Meta Platforms Inc (META) 2017 Q2 法說會逐字稿

Good afternoon.

午安.

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

我叫麥克，今天我將擔任你們的會議操作員。

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

此時此刻，我謹歡迎大家參加 Facebook 2017 年第二季財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）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 2017 Earnings Conference Call.

下午好，歡迎參加 Facebook 2017 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 an accompanying investor presentation are available on our website at investor.fb.com.

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

And 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。

This quarter, we reached an important milestone for our community.

本季度，我們的社區實現了一個重要的里程碑。

2 billion people now use Facebook every month, and more than 1.3 billion people use it daily.

現在每月有 20 億人使用 Facebook，每天有超過 13 億人使用它。

We also saw good results on the business with total revenue growing by 45% year-over-year to $9.3 billion and advertising revenue up 47% to $9.2 billion.

我們的業務也取得了良好的業績，總收入年增 45%，達到 93 億美元，廣告收入成長 47%，達到 92 億美元。

We're proud of the progress we're making, and it also comes with a responsibility to make sure that we have the most positive impact on the world that we can.

我們為我們所取得的進步感到自豪，同時我們也有責任確保我們盡可能對世界產生最積極的影響。

That's why, last month, we updated Facebook's mission.

這就是為什麼我們上個月更新了 Facebook 的使命。

For the past decade, we focused on making the world more open and connected.

過去十年，我們致力於讓世界更加開放、連結。

We have a lot more to do here to give people a voice and help everyone stay connected with their family and friends, but now I believe we have a responsibility to do even more.

我們還有很多工作要做，讓人們有發言權，幫助每個人與家人和朋友保持聯繫，但現在我相信我們有責任做得更多。

Our new mission is to bring the world closer together.

我們的新使命是讓世界更緊密地連結在一起。

A big part of this mission is building community.

這項使命的一個重要部分是建立社區。

Communities give us a sense that we're part of something bigger than ourselves, that we're not alone and that we have something better ahead to work toward.

社區讓我們感覺自己是比自己更偉大的事業的一部分，我們並不孤單，我們還有更好的目標需要努力。

Last month, we had our first ever Facebook Communities Summit to talk about our product road map focused on building what we call meaningful communities.

上個月，我們舉辦了首屆 Facebook 社群高峰會，討論了我們的產品路線圖，重點是建立我們所謂的有意義的社群。

Meaningful communities on Facebook are groups that quickly become an important part of your social network experience and your real-world support structure.

Facebook 上有意義的社群很快就會成為您的社群網路體驗和現實世界支援結構的重要組成部分。

And right now, over 100 million people are members of these groups, from new parents to people suffering from rare diseases.

目前，有超過 1 億人屬於這些群體的成員，從新手父母到患有罕見疾病的人。

So these groups often span online and offline and bring people together physically as well as over the Internet.

因此，這些團體通常跨越線上和線下，透過物理方式和網路將人們聚集在一起。

Our goal is to help more than 1 billion people join meaningful communities, and part of this involves helping people discover the right groups, which is why we're building technology like AI to better understand people's interests and suggest groups that might be meaningful to them.

我們的目標是幫助超過10 億人加入有意義的社區，其中一部分涉及幫助人們發現合適的群體，這就是為什麼我們正在建立人工智慧等技術來更好地了解人們的興趣並建議可能對他們有意義的群體。

And in the 6 months after we started working on this, we've already helped more than 50% more people join meaningful communities than had before that.

在我們開始致力於此工作後的 6 個月內，我們已經幫助比之前多了 50% 的人加入有意義的社群。

So we have a lot more to do here.

所以我們在這裡還有很多事情要做。

We also want to make it easier for people to build and lead communities.

我們也希望讓人們更容易建立和領導社區。

Last month, we launched new tools for group admins, making it easier for them to get insights into who their members are, filter member requests and remove bad actors and their content quickly to keep a positive and safe environment.

上個月，我們為群組管理員推出了新工具，使他們能夠更輕鬆地了解其成員是誰，過濾成員請求并快速刪除不良行為者及其內容，以保持積極和安全的環境。

Next, I want to give a quick update on what we're building over our 3 time horizons: making our existing services more useful now; building new ecosystems over the next 5 years around our products that a lot of people already use; and creating foundational technologies to achieve our mission over the next 10 years.

接下來，我想快速介紹一下我們在 3 個時間範圍內正在建立的內容：讓我們現有的服務變得更加有用；在未來 5 年內圍繞我們許多人已經使用的產品建立新的生態系統；並創造基礎技術來實現我們未來 10 年的使命。

So we're pleased with the growth that we're seeing with Stories.

因此，我們對故事的成長感到滿意。

Instagram Stories now has more than 250 million people using it daily, and WhatsApp Stories also now has more than 250 million people using it daily.

Instagram Stories 現在每天有超過 2.5 億人使用它，WhatsApp Stories 現在也有超過 2.5 億人每天使用它。

We're always working to improve and give people more ways to share, and this quarter, we added the ability to reply to stories with a photo or video and share a replay of live video on Instagram.

我們一直致力於改進並為人們提供更多分享方式，本季度，我們增加了用照片或影片回覆故事以及在 Instagram 上分享即時影片重播的功能。

I'm excited about how AI will improve people's experiences across our products.

我對人工智慧將如何改善人們在我們產品中的體驗感到興奮。

We're finding AI is both delivering consistent improvements to many of our systems like News Feed, search ads, security and spam filtering and more.

我們發現人工智慧正在為我們的許多系統（如動態消息、搜尋廣告、安全性和垃圾郵件過濾等）帶來持續的改進。

But more than just improving these existing experiences, I expect AI to change the way that we do business in some important ways.

但我期望人工智慧不僅能改善這些現有體驗，還能改變我們在一些重要方面經營業務的方式。

So for example, today, to keep our community safe, we rely on people flagging content that might violate our community standards for us to review.

例如，今天，為了確保我們社區的安全，我們依靠人們標記可能違反我們社區標準的內容來供我們審查。

In the future, AI will be able to help flag more of this content faster and before people have even seen it.

未來，人工智慧將能夠在人們看到之前更快地標記更多此類內容。

Now we've started using AI to fight terrorism and keep propaganda and extremist accounts off Facebook.

現在我們已經開始使用人工智慧來打擊恐怖主義並阻止 Facebook 上的宣傳和極端主義帳號。

We've even started experimenting with using AI to understand text that might be being used to promote terrorism.

我們甚至開始嘗試使用人工智慧來理解可能被用來宣揚恐怖主義的文本。

When it comes to News Feed, we currently mostly show you content from people and pages you're connected to.

就動態消息而言，我們目前主要向您顯示來自您所連接的人員和頁面的內容。

And we can rank this better with algorithm improvement, but the really big improvement from AI will be when we can understand all the other content that's out there, so we can help you discover much more of what matters to you beyond just what your friends are up to.

我們可以透過演算法改進來更好地排名，但人工智慧真正的重大改進將是我們能夠理解所有其他內容，這樣我們就可以幫助你發現更多對你來說重要的東西，而不僅僅是你的朋友。

On the business side, we're seeing a large shift in the way that marketing works.

在業務方面，我們看到行銷方式發生了巨大轉變。

In the first wave of marketing, people would buy ads in media they thought their customers might watch, like a TV show that had similar demographics, but they wouldn't know who saw their ad.

在第一波行銷中，人們會在他們認為客戶可能會觀看的媒體上購買廣告，例如具有相似人口統計數據的電視節目，但他們不知道誰看到了他們的廣告。

Now the Internet gave people the power to target their messages to people who actually might be interested and to measure results much more precisely.

現在，互聯網使人們能夠將資訊發送給真正可能感興趣的人，並更準確地衡量結果。

And that was a big improvement.

這是一個很大的進步。

And now AI is taking this a step further.

現在人工智慧正在更進一步。

Now you can put a creative message out there, and AI can help you figure out who will be most interested.

現在，您可以發布創意訊息，人工智慧可以幫助您找出誰最感興趣。

A lot of the time, you don't even need to target now because AI can do it more precisely and better than we can manually.

很多時候，你甚至不需要現在就瞄準，因為人工智慧可以比我們手動做的更精確、更好。

This makes the ads that you see more relevant for you and more efficient for businesses.

這使得您看到的廣告與您更相關，對企業來說更有效率。

Those are just a few of the reasons why I'm optimistic about how AI is going to improve our core services over the next few years.

這些只是我對人工智慧在未來幾年如何改善我們的核心服務持樂觀態度的部分原因。

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

在接下來的五年裡，我們將圍繞著我們許多人已經在使用的產品建立生態系統。

We've talked about how video will continue to be a big focus and area of investment for us.

我們已經討論過影片將如何繼續成為我們的重點和投資領域。

It's growing quickly, and we're introducing new features to make the video experience even better.

它發展迅速，我們正在引入新功能來使視訊體驗變得更好。

For example, in May, we made the option to go live with someone else available to all profiles and Pages on iOS, and we also launched closed captions to make Live more accessible.

例如，五月份，我們為 iOS 上的所有個人資料和頁面提供了與其他人一起直播的選項，並且我們還推出了隱藏式字幕，使直播更容易訪問。

We're also working to build a business ecosystem around Messenger and WhatsApp.

我們也致力於圍繞 Messenger 和 WhatsApp 建立一個商業生態系統。

Messenger and WhatsApp both have large communities and are growing quickly with 1 billion people now using WhatsApp daily.

Messenger 和 WhatsApp 都擁有龐大的社區，並且正在快速成長，目前每天有 10 億人使用 WhatsApp。

It is still early on the monetization side here, although we have started showing ads to a small number of people on Messenger.

儘管我們已經開始在 Messenger 上向少數人展示廣告，但貨幣化方面仍處於早期階段。

I want to see us move a little faster here, but I'm confident that we're going to get this right over the long term.

我希望看到我們在這裡行動得更快一點，但我相信從長遠來看我們會解決這個問題。

Now finally, over the next 10 years, we're working on foundational technologies that are necessary to achieve our mission.

最後，在未來 10 年裡，我們將致力於開發實現我們使命所必需的基礎技術。

In VR, we launched Live from Spaces, so you can go live with friends in different places.

在 VR 方面，我們推出了 Live from Spaces，讓您可以與不同地方的朋友一起直播。

And we think that this has the potential to be a powerful tool to bring people together and help build community in some new ways.

我們認為這有可能成為一個強大的工具，將人們聚集在一起，並以一些新的方式幫助建立社區。

We're also working to help everyone in the world access the opportunities that come with the Internet.

