Meta Platforms Inc (META) 2016 Q1 法說會逐字稿

Good afternoon.

午安.

My name is Chris, and I'll be your conference operator today.

我叫克里斯，今天我將擔任你們的會議操作員。

At this time I'd like to welcome everyone to the Facebook first-quarter 2016 earnings call.

現在，我謹歡迎大家參加 Facebook 2016 年第一季財報電話會議。

(Operator Instructions).

（操作員說明）。

This call will be recorded.

此通話將會被錄音。

Thank you very much.

非常感謝。

Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

Facebook 投資者關係副總裁 Deborah Crawford 女士，您可以開始了。

Thank you.

謝謝。

Good afternoon and welcome to Facebook's first quarter 2016 earnings conference call.

下午好，歡迎參加 Facebook 2016 年第一季財報電話會議。

Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

今天與我一起討論我們的結果的是執行長馬克·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.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。

Actual results may differ materially from those contemplated by these forward-looking statements.

實際結果可能與這些前瞻性陳述預期的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today's press release, our annual report on Form 10-K filed with the SEC.

今天的新聞稿以及我們向 SEC 提交的 10-K 表格年度報告中列出了可能導致這些結果出現重大差異的因素。

Any forward-looking statements that we make on this call are based on assumption as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，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.

在這次電話會議中，我們可能會介紹 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。

The press release and an accompanying investor presentation are available on our website at investor.fb.com.

新聞稿和隨附的投資者簡報可在我們的網站 Investor.fb.com 上取得。

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

現在我想把電話轉給馬克。

Thanks, Deborah, and thanks, everyone, for joining today.

謝謝黛博拉，也謝謝大家今天的加入。

We started 2016 off well.

2016 年我們開局良好。

1.65 billion people now use Facebook every month, and 1.09 billion people use Facebook every day.

現在每月有 16.5 億人使用 Facebook，每天有 10.9 億人使用 Facebook。

In recent weeks we're also consistently seeing more than 1 billion people using Facebook on mobile everyday.

最近幾週，我們也持續看到每天有超過 10 億人在行動裝置上使用 Facebook。

We're also pleased with our business results.

我們對我們的業務成果也感到滿意。

Total revenue this quarter grew by 52% year-on-year to $5.4 billion.

本季總營收年增 52%，達到 54 億美元。

And advertising revenue grew by 57% to $5.2 billion.

廣告收入成長了 57%，達到 52 億美元。

I'll have more to say about these results in a minute, but first I want to talk about a proposal by our Board of Directors to reclassify Facebook stock.

稍後我將對這些結果進行更多闡述，但首先我想談談我們董事會提出的 Facebook 股票重新分類的提案。

At F8, I talked about our mission and how the work we're doing to connect the world is more important today than it's ever been.

在 F8，我談到了我們的使命，以及我們為連結世界所做的工作在今天比以往任何時候都更重要。

I walked through our 10 year road map, focused on building the technology to give everyone in the world the power to share anything with anyone.

我回顧了我們的十年路線圖，重點是開發技術，讓世界上的每個人都有能力與任何人分享任何東西。

Bringing people together and giving everyone a voice takes long-term commitment.

將人們聚集在一起並讓每個人都有發言權需要長期的承諾。

Not just over the next few years, but over the next few decades.

不只是未來幾年，而是未來幾十年。

We're focused on the long-term, and that's the main reason for today's proposal.

我們著眼於長期，這就是今天提案的主要原因。

Facebook has always been a foundry-like Company, so we can focus on our mission and build long-term value.

Facebook 一直是一家類似代工廠的公司，因此我們可以專注於我們的使命並建立長期價值。

This structure has served our shareholders well.

這種結構很好地服務了我們的股東。

Early on we received some generous offers for companies trying to buy Facebook and our structure helped us resist that pressure.

在早期，我們收到了一些試圖收購 Facebook 的公司的慷慨報價，我們的結構幫助我們抵禦了這種壓力。

More recently, we navigated a challenging transition to mobile but because we were a controlled Company we were able to focus on improving the user and product experience of our apps first and then build a strong mobile business over time, rather than being forced to do something short-sighted.

最近，我們經歷了向行動裝置的充滿挑戰的過渡，但由於我們是一家受控公司，因此我們能夠首先專注於改善應用程式的使用者和產品體驗，然後隨著時間的推移建立強大的行動業務，而不是被迫做某事目光短淺。

And over the years, our structure has helped us make big bets on acquisitions like Instagram that were very controversial initially but were good decisions for our community and our business.

多年來，我們的結構幫助我們在 Instagram 等收購上下了大賭注，這些收購最初引起了很大爭議，但對我們的社區和業務來說是很好的決定。

Facebook has been built by a series of bold moves.

Facebook 是透過一系列大膽舉措建立起來的。

And when I look out at the future, I see more bold moves ahead of us than behind us.

當我展望未來時，我發現我們前面的大膽舉措比我們後面的舉措還要多。

We're focused not on what Facebook is but on what it can be and on what it needs to be, and that means doing bold things.

我們關注的不是 Facebook 是什麼，而是它可以做什麼以及它需要做什麼，這意味著要做大膽的事情。

A lot of what we're building today in the areas like connectivity, artificial intelligence, and virtual and augmented reality, may not pay off for years, but they're important to our mission of connecting the world, and I'm committed to seeing this mission through and to leading Facebook there over the long term.

我們今天在連結、人工智慧、虛擬實境和擴增實境等領域建構的許多東西可能在數年內都無法獲得回報，但它們對於我們連接世界的使命非常重要，我致力於貫徹這一使命，並長期領導Facebook 實現這一目標。

Personally, there's another element to this.

就我個人而言，這還有另一個因素。

While helping to connect the world will always be the most important thing that I do, there are more global challenges that I also feel a responsibility to help solve to create a better world for my daughter and all future generations.

雖然幫助連結世界永遠是我所做的最重要的事情，但我也覺得有責任幫忙解決更多的全球挑戰，為我的女兒和子孫後代創造一個更美好的世界。

Things like helping to cure all disease by the end of the century.

例如到本世紀末幫助治癒所有疾病之類的事。

Upgrading our education system so it's personalized for each student and protecting our environment from climate change.

升級我們的教育系統，使其適合每個學生，並保護我們的環境免受氣候變遷的影響。

That's why Priscilla and I created the Chan Zuckerberg Initiative and committed to give 99% of our Facebook shares to advance human potential and promote equality.

這就是為什麼 Priscilla 和我創建了 Chan Zuckerberg Initiative，並承諾捐贈 99% 的 Facebook 股份，以提高人類潛力並促進平等。

Today's Board proposal will allow us to maintain and improve the voting structure that has served us well and allow me to fund the Chan Zuckerberg Initiative.

今天的董事會提案將使我們能夠維持和改善對我們很有幫助的投票結構，並允許我為陳·祖克柏倡議提供資金。

In December, I also announced that I won't sell more than $1 billion worth of stock -- Facebook shares -- per year over the next three years.

去年 12 月，我還宣布未來三年每年不會賣出價值超過 10 億美元的 Facebook 股票。

That's still my commitment and I'll update our shareholders on future plans beyond that.

這仍然是我的承諾，我將向我們的股東通報除此之外的未來計劃的最新情況。

Dave will talk more about the mechanics of this proposal in his comments in just a few minutes.

戴夫將在幾分鐘內在他的評論中更多地討論該提案的機制。

But before we get there I want to also share a few more thoughts on the progress we've made this quarter.

但在我們到達那裡之前，我還想分享一些關於我們本季取得的進展的更多想法。

As I said before, our road map has three horizons.

正如我之前所說，我們的路線圖有三個視野。

Over the next three years we're going to keep investing in our most developed ecosystem, the Facebook app and platform.

在接下來的三年裡，我們將繼續投資於我們最發達的生態系統，即 Facebook 應用程式和平台。

Today, people around the world spend on average more than 50 minutes a day using Facebook, Instagram and Messenger, and that doesn't even include WhatsApp yet.

如今，世界各地的人們平均每天使用 Facebook、Instagram 和 Messenger 的時間超過 50 分鐘，這還不包括 WhatsApp。

This growth isn't happening because we came up with just one or two big changes.

這種成長之所以沒有發生，是因為我們只提出了一兩個重大改變。

Our team has just worked day after day on lots of improvements over a long period of time, and that progress continued in the first quarter.

我們的團隊在很長一段時間內日復一日地進行大量改進，而這一進展在第一季繼續進行。

We launched reactions to help people express themselves in more ways, and we improved how our products work on different mobile networks and devices all over the world.

我們發起了一些反應，幫助人們以更多方式表達自己，並且改進了我們的產品在世界各地不同行動網路和設備上的工作方式。

Sheryl will talk more about this in a minute, but now more than 3 million businesses are using our advertising products every month.

Sheryl 稍後會詳細討論這一點，但現在每個月有超過 300 萬家企業在使用我們的廣告產品。

We've expanded our measurement capabilities so more businesses can see the results they get from ads.

我們擴展了衡量能力，以便更多企業能夠看到他們從廣告中獲得的結果。

We've made it easier for small and medium businesses to use the same targeting tools and ad formats that our larger advertisers use.

我們讓中小型企業更輕鬆地使用與大型廣告商相同的定位工具和廣告格式。

Over the next five years we're going to build ecosystems around our products that are already being used by a lot of people.

在接下來的五年裡，我們將圍繞著我們已經被許多人使用的產品建立生態系統。

We're at the beginning of a golden age of online video.

我們正處於線上視訊黃金時代的開始。

Video isn't just a single kind of content.

影片不僅僅是一種內容。

We think it's a medium that allows people to interact in a lot of new ways.

我們認為它是一種允許人們以多種新方式進行互動的媒介。

So that's why in addition to normal internet video, we're also focusing on more interactive video experiences, like live and 360 video.

因此，除了普通的網路影片外，我們還專注於更具互動性的視訊體驗，例如直播和 360 度影片。

I'm a big Game of Thrones fan, and the other week HBO and our Oculus team came out with a 360 video of the opening sequence of the show, and it's now the most watched 360 video on Facebook in any 24 hour period with more than 12 million total views.

我是《權力的遊戲》的忠實粉絲，上週 HBO 和我們的 Oculus 團隊推出了該劇開場的 360 度視頻，現在它是 Facebook 上任何 24 小時內觀看次數最多的 360 度視頻總觀看次數超過1200萬次。

Earlier this month we opened up live to everyone.

本月早些時候，我們向所有人開放了現場直播。

Live is just one part of our overall video effort.

直播只是我們整體視訊工作的一部分。

But we think it has a lot of potential.

但我們認為它有很大的潛力。

Friends go live because it's unfiltered and personal.

老友記上線是因為它未經過濾且個性化。

Actors and news anchors go live because they can reach bigger audiences, in some cases, than they can on even their own shows.

演員和新聞主播之所以進行直播，是因為在某些情況下，他們甚至可以比在自己的節目中吸引更多的觀眾。

If we do a good job, we think it's something that people will associate with Facebook.

如果我們做得好，我們認為人們就會將其與 Facebook 聯繫起來。

With interacting with people and not just watching content.

與人互動而不僅僅是觀看內容。

But it's also a very new and small part of all of the videos that we see on Facebook today.

但它也是我們今天在 Facebook 上看到的所有影片中非常新的一小部分。

I'm also really excited about what we're building around messaging.

我也對我們圍繞訊息傳遞所做的事情感到非常興奮。

Right now we have two of the top messaging apps in the world.

目前，我們擁有兩款世界頂級的訊息應用程式。

900 million people use Messenger every month, and 1 billion people use WhatsApp every month.

每月有 9 億人使用 Messenger，每月有 10 億人使用 WhatsApp。

Between Messenger and WhatsApp, People send around 60 billion messages every day.

