Meta Platforms Inc (META) 2017 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我叫邁克，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Facebook First Quarter 2017 Earnings Call.

此時此刻，歡迎大家參加 Facebook 2017 年第一季度財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

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 2017 Earnings Conference Call.

下午好，歡迎來到 Facebook 2017 年第一季度收益電話會議。

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

今天和我一起討論我們的結果的是首席執行官馬克扎克伯格;首席運營官謝麗爾·桑德伯格 (Sheryl Sandberg)；和首席財務官 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，我們今天的發言將包含前瞻性陳述。

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中預期的結果存在重大差異。

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

今天的新聞稿和我們向美國證券交易委員會提交的 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 assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們在此次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

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

在此電話會議期間，我們可能會同時介紹 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 措施的對賬。

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介紹可在我們的網站 investor.fb.com 上獲取。

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, and thanks, everyone, for joining today.

謝謝黛博拉，也謝謝大家今天的加入。

We started the year off with a good quarter.

我們以良好的季度開局。

Our community continues to grow with more than 1.9 billion people now using Facebook every month and almost 1.3 billion people using it every day.

我們的社區繼續發展壯大，現在每月有超過 19 億人使用 Facebook，每天有近 13 億人使用它。

Our ads business is doing well too.

我們的廣告業務也做得很好。

Total revenue grew by 49% year-over-year to $8 billion, and advertising revenue was up 51% to $7.9 billion.

總收入同比增長 49% 至 80 億美元，廣告收入增長 51% 至 79 億美元。

In my letter to our community back in February, I talked about how, for the past decade, Facebook has focused on connecting friends and families.

在我二月份給我們社區的信中，我談到了在過去的十年中，Facebook 如何專注於連接朋友和家人。

Now with that foundation, our next focus will be building community.

現在有了這個基礎，我們的下一個重點將是建立社區。

There's a lot to do here.

這裡有很多事情要做。

Building global community is bigger than any one organization, but we can help by developing social infrastructure for the community: for supporting us, for keeping us safe, for informing us, for civic engagements and for including everyone.

建立全球社區比任何一個組織都重要，但我們可以通過為社區發展社會基礎設施來提供幫助：支持我們、保護我們的安全、通知我們、公民參與和包容所有人。

Building a global community that works for everyone starts with building millions of smaller supportive communities.

建立一個為每個人服務的全球社區，首先要建立數以百萬計的小型支持社區。

This is especially important since membership in many physical communities is declining.

這一點尤其重要，因為許多實體社區的成員人數正在減少。

We recently found that more than 100 million people on Facebook are members of what we call very meaningful groups, like parenting or rare disease support groups that are an important part of their support structure.

我們最近發現 Facebook 上有超過 1 億人是我們稱之為非常有意義的團體的成員，例如育兒或罕見疾病支持團體，這些團體是他們支持結構的重要組成部分。

My hope is to help more than 1 billion people join meaningful groups to strengthen our social fabric over the next few years.

我希望在未來幾年幫助超過 10 億人加入有意義的團體，以加強我們的社會結構。

To help build a safe community, we launched Community Help, a tool that allows people to give and get things like food, shelter or transportation in the wake of a natural disaster.

為了幫助建立一個安全的社區，我們推出了 Community Help，該工具允許人們在自然災害發生後提供和獲取食物、住所或交通工具等物品。

We also launched a new fundraising tool that allows people to raise money for themselves, a friend or a cause that isn't already on Facebook.

我們還推出了一個新的籌款工具，讓人們可以為自己、朋友或 Facebook 上還沒有的事業籌款。

But it's clear we have more to do here.

但很明顯，我們還有更多工作要做。

We're going to continue building new tools to keep people safe on our platform.

我們將繼續構建新工具，以確保人們在我們平台上的安全。

Over the next year, we'll be adding 3,000 people to our community operations team around the world, on top of the 4,500 we already have today, to review the millions of reports we get every week and to improve the process for doing that quickly.

在接下來的一年裡，我們將在全球社區運營團隊中增加 3,000 人，目前已有 4,500 人，以審查我們每週收到的數百萬份報告，並改進流程以快速完成這項工作.

To help build a more informed community, we make changes to our News Feed ranking to reduce the financial motivation to spread hoaxes.

為了幫助建立一個消息靈通的社區，我們更改了動態消息排名，以減少傳播惡作劇的經濟動機。

We're working with independent fact checkers to give people more information on whether an article has been disputed.

我們正在與獨立的事實檢查員合作，為人們提供有關文章是否存在爭議的更多信息。

We launched an educational tool at the top of News Feed in 14 countries to help people spot false news.

我們在 14 個國家/地區的動態消息頂部推出了一種教育工具，以幫助人們發現虛假新聞。

And we're beginning to test related articles that appear before you read an article, giving you easier access to more perspectives and information.

我們開始測試在您閱讀文章之前出現的相關文章，讓您更輕鬆地訪問更多觀點和信息。

We're also helping to build a more civically-engaged community.

我們還幫助建立一個更加公民參與的社區。

In March, we launched Town Hall to help people find and connect with their government representatives on a local, state and federal level in the U.S. And in just this, the first month, we created more than 1 million new connections between people and their representatives.

3 月，我們啟動了 Town Hall，以幫助人們在美國地方、州和聯邦層面找到並聯繫他們的政府代表。僅在第一個月，我們就在人們與其代表之間建立了超過 100 萬個新聯繫.

We also rolled out a tool in France ahead of their election that allows candidates to share statements about where they stand on different policy issues.

我們還在法國的選舉前推出了一個工具，允許候選人就他們在不同政策問題上的立場發表聲明。

So these are some of the changes we've made to help people build stronger communities.

因此，這些是我們為幫助人們建立更強大的社區所做的一些改變。

Next, I want to give a quick update on what we're building over our 3 time horizons: how we're making our core services more useful and engaging right now; how we're building ecosystems around product that a lot of people are already using over the next 5 years; and how we're investing in the technologies that will give more people a voice and make sharing more immersive over the next 10 years.

接下來，我想快速更新一下我們在 3 個時間範圍內正在構建的內容：我們現在如何使我們的核心服務更有用和更具吸引力；我們如何圍繞許多人在未來 5 年內已經使用的產品構建生態系統；以及在未來 10 年內，我們將如何投資於能夠讓更多人發聲並讓分享更加身臨其境的技術。

This quarter, we launched a set of new cameras.

本季度，我們推出了一套新相機。

Photos and video are becoming more common than text, so the camera is becoming more central than the text box in all of our apps.

照片和視頻比文本更常見，因此在我們所有的應用程序中，相機變得比文本框更重要。

In the Facebook app, you can now swipe right from News Feed to access our new camera with masks, frames and filters.

在 Facebook 應用程序中，您現在可以從動態消息向右滑動以訪問我們帶有遮罩、相框和濾鏡的新相機。

We've developed new computer vision tools that can apply the style of a painting to a photo or a video, and we can do that in real time on your phone for the first time.

我們開發了新的計算機視覺工具，可以將繪畫風格應用到照片或視頻中，而且我們第一次可以在您的手機上實時執行此操作。

This is part of making the camera the first augmented reality platform.

這是使相機成為第一個增強現實平台的一部分。

We want to give developers the power to build all kinds of AR tools in the camera so more people can experience augmented reality on their phone.

我們希望賦予開發人員在相機中構建各種 AR 工具的能力，以便更多人可以在手機上體驗增強現實。

Creating the first open camera platform is a huge step forward, and we're excited to keep pushing augmented reality forward.

創建第一個開放式相機平台是向前邁出的一大步，我們很高興能繼續推動增強現實向前發展。

We also expanded the Stories format to give people more new ways to share.

我們還擴展了故事格式，為人們提供更多新的分享方式。

Instagram Stories now has more than 200 million daily active people using it.

Instagram Stories 現在每天有超過 2 億活躍用戶使用它。

And just a couple months after we launched it, WhatsApp status has more than 175 million daily active people using it.

在我們發布後僅僅幾個月，WhatsApp 狀態就有超過 1.75 億的每日活躍用戶使用它。

More recently, we also rolled out Messenger Day and Facebook Stories, and we're going to keep putting video at the center of all these services.

最近，我們還推出了 Messenger Day 和 Facebook Stories，我們將繼續將視頻置於所有這些服務的中心。

Over the next 5 years, we're going to build ecosystems around our products that a lot of people are already using.

在接下來的 5 年裡，我們將圍繞我們已經有很多人使用的產品構建生態系統。

I put Live video in this category.

我把現場視頻放在這個類別中。

Last month, we announced that 1 in every 5 Facebook videos is a live broadcast.

上個月，我們宣布每 5 個 Facebook 視頻中就有 1 個是直播視頻。

And over the past year, daily watch time for Facebook Live broadcasts has grown by more than 4x.

在過去的一年裡，Facebook 直播的每日觀看時長增長了 4 倍多。

This year, we also gave people the ability to go Live in 360.

今年，我們還為人們提供了 360 度全景直播功能。

Messenger is in this category too.

Messenger 也屬於此類。

And we just announced that 1.2 billion people use Messenger every month.

我們剛剛宣布每月有 12 億人使用 Messenger。

At F8, we launched the second generation of our Messenger platform and introduced a Discover tab to make it easier to find the best experiences quickly.

在 F8，我們推出了第二代 Messenger 平台，並引入了“發現”選項卡，以便更輕鬆地快速找到最佳體驗。

Finally, over the next 10 years, we're developing consumer use cases around technologies that are a big part of our future but won't be a part of our business, a big part of the business for a while.

最後，在接下來的 10 年裡，我們將圍繞技術開發消費者用例，這些技術是我們未來的重要組成部分，但不會成為我們業務的一部分，暫時不會成為業務的重要組成部分。

On the connectivity side in April, we successfully simultaneously beamed 16 gigabits of data in each direction between a location on the ground and a Cessna aircraft circling more than 7 kilometers away.

在 4 月份的連接方面，我們成功地在地面上的一個位置和一架盤旋 7 公里以外的塞斯納飛機之間的每個方向上同時傳輸了 16 吉比特的數據。

Eventually, we're going to use this technology along with Aquila, our solar-powered plane that we're building, to beam Internet to parts of the world that currently don't have access.

最終，我們將把這項技術與我們正在建造的太陽能飛機 Aquila 一起使用，將互聯網傳輸到世界上目前無法訪問的地區。

In virtual reality, we launched Facebook Spaces, the first social VR platform that lets you create your own avatar and hang out with your friends.

在虛擬現實方面，我們推出了 Facebook Spaces，這是第一個社交 VR 平台，您可以創建自己的化身並與朋友一起出去玩。

And we also released the Facebook 360 app for Gear VR that makes it easier to discover and experience 360 photos and videos.

我們還發布了適用於 Gear VR 的 Facebook 360 應用程序，可以更輕鬆地發現和體驗 360 度照片和視頻。

And we continue to ship Rift and Touch to people everywhere and deliver a strong content ecosystem across both Rift and Gear VR.