我們也致力於幫助世界上的每個人獲得網路帶來的機會。

In May, we successfully flew Aquila, the solar-powered plane that we're building to beam Internet to parts of the world that currently don't have access, and that was the second successful flight.

五月，我們成功駕駛了 Aquila，這是我們正在建造的太陽能飛機，旨在將互聯網傳輸到世界上目前無法訪問的地區，這是第二次成功飛行。

These initiatives and other projects require a lot of ongoing aggressive investment in the infrastructure to serve our community.

這些措施和其他項目需要對基礎設施進行大量且持續的積極投資才能為我們的社區服務。

Last quarter, our Fort Worth data center went live and is now serving traffic using 100% renewable energy.

上季度，我們的沃斯堡資料中心投入使用，目前使用 100% 再生能源提供流量服務。

And we're also extending our data centers in Los Lunas, New Mexico and Altoona, Iowa.

我們也擴建了新墨西哥州洛斯盧納斯和愛荷華州阿爾圖納的資料中心。

This first half of 2017 has been an important period for Facebook.

2017年上半年對Facebook來說是個重要的時期。

We've achieved some major milestones, delivered good business results and set clear goals around building strong communities and bringing people and the world closer together.

我們已經實現了一些重大里程碑，取得了良好的業務成果，並圍繞建立強大的社區以及拉近人們和世界的距離設定了明確的目標。

But we have a long way to go.

但我們還有很長的路要走。

So thanks to our community, our teams and our partners for all being a part of this mission.

感謝我們的社區、我們的團隊和我們的合作夥伴所有參與這項使命的人。

I'm looking forward to making more progress together.

我期待著共同取得更多進步。

And now here's Sheryl.

現在是謝麗爾。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

We had a strong second quarter and a great first half of the year.

我們的第二季表現強勁，上半年也表現出色。

Our business continues to deliver terrific results.

我們的業務持續取得出色的成果。

Q2 ad revenue grew 47% year-over-year.

第二季廣告收入較去年同期成長 47%。

Mobile ad revenue grew 53% year-over-year to $8 billion and is now 87% of total ad revenue.

行動廣告收入年增 53%，達到 80 億美元，目前佔廣告總收入的 87%。

Our growth continues to be broad-based across regions, marketer segments and verticals.

我們的成長持續在各個地區、行銷領域和垂直領域廣泛開展。

Our goal is to build meaningful connections between people and businesses by focusing on our 3 key priorities: helping businesses leverage the power of mobile; developing innovative ad products; and making our ads more relevant and effective.

我們的目標是透過專注於我們的三個關鍵優先事項，在人與企業之間建立有意義的聯繫：幫助企業利用移動的力量；開發創新的廣告產品；並使我們的廣告更相關和有效。

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。

People are rapidly increasing the time they spend on mobile, and businesses know they need to be where consumers are.

人們在行動裝置上花費的時間正在迅速增加，企業知道他們需要專注於消費者所在的地方。

Given the size and engagement of our audiences, Facebook and Instagram are the best platforms to reach people and drive business results.

考慮到受眾的規模和參與度，Facebook 和 Instagram 是接觸受眾和推動業務成果的最佳平台。

We have over 70 million businesses on Facebook, and I'm excited to announce today that we now have more than 15 million business profiles on Instagram.

Facebook 上有超過 7,000 萬個企業，今天我很高興地宣布，Instagram 上現在有超過 1,500 萬個企業檔案。

Video is an important part of our mobile strategy.

影片是我們行動策略的重要組成部分。

More video is being shared and watched on Facebook than ever before and it's increasingly helping people and businesses connect.

Facebook 上分享和觀看的影片比以往任何時候都多，它越來越多地幫助人們和企業建立聯繫。

That's because video on Facebook is personal, built around connections, conversations and communities.

這是因為 Facebook 上的影片是個人化的，是圍繞著聯繫、對話和社群構建的。

This is why it creates opportunities for businesses to reach people in new and creative ways.

這就是為什麼它為企業創造了以新的、創造性的方式接觸人們的機會。

People consume content faster on their phones, and marketers are increasingly recognizing that this behavior is different than on other media.

人們在手機上更快消費內容，行銷人員越來越意識到這種行為與其他媒體不同。

This means that developing short-form snackable content is a big opportunity on mobile.

這意味著開發簡短的零食內容是行動裝置上的一個巨大機會。

We're working hard to help marketers adopt mobile-first video ad strategies for Facebook and Instagram.

我們正在努力幫助行銷人員為 Facebook 和 Instagram 採用行動優先的影片廣告策略。

In a mobile environment, native mobile video ads typically outperform more traditional ads.

在行動環境中，原生行動影片廣告通常優於傳統廣告。

For example, when Tropicana launched its probiotic juice, the company tested 6-second video ads against 15- and 30-second ads.

例如，當 Tropicana 推出益生菌果汁時，該公司將 6 秒影片廣告與 15 秒和 30 秒廣告進行了測試。

The shorter ads resulted in higher brand metrics across the board, including a 16-point lift in brand awareness compared to a 6-point lift for the longer ads.

較短的廣告帶來了全面更高的品牌指標，其中品牌知名度提升了 16 個百分點，而較長的廣告則提升了 6 個百分點。

Our second priority is developing innovative ad products.

我們的第二要務是開發創新的廣告產品。

We're listening closely to feedback from marketers around the world to develop new ad formats and innovate on existing ones.

我們正在密切傾聽世界各地行銷人員的回饋，以開發新的廣告格式並對現有廣告格式進行創新。

Last quarter, I talked about how our Dynamic Ads help retailers and e-commerce companies promote their products across devices.

上個季度，我談到了我們的動態廣告如何幫助零售商和電子商務公司跨裝置宣傳他們的產品。

Dynamic Ads show people the products that are most relevant to them based on actions they've taken, such as viewing items on a company's website.

動態廣告根據人們採取的操作（例如查看公司網站上的商品）向他們展示與他們最相關的產品。

This quarter, we continued to improve Dynamic Ads and extended them to new verticals and categories.

本季度，我們繼續改進動態廣告，並將其擴展到新的垂直領域和類別。

Delta Air Lines used our new flight format to reach people who had searched for a flight but not yet booked one.

達美航空使用我們的新航班格式來吸引已搜尋航班但尚未預訂航班的用戶。

Delta was able to run personalized ads based on the routes people viewed on their site and then bring people back to their booking page.

達美航空能夠根據人們在其網站上查看的路線投放個人化廣告，然後將人們帶回他們的預訂頁面。

This resulted in a 12.7x return on ad spend.

這使得廣告支出回報率提高了 12.7 倍。

This quarter, we also rolled out ads in Instagram Stories for all types of marketer objectives.

本季度，我們也在 Instagram Stories 中推出了廣告，以滿足所有類型的行銷目標。

As Mark described, Instagram Stories are growing incredibly well and are therefore a big opportunity for marketers.

正如馬克所描述的那樣，Instagram Stories 的發展非常順利，因此對於行銷人員來說是一個巨大的機會。

From driving brand awareness to increasing sales, businesses can now use full-screen Instagram Story ads for any goal.

從提高品牌知名度到增加銷售量，企業現在可以使用全螢幕 Instagram Story 廣告來實現任何目標。

For example, Ben & Jerry's created a brand awareness campaign using vertical video in Instagram Stories and saw a 14-point lift in ad recalls and a 2-point lift in purchase intent for its new Pint Slices ice cream.

例如，Ben & Jerry's 在 Instagram Stories 中使用垂直影片創建了品牌知名度活動，其新推出的 Pint Slices 冰淇淋的廣告回憶率提高了 14 點，購買意願提高了 2 點。

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加相關和有效。

This means better targeting and better measurement across Facebook, Instagram and Audience Network.

這意味著在 Facebook、Instagram 和 Audience Network 上進行更好的定位和更好的衡量標準。

Marketers of all sizes are increasingly following our best practices, like optimizing your ads to drive real-world outcomes rather than focusing on proxy metrics such as Page likes and video views.

各種規模的行銷人員越來越遵循我們的最佳實踐，例如優化廣告以推動現實世界的結果，而不是專注於頁面讚和影片觀看等代理指標。

53% of our revenue from SMBs is from campaigns that use these tools and strategies, up from 23% in the beginning of last year.

我們來自中小企業的收入中有 53% 來自使用這些工具和策略的行銷活動，高於去年初的 23%。

This quarter, we also added new ways for marketers to improve their targeting and spend more efficiently.

本季度，我們還為行銷人員增加了新的方法來改善他們的定位並更有效地支出。

For example, we introduced Value Optimization, which helps businesses show ads to people who are most likely to spend based on previous purchase behavior.

例如，我們引入了價值優化，它可以幫助企業根據先前的購買行為向最有可能消費的人顯示廣告。

We also introduced value-based Lookalike Audiences, which use machine learning to help marketers reach people who are similar to their most valuable current customers.

我們也推出了基於價值的相似受眾，它利用機器學習來幫助行銷人員接觸與當前最有價值的客戶相似的人群。

For example, California-based accessory company, Nomad, built a custom audience of people in the U.S. who bought something on their site and then created a multi-country Lookalike Audience of people with similar characteristics.

例如，總部位於加州的配件公司 Nomad 建立了一個由在其網站上購買商品的美國人組成的自訂受眾群體，然後創建了一個由具有相似特徵的人組成的多國相似受眾群體。

They targeted ads to their international audience across Facebook, Instagram and Audience Network, resulting in a 2.7x return on ad spend.

他們透過 Facebook、Instagram 和 Audience Network 向國際受眾投放廣告，從而實現了 2.7 倍的廣告支出回報。

We know that many marketers want to verify and compare results across platforms, and that's why we're focused on giving our clients more options for third-party measurement and verification.

我們知道許多行銷人員希望跨平台驗證和比較結果，這就是為什麼我們專注於為客戶提供更多第三方衡量和驗證的選擇。

We now have 24 partners in our measurement system, including 3 partners measuring viewability, and we're in the process of adding 2 more viewability partners, DoubleVerify and Meetrics.

現在，我們的衡量系統中有 24 個合作夥伴，其中包括 3 個衡量可見度的合作夥伴，我們正在增加另外 2 個可見度合作夥伴：DoubleVerify 和 Metrics。

As the first half of 2017 comes to a close, we feel good about the progress we're making.

2017 年上半年即將結束，我們對所取得的進展感到滿意。

As marketers build more meaningful connections with people on mobile, we help them grow their businesses, which in turn grows ours.

隨著行銷人員與行動用戶建立更有意義的聯繫，我們幫助他們發展業務，進而發展我們的業務。

I continue to be grateful to our clients and partners all around the world and to our global teams who make all of this possible.