人們每天透過 Messenger 和 WhatsApp 發送約 600 億則訊息。

That's almost three times as many message as SMS handled at its peak.

這幾乎是簡訊高峰期處理的訊息數量的三倍。

Over the past couple of weeks we've talked about steps we're taking to build messaging into a platform that developers and business can build on.

在過去的幾周里，我們討論了我們正在採取的步驟，將訊息傳遞到開發人員和企業可以建立的平台中。

We announced bots for Messenger that let you do things like order flowers or get news without leaving your Messenger thread.

我們發布了 Messenger 機器人，讓您無需離開 Messenger 線程即可執行訂購鮮花或獲取新聞等操作。

But this is all very early and we're rolling these experiences out carefully and slowly over time.

但這一切還為時過早，我們正在隨著時間的推移仔細而緩慢地推出這些體驗。

We're also very happy with the way that Instagram is growing with more than 400 million actives and more than 200,000 businesses advertising every month.

我們也對 Instagram 的成長方式感到非常滿意，每月有超過 4 億活躍用戶和超過 20 萬家企業投放廣告。

Now we're focused on making the user experience even more engaging.

現在我們專注於讓使用者體驗更具吸引力。

With more content on Instagram all the time, people are currently missing about 70% of what's in their feed.

隨著 Instagram 上的內容不斷增加，人們目前錯過了動態中約 70% 的內容。

So that's why in the first quarter we started rolling out feed ranking to help you see more of the posts that you care about.

因此，我們在第一季開始推出 Feed 排名，以幫助您看到更多您關心的貼文。

And this is a long-term effort, but news feed shows that ranking creates the best and most engaging experiences for our community.

這是一項長期的努力，但新聞推播表明排名為我們的社區創造了最好、最具吸引力的體驗。

Over the next 10 years we're going to keep investing in new technology to help everyone connect.

未來 10 年，我們將繼續投資新技術，幫助每個人實現互聯。

As part of Internet.org we're building an open source Telco infrastructure, a project called TIP, to make it cheaper to operate mobile networks.

作為 Internet.org 的一部分，我們正在建立一個開源電信基礎設施（一個名為 TIP 的專案），以降低行動網路的營運成本。

Free Basics, which helps people access tools for education, health information and communication for free, now features more than 600 services and it has brought more than 25 million people online.

Free Basics 協助人們免費取得教育、健康資訊和通訊工具，目前提供 600 多項服務，已讓超過 2,500 萬人上網。

That makes it one of the most successful connectivity initiatives in the world.

這使其成為世界上最成功的互聯互通舉措之一。

We're also working to help people connect and share in a more natural and intuitive way.

我們也致力於幫助人們以更自然、直觀的方式進行聯繫和分享。

Artificial intelligence is a long-term effort for us, but we're already using it in lots of ways.

人工智慧對我們來說是一項長期的努力，但我們已經在許多方面使用它。

Right now our Moments app is using face recognition to help you share pictures with your friends.

目前，我們的朋友圈應用程式正在使用人臉辨識來幫助您與朋友分享照片。

We're using AI to show the most relevant content in news feeds, filter Spam and messaging and even help blind people understand what's in their friends' photos by reading explanations of them allowed.

我們使用人工智慧來顯示動態消息中最相關的內容，過濾垃圾郵件和訊息，甚至透過閱讀允許的解釋來幫助盲人了解朋友照片中的內容。

Finally, we're building technology and virtual and augmented reality that can change the way that we all experience the world.

最後，我們正在建立可以改變我們體驗世界的方式的技術以及虛擬和擴增實境。

Gear VR started shipping late last year and the response so far has been great.

Gear VR 在去年年底開始出貨，迄今反應非常好。

There are now hundreds of apps built specifically for Gear, and people have watched more than 2 million hours of video on it.

現在有數百個專為 Gear 構建的應用程序，人們在其上觀看的影片已超過 200 萬小時。

In Q1 we also started shipping Oculus Rift.

在第一季度，我們也開始出貨 Oculus Rift。

We've got a lot of great content with more than 50 games and apps built Rift.

我們擁有大量精彩內容，其中包括 50 多個使用 Rift 建立的遊戲和應用程式。

And again, this is very early and we don't expect VR to take off as a mainstream success right away.

再說一次，現在還為時過早，我們並不認為 VR 會立即成為主流成功。

I Really want to emphasize that.

我真的想強調這一點。

Most Rift early adopters are gamers and developers, but eventually we believe that VR is going to be the next big computing platform and we're making the investments necessary to lead the way there.

大多數 Rift 早期採用者都是遊戲玩家和開發人員，但最終我們相信 VR 將成為下一個大型運算平台，我們正在進行必要的投資來引領這一趨勢。

So that's our update for the quarter.

這就是我們本季的最新情況。

As always, everything we do is focused on our mission to make the world more open and connected.

一如既往，我們所做的一切都專注於讓世界更加開放和互聯的使命。

And to get there, we're building technology that brings people together and that helps everyone in the world share anything they want with anyone.

為了實現這一目標，我們正在建立將人們聚集在一起的技術，幫助世界上的每個人與任何人分享他們想要的任何東西。

It takes a long-term commitment and it won't happen overnight, but we're in a strong position and I'm excited about what's next.

這需要長期的承諾，而且不會一蹴而就，但我們處於有利地位，我對接下來的事情感到興奮。

So thank you to everyone in our community, to all of our teams, all of our partners, and all of our shareholders for everything you're doing to help connect the world.

因此，感謝我們社區中的每個人、所有團隊、所有合作夥伴以及所有股東為幫助連接世界所做的一切。

And now here's Sheryl.

現在是謝麗爾。

Thanks, Mark, and hello everyone.

謝謝，馬克，大家好。

We had a great first quarter and a strong start to the year.

我們第一季表現出色，今年開局強勁。

Q1 ad revenue grew 57% or 63% on a constant currency basis.

第一季廣告收入成長 57%，以固定匯率計算成長 63%。

Mobile ad revenue reached $4.2 billion, up 75% year-over-year and is now approximately 82% of total ad revenue.

行動廣告收入達 42 億美元，年增 75%，目前約佔廣告總收入的 82%。

Our growth was strong across all verticals, marketer segments and regions, particularly North America and AIPAC.

我們在所有垂直行業、行銷細分市場和地區的成長都很強勁，尤其是北美和 AIPAC。

We remain focused on driving our clients' businesses, moving their products off shelves, both in stores and online.

我們仍然專注於推動客戶的業務發展，將他們的產品從商店和網上下架。

A big focus for us in 2016 is helping our clients understand the true business impact of their ads, especially on digital.

2016 年我們的一大重點是幫助客戶了解其廣告的真正業務影響，尤其是數位廣告。

We're pleased with the progress we made in Q1 across our three priorities.

我們對第一季在三個優先事項上的進展感到滿意。

Capitalizing on the shift to mobile, growing the number of marketers using our ad products, and making our ads more relevant and effective.

利用向行動裝置的轉變，增加使用我們廣告產品的行銷人員數量，並使我們的廣告更加相關和有效。

First, capitalizing on the shift to mobile.

首先，利用向行動裝置的轉變。

Consumers have shifted to mobile and businesses know they need to catch up.

消費者已經轉向行動設備，企業知道他們需要迎頭趕上。

We hear from marketers that figuring out mobile today is like figuring out TV in its early days, but given where consumers spend their time the question now is not t if they should market on mobile but how.

我們從行銷人員那裡得知，如今了解行動裝置就像了解早期的電視一樣，但考慮到消費者將時間花在哪裡，現在的問題不是他們是否應該在行動裝置上進行行銷，而是如何進行行銷。

One of the drivers of the consumer shift to mobile is video.

消費者轉向行動裝置的驅動因素之一是視訊。

People are sharing and creating nearly three times more video on Facebook than they were a year ago, and as of February, the time people spend watching videos on Instagram increased by more than 40% over the preceding six months.

人們在 Facebook 上分享和創建的影片數量比一年前增加了近三倍，截至 2 月份，人們在 Instagram 上觀看影片的時間比過去六個月增加了 40% 以上。

This presents a big opportunity for marketers.

這為行銷人員提供了巨大的機會。

The best marketers understand that people watch video differently in mobile feed than on TV.

最優秀的行銷人員明白人們在行動裝置上觀看影片的方式與在電視上觀看影片的方式不同。

They create ads that grab attention in the first few seconds, sometimes even without sound.

他們製作的廣告在最初幾秒鐘內就吸引了人們的注意，有時甚至沒有聲音。

What we now thumb-stopping creative.

我們現在令人驚嘆的創意。

For example, Nestle took their TV ad for Natural Bliss coffee creamer and in less than a day edited for mobile feed by creating a new opening and adding text overlays to relay their message without sound.

例如，雀巢拍攝了 Natural Bliss 咖啡奶精的電視廣告，並在不到一天的時間內透過創建新的開頭並添加文字覆蓋來無聲地傳達其訊息來針對移動來源進行編輯。

They showed both the original TV ad and the mobile ad on Facebook.

他們在 Facebook 上展示了原始電視廣告和行動廣告。

The original TV ad drove a 4 point increase in ad recall.

原始電視廣告使廣告回想度提高了 4 個百分點。

The mobile optimized version, however, drove an even stronger 10 point increase in ad recall and a 7 point increase in product awareness.

然而，行動優化版本使廣告回想度提高了 10 個百分點，產品認知度提高了 7 個百分點。

We want to help marketers optimize their video ads.

我們希望幫助行銷人員優化他們的影片廣告。

For example, we know that on average captioned videos increase view time by 12% so we introduced auto captions to generate captions for video ads.

例如，我們知道帶有字幕的影片平均會增加 12% 的觀看時間，因此我們引入了自動字幕來為影片廣告產生字幕。

In Q1 we introduced new ad formats like Canvas Ads.

在第一季度，我們推出了新的廣告格式，例如畫布廣告。

Canvas Ads showcase products by combining video images and call-to-action buttons.

畫布廣告透過結合視訊影像和號召性用語按鈕來展示產品。

While it's still early, we're pleased with the results and are seeing adoption across many verticals.

雖然現在還為時過早，但我們對結果感到滿意，並且看到許多垂直領域的採用。

To motivate millennials to take on do it yourself projects, Lowe's and DVDO targeted 25 to 34-year-old homeowners with Canvas Ads that let them see bathroom designs, discover the products in each design, and tap to purchase.

為了激勵千禧世代參與自己動手的項目，Lowe's 和 DVDO 針對 25 至 34 歲的房主推出了 Canvas 廣告，讓他們看到浴室設計、發現每種設計中的產品並點擊購買。

The ads were so engaging that people spent an average of 28 seconds interacting with them and Lowe's saw a 6.7 times return on ad spend.

這些廣告非常吸引人，人們平均花費 28 秒與其互動，Lowe's 的廣告支出回報率為 6.7 倍。

Our second priority is growing the number of marketers using our ad products.

我們的第二要務是增加使用我們廣告產品的行銷人員數量。

This quarter we announced that we have over 3 million active advertisers on Facebook and over 200,000 on Instagram.

本季度，我們宣布 Facebook 上有超過 300 萬活躍廣告商，Instagram 上有超過 20 萬個活躍廣告商。

A significant number of these advertisers are small and medium businesses.

這些廣告商中有相當一部分是中小型企業。

These businesses use our platform because it's easy and affordable for them to connect with their consumers on mobile.

這些企業使用我們的平台，因為他們可以輕鬆且經濟地透過行動裝置與消費者建立聯繫。

We're also making it easier for SMBs to use the same targeting tools and ad formats that our most sophisticated advertisers use.

我們也讓中小型企業能夠更輕鬆地使用與我們最成熟的廣告商所使用的相同的定位工具和廣告格式。

We're seeing even small businesses use products like Lead Ads, Slide Show and Dynamic Product Ads.

