43%。

Our effective tax rate for Q2 was 79%, driven by the fact that a portion of our stock comp expense is not tax deductible.

我們第二季的有效稅率為 79%，這是因為我們的部分股票補償費用不可免稅。

Excluding the effect of stock comp, our tax rate would have been approximately 40%.

排除股票補償的影響，我們的稅率約為40%。

We expect that over the long run, our tax rate will be similar to the rates of other US technology companies, that have a similar mix of business inside and outside the US.

我們預計，從長遠來看，我們的稅率將與其他美國科技公司的稅率相似，這些公司在美國境內外的業務組合相似。

The future reduction in our tax rate will occur gradually over several years.

未來我們的稅率將在幾年內逐步降低。

As described in our prospectus, the amount of cash tax we pay in 2012 and thereafter will be significantly different from the tax provision we report on our P&L, due to the deductions we expect to get from vesting of RSUs and exercise of options.

正如我們的招股說明書中所述，我們在2012 年及其後支付的現金稅金額將與我們在損益表中報告的稅收撥備有很大不同，因為我們預計會從RSU 歸屬和期權行使中獲得扣除。

At today's stock price, we estimate we will have a tax deduction of around $13 billion that would reduce our cash taxes for several years.

以今天的股價計算，我們估計我們將獲得約 130 億美元的稅收減免，這將在未來幾年內減少我們的現金稅。

Our net loss for Q2 was $157 million or $0.08 per share on a GAAP basis.

我們第二季的淨虧損為 1.57 億美元，以 GAAP 計算每股虧損 0.08 美元。

Excluding stock comp, net income in Q2 was $295 million or $0.12 per share, compared to $285 million or $0.12 per share in Q2 last year.

不包括股票補償，第二季淨利為 2.95 億美元，即每股 0.12 美元，而去年第二季為 2.85 億美元，即每股 0.12 美元。

We purchased $413 million of property and equipment in Q2, and acquired another $52 million of equipment financed through capital leases.

我們在第二季購買了 4.13 億美元的財產和設備，並透過資本租賃融資另外購買了 5,200 萬美元的設備。

As noted in our prospectus, for 2012 we expect to invest approximately $1.6 billion to $1.8 billion in capital expenditures, including equipment purchased through capital leases.

正如我們在招股說明書中指出的，2012 年我們預計將投資約 16 億至 18 億美元的資本支出，包括透過資本租賃購買的設備。

And we ended Q2 with $10.2 billion in cash and investments on our balance sheet.

第二季結束時，我們的資產負債表上有 102 億美元的現金和投資。

As we look to the second half of 2012, we're encouraged that the network of people using Facebook continues to grow, and that engagement is strong.

展望 2012 年下半年，我們感到鼓舞的是，使用 Facebook 的用戶網路持續成長，而且參與度很高。

We remain focused on building out better and deeper social experiences for the people who use Facebook, while at the same time, executing on the monetization strategies and initiatives outlined today.

我們仍專注於為 Facebook 用戶打造更好、更深入的社交體驗，同時執行今天概述的獲利策略和舉措。

Thank you for giving us the opportunity to discuss our progress.

感謝您給我們機會討論我們的進展。

We're committed to providing you with balanced and thorough disclosure, and we welcome your feedback today and in the future in terms of how we can make our communications most helpful to you.

我們致力於為您提供平衡和徹底的揭露，我們歡迎您今天和將來就如何使我們的溝通對您最有幫助提供回饋。

On a related note, I want to welcome Deborah Crawford, our new Director of Investor Relations, who you heard from at the beginning of the call.

與此相關的是，我想歡迎我們新任投資者關係總監 Deborah Crawford，您在電話會議開始時就聽到了她的講話。

Deborah's been with us for three weeks now, and we're thrilled to have her leading our IR efforts.

Deborah 已經和我們在一起三個星期了，我們很高興她能領導我們的 IR 工作。

Now, we'd like to open the call for questions.

現在，我們想開始提問。

(Operator Instructions).

（操作員說明）。

Your first question comes from the line of Spencer Wang from Credit Suisse.

你的第一個問題來自瑞士信貸銀行的Spencer Wang。

Your line is open.

您的線路已開通。

I guess maybe for Sheryl, I was wondering with respect to the Facebook Advertising Exchange, based on some of the initial tests, could you talk about how that may impact monetization as you roll that out?

我想對於 Sheryl 來說，我想知道 Facebook Advertising Exchange 的情況，根據一些初步測試，您能否談談在推出該功能時這可能會如何影響盈利？

And then the second question is on the Yahoo patent deal, beyond the IP, can you talk about, or provide any details on the advertising partnership or the expanded distribution agreement part of it?

第二個問題是關於雅虎專利交易，除了智慧財產權之外，您能否談談或提供有關廣告合作夥伴關係或擴展分銷協議部分的任何細節？

Thank you.

謝謝。

Sure.

當然。

Facebook Ad Exchange is a real-time offer, which lets advertisers getting real time on a specific ad impression.

Facebook Ad Exchange 是一項即時報價，可讓廣告主即時了解特定廣告展示。

The goal of this is to show people more relevant ads, this is something third parties have been doing across the web for a while.

這樣做的目的是向人們展示更相關的廣告，這是第三方在網路上做的事情已經有一段時間了。

For us, right now, we're at a very early alpha stage test so we don't have more information to share.

對我們來說，現在我們正處於非常早期的 alpha 階段測試，因此我們沒有更多資訊可以分享。

We're really encouraged by how interested our advertisers and cost customers are, because this gives them an opportunity to connect our users that they're trying to reach, to other things they do across the web.

我們對廣告商和成本客戶的興趣感到非常鼓舞，因為這使他們有機會將他們想要接觸的用戶與他們在網路上所做的其他事情聯繫起來。

On the Yahoo deal, the Yahoo deal had two parts.

關於雅虎交易，雅虎交易有兩個部分。

The first part was a cross license of all the patents, and the second part was a partnership where we work with Yahoo on tent pole anchor events, such as the Olympics.

第一部分是所有專利的交叉許可，第二部分是我們與雅虎在奧運等帳篷桿主賽事上的合作夥伴關係。

We were really pleased to sign the Yahoo deal, because it really extended the platform relationship we've had, and really brought us back to what was a very good relationship we have had historically with an important client.

我們非常高興簽署雅虎協議，因為它確實擴展了我們已經擁有的平台關係，並真正讓我們回到了我們與重要客戶歷史上保持的非常良好的關係。

And I think we would also like to take the opportunity to congratulate Marisa on her new job at Yahoo.

我想我們也想藉此機會祝賀瑪麗莎在雅虎的新工作。

Your next question comes from the line of Mark Mahaney from Citigroup.

您的下一個問題來自花旗集團的馬克·馬哈尼。

Your line is open.

您的線路已開通。

Two questions for Mark.