我們將繼續向世界各地的人們提供 Rift 和 Touch，並在 Rift 和 Gear VR 上提供強大的內容生態系統。

As people share more video, as we explore more things like augmented reality and as we build more tools to keep our community safe, we're going to keep investing aggressively in the infrastructure that we need to grow and serve our community.

隨著人們分享更多視頻，隨著我們探索增強現實等更多事物，隨著我們構建更多工具來確保社區安全，我們將繼續積極投資發展和服務社區所需的基礎設施。

That's why we announced that our next 2 data centers will be built in Odense, Denmark and Papillion, Nebraska.

這就是為什麼我們宣布我們接下來的 2 個數據中心將建在丹麥的歐登塞和內布拉斯加州的 Papillion。

We've made some good progress but we have a lot more to do to help build community and connect the world.

我們取得了一些不錯的進展，但我們還有很多工作要做，以幫助建立社區和連接世界。

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

因此，我要感謝我們社區中的每一個人、我們的團隊、我們的合作夥伴以及所有參與我們這一旅程的人。

And now here's Sheryl.

現在雪莉爾來了。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

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

我們有一個強勁的第一季度和一個良好的開端。

Q1 ad revenue grew 51% year-over-year.

第一季度廣告收入同比增長 51%。

Mobile ad revenue was $6.7 billion, up 58% year-over-year and was approximately 85% of total ad revenue.

移動廣告收入為 67 億美元，同比增長 58%，約佔廣告總收入的 85%。

Growth again this quarter was broad-based across regions, marketer segments and verticals.

本季度再次實現跨地區、營銷細分市場和垂直領域的廣泛增長。

Our goal is to build meaningful connections between businesses and people.

我們的目標是在企業和人之間建立有意義的聯繫。

We're doing this by focusing on 3 key priorities: helping businesses leverage the power of mobile; developing innovative ad products; and making our ads more relevant and effective.

我們通過專注於 3 個關鍵優先事項來做到這一點：幫助企業利用移動的力量；開發創新的廣告產品；使我們的廣告更具相關性和有效性。

Our first priority is helping businesses leverage the power of mobile.

我們的首要任務是幫助企業利用移動的力量。

More businesses around the world are shifting to marketing on mobile.

全球越來越多的企業正在轉向移動營銷。

Over 70 million businesses are now using Facebook Pages around the world on a monthly basis, and more and more of them are becoming advertisers.

全球每月有超過 7000 萬家企業使用 Facebook 主頁，其中越來越多的企業成為廣告商。

We also recently announced that over 5 million businesses are actively advertising on Facebook, including more than 1 million in emerging markets.

我們最近還宣布，超過 500 萬家企業正在 Facebook 上積極投放廣告，其中超過 100 萬家位於新興市場。

Most of these advertisers start by using our free Pages product because it's easy to use.

這些廣告商中的大多數都是從使用我們的免費 Pages 產品開始的，因為它易於使用。

People are increasingly recognizing that the small screen is big.

人們越來越認識到小屏幕就是大屏幕。

Our Creative Hub is providing tools that make it easier to create ads optimized for mobile, what we talk about as thumb-stopping creative.

我們的創意中心提供的工具可讓您更輕鬆地製作針對移動設備優化的廣告，也就是我們所說的令人大跌眼鏡的創意。

Marketers can see previews of their ads across Facebook and Instagram before rolling them out and get tips to help drive business results.

營銷人員可以在推出廣告之前在 Facebook 和 Instagram 上預覽他們的廣告，並獲得有助於推動業務成果的提示。

Our second priority is developing innovative ad products that help businesses make the most out of their campaigns.

我們的第二要務是開發創新的廣告產品，幫助企業充分利用他們的活動。

We continue to improve Dynamic Ads, which enable advertisers to promote their full range of products across all devices.

我們繼續改進動態廣告，使廣告商能夠在所有設備上推廣他們的全系列產品。

Advertisers can now target Dynamic Ads to broad audiences and are seeing great results.

廣告商現在可以將動態廣告定位到更廣泛的受眾，並且看到了很好的效果。

Last week, I visited home retailer Wayfair in Boston.

上週，我參觀了波士頓的家居零售商 Wayfair。

They use Dynamic Ads to reach a large audience with personalized recommendations from their catalog of over 8 million items.

他們使用動態廣告從超過 800 萬件商品的目錄中提供個性化推薦，從而吸引大量受眾。

By finding higher revenue customers at a lower cost, the campaign beat Wayfair's return on ad spend goal by more than 20%.

通過以更低的成本找到更高收入的客戶，該活動比 Wayfair 的廣告支出回報率目標高出 20% 以上。

We're also helping marketers use video to capture shoppers' attention.

我們還幫助營銷人員使用視頻來吸引購物者的注意力。

People are watching more video on Facebook than ever before, and it's changing how they connect with businesses.

人們在 Facebook 上觀看的視頻比以往任何時候都多，這正在改變他們與企業聯繫的方式。

In a recent study Facebook commissioned with Kantar, 30% of mobile shoppers said video is the best way to discover new products.

在最近 Facebook 委託 Kantar 進行的一項研究中，30% 的移動購物者表示視頻是發現新產品的最佳方式。

This quarter, we introduced a new ad format called Collection.

本季度，我們推出了一種名為 Collection 的新廣告格式。

Collection helps marketers tell stories on mobile by combining creative videos or photos of product images.

Collection 通過組合創意視頻或產品圖片照片，幫助營銷人員在移動設備上講述故事。

Clicking on the products leads to an immersive shopping experience, driving purchase consideration and ultimately sales.

點擊產品會帶來身臨其境的購物體驗，推動購買考慮並最終推動銷售。

For example, adidas, which is how you pronounce them at their headquarters, and its agency, iProspect, created a video highlighting the innovative features of a Z.N.E.

例如，阿迪達斯（adidas），這是他們在總部的發音，其代理機構 iProspect 製作了一段視頻，重點介紹 Z.N.E. 的創新功能。

Road Trip Hoodie.

公路旅行連帽衫。

Using our Collection ad format, adidas featured 4 more items from their product catalog below the video.

使用我們的系列廣告格式，阿迪達斯在視頻下方展示了其產品目錄中的另外 4 件商品。

They saw a 5.3x return on ad spend and a 1.8x decrease in cost per conversion.

他們看到 5.3 倍的廣告支出回報率和 1.8 倍的每次轉化成本降低。

It's still early for this new format but it's a great example of how we can deliver innovative mobile experiences that work for advertisers and work for people.

這種新格式還為時過早，但它是一個很好的例子，說明我們如何提供創新的移動體驗，為廣告商和人們服務。

This quarter, we also launched full-screen sound-on ads in Instagram Stories.

本季度，我們還在 Instagram 快拍中推出了全屏有聲廣告。

Advertisers can now reach over 200 million daily actives on Stories to do everything from building brands to selling products.

廣告商現在可以在 Stories 上接觸到超過 2 億的每日活躍用戶，從建立品牌到銷售產品，無所不包。

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

我們的第三個優先事項是使我們的廣告更具相關性和有效性。

Measurement is critical.

測量很關鍵。

We recently introduced new and expanded verification partnership and committed to audits with the Media Rating Council.

我們最近推出了新的和擴大的驗證合作夥伴關係，並承諾與媒體評級委員會進行審計。

Whether marketers are trying to get people to buy something on their website or in their store, we now have systems in place to help them measure results and third-party partnerships to verify those results.

無論營銷人員是想讓人們在他們的網站上還是在他們的商店裡買東西，我們現在都有系統來幫助他們衡量結果和第三方合作夥伴來驗證這些結果。

These are important steps as we continue to build the advertiser trust.

這些是我們繼續建立廣告客戶信任的重要步驟。

Bud Light's NFL campaign is a great example.

Bud Light 的 NFL 活動就是一個很好的例子。

To promote the designs of their new team-specific cans, Bud Light took a national and regional approach.

為了推廣他們新的球隊專用罐的設計，百威淡啤採取了全國和地區的方法。

They ran video ads featuring the new cans to people ages 21 to 49 in the U.S. Then they also ran more targeted ads in each region, featuring the 2 cans of the teams playing each other.

他們向美國 21 至 49 歲的人群播放了以新罐頭為特色的視頻廣告。然後他們還在每個地區投放了更有針對性的廣告，展示了兩支球隊互相比賽的罐頭。

Using Facebook polling and Oracle's data cloud, they saw a 24-point lift in ad recall and a 4.4x return on ad sales.

使用 Facebook 投票和 Oracle 的數據云，他們發現廣告召回率提高了 24 個百分點，廣告銷售回報率提高了 4.4 倍。

We know marketers want to compare results across platforms and placements.

我們知道營銷人員希望比較跨平台和展示位置的結果。

Historically, we've enabled larger marketers to do this.

從歷史上看，我們已經讓更大的營銷人員能夠做到這一點。

In Q1, we started testing a set of advanced measurement tools that make it easier for marketers of all sizes to compare the effectiveness of Facebook, Instagram and Audience Network alongside other publishers.

在第一季度，我們開始測試一套先進的衡量工具，讓各種規模的營銷人員更容易比較 Facebook、Instagram 和 Audience Network 以及其他發布商的有效性。

We're off to a strong start in 2017.

我們在 2017 年有了一個良好的開端。

We're helping marketers leverage the power of mobile, developing innovative ad products and delivering proven and measurable results.

我們正在幫助營銷人員利用移動的力量，開發創新的廣告產品並提供經過驗證和可衡量的結果。

We're excited about the growing adoption of our platforms, and we're going to continue to invest in helping businesses and people connect.

我們對越來越多地採用我們的平台感到興奮，我們將繼續投資幫助企業和人們建立聯繫。

Thanks, and now here's Dave.

謝謝，現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

Q1 was a strong quarter for Facebook.

第一季度是 Facebook 的強勁季度。

We continued to see healthy growth and engagement trends across our community as well as broad-based growth in our ads business.

我們繼續看到整個社區的健康增長和參與趨勢，以及我們廣告業務的廣泛增長。

Let's start with our community metrics.

讓我們從我們的社區指標開始。

In March, 1.28 billion people visited Facebook on an average day, up 18% compared to last year.

3 月份，平均每天有 12.8 億人訪問 Facebook，比去年增長 18%。

This daily number represented 66% of the 1.94 billion people that visited Facebook during the month of March, which was up 282 million or 17% compared to last year.

這一每日數字佔 3 月份訪問 Facebook 的 19.4 億人中的 66%，與去年相比增加了 2.82 億或 17%。

Our community growth in Q1 was driven by product improvement, Internet.org and ongoing third-party promotional data plans in markets like India.

我們在第一季度的社區增長是由產品改進、Internet.org 和印度等市場正在進行的第三方促銷數據計劃推動的。

Note that we do not control the timing or terms of these promotions.