我們發現，即使是小型企業也使用線索廣告、投影片和動態產品廣告等產品。

Our third priority is improving the relevance and effectiveness of our ads.

我們的第三個優先事項是提高廣告的相關性和有效性。

Last year we introduced conversion lists to measure how Facebook and Instagram campaigns drive business objectives like sales.

去年，我們推出了轉換清單來衡量 Facebook 和 Instagram 行銷活動如何推動銷售等業務目標。

We've seen clients across verticals from retail to auto use conversion lift to measure and improve the return on their ad investment.

我們看到從零售到汽車等各行業的客戶都使用轉換提升來衡量和提高廣告投資回報。

Chase Bank used conversion lift to measure how effectively their Super Bowl ad drove credit card applications.

大通銀行使用轉換提升來衡量超級盃廣告推動信用卡申請的有效性。

They found that combining Facebook video adds with their TV ads drove 1.5 times more conversions than TV ads alone.

他們發現，將 Facebook 影片廣告與電視廣告結合所帶來的轉換率比單獨使用電視廣告高出 1.5 倍。

In Q1 we expanded or list capabilities by testing list API, enabling more partners to measure the effectiveness of more of their campaign.

在第一季度，我們透過測試清單 API 擴展或列出了功能，使更多合作夥伴能夠衡量更多活動的有效性。

We're pleased with the value we're driving for our partners and the progress we're making across our three priorities.

我們對為合作夥伴帶來的價值以及在三個優先事項上取得的進展感到滿意。

Helping marketers make the shift to mobile will take time.

幫助行銷人員轉向行動裝置需要時間。

We have a lot of hard work ahead and we'll continue to invest.

我們還有很多艱苦的工作要做，我們將繼續投資。

I want to thank our clients around the world for their partnership and congratulate our global teams on the results of their hard work.

我要感謝世界各地的客戶的合作夥伴關係，並祝賀我們的全球團隊的辛勤工作所取得的成果。

Thanks, everyone.

感謝大家。

And now here's Dave.

現在戴夫來了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，謝麗爾，大家下午好。

We're off to a great start in 2016 led by the ongoing growth and engagement in our community and continued momentum in our ads business.

由於社區的持續成長和參與度以及廣告業務的持續發展勢頭，我們在 2016 年取得了良好的開端。

In Q1 we generated $5.4 billion in total revenue and delivered over $1.8 billion in free cash flow.

第一季度，我們創造了 54 億美元的總收入，並交付了超過 18 億美元的自由現金流。

Let's begin with our community metrics.

讓我們從我們的社區指標開始。

In March 1.09 billion people used Facebook on an average day, up 16% compared to last year.

3 月平均每天有 10.9 億人使用 Facebook，比去年增加 16%。

This daily number represents 66% of the 1.65 billion people who visited Facebook in the month of March.

這一每日數字佔 3 月造訪 Facebook 的 16.5 億人的 66%。

Mobile continues to drive our growth.

移動繼續推動我們的成長。

Over 1.5 billion people accessed Facebook from mobile devices in March, up 21% from last year.

3 月份，超過 15 億人透過行動裝置造訪 Facebook，比去年成長 21%。

Before diving into our quarterly financial results, I wanted to highlight that beginning this quarter I will focus my prepared remarks on our GAAP results and our all financial metrics are GAAP unless otherwise noted.

在深入了解我們的季度財務表現之前，我想強調的是，從本季度開始，我將把準備好的評論重點放在我們的GAAP 業績上，除非另有說明，否則我們的所有財務指標都是GAAP 的。

The primary difference between our GAAP and non-GAAP metrics is stock-based compensation.

我們的公認會計原則和非公認會計原則指標之間的主要區別是基於股票的薪酬。

Stock-based compensation plays an important role in how we compensate our employees, and therefore we view it as a real expense for the business.

股票薪酬在我們如何補償員工方面發揮著重要作用，因此我們將其視為企業的實際支出。

We will continue to provide a reconciliation of GAAP to non-GAAP financial metrics in our press release and earnings slide.

我們將繼續在新聞稿和收益投影片中提供 GAAP 與非 GAAP 財務指標的調整表。

All of our comparisons are on a year-over-year basis unless otherwise noted.

除非另有說明，我們所有的比較都是逐年進行的。

Q1 total revenue was $5.4 billion, up 52% or 58% on a constant currency basis.

第一季總營收為 54 億美元，成長 52%，以固定匯率計算成長 58%。

Ad revenue in Q1 was $5.2 billion, up 57% or 63% on a constant currency basis.

第一季廣告營收為 52 億美元，成長 57%，以固定匯率計算成長 63%。

This marked a slight decline from the 66% constant currency ad growth rate we experienced in Q4.

這比我們在第四季經歷的 66% 的固定貨幣廣告成長率略有下降。

In Q1 this year we benefited from an additional day due to the leap year which contributed approximately 2% to our year-over-year ad revenue growth rate.

今年第一季度，由於閏年，我們多了一天，為我們的廣告收入同比增長率貢獻了約 2%。

North America and Asia-Pacific were our fastest growing regions with advertising revenue growth of 64% and 62% respectively.

北美和亞太地區是我們成長最快的地區，廣告收入成長分別為 64% 和 62%。

Europe and Rest of World grew advertising revenue more slowly at 49% and 35% respectively, with the latter particularly impacted by foreign exchange headwinds.

歐洲和世界其他地區的廣告收入成長較慢，分別為 49% 和 35%，其中後者尤其受到外匯不利因素的影響。

Setting aside currency headwinds all regions exceeded 50% constant currency ad revenue growth.

拋開匯率不利因素，所有地區的固定貨幣廣告收入成長均超過 50%。

Mobile ad revenue was $4.2 billion, representing approximately 82% of total ad revenue.

行動廣告收入為 42 億美元，約佔廣告總收入的 82%。

Mobile ad revenue grew 75%, driven by strength from Facebook's news feed.

在 Facebook 新聞推播的推動下，行動廣告收入成長了 75%。

Our mobile ads business continues to be driven by the combination of both supply-side and demand-side factors.

我們的行動廣告業務持續受到供應方和需求方因素的共同推動。

On the supply-side, we continue to see healthy growth in the number of people using Facebook, time spent across our products and app load.

在供應方面，我們繼續看到使用 Facebook 的人數、在我們產品上花費的時間和應用程式負載的健康成長。

On the demand-side, we believe the investments we have made to improve our mobile advertising solutions are helping drive value for both people and marketers.

在需求方面，我們相信我們為改善行動廣告解決方案而進行的投資正在幫助為人們和行銷人員創造價值。

We are seeing growth in both new customers as well as existing customers who are spending more with us on average compared to last year.

我們看到新客戶和現有客戶都在成長，與去年相比，他們在我們的平均支出更多。

In Q1 the average price per ad increased 5% while total ad impressions increased 50%.

第一季度，每個廣告的平均價格增加了 5%，而總廣告展示次數增加了 50%。

The recorded increase in price is being driven by the continued mix shift towards mobile, which contains higher price news feed ads rather than the mix we have on PCs of both news feed ads and lower price right hand column ads.

價格的上漲是由持續向行動裝置的組合轉變所推動的，行動裝置包含價格較高的新聞源廣告，而不是我們在電腦上的動態廣告和價格較低的右側欄廣告的組合。

The increase in impressions was driven by strong growth in mobile add impressions and was offset partially by a decline in ad impressions delivered on personal computers consistent with the ongoing declines in PC usage.

展示次數的增加是由行動廣告展示次數的強勁增長所推動的，但由於個人電腦使用量的持續下降，個人電腦上投放的廣告展示次數的下降部分抵消了展示次數的增長。

The increase in -- total payments and other fees revenue was $181 million, down 20% compared to last year.

支付和其他費用總收入增加了 1.81 億美元，比去年下降了 20%。

This decline was mainly driven by a reduction in payments revenue related to games played on personal computers.

這一下降主要是由於與個人電腦遊戲相關的支付收入減少所致。

Q1 total costs and expenses were $3.4 billion, up 29%.

第一季總成本和費用為 34 億美元，成長 29%。

We ended the quarter with approximately 13,600 employees, up 35% compared to last year.

本季末，我們約有 13,600 名員工，比去年增加 35%。

Q1 operating income was $2 billion, representing a 37% operating margin.

第一季營業收入為 20 億美元，營業利益率為 37%。

Our Q1 tax rate was 27%, down from our full year 2015 tax rate of 40%.

我們第一季的稅率為 27%，低於 2015 年全年 40% 的稅率。

Our Q1 net income was approximately $1.5 billion or $0.52 per share.

我們第一季的淨利潤約為 15 億美元或每股 0.52 美元。

In Q1 capital expenditures were $1.1 billion, more than double compared to Q1 of last year.

第一季資本支出為 11 億美元，是去年第一季的兩倍多。

Server purchases and data center construction were the largest contributors to year-over-year growth.

伺服器採購和資料中心建置是年成長的最大貢獻者。

New builds in Texas and Ireland along with the expansion of existing facilities will nearly double our current data center footprint when completed.

德州和愛爾蘭的新建築以及現有設施的擴建完工後，將使我們目前的資料中心佔地面積幾乎增加一倍。

In addition to servers and data centers, investments in office facilities also contributed to the year-over-year growth.

除了伺服器和資料中心外，辦公設施的投資也促進了同比增長。

We ended the quarter with $20.6 billion in cash and investments.

本季結束時，我們擁有 206 億美元的現金和投資。

Turning now to the outlook.

現在轉向展望。

First, some color on revenue.

首先，對收入進行一些闡述。

We remain focused on creating value for the people and marketers who use our services.

我們仍然專注於為使用我們服務的人員和行銷人員創造價值。

We expect that the main drivers of advertising revenue growth will continue throughout 2016, but we will face tougher comparables as the year progresses given the accelerating ad revenue growth we experienced throughout 2015.

我們預計，廣告收入成長的主要動力將持續到 2016 年，但鑑於我們在 2015 年經歷了廣告收入的加速成長，隨著時間的推移，我們將面臨更嚴峻的挑戰。

Payments and other fees revenues will continue to face headwinds throughout the year, given that the substantial majority of that revenue relates to payments from games played on personal computers.

鑑於收入的絕大部分與個人電腦上玩的遊戲的支付有關，支付和其他費用收入全年將繼續面臨阻力。

Even with the expected contribution from Oculus, we anticipate that our payments and other fees revenue for the full year 2016 will come in lower than the level in 2015.

即使考慮到 Oculus 的預期貢獻，我們預計 2016 年全年的付款和其他費用收入仍將低於 2015 年的水準。

Next, onto the expense outlook.

接下來，談談費用前景。

Our expense guidance remains unchanged.

我們的費用指導維持不變。

We expect that full year 2016 total GAAP expense growth will be approximately 30% to 40%.

我們預計 2016 年全年 GAAP 總費用將成長約為 30% 至 40%。

We expect full year 2016 amortization expenses to be approximately $700 million to $800 million and full year 2016 stock based compensation expenses to be approximately $3.1 billion to $3.3 billion.

我們預計 2016 年全年攤提費用約為 7 億至 8 億美元，2016 年全年股票補償費用約為 31 億至 33 億美元。

If you take into account our GAAP expense guidance as well as our amortization and SBC guidance, you'll see that our full year 2016 total non-GAAP expense growth guidance range remains unchanged at 45% to 55%.

如果您考慮我們的 GAAP 費用指導以及我們的攤銷和 SBC 指導，您會發現我們 2016 年全年非 GAAP 總費用增長指導範圍保持在 45% 至 55% 不變。

We anticipate full year 2016 capital expenditures to be at the high end of the $4 billion to $4.5 billion range we gave last quarter as we invest to support the rapid growth of the business.

