Meta Platforms Inc (META) 2016 Q2 法說會逐字稿

Good afternoon.

午安.

My name is Chris and I will 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 second-quarter 2016 earnings call.

此時此刻，我謹歡迎大家參加 Facebook 2016 年第二季財報電話會議。

(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 second-quarter 2016 earnings conference call.

下午好，歡迎參加 Facebook 2016 年第二季財報電話會議。

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含前瞻性陳述。

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 and in our quarterly report on Form 10-Q filed with the SEC.

今天的新聞稿和我們向 SEC 提交的 10-Q 表格季度報告中列出了可能導致這些結果出現重大差異的因素。

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

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，我們可能會介紹公認會計準則和非公認會計準則的財務指標。

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 the accompanying investor presentation are available on our website at investor.

新聞稿和隨附的投資者簡報可在我們的投資者網站上取得。

FB.com.

FB.com。

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

現在，我想把電話轉給馬克。

Thanks, Deborah.

謝謝，黛博拉。

And thanks, everyone, for joining today.

感謝大家今天的加入。

We had another good quarter and first half of the year.

我們又度過了一個不錯的季度和上半年。

Our community continues to grow around the world.

我們的社區在世界各地不斷發展。

1.7 billion people now use Facebook every month, and 1.1 billion people use it every day.

現在每月有 17 億人使用 Facebook，每天有 11 億人使用它。

Our business is growing at a healthy rate as well.

我們的業務也以健康的速度成長。

Total revenue grew by 59% year over year to $6.4 billion.

總營收年增 59%，達到 64 億美元。

And advertising revenue was up 63% to $6.2 billion.

廣告收入成長 63%，達到 62 億美元。

Our results show our progress as we work to make the world more open and connected across our 3, 5 and 10 year horizon.

我們的成果展示了我們在 3 年、5 年和 10 年範圍內努力讓世界更加開放和互聯所取得的進展。

Over the next three years, we're focused on continuing to build our community and help people share more of what matters to them.

在接下來的三年中，我們將專注於繼續建立我們的社區並幫助人們分享更多對他們來說重要的事情。

The next five years are about building our newer products into full ecosystems for developers and businesses.

未來五年的目標是將我們的新產品建構成開發者和企業的完整生態系統。

Over the next 10 years, we're working to build new technologies to help everyone connect in new ways.

在接下來的 10 年裡，我們將致力於開發新技術，幫助每個人以新的方式聯繫。

I'll give an update on our progress across each of these areas, starting with how we're working to deliver better experiences for our community and more ways for people to share more of what they care about with anyone they want.

我將介紹我們在各個領域取得的最新進展，首先介紹我們如何努力為社區提供更好的體驗，以及讓人們透過更多方式與他們想要的任何人分享更多他們關心的內容。

We continue to see excellent growth in our community.

我們繼續看到我們的社區取得了良好的成長。

Over the past year, we've added over 200 million people using Facebook on a monthly basis.

在過去的一年裡，我們每月增加超過 2 億的 Facebook 用戶。

And in the second quarter, time spent per person increased double-digit percentages year over year across Facebook, Instagram, and Messenger, and that doesn't even include WhatsApp yet.

第二季度，每個人在 Facebook、Instagram 和 Messenger 上花費的時間同比增長了兩位數，這還不包括 WhatsApp。

One of the biggest opportunities to grow our community is in developing countries where connectivity is less advanced than what we take for granted here at home.

發展我們社區的最大機會之一是在發展中國家，那裡的連結性不如我們在國內認為理所當然的先進。

Over the past couple of years, we've been making steady improvements to our apps to make them work regardless of the device or connection that people are using.

在過去的幾年裡，我們一直在穩步改進我們的應用程序，使它們無論人們使用什麼設備或連接都可以正常工作。

We've also built a lightweight version of our Android app called Facebook Light that's tuned to work on 2G networks and is now used by more than 100 million people.

我們還建立了一個名為 Facebook Light 的 Android 應用程式的輕量級版本，該應用程式經過調整可在 2G 網路上運行，目前有超過 1 億人使用。

We're also working on new tools to help people express themselves and understand what's going on with the people they care about.

我們也正在開發新工具來幫助人們表達自己並了解他們關心的人的近況。

10 years ago, most of what we shared and consumed online was text.

10 年前，我們在網路上分享和消費的大部分內容都是文字。

Now it's photos.

現在是照片了。

Soon, most of it will be video.

很快，大部分內容將是影片。

We see a world that is video first, with video as the heart of all of our apps and services.

我們看到了一個視頻優先的世界，視頻是我們所有應用程式和服務的核心。

Over the past six months, we've been particularly focused on live videos.

在過去的六個月裡，我們特別關注直播影片。

Live represents a new way to share what's happening in more immediate and creative ways.

Live 代表了一種以更直接和更具創意的方式分享正在發生的事情的新方式。

This quarter, Candace Payne's Chewbacca mask video was viewed almost 160 million times.

本季度，坎迪斯·佩恩 (Candace Payne) 的楚巴卡面具影片觀看次數接近 1.6 億次。

Live is also changing the way we see politics as news organizations and delegates go live from the Republican and Democratic conventions.

隨著新聞機構和代表們對共和黨和民主黨大會進行現場直播，直播也改變了我們看待政治的方式。

We've seen in Minnesota and Dallas how live can shine a light on important moments as they happen.

我們在明尼蘇達州和達拉斯看到了現場如何在重要時刻發生時照亮它們。

This quarter, we also launched 360 photos.

本季度，我們也推出了 360 度照片。

You don't need a special camera to take them.

您不需要特殊的相機來拍攝它們。

You just take a panorama or use the 360 camera app on your phone and post it.

您只需拍攝一張全景圖或使用手機上的 360 度相機應用程式並將其發布即可。

Since we launched, more than 4,000,360 photos have been shared on Facebook with a million more being shared every week.

自我們推出以來，Facebook 上已分享了超過 4,000,360 張照片，每週還有超過 100 萬張照片被分享。

We're making good progress on core services within the Facebook app like search.

我們在 Facebook 應用程式內的核心服務（例如搜尋）方面取得了良好進展。

The growing way that people use search has defined what people are saying about a topic across the more than 2.5 trillion posts in our network.

人們使用搜尋的方式不斷增長，定義了人們對我們網路中超過 2.5 兆個貼文中某個主題的看法。

Now people are doing more than 2 billion searches a day between looking up people, businesses, and other things that they care about.

現在，人們每天進行超過 20 億次搜索，尋找人員、企業和他們關心的其他事物。

Continuous steady improvement to services like search are an important part of helping people connect and realizing our mission.

持續穩定地改善搜尋等服務是幫助人們聯繫和實現我們使命的重要組成部分。

We're also improving the experience for our community by building our business with more engaging ads.

我們也透過更具吸引力的廣告來發展我們的業務，從而改善我們社區的體驗。

We've always emphasized the importance of measurement and value in driving real results for the businesses that use Facebook and that means helping them create more relevant and engaging ads.

我們一直強調衡量和價值對於為使用 Facebook 的企業帶來實際成果的重要性，這意味著幫助他們製作更具相關性和吸引力的廣告。

Over the next five years, we are working hard to build ecosystems around some of our newer products.

在接下來的五年中，我們將努力圍繞我們的一些新產品建立生態系統。

Instagram now has more than 500 million monthly actives with more than 300 million daily.

Instagram 目前每月活躍用戶數超過 5 億，每日活躍用戶數超過 3 億。

Now, we're working to make that experience even more engaging.

現在，我們正在努力讓這種體驗變得更加有吸引力。

Recently, Instagram began to rank its feed because we know that people have a better experience when they see more of the stories they care about.

最近，Instagram 開始對其 Feed 進行排名，因為我們知道，當人們看到更多他們關心的故事時，他們會有更好的體驗。

We're already seeing a positive impact in terms of time spent and the amount of content that people are sharing.

我們已經看到人們花費的時間和分享的內容量產生了正面的影響。

We've also introduced our advertising tools on Instagram, and we're seeing marketers engage with people in creative and innovative ways.

我們也在 Instagram 上推出了我們的廣告工具，我們看到行銷人員以創意和創新的方式與人們互動。

In the two years since we separated Messenger from the main Facebook app, which was a pretty controversial decision at the time, we've improved performance and given people new ways to express themselves.

自從我們將 Messenger 從 Facebook 主應用程式中分離出來（這在當時是一個頗具爭議的決定）以來，我們提高了效能，並為人們提供了表達自己的新方式。

And now for the first time, more than 1 billion people are using Messenger every month.

現在，每月使用 Messenger 的人數首次超過 10 億。

I'm also happy with the updates we're making to WhatsApp, which also has a community of more than 1 billion people.

我也對我們對 WhatsApp 所做的更新感到滿意，WhatsApp 也擁有超過 10 億人的社群。

This quarter, we launched new desktop apps and end-to-end encryption and millions of people are using WhatsApp's voice calling features.

本季度，我們推出了新的桌面應用程式和端對端加密，數百萬人正在使用 WhatsApp 的語音通話功能。

The scale we've achieved with our messaging services makes it clear that they are more than just a way to chat with friends.

我們的訊息傳遞服務所取得的規模清楚地表明，它們不僅僅是與朋友聊天的一種方式。

That's why we're also making it easier for people to connect groups and businesses as well.

這就是為什麼我們也讓人們更容易聯繫團體和企業。

We're going to keep focusing on this over the next several years.

未來幾年我們將繼續關注這一點。

I'm also excited about the early progress we're making on our 10-year initiative.

我也對我們十年計劃所取得的早期進展感到興奮。

We're investing in new technologies to give more people a voice including, of course, the 4 billion people around the world who aren't yet online.

我們正在投資新技術，讓更多人有發言權，當然也包括全球尚未上網的 40 億人。

And we're helping more people take advantage of the opportunities that come with the internet.

我們正在幫助更多的人利用網路帶來的機會。

We're still early in our journey with lots of hard work ahead, but we're making good progress like the first successful flight of Aquila, our solar powered aircraft that will beam internet to places that have never been connected.

我們仍處於旅程的早期階段，前方還有許多艱苦的工作，但我們正在取得良好的進展，例如 Aquila 的首次成功飛行，我們的太陽能飛機將把互聯網傳輸到從未連接過的地方。

Eventually, we're going to work with telecom operators and governments around the world to connect people on the outskirts of cities, rural areas, and disaster zones where you can't get traditional connectivity today.

最終，我們將與世界各地的電信業者和政府合作，將目前無法獲得傳統連結的城市郊區、農村和災區的人們連結起來。

We've also been making progress with our initiatives around artificial intelligence and virtual reality.