有兩個問題要問馬克。

You talked about the engagement.

你談到了訂婚的事。

Have you seen any trends in terms of engagement with the younger cohorts, anything that indicates decline in engagement?

您是否看到了年輕群體參與度方面的任何趨勢，是否有任何跡象表明參與度下降？

Broadly, how do you think about the size of the Company, Facebook, relative to other leaders in the technology space?

整體而言，相對於科技領域的其他領導者，您如何看待 Facebook 公司的規模？

Runs pretty thin.

跑起來很薄。

I think you have tried to have a pretty lean organization as you think about the three elements or the three broad growth areas of the Company in the future, do you think -- is there any change in your thinking about how big the Company physically needs to be?

我認為，當您考慮公司未來的三個要素或三個廣泛的成長領域時，您已經嘗試過建立一個相當精簡的組織，您認為您對公司實際需要多大規模的想法是否有任何變化成為？

Thanks.

謝謝。

Sure.

當然。

So just to take the first one first.

所以先拿第一個。

I think what we're seeing is pretty steady growth in engagement in all these cohorts, including the younger ones, so really nothing out of line with the overall metrics there.

我認為我們看到的是所有這些群體（包括年輕人）的參與度都在穩步增長，因此與整體指標沒有什麼不相符的。

On your second question, about the overall size of the Company, we've always been significantly smaller per employee, compared to the number of people who we serve in the world, so it's really baked into the Company that we have to build systems and software that take into account the leverage that employees here have, and that's actually one of the reasons why a lot of people love working here, and one of the biggest reasons why people cite for wanting to join the Company and staying here.

關於你的第二個問題，關於公司的整體規模，與我們在世界上服務的人數相比，我們的員工人均規模一直要小得多，所以我們必須建立系統和軟體考慮到了這裡員工的影響力，這實際上是許多人喜歡在這裡工作的原因之一，也是人們想要加入公司並留在這裡的最大原因之一。

It's also affected the strategy.

這也影響了策略。

I mentioned, we believe that all these consumer products and maybe even more than consumer products that people use will become social over time, but we can't build all those things ourselves, so we focused on building this platform.

我提到，我們相信，隨著時間的推移，所有這些消費品，甚至可能不僅僅是人們使用的消費品，都將變得社交化，但我們無法自己建立所有這些東西，所以我們專注於建立這個平台。

Over time, it might make sense for us to build more of these things ourselves but because of the scale that we're at, we really focus on the three things that I laid out today.

隨著時間的推移，我們自己建立更多這些東西可能是有意義的，但由於我們的規模，我們真正關注的是我今天列出的三件事。

This shift towards mobile is incredibly important, building the highest-quality applications and product is really critical, building a platform so that the million and more developers who use Facebook can build this product is the highest leveraged thing we can do

這種向行動裝置的轉變非常重要，建立最高品質的應用程式和產品確實至關重要，建立一個平台，以便數以百萬計的使用Facebook 的開發人員可以建立這個產品，這是我們能做的最有效的事情

We can bet social ads are going to monetize much better than non-social ads as we increase the percent of our overall advertising that has social context in it.

我們可以打賭，隨著我們增加包含社群背景的廣告在整體廣告中所佔的比例，社群廣告的獲利能力將比非社群廣告好得多。

That's kind of where we are.

這就是我們現在的處境。

We're basically growing by trying to find as many talented engineers as we can, for the most part.

在很大程度上，我們的成長基本上是透過盡可能尋找有才華的工程師來實現的。

But I think for the foreseeable future we're just going to be way smaller than other companies that address significant or comparable-sized user bases.

但我認為，在可預見的未來，我們的規模將比其他擁有大量或同等規模用戶群的公司小得多。

Your next question comes from the line of Jason Maynard from Wells Fargo.

您的下一個問題來自富國銀行的 Jason Maynard。

Your line is open.

您的線路已開通。

One of the questions, I'm curious on the mobile front, is when you look at monetization, I think there's a lot of different views on how this will play out over the next couple of years.

我對行動領域很好奇的一個問題是，當你考慮貨幣化時，我認為對於未來幾年將如何發展存在著許多不同的觀點。

And I'm curious, just philosophically, do you think it's important to own the entire experience, IE integrated device, versus being, if you will, purely an application, or do you think it's a, if you will, a federated view of kind of a platform feeding into many applications?

我很好奇，只是從哲學上講，您認為擁有整個體驗（IE 整合設備）與純粹的應用程式（如果您願意的話）相比是否重要，或者您是否認為它是（如果您願意）的聯合視圖什麼樣的平台可以容納許多應用程式？

How do you think about the different scenarios in that front, and how that could potentially work for Facebook?

您如何看待這方面的不同場景，以及這對 Facebook 有何潛在作用？

Well, Facebook is the most used app on basically every mobile platform.

嗯，Facebook 是基本上所有行動平台上最常用的應用程式。

So when we think about what we want to do, right now, we want to increase the depth of the experience in addition to just growing users.

因此，當我們考慮現在想要做什麼時，除了增加使用者之外，我們還希望增加體驗的深度。

We thought a lot about this question of -- and I even talked about it in my opening remarks today.

我們對這個問題思考了很多——我甚至在今天的開場白中談到了這個問題。

We want to not just have apps that people use but also be kind of as deeply integrated into these systems as possible.

我們不僅希望擁有人們使用的應用程序，還希望盡可能深入地整合到這些系統中。

We want to support a development ecosystem where other apps can build on top of Facebook, so that's why you'll see us do things like support Apple and the iOS integration that they wanted to do.

我們希望支援一個開發生態系統，讓其他應用程式可以在 Facebook 之上構建，因此您會看到我們做一些事情，例如支援 Apple 和他們想做的 iOS 整合。

There are lots of things that you can build in other operating systems as well, that aren't really taking -- that aren't really like building out a whole phone, which I think wouldn't really make much sense for us to do.

你也可以在其他作業系統中建立很多東西，但這些東西並不是真正需要的——它們並不像建立整個手機那樣，我認為這對我們來說沒有多大意義。

I think there's a big opportunity for us here.

我認為我們這裡有一個很大的機會。

The amount of time that people spend in the apps is greater.

人們在應用程式上花費的時間更長。

People come to the apps and use Facebook more when they have mobile phones.

當人們擁有手機時，他們會更多地使用應用程式並使用 Facebook。

I think we're really much closer to the beginning here than the end, in terms of what we can do.

我認為就我們能做的事情而言，我們確實更接近開始而不是結束。

If you use the apps today, they're relatively basic compared to what I think anyone can imagine they would want from their Facebook experience on a phone.

如果你現在使用這些應用程序，與我認為任何人都可以想像的他們希望在手機上獲得 Facebook 體驗的應用程式相比，它們相對簡單。

Your next question comes from the line of Doug Anmuth from JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

Your line is open.