請注意，我們無法控制這些促銷活動的時間或條款。

Before diving into the financials, I want to highlight that we are no longer reporting non-GAAP expenses, income, tax rate or EPS.

在深入探討財務數據之前，我想強調的是，我們不再報告非 GAAP 支出、收入、稅率或每股收益。

Given that stock is an important part of our compensation structure, we believe that investors should focus on our financial performance with stock-based compensation included.

鑑於股票是我們薪酬結構的重要組成部分，我們認為投資者應該關注我們的財務業績，其中包括基於股票的薪酬。

Turning now to the financials.

現在轉向財務。

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

除非另有說明，否則我們所有的比較都是按年進行的。

Q1 total revenue was $8 billion, up 49%.

第一季度總收入為 80 億美元，增長 49%。

Ad revenue was $7.9 billion, up 51%.

廣告收入為 79 億美元，增長 51%。

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

匯率並未影響我們本季度的整體增長率，因為某些貨幣的逆風被其他貨幣的順風所抵消。

In terms of regional advertising growth, Rest of World and Asia Pacific were our strongest growers in percentage terms at 66% and 60%, respectively.

就區域廣告增長而言，世界其他地區和亞太地區的增長最為強勁，分別達到 66% 和 60%。

Both regions benefited from particularly strong advertiser demand.

這兩個地區都受益於特別強勁的廣告商需求。

Europe and North America both grew at 47%.

歐洲和北美均增長了 47%。

Mobile ad revenue was $6.7 billion, up 58% and represented approximately 85% of ad revenue.

移動廣告收入為 67 億美元，增長 58%，約佔廣告收入的 85%。

Desktop ad revenue grew 22% despite a decline in desktop usage and was aided by our recent effort to limit the impact of ad blocking technology, which we began in Q3 of last year.

儘管桌面使用率下降，但桌面廣告收入增長了 22%，這得益於我們最近努力限制廣告攔截技術的影響，我們從去年第三季度開始。

Our mobile ads business continued to be driven by healthy supply and demand dynamics.

我們的移動廣告業務繼續受到健康的供需動態的推動。

In Q1, the average price per ad increased 14%, and the total number of ad impressions served increased 32%, primarily driven by mobile feed ads.

第一季度，每條廣告的平均價格上漲了 14%，投放的廣告總展示次數增加了 32%，這主要受移動信息流廣告的推動。

Payments and other fees revenue was $175 million, down 3%.

付款和其他費用收入為 1.75 億美元，下降 3%。

Q1 total expenses were $4.7 billion, up 40%.

第一季度總支出為 47 億美元，增長 40%。

In 2017, we have continued to accelerate our hiring efforts.

2017 年，我們繼續加快招聘工作。

We added over 1,700 employees in Q1, predominantly in technical and recruiting functions, and ended the quarter with approximately 18,800 employees, up 38% compared to last year.

我們在第一季度增加了 1,700 多名員工，主要從事技術和招聘職能，本季度末員工人數約為 18,800 人，比去年增長 38%。

This marked an acceleration from the 34% growth rate in Q4.

這標誌著第四季度 34% 的增長率有所加快。

Q1 operating income was $3.3 billion, representing a 41% margin.

第一季度營業收入為 33 億美元，利潤率為 41%。

Our tax rate was 10%, which reflects the adoption of ASU 2016-09 in the fourth quarter.

我們的稅率為 10%，這反映了第四季度採用了 ASU 2016-09。

Excluding this adoption, our tax rate would have been approximately 9 percentage points higher.

排除這種採用，我們的稅率會高出大約 9 個百分點。

Note that the new accounting guidance does not impact the cash taxes we pay but merely how the tax provision is presented under GAAP, whereby now excess tax benefits are flowing through the P&L and in this quarter positively impacted EPS.

請注意，新的會計準則不會影響我們支付的現金稅，而只會影響根據 GAAP 提供的稅收準備金的方式，現在超額稅收優惠正在通過損益表流動，並且在本季度對每股收益產生了積極影響。

Net income was $3.1 billion or $1.04 per share.

淨收入為 31 億美元或每股 1.04 美元。

Q1 capital expenditures were approximately $1.3 billion, driven by investments in data centers, server, office facilities and network infrastructure.

第一季度的資本支出約為 13 億美元，主要受數據中心、服務器、辦公設施和網絡基礎設施投資的推動。

In Q1, we also broke ground on our ninth data center in Nebraska.

在第一季度，我們在內布拉斯加州的第九個數據中心也破土動工。

We generated approximately $3.8 billion in free cash flow.

我們產生了大約 38 億美元的自由現金流。

In the first quarter, we repurchased $228 million of our Class A common stock and used $771 million in cash for taxes paid related to the net share settlement of equity awards.

第一季度，我們回購了 2.28 億美元的 A 類普通股，並使用 7.71 億美元的現金支付了與股權獎勵的淨股份結算相關的稅款。

We ended the quarter with $32.3 billion in cash and investments.

我們在本季度結束時擁有 323 億美元的現金和投資。

Turning now to the outlook.

現在轉向前景。

With regards to revenue, we continue to expect that our ad revenue growth rates will come down meaningfully over the course of 2017.

關於收入，我們繼續預計我們的廣告收入增長率將在 2017 年顯著下降。

We expect that ad load will play a less significant factor in driving revenue growth after mid-2017.

我們預計 2017 年年中之後，廣告加載量在推動收入增長方面將不再那麼重要。

We also expect desktop ad revenue growth rates to slow in the fourth -- in the third quarter when we begin to lap our efforts to limit the impact of ad blockers.

我們還預計桌面廣告收入增長率將在第四季度放緩——在第三季度，屆時我們將開始努力限制廣告攔截器的影響。

We continue to expect that our full year 2017 Payments and other fees revenue will decline compared to full year 2016.

我們繼續預計，與 2016 年全年相比，我們 2017 年全年的付款和其他費用收入將下降。

As a reminder, Payments and other fees revenue is primarily generated from payments related to games played on personal computers.

提醒一下，支付和其他費用收入主要來自與在個人電腦上玩的遊戲相關的支付。

Turning to the expense outlook.

談到費用前景。

We continue to expect that full year 2017 GAAP expenses will grow 40% to 50% compared to full year 2016.

我們繼續預計 2017 年全年 GAAP 支出與 2016 年全年相比將增長 40% 至 50%。

I would note that as we look into 2017 and beyond, there are going to be a number of initiatives we believe are valuable to the community and to the company in the long term that are going to be net negative on our operating margin.

我要指出的是，當我們展望 2017 年及以後時，我們認為從長遠來看對社區和公司有價值的一些舉措將對我們的營業利潤率產生淨負面影響。

We are embarking on a significant ramp-up in infrastructure supporting global growth, and we continue to expect that full year 2017 capital expenditures will be in the range of $7 billion to $7.5 billion, which is up over 50% compared to last year.

我們正在著手大力建設支持全球增長的基礎設施，我們繼續預計 2017 年全年的資本支出將在 70 億美元至 75 億美元之間，與去年相比增長 50% 以上。

Turning now to tax.

現在轉向稅收。

As we noted in the last call, under the new accounting guidance, our tax rate will vary based on our stock price.

正如我們在上次電話會議中指出的那樣，根據新的會計準則，我們的稅率將根據我們的股票價格而變化。

At current stock prices, we expect that our Q2 and full year 2017 tax rates will both be in the mid-teens, so up from the first quarter rate.

按照目前的股價，我們預計我們的第二季度和 2017 年全年稅率都將處於十幾歲左右，因此高於第一季度的稅率。

In summary, Q1 was a strong quarter and a great start to the year.

總之，第一季度是一個強勁的季度，也是今年的一個良好開端。

Growth in the Facebook community remains strong.

Facebook 社區的增長依然強勁。

Engagement across our family of apps is healthy and growing, and advertiser demand from our growing base of marketers is robust.

我們整個應用程序系列的參與度健康且不斷增長，我們不斷增長的營銷人員群體對廣告客戶的需求強勁。

Importantly, we continue to invest aggressively to build our business and drive value for our community over the long term.

重要的是，我們繼續積極投資以建立我們的業務並為我們的社區帶來長期價值。

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

有了這個，接線員，讓我們打開問題電話。

(Operator Instructions) Your first question comes from the line of Eric Sheridan from UBS.

（操作員說明）您的第一個問題來自瑞銀的 Eric Sheridan。

Maybe one thematic question on Instagram for Mark and Sheryl.

也許在 Instagram 上為馬克和雪莉提出一個主題問題。

I wanted to understand what you're seeing in terms of the development of the community on the user growth side, the engagement side as well as on the monetization side with respect to breadth of advertisers and ad product evolution, what that means for Instagram's future and how it compares to maybe what you've learned growing the business on the Facebook side over the last couple of years.

我想了解您在用戶增長方面、參與度方面以及廣告商廣度和廣告產品演變方面的貨幣化方面所看到的社區發展情況，這對 Instagram 的未來意味著什麼以及它與您在過去幾年中在 Facebook 方面發展業務所學到的知識相比如何。

Eric, why don't I take the beginning of that and then Sheryl can augment with some additional color?

埃里克，為什麼我不開始，然後雪莉爾可以用一些額外的顏色來增加？

So when you think about Instagram, we're seeing great growth there with the community.

所以當你想到 Instagram 時，我們會看到社區的巨大增長。

So this past quarter, we announced 700 million daily -- sorry, monthly actives, so that was a big announcement.

所以在上個季度，我們宣布每天有 7 億——對不起，每月活躍，所以這是一個重大的宣布。

And that's broad-based growth across the globe so we're pleased with that.

這是全球範圍內廣泛的增長，所以我們對此感到滿意。

In terms of the development on the advertising side, we're not specifically breaking out Instagram revenue, as you know, because that's sold through the same Facebook ad interfaces.

就廣告方面的發展而言，正如你所知，我們並沒有具體列出 Instagram 的收入，因為它是通過相同的 Facebook 廣告界面銷售的。

But we're seeing really good contribution and good growth there.

但我們在那裡看到了非常好的貢獻和良好的增長。

And we're developing it across a wide variety of ad products.

我們正在為各種廣告產品開發它。

So VR is becoming a more significant part of the Instagram story, whereas it was originally more brand-focused, but we've expanded the product offerings on the direct response front.

因此，VR 正在成為 Instagram 故事中更重要的一部分，雖然它最初更側重於品牌，但我們已經在直接響應方面擴展了產品供應。

And we're continuing to bring more ad products to Instagram.

我們將繼續為 Instagram 帶來更多廣告產品。

We're pretty excited about what's happening in the Instagram ad space because Facebook and Instagram are the 2 most important mobile ad platforms.

我們對 Instagram 廣告領域正在發生的事情感到非常興奮，因為 Facebook 和 Instagram 是兩個最重要的移動廣告平台。

And there's a special property with Instagram, which is that the increasing visualization of ads and the creative canvas it offers with the science behind the Facebook targeting and measurement systems is really a pretty unusual combination.