我們在人工智慧和虛擬實境方面的舉措也取得了進展。

This quarter we announced DeepText, a deep learning-based engine that can understand the context of several thousand posts per second across 20 different languages.

本季度，我們推出了 DeepText，這是一個基於深度學習的引擎，每秒可以理解 20 種不同語言的數千個帖子的上下文。

This is a long-term project but it also has some near-term benefits like helping show people more of what they want to see and filtering out less of what they don't want to see.

這是一個長期項目，但它也有一些短期好處，例如幫助向人們展示更多他們想看到的內容並過濾掉更少他們不想看到的內容。

We're also investing in new platforms to help people connect and share.

我們也投資新平台來幫助人們聯繫和分享。

We believe that virtual reality can help people share richer experiences and help everyone understand what's going on around the world.

我們相信虛擬實境可以幫助人們分享更豐富的體驗，幫助每個人了解世界各地正在發生的事情。

It's really early for us in VR, but we're hitting some important milestones.

對我們來說，VR 領域還處於早期階段，但我們正在實現一些重要的里程碑。

As of the second quarter, more than 1 million people a month are you now using Oculus on mobile phones through our Gear VR partnership with Samsung.

截至第二季度，透過我們與三星的 Gear VR 合作夥伴關係，每月有超過 100 萬人在手機上使用 Oculus。

More than 300 apps are already available at the Oculus store for Gear VR.

Oculus 商店已提供超過 300 個適用於 Gear VR 的應用程式。

We filled all of our preorders for Oculus Rift, and we are seeing increasing demand from retail as stores plan for the holidays.

我們已經完成了 Oculus Rift 的所有預訂，並且隨著商店計劃假期，我們看到零售需求不斷增加。

While it's still early for augmented reality, we're doing AR research and are seeing light weight versions of AR technology in mobile apps like MSQRD.

雖然擴增實境還處於早期階段，但我們正在進行 AR 研究，並且在 MSQRD 等行動應用程式中看到了 AR 技術的輕量級版本。

That's a recap of the progress that we're making in our 10-year plan.

這是我們在十年計劃中取得的進展的回顧。

We have a saying at Facebook that our journey is only 1% done.

Facebook 有句話說，我們的旅程只完成了 1%。

And while I'm happy with our progress, we have a lot more work to do to grow our community and connect the whole world.

雖然我對我們的進步感到滿意，但我們還有很多工作要做來發展我們的社區並連接整個世界。

That means making big investments and taking risks focusing not just on what Facebook is, but on what it can be.

這意味著要進行大量投資並承擔風險，不僅要關注 Facebook 是什麼，還要關注它可以做什麼。

I want to thank everyone in our community, all of our teams, our partners, and our shareholders, for being a part of this journey with us.

我要感謝我們社區中的每個人、我們所有的團隊、我們的合作夥伴和我們的股東，感謝你們與我們一起踏上這段旅程。

And now, here's Sheryl.

現在，謝麗爾來了。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

We had a great second quarter.

我們第二季表現出色。

Q2 ad revenue grew 63%.

第二季廣告收入成長 63%。

Mobile ad revenue reached $5.2 billion, up 81% year over year and was approximately 84% of total ad revenue.

行動廣告收入達 52 億美元，年增 81%，約佔廣告總收入的 84%。

Our growth was broad based across verticals, marketer segments, and regions.

我們的成長廣泛地跨越了垂直行業、行銷細分市場和地區。

We're excited to announce that we now have 60 million monthly active business pages on Facebook.

我們很高興地宣布，Facebook 上每月有 6,000 萬個活躍商業頁面。

We also continue to grow the number of active advertisers on our platform.

我們也繼續增加我們平台上活躍廣告商的數量。

This shows that both our free and paid products are providing value to marketers of all sizes around the world.

這表明我們的免費和付費產品正在為世界各地各種規模的行銷人員提供價值。

We continue to focus on our three priorities.

我們繼續專注於我們的三個優先事項。

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。

For 32 years, the advertising industry has gathered in Cannes to celebrate creativity.

32 年來，廣告界齊聚戛納，慶祝創意。

People have shifted to mobile and marketers know they need to catch up.

人們已經轉向行動設備，行銷人員知道他們需要迎頭趕上。

Mobile is no longer a nice to do, it's a must do, and we're working closely with marketers to help them make this transition.

行動不再是一件好事，而是必須做的事，我們正在與行銷人員密切合作，幫助他們實現這一轉變。

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

最優秀的行銷人員了解人們在行動動態中觀看影片的方式不同。

The goal is to create what we think of as thumb stopping creative, videos that grab attention in the first few seconds even without sound.

我們的目標是創造出我們認為令人驚嘆的創意視頻，即使沒有聲音，也能在最初幾秒鐘內吸引人們的注意力。

For example, to drive awareness for Sour Patch Kids gum, Mondelez has targeted teens with non-chocolate candy interest.

例如，為了提高 Sour Patch Kids 口香糖的知名度，億滋將目標鎖定為對非巧克力糖果感興趣的青少年。

Working with VaynerMedia, O'Harra, and the Facebook creative shop, they created punchy 10 second looping videos tailored for Facebook and Instagram.

他們與 VaynerMedia、O'Harra 和 Facebook 創意商店合作，為 Facebook 和 Instagram 製作了有力的 10 秒循環影片。

The campaign helped the Sour Patch Kids portfolio detailed benchmarks for the entire candy industry.

該活動幫助 Sour Patch Kids 組合為整個糖果行業制定了詳細的基準。

We're excited to bring more relevant video ads to people both on and off Facebook.

我們很高興能為 Facebook 內外的用戶帶來更多相關影片廣告。

In May, we expanded Audience Network to include video for brand objectives.

五月，我們擴展了 Audience Network，納入了用於實現品牌目標的影片。

This means that advertisers can place brand video ads not just on Facebook and Instagram but across a network of apps and sites.

這意味著廣告主不僅可以在 Facebook 和 Instagram 上投放品牌影片廣告，還可以在應用程式和網站網路上投放品牌影片廣告。

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。

Over a third of small and medium businesses in the US don't have a website and having a mobile presence is even more difficult and expensive.

美國超過三分之一的中小企業沒有網站，擁有行動業務則更加困難和昂貴。

Creating a business page on Facebook is as easy as setting up a personal profile.

在 Facebook 上建立企業頁面就像設定個人資料一樣簡單。

This is why Facebook pages are the mobile solution for many of the 60 million businesses using our products each month in the US and around the world.

這就是為什麼 Facebook 頁面成為美國和世界各地每月 6000 萬家使用我們產品的企業中的許多企業的行動解​​決方案。

We've made it easy for business owners to manage their Facebook page from their mobile device.

我們讓企業主可以輕鬆地透過行動裝置管理他們的 Facebook 頁面。

Over 85% of active business pages use mobile, and 40% of active advertisers have created a Facebook ad on their mobile device.

超過 85% 的活躍商業頁面使用行動設備，40% 的活躍廣告商在其行動裝置上創建了 Facebook 廣告。

In Q2, we rolled out new tools to make it easier for businesses to promote posts and track performance directly from the Instagram app.

在第二季度，我們推出了新工具，使企業可以更輕鬆地直接從 Instagram 應用程式推廣貼文並追蹤績效。

We've worked hard to make becoming an advertiser as easy as possible for these businesses.

我們一直努力讓這些企業盡可能輕鬆地成為廣告商。

With just a few steps and for as little as a few dollars, businesses can boost their posts to reach more people.

只需幾個步驟，只需花費幾美元，企業就可以增加他們的貼文以覆蓋更多人。

Simplifying our ad products is key to advertiser acquisition.

簡化我們的廣告產品是取得廣告商的關鍵。

Over 80% of new advertisers in Q2 started with simplified products like boosted post.

第二季超過 80% 的新廣告主從增強貼文等簡化產品開始。

Once these businesses begin advertising with us, we make it easy for them to take advantage of even our most sophisticated capabilities.

一旦這些企業開始與我們一起做廣告，我們就會讓他們輕鬆利用我們最先進的能力。

For example, Lighting Etc., a third-generation family-owned business, used Facebook and Instagram ads to drive in-store sales.

例如，第三代家族企業 Lighting Etc. 使用 Facebook 和 Instagram 廣告來推動店內銷售。

They targeted 25 to 45-year-old homeowners interested in interior design living within 35 miles of their showroom in Fort Worth, Texas.

他們的目標客戶是居住在德州沃斯堡 35 英里範圍內對室內設計感興趣的 25 至 45 歲房主。

It was striking to them that on Facebook, the size of our community meant that they could reach over 300,000 people even with such specific targeting.

讓他們驚訝的是，在 Facebook 上，我們社群的規模意味著即使有如此具體的目標，他們也能接觸到超過 30 萬人。

They've seen a 40% increase in revenue in 2016, and they attribute this increase to their ads on Facebook and Instagram.

他們 2016 年的營收成長了 40%，他們將這一成長歸功於 Facebook 和 Instagram 上的廣告。

Our third priority is making our ads more effective and relevant.

我們的第三個優先事項是使我們的廣告更加有效和相關。

Our goal is to help our clients grow their businesses whether it be moving products off shelves, driving online sales, or building their brands.

我們的目標是幫助客戶發展業務，無論是將產品下架、推動線上銷售或建立品牌。

Our system constantly looks for the most efficient and effective way to drive these objectives.

我們的系統不斷尋找最高效、最有效的方法來實現這些目標。

Businesses that want to build their brands need to reach a large audience with a compelling story, and they're seeing strong results from immersive formats like video and canvas ads.

想要打造品牌的企業需要透過引人入勝的故事吸引大量受眾，並且他們看到了影片和畫布廣告等沉浸式格式的強勁成果。

Businesses working to acquire new customers need to reach high-quality leads and convert them to action.

致力於獲取新客戶的企業需要獲得高品質的潛在客戶並將其轉化為行動。

We introduced Lead Ads in Q1 to make it easy for people to fill out forms on mobile devices right from news feed.

我們在第一季推出了 Lead Ads，讓人們可以輕鬆地透過動態消息在行動裝置上填寫表格。

In Q2, we made it possible for advertisers to retarget people who opened or completed a lead ad form.

在第二季度，我們使廣告主能夠重新定位開啟或完成潛在客戶廣告表單的使用者。

For example, Nissan Turkey and the SEM agency used Lead Ads to collect over 20,000 high-quality leads from people interested in buying a new car.

例如，Nissan Turkey 和 SEM 代理商使用 Lead Ads 從有興趣購買新車的人那裡收集了 20,000 多個高品質的潛在客戶。

They then used retargeting to show relevant ads to people who had completed these Lead Ads and ultimately drove vehicle sales.