您的線路已開通。

Just wanted to ask two things.

只是想問兩件事。

First, Sheryl, you provided some color on click through rates on Sponsored Stories relative to the ads on the right hand rail.

首先，謝麗爾，您提供了一些有關贊助商故事相對於右側廣告的點擊率的顏色。

Was hoping you could provide a little bit of color on what you're seeing in pricing here on a relative basis, early on.

希望您能儘早相對基礎上的定價提供一些資訊。

And then David, perhaps if you could talk a little bit more about the potential for margin expansion going forward, how you're thinking about that potentially for the back half of the year and 2013?

David，也許您可以多談談未來利潤率擴張的潛力，您如何看待今年下半年和 2013 年的潛力？

Thanks.

謝謝。

Sure.

當然。

Thanks for your question, Doug, this is David, I'll start on the pricing and then Sheryl can chime in.

感謝您的提問，道格，我是大衛，我將首先介紹定價，然後謝麗爾可以插話。

So we're very pleased by what we've seen in the early ramp-up of sponsored stories in Feed in both desktop and mobile, but it's important to note that it's early.

因此，我們對桌面和行動裝置 Feed 中贊助故事的早期成長感到非常高興，但值得注意的是，現在還為時過早。

So we have a relatively limited amount of volume that we put into the system at this point.

因此，目前我們投入系統的數量相對有限。

I think the test over the second half of the year that we're excited to see happen is working with advertisers to increase demand for sponsored stories and feed, creating better social content that we can put in feed, without having a deleterious effect on the user experience, and seeing where that takes us in terms of clicks and prices, and things along those nature.

我認為我們很高興看到下半年發生的測試是與廣告商合作，增加對贊助故事和提要的需求，創造更好的社交內容，我們可以將其放入提要中，而不會對廣告產生有害影響。使用者體驗，看看它會在點擊次數和價格方面將我們帶到何處，以及類似性質的事情。

So while the early data is quite positive, it is at low volume, so we just have to be careful about extrapolating from it.

因此，雖然早期數據相當積極，但數量較少，因此我們必須小心從中推斷。

In terms of margins, not a lot to add to what I said earlier in the call.

就利潤率而言，我之前在電話會議中所說的內容並沒有太多可補充的。

At this point in time, we are growing the business, really focused on the opportunities that we see to invest in, and the importance that they could have and should have for the long-term business that we can build.

此時此刻，我們正在發展業務，真正關注我們看到的投資機會，以及它們對我們可以建立的長期業務可能和應該具有的重要性。

And so, we're more focused on making sure that we're positioned to capitalize on what we're trying to do in mobile and platform and social ads, and not trying to optimize for a short-term margin target.

因此，我們更專注於確保我們能夠充分利用我們在行動、平台和社交廣告領域所做的努力，而不是試圖針對短期利潤目標進行最佳化。

In the long run, I think we have the kind of business that because we have such a large network and so much value, comes from the content that is created and distributed by the members of the network, to have a business that works really efficiently.

從長遠來看，我認為我們的業務是因為我們擁有如此龐大的網路和如此多的價值，這些價值來自於網路成員創建和分發的內容，從而擁有真正高效運作的業務。

I'll just add one thing, which is, while we're not commenting on pricing specifically, because it's early, it's really worth noting that higher click-through rates lead to higher CPMs over time, even without pricing changes.

我只想補充一件事，那就是，雖然我們沒有具體評論定價，因為現在還為時過早，但確實值得注意的是，隨著時間的推移，更高的點擊率會導致更高的每千次曝光費用，即使沒有定價變動。

Your next question comes from the line of Herman Leung from SIG.

您的下一個問題來自 SIG 的 Herman Leung。

Your line is open.

您的線路已開通。

Wondering if we can talk about some of the penetration of some of the social ads that -- hold on one second.

想知道我們是否可以談談一些社交廣告的滲透率——請稍等。

The social ads that you guys have on the platform, wondering the level of penetration of social ads that you have today on the site, and the opportunity -- and I have a quick follow-up.

你們在平台上投放的社交廣告，想知道今天在網站上投放的社交廣告的滲透程度以及機會 - 我有一個快速跟進。

So fewer than half of our ads are social, it can increase.

因此，我們的廣告中只有不到一半是社群廣告，這一比例還可以增加。

We're very focused on increasing the percentage of our ads which are social in nature.

我們非常注重增加社群廣告的比例。

We know from a large number of studies, and working with advertisers, that the ads that are social have higher engagement rates from users, much higher ROI for advertisers, and driving that percentage up is really important to us.

我們透過大量研究以及與廣告商的合作得知，社群廣告具有更高的用戶參與率，廣告商的投資報酬率更高，而提高這一比例對我們來說非常重要。

It also feeds into the Sponsored Stories in News Feed strategy that I spent most of my remarks talking about, which is that we put things in News Feed that are most relevant.

它還融入了我在大部分發言中討論的動態消息中的贊助故事策略，即我們將最相關的內容放入動態消息中。

So the more social context the ads have, and the more relevant they are to our users, the more we'll be able to drive up the percentage of our ads that go into News Feed.

因此，廣告的社群背景越多，與用戶的相關性越高，我們就越能提高進入動態消息的廣告比例。

Just to make sure that we're communicating this clearly, a very small percentage of our ads are Sponsored Stories in News Feed at this point.

為了確保我們清楚傳達這一點，目前我們的廣告中有一小部分是動態消息中的贊助故事。

We just started with that product recently, and we're being very careful in terms of the volume that we put into News Feed, because it's such a core part of user experience.

我們最近才開始使用該產品，我們在新聞推播中投入的數量非常謹慎，因為它是用戶體驗的核心部分。

Your next question comes from the line of Scott Devitt from Morgan Stanley.

您的下一個問題來自摩根士丹利的斯科特·德維特（Scott Devitt）。

Your line is open.

您的線路已開通。

Thanks for taking my questions.

感謝您回答我的問題。

I have two, please.

我有兩個，拜託。

Given the various testing that you always seem to be doing around products and monetization, you've talked a lot today about the success of Sponsored Stories.

鑑於您似乎總是圍繞產品和貨幣化進行各種測試，您今天談論了很多關於贊助故事的成功。

Was wondering if there are other areas that are looking promising to you based on recent testing?

想知道根據最近的測試是否還有其他領域對您來說有希望？

Secondly, from our calculation, the DAU to MAU ratio declined moderately sequentially, both in North America and Europe, and was wondering what you would attribute that to, is it seasonality?

其次，根據我們的計算，北美和歐洲的 DAU 與 MAU 比率連續適度下降，並想知道您將其歸因於什麼，是季節性嗎？

And what are you doing to drive engagement in those regions?

您正在採取哪些措施來推動這些地區的參與？

Thanks.

謝謝。

I can take the first part.