我們預計 2016 年全年資本支出將處於我們上季度給出的 40 億至 45 億美元範圍的高端，因為我們進行投資是為了支持業務的快速成長。

We expect our Q2 and full year 2016 tax rates to be similar to our Q1 rates.

我們預計 2016 年第二季和全年的稅率將與第一季的稅率相似。

In summary, 2016 is off to a great start for Facebook.

總而言之，2016 年對 Facebook 來說是一個好的開始。

Our results reflect healthy growth and engagement in our community, strength in our ads business, and investments we're making to capitalize on the long-term opportunities we see ahead.

我們的業績反映了我們社區的健康成長和參與度、廣告業務的實力以及我們為利用未來的長期機會而進行的投資。

Before going to questions, I wanted to touch briefly on the share reclassification that Mark discussed at the beginning of the call.

在提問之前，我想先簡單談談馬克在電話會議開始時討論的股票重新分類問題。

As we disclosed in the proxy statement we filed today, our Board of Directors has approved a proposal for the reclassification of our capital stock that would involve the creation of a new class of publicly listed non-voting Class C capital stock.

正如我們在今天提交的股東委託書中所揭露的，我們的董事會已批准了一項股本重新分類的提案，其中涉及創建一類新的公開上市無投票權 C 類股本。

Pending stockholder approval, we intend to issue two Class C shares as a one-time stock dividend for each outstanding Class A and Class B share, resulting in a tripling of the pre-reclassification total shares outstanding.

在等待股東批准之前，我們打算為每股已發行的 A 類和 B 類股票發行兩股 C 類股票作為一次性股票股息，從而使重新分類前的已發行股票總數增加三倍。

All stockholders would be treated equally.

所有股東將受到平等對待。

The net effect of this transaction would be to establish two publicly traded classes of Facebook stock, one representing the current Class A shares, and the other representing the non-voting Class C shares.

此交易的最終效果將是建立兩種公開交易的 Facebook 股票類別，一種代表當前的 A 類股票，另一種代表無投票權的 C 類股票。

Since the Class C shares would have the same economic rights as the Class A and Class B shares, we would expect that after the payment of the stock dividend, the share price of the Class A common stock would generally reflect a three-for-one stock split.

由於C類股票將與A類和B類股票享有相同的經濟權利，我們預期在支付股票股利後，A類普通股的股價將普遍反映為三比一。

This will have no effect on the voting interests related to shares that investors currently hold.

這不會影響投資人目前持有的股票的投票權。

As Mark mentioned, this structure will allow for the preservation of the voting structure that has served the Company well to date, while allowing for Mark to fund the Chan Zuckerberg Initiative over the course of his lifetime.

正如馬克所提到的，這種結構將允許保留迄今為止為公司提供良好服務的投票結構，同時允許馬克在其一生中為陳·祖克柏計劃提供資金。

Importantly, as part of this proposal, the preservation of the multi-class capital structure would be generally predicated on Mark continuing to maintain an active leadership role at Facebook.

重要的是，作為該提案的一部分，多級資本結構的保留通常取決於馬克繼續在 Facebook 中保持積極的領導作用。

Let me talk about next steps.

我來談談接下來的步驟。

The reclassification would be conditioned on approval by a majority of outstanding votes held by Company stockholders, and we anticipate a vote on the matter at our annual meeting to be held on June 20th this year.

重新分類的條件是獲得公司股東持有的多數未投票票的批准，我們預計在今年 6 月 20 日舉行的年會上就此事進行投票。

A record date for this dividend would be determined at a later date.

該股息的記錄日期將在稍後確定。

With that, Chris, let's open up the call for questions.

克里斯，讓我們開始提問吧。

We will now open the lines for a question-and-answer session.

我們現在將開放問答環節。

(Operator Instructions).

（操作員說明）。

Your first question comes from the line of Eric Sheridan with UBS.

你的第一個問題來自瑞銀集團的艾瑞克‧謝裡丹（Eric Sheridan）。

Your line is open.

您的線路已開通。

Thank you so much.

太感謝了。

Wanted to come back to your comments on the small and medium size business opportunity at Facebook.

我想回到您對 Facebook 中小型商業機會的評論。

Maybe direct a few points to Sheryl to get some comment.

也許可以直接向 Sheryl 提出幾點意見，以獲得一些評論。

Wanted to understand what some of the opportunities are to continue to demonstrate to those advertisers what the potential is for both Facebook, and maybe even Instagram and Facebook Messenger, long term as platforms to grow their businesses, and sort of also pointing out what some of the measurement tools and operating challenges are to bring people onto the platform.

希望了解哪些機會可以繼續向廣告商展示 Facebook，甚至 Instagram 和 Facebook Messenger 作為發展業務的長期平台的潛力，並指出一些測量工具和操作挑戰是將人們帶入平台。

Thank you.

謝謝。

Thank you for the question.

感謝你的提問。

SMBs or SMUs, as they're called in different places around the world, we think are a very core competitive advantage for us.

我們認為，中小企業或 SMU（在世界各地不同的地方對它們的稱呼）是我們非常核心的競爭優勢。

It's prohibitively expensive for most small businesses to reach people digitally.

對於大多數小型企業來說，透過數位方式接觸人們的成本過高。

35% of small businesses in the United States, which is often the most advanced market, don't have a web presence at all, and setting up a mobile app, getting people to find and download a mobile app, can be more expensive.

美國通常是最先進的市場，35% 的小型企業根本沒有網站，而設定行動應用程式、讓人們尋找並下載行動應用程式的成本可能會更高。

And so what's happening is that SMBs are turning to Facebook page as their mobile solution.

因此，中小型企業正在轉向 Facebook 頁面作為他們的行動解決方案。

They're free.

他們是免費的。

They're easy to set up, and they already know how to do them because almost all of them are already Facebook users in the first place.

它們很容易設置，而且他們已經知道如何操作，因為幾乎所有人都已經是 Facebook 用戶了。

And so the on-boarding has been incredibly important and incredibly effective.

因此，入職培訓非常重要且非常有效。

We announced last year that we have over 50 million small business pages active on a monthly basis.

我們去年宣布每月活躍的小型企業頁面超過 5,000 萬個。

80% of those are active on mobile.

其中 80% 活躍在行動裝置上。

We then work on helping them use our ad products and upsell them to our paid ad products as well, and we announced this quarter that we hit 3 million active advertisers on Facebook and 200,000 on Instagram.

然後，我們致力於幫助他們使用我們的廣告產品，並向他們追加銷售我們的付費廣告產品，本季度我們宣布 Facebook 上的活躍廣告商達到 300 萬，Instagram 上的活躍廣告商達到 20 萬。

What's interesting is that what you see is SMBs able to use the tools of some of the biggest brands in the world.

有趣的是，您看到中小企業能夠使用世界上一些最大品牌的工具。

So over 2 million SMBs have posted a video both paid and organic in the last month, and that has to be many times the number of SMBs that have shot or played a TV commercial.

因此，超過 200 萬中小型企業在上個月發布了付費和自然視頻，這一定是拍攝或播放電視廣告的中小型企業數量的許多倍。

In terms of measurement, your question's important because it's not just getting them to use our platforms to connect to consumers, it's getting them to be able to measure a result.

在衡量方面，您的問題很重要，因為這不僅讓他們使用我們的平台與消費者建立聯繫，還讓他們能夠衡量結果。

And so we've worked hard to build measurement tools into the product, so that when you buy an ad, SMBs in a very easy interface, and decide what their goals are.

因此，我們努力在產品中建立衡量工具，以便當您購買廣告時，中小型企業可以透過非常簡單的介面來決定他們的目標是什麼。

Are their goals measuring sales, are their goals to visit a website, are their goals a mobile app download, and then measuring all the way through from showing that ad to the purchase.

他們的目標是衡量銷售量、造訪網站的目標、下載行動應用程式的目標，然後衡量從展示廣告到購買的整個過程。

I continue and we continue to be very bullish on this channel, because we have such a broad base of usage because that usage is so active, and because we're very focused on investing and simplifying our products so that all SMBs can use them.

我繼續，我們繼續非常看好這個管道，因為我們擁有如此廣泛的使用基礎，因為這種使用如此活躍，而且因為我們非常專注於投資和簡化我們的產品，以便所有中小企業都可以使用它們。

The next question is from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

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.

我有兩個。

The first one, Sheryl, you talked about video and kind of increasing the overall video consumption.

第一個，謝麗爾，您談到了影片以及增加整體影片消費的問題。

Could you just talk about where you are in traction with video advertising and kind of the adoption of video ad units and the impact of video in the quarter?

您能否談談您對影片廣告的吸引力以及影片廣告單元的採用情況以及影片在本季的影響？

And then secondly, just kind of breaking down the advertising by cohort, could you talk to the strengths of, points of strength or weakness across direct response versus branded advertisers in the quarter?

其次，按群體細分廣告，您能否談談本季直接反應與品牌廣告商相比的優勢、優勢或劣勢？

Thanks.

謝謝。

Sure, I'll take the second one first.

當然，我會先拿第二個。

Our growth was really broad based, and we grew across all of our marketer presence this quarter.

我們的成長非常廣泛，本季我們所有行銷人員的業務都得到了成長。

That's direct response, brands, SMBs and developers.

這是品牌、中小企業和開發商的直接反應。

Our direct response business continues to be very strong.

我們的直接響應業務仍然非常強勁。

It's very ROI focused, and we continue to invest and roll out products that help people.

它非常注重投資回報率，我們繼續投資並推出可以幫助人們的產品。

So for example, lead ads, where people can fill out forms on a mobile device, take their contacts and throw it on Facebook.

例如，引導廣告，人們可以在行動裝置上填寫表格，獲取他們的聯絡人並將其扔到 Facebook 上。

We rolled that out fully this quarter.

我們本季全面推出了該功能。

And that enabled people to use Facebook in a very direct-to-response way and we'll continue to invest there.

這使得人們能夠以非常直接回應的方式使用 Facebook，我們將繼續在這方面進行投資。

Video ads are really exciting.

影片廣告確實令人興奮。

It's worth noting that video ads take place of another avenue.

值得注意的是，影片廣告取代了另一種途徑。

These are not all of the revenue (Inaudible), but as consumer engagement with video has continued to grow that creates more and more of an opportunity for video ads.

這些並不是全部收入（聽不清楚），但隨著消費者對影片的參與度持續增長，這為影片廣告創造了越來越多的機會。

Marketers have always loved video because it's a really compelling way to reach people.

行銷人員一直喜歡視頻，因為它是一種非常引人注目的接觸人們的方式。

And this now you can reach them on mobile all day with those kind of messages.

現在，您可以全天透過行動裝置與他們聯繫，發送此類訊息。

Importantly, marketers have to adjust sometimes.

重要的是，行銷人員有時必須進行調整。

While the 30 second ad does perform well in news feed, we also have people understanding that some of the formats are different creating shorter ads, creating ads that can work even without sound, more personal ads, has really mattered.

雖然30 秒的廣告在新聞推播中確實表現良好，但我們也讓人們了解到，有些格式是不同的，因此創建更短的廣告、創建即使沒有聲音也能發揮作用的廣告、更個性化的廣告確實很重要。

One example is Toyota used Facebook for the launch of the Rav4 Hybrid.

一個例子是豐田利用 Facebook 推出了 Rav4 Hybrid。

This was actually in Los Angeles.

這實際上是在洛杉磯。

They used a very broad video to drive brand awareness.

他們使用非常廣泛的影片來提高品牌知名度。

They reached over 36 million people in their target demo within three days.

他們的目標演示在三天內覆蓋了超過 3600 萬人。

Then, and this is where it gets even more interesting, they retargeted people who watched the video with over 500 personalized video ads which were optimized for Facebook and Instagram.

然後，更有趣的是，他們使用 500 多個針對 Facebook 和 Instagram 優化的個人化影片廣告重新定位觀看影片的用戶。

So they were creating a direct response campaign to get people to take specific actions, like requesting a quote and finding a specific dealer.