然後，他們使用重新導向向完成這些線索廣告的人顯示相關廣告，並最終推動汽車銷售。

The cost of a high-quality lead was 9.3 times lower on Facebook than all other online media.

Facebook 上高品質潛在客戶的成本比所有其他線上媒體低 9.3 倍。

Businesses selling products are getting search like ROI from dynamic ads.

銷售產品的企業正在從動態廣告中獲得類似搜尋的投資報酬率。

Dynamic ads allow advertisers to upload their product catalog and target people with specific products in real time.

動態廣告允許廣告商上傳他們的產品目錄並即時定位特定產品的人。

Over 300 million people see dynamic ads each month, and over 2.5 billion unique products have been uploaded by marketers.

每個月有超過 3 億人看到動態廣告，行銷人員上傳了超過 25 億個獨特產品。

In Q2, we expanded dynamic ads to Instagram and also launched dynamic ads for travel.

第二季度，我們將動態廣告擴展到 Instagram，並推出了旅遊動態廣告。

For example, you can now advertise specific destinations and dates for hotel rooms.

例如，您現在可以宣傳飯店客房的特定目的地和日期。

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。

With only a small fraction of our 60 million business pages advertising, we have a lot of opportunity ahead.

我們的 6000 萬個商業頁面中只有一小部分做廣告，但我們還有很多機會。

We also have a lot of hard work to do to help businesses make the shift to mobile and to drive results for our clients.

我們還需要做很多艱苦的工作來幫助企業轉向移動並為我們的客戶帶來成果。

I want to thank our clients around the world for their partnership and their ongoing input which informs our product development.

我要感謝世界各地的客戶的合作夥伴關係以及他們持續不斷的投入，這些投入為我們的產品開發提供了資訊。

I also want to congratulate our global teams on the results of their hard work and thank them for their dedication to our mission.

我還要祝賀我們的全球團隊辛勤工作所取得的成果，並感謝他們對我們使命的奉獻。

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。

Q2 was another strong quarter for Facebook.

第二季是 Facebook 的另一個強勁季度。

Total revenue grew 59% to $6.4 billion, and we generated over $2 billion in free cash flow.

總收入成長了 59%，達到 64 億美元，我們產生了超過 20 億美元的自由現金流。

These results highlight the continued growth and engagement of our global community and the strength of our ads business as advertisers benefit from our increasingly broad and deep portfolio of targeting creative and measurement schools.

這些結果凸顯了我們全球社群的持續成長和參與以及我們廣告業務的實力，因為廣告商受益於我們日益廣泛和深入的目標創意和測量學校組合。

Let's start with our community metrics.

讓我們從我們的社區指標開始。

This past quarter was our strongest in over three years in terms of absolute year-over-year growth of monthly and daily actives on Facebook.

就 Facebook 月度和每日活躍度的絕對同比增長而言，上個季度是三年多來最強勁的。

In June, 1.13 billion people used Facebook on an average day, up 17% compared to last year.

6月份，平均每天有11.3億人使用Facebook，比去年增加17%。

This daily number represents 66% of the 1.71 billion people who visited Facebook in the month of June.

這一每日數字佔 6 月造訪 Facebook 的 17.1 億人的 66%。

Mobile continues to drive our growth with over 1 billion people accessing Facebook via mobile devices on an average day in June, up 22% compared to last year.

行動裝置持續推動我們的成長，6 月平均每天有超過 10 億人透過行動裝置造訪 Facebook，比去年成長 22%。

The growth of our other services also continues to be strong.

我們其他服務的成長也持續強勁。

WhatsApp and Messenger now each have over 1 billion monthly actives, and Instagram surpassed 500 million.

WhatsApp 和 Messenger 的每月活躍用戶數都超過 10 億，Instagram 的月活躍用戶數則超過 5 億。

Turning now to the financials.

現在轉向財務狀況。

My comments today will focus on our GAAP financial metrics, and all of our comparisons are on a year-over-year basis, unless otherwise noted.

我今天的評論將重點放在我們的公認會計原則財務指標，除非另有說明，否則我們所有的比較都是逐年比較。

A reconciliation of our GAAP to non-GAAP financial metrics is included in our press release and earnings slides.

我們的 GAAP 與非 GAAP 財務指標的調整包含在我們的新聞稿和收益投影片中。

Total Q2 revenue was $6.4 billion, up 59%.

第二季總營收為 64 億美元，成長 59%。

Q2 ad revenue was $6.2 billion, up 63%.

第二季廣告收入為 62 億美元，成長 63%。

Exchange rates did not impact our overall revenue growth rates this quarter as headwinds in certain currencies were offset by tailwinds in others.

匯率並未影響我們本季的整體營收成長率，因為某些貨幣的逆風被其他貨幣的順風所抵銷。

US and Canada and Asia-Pacific were our fastest growing regions with advertising growth rates of 69% and 67% respectively.

美國、加拿大和亞太地區是我們成長最快的地區，廣告成長率分別為 69% 和 67%。

Mobile ad revenue was $5.2 billion, up 81% and representing approximately 84% of total ad revenue.

行動廣告收入為 52 億美元，成長 81%，約佔廣告總收入的 84%。

Let's turn to the supply and demand factors that continue to drive our growth.

讓我們來看看繼續推動我們成長的供需因素。

Advertiser demand was particularly strong in Q2 across a broad range of verticals and advertiser objectives.

第二季度，廣告主在廣泛的垂直行業和廣告商目標方面的需求尤其強勁。

Additionally, supply side factors including growth in users, time spent, and ad load, all contributed to our Q2 revenue growth.

此外，包括用戶成長、花費時間和廣告負載在內的供應方因素都促進了我們第二季營收的成長。

In Q2, the average price per ad increased 9% while total ad impressions increased 49%.

第二季度，每個廣告的平均價格增加了 9%，而總廣告展示次數增加了 49%。

The reported increase in price was again driven by the continued mix shift towards mobile where we only show higher-priced news feed ads compared to the mix of news feed ads and lower price right hand column ads on personal computers.

據報道，價格上漲再次受到向行動裝置的持續混合轉變的推動，與個人電腦上的新聞提要廣告和價格較低的右側欄廣告的組合相比，我們只展示價格較高的新聞提要廣告。

The 49% increase in total ad impressions was driven primarily by growth in ad impressions served in Facebook's mobile news feed where the majority of our ads are shown.

總廣告展示次數增加了 49%，這主要是由於 Facebook 行動動態消息中的廣告展示次數增長所致，我們的大部分廣告都在 Facebook 行動動態中展示。

Payments and other fees revenue was $197 million, down 8%.

支付和其他費用收入為 1.97 億美元，下降 8%。

Remember that payments and other fees revenue is largely generated from games played on personal computers, which has declined as people spend less time on their PCs.

請記住，支付和其他費用收入主要來自個人電腦上玩的遊戲，隨著人們花在個人電腦上的時間減少，這種收入已經下降。

Q2 total expenses were $3.7 billion, up 33% inclusive of $825 million of share based compensation related expenses as well as $193 million of amortization of intangible assets.

第二季總支出為 37 億美元，成長 33%，其中包括 8.25 億美元的股權激勵相關支出以及 1.93 億美元的無形資產攤銷。

Q2 operating income was $2.7 billion, representing a 43% operating margin.

第二季營業收入為 27 億美元，營業利益率為 43%。

We continue to be pleased with the profitable growth of the business while we invest for the long term.

我們繼續對業務的獲利成長感到滿意，同時我們進行長期投資。

We ended Q2 with approximately 14,500 employees, up 32% year over year.

第二季末，我們約有 14,500 名員工，年增 32%。

We added about 900 employees in the quarter, with the majority of those in technical functions.

本季我們增加了約 900 名員工，其中大部分從事技術工作。

We are seeing continued success with our efforts to hire top talent in a market that remains very competitive.

我們在競爭依然激烈的市場中努力聘用頂尖人才，並且取得了持續的成功。

Our Q2 tax rate was 26%.

我們第二季的稅率為 26%。

GAAP net income was approximately $2.1 billion or $0.71 per share.

GAAP 淨利潤約為 21 億美元，即每股 0.71 美元。

Q2 capital expenditures were $1 billion.

第二季資本支出為 10 億美元。

Year to date, capital expenditures totaled $2.1 billion driven by investments in data centers, servers, office buildings, and network infrastructure.

今年迄今為止，在資料中心、伺服器、辦公大樓和網路基礎設施投資的推動下，資本支出總計 21 億美元。

Facebook generated over $4 billion in free cash flow in the first half of 2016, and as of June 30, we had over $23 billion in cash and investments.

Facebook 在 2016 年上半年產生了超過 40 億美元的自由現金流，截至 6 月 30 日，我們擁有超過 230 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 have been pleased with the strength of our advertising revenue in the first half of 2016.

我們對 2016 年上半年廣告收入的強勁表現感到滿意。

As I discussed on our last call, while we expect the main drivers of our advertising revenue growth will continue throughout 2016, we will face tougher comparables as the year progresses given the accelerating revenue growth rates we experienced in the second half of 2015.

正如我在上次電話會議中所討論的那樣，雖然我們預計廣告收入成長的主要驅動力將持續到2016 年，但鑑於2015 年下半年營收成長率不斷加快，隨著時間的推移，我們將面臨更嚴峻的可比較性。

Consequently, we anticipate lower advertising revenue growth rates in each successive quarter in 2016.

因此，我們預計 2016 年每季的廣告收入成長率都會下降。

Additionally, we anticipate ad load on Facebook will continue to grow modestly over the next 12 months and then will be a less significant factor driving revenue growth after mid-2017.

此外，我們預計 Facebook 上的廣告負載將在未來 12 個月內繼續小幅成長，然後在 2017 年中期之後將不再是推動收入成長的重要因素。

Since ad load has been one of the important factors in our recent strong period of revenue growth, we expect the rate at which we are able to grow revenue will be impacted accordingly.

由於廣告負載一直是我們近期營收強勁成長的重要因素之一，因此我們預期我們的營收成長速度將受到相應影響。

Turning now to expenses.

現在轉向費用。

Based on our updated view of the remainder of the year, we are tightening our expense guidance range.

根據我們對今年剩餘時間的最新看法，我們正在收緊費用指導範圍。

We expect that full-year 2016 total GAAP expense growth will be approximately 30% to 35%, narrowed from our prior range of 30% to 40%.