Instagram 有一個特殊的屬性，那就是廣告的日益可視化和它提供的創意畫布與 Facebook 定位和測量系統背後的科學結合確實是一個非常不尋常的組合。

We're also seeing very broad adoption including small customers.

我們還看到非常廣泛的採用，包括小客戶。

We're pretty excited to have 1 million advertisers and 8 million Instagram business profiles on the platform.

我們很高興在該平台上擁有 100 萬廣告商和 800 萬個 Instagram 業務資料。

To share 1 example, an online store in Brazil called [Lohanama], they sell decorative items and accessories.

舉個例子，巴西一家名為[Lohanama]的網上商店，他們出售裝飾品和配飾。

Their business owner, [Joanna], took photos of her products on her phone and then created ads with our Shop Now button.

他們的企業主 [Joanna] 在她的手機上拍攝了她的產品照片，然後使用我們的“立即購買”按鈕製作了廣告。

She targeted young audiences in Brazil who are interested in fashion, decoration, movies and architecture.

她瞄準了巴西對時尚、裝飾、電影和建築感興趣的年輕觀眾。

And during the period of her campaign, Instagram accounted for 78% -- 79% of her sales.

在她的競選期間，Instagram 佔她銷售額的 78% 至 79%。

And I think what that shows is the power of the very sophisticated targeting we offer across our platforms, along with really the ability to use a very simple tools like a phone to create very sophisticated but visually compelling ads.

而且我認為這表明我們在我們的平台上提供的非常複雜的目標定位的力量，以及使用非常簡單的工具（如手機）創建非常複雜但視覺上引人注目的廣告的能力。

Your next question comes from the line of Douglas Anmuth of JP Morgan.

你的下一個問題來自摩根大通的 Douglas Anmuth。

One for Mark and then perhaps one for Sheryl or Dave.

一份給 Mark，然後一份給 Sheryl 或 Dave。

Mark, first, just on the video strategy, I was hoping you could talk a little bit about how that's evolving in terms of the type of content that you're licensing and featuring within the Facebook video tab.

馬克，首先，關於視頻策略，我希望你能談談你在 Facebook 視頻選項卡中授權和展示的內容類型方面的發展情況。

And then if you have any more clarity just on how the economics are going to work there around revenue share and gross margins.

然後，如果您更清楚經濟學將如何圍繞收入份額和毛利率發揮作用。

And then on ad revenue, the U.S. and Canada was very strong at 47% growth, but at the same time, it also did decel a little bit more than we've seen in recent quarters.

然後在廣告收入方面，美國和加拿大的增長非常強勁，達到了 47%，但與此同時，它的降幅也比我們最近幾個季度看到的要多一些。

I was just wondering if there was anything else to call out there.

我只是想知道是否還有其他事情要說。

Yes, Doug, why don't I take the decel question on the U.S. and Canada.

是的，道格，我為什麼不回答關於美國和加拿大的延遲問題。

I don't think there was anything particularly surprising about the deceleration in the growth in U.S. and Canada.

我認為美國和加拿大的增長減速沒有什麼特別令人驚訝的。

We've been talking about expecting a deceleration in ad revenue growth, and we saw that play out U.S., Canada modestly.

我們一直在談論預計廣告收入增長會減速，我們看到美國和加拿大的情況適度。

Obviously, we're particularly pleased that there was really strong demand that benefited regions like APAC and Rest of World so really broad-based strength in APAC.

顯然，我們特別高興的是，亞太地區和世界其他地區等地區的需求確實非常強勁，因此亞太地區的實力非常廣泛。

And then Rest of World, we saw a rebound in Latin America.

然後在世界其他地區，我們看到了拉丁美洲的反彈。

So especially, Brazil so we're seeing some particular strength there.

特別是巴西，所以我們在那裡看到了一些特別的力量。

So I think that, sort of, I think, was a big highlight.

所以我認為，我認為這是一個很大的亮點。

On the content front, we're looking at investing in kickstarting an ecosystem for longer-form content on Facebook.

在內容方面，我們正在考慮投資啟動 Facebook 長篇內容生態系統。

And that involves us working with content providers to develop that content.

這涉及我們與內容提供商合作開發該內容。

In the long run, we expect it to be a revenue share model on the platform.

從長遠來看，我們預計它會成為平台上的收入分成模式。

And obviously, we're going to be -- we're going to be in an area where we're sharing revenue with content providers so it's going to have a different margin profile than core Facebook News Feed from an expense profile perspective.

顯然，我們將 - 我們將處於與內容提供商分享收入的領域，因此從費用概況的角度來看，它的利潤率將不同於核心 Facebook News Feed。

I think you pretty much got that.

我想你差不多明白了。

Your next question comes from the line of Brian Nowak from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Brian Nowak。

I have one for Mark on Messenger monetization.

我有一個關於 Messenger 貨幣化的 Mark。

Can you just talk about some of the biggest trends you're monitoring and what you're most excited about as you think about ways to monetize Messenger over the next 2 or 3 years?

您能否談談您正在監控的一些最大趨勢，以及您在考慮未來 2 或 3 年內通過 Messenger 獲利的方法時最興奮的是什麼？

And then on engagement, you continue to grow Instagram and Messenger user bases really helpfully.

然後在參與度方面，你會繼續擴大 Instagram 和 Messenger 的用戶群，這真的很有幫助。

I guess, I'd be curious to hear, do you still continue to see rising time spent per user across all 3 of those platforms even as the DAU base gets bigger?

我想，我很想知道，即使 DAU 基數越來越大，您是否仍然看到所有 3 個平台上每位用戶花費的時間都在增加？

You can start with the stats, Wehner?

你可以從統計數據開始，Wehner？

Yes, I can start with the stats.

是的，我可以從統計數據開始。

So on -- yes, Mark, on the engagement front, we're seeing time spent growth per DAU across the Facebook family of apps and that includes Facebook itself.

等等 - 是的，馬克，在參與方面，我們看到 Facebook 應用程序系列中每個 DAU 花費的時間都在增長，其中包括 Facebook 本身。

Instagram has been strong, especially with feed ranking and Stories.

Instagram 一直很強大，尤其是在動態排名和故事方面。

We're not breaking out specific time spent stats on a quarterly basis on those.

我們不會按季度公佈具體的時間花費統計數據。

And then on the Messenger monetization front...

然後在 Messenger 貨幣化方面......

I can talk about the strategy.

我可以談談策略。

Yes, so the first thing that we need to do on Messenger and WhatsApp is get a lot of businesses using it organically and build the behavior for people that they reach out to businesses for different things, like customer support or for getting news content, things that may not eventually be the big business use cases but establish the behavior of people interacting not only with their close friends but also with businesses.

是的，所以我們需要在 Messenger 和 WhatsApp 上做的第一件事就是讓很多企業有機地使用它，並為人們建立行為，讓他們為不同的事情接觸企業，比如客戶支持或獲取新聞內容，事情這可能最終不會成為大型企業用例，但會建立人們不僅與親密朋友互動而且與企業互動的行為。

In terms of making money on that, once we have that behavior, I think that there are going to be a number of ways that we can amplify that.

在賺錢方面，一旦我們有了這種行為，我認為我們可以通過多種方式來擴大這種行為。

We're already experimenting with a couple.

我們已經在試驗一對夫婦了。

One is ads that actually display in News Feed, not in Messenger or WhatsApp, but that link to the ability to communicate with a business directly in Messenger or eventually WhatsApp.

一種是實際顯示在動態消息中的廣告，而不是在 Messenger 或 WhatsApp 中，但它鏈接到直接在 Messenger 或最終在 WhatsApp 中與企業溝通的能力。

And that's great.

那太好了。

I mean, it converts better for the businesses.

我的意思是，它為企業帶來了更好的轉化。

They can have a better dialogue with the person, a persistent relationship.

他們可以與人進行更好的對話，建立持久的關係。

So that's one way that I think that this will be valuable.

所以這是我認為這將很有價值的一種方式。

The other way is, of course, eventually showing paid content in Messenger whether that's in the inbox or in relevant ways throughout the product.

當然，另一種方式是最終在 Messenger 中顯示付費內容，無論是在收件箱中還是在整個產品中以相關方式顯示。

But the top priority right now is just building up the base of organic interactions between people and businesses that they want to interact with.

但現在的首要任務只是在人們和他們想要與之互動的企業之間建立有機互動的基礎。

And once we get that to a big base, I think there are going to be a lot of opportunities to build the business.

一旦我們將其建立在一個大基礎上，我認為將會有很多機會來建立業務。

And the business will be proportional to the amount of that activity that people want to do organically.

業務將與人們想要有機地進行的活動量成正比。

Your next question comes from the line of Justin Post from Bank of America Merrill Lynch.

你的下一個問題來自美銀美林的 Justin Post。

A couple of things on advertising and modeling.

關於廣告和模特的一些事情。

When we think about Q1, can you help us at all think about how much the ad load growth is contributing?

當我們考慮第 1 季度時，您能幫我們想想廣告負載增長的貢獻有多大嗎？

And what drove the improvement in pricing in the quarter?

是什麼推動了本季度定價的改善？

And then, Dave, when you look out to the third quarter and you kind of lap the ad blocking on desktop, are there more ad blocking you can do to help maintain that growth?

然後，戴夫，當你展望第三季度並且你在桌面上進行廣告攔截時，你是否可以做更多的廣告攔截來幫助保持這種增長？

Or are there other drivers there for desktop that we could think about?

或者還有其他我們可以考慮的桌面驅動程序嗎？

Sure, Justin.

當然，賈斯汀。

Not breaking out specific drivers on the supply side, supply growth was healthy and we had contributions from users, time spent and ad load in the quarter.

沒有在供應方面打破具體的驅動因素，供應增長是健康的，我們在本季度有來自用戶、花費的時間和廣告負載的貢獻。

In terms of what drove the improvement in the pricing, it's strong demand.

就推動定價改善的因素而言，這是強勁的需求。

So that's playing through in the face of a little bit slower supply growth.

因此，面對供應增長略有放緩，這正在發揮作用。

And so you're seeing, of course, the auction drives the pricing and there's interplay between the supply growth and the pricing growth, and we're seeing the strong demand play through on the pricing side.

所以你看到，當然，拍賣會推動定價，供應增長和定價增長之間存在相互作用，我們看到強勁的需求在定價方面發揮作用。

When we get to lapping our efforts on desktop, I do think you're going to -- just you have a secular trend away from desktop, so that's going to be an overall factor in desktop -- our ability to grow and maintain the desktop business, so I think that's an underlying factor.

當我們開始在桌面上努力時，我確實認為你會 - 只是你有一個遠離桌面的長期趨勢，所以這將成為桌面的一個整體因素 - 我們發展和維護桌面的能力業務，所以我認為這是一個潛在因素。

We're always going to be in a back and forth with ad blockers on the desktop side, so I think that's going to constantly be a thing that plays into the desktop revenue.