因此，他們正在發起一項直接回應活動，讓人們採取特定行動，例如要求報價和尋找特定經銷商。

We saw a 14-point lift in ad recall, a 7-point lift in message association.

我們看到廣告回憶度提升了 14 點，訊息關聯度提升了 7 點。

And right now we're using a lift roll to continue to measure their sales for the 30 and 60 days beyond the campaign to see what happens, and we're pretty excited about what that shows in terms of you how video can be used in a really broad based way but also a more personal way.

現在，我們正在使用提升滾動來繼續衡量活動結束後 30 和 60 天的銷售額，看看會發生什麼，我們對這向您展示如何使用視頻感到非常興奮這是一種非常廣泛的方式，但也是一種更個人化的方式。

The next question is from Douglas Anmuth with JPMorgan.

下一個問題來自摩根大通的道格拉斯·安穆斯 (Douglas Anmuth)。

Your line is open.

您的線路已開通。

Thanks for taking the questions.

感謝您提出問題。

I had a couple for Mark around Messenger.

我在 Messenger 周圍為馬克準備了一些。

Mark, I was hoping you could talk to us about how you expect to shift user behavior within Messenger to get you users to focus more on businesses versus more personal communications and how you'll make users aware of the capabilities within the platform?

Mark，我希望您能與我們談談您希望如何改變 Messenger 中的用戶行為，讓用戶更專注於業務而不是更多的個人通信，以及您將如何讓用戶了解平台內的功能？

And then just secondly, as more bots come on board here and businesses are engaging with Messenger, how do you envision kind of bots and humans working together in terms of providing more customer service?

其次，隨著越來越多的機器人加入，企業也開始使用 Messenger，您如何設想機器人和人類在提供更多客戶服務方面的合作？

Thanks.

謝謝。

Sure.

當然。

So part of our playbook for building out these ecosystems to scale is we start with the person-to-person use case, right?

因此，我們建立這些生態系統以擴展規模的劇本的一部分是從人對人的用例開始，對吧？

So whether that's in Messaging, and people messaging their friends or groups, in news feed before that, it was people posting updates and seeing what was going on with their friends and the people that they care about.

因此，無論是在訊息傳遞中，還是在先前的新聞推播中，人們向他們的朋友或群組發送訊息，都是人們發布更新並查看他們的朋友和他們關心的人發生了什麼。

And then the next step is to create organic activity around public entities, right?

下一步是圍繞公共實體創建有機活動，對嗎？

So whether that's businesses, public figures, like athletes and celebrities and types of folks that people want to interact with, these different platforms, we did that on Facebook and news feeds or pages, and we're working on a number of different ways to do that in messenger.

因此，無論是企業、公眾人物，如運動員、名人，還是人們想要與之互動的各類人士，這些不同的平台，我們都在Facebook 和新聞提要或頁面上做到了這一點，並且我們正在研究多種不同的方式在 Messenger 中執行此操作。

One of those is bots.

其中之一是機器人。

And one of the good things about bots that we've seen is that it can increase or, sorry, decrease the amount of time that you have to wait before you get a reply back from interacting with a message.

我們所看到的關於機器人的好處之一是，它可以增加或抱歉，減少您在透過訊息互動得到回覆之前必須等待的時間。

So what we've seen, we've done some research on this.

所以我們已經看到了，我們對此做了一些研究。

A lot of people everyday in Facebook today are already messaging pages and businesses directly.

如今，許多人每天都在 Facebook 上直接與訊息頁面和企業進行交流。

And the businesses respond.

企業也做出了回應。

But what we've actually also found is that through some of our AI research, we can look at the responses that businesses give to common questions and can confidently provide the right reply a lot of the time.

但我們實際上也發現，透過一些人工智慧研究，我們可以查看企業對常見問題的回答，並且很多時候可以自信地提供正確的答案。

And when we can do that, then that decreases the latency, and predictably people want to do more of that activity.

當我們能夠做到這一點時，就會減少延遲，並且可以預見的是，人們希望進行更多此類活動。

So that's one way that I think you're going to see bots work, between people who are actually driving the businesses directly will need to in some way train or answer questions for people, but we can build artificial intelligence that can learn from people how to automate a lot of that and make that experience a lot faster for people who want to interact with businesses and public figures.

因此，我認為這是機器人工作的一種方式，在實際直接推動業務的人們之間需要以某種方式訓練或回答人們的問題，但我們可以建立人工智慧，可以向人們學習如何讓很多事情實現自動化，並為想要與企業和公眾人物互動的人提供更快的體驗。

And of course then after you start building out that segment of businesses and public figures on the platform, then on top of that you have just a good amount of intent in these platforms to build a good business on top of that, that kind of stage-through.

當然，當你開始在平台上建立這部分業務和公眾人物之後，除此之外，你在這些平台上有很大的意圖，希望在此基礎上建立良好的業務，這樣的舞台-通過。

The next question is from John Blackledge with Cowen and Company.

下一個問題來自 Cowen and Company 的 John Blackledge。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thank you.

謝謝。

Two questions.

兩個問題。

So Facebook just opened up instant articles globally to all publishers.

因此，Facebook 剛剛向全球所有出版商開放了即時文章。

Just wondering what you see as a publisher's benefits of joining instant articles and how should we think about the monetization impact in 2016.

只是想知道您認為出版商加入即時文章的好處是什麼，以及我們應該如何考慮 2016 年的貨幣化影響。

And then second question, the ad revenue in AIPAC was much better than we thought, just any more color on the drivers there.

第二個問題，AIPAC 的廣告收入比我們想像的要好得多，只是那裡的司機有更多的色彩。

Thank you.

謝謝。

So instant articles is all about the quality of the consumer experience.

因此，即時文章最重要的是消費者體驗的品質。

I mean right now for links that are not instant articles, it can be one of the slowest parts of the Facebook app.

我的意思是，現在對於非即時文章的鏈接，它可能是 Facebook 應用程式中最慢的部分之一。

You're browsing through a news feed, you tap on a link, if you're not on a good connection the content doesn't cache, and it can take 10 or 20 seconds in some cases for that content to load.

您正在瀏覽新聞源，點擊鏈接，如果連接狀況不佳，則內容不會緩存，並且在某些情況下可能需要 10 或 20 秒才能加載該內容。

And, you know, people in our community, they don't know the difference about whether that content is coming from Facebook or a different place.

而且，您知道，我們社群中的人們不知道該內容是來自 Facebook 還是來自其他地方。

And they hold us accountable for making their experience quick and we want to do everything we can to do that.

他們要求我們負責讓他們的體驗更快，我們希望盡我們所能做到這一點。

So instant articles makes it so that any publisher around the world now can deliver a really great native experience instantly with no latency in loading it, and we're just seeing that people like to engage with that a lot more.

因此，即時文章使得世界各地的任何出版商現在都可以立即提供真正出色的本機體驗，加載時沒有延遲，而且我們只是看到人們更喜歡參與其中。

So that's what we're most excited about there.

這就是我們最興奮的地方。

The AIPAC question.

AIPAC 問題。

AIPAC's been growing really well for several quarters now and we're seeing a lot of great adoption as people learn to use the products.

AIPAC 幾個季度以來一直成長得非常好，隨著人們學習使用這些產品，我們看到它得到了廣泛的採用。

One part of the business that I think has been really strong and is worth noting is we're working with marketers in China to help with their export business.

我認為業務中真正強勁且值得注意的部分是我們正在與中國的營銷人員合作，幫助他們開展出口業務。

So Air China is a good example.

國航就是一個很好的例子。

They're a popular airline in China.

他們是中國受歡迎的航空公司。

But they don't really have -- they're not really as well-known overseas, and before working with us they really only invested in traditional media.

但他們實際上並沒有——他們在海外並沒有那麼知名，而且在與我們合作之前，他們實際上只投資於傳統媒體。

They had a goal of promoting their new flight routes including one from Mumbai to Beijing and their new aircraft.

他們的目標是推廣他們的新航線，包括從孟買飛往北京的航線以及他們的新飛機。

So they launched a campaign with us in 15 countries globally.

因此他們與我們一起在全球 15 個國家發起了一項活動。

They used Regent Frequency and Carousel and video ad targeting and for example, they would target in the US age 18 and above, frequent international travelers, living in cities where they had routes.

他們使用麗晶頻率、輪播和影片廣告定位，例如，他們將目標定位於美國 18 歲及以上、居住在有航線的城市的經常國際旅客。

Or Indian ex-pats living in the US to promote new routes to Mumbai.

或是居住在美國的印度僑民推廣通往孟買的新航線。

They reached 30 million people globally, more than 95% on global.

他們在全球範圍內覆蓋了 3000 萬人，佔全球的 95% 以上。

And here's the best part.

這是最好的部分。

They had a 73% sales lift in the United States.

他們在美國的銷售額成長了 73%。

So our AIPAC business is robust, and I think the global nature of our business is part of driving that.

因此，我們的 AIPAC 業務非常強勁，我認為我們業務的全球性是推動這項業務的一部分。

The next question is from Heather Bellini with Goldman Sachs.

下一個問題來自高盛的希瑟·貝利尼。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thank you.

謝謝。

I was just wondering if you could share with us, how do you see Instagram's ramp impacting Facebook's ad growth in 2016 or if there's any color you could share with us about kind of how that's been ramping.

我只是想知道您是否可以與我們分享，您如何看待 Instagram 的成長對 Facebook 2016 年廣告成長的影響，或者您是否可以與我們分享有關其成長情況的任何資訊。

And also, if you could share with us how advertisers are viewing the platform, are you finding that it's typically more additive to their Facebook spending, or are they funding it with existing Facebook budgets?

另外，如果您可以與我們分享廣告商如何看待該平台，您是否發現這通常會增加他們的 Facebook 支出，或者他們是否用現有的 Facebook 預算為其提供資金？

Thank you.

謝謝。

Facebook and Instagram are the two most important mobile ad platforms out there.

Facebook 和 Instagram 是兩個最重要的行動廣告平台。

In the short run, some of the spend is incremental and some isn't.

從短期來看，有些支出是增量的，有些則不是。

There are people who will have a social budget or a digital budget, and as they move to Instagram some of that will come from Facebook.

有些人會有社交預算或數位預算，當他們轉向 Instagram 時，其中一些預算將來自 Facebook。

In the medium to long run, we believe we can compare very favorably with any other spend we can do because we have this very broad reach on both platforms, plus the ability to target very specifically.

從中長期來看，我們相信我們可以非常有利地與我們可以做的任何其他支出進行比較，因為我們在兩個平台上都有非常廣泛的影響力，並且能夠非常具體地定位。

So what you're seeing in our results right now, very strong growth for Facebook and very strong growth for Instagram.

所以你現在在我們的業績中看到的是，Facebook 的成長非常強勁，Instagram 的成長也非常強勁。

We hit 3 million advertisers for Facebook.

Facebook 的廣告主數已達 300 萬人。

We hit 200,000 for Instagram.

Instagram 的點擊量達到了 20 萬。

And often the platforms really work together.

而且這些平台通常能夠真正協同工作。

The next question is from Justin Post with Merrill Lynch.

下一個問題來自美林證券的賈斯汀·波斯特。

Your line is open.

您的線路已開通。

Question for Mark.

問馬克的問題。

There's been some concerns about traffic to publishers and sharing levels on Facebook.

人們對 Facebook 上的發布商流量和分享程度存在一些擔憂。

I was just wonder if you could talk about core Facebook engagement, what's really working, are you concerned at all about that, and then when you think about the ad loads, are you comfortable with where they're at?

我只是想知道你是否可以談談 Facebook 的核心參與度，什麼是真正有效的，你是否擔心這一點，然後當你考慮廣告負載時，你對它們所處的位置感到滿意嗎？

Is there still a lot of room to go?