我們預計 2016 年全年 GAAP 總費用成長約為 30% 至 35%，較先前 30% 至 40% 的範圍有所收窄。

We expect full-year 2016 amortization expenses to be approximately $700 million to $800 million and full-year 2016 stock-based compensation related 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 年全年股票薪酬相關費用約為 31 億至 33 億美元。

Accordingly, we anticipate that our total non-GAAP expenses, which exclude stock-based compensation and amortization, will grow in the range of 45% to 50%, narrowed from our prior range of 45% to 55%.

因此，我們預計我們的非公認會計準則總費用（不包括股票薪資和攤提）將增加 45% 至 50%，較之前的 45% 至 55% 範圍收窄。

We anticipate full-year 2016 capital expenditures will be approximately $4.5 billion as we invest to support the rapid growth of our business.

我們預計 2016 年全年資本支出約為 45 億美元，因為我們的投資是為了支持業務的快速成長。

Finally, we expect that our Q3 and full-year 2016 tax rates will be similar to our Q2 rates.

最後，我們預計 2016 年第三季和全年的稅率將與第二季的稅率相似。

In summary, Q2 was another great quarter for Facebook, illustrated by the strong growth and engagement of our global community and continued broad-based strength of our ads business.

總而言之，第二季度對 Facebook 來說是另一個偉大的季度，這體現在我們全球社群的強勁成長和參與度以及我們廣告業務持續廣泛的實力上。

We're pleased with the results, and we will continue to invest in order to best position Facebook for our long-term growth opportunities.

我們對結果感到滿意，我們將繼續投資，以便為 Facebook 提供最佳定位，並抓住我們的長期成長機會。

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

克里斯，讓我們開始提問吧。

Thank you.

謝謝。

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。

Thanks for taking the questions.

感謝您提出問題。

Maybe two.

也許是兩個。

One on the video platform going forward and you how you think about video as a distribution mechanism.

關於視訊平台的未來發展以及您如何看待影片作為一種分發機制。

How should we think about investments that need to with made in video on both technical infrastructure side as well as the sourcing of content side sort of broadened out the video offering over the next couple of years?

我們應該如何考慮在技術基礎設施方面以及內容採購方面需要對影片進行的投資，以擴大未來幾年的視訊產品範圍？

And then maybe on the last comment on ad load, just wanted to go back to that for a minute in terms of what you're seeing on ad load by region.

然後，也許在關於廣告加載的最後一條評論中，我只是想回顧一下您所看到的按地區劃分的廣告加載情況。

Because we are seeing a widening gap in revenue per user between the US and Canada and the rest of the world.

因為我們發現美國、加拿大以及世界其他地區之間的每用戶收入差距不斷擴大。

How much of that might be driven by ad load or ad product?

其中有多少可能是由廣告負載或廣告產品所驅動的？

Thank you so much.

太感謝了。

Sure.

當然。

I can take the question on video distribution as it relates to CapEx and the ad load question and then maybe on the sourcing of content, I'll pass it back to Sheryl.

我可以回答有關影片分發的問題，因為它與資本支出和廣告負載問題有關，然後可能是有關內容來源的問題，我會將其傳遞回謝麗爾。

So on the video platform, clearly from an investment perspective, you've seen us step up our CapEx this year pretty substantially, and that's baked into the guidance of $4.5 billion of CapEx, which if you recall is the high end of our prior range.

因此，在視訊平台上，顯然從投資角度來看，您已經看到我們今年大幅提高了資本支出，這已納入45 億美元資本支出的指導中，如果您還記得的話，這是我們之前範圍的高端。

We are investing across our infrastructure to prepare ourself for growth across all of our different services and a part of that investment is really to support video.

我們正在對基礎設施進行投資，為所有不同服務的成長做好準備，其中一部分投資實際上是為了支援視訊。

That is definitely more taxing on the network, and we're investing heavily on the network side.

這肯定會對網路造成更大的負擔，而我們正在網路方面進行大量投資。

And as well, it does also impact our overall needs within the data center, servers, and the like.

此外，它也確實影響了我們在資料中心、伺服器等方面的整體需求。

So it's certainly an area that we're investing in heavily and we expect to be investing in heavily going forward, Eric.

因此，這無疑是我們正在大力投資的一個領域，我們預計未來將大力投資，埃里克。

And then on the ad load question, ad load is not -- it's not something that varies that dramatically by region.

然後，關於廣告負載問題，廣告負載不會因地區而異。

You're really looking at a number of factors.

你確實在考慮很多因素。

Really what's driving that is just the dispersion of overall ad demand across region.

真正的推動因素是整個地區廣告需求的分散。

We're seeing really good strength across the globe on that front but ad load is not a big driver of discrepancies in ARPU that you see.

我們看到全球在這方面確實表現強勁，但廣告負荷並不是造成 ARPU 差異的主要因素。

That's really something that maps very closely to the size of the mobile ad markets per population in those countries.

這確實與這些國家/地區人均行動廣告市場的規模密切相關。

So it's not an ad load question.

所以這不是廣告載入問題。

And then I'll hand it over to Sheryl to talk about video from a content perspective.

然後我會交給 Sheryl 從內容的角度談論影片。

When you think about what's happening on video on our platform, we're really excited by the production and consumption of video, and we're seeing the full range from people posting the things in their personal lives.

當您想到我們平台上的影片中發生的事情時，我們對影片的製作和消費感到非常興奮，並且我們看到人們在個人生活中發布的內容的全方位。

The power of what a mobile phone can produce and distribute now is pretty incredible when you compare it to just a few years ago to some of the most sophisticated content producers in the world producing for us.

與幾年前世界上一些最先進的內容製作者為我們製作的內容相比，手機現在可以製作和分發的力量是相當令人難以置信的。

We're experimenting across a wide variety of things.

我們正在嘗試各種各樣的事情。

We're doing a partnership with the NBA to stream some US men's Olympic team games in the next couple of weeks.

我們正在與 NBA 合作，在接下來的幾週內直播美國男子奧運隊的一些比賽。

That said, our primary focus is on short-form content, not long-form content and we're pretty excited to see the different forms of content people will create both to share messages to create new content and to engage audiences around the world.

也就是說，我們的主要關注點是短內容，而不是長內容，我們非常高興看到人們創建不同形式的內容，既可以分享資訊、創建新內容，又可以吸引世界各地的受眾。

The next question is from Douglas Anmuth of JPMorgan.

下一個問題來自摩根大通的道格拉斯·安穆斯。

Your line is open.

您的線路已開通。

Thanks for taking the questions.

感謝您提出問題。

I just have two.

我只有兩個。

First on engagement, obviously the DAU and NAU numbers were strong and you gave the increase in the daily activity as well in the double digits.

首先在參與度方面，顯然 DAU 和 NAU 數字很強勁，而且每日活動的成長也達到了兩位數。

Can you just give us some color on the user trends underneath that a little bit, and more specifically perhaps what you might be seeing in terms of younger users and different age demographics.

您能否為我們介紹一下下面的用戶趨勢，更具體地說，您可能會在年輕用戶和不同年齡人口統計方面看到什麼。

And then secondly, just going back to the ad load, we have in the past heard some caution from you guys before in that area.

其次，回到廣告負載，我們過去曾在該領域聽過你們的一些警告。

Granted, it was a few years ago and at a much earlier stage.

當然，那是幾年前的事了，而且還處於更早的階段。

I guess my question is, if targeting continues to improve along with click-through rate and then ultimately ROI, why does ad load have to become less of a factor going forward?

我想我的問題是，如果定位隨著點擊率以及最終投資報酬率的提高而不斷提高，為什麼廣告負載在未來的影響因素會減少？

Thanks.

謝謝。

Thanks, Doug.

謝謝，道格。

On the DAU and NAU front, a couple things.

在 DAU 和 NAU 方面，有幾件事。

One is DAU and MAU are up sequentially and year over year in all regions and with trends that are largely consistent with past quarters.

一是所有地區的 DAU 和 MAU 均持續成長且較去年同期成長，且趨勢與過去幾季基本一致。

So really good, strong growth across the globe on a DAU to MAU ratio.

從 DAU 與 MAU 比率來看，全球範圍內的成長確實非常好、強勁。

We don't do specific breakdowns of those metrics by demographic.

我們不會依人口統計對這些指標進行具體細分。

We're obviously pleased with our overall level of growth and engagement.

我們顯然對我們的整體成長水平和參與度感到滿意。

On the teen front, younger users, we continue to be the best way to reach the largest global audience of teens and millennials.

在青少年、年輕用戶方面，我們仍然是接觸全球最大的青少年和千禧世代受眾的最佳方式。

Teens remain engaged on Facebook.

青少年仍然熱衷於 Facebook。

Clearly, how they've used our service has evolved over the years, and in addition to Facebook they're using Instagram, Messenger, and WhatsApp.

顯然，多年來他們使用我們服務的方式已經發生了變化，除了 Facebook 之外，他們還使用 Instagram、Messenger 和 WhatsApp。

So from a teen perspective, that's some color there.

所以從青少年的角度來看，這是有些色彩的。

On the ad load front, ad load is definitely up from where we were a few years ago.

在廣告負載方面，廣告負載肯定比幾年前上升。

It's been an important driver of inventory growth, and really I think one of the things that's enabled us to grow ad load has been improving the quality and the relevance of the ads as you mentioned.

它是庫存成長的重要驅動力，實際上，我認為使我們能夠增加廣告負載的因素之一是提高廣告的品質和相關性，正如您所提到的。

And we've been able to do that without negatively impacting the user experience.

我們已經能夠做到這一點，並且不會對使用者體驗產生負面影響。

We do expect that ad load will be a less significant factor driving overall growth, especially after mid-2017.

我們確實預期廣告負載將成為推動整體成長的一個不太重要的因素，尤其是在 2017 年中期之後。

The optimal ad load is really a mix of art and science.

最佳廣告負載其實是藝術與科學的結合。

We've carefully tracked the impact of ads on the user experience over the last several years.

在過去的幾年裡，我們仔細追蹤了廣告對用戶體驗的影響。

We aren't seeing a cause for concern.

我們沒有看到令人擔憂的理由。

We also want to be thoughtful about making sure that each person's overall feed experience has the right balance of organic and ad content.

我們也希望深思熟慮，確保每個人的整體 Feed 體驗在自然內容和廣告內容之間取得適當的平衡。

And that factors into you how we think about ad load and where that might ultimately be.

這會影響我們如何看待廣告負載以及最終可能出現的情況。

And that's really why we're talking our expectation that as you get into mid-2017, ad load will not be a big factor in driving overall inventory growth.

這就是為什麼我們期望進入 2017 年年中時，廣告負載將不會成為推動整體庫存成長的重要因素。

We still see the opportunity to grow inventory from the growth of people and engagement on Facebook as well as our other services like Instagram.