我繼續感謝我們世界各地的客戶和合作夥伴以及我們的全球團隊，是他們讓這一切成為可能。

Thanks, and now here's Dave.

謝謝，現在戴夫來了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，謝麗爾，大家下午好。

Echoing Mark and Sheryl's comments, Q2 was another strong quarter for Facebook.

與 Mark 和 Sheryl 的評論相呼應，第二季度是 Facebook 的另一個強勁季度。

We continue to see strong growth and engagement in our global community as well as momentum in our mobile ads business.

我們繼續看到全球社區的強勁成長和參與度以及行動廣告業務的勢頭。

Let's begin with our community metrics.

讓我們從我們的社區指標開始。

In June, 1.32 billion people visited Facebook on an average day, up 17% compared to last year.

6月份，平均每天有13.2億人造訪Facebook，比去年增加17%。

This number represents 66% of the 2.01 billion people that visited Facebook during the month of June, which was up 294 million or 17% compared to last year.

這一數字佔 6 月造訪 Facebook 的 20.1 億人的 66%，比去年增加了 2.94 億人，即 17%。

Our community growth was again driven by product improvements on Android, our Internet.org efforts and ongoing third-party promotional data plans in markets like India.

我們的社群成長再次受到 Android 產品改進、Internet.org 的努力以及印度等市場正在進行的第三方促銷數據計劃的推動。

We will begin lapping the impact of these promotions in Q3 of this year.

我們將在今年第三季開始研究這些促銷活動的影響。

We're also pleased to see strong adoption and community growth across video, Instagram Stories, Messenger and WhatsApp.

我們也很高興看到影片、Instagram Stories、Messenger 和 WhatsApp 的強勁採用和社群發展。

While these products do not monetize at the same level as News Feed, they are providing new ways to build global community.

雖然這些產品的獲利水平不如動態消息，但它們提供了建立全球社區的新方法。

Turning now to the financials.

現在轉向財務狀況。

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

除非另有說明，我們所有的比較都是逐年進行的。

Q2 total revenue was $9.3 billion, up 45%.

第二季總營收為 93 億美元，成長 45%。

Had foreign exchange rates remained constant with last year, total revenue would have been approximately $140 million greater or up 47%.

如果外匯匯率與去年保持不變，總收入將增加約 1.4 億美元，即成長 47%。

Q2 total ad revenue was $9.2 billion, up 47% or 49% on a constant currency basis.

第二季廣告總營收為 92 億美元，成長 47%，以固定匯率計算成長 49%。

Ad revenue growth was strong globally.

全球廣告收入成長強勁。

Rest of World and Asia Pacific grew at 56% and 54%, respectively, while U.S. and Canada and Europe grew at 45% and 43%, respectively.

世界其他地區和亞太地區分別成長 56% 和 54%，而美國、加拿大和歐洲分別成長 45% 和 43%。

Mobile ad revenue was $8 billion, up 53% and represented approximately 87% of ad revenue.

行動廣告收入為 80 億美元，成長 53%，約佔廣告收入的 87%。

Desktop ad revenue grew 17% despite an ongoing decline in desktop usage.

儘管桌面使用率持續下降，但桌面廣告收入仍成長了 17%。

Note that our Q2 desktop ad revenue benefited from our efforts to limit the impacts of ad blocking technologies.

請注意，我們第二季度的桌面廣告收入受益於我們限制廣告攔截技術影響的努力。

In Q2, the average price per ad increased 24%, and the ads -- number of ad impressions increased 19%, primarily driven by mobile feed ads on Facebook and Instagram.

第二季度，每個廣告的平均價格增加了 24%，廣告展示次數增加了 19%，這主要是由 Facebook 和 Instagram 上的行動動態廣告推動的。

Payments and other fees revenue was $157 million, down 20%.

支付和其他費用收入為 1.57 億美元，下降 20%。

Total expenses were $4.9 billion, up 33%.

總支出為 49 億美元，成長 33%。

We ended Q2 with over 20,000 employees, up 43% compared to last year.

截至第二季度，我們擁有超過 20,000 名員工，比去年增加 43%。

Our hiring growth rate increased for the third consecutive quarter as we continued to invest in the many opportunities ahead.

隨著我們繼續投資於未來的許多機會，我們的招聘成長率連續第三個季度成長。

Q2 operating income was $4.4 billion, representing a 47% operating margin.

第二季營業收入為 44 億美元，營業利益率為 47%。

Our tax rate was 13%.

我們的稅率是13%。

In the quarter, excess tax benefits recognized from share-based compensation decreased our effective tax rate by 6 percentage points.

本季度，從股權激勵中確認的超額稅收優惠使我們的有效稅率降低了 6 個百分點。

Net income was $3.9 billion or $1.32 per share.

淨利潤為 39 億美元，即每股 1.32 美元。

Q2 capital expenditures were $1.4 billion, driven by investments in servers, data centers, office facilities and network infrastructure.

第二季資本支出為 14 億美元，主要由伺服器、資料中心、辦公設施和網路基礎設施投資推動。

We generated over $3.9 billion in free cash flow and ended the quarter with over $35 billion in cash and investments.

我們產生了超過 39 億美元的自由現金流，本季末現金和投資超過 350 億美元。

Turning now to the outlook.

現在轉向展望。

Growth, engagement and advertising demand remain healthy, but there are certain factors that will impact revenue growth that are worth mentioning.

成長、參與度和廣告需求保持健康，但有些因素會影響收入成長，值得一提。

As we have discussed before, we continue to expect that Facebook ad load will play a less significant factor driving advertising revenue growth going forward and that desktop ad revenue growth rates will slow in the second half of 2017 when we begin to lap efforts to limit the impact of ad blockers.

正如我們之前所討論的，我們仍然預計Facebook 廣告負載將在推動未來廣告收入成長方面發揮不太重要的作用，並且桌面廣告收入成長率將在2017 年下半年放緩，屆時我們將開始努力限制廣告收入。

In addition, we expect that our strategic focus on driving engagement with mobile video may slow advertising impression growth given the relatively fewer ad impressions in video relative to News Feed.

此外，我們預計，鑑於影片中的廣告展示次數相對於動態消息相對較少，我們對提高行動影片參與度的策略重點可能會減緩廣告展示次數的成長。

I would also note that we do not see our early efforts in Messenger monetization offsetting the factors that I just mentioned.

我還要指出的是，我們認為我們早期在 Messenger 貨幣化方面的努力並沒有抵消我剛才提到的因素。

For these reasons, we continue to expect that our ad revenue growth rates will come down as the year progresses.

基於這些原因，我們仍然預期我們的廣告收入成長率將隨著時間的推移而下降。

We continue to expect full year 2017 payments and other fees revenue to decline compared to full year 2016.

我們繼續預計 2017 年全年付款和其他費用收入將比 2016 年全年有所下降。

Turning now to the expense outlook.

現在轉向費用前景。

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

根據我們對今年剩餘時間的最新看法，我們正在收緊最初的費用指導範圍。

We expect that full year 2017 total GAAP expense growth will be approximately 40% to 45%, narrowed from our previous range of 40% to 50%.

我們預計 2017 年全年 GAAP 費用總額成長約為 40% 至 45%，較之前的 40% 至 50% 範圍有所收窄。

I would note that we expect to accelerate our headcount growth rates in the second half of the year as we remain solidly in investment mode.

我要指出的是，由於我們仍堅定地處於投資模式，因此預計下半年我們的員工人數成長率將加快。

We also expect that our video content investments will contribute to operating expense growth in the second half of 2017.

我們也預期我們的影片內容投資將有助於 2017 年下半年營運費用的成長。

In terms of capital expenditures, we expect that full year 2017 CapEx will be in the lower end of the prior range of $7 billion to $7.5 billion.

在資本支出方面，我們預期 2017 年全年資本支出將處於先前 70 億至 75 億美元區間的下限。

We are ramping our infrastructure investments to support global growth and anticipate more data center building activity in the second half of this year.

我們正在加大基礎設施投資以支持全球成長，並預計今年下半年將有更多資料中心建設活動。

For example, we recently broke ground on new buildings at our New Mexico and Iowa data centers.

例如，我們最近在新墨西哥州和愛荷華州資料中心的新建築破土動工。

Turning now to tax.

現在轉向稅收。

As I have previously noted, our tax rate will vary based on our stock price.

正如我之前指出的，我們的稅率將根據我們的股價而變化。

At the current stock price, we would expect that our Q3 and full year 2017 tax rates will both be similar to our Q2 rate.

以目前的股價，我們預計 2017 年第三季和全年的稅率將與第二季的稅率相似。

In summary, the first half of 2017 was a strong period for Facebook, both financially and in terms of growth and engagement of our community.

總而言之，2017 年上半年對 Facebook 來說是一個強勁的時期，無論是在財務上還是在社群的成長和參與度方面。

We will continue to invest aggressively in the many opportunities we see ahead as we make progress on our mission to give people the power to build community and bring the world closer together.

我們將繼續積極投資我們所看到的許多機會，在我們的使命上取得進展，讓人們有能力建立社區，讓世界更加緊密地聯繫在一起。

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

接下來，麥克，讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Brian Nowak from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的布萊恩·諾瓦克（Brian Nowak）。

I have one for Mark.

我有一份給馬克。

Mark, the offerings on the core Facebook app have improved and changed a lot over the years from groups, live video, search, et cetera.

馬克，多年來，Facebook 核心應用程式的功能從群組、即時視訊、搜尋等方面已經得到了很大的改進和改變。

I'd be curious to hear how you've noticed consumer behavior on the core product, the core Facebook app change as Instagram has grown.

我很想知道您如何注意到隨著 Instagram 的發展，核心產品、核心 Facebook 應用程式的消費者行為發生了變化。

And how do you think about that evolving over the next 3 to 5 years?

您如何看待未來 3 到 5 年的發展？

So the main value proposition for the Facebook app is helping people share any type of content that they want with any audience that matters to them, right?

因此，Facebook 應用程式的主要價值主張是幫助人們與對他們重要的任何受眾分享他們想要的任何類型的內容，對吧？

So you can go from text to photo to video, from small groups to larger groups, from your friends to everyone in the world, and that's always been where the Facebook app has excelled.

因此，您可以從文本到照片再到視頻，從小組到更大的小組，從您的朋友到世界上的每個人，而這一直是 Facebook 應用程式的擅長之處。

There have been different experiences that are more focused on specific things, but with a strong technological foundation supporting all of these different use cases, the Facebook app has always supported people using all of them.