還有很大的空間嗎？

And then maybe last one, if you were to ever leave Facebook, what would happen to your voting shares?

也許最後一個問題是，如果你離開 Facebook，你的投票權股會怎麼樣？

Thank you.

謝謝。

All right.

好的。

Let's talk about engagement first.

我們先來談談訂婚。

So overall sharing is up across Facebook and people are spending more time on Facebook and the whole family of apps, and that is not just the case for the aggregate of the growing community but it's actually also the case on a per person basis as well, in terms of people sharing more and spending more time individually.

因此，Facebook 上的整體分享量有所增加，人們在 Facebook 和整個應用程式系列上花費了更多的時間，這不僅是不斷增長的社群整體的情況，而且實際上每個人的情況也是如此，人們多分享並花更多的時間單獨相處。

Now, one of the things that we see is that the way that we are sharing is always changing.

現在，我們看到的一件事是我們分享的方式總是在變化。

And some of this is because of underlying technical transition.

其中部分原因是潛在的技術轉型。

So on desktop, for example, it was easier to type so we saw more text posts.

例如，在桌面上，打字更容易，因此我們看到了更多的文字貼文。

On mobile it's easier to take videos so we see more videos.

在行動裝置上拍攝影片更容易，因此我們可以看到更多影片。

On desktop people would have more commonly uploaded an album of photos that they took from their digital camera and downloaded onto their computer, whereas on mobile the more common behavior is to take a single photo or a couple and just post those.

在桌面上，人們更常見的是上傳從數位相機拍攝的照片相簿並下載到電腦上，而在行動裝置上，更常見的行為是拍攝一張或幾張照片，然後將其發布。

There are all these transitions and that's our job, right, is to make it so that we build great tools that people, everyone around the world can share anything that they want with everyone.

存在所有這些轉變，這就是我們的工作，對吧，就是要創造出偉大的工具，讓世界各地的人們、每個人都可以與每個人分享他們想要的任何東西。

Now, the other thing that's also true is that people want to share with lots of different kinds of audiences.

現在，另一件事也是如此，人們希望與許多不同類型的受眾分享。

So Facebook gives you the ability to share with all of your friends and publicly if you want and with groups, but we're also investing in things like Messenger and WhatsApp, because a lot of people want to share increasingly messages, privately, one on one, their with very small groups.

因此，Facebook 使您能夠與所有朋友分享，如果您願意，還可以與群組公開分享，但我們也在投資Messenger 和WhatsApp 等產品，因為很多人希望私下分享越來越多的消息，或者在網上分享消息。

So in addition to Messenger, which is at 900 million people a month and WhatsApp just at more than 1 billion people a month.

除了每月 9 億用戶的 Messenger 和每月超過 10 億用戶的 WhatsApp 之外。

Facebook groups is also at more than 1 billion people a month, which I think represents the increasing diversity of the different types of audiences that people want to share with.

Facebook 群組每月的人數也超過 10 億，我認為這代表了人們想要與之分享的不同類型受眾的日益多樣化。

But you know, ultimately, I think that humans have such a deep desire to express themselves and want to connect with the people around them that I think that all of these audiences and all of these different types of media should grow over time, and it's our job to basically make sure that we build good products and get rid of all of the bugs and make it so the performance is fast, and all the basic stuff works.

但你知道，最終，我認為人類有如此強烈的願望來表達自己，並希望與周圍的人建立聯繫，我認為所有這些觀眾和所有這些不同類型的媒體應該隨著時間的推移而增長，這是我們的工作基本上是確保我們建立良好的產品並消除所有錯誤並使其性能快速，並且所有基本功能都有效。

That way we get there.

這樣我們就可以到達那裡。

But in general, right now all the high level trends look pretty positive on that.

但總的來說，目前所有的高層趨勢看起來都非常正面。

I think I'll kick it off to Dave to go through your questions about some of the technical pieces about the reclassification.

我想我會先請戴夫回答您關於重新分類的一些技術問題的問題。

Sure.

當然。

I guess also, Justin, you had a question on ad load, so I'll do both the ad load and the question on the reclassification.

我也想，賈斯汀，您有一個關於廣告加載的問題，所以我將同時解決廣告加載和重新分類的問題。

So on ad load it's definitely up from where we were a couple of years ago.

因此，在廣告負載方面，它肯定比幾年前有所改善。

I think it's really worth emphasizing that what's enabled us to do that is just improving the quality and the relevance of the ads that we have, and then that's enabled us to show more of them without harming the user experience at all.

我認為值得強調的是，我們能夠做到這一點的原因只是提高了我們現有廣告的品質和相關性，然後這使我們能夠在不損害用戶體驗的情況下展示更多廣告。

So that's been really key.

所以這真的很關鍵。

Over time we would expect that ad load growth would be a less significant factor driving overall revenue growth, but we remain confident that we've got opportunities to continue to grow supply through the continued growth in people and engagement on Facebook as well as on our other apps such as Instagram.

隨著時間的推移，我們預計廣告負載成長將成為推動整體收入成長的一個不太重要的因素，但我們仍然相信，透過Facebook 以及我們的網站上的人數和參與度的持續成長，我們有機會繼續增加供應。

On the question regarding what would happen to Mark's shares if he were to leave Facebook, I would just kind of refer that the new multi-class capital structure is generally dependent on Mark continuing to maintain an active leadership role at Facebook.

關於如果馬克離開 Facebook，他的股票會發生什麼的問題，我想指出的是，新的多類別資本結構通常取決於馬克繼續在 Facebook 中保持積極的領導作用。

And if you go into the proxy materials, it goes into more detail on how different things would play out under various other scenarios, so I would just refer you to those.

如果您查看代理材料，它會更詳細地介紹不同的事情在各種其他情況下如何發揮作用，所以我只想向您推薦這些內容。

The next question is from Ben Schachter with Macquarie.

下一個問題來自麥格理的 Ben Schachter。

Mark, when you're thinking about acquisitions broadly, in what area do you think Facebook needs to buy versus build?

馬克，當您廣泛考慮收購時，您認為 Facebook 需要在哪些領域進行購買而不是建立？

So basically where do you need external help?

那麼基本上你在哪裡需要外部幫助呢？

And then on VR, just a few quick questions.

然後在 VR 上，我簡單問了幾個問題。

Any update on the shipping delay, how many units shipped in the quarter and expectations for the year, and then also on VR, understanding I know it's very, very early but beyond games and entertainment, what verticals do you expect to be first to utilize VR and AR?

關於發貨延遲的任何更新、本季度發貨量和全年預期，還有 VR，我知道現在還非常非常早，但除了遊戲和娛樂之外，您希望首先使用哪些垂直領域虛擬現實和增強現實？

Thanks.

謝謝。

So on the acquisition philosophy, I mean, I talked about how I think the social ecosystem will play out an a number of these calls.

因此，關於收購理念，我的意思是，我談到了我認為社交生態系統將如何發揮其中的一些作用。

The basic theory that we have is that there are a small number of services that are going to be ubiquitous utilities that1 billion or 2 billion or more people are going to want to use.

我們的基本理論是，有少數服務將成為 10 億、20 億或更多人想要使用的無處不在的公用事業。

That's core, basic messaging, the core functionality around having your real identity and connecting with all of your real friends and family online.

這是核心、基本的訊息傳遞，是圍繞擁有真實身份並與所有真正的朋友和家人在線聯繫的核心功能。

Those are things that we just think are going to be ubiquitous.

我們認為這些東西將會無所不在。

So we want to build those.

所以我們想要建造這些。

At the same time, we also think that there are going to be many, many good businesses and different other social use cases where there are people doing good work and building different companies.

同時，我們也認為將會有很多很多優秀的企業和不同的其他社會用例，人們會做好工作並建立不同的公司。

We feel no need to own those things.

我們覺得沒有必要擁有這些東西。

So I think people come up from time to time and suggest, should we buy this company or that and what we look at are what are things that we think are going to be ubiquitous tools and who are the most talented people in the world to build this.

因此，我認為人們時常會提出建議，我們應該購買這家公司還是那家公司，我們關注的是我們認為將成為無處不在的工具的東西以及誰是世界上最有才華的人來構建這。

And so when you think about something like virtual and augmented reality, that's how we thought about that.

因此，當你想到虛擬實境和擴增實境之類的東西時，這就是我們的想法。

This is -- those are going to be important platforms over time.

隨著時間的推移，這些將成為重要的平台。

It's very early, obviously, it's going to take a long time to get there.

現在還很早，顯然要花很長時間才能到達那裡。

And a lot of what we felt like we were buying there was a critical mass of the best people and the best technology to go do all the things that we needed to go do over the next 10 years to drive that home and turn that into a big platform.

我們覺得我們在那裡購買的很多東西都擁有足夠數量的最優秀的人才和最好的技術，可以用來完成我們在未來 10 年內需要做的所有事情，以推動這一目標並將其變成一個大平台。

And then you asked a question about virtual and augmented reality, what are going to be the big use cases.

然後你問了一個關於虛擬和擴增實境的問題，主要的用例是什麼。

I mean, you know for the first few years of virtual reality I think gaming and video are going to be the big ones.

我的意思是，你知道，在虛擬實境的最初幾年，我認為遊戲和影片將成為最重要的領域。

The initial market that we look at are all the people who have X-Boxes, PlayStations and Wii U's use, right?

我們最初關注的市場是所有使用X-Box、PlayStation和Wii U的人，對嗎？

The people who are excited to have an immerse media experience sitting in their living room for a long period of time, and that's a pretty big market.

人們很高興能夠長時間坐在客廳裡享受沉浸式媒體體驗，這是一個相當大的市場。

And even though that's not all of what we hope to eventually serve, and that's not the full potential of these new platforms, I think that is one case where you can obviously deliver better and richer experiences than what you can with the current generation of technology.

儘管這並不是我們最終希望提供的服務的全部，也不是這些新平台的全部潛力，但我認為在這種情況下，你顯然可以提供比當前一代技術更好、更豐富的體驗。

Video is going really well.

影片進展非常順利。

I shared a stat before in some of my comments that on Gear VR alone we're now at more than 2 million hours of video, have been watched in the platform.

我之前在一些評論中分享過一項統計數據，光是在 Gear VR 上，我們現在在該平台上觀看的影片就超過了 200 萬小時。

So that's really exciting.

這真的很令人興奮。

And that of course will be bolstered by the fact that these new kind of 360 videos cannot only be watched in VR, so in the headsets, but we're building tools so you can share them on news feed and through our products elsewhere as well.

當然，這些新型360 度影片不僅可以在VR 中觀看（因此可以在耳機中觀看），這一事實也將支持這一點，但我們正在建立工具，以便您可以在動態消息上以及透過我們在其他地方的產品分享它們。

So I think that's exciting.

所以我認為這很令人興奮。

Over time there will be even more.

隨著時間的推移，還會有更多。

But that I think should be enough to have some initial use.

但我認為應該足以進行一些初步使用。

But again, I do want to really emphasize this is early and it's going to take a long time.

但我再次強調，這還為時過早，而且需要很長時間。

And I know there's a lot of hype around this, and we're just focused on building this to be very good over the long term.

我知道這方面有很多炒作，我們只是專注於將其打造為長期良好的產品。

And then you asked about shipping units.

然後您詢問了運輸單位。

We did begin shipping units in the quarter.

我們確實在本季開始出貨。

This is a very, you know, very small still.

這是一個非常非常小的蒸餾器。

VR is still very early.

VR還很早期。

It's not going to have a material impact on revenue in 2016.

這不會對 2016 年的收入產生重大影響。

And I gave more color on that in my prepared remarks.

我在準備好的發言中對此進行了更多闡述。

The next question is from Mark May with Citi.