我們仍然看到了透過 Facebook 以及 Instagram 等其他服務的人員和參與度成長來增加庫存的機會。

Instagram does have a lower ad load than Facebook.

Instagram 的廣告負載確實比 Facebook 低。

The next question is from Brian Nowak from 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 on the US advertising, was up particularly strong.

第一個關於美國的廣告，上漲尤其強勁。

Any specific ad category, branded, direct response, et cetera, or ad unit like video that's driving this growth in the US?

任何特定的廣告類別、品牌、直接回應等，或影片等廣告單元正在推動美國的這一成長？

And then the second one just on live video.

然後第二個只是現場視頻。

Recognizing it's very early with live video, but any help at all on what percentage of your users are engaging with live video and the type of uplift you're seeing on engagement.

認識到直播影片還為時過早，但對於參與直播影片的用戶比例以及您所看到的參與度提升類型有任何幫助。

Thanks.

謝謝。

Our growth this quarter was very broad-based across all of the regions.

本季我們在所有地區的成長都非常廣泛。

We had especially strong growth in APAC and the US and Canada, so that was part of the growth.

我們在亞太地區、美國和加拿大的成長尤其強勁，所以這是成長的一部分。

In terms of our marketer segments from brands to direct response to SMBs to developers, the growth is really strong there as well.

就我們的行銷細分市場而言，從品牌到對中小企業的直接回應，再到開發商，這些領域的成長也非常強勁。

We're really excited today to announce that we have 60 million small business pages that are using Facebook on a monthly basis.

今天我們非常高興地宣布，我們每月有 6000 萬個小型企業頁面使用 Facebook。

And we're very focused on the opportunity to upsell them to advertising products.

我們非常關注將它們追加銷售為廣告產品的機會。

We think we have a good track record there.

我們認為我們在那裡有良好的記錄。

We're also seeing a lot of strength in brand, and I think that's because we have a combination of the creative and the storytelling, so the art with the science of the targeting.

我們也看到了品牌的強大實力，我認為這是因為我們將創意和講故事結合，因此藝術與目標科學相結合。

And when people do that well together, you see great opportunities.

當人們一起做得很好時，你會看到巨大的機會。

So to share one example.

所以分享一個例子。

Jack in the Box used our canvas ads, which are very immersive ads.

Jack in the Box 使用了我們的畫布廣告，這是非常身臨其境的廣告。

They are really good for a brand experience to roll out a new menu item, their Double Jack burger.

他們推出新的菜單項目——Double Jack 漢堡，非常適合品牌體驗。

They worked with agencies, Horizon, David and Goliath, and Adaptly, and they targeted millennials on Facebook to create two different custom audience groups.

他們與 Horizo​​​​n、David and Goliath 和 Adaptly 等機構合作，針對 Facebook 上的千禧世代創建了兩個不同的自訂受眾群體。

One group was customers who had visited the restaurant web page or engaged with previous video ads.

一組是造訪過餐廳網頁或觀看過之前影片廣告的顧客。

And the second group were people that hadn't engaged with them directly but were quick service restaurant purchasers.

第二組是沒有直接與他們接觸過的人，但是是快速服務餐廳的購買者。

They had an average view rate of 23 seconds across those canvas ads, so clearly people were really engaged in the planned experience of the ad, and they had a 13 point lift in ad recall and 9 point lift in purchase intent.

這些畫布廣告的平均觀看率為 23 秒，因此顯然人們真正參與了廣告的計劃體驗，並且他們的廣告回憶度提升了 13 點，購買意願提升了 9 點。

I think what you're seeing is that across all of the objectives people have from brands, marketers to direct response to SMBs to developers, as our ad products get more sophisticated, our targeting and measurement get better.

我認為你所看到的是，隨著我們的廣告產品變得更加複雜，我們的定位和衡量也變得更好，從品牌、行銷人員到對中小型企業的直接回應，再到開發人員，人們的所有目標都變得更好。

They have an increased opportunity to grow.

他們有更多的成長機會。

And that's why we think our growth to date continues to be broad based.

這就是為什麼我們認為迄今為止我們的成長仍然具有廣泛的基礎。

Brian, I'll take the live video question.

布萊恩，我將回答現場視訊問題。

It's hard to compete with the Double Jack burger.

很難與 Double Jack 漢堡競爭。

In terms of live video, it's really early.

就視訊直播而言，現在還很早。

We're really excited about it in terms of it providing an authentic and real form of sharing for people, and we're really trying to give people the full range of tools to share what they care about with anyone that they want, and live is really effective there.

我們對此感到非常興奮，因為它為人們提供了一種真實的分享形式，我們真的在努力為人們提供全方位的工具，以便與他們想要的任何人分享他們關心的內容，並住在那裡確實有效。

We've seen experiences both in terms of the light hearted like Candace Payne and also more serious issues around the US and around the globe.

我們既看到了像坎迪斯·佩恩這樣輕鬆的問題，也看到了美國和全球各地更嚴重的問題。

So it's really an important part of what we're offering for people to share real experiences.

因此，這確實是我們為人們提供分享真實體驗的服務的重要組成部分。

Video as a whole is making a significant contribution to time spent growth.

影片作為一個整體，對花費時間的成長做出了重大貢獻。

When we talk about the time spent per DAU growing worldwide across our family in double-digit percentages, video is making a contribution there more broadly.

當我們談論全球範圍內每個 DAU 花費的時間以兩位數百分比增長時，影片正在做出更廣泛的貢獻。

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。

Yes, a couple.

是的，一對。

First, Mark, just maybe on core Facebook, there's been commentary out there that maybe there's less personal sharing.

首先，馬克，也許在 Facebook 的核心部分，有評論說個人分享可能會減少。

Just maybe comments on the direction of Facebook, what the activities are going on, how you feel about that.

也許只是評論 Facebook 的方向、正在進行的活動以及您對此的感受。

And then just about the ad loads, how are you deciding how much ads to show?

然後，關於廣告載入量，您如何決定要顯示多少廣告？

Could you hold back a bit and drive higher pricing?

你能稍微克制一下並推動更高的定價嗎？

How are you balancing that and why not hold back a little bit more now for longevity there?

你是如何平衡這一點的？

Thank you.

謝謝。

Sure, so I'll talk about sharing, and then I think Dave can probably talk about ad load and pricing.

當然，所以我會談論共享，然後我認為戴夫可能會談論廣告負載和定價。

So the overall level of sharing is up on Facebook, and what we're seeing is that how people share is evolving as we move from desktop to mobile.

因此，Facebook 上的整體共享水平有所提高，我們看到，隨著我們從桌面轉向行動設備，人們的共享方式正在不斷演變。

So you can imagine more photos on people's mobile cameras, fewer long full photo albums, more ability to capture video, probably a little bit harder to type on mobile.

因此，您可以想像人們的行動相機上有更多的照片，更少的長完整相冊，更多的捕捉影片的能力，可能在行動裝置上打字有點困難。

So there's this evolution.

所以就有了這樣的演變。

The other thing that we see is that now people have tools to share more privately as well.

我們看到的另一件事是，現在人們也有了可以更私密地分享的工具。

So when you think about sharing on Facebook, you shouldn't just think about the kind of sharing that you see in news feed.

因此，當您考慮在 Facebook 上分享時，您不應該只考慮在動態消息中看到的分享類型。

So sharing with all your friends, sharing in groups on Facebook and public sharing, which are the trends that I was just talking about.

所以和你所有的朋友分享，在Facebook上群組分享，公開分享，這就是我剛才講的趨勢。

But another area that's growing incredibly quickly is private messaging.

但另一個成長速度驚人的領域是私人訊息傳遞。

Between Messenger and WhatsApp, I think we're around 60 billion messages a day, which I think is something like 3 times more than the peak of global SMS traffic.

在 Messenger 和 WhatsApp 之間，我認為每天大約有 600 億條訊息，大約是全球 SMS 流量峰值的 3 倍。

That is something that is growing pretty quickly and that we're really excited about as well, and we're just going to continue working on giving people the best tools across the spectrum from private to public and across the spectrum from text-based and simple communication to richer type of media like photos, videos, and then eventually more immersive forms like VR.

這是一個正在快速增長的東西，我們也對此感到非常興奮，我們將繼續努力為人們提供從私人到公共、從基於文本到基於文本的各個領域的最佳工具。的媒體類型，如照片、視頻，然後最終是更身臨其境的形式，如VR。

Justin, in terms of ad load, we talked about the different factors that go into it.

賈斯汀，就廣告負載而言，我們討論了其中的不同因素。

Obviously, just in driving the overall business, advertiser demand, that was particularly strong this period.

顯然，在推動整體業務的同時，廣告商的需求在這段時期尤其強勁。

And then also we matched that with supply.

然後我們也將其與供應相匹配。

The supply, the two big drivers are user and time spent and then ad load.

供應，兩個主要驅動因素是用戶和花費的時間，然後是廣告負載。

And getting the balance and mix right is important and clearly how the pricing plays out is via the auction.

取得平衡和正確的組合很重要，顯然定價是透過拍賣來實現的。

And we've had a good balance of demand growth and supply growth, and that's led to our good, strong financial results and our ability to deliver very strong ROI to advertisers.

我們在需求成長和供應成長之間取得了良好的平衡，這導致了我們良好、強勁的財務表現以及為廣告商提供非常高的投資回報率的能力。

So we think we're in a good zone on the right ad load, and we do think there's opportunities to grow that modestly.

因此，我們認為我們處於正確的廣告負載的良好區域，並且我們確實認為有機會適度增長。

But as we look forward into 2017, we think it will be a less significant factor driving inventory growth.

但展望 2017 年，我們認為這將是推動庫存成長的一個不太重要的因素。

We still think there's opportunities to drive inventory through user growth and time spent.

我們仍然認為有機會透過用戶成長和花費的時間來推動庫存。

I don't think we would think about necessarily dropping ad load to drive pricing.

我認為我們不會考慮必須降低廣告負載來推動定價。

We're also very cognizant of providing good value to advertisers and getting that balance right is important to driving overall ROI as well as obviously providing better targeting and measurement tools for our advertisers.

我們也非常認識到為廣告商提供良好的價值，並實現這種平衡對於提高整體投資回報率以及為我們的廣告商提供更好的定位和衡量工具非常重要。

The next question is from Anthony DiClemente with Nomura.

下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。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

I have one for Mark and one for Sheryl.

我有一份給馬克，一份給謝麗爾。

Mark, you mentioned search in your prepared remarks, 2 billion searches a day on Facebook.

馬克，你在準備好的發言中提到了搜索，Facebook 上每天有 20 億次搜索。

I also noticed you said you're making it easier for users to connect to businesses.