存在著更專注於特定事物的不同體驗，但憑藉著支援所有這些不同用例的強大技術基礎，Facebook 應用程式始終支援人們使用所有這些應用程式。

Now the biggest trend that we see in consumer behavior is definitely video, right?

現在我們在消費者行為中看到的最大趨勢肯定是視頻，對吧？

And there's a strong technological underpinning for that, which is that if you go back 5 years, you try to watch a video on your phone, it would probably have to buffer for a minute or so before you'd actually get to watch it, which wasn't a good experience.

這有一個強大的技術基礎，那就是如果你回到 5 年前，你嘗試在手機上觀看視頻，它可能需要緩衝一分鐘左右才能真正觀看它，這不是一次好的經歷。

And if you wanted to upload a video, like whether it's a longer video like what you post to News Feed or a 10-second story like what you'd post on any of the apps, I mean, even that might take 30 seconds to upload, so it wasn't a good experience.

如果您想上傳視頻，例如您發佈到動態消息的較長視頻，還是您在任何應用程式上發布的 10 秒故事，我的意思是，即使這樣也可能需要 30 秒才能上傳上傳，所以體驗不太好。

So now as the technology on the network level improves to support that, what we're seeing is the ability to serve what is a large amount of demand for what's a very engaging type of content.

因此，現在隨著網路層面的技術不斷改進以支持這一點，我們看到的是能夠滿足對非常有吸引力的內容類型的大量需求。

And that demand flows across social content like we're seeing in Stories and feed to clearly a huge amount of public content.

這種需求在社交內容中流動，就像我們在故事中看到的那樣，並明顯提供了大量的公共內容。

I mean, Pages are engaging in this and some of the trends that Dave just talked about for just a lot of video behavior across the platform.

我的意思是，Pages 正在參與這一趨勢以及 Dave 剛才談到的一些趨勢，涉及整個平台上的大量視訊行為。

Your next question comes from the line of Ralph Schackart from William Blair.

你的下一個問題來自威廉布萊爾的拉爾夫沙卡特。

Mark, in the prepared remarks, you talked about Messenger and WhatsApp being on the early innings of the monetization.

馬克，在準備好的演講中，您談到 Messenger 和 WhatsApp 正處於貨幣化的早期階段。

And then you also talked about your desire to move faster on Messenger.

然後您還談到了希望在 Messenger 上更快發展的願望。

Just curious what are the factors sort of driving your willingness to move faster.

只是好奇是什麼因素促使您願意更快行動。

And then how should we think about that both from a consumer and monetization experience?

那我們該如何從消費者和貨幣化體驗的角度來思考這一點呢？

Well, on Messenger, there are 2 basic things that we're doing.

嗯，在 Messenger 上，我們正​​在做兩件基本的事情。

One is we're starting to put some ads into the product just to see the basic parameters around how that performs, how people like the ads or don't, how they work for businesses and just try to get an understanding of that.

一是我們開始在產品中放入一些廣告，只是為了了解其表現如何、人們如何喜歡或不喜歡這些廣告、它們如何為企業服務的基本參數，並試圖了解這一點。

So we're starting to run that across the world.

所以我們開始在全世界範圍內進行這項工作。

But as Dave said, even though we're starting to roll that out in a lot of places, the volume starts off pretty small.

但正如戴夫所說，儘管我們開始在許多地方推出這項服務，但一開始的數量還是很小。

The biggest strategic thing that we really need to do in messaging right now is make it so that people organically interact with businesses, and that that is a good interaction both for people and for the businesses.

我們現在在訊息傳遞方面真正需要做的最大策略是讓人們與企業有機地互動，這對人們和企業來說都是良好的互動。

So here's one way to think about this.

所以這是思考這個問題的一種方法。

If you're a business and you have a higher ROI for interacting with a person in your messaging thread than you do on the mobile web or trying to get them to install an app, then that creates this positive feedback loop where you're going to point your ads towards the Messenger thread, you're going to invest more of your engineering resources in building out the content and experience around the Messenger thread.

如果您是一家企業，並且您在訊息線程中與某人互動的投資回報率高於您在行動網路上或嘗試讓他們安裝應用程式的投資回報率，那麼就會在您要去的地方創建這種正面的回饋循環為了將您的廣告指向 Messenger 線程，您需要投入更多的工程資源來建立圍繞 Messenger 線程的內容和體驗。

So we're currently working on making it so that, that is the highest ROI thing.

因此，我們目前正在努力實現投資報酬率最高的目標。

I think we're making progress there.

我認為我們正在那裡取得進展。

It's not that we're going to crack every market at once, but in some, I think we're definitely getting there.

我們並不是想要立即打入所有市場，但在某些市場上，我認為我們肯定會實現這一目標。

We're getting some positive feedback from the market.

我們從市場得到了一些正面的回饋。

But once we start to achieve that in more and more verticals, I think that that's going to start unlocking a lot of behavior, and a lot of businesses are going to want to push more interactions to happen there, which I think will really be the foundation for building that into a big business.

但是，一旦我們開始在越來越多的垂直領域實現這一目標，我認為這將開始釋放很多行為，並且許多企業將希望推動更多的互動在那裡發生，我認為這將真正是為將其打造成大企業奠定了基礎。

Yes.

是的。

And, Ralph, it's Dave.

拉爾夫，我是戴夫。

I would just add that with messaging monetization, this is early, and it's not a near-term overall Facebook growth driver.

我想補充一點，訊息貨幣化還為時過早，它並不是 Facebook 近期整體成長的推動力。

And much like Instagram in its early days, we're going to be cautious.

就像早期的 Instagram 一樣，我們會保持謹慎。

But unlike Instagram, this isn't a feed product, so there are just -- there are more unknowns here.

但與 Instagram 不同的是，這不是一個動態產品，所以這裡有更多的未知數。

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

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

I was wondering -- Sheryl talked a little bit about Instagram Stories.

我想知道 - Sheryl 談到了一些 Instagram Stories。

I was wondering if you could share with us kind of the initial feedback from advertisers.

我想知道您是否可以與我們分享廣告商的初步回饋。

Did they see it as similar to advertising in the IG feed?

他們是否認為這與 IG feed 中的廣告類似？

Or are they using it to reach people in a different way if you've noticed anything over the period that you've been doing it?

或者，如果您在這樣做期間注意到任何事情，他們是否會使用它以不同的方式接觸人們？

So it's pretty early for ads in Stories.

所以現在在故事中投放廣告還為時過早。

And I think the way people largely think about this is this is another way of using the Facebook ad system, including our targeting and measurement capabilities, to create ads that are great creatives that can reach people.

我認為人們對此的主要看法是，這是使用 Facebook 廣告系統的另一種方式，包括我們的定位和衡量功能，來製作能夠吸引人們的創意廣告。

So the fully immersive format with the targeting and optimization of Facebook ads is a pretty unmatched opportunity.

因此，具有 Facebook 廣告定位和優化的完全沉浸式格式是一個無與倫比的機會。

We also have a huge opportunity within Instagram, and obviously, the use of ads in Instagram is much, much bigger than the use of ads in Stories.

我們在 Instagram 中也有巨大的機會，顯然，Instagram 中的廣告使用量比 Stories 中的廣告使用量大得多。

The way we think about this is we're trying to help marketers reach their customers, both their existing and their new customers effectively, and we think it's the combination of all these offerings that really are the strength of our business and explains why we can continue to grow.

我們的想法是，我們正在努力幫助行銷人員有效地接觸他們的客戶，包括他們的現有客戶和新客戶，我們認為所有這些產品的組合才是我們業務的真正優勢，並解釋了為什麼我們可以繼續增長。

So within one interface, we're working with one sales rep.

因此，在一個介面中，我們與一位銷售代表合作。

If you're a large company or a small company, you can buy Facebook.

無論你是大公司還是小公司，你都可以買Facebook。

You can buy Instagram.

你可以購買Instagram。

You can buy Audience Network.

您可以購買 Audience Network。

You can buy the different ad formats within Facebook and Instagram.

您可以在 Facebook 和 Instagram 中購買不同的廣告格式。

And that means that you have multiple targeting opportunities, multiple opportunities and even opportunities to see who engages in an ad in one place and then reinvest to continue the conversation with those customers.

這意味著您有多個定位機會，多種機會，甚至有機會看到誰在一個地方參與廣告，然後再投資以繼續與這些客戶進行對話。

So we think all of these things work together, and these new formats fit in really nicely with the ad system we built, which underlies all of the opportunity.

因此，我們認為所有這些東西都可以協同工作，而這些新格式非常適合我們建立的廣告系統，這是所有機會的基礎。

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

您的下一個問題來自富國銀行的 Peter Stabler。

One for Sheryl if I could.

如果可以的話，給謝麗爾一份。

Sheryl, you guys have rolled out some initiatives designed to address specific advertising categories like dynamic travel ads.

謝麗爾，你們推出了一些旨在解決特定廣告類別（例如動態旅遊廣告）的措施。

Could we anticipate more efforts going forward to address categories that may be relatively underpenetrated by Facebook, Instagram and Audience Network?

我們能否預期未來會做出更多努力來解決 Facebook、Instagram 和 Audience Network 相對滲透率較低的類別？

So I'm thinking about categories like financial services, auto, for example.

所以我正在考慮金融服務、汽車等類別。

So we're really happy that our growth has been really strong across our verticals, and that continues to be the case.

因此，我們非常高興我們的垂直行業成長非常強勁，而且情況仍然如此。

Our top verticals are pretty consistent in e-commerce, CPG, entertainment, media, retail and gaming.

我們的頂級垂直產業在電子商務、消費品、娛樂、媒體、零售和遊戲方面非常一致。

For the most part, when we build products, we build them to work for all verticals and you see us do that.

在大多數情況下，當我們建立產品時，我們建造的產品適用於所有垂直領域，您會看到我們這樣做。

So being able to upload your catalog of products can be used no matter what your product lists are.

因此，無論您的產品清單是什麼，都可以使用上傳產品目錄的功能。

We do build vertical-specific ad products when they are necessary, so dynamic ads for travel, for example, as you mentioned, being an example.

我們確實會在必要時建立特定於垂直行業的廣告產品，例如，正如您所提到的，旅遊動態廣告就是一個例子。

I think the heaviest lifting of the work we do is really helping marketers in different verticals focus on the right metrics, which are the sales metrics.

我認為我們所做的最繁重的工作實際上是幫助不同垂直領域的行銷人員專注於正確的指標，即銷售指標。

Because, for too long, our industry has been focused on proxy metrics, how long someone viewed a video, even brand lift, measurements we care about.