下一個問題來自花旗集團的馬克‧梅。

Your line is open.

您的線路已開通。

Thanks a lot.

多謝。

First one for Sheryl, I think.

我想，第一個是給謝麗爾的。

Wondering if you could update us on the progress you're seeing with Fan.

想知道您能否向我們介紹您在 Fan 方面所取得的最新進展。

You gave some metrics in Q4.

您在第四季提供了一些指標。

It seemed like that advertisers were really adopting that platform and seeing a lot of additional reach, maybe you if you could tell us how that's going, and then I think a couple more on the tax rate.

看起來廣告商確實在採用這個平台，並看到了很多額外的影響力，也許你能告訴我們這是怎麼回事，然後我想更多關於稅率的信息。

We saw it step down quite a bit in Q1, but you're guiding for flat sequentially.

我們看到它在第一季下降了很多，但你的指導是連續持平。

Should we think about that as a run rate or are you still attempting to manage your tax rate down even further than where you saw in Q1 and we were expecting for Q2?

我們是否應該將其視為運行率，或者您是否仍在嘗試將稅率進一步降低，甚至比第一季和我們對第二季的預期更低？

And then on the OpEx guide, 41% non-GAAP growth in Q1, obviously below your range but you maintain the range.

然後，根據營運支出指南，第一季非 GAAP 成長率為 41%，明顯低於您的範圍，但您維持了該範圍。

Why is that?

這是為什麼？

Is that just purely a function of the comps as you head into the year, or are there some specific kind of investment plans that you have?

這純粹是您進入這一年時的比較的函數，還是您有某種特定類型的投資計劃？

Thanks.

謝謝。

Sure, Mark.

當然，馬克。

I can start with the detailed one, the tax rate and the OpEx guide.

我可以從詳細的稅率和營運支出指南開始。

So on the tax rate, yes, the rate came in better than guidance in terms of the tax rate, but it's consistent with the long-term trend that I've indicated.

因此，就稅率而言，是的，該稅率比指導稅率要好，但它與我指出的長期趨勢一致。

We do expect that that rate will be the approximately the rate that will continue for the rest of the year.

我們確實預計該比率將大致與今年剩餘時間內持續的比率相同。

So for purposes of 2016 modeling, I would use the Q1 rate.

因此，出於 2016 年建模的目的，我將使用第一季利率。

On the OpEx guide, Q1 came in slightly below our annual expense growth guidance, but we do expect that investments in areas like video and Oculus will impact the remainder of the year more substantially.

根據營運支出指南，第一季略低於我們的年度支出成長指導，但我們確實預計影片和 Oculus 等領域的投資將對今年剩餘時間產生更重大的影響。

So that's why we're maintaining the annual OpEx growth guidance that we have.

這就是我們維持年度營運支出成長指引的原因。

And then Sheryl, did you want to speak about Audience Network?

然後 Sheryl，你想談談 Audience Network 嗎？

Yes, Audience Network is important to us because we're making a strategic investment in ad pack, helping advertisers and publishers grow both on and off Facebook.

是的，Audience Network 對我們來說很重要，因為我們正在對廣告包進行策略性投資，幫助廣告商和發布商在 Facebook 內外實現成長。

We think we're uniquely placed to bring people based marketing to scale and solve the measurement problem, and the Audience Network is a place we're really focused, because we feel like we're delivering value for advertisers and publishers so we're investing behind the growth we've seen.

我們認為我們處於獨特的地位，可以擴大以人為本的營銷規模並解決衡量問題，而受眾網絡是我們真正關注的地方，因為我們覺得我們正在為廣告商和出版商提供價值，所以我們所看到的成長背後的投資。

We've seen a growth of native ads, 83% of the overall inventory on the platform is native, and over 50% of our publishers are only using native ads.

我們看到原生廣告的成長，平台上 83% 的總庫存是原生廣告，超過 50% 的發布商只使用原生廣告。

We have some great examples of Audience Network really improving people's results.

我們有一些 Audience Network 真正改善人們結果的好例子。

Our recent one is Ebay Vivanuceous, which is an online real estate destination working in Latin America and Mexico.

我們最近的一個是 Ebay Vivanuceous，這是一個在拉丁美洲和墨西哥開展業務的線上房地產目的地。

When they were using a combination of Facebook, Instagram and the Audience Network, they saw 57% lower cost per install with placement optimization and 69% more volume versus running on Facebook alone, which led to 6% incremental revenue.

當他們結合使用Facebook、Instagram 和Audience Network 時，與單獨在Facebook 上運行相比，透過展示位置優化，每次安裝成本降低了57%，數量增加了69%，從而帶來了6% 的增量收入。

So compared to November a year before, the number of their app installs increased by 115%.

因此，與去年 11 月相比，他們的應用程式安裝量增加了 115%。

So what we're seeing is the results we're able to deliver on Facebook and Instagram, a lot of our marketing partners want more, and our ability to do that is why we're investing in the Audience Network.

因此，我們看到的是我們能夠在 Facebook 和 Instagram 上提供的結果，我們的許多行銷合作夥伴想要更多，而我們有能力做到這一點，這就是我們投資 Audience Network 的原因。

The next question is from Colin Sebastian with Robert W. Baird.

下一個問題是科林·塞巴斯蒂安和羅伯特·W·貝爾德提出的。

Your line is open.

您的線路已開通。

Hello, this is actually Ben on for Collin.

大家好，我是 Ben 為 Collin 發言。

This one's for Mark.

這是給馬克的。

You had already talked about the AI and machine learning applications with respect to Messenger and bots, but was wondering what are some of the more nascent initiatives where you're applying machine learning or maybe where we might see those investments manifest themselves in the user experience over the next few years?

您已經討論了與 Messenger 和機器人相關的人工智慧和機器學習應用程序，但想知道您應用機器學習的一些較新的舉措是什麼，或者我們可能會看到這些投資在用戶體驗中體現出來未來幾年？

So the biggest thing that we're focused on with artificial intelligence is building computer services that have better perception than people.

因此，我們在人工智慧方面最關注的事情是建構比人類具有更好感知能力的電腦服務。

So the basic human senses like seeing, hearing, language, kind of core things that we do, I think it's possible to get to the point in the next five to 10 years where we have computer systems that are better than people at each of those things.

因此，人類的基本感官，如視覺、聽覺、語言等我們所做的核心事物，我認為在未來五到十年內，我們有可能擁有在這些方面都比人類更好的電腦系統事物。

That doesn't mean that the computers will be thinking or be generally better.

這並不意味著計算機會思考或整體上會更好。

But that is useful for a number of things.

但這對於很多事情都是有用的。

So for example, I talked about earlier we are building this moments app.

例如，我之前談到我們正在建立這個時刻應用程式。

So that way you can take photos on your phone and if you use this app, our face recognition can look at the photos that you take and suggest that you might want to share photos that you took with a friend in them, with that person.

這樣您就可以在手機上拍照，如果您使用此應用程序，我們的臉部辨識功能可以查看您拍攝的照片，並建議您可能想要與該人分享您與朋友拍攝的照片。

So that way all the photos that might be of you in your friend's camera rolls, they can share with you.

這樣，您朋友的相機膠卷中可能包含您的所有照片，他們都可以與您分享。

Another example is just Spam filtering and just making sure we can actually read the content and understand what's interesting to you or not and not show that.

另一個例子是垃圾郵件過濾，確保我們能夠真正閱讀內容並了解您感興趣或不感興趣的內容，而不是顯示出來。

One obvious thing I think over time is if you just look at the way that we rank news feeds, today we use some basic signals like who you're friends with and what pages you like as some of the most important things for figuring out what out of all of the millions and millions of pieces of content that are on Facebook, what we're going to show, and then what are going to be the most interesting things to you.

我認為隨著時間的推移，一件明顯的事情是，如果你只看我們對新聞提要進行排名的方式，今天我們使用一些基本信號，例如你和誰是朋友以及你喜歡哪些頁面，作為確定哪些內容是最重要的事情在 Facebook 上數以百萬計的內容中，我們將展示什麼，然後什麼對您來說是最有趣的。

That's because today our systems can't actually understand what the content means.

那是因為今天我們的系統無法真正理解內容的意義。

We don't actually look at the photo and deeply understand what's in or look at the videos and understand what's in it, or read the links that people share and understand what's in them.

我們實際上並沒有查看照片並深入了解其中的內容，或者查看影片並了解其中的內容，或者閱讀人們共享的連結並了解其中的內容。

But in the future we'll be able to, I think on a five or 10 year period.

但我認為在未來五年或十年內我們將能夠做到。

So all of these millions and millions of pieces of content that are out there, whether or not you've added someone as a friend or have liked a page, we'll be able to know a lot better what types of things are going to be interesting to you to produce some much better feed of content.

因此，所有這些數以百萬計的內容，無論您是否將某人添加為朋友或喜歡某個頁面，我們都將能夠更好地了解哪些類型的內容將會出現讓您感興趣以製作一些更好的內容提要。

So that's just a basic example of where having human level perception broadly is going to yield better experiences and a lot of the things that people care about today.

所以這只是一個基本的例子，說明廣泛擁有人類水平的感知將產生更好的體驗以及人們今天關心的許多事情。

The next question is from Ken Sena with Evercore.

下一個問題來自 Evercore 的 Ken Sena。

Your line is open.

您的線路已開通。

Hello.

你好。

I have kind of a high level longer term question.

我有一個高水準的長期問題。

But for brands, we're seeing where promotion, transaction and support capabilities for businesses are all deepening within Facebook.

但對於品牌來說，我們看到 Facebook 內部的促銷、交易和支援能力都在不斷深化。

Therefore, should we be thinking about a longer term transition from the platform that's basically all ad to something where more marketplace capability is offered, given that buyers and both sellers are so known and so connected.

因此，鑑於買家和賣家都如此知名且聯繫如此緊密，我們是否應該考慮從基本上全是廣告的平台向提供更多市場功能的平台進行長期過渡。

And if so can we think about Facebook starting to monetize maybe on a transaction basis or even through various customer support capabilities, via the Messaging tools, AI, et cetera, that you're beginning to offer businesses?

如果是這樣，我們是否可以考慮 Facebook 開始以交易為基礎，甚至透過各種客戶支援功能，透過您開始為企業提供的訊息工具、人工智慧等來實現貨幣化？

So maybe you could just kind of provide a little bit of color on how you how you see that evolution, that would be great.

所以也許你可以提供一些關於你如何看待這種演變的色彩，那就太好了。

Thank you.

謝謝。

You're right that people are increasingly using Facebook to discover products and services.

你說得對，人們越來越多地使用 Facebook 來發現產品和服務。

And we're testing some ways like marketplace to make this easier.

我們正在測試一些方法，例如市場，以使這變得更容易。

We're also testing some incremental featured pages, which enable businesses to drive purchases on a page or direct people directly to their website.

我們也正在測試一些增量特色頁面，這些頁面使企業能夠推動頁面上的購買或將人們直接引導到他們的網站。

These are really early but we've had some positive feedback.

這些還很早，但我們已經收到了一些正面的回饋。

Our focus, however, continues to be on our ad products, because we think we can take people all the way from the top of the funnel where they can really get a brand awareness or a product awareness and go all the way down to purchase, not necessarily because the purchase is happening on Facebook, but because we can work on the measurement systems to understand how the advertising both at the top and lower down in the funnel is influencing those purchases.

然而，我們的重點仍然是我們的廣告產品，因為我們認為我們可以讓人們從漏斗的頂部一路走來，在那裡他們可以真正獲得品牌知名度或產品知名度，並一路向下進行購買，不一定是因為購買發生在Facebook 上，而是因為我們可以使用測量系統來了解頻道頂部和底部的廣告如何影響這些購買。

We've been really excited by what we've seen in the commerce vertical of our ad products.