我還注意到您說您正在讓用戶更輕鬆地與企業建立聯繫。

How far away are you from commercial search on Facebook being viable?

Facebook 上的商業搜尋距離可行還有多遠？

Why can't you do that today?

為什麼你今天不能這樣做？

And how big of an opportunity could commercial search be?

商業搜尋的機會有多大？

And then Sheryl, you mentioned the expansion of the Facebook Audience Network.

然後謝麗爾，您提到了 Facebook 受眾網絡的擴展。

Can you talk more about the revenue opportunity of bringing Facebook's targeting tools to other video publishers?

您能否詳細談談將 Facebook 的定位工具帶給其他影片發布者的收入機會？

How fast is Audience Network monetization growing?

Audience Network 貨幣化成長速度有多快？

Is it accelerating, for example, and how you see the revenue opportunity of expanding the Audience Network across the mobile web as well?

例如，它是否正在加速？

Thank you.

謝謝。

I can take search.

我可以進行搜尋。

So when we talk about our strategy, I often talk about how when we develop new products, we think about it in three phases.

所以當我們談論我們的策略時，我經常談論我們在開發新產品時如何分三個階段來思考。

First, building a consumer use case.

首先，建構消費者用例。

Then, second, making it so that people can organically interact with businesses.

其次，讓人們能夠與企業進行有機互動。

And then third, on top of that, once there's a large volume of people interacting with businesses, give businesses tools to reach more people and pay.

第三，最重要的是，一旦有大量的人與企業互動，就為企業提供接觸更多人並支付費用的工具。

And that's ultimately the business opportunity.

這最終就是商機。

So I'd say we're around the second phase of that in search now.

所以我想說我們現在正處於搜尋的第二階段。

We have a pretty big navigational use case where people look up people and pages and groups that they want to get to and look at and search.

我們有一個相當大的導航用例，人們可以在其中找到他們想要訪問、查看和搜尋的人員、頁面和群組。

One of the big growing use cases that we're investing a lot in is looking up the content in the ecosystem and that is an area that we're very excited about which helps people find more content.

我們投入大量資金的不斷增長的大型用例之一是在生態系統中尋找內容，這是我們非常興奮的領域，它可以幫助人們找到更多內容。

But certainly, there's a reasonable amount of behavior in there, which is looking for things that over time could be monetizable or commercial intense, and at some point, we will probably want to work on that but we're still in the phase of just making it easier for people to find all the content they want and connect with businesses organically.

但當然，其中存在相當多的行為，這些行為正在尋找隨著時間的推移可以貨幣化或商業化的東西，在某些時候，我們可能會想在這方面開展工作，但我們仍然處於這樣的階段使人們更容易找到他們想要的所有內容並與企業有機地聯繫。

On the Audience Network, we continue to invest in ad tech, and the Audience Network is a key part of our focus there.

在受眾網路方面，我們持續投資廣告技術，而受眾網路是我們重點關注的關鍵部分。

We don't break out revenue by our different platforms, but the opportunity to take not just video ads but other ad formats we have, bring them to the rest of the web and other apps with our ability to target and measure, we think is a big one.

我們不會按不同平台細分收入，但我們認為，不僅可以採用影片廣告，還可以採用我們擁有的其他廣告格式，透過我們的定位和衡量能力將它們帶到網路的其他部分和其他應用程式中。

And what we're starting to see is that people are using Facebook, Instagram, and Audience Networks to drive their objectives in a cohesive way.

我們開始看到人們正在使用 Facebook、Instagram 和 Audience Networks 以有凝聚力的方式推動他們的目標。

So to share an example.

所以分享一個例子。

Garmin launched the Fenix3 Sapphire watch, and they did it with video ads on Facebook that worked without sound.

Garmin 推出了 Fenix3 藍寶石手錶，他們透過 Facebook 上的無聲影片廣告做到了這一點。

They targeted outdoor enthusiasts then retargeted people who viewed the Instagram videos with carousel ads on Facebook that highlighted the product features.

他們以戶外愛好者為目標，然後透過 Facebook 上的輪播廣告重新定位觀看 Instagram 影片的用戶，突出產品功能。

Then they extended those ads on Audience Networks to maximize reach and they used the Facebook pixel to measure the incremental sales and got to a 9.7 times return on ad sales.

然後，他們在 Audience Networks 上擴展了這些廣告，以最大限度地擴大覆蓋範圍，並使用 Facebook Pixel 來衡量增量銷售，並獲得了 9.7 倍的廣告銷售回報。

That's a really good example of how you can take targeting and the ability to target across Audience Network, Facebook, and Instagram and drive people all the way down the funnel and we think more and more people will do that particularly as we do a better job of combining the interfaces.

這是一個很好的例子，說明瞭如何利用Audience Network、Facebook 和Instagram 進行定位和定位的能力，並推動人們一路走入漏斗，我們認為越來越多的人會這樣做，特別是當我們做得更好時組合接口。

For example, you can buy now in one interface on Facebook, Instagram, and Audience Network.

例如，您現在可以在 Facebook、Instagram 和 Audience Network 上的一個介面中進行購買。

And then Anthony, just one thing to add on top of that.

然後是安東尼，除此之外還需要補充一件事。

We recognize the majority of our third-party advertising revenue through the Audience Network on a net rather than gross basis.

我們透過 Audience Network 確認大部分的第三方廣告收入是以淨額而非以毛額計算。

That will also minimize the impact that will have on the top line.

這也將最大限度地減少對營收的影響。

The next question is from Mark Mahaney with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場部的馬克‧馬哈尼 (Mark Mahaney)。

Your line is open.

您的線路已開通。

Mark, when you see what seems like phenomenal success of Pokemon Go, what are your reactions to that?

馬克，當你看到《Pokemon Go》取得了驚人的成功時，你對此有何反應？

And then David, could you talk about the monetization ramp that you've seen on the messaging platforms?

然後，大衛，您能談談您在訊息平台上看到的貨幣化成長嗎？

I know it's still very early days.

我知道現在還為時過早。

Anything in there that strike you as being particularly substantive for material yet?

其中有什麼內容讓您覺得特別有實質的資料嗎？

Thank you.

謝謝。

I, like everyone else, am enjoying Pokemon Go.

我跟其他人一樣，很喜歡 Pokemon Go。

The biggest thing that I think we can take away from this as we invest in augmented reality in addition to virtual reality is that the phone is probably going to be the mainstream consumer platform that a lot of these AR features first become mainstream, rather than form factor that people will wear on their face.

我認為，當我們投資擴增實境和虛擬實境時，我們可以從中得到的最重要的一點是，手機可能將成為主流消費平台，其中許多 AR 功能首先成為主流，而不是形成主流。上的因素。

I think we're seeing this in a number of places, whether it's location through Pokemon or some of the face filter activity.

我認為我們在很多地方都看到了這一點，無論是透過《神奇寶貝》進行定位還是一些臉部過濾器活動。

I reference the MSQRD app that we acquired earlier in my remarks.

我在發言中提到了我們之前獲得的 MSQRD 應用程式。

That's kind of a fun way to augment social experience that you're having with someone.

這是一種增強你與某人的社交體驗的有趣方式。

I think that there's a big opportunity to build out that platform and a lot more functionality around that.

我認為建立該平台以及圍繞該平台提供更多功能的機會很大。

And one of the big themes that we're talking about here is becoming video first.

我們在這裡討論的一大主題是影片優先。

And as people look for richer and richer ways to express themselves, just like people in the past have shared a lot of text and photos on Facebook, we think that in the future more of that is going to be video and more of these augmented reality tools I think are going to be an important part of delivering that experience and making that fun to use and expressive as it can be.

隨著人們尋找越來越豐富的方式來表達自己，就像過去的人們在 Facebook 上分享大量文字和照片一樣，我們認為未來更多的將是視頻和增強現實我認為工具將成為提供這種體驗並使其使用起來有趣且富有表現力的重要組成部分。

And Mark, we've talked about our strategy on how we go about monetizing the different apps in our portfolio, and we usually talk about it in terms of three phases.

馬克，我們已經討論瞭如何透過投資組合中的不同應用程式獲利的策略，我們通常分三個階段來討論。

Phase one is really growing the user base and engagement, and we're really pleased with where we are with Messenger and WhatsApp from that perspective, with both over 1 billion monthly actives.

第一階段確實是在擴大用戶群和參與度，從這個角度來看，我們對 Messenger 和 WhatsApp 的現狀非常滿意，兩者的每月活躍量都超過 10 億。

The second phase is really working on building organic interactions between businesses and consumers.

第二階段真正致力於在企業和消費者之間建立有機互動。

And then finally, the third phase is about building those commercial opportunities.

最後，第三階段是建立這些商業機會。

With Messenger, we're really at the beginning of phase two.

對於 Messenger，我們確實處於第二階段的開始。

Messenger today has 1 billion organic interactions between businesses and consumers each month.

如今，Messenger 每月在企業和消費者之間進行 10 億次自然互動。

But in terms of where we are in having in terms of actual monetization, incredibly early on that front.

但就實際貨幣化而言，我們在這方面的進展非常早。

We're really in that phase two where we're really talking about building those organic interaction.

我們確實處於第二階段，我們真正談論的是建立這些有機的互動。

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 very much.

非常感謝。

I was wondering, I guess this is a follow-up on Anthony's question, is there a way to think about maybe the percentage of your kind of top 100 customers or however you want to define it that might be using FAN as an add-on to their Facebook spending?

我想知道，我想這是 Anthony 問題的後續，有沒有一種方法可以考慮您的前 100 名客戶的百分比，或者您想如何定義它可能使用 FAN 作為附加組件他們的 Facebook 支出？

And I guess I'm wondering if you're seeing increasing leverage of FAN?

我想我想知道您是否看到 FAN 的影響力不斷增加？

And then the other question would just be, political spending obviously wasn't a big driver for you guys in 2012, but it does seem like it is potentially a great opportunity in the back half of the year.

另一個問題是，政治支出顯然不是 2012 年你們的主要動力，但它似乎確實是今年下半年的潛在絕佳機會。

Was just wondering if you could comment on that at all.

只是想知道你是否可以對此發表評論。

Thank you.

謝謝。

On the political spending, our business is broad based enough that no one event drives our business.

在政治支出方面，我們的業務基礎足夠廣泛，沒有任何一項事件能夠推動我們的業務。

We're pretty large and diversified.

我們規模很大且多元化。

While the political campaign, obviously a lot of money is spent in ads.

在政治競選的同時，顯然在廣告上花了很多錢。

That's also true of an Olympics.

奧運也是如此。

It's also true of a World Cup.

世界盃也是如此。

It's also true of a Superbowl.