我們總是會在桌面端與廣告攔截器來回徘徊，所以我認為這將不斷成為桌面端收入的一部分。

Your next question comes from the line of Colin Sebastian from Baird.

您的下一個問題來自 Baird 的 Colin Sebastian。

First off, I guess, as a follow-up on the earlier video question from Doug.

首先，我想，作為對 Doug 較早視頻問題的跟進。

Could you add some perspective on engagement trends with video content and video ads, such as average viewing time and whether those mix is what is impacting impression growth?

您能否就視頻內容和視頻廣告的參與趨勢添加一些觀點，例如平均觀看時間以及這些組合是否正在影響印象增長？

And then more broadly, if you can offer some perspective on how much of the video ad spending on Facebook applications are incremental to television budgets or if there's any evidence you're seeing of a share shift?

然後更廣泛地說，您是否可以提供一些觀點，說明 Facebook 應用程序上的視頻廣告支出有多少是電視預算的增量，或者是否有任何證據表明您看到了份額轉移？

Sure, Colin.

當然，科林。

I'll take that first one.

我要第一個。

So yes, impression growth was 32% in Q1, as I noted.

所以是的，正如我指出的那樣，第一季度的印象增長為 32%。

And that was a bit slower than in previous quarters.

這比前幾個季度要慢一些。

Those of you who have been following us for a while know that periodically, we make changes to the product that it's going to impact some of the metrics.

關注我們一段時間的人都知道，我們會定期對產品進行更改，這將影響某些指標。

One of the things that I would call out in Q1 as a contributing factor on the impression growth side was our decision to rank longer-form video higher in News Feed.

我要在第一季度指出的影響印象增長的其中一件事是我們決定在新聞提要中將較長格式的視頻排名更高。

That means more time in video.

這意味著更多的視頻時間。

And that does come at the expense of some impression growth in News Feed.

這確實是以犧牲 News Feed 中的一些印象增長為代價的。

So I think you do see some interplay there on the impression growth side due to our focus on video.

因此，我認為由於我們專注於視頻，您確實會在印象增長方面看到一些相互作用。

And then Sheryl was going to follow-up on the video ad spending.

然後 Sheryl 將跟進視頻廣告支出。

On TV, we are definitely seeing people continue to advertise on TV and use us as a complement.

在電視上，我們肯定會看到人們繼續在電視上做廣告並將我們作為補充。

Over time, we believe that the dollars shift with eyeballs, and we want to earn it from our clients and be the best dollar and the best minute they spend and help them measure across channels.

隨著時間的推移，我們相信金錢會隨著眼球的變化而變化，我們希望從客戶那裡賺取金錢，成為他們花費的最好的美元和最好的時間，並幫助他們跨渠道衡量。

I think increasingly, the question is not you can do without TV but if you can do without mobile.

我越來越認為，問題不是你可以沒有電視，而是你是否可以沒有手機。

And we're working hard to help advertisers develop the video creative that really works for mobile because that makes a really big difference.

我們正在努力幫助廣告商開發真正適用於移動設備的視頻創意，因為這會產生很大的不同。

And we think the combination of the creative working for mobile but also the measurement and targeting we can do is a very powerful offer.

我們認為，將適用於移動設備的創意與我們可以進行的衡量和定位相結合，是一個非常強大的提議。

To share one of my favorite new examples, Subway working with their agency, 360i, developed video ads and images for Facebook and Instagram to promote their limited-time offer Reuben sandwich.

分享我最喜歡的新例子之一，賽百味與他們的代理機構 360i 合作，為 Facebook 和 Instagram 製作了視頻廣告和圖片，以推廣他們的限時優惠 Reuben 三明治。

And they used Audience Insights, targeting people aged 18 to 49 who purchase meat and cheese.

他們使用 Audience Insights，針對 18 至 49 歲購買肉類和奶酪的人群。

And that's just pretty incredible targeting.

這是非常令人難以置信的目標。

Nowhere else I don't think you could actually target that way and people interested in fast food and encourage them to visit Subways.

在其他任何地方，我認為您實際上都無法以這種方式和對快餐感興趣的人為目標，並鼓勵他們訪問賽百味。

They then used Nielsen Brand Effect and were able to measure a 16-point lift in ad recall and a 5-point lift in intent to visit Subway.

然後，他們使用 Nielsen Brand Effect，測得廣告回想度提高了 16 點，訪問 Subway 的意願提高了 5 點。

So it's a really unique combination of the power of creative that was designed for video for mobile with very specific targeting and very specific measurement.

因此，這是專為移動視頻設計的創意力量的獨特組合，具有非常具體的定位和非常具體的衡量標準。

Your next question comes from the line of John Blackledge from Cowen.

你的下一個問題來自 Cowen 的 John Blackledge。

Two questions.

兩個問題。

Mark, you mentioned adding 3,000 reviewers to content at Facebook.

馬克，你提到在 Facebook 為內容增加 3,000 名評論員。

Could artificial intelligence be used over time to help solve some of the monitoring?

隨著時間的推移，人工智能是否可以幫助解決一些監控問題？

And then just more broadly, how is AI being employed in processes at the company now versus a couple of years ago?

然後更廣泛地說，與幾年前相比，AI 現在在公司流程中的應用情況如何？

And then second item would be, could newer ad units like mid-roll video help mitigate the decel from the lower ad load growth contribution in second half '17?

然後第二項是，像中置視頻這樣的新廣告單元能否幫助緩解 17 年下半年較低的廣告負載增長貢獻帶來的減速？

I'll talk to the content and AI questions and then someone else can talk about the ad piece.

我將討論內容和 AI 問題，然後其他人可以討論廣告片。

The short answer is yes.

簡短的回答是肯定的。

AI tools over time will be able to do a better job of flagging things for the set of people who are in the community ops teams that we can prioritize what we look at.

隨著時間的推移，人工智能工具將能夠更好地為社區運營團隊中的一組人標記事物，我們可以優先考慮我們所關注的事物。

A lot of what we're trying to do here, it's not just about getting content off Facebook.

我們在這裡嘗試做的很多事情，不僅僅是從 Facebook 上獲取內容。

Last week, there was this case where someone was using Facebook Live to broadcast -- or was thinking about suicide.

上週，有人在使用 Facebook Live 進行廣播——或者正在考慮自殺。

And we saw that video and actually didn't take it down and helped getting in touch with law enforcement, who used that Live Video to communicate with that person and help save their life.

我們看到了那個視頻，實際上並沒有將其刪除，並幫助與執法部門取得聯繫，他們使用該實時視頻與那個人交流並幫助挽救他們的生命。

So a lot of what we're trying to do is not just about taking the content down but also about helping people when they're in need on the platform, and we take that very, very seriously.

因此，我們正在嘗試做的很多事情不僅僅是刪除內容，還包括在平台上需要幫助的人時提供幫助，我們非常非常認真地對待這一點。

Over time, the AI tools will get better.

隨著時間的推移，人工智能工具會變得更好。

Right now, there are certain things that AI can do in terms of understanding text and understanding what's in a photo and what's in a video.

目前，人工智能可以在理解文本和理解照片中的內容以及視頻中的內容方面做某些事情。

That will get better over time.

隨著時間的推移，情況會好轉。

That will take a period of years, though, to really reach the quality level that we want.

不過，要真正達到我們想要的質量水平，還需要幾年的時間。

So for a while, our strategy has been to just continue building intuitive tools as we can because no matter how many people we have on the team, we're never going to be able to look at everything, right?

所以有一段時間，我們的策略一直是繼續盡可能地構建直觀的工具，因為無論我們團隊中有多少人，我們永遠無法查看所有內容，對吧？

So that's going to be a big challenge.

所以這將是一個很大的挑戰。

But given the importance of this and how quickly Live Video is growing, we wanted to make sure that we double down on this and made sure that we provide as safe of an experience for the community as we can, which is why we're almost doubling the size of the community ops team to focus on some of these issues around safety on Live Video.

但考慮到這一點的重要性以及實時視頻的增長速度，我們希望確保我們在這方面加倍努力，並確保我們盡可能為社區提供安全的體驗，這就是為什麼我們幾乎將社區運營團隊的規模擴大一倍，以關注與實時視頻安全相關的一些問題。

But over time for sure, more AI will do this, but this is over a period of time.

但隨著時間的推移，肯定會有更多的人工智能來做這件事，但這是在一段時間內。

John, I think your question then was on ad breaks and the mid-roll type of format.

約翰，我想你當時的問題是關於廣告插播和插播格式。

I think there, we're testing the ability and are putting short ad breaks into longer-form live and on-demand videos.

我認為我們正在測試這種能力，並將簡短的廣告插播到較長的直播和點播視頻中。

Tests are going well, but it's really early days to talk about that being a significant contributor.

測試進展順利，但現在談論它是一個重要的貢獻者還為時過早。

So we're working to continue to make those products better and continuing those tests.

因此，我們正在努力繼續改進這些產品並繼續進行這些測試。

But it's early.

但現在還早。

We are -- on that front, we're focused on building out the best video experiences for our community and growing longer-form content as a priority.

我們 - 在這方面，我們專注於為我們的社區打造最佳視頻體驗，並將長篇內容作為優先事項。

And ad break is going to allow us to have a monetization strategy with that longer-form content.

廣告插播將使我們能夠針對較長形式的內容制定貨幣化策略。

So like I said, it's early.

所以就像我說的，現在還早。

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

你的下一個問題來自高盛的 Heather Bellini。

I guess I had a question just related to Instagram and Facebook Stories.

我想我有一個與 Instagram 和 Facebook 故事有關的問題。

I mean, we've talked a lot about ad load growth over the last year, and Dave's been talking about the pending slowdown, which I think we're all expecting.

我的意思是，我們在去年談論了很多關於廣告負載增長的問題，而 Dave 一直在談論即將到來的放緩，我認為這是我們都在期待的。

But how do we think about these new applications or new ways to engage with the apps at the top of the -- at the top of your phone where you're starting to see ad insertion show up as well?

但是，我們如何看待這些新應用程序或與應用程序互動的新方式——在您開始看到廣告插入的手機頂部？

Is that thought of as a -- is that thought of different than the general ad load comment that, Dave, you're making?

這種想法是否與 Dave 所做的一般廣告加載評論不同？

And I'm sorry to split hairs here, but I'm just trying to get a sense of how to think about when they're starting to show up in new places.

很抱歉在這裡亂說，但我只是想了解如何思考它們何時開始出現在新地方。

And then, I guess, I just had a follow-up for Sheryl.

然後，我想，我剛剛跟進了 Sheryl。

And one question in particular was if there's any measurement metrics that advertisers are asking for now that if you could help them with, it would make them even more eager to shift their budgets over from TV and follow their eyeballs.