我們對廣告產品的商業垂直領域所看到的情況感到非常興奮。

So products like Dynamic Product Ads, Carousel Ads, are working really well for us.

因此，動態產品廣告、輪播廣告等產品對我們來說效果非常好。

This quarter we launched Canvas Ads, which are very fast loading immerse I've mobile ads.

本季我們推出了 Canvas 廣告，它載入速度非常快，是沉浸式行動廣告。

They're easy to build.

它們很容易建造。

You can use the self-service tool.

您可以使用自助服務工具。

You don't have to write any code.

您不必編寫任何程式碼。

They are native format so they had decrease that initial dropoff you see when people click off to another site.

它們是本機格式，因此當人們點擊進入另一個網站時，它們會減少您看到的初始下降。

Very early days but the average viewing time is over 30 seconds, which shows you how immersive that is.

雖然很早，但平均觀看時間超過 30 秒，可見其沉浸感是多麼的強烈。

I'll share one example of how ads are driving a small business on Facebook through ads, which is a company called Sparkle and Paint.

我將分享一個廣告如何透過廣告在 Facebook 上推動小型企業發展的範例，該企業是一家名為 Sparkle and Paint 的公司。

They're a Utah-based SMP.

他們是位於猶他州的 SMP。

They're selling girls' clothing.

他們賣的是女孩的衣服。

They did a Slide show ad that included a shop now, button which enabled you to take action on their site.

他們製作了一個幻燈片廣告，其中包含一個商店，按鈕可讓您在他們的網站上採取行動。

They were able to increase sales by 9% per month, and more exciting for us, this was 6 times more efficient in terms of acquisitions than any other digital media channel.

他們每個月的銷售額成長了 9%，更令我們興奮的是，這在收購方面的效率比任何其他數位媒體管道高 6 倍。

And that shows how you can use our ad products to go all the way from awareness, measuring through to a sale and show how important our ads can be to commerce on our platform.

這向您展示瞭如何使用我們的廣告產品來實現從認知度、衡量到銷售的整個過程，並展示我們的廣告對於我們平台上的商務有多麼重要。

The next question is from Ross Sandler with Deutsche Bank.

下一個問題來自德意志銀行的羅斯桑德勒。

Your line is open.

您的線路已開通。

Great.

偉大的。

So I guess a question for Mark or Sheryl.

所以我想問馬克或謝麗爾一個問題。

So at F8, you showcased a bunch of new features for Messenger, including ads to promote your business inside of Messenger.

因此，在 F8 上，您展示了 Messenger 的一系列新功能，包括在 Messenger 內宣傳您的業務的廣告。

So how should we think about the timing of those ad units coming on in Messenger, and can you use the same ad stack and the Facebook power editor that's used on core Facebook and Instagram to get ads up on messenger, can you just walk us through that?

那麼，我們應該如何考慮這些廣告單元在 Messenger 中出現的時間，您能否使用與核心 Facebook 和 Instagram 相同的廣告堆疊和 Facebook 強大編輯器來在 Messenger 上投放廣告，您能否向我們介紹一下那？

And then the second question on messaging, so with WhatsApp crossing 1 billion users recently, how do you view the product road map today on WhatsApp versus what you showcased recently with messenger?

然後是關於訊息傳遞的第二個問題，隨著 WhatsApp 最近擁有 10 億用戶，您如何看待今天在 WhatsApp 上的產品路線圖以及您最近在 Messenger 上展示的產品路線圖？

Is it a year behind or is it further back than that?

是晚了一年還是更晚了？

Any color there would be helpful.

任何顏色都會有幫助。

Thanks.

謝謝。

For messenger and WhatsApp our focus right now continues to be on growth and engagement.

對於 Messenger 和 WhatsApp，我們目前的重點仍然是成長和參與。

We are not rolling out any monetization products on WhatsApp right now.

我們目前不會在 WhatsApp 上推出任何獲利產品。

But we did start that process at F8 on Messenger.

但我們確實從 Messenger 上的 F8 開始了這個過程。

And what we're doing is following the organic activity that's happening on the Messenger platform.

我們正在做的是追蹤 Messenger 平台上發生的自然活動。

Businesses and consumers are using Messenger to connect to each other in a more personal, more immediate way.

企業和消費者正在使用 Messenger 以更個人化、更直接的方式相互聯繫。

And we rolled out a platform beta which gives new opportunities to build compelling experiences.

我們推出了平台測試版，為建立引人入勝的體驗提供了新的機會。

Bots, very early but giving the opportunity for more personal interactions between businesses and mobile which then received API, so that businesses could send immediate responses to common questions, including engaging images and call to action as well as text.

機器人，雖然很早，但為企業和行動裝置之間提供了更多個人互動的機會，然後行動裝置接收 API，以便企業可以立即回應常見問題，包括引人入勝的圖像、號召性用語以及文字。

In terms of the timing this is really early.

從時間上來說，這確實還早。

We have a lot of opportunity to invest in advertising across our different platforms, and so we want to make sure we get this right as we focus on continued engagement.

我們有很多機會在不同平台上投資廣告，因此我們希望在專注於持續參與的同時確保我們做到這一點。

You're right that over time when we make these investments we are going to be able to rely on some of the core aspects of the ad's infrastructure, certainly our long ad, our base of advertisers, some of the things we understand about how ads perform and the functionality will be an important part of the product offerings in the future, but those are not immediate by any stretch of the imagination.

你是對的，隨著時間的推移，當我們進行這些投資時，我們將能夠依賴廣告基礎設施的一些核心方面，當然是我們的長廣告、我們的廣告商基礎、我們對廣告如何運作的一些了解。

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。

The last question is from Anthony DiClemente with Nomura.

最後一個問題來自野村證券的安東尼·迪克萊門特（Anthony DiClemente）。

Your line is open.

您的線路已開通。

Thanks a lot.

多謝。

I have one for Sheryl and one for Mark.

我有一份給謝麗爾，一份給馬克。

Sheryl, there are many out there who might have assumed that this leg of excellent growth that Facebook is realizing might have come at the expense of TV advertising, but the TV ad world seems to be quite resilient here and you actually talked a lot in your prepared remarks about how marketers benefit from running digital and TV campaigns in parallel.

Sheryl，有很多人可能會認為 Facebook 實現的這一出色增長可能是以犧牲電視廣告為代價的，但電視廣告世界似乎很有彈性，而且您實際上在您的文章中談了很多。行銷人員如何從並行開展數位和電視活動中受益的評論。

So I wonder if you could just comment on where your share gains are coming from in your view.

所以我想知道您是否可以評論一下您認為您的份額收益來自何處。

And then Mark on live video, I realize this is a small part of overall video, but I wonder do you think multiple platforms can succeed in live streaming over time, given the size of the market longer term, or do you think it's more of a network effect business where a vast majority of the traffic and economics will ultimately accrue to the leader in the live streaming space?

然後馬克在直播影片上，我意識到這只是整個影片的一小部分，但我想知道考慮到市場的長期規模，您是否認為隨著時間的推移，多個平台可以在直播領域取得成功，或者您認為這更多的是網路效應業務，絕大多數流量和經濟最終將歸於直播領域的領導者？

Thank you.

謝謝。

We think our growth has been very broad based, but dollars are shifting from all types of media formats to where consumers are spending their time.

我們認為我們的成長基礎非常廣泛，但資金正在從所有類型的媒體格式轉移到消費者花費時間的地方。

We tell our clients that we want to be the best dollar and the best minute they spend and we want them to measure value.

我們告訴客戶，我們希望成為他們花費的最好的錢和最好的時間，我們希望他們衡量價值。

I don't think this means that all of our expense comes in -- all of our growth comes at the expense of any one channel, but it's broad based and often TV and Facebook and Instagram can work really well together.

我不認為這意味著我們所有的開支都會增加——我們所有的成長都以犧牲任何一個管道為代價，但它基礎廣泛，而且電視、Facebook 和 Instagram 可以很好地協同工作。

I'll give a fun example from the Super Bowl.

我將舉一個來自超級盃的有趣例子。

T-Mobile wanted to use their Super Bowl campaign to increase their brand awareness and increase their reach.

T-Mobile 希望利用超級盃活動來提高品牌知名度並擴大影響力。

So before the game they targeted their 30 second Super Bowl ad that featured Drake to NFL and people with NFL and celebrity interests.

因此，在比賽之前，他們將 30 秒的超級盃廣告定位為 NFL 的 Drake 以及對 NFL 和名人感興趣的人。

It performed so well that they decided to run the 60 second version on Facebook and Instagram.

由於效果非常好，他們決定在 Facebook 和 Instagram 上運行 60 秒的版本。

That ad was so successful on Facebook and Instagram that they then ran the 60 second ad on TV instead of their 30 second ad.

該廣告在 Facebook 和 Instagram 上非常成功，以至於他們隨後在電視上播放了 60 秒的廣告，而不是 30 秒的廣告。

So as people invest they can use these different platforms together and we're pretty excited to see that progress.

因此，當人們投資時，他們可以一起使用這些不同的平台，我們很高興看到這項進展。

And on live video, the theme that I think is most important is just that there's so much that people want to express and share with the people around them that they don't have the tools to do today.

在直播影片中，我認為最重要的主題是，人們想要與周圍的人表達和分享太多東西，但他們今天沒有工具可以做。

And I think that's a huge opportunity not just in live video but in a lot of the things that we're talking about.

我認為這不僅是在直播影片方面，而且在我們正在討論的許多事情方面都是一個巨大的機會。

One interesting example recently that I touched on earlier is between Messenger and WhatsApp, we're around 60 billion messages a day, and SMS at its peak we think was around 20 billion messages a day.

最近我提到的一個有趣的例子是 Messenger 和 WhatsApp 之間的訊息，我們每天大約發送 600 億條訊息，而 SMS 在高峰期我們認為每天大約發送 200 億條訊息。

Just unlocking some of the friction that existed in SMS and improving the product a little bit and removing the small fee that was there has just unlocked a huge amount of expression.

只需解決簡訊中存在的一些摩擦，稍微改進產品並取消少量費用，就可以釋放大量的表達量。

And we think that this is going to be the case in all different types of media and with all different audiences that a person would share it with.

我們認為，在所有不同類型的媒體以及一個人分享的所有不同受眾中都會發生這種情況。

So in video, there are billions and billions of videos that are viewed every day on Facebook.

因此，在影片方面，每天在 Facebook 上觀看的影片有數十億個。

Live is a very small part of it.

直播只是其中很小的一部分。

The reason why we give disproportionate attention to it is because we're trying to help push forward new formats that are not just about consuming content but are really about interacting, so live 360 video, and there will be others in the future.

我們之所以對其給予過多的關注，是因為我們正在努力幫助推動新的格式，這些格式不僅涉及消費內容，而且真正涉及互動，例如實時 360 度視頻，未來還會有其他格式。

And so, yes, to answer your question, I do think that multiple products and companies can succeed in building these things.

所以，是的，為了回答你的問題，我確實認為多種產品和公司可以成功地建立這些東西。

I also think that there are go going to be a lot more interactive forms of video than just live and 360, like we're talking about now.

我還認為，除了直播和 360 度視頻之外，還會有更多互動形式的視頻，就像我們現在討論的那樣。

And I think that this extends not just to video but for all of the different types of media and audiences that we're serving.

我認為這不僅適用於視頻，也適用於我們所服務的所有不同類型的媒體和受眾。

So we're very excited about continuing to do our work to help unlock all the expression and connection that people want to do.

因此，我們非常高興能夠繼續工作，幫助解鎖人們想要做的所有表達和聯繫。

Thank you for joining us today.

感謝您今天加入我們。

We appreciate your time, and we look forward to speaking with you again.

感謝您抽出寶貴的時間，我們期待再次與您交談。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your lines.

現在您可以斷開線路。