超級盃也是如此。

With all of these events taking place around the world, there's no one event that we think drives a huge portion of revenue.

由於所有這些活動都在世界各地發生，我們認為沒有一項活動能帶來很大一部分收入。

That said, we are pleased by what's happened on Facebook for the election cycle.

儘管如此，我們對選舉週期 Facebook 上發生的事情感到高興。

Not just on the paid side but actually on the organic side as well.

不僅在付費方面，實際上也在有機方面。

We really see Facebook being embraced by politicians all over the world to get in touch with their constituents, and we're pleased with that.

我們確實看到 Facebook 受到世界各地政治家的歡迎，以與他們的選民取得聯繫，我們對此感到高興。

Every member of Congress right now has a Facebook presence, and we're seeing people like one example is Elise Stefanik, who is the youngest person in the Congress.

現在每位國會議員都有 Facebook 帳號，我們看到像 Elise Stefanik 這樣的人，她是國會中最年輕的人。

She made a pledge when she was elected that she would explain every vote she takes, and she explains every vote she takes on Facebook with shorter explanations if they're not controversial but longer explanations.

她在當選時承諾，她會解釋自己投的每一張選票，並且她會在Facebook 上解釋自己投的每一張選票，如果沒有爭議的話，會用較短的解釋，但會用較長的解釋。

That's the kind of mission-based work we're happy about because it brings people closer to the people who are representing them.

我們對這種基於使命的工作感到高興，因為它拉近了人們與代表他們的人的距離。

We don't break out how many advertisers are advertising on the Audience Network but we're seeing solid and growing adoption of the Audience Network across the board as we are with Instagram.

我們沒有透露有多少廣告商在 Audience Network 上投放廣告，但我們看到 Audience Network 的採用率穩步上升，就像 Instagram 一樣。

And we think all of these platforms together really help give us the ability to serve our clients in a very leveraged way and use the targeting and measurement capabilities we've invested in across multiple platforms.

我們認為所有這些平台確實有助於我們以非常有效的方式為客戶提供服務，並使用我們在多個平台上投資的定位和衡量功能。

The next question is from Carlos Kirjner with Bernstein.

下一個問題是卡洛斯·基納 (Carlos Kirjner) 和伯恩斯坦 (Bernstein) 提出的。

Your line is open.

您的線路已開通。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

First, some people believe that much of what users see in the news feed is driven by their behavior and preferences, and as a consequence, the stories they end up seeing are almost always in line with their existing views and preferences.

首先，有些人認為，使用者在動態消息中看到的大部分內容是由他們的行為和偏好所驅動的，因此，他們最終看到的故事幾乎總是符合他們現有的觀點和偏好。

Does this phenomenon in the end increase -- does this phenomenon lead to increased adoption in use of Facebook creating more polarization of views and less effective communication at least in some areas of people's lives?

這種現象最終是否會增加——這種現像是否會導致 Facebook 的使用增加，從而至少在人們生活的某些領域造成更多的觀點兩極化和更有效的溝通？

Mark, how do you think about this line of thought that because people see things that are already in line with what they believe, communication is hindered.

馬克，你如何看待這樣一種思路：因為人們看到的事物已經與他們所相信的一致，所以溝通受到阻礙。

Second, when it comes to video ad formats, are you philosophically opposed to pre-rolls and if yes, why?

其次，當涉及影片廣告格式時，您在哲學上是否反對前貼片廣告？

And if not, what is missing for you to adopt them?

如果沒有，您在採用它們時還缺少什麼？

Thank you.

謝謝。

So we have studied the effect that you're talking about and published the results of our research that show that Facebook is actually and social media in general are the most diverse forms of media that are out there.

因此，我們研究了您所談論的效果，並發布了我們的研究結果，表明 Facebook 實際上是社交媒體，並且總體而言是最多樣化的媒體形式。

And basically what -- the way to think about this is that even if a lot of your friends come from the same kind of background or have the same political or religious beliefs, if you know a couple hundred people, there's a good chance that even maybe a small percent, maybe 5% or 10% or 15% of them will have different viewpoints which means that their perspectives are now going to be shown in your news feed.

基本上，思考這個問題的方式是，即使你的許多朋友來自相同的背景或具有相同的政治或宗教信仰，如果你認識幾百人，那麼即使你認識幾百人，也很有可能一小部分人，也許5%、10% 或15% 的人會有不同的觀點，這意味著他們的觀點現在將顯示在您的動態消息中。

If you compare that to traditional media, where people will typically pick a newspaper or a TV station that they want to watch, and just get 100% of the view from that, people are actually getting exposed to much more different kinds of content through social media than they would have otherwise or have been in the past.

如果將其與傳統媒體進行比較，人們通常會選擇他們想觀看的報紙或電視台，然後從中獲得 100% 的觀點，那麼人們實際上透過社交接觸到更多不同類型的內容媒體比他們原本或過去的媒體要多。

So it's a good sounding theory, and I can get why people repeat it, but it's not true.

所以這是一個聽起來不錯的理論，我可以理解為什麼人們會重複它，但這不是真的。

So I think that that's something that if folks read the research that we put out there, then they'll see that.

所以我認為，如果人們閱讀我們在那裡發表的研究，他們就會看到這一點。

What was the other question?

另一個問題是什麼？

Pre-roll.

預卷。

Pre-roll.

預卷。

I can take that one too.

我也可以拿那個。

So we don't think it would be a good experience in news feeds because a lot of when people are finding videos on Facebook is you're scrolling through news feed, you're looking at what stories seem interesting to you, which is why we did the auto play videos so that rather than having to take an action, you can start experiencing the video automatically and continue watching if it's something that you're interested in.

因此，我們認為這在新聞提要中不會是一種很好的體驗，因為很多時候人們在 Facebook 上查找影片時，你會滾動新聞提要，查看你感興趣的故事，這就是為什麼我們實現了自動播放視頻，這樣您就可以自動開始體驗視頻並繼續觀看（如果您感興趣），而不必採取任何操作。

If we started playing an ad in the middle of feed before you got to the video then that would really go against that.

如果我們在您觀看影片之前就開始在 Feed 中間播放廣告，那麼這確實會違背這一點。

I think people would just watch a lot less of the organic videos that were posted because of that.

我認為人們會因此而更少地觀看發布的有機影片。

But the important thing to keep in mind on this is we don't need to do pre-rolls because our model is not one where you come to Facebook to watch one piece of content.

但要記住這一點的重要一點是，我們不需要做前貼片，因為我們的模式不是讓你來 Facebook 觀看一段內容的模式。

You come to look at a feed and putting the ads in between the stories is a much more effective way to do it and better for the user experience.

您查看提要並將廣告放在故事之間是一種更有效的方法，並且對用戶體驗也更好。

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。

I had two product-related questions for Mark.

我向馬克提出了兩個與產品相關的問題。

Mark, you guys mentioned when you released the latest Instagram MAU crossing the 500 million mark, you give out the breakdown of US, international.

馬克，你們提到當你們發布最新的 Instagram MAU 突破 5 億大關時，你們給出了美國和國際的細分。

Looks like US has been around 100 million for about the past nine months.

過去 9 個月，美國的人口數量似乎一直在 1 億左右。

Is that just a pause along the growth path or is there something else that you're seeing that's causing that growth to stall out a bit in light of what you just said about engagement being up since you did the algorithmic reranking.

這只是成長路徑上的一個停頓，還是您看到的其他因素導致成長稍微停滯，因為您剛才所說的自您進行演算法重新排名以來參與度有所上升。

Any color there would be helpful.

任何顏色都會有幫助。

Second question is just any update on Messenger M and how do you see that product potentially impacting engagement monetization on Messenger?

第二個問題是關於 Messenger M 的任何更新，您如何看待該產品可能影響 Messenger 上的互動盈利？

Thanks.

謝謝。

On any update on M, I can start with that one.

對於 M 的任何更新，我都可以從該更新開始。

I was going to take that one.

我正打算拿那個。

You're going to take that one.

你會接受那個。

On the Instagram MAU question, I don't think we're breaking out by region Instagram MAU.

關於 Instagram MAU 問題，我認為我們沒有按地區劃分 Instagram MAU。

So no, I don't think there's any update there that I'm aware of.

所以不，我認為據我所知沒有任何更新。

Okay.

好的。

Yes, so we just haven't updated the stat.

是的，所以我們只是還沒有更新統計數據。

Yes.

是的。

So for M, we've released the Messenger platform and in bots in the last six months.

因此，對於 M，我們在過去六個月中發布了 Messenger 平台和機器人。

F8 was the big announcement there.

F8 是那裡的重大公告。

I think since then, I think we've announced we have more than 10,000 bots in the system which are basically making it so that different businesses can build automated ways to communicate with people.

我認為從那時起，我們已經宣布系統中擁有超過 10,000 個機器人，這些機器人基本上是為了讓不同的企業可以建立自動化的方式與人們溝通。

The way we think about this experience is that qualitatively, I don't know a single person really who wants to call a business to get support or interact with it, whether that's trying to get a reservation for a restaurant or getting customer support or calling to buy something.

我們對這種體驗的看法是，從品質上講，我不知道有哪個人真正想打電話給企業以獲得支持或與其互動，無論是試圖預訂餐廳還是獲得客戶支持或致電購買東西。

Those are slow interactions.

這些都是緩慢的互動。

They're synchronous.

它們是同步的。

They consume your whole attention while you're doing them.

當你做這些事情時，它們會消耗你的全部注意力。

If we can make it so that you can have some of those interactions in an automated way where you fire off a text and then just get a response that quickly but asynchronously so it doesn't take up your full attention.

如果我們可以做到這一點，那麼您就可以以自動化的方式進行一些交互，您可以發送一條短信，然後快速但異步地得到回复，這樣就不會佔用您的全部注意力。

I think that that's going to be a much better experience that people really enjoy and like.

我認為這將是人們真正喜歡和喜歡的更好的體驗。

So we're in the experimentation phase I think with the platform.

所以我認為我們正處於該平台的實驗階段。

We're seeing a lot of good ideas getting tried out, and I'm -- I personally enjoy a lot of the different bots set that people are using or making, especially the news ones where you get these digests at the end of the day of different kinds of content.

我們看到很多好的想法正在嘗試，而且我個人很喜歡人們正在使用或製作的許多不同的機器人，尤其是新聞機器人，您可以在新聞末尾獲得這些摘要一天的不同種類的內容。

And between that and M, which is kind of our own internal bot that we're building, I think this is going to be an interesting area to watch and encourage more interaction between people and businesses and texting.