一個特別的問題是，廣告商現在是否要求任何衡量指標，如果你能幫助他們，這會讓他們更加渴望將預算從電視轉移到關注他們的眼球上。

So yes, Heather, on the -- on Stories, again, it's a pretty similar answer, I think, to ad break in the sense that it's early in terms of using -- putting -- using the ads format in Stories.

所以，是的，Heather，關於 - 關於故事，我認為這是一個非常相似的答案，從某種意義上說，它在早期使用 - 放置 - 使用故事中的廣告格式。

We certainly rolled those out.

我們當然推出了這些。

They are not in the ad load calculation per se.

它們本身不在廣告加載計算中。

So it is different, as you said, from the ad load commentary that I've given.

因此，正如您所說，它與我給出的廣告加載評論不同。

But obviously, it's very early on those products.

但顯然，這些產品還處於早期階段。

And then, Sheryl, you had the question about measurement metric.

然後，Sheryl，你有關於測量指標的問題。

Yes, we know that measurement is so critical.

是的，我們知道測量非常重要。

And we really want to measure core business results and focus on becoming the #1 growth driver for our clients.

我們真的想衡量核心業務成果，並專注於成為我們客戶的第一增長動力。

We are continuing to constantly review our metrics.

我們將繼續不斷審查我們的指標。

When we find bugs or errors, we're reporting them to our clients and addressing the issue and continuing with that analysis as we work through all of our metrics.

當我們發現錯誤或錯誤時，我們會將它們報告給我們的客戶並解決問題並在我們處理所有指標時繼續進行該分析。

We're also very focused on extending measurement partnerships and third-party verification.

我們還非常注重擴展測量合作夥伴關係和第三方驗證。

This last quarter, we extended viewability measurement to the Audience Network, add another verification partner, double verify for video and display measurement and introduced our MMM portal so that we can help people measure across all of the different platforms and compare the effectiveness of their ad spend no matter what their end goal is.

上個季度，我們將可見度測量擴展到 Audience Network，添加了另一個驗證合作夥伴，對視頻和顯示測量進行雙重驗證，並引入了我們的 MMM 門戶，以便我們可以幫助人們在所有不同平台上進行測量並比較他們的廣告效果無論他們的最終目標是什麼，他們都會花錢。

Your next question comes from the line of Anthony DiClemente from Nomura Instinet.

你的下一個問題來自 Nomura Instinet 的 Anthony DiClemente。

I have one for Mark and one for Sheryl.

我有一份給 Mark，一份給 Sheryl。

Mark, at F8 and in your comments today, you talked about making the camera central to the app being the camera, the first augmented reality platform.

馬克，在 F8 上，在你今天的評論中，你談到了讓相機成為應用程序的核心是相機，這是第一個增強現實平台。

I know it's early but can you maybe share with us your thoughts about the potential commercial application of augmented reality as you see it today?

我知道現在為時過早，但您能否與我們分享您對今天增強現實的潛在商業應用的看法？

And then, Sheryl, there's been more lately about the use and effectiveness of influencer marketing on both Facebook and Instagram.

然後，Sheryl，最近有更多關於影響者營銷在 Facebook 和 Instagram 上的使用和有效性的報導。

How is Facebook thinking about sharing in the economics of when brands use celebrities or influencers to market their products using their Facebook posts?

當品牌利用名人或有影響力的人通過他們的 Facebook 帖子營銷他們的產品時，Facebook 如何考慮分享經濟效益？

Is it by bringing more transactions onto the platform, building on the shopping experience on Facebook.

是通過將更多交易帶到平台上，建立在 Facebook 上的購物體驗之上。

How is Facebook going to share in those economics?

Facebook 將如何分享這些經濟效益？

All right.

好的。

Well, I can start by talking about augmented reality.

好吧，我可以從談論增強現實開始。

The big step forward that we announced at F8 is that there are lots of different apps that have cameras in them right?

我們在 F8 上宣布的一大進步是，有很多不同的應用程序都內置了攝像頭，對吧？

Or that independent developers just build an app that has a single camera effect.

或者獨立開發者只是構建一個具有單一相機效果的應用程序。

But what we're basically seeing is that there's so much innovation and so many different types of effects that people are creating that we didn't want developers to have to build their own separate app and get to a huge scale in order to build some new kind of visual tool.

但我們基本上看到的是，人們正在創造如此多的創新和如此多不同類型的效果，我們不希望開發人員必須構建自己的獨立應用程序並達到巨大的規模才能構建一些一種新型的視覺工具。

So we built -- we're making the cameras inside the whole family of apps into the first augmented reality platform, into an open platform, which is different from what any other apps that has a camera has done before.

所以我們構建了 - 我們正在將整個應用程序系列中的相機製作成第一個增強現實平台，一個開放的平台，這與以前擁有相機的任何其他應用程序不同。

It's going to open up a much greater diversity of use cases, not only making it so that use cases like face masks, the style transfers that we already have, you're now going to have thousands of options instead of just 10 or 20 at a time.

它將開闢更多樣的用例，不僅使像口罩這樣的用例，我們已經擁有的風格轉換，你現在將有數千種選擇，而不僅僅是 10 或 20 個一個時間。

But there are also going to be all these new kinds of things that we're not even building today that developers will be able to experiment with.

但也將有所有這些我們今天甚至還沒有構建的新事物，開發人員將能夠對其進行試驗。

One of the examples I showed at F8 was around using object recognition and computer vision to be able to point your camera at something and then tap on it and get a card of information and maybe even a buy button, right?

我在 F8 上展示的一個例子是關於使用物體識別和計算機視覺來將你的相機對準某物，然後點擊它並獲得一張信息卡，甚至可能是一個購買按鈕，對吧？

So there are lots of different ways that, over time, this kind of content is going to both augment existing real-world objects and eventually replace them, which I think is going to be an interesting opportunity, maybe not on augmented reality on the phone but on glasses eventually when you have that.

所以有很多不同的方式，隨著時間的推移，這種內容將增強現有的現實世界對象並最終取代它們，我認為這將是一個有趣的機會，也許不是在手機上的增強現實中但最終當你戴上眼鏡時。

I think we're going to get to a point where things like TV, you no longer need a physical TV.

我認為我們將達到這樣一個地步，即電視之類的東西，您不再需要實體電視。

You'll get a $1 app that you can watch a screen on.

您將獲得一個 1 美元的應用程序，您可以在上面觀看屏幕。

And it will just be an interesting exercise to see how many of the things that we have that are physical things don't actually need to be physical in that world and how much innovation that opens up for independent developers all around the world.

這將是一個有趣的練習，看看我們擁有的有多少物理的東西在那個世界上實際上不需要是物理的，以及有多少創新為全世界的獨立開發者開放。

And a lot of people don't have a factory, right, where they can build a TV.

很多人沒有工廠，對吧，在那裡他們可以製造電視機。

But think about how many kids and different developers around the world, kids sitting in dorm rooms and all these different places, they're going to be able to create things that today they couldn't.

但是想想世界上有多少孩子和不同的開發者，坐在宿舍和所有這些不同地方的孩子，他們將能夠創造出他們今天無法創造的東西。

So I know this is going to create a pretty interesting economy, but a lot of that stuff is pretty far out, 5, 10 years.

所以我知道這將創造一個非常有趣的經濟，但其中很多東西還很遙遠，5 年、10 年。

But we want to be pushing this forward.

但我們希望推動這一進程。

And we -- I think we're a little bit late to the trend initially around making cameras the center of how sharing works.

而且我們 - 我認為我們最初圍繞讓相機成為共享工作方式的中心的趨勢有點晚了。

But I do think at this point, we're pretty much ahead in terms of the technology that we're building and making it an open platform, I think, is a big step forward.

但我確實認為，在這一點上，我們在我們正在構建的技術方面已經遙遙領先，我認為將其變成一個開放平台是向前邁出的一大步。

A lot of people are using these products across our family of apps, and I would expect us to continue leading the way forward on this from this point on.

很多人在我們的應用程序系列中使用這些產品，我希望我們從現在開始繼續在這方面領先。

When you think about influencer marketing, we definitely see publishers interested in it, brands interested in it.

當您考慮網紅營銷時，我們肯定會看到出版商對此感興趣，品牌對此感興趣。

And so we've worked on branded content, the ability to tag a sponsor and share posts and insights.

因此，我們致力於品牌內容、標記贊助商以及分享帖子和見解的能力。

And the financial arrangement remains between a sponsor and a publisher.

財務安排仍在讚助商和出版商之間。

It's early, but we're seeing some positive results with publishers of many different types bringing branded content to Facebook.

現在還為時過早，但我們看到許多不同類型的發布商將品牌內容引入 Facebook，取得了一些積極成果。

In Q1, we opened this up to unverified pages, so we could enable more people to take advantage of this kind of targeting.

在第一季度，我們將其開放給未經驗證的頁面，這樣我們就可以讓更多人利用這種定位。

We see this in a broader context of better targeting.

我們在更好定位的更廣泛背景下看到了這一點。

When you think about what really drives great performance for both people who are using Facebook but for marketers, it's well-targeted ads.

當您思考真正能為使用 Facebook 的用戶和營銷人員帶來出色表現的是什麼，那就是目標明確的廣告。

And so influencer marketing is one way to get there, but we're focused on a very full range of ability to target well.

因此，有影響力的營銷是實現這一目標的一種方式，但我們專注於全面的目標定位能力。

We've been really pleased with the adoption of our targeting products from Custom Audiences to Lookalike to Dynamic Ads.

我們非常高興採用我們的定位產品，從自定義受眾到相似到動態廣告。

And we think all of these can improve the relevance of the ad by making ads more targeted because when they're more targeted, they have higher returns for marketers and they're more enjoyable and relevant for people.

我們認為所有這些都可以通過使廣告更有針對性來提高廣告的相關性，因為當它們更有針對性時，它們會為營銷人員帶來更高的回報，並且它們對人們來說更有趣和更相關。

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

你的下一個問題來自 RBC 的 Mark Mahaney。

First thing, it's a great move to go all in GAAP in terms of reporting.

首先，就報告而言，全面採用 GAAP 是一項重大舉措。

Second, David, when you talked about the ad, your ad load commentary, I couldn't tell if there was a subtle shift there when you're saying that the ad load pressure would occur after the end of the year rather than in the second half year.

其次，大衛，當你談到廣告，你的廣告加載評論時，當你說廣告加載壓力將在年底之後而不是在下半年。

And then third, this is for Sheryl and Mark.

第三，這是給 Sheryl 和 Mark 的。

The recent stories about gender bias amongst the engineers at Facebook, and I know you quickly responded to that and said that, if anything, there may be a rank bias.

最近關於 Facebook 工程師性別偏見的故事，我知道你很快對此做出回應並表示，如果有的話，可能存在排名偏見。

But in my mind, it kind of creates the opportunity potentially for Facebook to better tap into what is probably underappreciated female engineering talent in the Valley and across technology.