因為長期以來，我們的行業一直專注於代理指標、某人觀看影片的時長，甚至是品牌提升以及我們關心的衡量標準。

But these are all proxy metrics.

但這些都是代理指標。

What really matters is you see an ad and you buy a product.

真正重要的是您看到廣告併購買產品。

You see an ad, and you drive a car off a lot.

你看到一則廣告，就會常常開車離開。

You see an ad, and you order a service.

您看到廣告並訂購服務。

And so there's very different processes with these different verticals in terms of helping them understand their own purchasing data so that we can connect our ads to their ultimate purchases.

因此，在幫助他們了解自己的購買數據方面，這些不同的垂直行業有非常不同的流程，以便我們可以將我們的廣告與他們的最終購買聯繫起來。

We believe that's one of the most important things that we've been very, very focused on, and we have a long way to go.

我們相信這是我們一直非常非常關注的最重要的事情之一，而且我們還有很長的路要走。

And part of the results you see from us in different verticals are actually explained by the ability of us to help those marketers measure sales at the end of the day.

您在不同垂直領域看到的部分結果實際上可以解釋為我們有能力幫助行銷人員在一天結束時衡量銷售額。

The more that we can tie ad viewing to sales, the stronger our case is with our clients.

我們越能將廣告觀看與銷售聯繫起來，我們對客戶的支持就越有力。

And so we need to do a lot of work around the measurement with different verticals.

因此，我們需要圍繞不同垂直方向的測量做很多工作。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

Two if I could.

如果可以的話，兩個。

Mark, you visited many different parts of the country over the last several months.

馬克，過去幾個月你訪問了這個國家的許多不同地區。

Just curious how you're applying what you've learned to Facebook and the broader platform.

只是好奇你如何將所學到的知識應用到 Facebook 和更廣泛的平台上。

And then, Dave, can you just give any -- some more color on, I guess, how things have changed in terms of OpEx and CapEx just given that we're coming down toward the lower end of the ranges?

然後，戴夫，您能否提供一些更多的信息，我想，考慮到我們正朝著範圍的下限下降，運營支出和資本支出方面的情況發生了怎樣的變化？

So a lot of the themes around building community and bringing people closer together have been underscored by a lot of experiences that I've had traveling around.

因此，我的旅行經歷強調了圍繞建立社區和拉近人們距離的許多主題。

And I've tried to write about them.

我也嘗試寫下它們。

I don't write about each visit that I make on Facebook, but it's been really striking to me, when you talk to folks in a lot of different communities, how important local institutions and their local communities are for supporting people there.

我不會寫下我在 Facebook 上的每次訪問，但當你與許多不同社區的人們交談時，你會發現當地機構及其當地社區對於支持那裡的人們是多麼重要。

And there's been a clearly documented trend across the world of declining membership in a lot of different kinds of communities, and I think that that's an important problem that is eating at the social fabric not only of our country but around the world that I hope that we can play a role in addressing.

世界各地有一個明確記錄的趨勢，即許多不同類型社區的會員人數下降，我認為這是一個重要的問題，不僅正在侵蝕我們國家的社會結構，而且正在侵蝕世界各地的社會結構，我希望我們可以在解決問題方面發揮作用。

And that's not something that we can do directly, but I believe that we can empower people who want to build local communities and want to play a leadership role in their local community to have the tools that they need.

這不是我們可以直接做的事情，但我相信我們可以為那些想要建立當地社區並希望在當地社區發揮領導作用的人們提供他們所需的工具。

And I think if we can do that, then you start bringing people together at a local level.

我認為如果我們能做到這一點，那麼你就可以開始將地方層級的人們聚集在一起。

And when people feel more comfortable in their lives at a local level, then I also think that, that helps bring people and bring the world closer together at a global level, too.

當人們在當地生活感到更舒適時，我也認為這也有助於在全球層面上拉近人們的距離，讓世界更加緊密地聯繫在一起。

So that all has been underscored by a lot of the visits and what I've seen as well as a lot of the research that we've done at Facebook, and it's all reflected in the new mission.

因此，大量的訪問和我所看到的以及我們在 Facebook 所做的大量研究都強調了這一切，並且這一切都反映在新的使命中。

Doug, it's Dave.

道格，我是戴夫。

I don't think there's anything that's really fundamentally changed.

我認為沒有什麼真正從根本上改變。

We're tightening the range to 40% to 45% expense growth due to better visibility.

由於能見度提高，我們將費用成長範圍收窄至 40% 至 45%。

We remain solidly in investment mode, and if anything, we're finding new opportunities to invest in.

我們仍然堅定地保持投資模式，如果有什麼不同的話，那就是我們正在尋找新的投資機會。

From the perspective of hiring growth, I'd really point to the fact that we've been consistently accelerating hiring so far in 2017, and I pointed to the fact that we expect to accelerate hiring in the back half of the year as well.

從招聘成長的角度來看，我確實指出了這樣一個事實，即 2017 年到目前為止，我們一直在持續加速招聘，並且我指出，我們預計也會在今年下半年加速招聘。

And this quarter was the biggest recruiting quarter in terms of net hires ever for Facebook.

就 Facebook 淨招募人數而言，本季是有史以來最大的招募季度。

We're continuing to invest in a number of key areas, hiring engineers to drive the 3-, 5- and 10-year priorities.

我們將繼續在一些關鍵領域進行投資，聘請工程師來推動 3 年、5 年和 10 年的優先事項。

We're going to be investing in content to help build a platform for content producers to find an audience and monetize.

我們將投資內容，幫助內容製作者建立一個平台，以找到受眾並獲利。

We are also continuing to invest in areas like community operations and other areas.

我們也持續投入社區營運等領域。

So we remain solidly in investment mode from a total expense point of view.

因此，從總支出的角度來看，我們仍然堅定地維持投資模式。

On CapEx, we still expect to be within the range of $7 billion to $7.5 billion, and we're investing aggressively in our data center footprint to support the global growth that we see.

在資本支出方面，我們仍預計在 70 億至 75 億美元之間，並且我們正在大力投資資料中心足跡，以支持我們所看到的全球成長。

So I think across-the-board, we're investing heavily.

所以我認為，總的來說，我們正在大力投資。

On headcount, I would just point out that our payroll growth tends to lag headcount growth because headcount is an end-of-period number, so the acceleration that we're seeing in 2017 will obviously play out in 2018 as well.

關於員工人數，我只想指出，我們的薪資成長往往落後於員工人數成長，因為員工人數是期末數字，因此我們在 2017 年看到的加速顯然也會在 2018 年發揮作用。

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。

Good.

好的。

Got couple of questions on the messaging apps.

關於訊息應用程式有幾個問題。

I think 2 years ago at F8, you talked about WhatsApp user base about a little north of 1 billion sending out 50 billion messages a day, and Messenger was about 1 billion and 20 billion messages a day, so implying kind of like 2.5x the engagement on WhatsApp compared to Messenger.

我想 2 年前在 F8 上，您談到 WhatsApp 用戶群大約有 10 億多一點，每天發送 500 億條訊息，而 Messenger 每天大約有 10 億到 200 億條訊息，所以這意味著大約是 2.5 倍與Messenger 相比，WhatsApp 的參與度更高。

Is that accurate?

準確嗎？

And where does that stand today?

如今情況又如何呢？

And then both of these messaging apps kind of started in different geographies around the world.

然後這兩個訊息應用程式都在世界各地的不同地區啟動。

So how does that impact your thinking around monetization ideas between Messenger and WhatsApp?

那麼，這對您對 Messenger 和 WhatsApp 之間的獲利想法的思考有何影響？

Yes.

是的。

I don't think we're sharing detailed stats on engagement by messaging platform.

我認為我們不會分享有關訊息傳遞平台參與度的詳細統計數據。

They're obviously both critical platforms.

顯然它們都是關鍵平台。

Both have over 1.2 million monthly actives, and WhatsApp has demonstrated significant engagement with crossing 1 billion daily actives.

兩者的月活躍人數均超過 120 萬，WhatsApp 的日活躍活躍人數已突破 10 億。

So I think that indicates the engagements that you have on that platform.

所以我認為這表明了您在該平台上的參與度。

There are different geographies where the messaging platforms are stronger, and depending on that, that shifts our priorities in different ways.

在不同的地區，訊息傳遞平台都更強大，根據不同的地區，我們的優先事項會以不同的方式發生變化。

But overall, from a monetization perspective, I think the strategy there is clear.

但總的來說，從貨幣化的角度來看，我認為那裡的策略是明確的。

We're focused on growing the user base first and foremost, and then secondly, it's about building organic connections between businesses to -- and consumers.

我們首先關注的是擴大用戶群，其次是在企業與消費者之間建立有機連結。

And then third, it's about how do we build monetization around those relationships.

第三，我們如何圍繞這些關係建立貨幣化。

And I think, there, we're further along with Messenger than we are with WhatsApp.

我認為，與 WhatsApp 相比，我們在 Messenger 上的進展更進一步。

And so I think you see us rolling out the global data there with ads.

所以我想你會看到我們透過廣告在那裡推出全球數據。

So I think we'll watch and learn from that, and as we learn things, we can apply them in other areas.

所以我認為我們會觀察並從中學習，當我們學到東西時，我們可以將它們應用到其他領域。

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

您的下一個問題來自美銀美林的 Justin Post。

Maybe a question for Mark.

也許有個問題想問馬克。

I know video is a priority for the company.

我知道影片是公司的首要任務。

To start with, any change in user trends or engagement as you've added video to Facebook?

首先，當您在 Facebook 上添加影片後，用戶趨勢或參與度是否發生了變化？

And then secondly, just how do you think about semiprofessional or professional video for Facebook?

其次，您如何看待 Facebook 的半專業或專業影片？

Is that a good business given all the content sharing costs and the production costs when you compare it to kind of your existing social business?

當您將其與現有的社交業務進行比較時，考慮到所有內容共享成本和製作成本，這是一項好業務嗎？

And do you see it as cannibalistic or additive as far as usage?

就使用而言，您認為它是同類相食還是添加劑？

I can share a little bit about it.

我可以分享一些相關內容。

Then, Mark would want to jump in on any other color.

然後，馬克會想加入任何其他顏色。

I mean, I would say, as I mentioned, Justin, in my commentary, as people spend more time with video and more time is going to video, that is going to have a limiting factor to how much time they spend in News Feed.

我的意思是，我想說，正如我在評論中提到的，賈斯汀，隨著人們花更多的時間在視頻上，並且更多的時間花在視頻上，這將成為他們花在動態消息上的時間的限制因素。

And so that's going to have an impact on impression rate growth.

因此，這將對展示率成長產生影響。

So there is, in that sense, a cannibalistic effect of sorts that happens there.