我可以接受第一部分。

Yes, the sponsored stories have shown really good results, and we are also seeing good results from other ads on the site that have social context.

是的，贊助故事確實取得了很好的效果，我們也看到網站上其他具有社群背景的廣告也取得了不錯的效果。

As we rolled out more ways to make your ads social, we see increasing engagement, increasing ROI from those ads.

隨著我們推出更多方式讓您的廣告具有社交性，我們看到參與度不斷提高，這些廣告的投資報酬率也不斷提高。

FEX is early, but our initial testing showed very promising results for advertisers, and they are able to connect what they're doing elsewhere across.

FEX 還處於早期階段，但我們的初步測試為廣告商展示了非常有希望的結果，他們能夠將他們在其他地方所做的事情聯繫起來。

It's also worth noting how optimistic we are around our early testing around mobile.

還值得注意的是，我們對行動裝置的早期測試持樂觀態度。

Mobile for itself is an inherently social experience, and our service is inherently social, and what people are doing on their mobile devices is consuming their News Feed and sharing.

行動本身就是一種本質上的社交體驗，我們的服務本質上也是社交的，人們在行動裝置上所做的就是消費他們的動態消息和分享。

Really the big accomplishment we've had in ads over the last quarter or two, as we have rolled Sponsored Stories into News Feed and on mobile has been very promising for us because the results show that users engage with those ads, and advertisers get a higher ROI from them.

實際上，我們在過去一兩個季度在廣告方面取得了巨大成就，因為我們將贊助故事納入動態消息和行動設備，這對我們來說非常有希望，因為結果表明用戶與這些廣告互動，廣告商也獲得了他們的投資報酬率更高。

In terms of that DAU relative to MAU comparison, we remain pleased with the percentage of our monthly users who come back every day.

就 DAU 與 MAU 的比較而言，我們對每天回來的每月用戶的百分比仍然感到滿意。

We sort of assumed earlier on in our history that as we further penetrated the market of people in the world and got into late adopters, that number would go down and we've seen that just consistently go up, which I think speaks to the value of the network effects.

我們在歷史的早期就假設，隨著我們進一步滲透到世界各地的人們市場並進入後期採用者，這個數字將會下降，而我們已經看到這個數字一直在上升，我認為這說明了價值的網絡效應。

The more people that use Facebook, the more interesting it is.

使用 Facebook 的人越多，它就越有趣。

The number doesn't tend to move dramatically from quarter to quarter.

這個數字往往不會在每季發生顯著變化。

It's a slow moving number.

這是一個緩慢移動的數字。

It did decline fractionally from Q1 to Q2, as you noted.

正如您所指出的，它確實從第一季到第二季略有下降。

I think, two things there.

我想，有兩件事。

One is that we did make some changes to what we've described earlier as background pinging or I think we called it automatic background activity in the prospectus, which is when phones contact our servers without there being a user active on the other end, just to download information, we see that on several of the mobile services, it helps you to have more information from Facebook when you do check your phones.

一是我們確實對我們之前描述的後台 ping 進行了一些更改，或者我認為我們在招股說明書中將其稱為自動後台活動，即電話在另一端沒有活動用戶的情況下聯繫我們的伺服器，只是要下載訊息，我們發現在一些行動服務上，當您檢查手機時，它可以幫助您從Facebook 獲取更多資訊。

We try and understand what that looks like, in terms of technically, so we don't count that as usage, and we continually make some changes.

我們嘗試從技術角度理解它是什麼樣子，所以我們不把它算作使用，並且我們不斷地做出一些改變。

That had some impact on the apples-to-apples nature of the DAU comparison, June versus March.

這對 6 月與 3 月 DAU 比較的同類性質產生了一些影響。

You asked about seasonality.

您問的是季節性。

I don't know that we have a great handle on the seasonality effects, as it relates to by month.

我不知道我們是否能夠很好地處理季節性影響，因為它與月份有關。

We tend to see things like holidays, there would be some drop in daily level of engagement.

我們往往會看到像假期這樣的事情，日常參與度會下降。

Depends on what month holidays and other things happen in.

取決於假期和其他事情發生在哪一個月。

Your next question comes from the line of Anthony DiClemente from Barclays.

您的下一個問題來自巴克萊銀行的安東尼·迪克萊門特。

Your line is open.

您的線路已開通。

One for Mark, and one for David.

一份給馬克，一份給大衛。

Mark, wondering if you can give us an update on your acquisition of Instagram.

馬克，想知道您能否向我們介紹一下您收購 Instagram 的最新情況。

I know it's early, but would be curious to hear how the integration of the acquisition is helping your efforts on mobile and monetization, and if there are others out there, other acquisitions like Instagram out there that you see as potentially desirable, other acquisitions like that one?

我知道現在還為時過早，但我很想知道這次收購的整合如何幫助您在行動和貨幣化方面的努力，以及是否還有其他收購，例如Instagram 等您認為可能值得的收購，其他收購，例如那個？

And then David, just wondering on the outlook, most of the models have 2Q as the lowest quarter of the year in terms of year-over-year growth in revenue.

然後大衛，只是想知道前景，大多數型號的第二季度是今年收入同比增長最低的季度。

Can you, I guess, can you validate or confirm that?

我想你能證實或確認這一點嗎？

Is it 2Q the lowest quarter of the year in terms of year-over-year growth?

就同​​比增長而言，第二季是否是一年中最低的季度？

Thanks.

謝謝。

Sure, so to the first one, the acquisition hasn't closed.

當然，對於第一個收購，收購尚未完成。

So there's been no integration or anything like that.

所以沒有整合或類似的事情。

There will be an update when that happens.

發生這種情況時將會有更新。

In terms of what else we might acquire, our strategy has primarily been to buy companies for talent.

就我們可能收購的其他內容而言，我們的策略主要是收購人才公司。

We have this very entrepreneurial culture where we want the type of people inside the Company to take risks and be the type of people who would want to build out whole companies on their own.

我們有一個非常有創業精神的文化，我們希望公司內部的人願意承擔風險，並成為願意自己建立整個公司的人。

So often, the best way to find a lot of those people is to find people who are building companies, who maybe are working on a problem where they think they'd have more leverage if they joined Facebook.

通常，找到很多這樣的人的最佳方法就是找到那些正在創建公司的人，他們可能正在解決一個他們認為如果加入 Facebook 就會有更多影響力的問題。

So ex those of Instagram, most of the acquisitions that we've done fit that category, and that will continue to be the approach going forward.

因此，除了 Instagram 之外，我們所做的大部分收購都屬於這一類別，而且這將繼續成為未來的做法。

To your second question, I mean, if you sort of start by looking backwards a little bit in terms of how revenue has grown to get us to where we are today, a couple years ago, we had $200 million in revenue.