但在我看來，這為 Facebook 創造了一個潛在的機會，可以更好地挖掘矽谷和整個技術領域可能被低估的女性工程人才。

How do you think about that as an opportunity for the company?

您如何看待這對公司來說是一個機會？

And I'll just real quickly address the ad load issue, Mark.

馬克，我會很快解決廣告加載問題。

Sorry if it wasn't clear.

抱歉，如果不清楚。

Really no change in outlook there.

那裡的前景真的沒有改變。

We continue to expect that we'll see deceleration in ad revenue growth.

我們繼續預計我們會看到廣告收入增長減速。

And that's going to be particularly pronounced as we get into the second half of 2017 because ad load will be a less significant factor driving growth starting in the second half.

隨著我們進入 2017 年下半年，這一點將尤為明顯，因為從下半年開始，廣告負載將成為推動增長的一個不太重要的因素。

On the issue you raised at the Facebook female engineers, I'm really glad to have a chance to address this because this is an issue I take very seriously.

關於你向 Facebook 女工程師提出的問題，我真的很高興有機會解決這個問題，因為這是我非常重視的問題。

On the specific report on this study, the study was conducted by a former employee with very incomplete data.

在這項研究的具體報告中，該研究是由一位前僱員進行的，數據非常不完整。

When that study was shared with people internally, and we have that culture where people do studies and share things, and we're really glad because that helps surface issues, we immediately conducted our own research using the full data.

當該研究在內部與人們分享時，我們擁有人們研究和分享事物的文化，我們真的很高興，因為這有助於解決問題，我們立即使用完整數據進行了自己的研究。

And what we found is that the main reason code was sent back at different rates was not correlated with gender.

我們發現，代碼以不同速率發回的主要原因與性別無關。

It was correlated with level, and the fact that we have more male senior engineers was explaining it.

它與級別相關，我們有更多男性高級工程師這一事實可以解釋這一點。

If you compared now and female engineers at the same level, there was not the discrepancy.

如果現在和同級別的女工程師比較，就沒有差距了。

Well then, that leads to the obvious question is, are you promoting men and women at the same rate?

那麼，這就引出了一個明顯的問題，你是否以相同的速度提拔男性和女性？

And the broader question of are you paying men and women fairly?

還有一個更廣泛的問題，你是否公平地支付男性和女性的工資？

And we do a comprehensive look at that every single promotion and pay and performance cycle we have, which is 6 months.

我們全面審視了我們擁有的每一次晉升、薪酬和績效週期，即 6 個月。

And we know that we're promoting men and women at the same rate as men.

我們知道我們正在以與男性相同的速度提升男性和女性。

Now, that said, our industry still has issues and we still have issues.

現在，就是說，我們的行業仍然存在問題，我們仍然存在問題。

We don't have enough senior female engineers.

我們沒有足夠的高級女工程師。

We don't have enough women going into computer science.

我們沒有足夠的女性進入計算機科學領域。

And we take this very seriously from the work we've done with LinkedIn to get CS&E lean in circles all over college campuses to encourage more women and underrepresented minorities to come into our field.

從我們與 LinkedIn 所做的工作中，我們非常重視這一點，讓 CS&E 在整個大學校園的圈子裡精益求精，以鼓勵更多女性和代表性不足的少數族裔進入我們的領域。

We've had a really nice program in extra internship, where we're taking people who are not yet majoring in computer science but we think have the ability and teaching them for summer and seeing them return to the work we're doing with our female engineers to make sure that all forms of bias are surfaced and eliminated and we can continue to use the full talent of the population.

我們有一個非常好的額外實習計劃，我們正在招收尚未主修計算機科學但我們認為有能力的人並在暑假教他們，並看到他們回到我們正在做的工作女工程師，以確保所有形式的偏見都浮出水面並消除，我們可以繼續充分發揮人口的才能。

Nothing is more important to us.

沒有什麼比我們更重要。

Your next question comes from the line of Ross Sandler from Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just had 2 questions on video.

剛剛有 2 個關於視頻的問題。

We know it's kind of early, but what kind of traction do you see with the video tab that's in beta?

我們知道現在還為時過早，但您認為處於測試階段的視頻選項卡有什麼樣的吸引力？

And do you think longer term, the video consumption is going to be in that dedicated tab or will it stay in the News Feed based on what you're seeing right now?

你認為從長遠來看，視頻消費會出現在那個專用標籤中，還是會根據你現在看到的內容留在新聞提要中？

And then, Dave, just a follow-up on one of your previous answers.

然後，戴夫，只是對你之前的一個答案的跟進。

So on the cost related to video ad rev share or licensing of video content, is that baked into your OpEx guidance for '17?

那麼關於與視頻廣告收入分成或視頻內容許可相關的成本，是否已納入 17 年的 OpEx 指南中？

Or is that something that will step up after this year?

或者這會在今年之後加強嗎？

I don't know if we have any public stats on the video tab.

我不知道我們在視頻選項卡上是否有任何公開統計數據。

Probably not.

可能不是。

But in terms of the strategy, I can talk about that quickly.

但就戰略而言，我可以很快談論。

There are 2 basic use cases for checking in with Facebook and seeing what's going on in the world.

使用 Facebook 簽到並查看世界上正在發生的事情有 2 個基本用例。

What people do with News Feed a lot of the time is they have a few free minutes or you want to sit down for maybe a longer session to see everything that's going on in the world.

人們很多時候使用 News Feed 做的是他們有幾分鐘的空閒時間，或者你想坐下來看更長的時間，看看世界上發生的一切。

You don't have a specific intention to watch a specific type of content.

您沒有特定的意圖觀看特定類型的內容。

You kind of just want to check in and see what's going on in the world.

你有點想簽到，看看世界上發生了什麼。

There's this whole other use case around content, which is going because -- going to the app or sitting down at TV because there's some content that you want to watch and you want to go directly to it.

還有一個關於內容的其他用例，這是因為 - 去應用程序或坐在電視前因為有一些內容你想看並且你想直接去它。

And that's what we're trying to do with the video tab, to make it so that all the different folks whether they're pages that you follow or creators that you like, who you want to subscribe to and kind of -- and get the updates to what they're doing that you have a place that you can go to with more intent to consume that content.

這就是我們試圖對視頻選項卡做的事情，讓所有不同的人無論他們是你關注的頁面還是你喜歡的創作者，你想訂閱誰以及 - 並獲得他們正在做的事情的更新，你有一個地方，你可以帶著更多的意圖去消費那些內容。

The reason why it needs to be a different tab or at least a different service from News Feed is because people come to it with a different intent.

它需要成為一個不同的選項卡或者至少是與動態消息不同的服務的原因是因為人們帶著不同的意圖來使用它。

I think you're going to start in the future getting people coming to Facebook for the News Feed use case of checking in and people coming with an intent to go to the video tab to watch specific video.

我認為你會在未來開始讓人們來到 Facebook 來查看新聞源用例，以及有意前往視頻選項卡觀看特定視頻的人們。

So that's what we're doing there.

這就是我們在那裡所做的。

That's the strategy.

這就是策略。

And I guess we'll update on stats when we have them.

我想我們會在有統計數據時更新它們。

And, Ross, on the costs related to the video ad rev share, yes, our guidance on total cost is all inclusive, so it includes all the R&D investments we're making.

羅斯，關於與視頻廣告收入份額相關的成本，是的，我們對總成本的指導是全包的，因此它包括我們正在進行的所有研發投資。

It includes the content.

它包括內容。

It includes things like community operations investments that we talked about today in the announcement.

它包括我們今天在公告中談到的社區運營投資等內容。

But I would say that the nature of the types of video content deals that we're doing, will make them more likely to show up after 2017.

但我要說的是，我們正在進行的視頻內容交易類型的性質，將使它們更有可能在 2017 年之後出現。

So there'll be some content expense in 2017, but I think it'll be something you will see step up after 2017.

所以 2017 年會有一些內容支出，但我認為這將是 2017 年後你會看到的事情。

Your next question comes from the line of Mark May from Citi.

你的下一個問題來自花旗銀行的馬克梅。

Mark, in your prepared remarks, you talked about doing more to foster local communities and groups.

馬克，在您準備好的發言稿中，您談到要為培育當地社區和團體做更多工作。

And it would seem like one of the more interesting test cases here already is in local marketplaces.

看起來這裡更有趣的測試案例之一已經在本地市場上了。

Just wondering if you could talk to us a little bit about the kind of adoption and engagement that you've seen with local marketplaces and maybe anything that you've learned that you can apply to some of the newer initiatives that you're looking at.

只是想知道您是否可以和我們談談您在本地市場上看到的那種採用和參與，以及您學到的任何可以應用於您正在尋找的一些新計劃的東西.

And then secondly, probably for Sheryl, for ad breaks to scale, it appears that content creators need to adapt their programming for this.

其次，對於 Sheryl 來說，為了擴大廣告插播時間，內容創作者似乎需要為此調整他們的節目。

And, of course, users need to engage with the ads.

當然，用戶需要與廣告互動。

So I guess the question is how are kind of completion rates for ad breaks?

所以我想問題是廣告插播的完成率如何？

I know it's early but kind of what's your -- what are you seeing so far?

我知道現在還早，但你的 - 你到目前為止看到了什麼？

And how would you characterize the willingness of content creators to adapt?

您如何描述內容創作者適應的意願？

I can talk about marketplaces first.

我可以先談談市場。

So I think your basic point is right that the reason why we started working on marketplace and the tab around that is because when we were exploring what the biggest use cases were of Groups, we uncovered that a very large number of people, hundreds of millions, use Groups to buy and sell different things.

所以我認為你的基本觀點是正確的，我們開始研究市場和圍繞它的標籤的原因是因為當我們探索群組的最大用例是什麼時，我們發現有非常多的人，數億，使用群組買賣不同的東西。

And so these whole communities that have formed, which was somewhat surprising to us honestly because we hadn't developed that product specifically for buying and selling.

因此，這些已經形成的整個社區，老實說，這讓我們有些驚訝，因為我們沒有專門為買賣開發該產品。

It was for group communication, and that's what people are using it for.

它用於群組交流，這就是人們使用它的目的。

So we decided, "Hey, we're going to put together a team that's going to invest in making this actually good for buying and selling and see how much we can grow that economy." So I don't know that have any public stats on that yet, but that's an area that I'm certainly very excited about.

所以我們決定，“嘿，我們要組建一個團隊來投資，使它真正有利於買賣，看看我們能使經濟增長多少。”所以我不知道這方面有任何公開統計數據，但我確實對這個領域感到非常興奮。

And then in terms of local communities, one of the big trends in the world that we've seen is just that participation in all kinds of different physical communities, whether they're sports teams or some religious groups or different kinds of different things, have been declining a lot over the past several decades.

然後就當地社區而言，我們所看到的世界上的一個大趨勢就是參與各種不同的物理社區，無論是運動隊還是一些宗教團體或不同種類的不同事物，在過去的幾十年裡下降了很多。

And that, I think, is a big social issue that is eroding the social fabric of the whole society, not just our country but around the world.