因此，從這個意義上說，那裡發生了某種同類相食的效應。

But what Mark alluded to is video is where people -- as networks improve and devices improve and our products improve, video is the most engaging experience that we can offer.

但馬克提到的是影片是人們的所在——隨著網路的改進、設備的改進以及我們的產品的改進，影片是我們可以提供的最具吸引力的體驗。

And so we're seeing consumers adopting that, and we're building products for them.

因此，我們看到消費者正在採用這一點，我們正在為他們打造產品。

In terms of the types of content, I think we're looking at a wide variety of content from -- of course, at the core is people sharing experiences in their lives as that's at the base of what we offer in terms of bringing the world closer together.

就內容類型而言，我認為我們正在關注各種各樣的內容——當然，核心是人們分享他們的生活經歷，因為這是我們提供的內容的基礎世界更加緊密地聯繫在一起。

It's just it's that community content.

這只是社區內容。

But then there's opportunities for semiprofessional and professional content, and we're exploring things around the platform of making sure that we're a platform where professional content providers can come find an audience and then also monetize that audience.

但半專業和專業內容也有機會，我們正在圍繞平台進行探索，以確保我們是一個專業內容提供者可以找到受眾並透過該受眾獲利的平台。

I think (inaudible) got it.

我想（聽不清楚）明白了。

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

您的下一個問題來自羅伯特貝爾德 (Robert Baird) 的科林塞巴斯蒂安 (Colin Sebastian)。

Mark, I wanted to ask a question on conversational interfaces and specifically, if we should think of Facebook becoming integrated as a skill app or feature on platforms such as Alexa.

馬克，我想問一個關於對話式介面的問題，具體來說，我們是否應該考慮將 Facebook 作為技能應用程式或功能整合到 Alexa 等平台上。

Or should we think of things like Oculus, Messenger and perhaps even a dedicated device as part of Facebook's own alternative platform?

或者我們應該將 Oculus、Messenger 甚至專用設備視為 Facebook 自己的替代平台的一部分？

And then, Dave, just hoping you could put a finer point on the timing around the reduction in ad load growth.

然後，戴夫，只是希望您能更好地說明廣告負載成長減少的時機。

I mean, to the first question, we're going to build the services that we think are useful.

我的意思是，對於第一個問題，我們將建立我們認為有用的服務。

Some of them are going to be platforms, and some of them are going to be apps and different things on top of platforms that other folks build.

其中一些將成為平台，一些將成為其他人構建的平台上的應用程式和不同的東西。

But fundamentally, we're trying to serve our community the best we can, and we'll do that across all these platforms.

但從根本上來說，我們正在盡力為我們的社區提供最好的服務，我們將在所有這些平台上做到這一點。

Yes.

是的。

And in terms of ad load growth, I pointed to the fact that we continue to expect that ad load will be a less significant factor in the remainder of 2017.

就廣告負載成長而言，我指出，我們仍然預期廣告負載在 2017 年剩餘時間內將成為一個不太重要的因素。

And that's certainly the case.

情況確實如此。

That starts in Q3 but there's a number of other factors that I also pointed to, including the desktop, lapping some of the efforts we made on desktop in terms of unblocking or working against the ad blocking technologies.

這從第三季開始，但我還指出了許多其他因素，包括桌面，在解鎖或對抗廣告攔截技術方面我們在桌面上所做的一些努力。

And so that has a factor on desktop growth.

因此，這對桌面成長有一個影響因素。

And then, of course, I talked about video and our focus on driving and serving the consumer demand for video.

當然，然後我談到了影片以及我們對推動和滿足消費者對影片需求的關注。

And that's also leading to a potentially lower impression growth as well.

這也可能導致印象增長下降。

Your next question comes from the line of Rich Greenfield from BTIG.

您的下一個問題來自 BTIG 的 Rich Greenfield。

On one of your blogs, you put a post up basically detailing basically what people were doing during TV, and you showed kind of a control group where Facebook usage was really constant.

在你的一個部落格上，你發表了一篇文章，基本上詳細介紹了人們在看電視時所做的事情，並且你展示了一個對照組，其中 Facebook 的使用率非常穩定。

And then you did a group that was watching the TV show, and you saw huge spikes of Facebook usage during the television -- during the ad breaks during the show.

然後你做了一個正在觀看電視節目的小組，你發現在電視節目期間——在節目期間的廣告時段——Facebook 的使用量出現了巨大的峰值。

Wondering like, as you go talk to marketers, obviously, TV ratings are down a lot.

想知道，當你與行銷人員交談時，顯然電視收視率下降了很多。

How does that type of study -- I realize it's just one TV show.

這種類型的研究如何——我意識到這只是一個電視節目。

But as you make the pitch of like why are you not shifting dollars faster to Facebook, how does that type of research start to play into their thinking?

但當你提出為什麼不更快地將資金轉移到 Facebook 時，這類研究如何開始影響他們的想法？

And what's holding them back?

是什麼阻礙了他們？

Is it just the creative doing or the embracing of 6-second ads?

是單純的創意還是6秒廣告的採用？

Like, what's the block to getting more of that $70 billion of TV ad dollars to shift over faster?

例如，要讓這 700 億美元的電視廣告資金更快轉移，有什麼障礙呢？

Well, that is just one study, and I don't want to overstate its importance in how we sell ads.

嗯，這只是一項研究，我不想誇大它對我們如何銷售廣告的重要性。

We make the case to our clients that consumers are moving to mobile and that they need to move to mobile.

我們向客戶證明消費者正在轉向行動裝置並且他們需要轉向行動裝置。

And not that mobile should replace all of their other advertising, but responsible marketers with great companies large and small, they'll advertise on TV and they advertise on mobile and they advertise in other places.

並不是說行動裝置應該取代所有其他廣告，但負責任的行銷人員與大大小小的大公司一起，他們會在電視上做廣告，在行動裝置上做廣告，在其他地方做廣告。

Our goal is to be the best dollar and the best minute anyone spends.

我們的目標是成為每個人花費的最好的錢和最好的時間。

And the case we make is that we want them to take advantage of the opportunity that is mobile and the opportunity for the targeting we offer and the measurement we offer.

我們提出的理由是，我們希望他們利用行動機會以及我們提供的定位和衡量的機會。

I think what has taken us time and continues to take us time is we need to convince marketers to make mobile-first video, video and other ad formats.

我認為我們需要說服行銷人員製作行動優先的影片、影片和其他廣告格式，這一點已經並且將繼續花費我們時間。

We talk a lot about how the first TV ads were people reading their radio ads in front of microphones.

我們談論了很多關於第一個電視廣告是如何讓人們在麥克風前閱讀他們的廣播廣告。

And we're still in the case that when people go to put an ad on mobile, they often will take an ad that's really produced for TV and put it on mobile.

我們仍然面臨這樣的情況：當人們在行動裝置上投放廣告時，他們通常會選擇真正為電視製作的廣告並將其投放到行動裝置上。

And those work, and they can work well.

這些都是有效的，而且可以很好地發揮作用。

But they do not work as well as ads that are natively mobile like the Tropicana example I shared in my earlier comment.

但它們的效果不如原生行動廣告，就像我在先前的評論中分享的 Tropicana 範例一樣。

Mobile ads, when they're video, are shorter.

行動廣告如果是影片的話，會更短。

The brand comes in faster.

該品牌進入得更快。

They tell a story that doesn't evolve but really gets you to understand the brand and the offering really quickly.

他們講述的故事不會演變，但確實可以讓您快速了解品牌和產品。

We talk about it as Thumb-Stopping Creative.

我們稱之為“令人驚嘆的創意”。

And so the work we have cut out for us is to help marketers and working with their agencies evolve the format of the ads so that they're optimized for mobile, optimized for Facebook, optimized for Instagram.

因此，我們為我們準備的工作是幫助行銷人員並與其代理商合作改進廣告格式，以便它們針對行動裝置、Facebook 和 Instagram 進行最佳化。

I think we're making progress, but we have a long way to go there.

我認為我們正在取得進展，但我們還有很長的路要走。

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

您的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)。

Mark, you talked about maybe trying to accelerate a little bit the messaging monetization, and I'm wondering if there's anything more behind that statement.

馬克，您談到可能會嘗試加快一點訊息貨幣化，我想知道該聲明背後是否還有其他內容。

Is it that you were frustrated with the level that you'd seen to date or that you saw some opportunity that you thought we -- you could accelerate the push towards, I guess, monetizing?

您是否對迄今為止所看到的水平感到沮喪，或者您看到了一些您認為我們可以加速推動（我猜）貨幣化的機會？

And maybe big picture, I want to ask just, as you think about -- I know the monetization is very early stage or it's barely even begun.

也許從大局來看，我想問的是，正如你所想的那樣——我知道貨幣化還處於非常早期的階段，甚至才剛開始。

There's very few platforms around the world have got 1 billion users that are unmonetized.

全球很少有平台擁有 10 億用戶而不被貨幣化。

So you would think that there's a lot of opportunity there but maybe not, and maybe people are making a mistake in trying to look at Asian assets and seeing what they've done there and thinking that you can do that with your assets.

所以你可能會認為那裡有很多機會，但也許沒有，也許人們在嘗試著眼於亞洲資產並看看他們在那裡做了什麼，並認為你可以用你的資產做到這一點，這可能是一個錯誤。

So what's the upside?

那麼有什麼好處呢？

Like when you think about the real opportunity, like what gets you excited about the ability to monetize those assets 5 years from now?

就像當你想到真正的機會時，例如是什麼讓你對 5 年後將這些資產貨幣化的能力感到興奮？

Sure.

當然。

So we're currently going through the process of figuring out what we want to invest in over the next year and doing our long-range planning.

因此，我們目前正在考慮明年要投資什麼，並制定長期規劃。

And this is certainly one of the areas where I think we want to be investing a lot more in and believe that there's a big opportunity and can accelerate all the effort.

我認為這無疑是我們希望加大投資的領域之一，並相信其中存在著巨大的機遇，可以加速所有努力。

I do think, as you say, this is one of the rare times in business where you can look at messaging platforms that exist and see how they've successfully monetized in other parts of the world and have that be a floor.

我確實認為，正如您所說，這是商業中罕見的時期之一，您可以查看現有的訊息傳遞平台，看看它們如何在世界其他地區成功獲利，並以此為基礎。

I mean, I think that, over time, we should be able to do better, but that at least provides this existence proof that despite -- regardless of what our internal logic is of what we're doing, that someone has done it.