對於你的第二個問題，我的意思是，如果你先回顧一下收入是如何成長的，以讓我們達到今天的水平，幾年前，我們的收入為 2 億美元。

Obviously, it has grown a lot.

顯然，它已經成長了很多。

It's sort of a combination of I would say two things, a series of ongoing optimizations that we make every day in trying to make the business work better, increase advertiser demand, better ad formats et cetera, and then on top of that, major changes that we make, like the introduction of payments, which really started impacting the business late last year, or fundamental changes to the product, and how we advertise on it.

我想說的是，這是兩件事的結合，我們每天都會進行一系列持續的優化，努力讓業務更好地運作，增加廣告客戶的需求，更好的廣告格式等等，然後最重要的是，重大變化我們所做的，例如支付的引入，這在去年年底才真正開始影響業務，或者對產品進行根本性的改變，以及我們如何在其上做廣告。

And so when we look forward to the second half of this year, I think we'll continue to make the kinds of optimizations we're always making, to try and drive more advertiser demand, better targeting of ads, et cetera.

因此，當我們展望今年下半年時，我認為我們將繼續進行我們一直在進行的優化，以嘗試推動更多的廣告客戶需求、更好的廣告定位等等。

The big priority and the big opportunity for us is what we're doing with Sponsored Stories in News Feed.

對我們來說，最重要的優先事項和最大的機會是我們在動態消息中對贊助故事所做的事情。

I think it's just difficult to forecast what that's going to look like, because we're still early into it.

我認為很難預測它會是什麼樣子，因為我們還處於早期階段。

We started putting Sponsored Stories into Feed earlier this year, but really didn't ramp that up substantially until really June of this year, is when the numbers -- we started putting more volume in, and thus far, we feel like we're in a really good position because as we ramped up to where we are today, we see high levels of advertiser demand and good levels of user engagement.

今年早些時候，我們開始將贊助故事放入 Feed 中，但直到今年 6 月，我們才開始大幅增加投放量，也就是我們開始投入更多數量的時候，到目前為止，我們覺得我們正在處於非常有利的位置，因為當我們達到今天的水平時，我們看到廣告商的高需求和良好的用戶參與度。

The forecasting part is difficult, because we're going to proceed slowly with this.

預測部分很困難，因為我們將緩慢地進行。

We want to be sure the biggest mistake I think we could make is to move too quickly, and to find ourselves in a situation where we're having an impact on user engagement that we didn't anticipate, or it's hard for us to manage.

我們希望確保我認為我們可能犯的最大錯誤是行動太快，並發現我們對用戶參與度產生了我們沒有預料到的影響，或者我們很難管理。

So I think as we continue to ramp up, we will learn from each change we make, and see how quickly, what kind of speed of ramp-up makes the most sense for us, but I think right now, trying to forecast that is difficult.

因此，我認為，隨著我們繼續加大力度，我們將從所做的每一項改變中學習，並看看以多快的速度、什麼樣的速度對我們來說最有意義，但我認為現在，試著預測這一點難的。

Your next question comes from the line of Heather Bellini from Goldman Sachs.

您的下一個問題來自高盛 (Goldman Sachs) 的希瑟貝利尼 (Heather Bellini)。

Your line is open.

您的線路已開通。

I just had a follow up on that, David.

我剛剛對此進行了跟進，大衛。

In terms of how fast -- how do you gauge how often to show Sponsored Stories?

就速度而言，您如何衡量展示贊助故事的頻率？

I mean, what type of feedback are you looking for from people to know maybe you're showing them too many in News Feed, or that you have the ability to maybe put the foot on the gas pedal a little bit more?

我的意思是，您希望從人們那裡尋找什麼類型的反饋，以了解您是否在動態消息中向他們展示了太多內容，或者您​​是否有能力將腳踩在油門踏板上多一點？

I also wanted to know if these are rolled out globally at this point, so to everybody, and then I guess the last question may be for Mark would be, or Sheryl, how do you see local fitting into the mobile experience, and where do you see advertisers in terms of leveraging what Facebook can offer there?

我還想知道這些是否在全球範圍內推出，所以對每個人來說，然後我想最後一個問題可能是馬克或謝麗爾，你如何看待本地化融入移動體驗，以及在哪裡您認為廣告商會利用Facebook 提供的服務嗎？

So for Sponsored Stories, in terms of rolling it out, what we're doing is, we're looking at two things very carefully.

因此，對於贊助故事，就推出而言，我們正在做的是，我們正在非常仔細地考慮兩件事。

We're looking at the social context, to make sure it's really relevant.

我們正在研究社會背景，以確保它確實相關。

The better stories we can generate, where people are interacting with things that are monetizable, the more sponsored stories we can roll out.

我們能創造出更好的故事，讓人們與可獲利的事物互動，我們就能推出更多贊助的故事。

We're also looking really clearly at user reaction.

我們也非常清楚地關注用戶的反應。

It's easy for us to measure user reaction, because we can see if users are sharing, clicking, liking, commenting, if they're engaging with the story and we can look at how much they're engaging with those stories relative to others.

我們很容易衡量用戶的反應，因為我們可以看到用戶是否分享、點擊、按讚、評論，他們是否參與故事，我們可以了解他們相對於其他人對這些故事的參與程度。

We've also been pretty careful even when both of those metrics are high, at just limiting the number of sponsored stories as we roll out.

即使這兩個指標都很高，我們也非常小心，只是在推出時限制贊助故事的數量。

We've been fairly cautious on only rolling out a certain amount, and we intend to be continually cautious as we really work on user demand, on the user perception.

我們對於只推出一定數量的產品一直相當謹慎，並且在我們真正致力於用戶需求和用戶感知時，我們打算繼續保持謹慎。

We have not rolled out Sponsored Stories in News Feed across all countries.

我們尚未在所有國家推出新聞推播中的贊助故事。

There are certain countries that we're still working out some issues, so it's not entirely globally rolled out.

對於某些國家/地區，我們仍在解決一些問題，因此尚未完全在全球範圍內推廣。

And with apologies, I'm trying to remember, local, I knew there was a third part of the question.

抱歉，我試著記住，在本地，我知道問題還有第三部分。

Local is huge.

本地很大。

We've always talked about it.

我們一直在談論它。

I think I mentioned it in my remarks.

我想我在發言中提到過這一點。

Local is the holy grail of the Internet.

在地化是互聯網的聖杯。

Everyone is about to get people into local, and this is something, certainly in my history, working in this industry, I've spent a lot of time on.

每個人都想讓人們進入本地，這當然是我在這個行業工作的歷史中花費了大量時間的事情。

The problem is that local businesses are just not very tech savvy.

問題在於當地企業不太懂技術。

If you look at local businesses in the United States, obviously one of the more developed markets, something like more than 40% of them have no web presence at all.

如果你看看美國的本地企業（顯然是較發達的市場之一），大約 40% 以上的企業根本沒有網路存在。

They don't adopt things that are really, in our view, might be something that we would think they would obviously adopt.