在那和M（我們正在建立的一種內部機器人）之間，我認為這將是一個有趣的領域，值得關注並鼓勵人們與企業和簡訊之間進行更多互動。

The next question is from Ben Schachter with Macquarie.

下一個問題來自麥格理的 Ben Schachter。

Your line is open.

您的線路已開通。

Couple questions for Mark.

問馬克幾個問題。

The first one, what are the lessons you're learning from seeing the growth of Snapchat and some of the other newer networks, particularly among young people.

第一個，您從 Snapchat 和其他一些較新的網路（尤其是在年輕人中）的發展中學到了什麼。

Obviously Facebook continuing to do well but these things are growing.

顯然 Facebook 繼續表現出色，但這些東西正在成長。

Second, related to video, what are the key problems that you really think you need to solve for consumers and for video producers and how is Facebook going to evolve to help solve those problems?

其次，與影片相關，您認為真正需要為消費者和影片製作者解決的關鍵問題是什麼？

Thanks.

謝謝。

Sure.

當然。

And they're related.

而且它們是相關的。

So overall, people are spending more and more time on mobile and that means that there are always more services that people use, whether it's YouTube or there's some really interesting ones with younger folks, especially like Musical.ly and Live.ly that I think are pretty interesting as well.

總的來說，人們在行動裝置上花費的時間越來越多，這意味著人們總是會使用更多的服務，無論是YouTube 還是一些年輕人真正感興趣的服務，尤其是我認為的Musical .ly 和Live.ly也很有趣。

Snapchat, which you mentioned.

Snapchat，你提到的。

Part of why I think you see this is that there are just so many different ways that people want to share, so many different kinds of content ranging from text to photo to video to just richer and richer more immersive content.

我認為你看到這一點的部分原因是，人們想要分享的方式有很多不同，有很多不同類型的內容，從文本到照片到視頻，再到越來越豐富、更身臨其境的內容。

And also there's a range from private one-on-one type sharing to small groups, all your friends at once, large interspace communities, and then ultimately fully public.

而且還有從私人一對一類型的分享到小組、所有朋友同時分享、大型跨空間社區，然後最終完全公開的範圍。

There are different apps that explore different regions of that space and do a good job with it and offer ideas that I think the whole market needs to learn from.

有不同的應用程式探索該空間的不同區域，並做得很好，並提供了我認為整個市場需要學習的想法。

Right now, the big theme and strategy that we're executing is we're going to become the video first, and what I mean by that is that there's this trend where 10 years back, most of what you saw and shared online was text.

現在，我們正在執行的大主題和策略是我們將首先成為視頻，我的意思是，十年前，您在網上看到和分享的大部分內容都是文本。

And then we went through a phase where most of it is photos.

然後我們經歷了一個大部分都是照片的階段。

We really believe that in call it five years, whatever the period of time that it takes to get there, I think most of what people consume online is going to be video.

我們確實相信，無論需要多長時間才能達到五年，我認為人們在線上消費的大部分內容將是影片。

And that means that there need to be a whole range of new production tools and consumption experiences for enabling that.

這意味著需要一整套新的生產工具和消費體驗來實現這一目標。

For production, I think that means that you need to get the camera experience, the experience for capturing and uploading videos that you captured to be much better and a more central part of the experience.

對於製作來說，我認為這意味著你需要獲得更好的相機體驗、捕捉和上傳影片的體驗，並且成為體驗中更核心的部分。

On consumption, there are innovations that we've had like auto play and feed but what's the next version of that that makes it so that people can have an even more native and default video experience when they're in news feed as well as private areas like Messenger and WhatsApp.

在消費方面，我們有一些創新，例如自動播放和資訊流，但下一個版本是什麼，以便人們在新聞動態和私人內容中時可以擁有更原生和預設的視訊體驗Messenger 和 WhatsApp 等領域。

I think you're going to see this across all of our apps, more focus on producing this kind of content and making it first class to consume as well, both in private and public context.

我想你會在我們所有的應用程式中看到這一點，更多地專注於製作此類內容，並使其在私人和公共環境中也成為一流的消費。

And I think that's just a big trend across the market and one of the big things that if we get right, I think it's going to unlock a lot of sharing and opportunity.

我認為這只是整個市場的一個大趨勢，也是最重要的事情之一，如果我們做對了，我認為這將釋放大量的共享和機會。

And then just following up on Ross' question on Instagram and US because I think Ross you were asking, we've provided some rough percentages around international and US and I just wouldn't -- I wouldn't -- those were very approximate and I wouldn't base any trending on that, on those percentages.

然後在 Instagram 和美國上跟進羅斯的問題，因為我認為羅斯你問的是，我們提供了一些關於國際和美國的粗略百分比，我只是不會 - 我不會 - 這些都是非常近似的我不會根據這些百分比來制定任何趨勢。

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。

Thanks.

謝謝。

For Instant Articles, I think it went live globally for all publishers around the time of F8 in April.

對於即時文章，我認為它在 4 月的 F8 前後在全球所有出版商中上線。

Just wondering if you can provide an update on the progress and how you see Instant Articles evolving over the next couple years.

只是想知道您是否可以提供有關進展的最新資訊以及您對即時文章在未來幾年的發展的看法。

And then maybe Dave on the 49% year-over-year impression growth, how much of that was driven by ad loads?

然後，也許 Dave 提到 49% 的同比印象增長，其中有多少是由廣告負載推動的？

Thank you.

謝謝。

I can take Instant Articles quickly.

我可以快速取得即時文章。

I think it's going well.

我認為進展順利。

It's a good user experience.

這是一個很好的使用者體驗。

People like it.

人們喜歡它。

The hypothesis when we rolled it out was that if we removed the latency, which is often 10 to 15 seconds of opening up a web view for news feeds that more people would read news.

我們推出該功能時的假設是，如果我們消除延遲（打開新聞提要的網路視圖通常需要 10 到 15 秒），更多的人會閱讀新聞。

I think the initial data suggests that that's probably true.

我認為最初的數據表明這可能是真的。

So that's good.

所以這樣很好。

We're getting more partners on and over the long term, I think one of the big things that we need to do is see if we can not only make this good for engagement for our partners but also a really positive business driver for them, too.

從長遠來看，我們正在獲得更多的合作夥伴，我認為我們需要做的一件大事是看看我們是否不僅可以讓這有利於我們的合作夥伴的參與，而且還可以為他們帶來真正積極的業務驅動力，也。

That's something I'm excited about and we'll hopefully have more news on that coming up.

這是我感到興奮的事情，我們希望能有更多關於這方面的消息。

On the 49% year-over-year growth in impressions, we're not providing a specific breakdown there.

關於展示次數年增 49%，我們沒有提供具體的細分數據。

I would say that it's primarily driven by growth in Facebook mobile news feed.

我想說，這主要是由 Facebook 行動動態消息的成長所推動的。

We've talked about the drivers of supply being growth in DAU, growth in time spent per DAU and ad load.

我們已經討論過供應的驅動因素是 DAU 的成長、每個 DAU 花費的時間和廣告負載的成長。

And obviously, we've given stats around -- rough stats around -- we've given specific stats around DAU.

顯然，我們已經給出了有關粗略統計數據的統計數據，我們已經給出了有關 DAU 的具體統計數據。

We've talked about time spent per DAU being up double digit.

我們已經討論過每個 DAU 花費的時間成長了兩位數。

I think you can make some assumptions around that.

我認為你可以對此做出一些假設。

So that's probably the way to triangulate on that.

這可能就是對此進行三角測量的方法。

I think we have time for one more question, Chris.

我想我們還有時間再問一個問題，克里斯。

Certainly.

當然。

The final question is from Mark May with Citi.

最後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。

I had two as well.

我也有兩個。

You probably won't give specific revenue numbers, but just if you kind of in aggregate look at some of the non-Facebook app revenue streams, if it's FAN, Instagram, et cetera, curious to get a sense of the traction and materiality of those.

你可能不會給出具體的收入數字，但如果你從總體上看一些非 Facebook 應用程式的收入來源，例如 FAN、Instagram 等，想了解這些應用程式的吸引力和重要性。

Would you expect, Dave, that in aggregate that those would become kind of material meaning that sort of 10% plus threshold some time this year?

戴夫，你是否認為這些總體上會成為某種實質的內容，意味著今年某個時候會達到 10% 以上的門檻？

Just trying to get a ballpark sense of the level of traction and diversification of revenue outside the core Facebook app.

只是想大致了解 Facebook 核心應用程式之外的吸引力水平和收入多元化。

And then along the lines of your commentary around ad load, how should we be thinking about -- your MAUs are obviously very significant.

然後，根據您對廣告負載的評論，我們應該如何考慮 - 您的每月活躍用戶數顯然非常重要。

DAU to MAU quite high.

DAU 與 MAU 相當高。

Do you continue to see that as being a primary driver of ad impression and ad revenue growth going forward as well?

您是否仍認為這是未來廣告印象和廣告收入成長的主要動力？

Thanks.

謝謝。

Yes, thanks, Mark.

是的，謝謝，馬克。

Like you said, we're not specifically breaking out revenue numbers.

正如您所說，我們並沒有具體公佈收入數據。

One thing to just keep in mind is Instagram is known and operated, property is represented gross in our revenue.

需要記住的一件事是 Instagram 已廣為人知並已運營，財產在我們的收入中佔總收入。

Where as I mentioned the Audience Network by and large is going to be recognized net rather than gross.

正如我所提到的，觀眾網絡總體上將被視為淨網絡，而不是整體網絡。

That is going to make it smaller in how it's going to appear in the revenue numbers.

這將使其在收入數字中的體現變得更小。

The overall growth is still being driven predominantly by Facebook.

整體成長仍主要由 Facebook 推動。

Instagram is clearly making a contribution, and then as is the Audience Network.

Instagram 顯然做出了貢獻，Audience Network 也做出了貢獻。

In terms of ad load, as I said, it's been one of the factors driving supply.

就廣告負載而言，正如我所說，這是推動供應的因素之一。

It's certainly been helpful.

這當然很有幫助。

But there's also DAU growth and time spent per DAU growth to time spent per person and we continue to feel that there are opportunities to execute on those and continue to grow inventory in that way.

但還有 DAU 成長以及每個 DAU 成長所花費的時間與每個人所花費的時間，我們仍然認為有機會執行這些並繼續以這種方式增加庫存。

So that's where we would focus.

這就是我們要關注的地方。

As we drive DAU faster than MAU, then that's going to increase that ratio but we're really focused on driving DAU and time spent per person.

由於我們的 DAU 成長速度快於 MAU，因此該比率將會增加，但我們真正關注的是 DAU 成長和每人花費的時間。

Great.

偉大的。

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。