我的意思是，我認為，隨著時間的推移，我們應該能夠做得更好，但這至少提供了存在的證據，儘管——無論我們正在做的事情的內部邏輯是什麼，有人已經做到了。

So that gives us some degree of confidence there in addition to our own execution on other things.

因此，除了我們在其他事情上的執行力之外，這也為我們帶來了一定程度的信心。

But I think there's a pretty clear playbook that we have here of, first, building up the consumer usage, then building up the organic person-to-business interaction, making sure it works for both people and businesses, and then once you have that, the quality of those interactions is really what contributes the scale of how much you can grow it.

但我認為我們這裡有一個非常明確的劇本，首先，建立消費者的使用，然後建立有機的人與企業互動，確保它對個人和企業都有效，然後一旦你有了這個，這些互動的品質確實決定了你可以擴大互動的規模。

We've seen this in News Feed, too.

我們也在動態消息中看到了這一點。

One of the factors that's contributed to ad load over time is the quality of the ads, where if ad quality was low, we wouldn't be able to put as many ads in because people wouldn't want them.

隨著時間的推移，影響廣告載入的因素之一是廣告的質量，如果廣告品質低，我們就無法投放盡可能多的廣告，因為人們不想要它們。

But in a lot of markets around the world, we see that ad quality is increasing at a very fast rate, and that makes it so that, in a lot of times, people ask for the content, which, of course, creates a very different dynamic.

但在世界各地的許多市場中，我們看到廣告品質正在以非常快的速度提高，這使得人們在很多時候要求內容，這當然創造了一個非常快的內容。

So we need to get to that in messaging, and there's -- because messaging really started from this place of people communicating one to one with each other and now adding all these other uses, it's just a lot of investment and a lot of different functionality that needs to get at it.

因此，我們需要在訊息傳遞中實現這一點，因為訊息傳遞實際上是從人們相互一對一通信的地方開始的，現在添加了所有這些其他用途，這只是大量的投資和許多不同的功能那需要得到它。

But for all the reasons that I've said here around our own experience doing this in other context with Facebook and Instagram proof points in the market of how it's worked, I think, over the long term, I'm pretty confident that we will get there.

但出於我在這裡所說的所有原因，圍繞著我們自己在其他背景下這樣做的經驗，Facebook 和Instagram 在市場上證明了它是如何運作的，我認為，從長遠來看，我非常有信心我們會到達那裡。

And we -- it's our job to just go do that.

我們的工作就是去做這件事。

Yes.

是的。

And I would just add, we don't know at what level that is, right?

我想補充一點，我們不知道那是什麼水平，對吧？

So we're more -- we had more experience with fee-based product, so we kind of know how those play out.

所以我們在收費產品方面有更多的經驗，所以我們知道這些產品是如何發揮作用的。

And so we're -- this is in very much early days mode.

所以我們現在還處於非常早期的模式。

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

您的下一個問題來自 Cowen 的 John Blackledge。

Two questions.

兩個問題。

On the Messenger ads, recognize that it's early days, but just wondering if you think there'll be more -- those ads will be more complementary for core Facebook and Instagram advertisers or perhaps serve a different advertiser base or different use cases versus core Facebook and Instagram.

關於Messenger 廣告，要認識到現在還處於早期階段，但只是想知道您是否認為還會有更多廣告——這些廣告對於Facebook 和Instagram 核心廣告商來說將更具補充性，或者可能服務於不同的廣告商基礎或與核心Facebook 不同的用例和Instagram。

And then second question would be, at the high end of the OpEx guide, it implies 53% year-over-year OpEx growth in the back half of the year versus plus 36% in the first half.

第二個問題是，在營運支出指南的高端，這意味著下半年營運支出年增 53%，而上半年則為 36%。

Just wondering if you can discuss other key drivers of OpEx growth in the back half of the year aside from headcount.

只是想知道除了員工人數之外，您是否可以討論今年下半年營運支出成長的其他關鍵驅動因素。

Like should we consider investment in video content the #2 driver of OpEx growth in the back half of the year?

例如我們是否應該將視訊內容投資視為下半年營運支出成長的第二大驅動力？

On the Messenger ads, I think the way we think about it is, as Mark said, we have a lot of work to do to work on the format that.

關於 Messenger 廣告，我認為我們的想法是，正如馬克所說，我們還有很多工作要做，以研究其格式。

This is not a fee-based product.

這不是收費產品。

And this is a messaging product, so it's a different consumer format.

這是一種訊息傳遞產品，因此它是一種不同的消費者格式。

And we believe that the ad format should follow the consumer format, so it's really integrated as part of the experience.

我們認為廣告格式應該遵循消費者格式，因此它真正成為體驗的一部分。

And that's where we have a lot of work to do.

這就是我們有很多工作要做的地方。

We do think that the advertiser base and the targeting measurement we offer, once we figure out the format, will be a very considerable advantage.

我們確實認為，一旦我們確定了格式，我們提供的廣告商基礎和定位測量將是一個非常可觀的優勢。

We already have 5 million advertisers on Facebook, 1 million advertisers on Instagram, and one of the reasons we were able to scale into Instagram ads more quickly is because we were building off of the Facebook advertiser base.

我們已經在 Facebook 上擁有 500 萬廣告商，在 Instagram 上擁有 100 萬廣告商，我們能夠更快地擴展到 Instagram 廣告的原因之一是因為我們是在 Facebook 廣告商基礎上建立的。

And similarly, the work we've done in Facebook and Instagram and Audience Network will help us expand to Messenger.

同樣，我們在 Facebook、Instagram 和 Audience Network 中所做的工作將幫助我們擴展到 Messenger。

What we really want to emphasize, especially since there are so many questions on Messenger monetization on this call, that we're going to be slow and deliberate.

我們真正想強調的是，特別是考慮到這次電話會議上有很多關於 Messenger 貨幣化的問題，我們將緩慢而深思熟慮。

We are always looking at the long run.

我們總是著眼於長遠。

We do not manage this company quarter to quarter.

我們不會按季度管理這家公司。

We protect the consumer product and the consumer engagement.

我們保護消費品和消費者參與。

Messaging is really strategically important for the company, and the long-term engagement with our users and the organic feel of the engagement with businesses and consumers is where we'll be focused.

訊息傳遞對公司來說確實具有重要的策略意義，與用戶的長期互動以及與企業和消費者互動的有機感覺是我們關注的重點。

So it's early days this year, and it's going to continue to be early days for a while.

所以今年還為時過早，而且這種情況還會持續一段時間。

So yes, on the OpEx guide, clearly, the biggest driver there is going to be the accelerating headcount growth.

所以，是的，在營運支出指南上，顯然，最大的推動因素將是員工人數的加速成長。

In addition, I mentioned video content as being a driver.

此外，我提到影片內容是一種驅動力。

And then also, we're just supporting the global growth of the platform.

此外，我們只是支持該平台的全球發展。

We continue to see growth in users.

我們繼續看到用戶的成長。

We continue to see growth in time spent per DAU across the Facebook family of apps and Facebook, and we're bringing more data centers online and the like towards that growth.

我們繼續看到 Facebook 應用程式系列和 Facebook 的每個 DAU 花費的時間不斷增長，並且我們正在將更多的資料中心等引入線上以實現這一增長。

So those will start hitting cost of revenue with depreciation.

因此，這些將開始透過折舊來打擊收入成本。

So there's going to be a variety of contributions to that growth, but like you mentioned, I would point to both headcount specifically in R&D.

因此，這種成長將會有各種各樣的貢獻，但正如你所提到的，我會特別指出研發方面的人員數量。

R&D headcount grew 48% year-over-year in Q2, and that's going to be a key driver along with the content layering in.

第二季研發人員數量年增 48%，這將成為內容分層的關鍵驅動力。

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

您的下一個問題來自花旗集團的馬克梅。

Sheryl, in your prepared remarks about a case study, you discussed the benefits of shorter video ads, but I was hoping you could provide an update on the mid-roll ad breaks that you've now been testing for a few months and maybe what kind of progress that you're seeing in terms of completion rates.

謝麗爾，在您準備好的關於案例研究的評論中，您討論了較短視頻廣告的好處，但我希望您能夠提供有關您已經測試了幾個月的中貼片廣告插播的最新信息，也許還有什麼您在完成率方面看到的進步。

Are you at a point where those -- where ad breaks could start to roll out more broadly?

您是否正處於這樣一個階段：廣告插播可以開始更廣泛地推廣？

And then, Dave, you mentioned that a greater focus on video could impact growth in ad impressions.

然後，戴夫，您提到更加關注影片可能會影響廣告展示次數的成長。

But would you also assume that a greater focus on video ads could also drive improved ad pricing and yield on your available inventory?

但您是否也認為更加關注影片廣告也可以提高廣告定價和可用廣告資源的收益？

On ad breaks, we're currently really just testing the ability to put a short ad break in uploaded videos.

關於廣告插播，我們目前實際上只是測試在上傳的影片中放置簡短廣告插播的功能。

We do it if a video is longer than 90 seconds or live videos are longer than 4 minutes.

如果影片長度超過 90 秒或直播影片長度超過 4 分鐘，我們就會這樣做。

We're just in the process right now of expanding to more publishers in the United States, so it's really early.

我們現在正處於向美國更多出版商擴張的過程中，所以現在還為時過早。

In terms of the metrics we're looking for, it's a great question.

就我們正在尋找的指標而言，這是一個很好的問題。

And obviously, we care that people view the ads, but the most important thing is tying those ads impressions, even if they're short views, all the way through to that same purchase data that we keep talking about.

顯然，我們關心人們觀看廣告，但最重要的是將這些廣告展示次數（即使是短暫的觀看次數）與我們一直在談論的相同購買數據聯繫起來。

And so as we work on rolling out more ad breaks, and we are rolling out slowly, we're really focused on finding ways to help marketers measure the right things, and that's a very important focus for the company going forward.

因此，當我們致力於推出更多廣告插播時，而且我們正在緩慢推出，我們真正專注於尋找幫助行銷人員衡量正確事物的方法，這是公司未來發展的一個非常重要的重點。

And then, Mark, you were asking about video and its impacts on pricing growth.

然後，馬克，您問的是影片及其對價格成長的影響。

I would probably step back and look at it from an overall system perspective.

我可能會退後一步，從整體系統的角度來看它。

And so starting with the supply side, there's a variety of factors that'll impact impression growth, and I mentioned slower ad growth and then increasing video watch time as being 2 of them.

因此，從供應方面開始，有多種因素會影響印象成長，我提到了廣告成長放緩和影片觀看時間增加是其中兩個因素。

And given there's an auction that drives the pricing in how we run the business, there's always an interplay between supply growth and pricing growth.