在我們看來，他們不會採用那些我們認為他們顯然會採用的東西。

This is where I think Facebook has a huge competitive advantage.

我認為這就是 Facebook 具有巨大競爭優勢的地方。

Because those same local business owners are using Facebook as users.

因為這些本地企業主正在使用 Facebook 作為使用者。

So while they won't adopt something for their products they've set up their profiles and their time lines, and when they use the product, they start to see messages from other businesses, and then they start thinking, wow, this could work for my business as well.

因此，雖然他們不會在他們的產品中採用某些東西，但他們已經建立了自己的個人資料和時間表，當他們使用該產品時，他們開始看到來自其他企業的消息，然後他們開始思考，哇，這可行也為了我的生意。

The product we want them to use, which is Pages is also incredibly similar to their timeline or profile.

我們希望他們使用的產品（Pages）也與他們的時間軸或個人資料非常相似。

And so the leap the small business owner needs to make is just smaller here than we think it is with anyone else, and the numbers bear that out.

因此，小企業主需要實現的飛躍比我們想像的其他任何人都要小，數字證明了這一點。

We have so many, as I mentioned before, 7 million small businesses that are using their pages on a monthly basis, which is something we've done without any really targeted marketing effort to them at all.

正如我之前提到的，我們有 700 萬家小型企業每月使用他們的頁面，而我們在沒有對他們進行任何真正有針對性的營銷努力的情況下就做到了這一點。

And then hundreds of thousands of those get upsold into becoming advertisers.

然後成千上萬的人被追加銷售成為廣告商。

Our push, which I mentioned in my remarks, to make it easier for them to advertise.

我在發言中提到了我們的努力，讓他們更容易做廣告。

So the thing we rolled out last quarter, which is, you can just take a post you're doing on your page and make its super easy to advertise.

因此，我們在上個季度推出的內容是，您只需在頁面上發表貼文即可使其非常容易做廣告。

I think those things will make a really big difference in accelerating this even further.

我認為這些事情將對進一步加速這一進程產生很大的影響。

Your next question comes from the line of Laura Martin from Needham & Company.

您的下一個問題來自 Needham & Company 的 Laura Martin。

Your line is open.

您的線路已開通。

Hi, there.

你好呀。

Thanks for taking the question.

感謝您提出問題。

A couple for Mark.

馬克的一對。

So Mark, we've been writing a lot about the optionality or the option value of the Facebook platform globally, and I guess I'm really interested, outside the visibility restraints, which today are payments and advertising, could you talk through how you're thinking about commerce on this platform and also video, because video is one of the most shared things, as you know.

馬克，我們在全球範圍內寫了很多關於 Facebook 平台的選擇性或期權價值的文章，我想我真的很感興趣，除了可見性限制（今天是支付和廣告），您能談談如何我們正在考慮這個平台上的商業以及視頻，因為如您所知，視頻是最共享的事物之一。

We think about over the next three to five years other revenue streams how do you think philosophically about what Facebook could become, over a longer period of time, in terms of revenue streams?

我們會考慮未來三到五年的其他收入來源，您如何從哲學角度思考 Facebook 在較長一段時間內在收入來源方面可能會變成什麼樣子？

Sure.

當然。

Well, the basic approach that we have for now is, we're building out this platform and other companies can build on top of that.

嗯，我們目前的基本方法是，我們正在建立這個平台，其他公司可以在此基礎上進行建置。

You can view our business as and advertising and payments business, or you can view it as there will be these companies that help to transform these industries, and we will get some portion of those, the value that comes from that, that we're helping to provide.

你可以將我們的業務視為廣告和支付業務，或者你可以將其視為將有這些公司幫助改變這些行業，我們將獲得其中的一部分，即從中產生的價值，我們是幫助提供。

So in gaming, for example, we think that we're helping to provide a lot of the value, so we end up getting a relatively high percentage of the revenue that comes into those companies.

例如，在遊戲領域，我們認為我們正在幫助提供大量價值，因此我們最終在這些公司的收入中獲得了相對較高的比例。

Whereas something like music, or some of the media companies that are now getting built using Open Graph, I think we aren't providing quite as much of the percentage of the value as with games, so the overall amount of the revenue that comes to Facebook through whatever the breakdown of ads and payments is, I think will be somewhat less.

而像音樂這樣的東西，或者一些現在正在使用開放圖譜建立的媒體公司，我認為我們並沒有提供與遊戲一樣多的價值百分比，所以收入的總額無論廣告和支付的細分情況如何，Facebook 的影響都會有所減少。

But a lot of people will do that stuff too.

但很多人也會這麼做。

I think the real way to think about this is that, over time, more and more nuanced experiences will become social.

我認為思考這個問題的真正方法是，隨著時間的推移，越來越多細緻入微的體驗將變得社交化。

Gaming is such a basic thing that people want to do with their friends, even with a relatively basic platform, people could build that ecosystem out.

遊戲是人們想要與朋友一起做的基本事情，即使有一個相對基本的平台，人們也可以建立這個生態系統。

Some of the media stuff required more nuance.

一些媒體內容需要更多的細微差別。

I think commerce will require a little more, and so on.

我認為商業需要多一點，等等。

As these things get built out, I think we'll build out the tools to both enable those products to get built, and to be able to capture some percentage of the value that we're helping to create.

隨著這些東西的建成，我認為我們將建造工具來使這些產品得以建成，並能夠捕捉我們正在幫助創造的價值的一定比例。

I don't really have any more plans that I'm going to share with you today about our product road map or anything like that.

今天我真的沒有更多的計劃要與大家分享我們的產品路線圖或類似的事情。

One thing to think about in the commerce area or in other areas like video, is that our view of the world is things become increasingly social, and that takes time, gaming was obviously first.

在商業領域或視訊等其他領域需要考慮的一件事是，我們對世界的看法是事物變得越來越社交，這需要時間，遊戲顯然是第一位的。

But people are informed when they purchase things by their friends, and the commerce companies that are really adapting social are seeing good responses.

但人們在購買東西時會被朋友告知，而真正適應社交的商業公司也看到了良好的迴響。

Fab is one of them.

法布就是其中之一。

Fab is very early on in its history, but it's a truly social shopping experience, and they're seeing 20% to 40% of their traffic from Facebook on a daily basis.

Fab 的歷史很早，但它是真正的社交購物體驗，他們每天 20% 到 40% 的流量來自 Facebook。

As well as a very good return on their investment on ads, that their CEO has been talking about publicly.

他們的執行長一直在公開談論他們的廣告投資回報率非常高。

We look out at what people's shopping behaviors are.

我們關注人們的購物行為。

So much of those shopping behaviors really are social, that we think there's a big opportunity for the social context that we offer to be a major part of how people discover products.