我認為，這是一個重大的社會問題，正在侵蝕整個社會的社會結構，不僅是我們國家，而且是全世界。

And that's one where I look at that and I wonder if Facebook can play a role in helping to strengthen that.

這就是我關注的地方，我想知道 Facebook 是否可以在幫助加強這一點方面發揮作用。

And we look at -- there are more than 1 billion people every month who use our Groups product.

我們看到 - 每個月有超過 10 億人使用我們的 Groups 產品。

But if you think about your own use of the Groups product, you probably are a member of a bunch of different groups that you may be checking on very infrequently.

但是，如果您考慮自己對 Groups 產品的使用，您可能屬於許多不同的群組，您可能很少查看這些群組。

So that's very different from there's a handful of people, around 100 million or a bit more, who are a member of what we call a very meaningful group.

因此，這與少數人（大約 1 億或更多）是我們所說的非常有意義的群體的成員截然不同。

So it's -- that could be a parenting group or you're diagnosed with a rare disease and you can now connect with people all around the world to share stories around that.

所以它 - 這可能是一個育兒小組，或者你被診斷出患有罕見疾病，你現在可以與世界各地的人們聯繫，分享相關故事。

These are groups that upon joining may become one of the things they spend the most time with on Facebook, one of the most important parts of your experience and a really fundamental part of your real-world support structure.

這些群組在加入後可能會成為他們在 Facebook 上花費最多時間的事情之一，這是您體驗中最重要的部分之一，也是您現實世界支持結構的真正基礎部分。

So we looked at that and we asked the question of, "Hey, if 100 million people are in those very meaningful groups today, can we get that to be 1 billion people over the next several years?" And if so, then that can help reverse some of the decline in community membership and help strengthen the social fabric not only in our country but around the world.

所以我們看了看，然後問了一個問題，“嘿，如果今天有 1 億人在這些非常有意義的群體中，我們能否在未來幾年內達到 10 億人？”如果是這樣，那麼這將有助於扭轉社區成員數量下降的趨勢，並有助於加強我們國家乃至全世界的社會結構。

So that's a big part of what we're focused on across a number of different initiatives.

因此，這是我們在許多不同計劃中關注的很大一部分。

And I'll talk a little bit about the ad break, what we're seeing.

我會談談我們所看到的廣告插播時間。

It's really early both in terms of testing the ads and getting any feedback from users so people who use Facebook, so we don't have that data to share.

在測試廣告和從用戶那裡獲得任何反饋方面都還為時尚早，所以我們沒有這些數據可以分享。

But we're pleased that the test is active.

但我們很高興測試是活躍的。

We're pleased that it's going well and that we can do both Live and uploaded videos.

我們很高興它進展順利，我們可以同時製作直播和上傳的視頻。

We think over time that marketers will follow where people are spending their time.

我們認為，隨著時間的推移，營銷人員將關注人們花費時間的地方。

And if the ads can be well targeted, we think we'll be able to see engagement and we already see that.

如果廣告能夠很好地定位，我們認為我們將能夠看到參與度，而且我們已經看到了。

When ads are really well targeted in taking full advantage of the kind of targeting we offer, that you're showing people something they want to see, we see engagement that we think is really critical.

當廣告真正有針對性地充分利用我們提供的定位類型時，您向人們展示了他們想要看到的東西，我們看到了我們認為非常重要的參與度。

It's also worth noting that the metrics that really matter at the end are driving sales.

還值得注意的是，最終真正重要的指標正在推動銷售。

And so any of the engagement with ad metrics, whether it's remembering an ad, going back to, say, people have been measuring that for a long time to how long a video ad is viewed, our only proxy metrics, what matters is the impact on sales.

因此，任何與廣告指標的互動，無論是記住廣告，還是回到，比如說，人們長期以來一直在衡量視頻廣告的觀看時長，我們唯一的代理指標，重要的是影響特價出售。

And so we think the better we can do at getting the measurement to what actually matters, which is the end behavior marketers are trying to drive, the more people will shift their focus to business metrics, the better it will be for the return they get and ultimately our business.

因此我們認為，我們越能更好地衡量真正重要的事情，即營銷人員試圖推動的最終行為，越多的人將注意力轉移到業務指標上，他們獲得的回報就越好最終是我們的業務。

Your next question comes from the line of Michael Nathanson from MoffettNathanson.

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

I have 3 philosophical questions on video for you guys and (inaudible).

我有 3 個關於視頻的哲學問題要問你們和（聽不清）。

The first is, it was interesting to see the NFL games go from Twitter and Amazon.

首先，看到 NFL 比賽來自 Twitter 和亞馬遜很有趣。

I wondered, do the NFL games fit with your video strategy?

我想知道，NFL 比賽是否符合您的視頻策略？

Why or why not?

為什麼或者為什麼不？

That's one.

那是一個。

Two is, I know the model is revenue share, but a lot of the more traditional companies would like license fee or the ability to sell their own inventory on your platform.

二是，我知道該模型是收入分成，但很多更傳統的公司希望獲得許可費或能夠在您的平台上銷售自己的庫存。

Is that something you'd consider?

這是你會考慮的事情嗎？

And last but not least, the question about monetization.

最後但同樣重要的是，關於貨幣化的問題。

Why is mid-roll optimal to pre-roll?

為什麼插播廣告優於預投放廣告？

And could you share anything about the testing of that concept?

您能否分享有關該概念測試的任何信息？

I can talk about sports.

我可以談談運動。

So in terms of experimenting with different content, I think we'll try a number of different things here in terms of working with folks to produce all kinds of content.

因此，就嘗試不同的內容而言，我認為我們將在這裡嘗試一些不同的事情，與人們合作製作各種內容。

Sports is probably something that we'll want to try at some point.

體育可能是我們在某個時候想要嘗試的東西。

But again, like Dave said before, the goal is going to be creating some anchor content initially that helps people learn that going to the video tab, that they -- that that's a great destination where they can explore and come to Facebook with the intent to watch the video that they want.

但是，正如 Dave 之前所說，我們的目標最初是創建一些錨定內容，幫助人們了解轉到視頻選項卡，他們 - 這是一個很好的目的地，他們可以在那裡探索並帶著意圖來到 Facebook觀看他們想要的視頻。

And then the long-term goal is actually not to be paying for a specific content like that but doing a revenue share model once the whole economy around video on Facebook is built up.

然後，長期目標實際上不是為這樣的特定內容付費，而是一旦圍繞 Facebook 視頻的整個經濟建立起來，就採用收入分享模式。

But we're working on that.

但我們正在努力。

And I think we'll probably look at different pieces of content like this around the world, but, at this point, don't feel like any specific one of them is a must-have for us.

而且我認為我們可能會在世界各地查看類似這樣的不同內容，但是，在這一點上，不要覺得其中任何一個特定內容對我們來說是必須的。

And I think Mark touched on the question of a business model here, and our focus really is on revenue share.

我認為馬克在這裡談到了商業模式的問題，我們的重點實際上是收入分成。

We'll be investing to kickstart the ecosystem with content, so derisking it for some of our content partners to start off with.

我們將投資以內容啟動生態系統，因此讓我們的一些內容合作夥伴開始使用它來降低風險。

But the focus is really to build a rev share model over time that's sustainable.

但重點是隨著時間的推移建立一個可持續的收益共享模型。

That's the focus as opposed to other models.

與其他模型相比，這是重點。

In terms of why mid-roll is preferable to pre-roll, Facebook is well suited for shorter form content where we're ranking things to be longer-form as well so we're ranking longer-form video.

至於為什麼中貼片廣告比前貼片廣告更可取，Facebook 非常適合較短格式的內容，在這種情況下，我們將內容排名為較長格式，因此我們對較長格式的視頻進行排名。

But that's still relatively short video views.

但這仍然是相對較短的視頻觀看次數。

And for that reason, we think mid-roll is a good -- is a better user experience.

出於這個原因，我們認為插播廣告很好——是一種更好的用戶體驗。

Your last question comes from the line of Peter Stabler from Wells Fargo.

你的最後一個問題來自 Wells Fargo 的 Peter Stabler。

One for Sheryl.

一個給謝麗爾。

Sheryl, you've talked a lot about the targeting advantage of Facebook.

Sheryl，你已經多次談到了 Facebook 的定位優勢。

And you have a number of data signals and sources informing that.

您有許多數據信號和來源可以告知這一點。

Wondering if you could talk about the relative importance of collecting signals on the platform versus off the platform.

想知道您是否可以談談在平台上和平台外收集信號的相對重要性。

For instance, the behavior of Facebook users interacting with third-party websites.

例如，Facebook 用戶與第三方網站互動的行為。

Is this the depth of your off-platform collection?

這是您的平台外收藏的深度嗎？

Is this a significant competitive advantage for you?

這對您來說是一個重要的競爭優勢嗎？

We think that targeting and measurement are significant competitive advantages for us.

我們認為定位和衡量對我們來說是重要的競爭優勢。

We're very focused on the privacy of what people do, wherever they do it and using the information we have in a very responsible way.

我們非常關注人們所做的事情的隱私，無論他們在哪裡做，並以非常負責任的方式使用我們擁有的信息。

We believe that because people are sharing interests, because people are themselves their real identity on the Facebook platform, we have a significant advantage.

我們相信，因為人們在分享利益，因為人們本身就是他們在 Facebook 平台上的真實身份，所以我們具有顯著的優勢。

Just in basic targeting itself, just age and gender, we're 38% more accurate than broad-based targeting according to Nielsen in the U.S. And that's just age and gender.

根據美國尼爾森的數據，就基本定位本身而言，僅年齡和性別，我們比廣泛定位的準確度高 38%，而這只是年齡和性別。

And then if you think about some of the case studies I shared, targeting people who purchase a certain item, targeting people who are interested in a certain item, we think that's very substantial.

然後，如果您考慮我分享的一些案例研究，針對購買特定商品的人，針對對特定商品感興趣的人，我們認為這是非常重要的。

We also think that there's a real competitive advantage in focusing on business results as we have.

我們還認為，像我們一樣專注於業務成果具有真正的競爭優勢。

We're really working on shifting people to understanding what their real objectives are so that they can focus on driving businesses.

我們確實在努力讓人們了解他們的真正目標是什麼，以便他們可以專注於推動業務發展。

At the end of the day, when you show an ad, you want to move a product off a shelf into a shopping cart, whether it's online and off-line.

歸根結底，當您展示廣告時，您希望將產品從貨架上移到購物車中，無論是在線還是離線。

And that's where our focus is and will continue to be.

這就是我們關注的重點，並將繼續關注。

Great.

偉大的。

Thank you again, everybody for joining us today.

再次感謝大家今天加入我們。

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

感謝您的寶貴時間，我們期待與您再次交談。

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.

您現在可以斷開線路。