這些購物行為中有很多確實是社交性的，因此我們認為我們提供的社交環境有很大的機會成為人們發現產品的主要部分。

Operator, next question, please?

接線員，請問下一個問題嗎？

Your next question comes from the line of Ken Sena from Evercore Partners.

您的下一個問題來自 Evercore Partners 的 Ken Sena。

Your line is open.

您的線路已開通。

We hear from marketers a lot that the platform is relatively complicated still, in terms of the ad products offered and services.

我們從行銷人員那裡聽到很多人說，就提供的廣告產品和服務而言，該平台仍然相對複雜。

How long, or how quickly can marketers expect to see that simplified?

行銷人員預計需要多長時間或多快才能看到這項簡化？

In terms of the App Center, can you give us any sense of the economics behind that arrangement, and is there a rev share, and if so, how does that compare to your standard 30% on your platform for payments, and then finally, if you could look back over the last few months in terms of going public is there anything that you would redo?

就應用程式中心而言，您能否向我們介紹一下這種安排背後的經濟意義，是否有收益分成，如果有的話，與您平台上支付的標準 30% 相比如何，最後，如果您可以回顧過去幾個月的上市情況，有什麼是您會重做的嗎？

Thank you.

謝謝。

I'll take the first two, and hand off the third.

我會拿走前兩個，然後把第三個交給我。

When you think about the advertising experience on Facebook, it is complicated today.

當你想到 Facebook 上的廣告體驗時，你會發現今天的情況很複雜。

That's mainly because we're a completely new kind of marketing.

這主要是因為我們是一種全新的行銷方式。

We're not TV.

我們不是電視。

We're not search.

我們不是搜尋。

We are a third medium.

我們是第三種媒介。

That presents a challenge, because the messages that talk at consumers on other platforms need to really be adapted and changed to be more inclusive.

這提出了一個挑戰，因為在其他平台上向消費者傳達的訊息需要真正進行調整和改變，以更具包容性。

The right ad on TV or on search is the wrong ad for Facebook.

對 Facebook 來說，電視或搜尋上正確的廣告卻是錯誤的。

Facebook marketers need to learn how to make their ads really a two-way dialogue with consumers.

Facebook 行銷人員需要學習如何讓他們的廣告真正成為與消費者的雙向對話。

We also have a measurement challenge.

我們還面臨測量挑戰。

When you see an ad on Facebook, you don't go and click to a purchase right there, but you're more likely to search later on and buy a product, or to walk into a store and buy a product.

當您在 Facebook 上看到廣告時，您不會直接點擊購買，而是更有可能稍後搜尋並購買產品，或走進商店購買產品。

So we have the challenge of teaching marketers how to develop social marketing, and then working with them so that we can tie a consumer experience of seeing a Facebook ad and acting with that brand to a purchase that happens later on.

因此，我們面臨的挑戰是教導行銷人員如何開發社交行銷，然後與他們合作，以便我們能夠將消費者看到 Facebook 廣告並與該品牌合作的體驗與隨後發生的購買聯繫起來。

And that's why we're so focused on the market education.

這就是為什麼我們如此關注市場教育。

With our clients, who have done a lot with us, I think they're learning a lot on those trajectories and seeing very positive returns, but it took a long time for the TV market and advertising to be truly understood.

我們的客戶與我們一起做了很多工作，我認為他們在這些軌跡上學到了很多東西，並看到了非常積極的回報，但真正了解電視市場和廣告需要很長時間。

It took a long time for search.

尋找了很久。

I think we're still in that learning curve with a lot of our clients.

我認為我們的許多客戶仍處於學習曲線中。

The good news is that our results are so strong.

好消息是我們的成果非常強勁。

The ROI results I talked about in my remarks, where we've now done 60 campaigns, if you talk to CMOs, those ROI results of getting to 3 times their ad spend or 5 times their ad spend or better are truly good, compared very favorably with anything else marketers do.

我在演講中談到的投資回報率結果，我們現在已經做了60 個行銷活動，如果你與首席行銷長交談，那些達到他們廣告支出的3 倍或5 倍或更好的投資回報率結果確實很好，相比之下，對行銷人員所做的任何其他事情都有利。

And so our view is that if our ads work, and we continue to make our ads work, and they work for advertisers and our users, we'll be able to educate the market over time.

因此，我們的觀點是，如果我們的廣告有效，並且我們繼續讓我們的廣告有效，並且它們對廣告商和我們的用戶有效，那麼隨著時間的推移，我們將能夠教育市場。

How quickly that will happen will depend, but we feel like we're on a good part of our growth trajectory.

這一切發生的速度將取決於，但我們感覺我們已經處於成長軌蹟的良好部分。

In terms of the App Center, the goal behind the App Center is that we believe social discovery will lead to app installs.

就應用程式中心而言，應用程式中心背後的目標是我們相信社交發現將帶來應用程式安裝。

You are more likely to want to use an app your friends are using than you are one that the generic population represents.

與一般人群所代表的應用程式相比，您更有可能想要使用朋友正在使用的應用程式。

Right now, we are not offering paid apps, so the revenue share, as you were talking about, is not something we have a product to deal with right now.

目前，我們不提供付費應用程序，因此正如您所說，我們目前沒有產品可以處理收入分成。

Ken, you asked about lessons learned looking backwards.

肯，你問了回顧過去所學到的教訓。

Obviously, we're disappointed about how the stock has traded, but I think the important thing for us is to stay focused on the fact that we are the same Company now that we were before.

顯然，我們對股票的交易方式感到失望，但我認為對我們來說重要的是要繼續關注這樣一個事實：我們現在和以前是同一家公司。

We've got the same opportunity in front of us to build something really important and valuable over time, and if we stay focused on building great products, we expect and we want to be judged based on the quality of the experiences we build, and the value we can create over the long term.

隨著時間的推移，我們也有同樣的機會去打造一些真正重要和有價值的東西，如果我們繼續專注於打造出色的產品，我們期望並且希望根據我們打造的體驗的質量來評判我們，並且我們可以長期創造的價值。

Your next question comes from the line of Ben Schachter from Macquarie.

您的下一個問題來自麥格理的 Ben Schachter。

Your line is open.

您的線路已開通。

One question for Mark and one for David.

一個問題問馬克，一個問題問大衛。

David, when you're thinking about visibility into the back half of the year and how quickly ad revenue is ramping, how does that look versus sort of expectations that were earlier in the quarter pre-IPO.

大衛，當你考慮下半年的可見性以及廣告收入成長的速度時，與本季度早些時候 IPO 前的預期相比，情況如何。

A similar question on the OpEx growth.

關於營運支出成長的類似問題。

Do you have more visibility, less visibility?

你的能見度是高還是低？

How do things look now versus where they were just before the IPO?

與 IPO 之前相比，現在情況如何？

And then Mark, on the topic of sort of information in the News Feed, that a user did not specifically ask for, trending stories or trending video and certainly Sponsored Stories, beyond click through rate, how do you think about measuring and understanding that user experience, so you know not to go over the edge and degrade the user experience?

然後馬克，關於新聞源中用戶沒有特別要求的信息類型，熱門故事或熱門視頻，當然還有贊助故事，除了點擊率之外，您如何考慮衡量和了解該用戶體驗，所以您知道不要越界並降低使用者體驗嗎？

Thanks.

謝謝。

Sure.

當然。

In terms of the methodology for building News Feed, at any given point, we have a lot of different tests of different algorithms running, and we measure engagement of everything downstream from News Feed in the whole system.

就建立 News Feed 的方法而言，在任何給定點，我們都會運行不同演算法的許多不同測試，並且我們測量整個系統中 News Feed 下游所有內容的參與度。

Obviously clicks and engagement and feedback in News Feed, how many people want to share, but also how many page views, how much time people spend on Facebook overall, ad performance, everything, down to all of the different tweaks that we do in News Feed.

顯然，News Feed 中的點擊、參與度和回饋、有多少人想要分享、還有多少頁面瀏覽量、人們在Facebook 上花費的整體時間、廣告效果等一切，具體到我們在News 中所做的所有不同調整餵食。

And user sentiment as well.

還有用戶情緒。

So I think we have pretty robust systems that are built out around this, and one of the things that I think is pretty interesting is what we've seen is that, we can put in good sponsored content and have it not degrade those metrics.

因此，我認為我們擁有圍繞此構建的非常強大的系統，我認為非常有趣的事情之一是我們所看到的，我們可以放入良好的贊助內容，並且不會降低這些指標。

So that's really what we're trying to do, is we're rolling some of these Sponsored Stories out more conservatively, because we want to make sure that the quality is very high, and we're basically continuing to run those tests to make sure that we are producing the best product that we can.

這就是我們真正想做的，我們正在更保守地推出一些贊助故事，因為我們想確保品質非常高，而且我們基本上會繼續運行這些測試，以確保確保我們正在生產我們能生產的最好的產品。

So, Ben, thanks for your question on the looking forward part.

所以，Ben，感謝您提出有關展望部分的問題。

I think the two things you asked are pretty different, at least from my standpoint.

我認為你問的兩件事是非常不同的，至少從我的角度來看是這樣。

Trying to project operating expenses is, while not easy or precise, we have a fair amount of understanding of how things are trending, and what we expect to spend in the second half of the year.

嘗試預測營運費用雖然並不容易或精確，但我們對事情的趨勢以及我們預計下半年的支出有相當多的了解。

So it's why we provided a little bit more specifics in my opening remarks or my prepared remarks, about what we expect in terms of operating expense growth.

因此，這就是為什麼我們在開場白或準備好的演講中提供了更多關於我們對營運費用成長的預期的細節。

I think revenue growth is just harder to predict, and it's particularly harder to predict when you're really focusing on a new product that you're in the early stages of launching, as we are with Sponsored Stories in News Feed.

我認為營收成長更難預測，尤其是當你真正專注於處於發布早期階段的新產品時，預測尤其困難，就像我們在動態消息中的贊助故事一樣。

So as I said, we're pleased with where we are, where we were at the end of June, where we are now and that's going to make, we hope, a sizable impact on what kinds of performance we can deliver.

正如我所說，我們對我們所處的位置、六月底的位置和現在的位置感到滿意，我們希望這將對我們能夠提供的性能產生相當大的影響。

Not just in the second half of the year, but over a longer term horizon because we think this can be fundamentally a really important marketing product.

不僅僅是在下半年，而是從長遠來看，因為我們認為這從根本上來說是一個非常重要的行銷產品。

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。

Your last question comes from the line of Dan Salmon from BMO Capital Markets.

你的最後一個問題來自 BMO 資本市場的 Dan Salmon。

Your line is open.

您的線路已開通。

My question was on the Preferred Marketer Developer program, where I think you're up to around 330 formal partners today, with a great many of them qualified for apps.

我的問題是關於首選行銷開發人員計劃，我認為目前該計劃有大約 330 個正式合作夥伴，其中許多人都有資格使用應用程式。

But around 50 or so, and I think around 20 -- 50 for ads, 20 for insights, and just wanted to see what your expectations are, to see those numbers, both the total number of PMD developers growing and in those two categories in particular?

但大約50 個左右，我認為大約20 個——50 個用於廣告，20 個用於洞察，只是想看看您的期望是什麼，看看這些數字，包括PMD 開發人員總數的增長以及這兩個類別的成長情況。特別的？

I think we're very optimistic about our platform partners.

我認為我們對我們的平台合作夥伴非常樂觀。

Our goal is to take everything people do, or at least close to everything people do, and make it social.

我們的目標是吸收人們所做的一切，或至少接近人們所做的一切，並使其社交化。

And what we do is provide technology for our platform partners to do that.

我們所做的就是為我們的平台合作夥伴提供實現這一目標的技術。

How many people go into specific programs is not a thing we most focus on.

有多少人參加特定計畫並不是我們最關注的事情。

We focus a lot on how many developers out there are using our tools.

我們非常關注有多少開發人員在使用我們的工具。

How many of the apps that are growing quickly, how many of the services people are growing quickly are using tools like Open Graph as well as ads so that we can build an ecosystem.

有多少快速成長的應用程式、有多少人們快速成長的服務正在使用 Open Graph 和廣告等工具，以便我們能夠建立一個生態系統。

Mark said in his remarks that we really believe that we're going to provide the identity and the social layer for everything that happens across web, across mobile.

馬克在演講中表示，我們確實相信我們將為網路和行動裝置上發生的一切提供身分和社交層。

Given the size of our Graph this engagement people have with us, which even as we grow, is not just staying flat, but in many ways increasing, we're very optimistic that if you were choosing to develop a service, you would choose to do it with us.

考慮到人們與我們的互動圖的規模，即使我們不斷成長，這種互動也不僅僅是保持不變，而是在許多方面不斷增加，我們非常樂觀地認為，如果您選擇開發一項服務，您會選擇和我們一起做吧。

We really consider ourselves a partnership company.

我們確實認為自己是一家合夥公司。

That means that we want to take social companies and make them big, and big companies and make them social.

這意味著我們希望讓社會公司變得更大，讓大公司變得社交化。

Because we think bringing what Facebook provides, which is your friends, makes every service better.

因為我們認為，引入 Facebook 提供的功能（即您的好友）可以讓每項服務變得更好。

I will now turn the call back over to management.

我現在將把電話轉回給管理階層。

All right.

好的。

Thank you very much.

非常感謝。

We're grateful to all of you for joining us today, and we look forward to speaking with you again next time.

我們感謝大家今天加入我們，並期待下次與你們再次交談。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。