鑑於拍賣會推動我們經營業務的定價，供應成長和定價成長之間總是存在著相互作用。

And to the extent -- and so what we're really focused on, right, is driving better ROI for our advertisers.

在某種程度上，我們真正關注的是為我們的廣告商帶來更好的投資報酬率。

And Sheryl alluded to it in her earlier commentary about if we get better at converting our impressions into things that are valuable for advertisers, we get more efficient in doing that, we'll be rewarded with better pricing and higher demand at better pricing as a result of that hard work.

謝麗爾在她之前的評論中提到，如果我們能夠更好地將我們的印象轉化為對廣告商有價值的東西，我們就會更有效率地做到這一點，我們將獲得更好的定價和更高的需求作為回報。

That doesn't necessarily specifically pertain just to video.

這不一定只適用於影片。

It really is across-the-board.

這確實是全面的。

So if we're effective at continuing to do that, then that should benefit pricing growth.

因此，如果我們能夠有效地繼續這樣做，那麼這應該有利於定價成長。

And if we can grow demand faster than we grow supply, then we're going to see that play through in price.

如果我們的需求成長速度能夠快於供應成長速度，那麼我們就會看到這一點在價格上發揮作用。

And that's really the goal of a lot of the hard work that the ads team does to make our products better and more effective for advertisers.

這確實是廣告團隊所做的大量艱苦工作的目標，目的是讓我們的產品對廣告主更好、更有效。

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 one for Dave, one for Sheryl.

我有一份給戴夫，一份給謝麗爾。

Dave, going back to your prepared comments, I think you mentioned there was a 24% growth in pricing this quarter on unit pricing.

Dave，回到您準備好的評論，我想您提到本季的單位定價增加了 24%。

Can you help us explain or understand underlying that growth which products you're seeing the greatest inflation maybe quarter-over-quarter or year-over-year?

您能否幫助我們解釋或理解成長背後的原因，您認為哪些產品的季度較上月或年比通膨率最高？

Yes.

是的。

I don't think there's any -- I would really just kind of point to the overall dynamics of the system.

我不認為有任何——我真的只想指出系統的整體動態。

And again, what we're seeing is, with slower supply growth, that's going to play out to higher pricing and again, are we effective?

再說一次，我們看到的是，隨著供應成長放緩，這將導致定價更高，我們是否有效？

And we've been effective at delivering good return on investment for our advertisers and getting better at converting what we have as inventory into what they care about as outcome.

我們一直有效地為廣告商提供良好的投資回報，並更好地將我們擁有的庫存轉化為他們關心的結果。

And that, from a systemic point of view, is what's playing through there.

從系統的角度來看，這就是正在發生的事情。

From a product perspective, as we get things like Dynamic Product Ads rolled out, those are incredibly valuable as we connect more advertisers with those and bring more data into the system, and we can get more of the impressions that are very highly targeted and very relevant, then we'll be rewarded with better pricing.

從產品的角度來看，當我們推出動態產品廣告之類的東西時，這些東西非常有價值，因為我們將更多的廣告商與這些廣告商聯繫起來，並將更多的數據帶入系統，我們可以獲得更多具有高度針對性和非常好的印象。

As we can expand that out into things like Lookalike, we've talked a lot about on this call, that basically takes some of that really good targeting and extends that into a much bigger audience.

由於我們可以將其擴展到諸如“相似”之類的東西，因此我們在這次電話會議上討論了很多，這基本上需要一些真正好的定位並將其擴展到更大的受眾群體。

And then we can get more impressions at better value because we're really connecting that with end results that the advertisers value.

然後我們就能以更高的價值獲得更多的展示次數，因為我們真正將其與廣告商重視的最終結果聯繫起來。

So it's really those types of -- all that type of work that we do to get the system better and better.

因此，我們所做的所有工作都是為了讓系統變得越來越好。

And so we're constantly working to get better penetration of these key ad products.

因此，我們不斷努力提高這些關鍵廣告產品的滲透率。

In terms of the supply side, obviously, News Feed is incredibly valuable because it's very present for the consumer.

就供應方而言，顯然，動態消息非常有價值，因為它對消費者而言非常重要。

And we've improved the quality of the ads in News Feed, and so that's another driver from the supply side.

我們還提高了動態消息中廣告的質量，這是供應方面的另一個驅動力。

Your next question comes from the line of Rob Sanderson from MKM Partners.

您的下一個問題來自 MKM Partners 的 Rob Sanderson。

Already feel like a call about Messenger monetization, so I'm almost reluctant to ask another.

我已經想打一個關於 Messenger 貨幣化的電話了，所以我幾乎不願意再問另一個問題。

But just 2 things.

但只有兩件事。

Compared to what you saw in the early phases of testing News Feed ads, what can you say so far about users' responsiveness to ads in Messenger?

與您在測試動態消息廣告的早期階段所看到的情況相比，到目前為止，您對用戶對 Messenger 中廣告的回應有何看法？

And then second, obviously, there's a lot of momentum in the development of bots on the platform.

其次，顯然，該平台上的機器人開發勢頭強勁。

And do you see this enabling of a great organic interaction, as Mark put it, as a way to ultimately make Messenger a great ad platform?

正如 Mark 所說，您是否認為這種實現良好的自然互動是最終使 Messenger 成為一個出色的廣告平台的一種方式？

Or do you think that enabling these other business services can lead to other monetization opportunities down the road independent of advertising?

或者您認為啟用這些其他商業服務可以帶來獨立於廣告之外的其他獲利機會？

It's really too early to understand the impact of the ads on consumers because there aren't enough of them and they haven't been rolled out for long enough.

現在要了解廣告對消費者的影響還為時過早，因為廣告數量還不夠多，而且推出的時間也不夠長。

In terms of the bots, what we really think about is our business is in people making useful connections on both sides, on Messenger or any platform.

就機器人而言，我們真正考慮的是我們的業務是讓人們在雙方、Messenger 或任何平台上建立有用的聯繫。

If the connection is useful for marketers' businesses and useful for people, then it will grow.

如果這種聯繫對行銷人員的業務和人們有用，那麼它就會成長。

And we're open to automated bots being useful.

我們對自動化機器人的用處持開放態度。

We're open to other forms of things being useful.

我們對其他形式的有用事物持開放態度。

I think when you think about what bucket of spend that is in, which is a question we get, it really is both marketing spend and any other spend companies have where they're reaching their customers of which, if you think about marketing spend and customer service spend, marketing spend is way bigger because marketing spend grows as you can grow sales, and customer service spend is something that people generally try to minimize.

我認為，當你思考支出屬於哪一類支出時，這是我們遇到的一個問題，實際上，行銷支出和任何其他支出公司都在接觸客戶，如果你考慮行銷支出和客戶服務支出、行銷支出要大得多，因為行銷支出隨著銷售額的成長而成長，而客戶服務支出是人們通常試圖最小化的支出。

So the way we think about it is we want to grow the organic connections, whether they're automated or whether they're personalized, and make sure that, that is growing the business of our customers.

因此，我們的想法是，我們希望發展有機聯繫，無論它們是自動化的還是個性化的，並確保這能夠成長我們客戶的業務。

Your next question comes from the line of Brian Wieser from Pivotal Research.

您的下一個問題來自 Pivotal Research 的 Brian Wieser。

I was wondering if you'd comment on how you think the European Commission's GDPR and related privacy initiatives will impact the business, either -- generally either positively, negatively and whether or not those policies around privacy might yet become global standards.

我想知道您是否願意評論您認為歐盟委員會的 GDPR 和相關隱私舉措將如何影響業務——通常是積極的、消極的，以及這些隱私政策是否可能成為全球標準。

Curious how you think that impacts both the consumer product as well as the advertising business.

很好奇您認為這對消費品和廣告業務有何影響。

And maybe separately, I'm just curious if -- among those advertisers who've expressed particular concern around third-party tool access, we certainly heard from some who've said very publicly that they're going to reduce their spending.

也許單獨來說，我只是好奇，在那些對第三方工具存取表示特別擔憂的廣告商中，我們當然聽到一些人公開表示他們將減少支出。

Obviously, others clearly are increasing their spending.

顯然，其他人顯然正在增加支出。

But curious how far you've gone towards allaying those concerns and possibly regaining any loss spent.

但很好奇你在減輕這些擔憂以及可能挽回損失方面做了多少努力。

Well, when we think about any regulatory issues, GDPR or anything else, we respect local laws and regulations, and we have to work really closely with regulators to make sure they understand our business practices, understand how we contribute to economic growth in their countries and understand the steps we take and continue to take to protect privacy.

嗯，當我們考慮任何監管問題、GDPR 或其他任何問題時，我們尊重當地法律和法規，我們必須與監管機構密切合作，以確保他們了解我們的商業實踐，了解我們如何為其國家的經濟成長做出貢獻並了解我們為保護隱私而採取並繼續採取的步驟。

Certainly, regulation is always an area of focus that we work hard to make sure that we are explaining our business clearly and making sure regulators know the steps we take to protect privacy as well as making sure that we're in compliance.

當然，監管始終是我們關注的重點領域，我們努力確保我們清楚地解釋我們的業務，並確保監管機構了解我們為保護隱私而採取的步驟，並確保我們遵守規定。

When you think about the metrics question you asked, how we think about what is I think -- what I think you're asking about is third-party verification.

當您考慮您提出的指標問題時，我們如何考慮我的想法 - 我認為您問的是第三方驗證。

We're very interested in making sure that marketers can verify or measure outcomes through third parties, and that's why we're working to actively expand those partnerships.

我們非常有興趣確保行銷人員可以透過第三方驗證或衡量結果，這就是我們正在努力積極擴大這些合作夥伴關係的原因。

The next question is from the line of Lloyd Walmsley from Deutsche Bank.

下一個問題來自德意志銀行的勞埃德‧沃姆斯利。

Another one on Messenger.

Messenger 上的另一篇文章。

So you guys have talked up building -- the importance of building organic consumer-to-business interaction here.

所以你們在這裡談論了建立有機的消費者與企業互動的重要性。

So wondering if you can share kind of what sort of adoption you are seeing in those kind of interactions.

所以想知道您是否可以分享您在此類互動中看到的採用情況。

And are there certain verticals or geos where it's really taking off?

它是否在某些垂直領域或地理區域真正起飛？

And then a second if I can.

如果可以的話，然後再說一次。

We've talked a lot obviously already about ad impression growth and how it's set to slow in the second half.

我們顯然已經討論了很多關於廣告展示次數增長以及下半年廣告展示次數增長如何放緩的問題。

You're already seeing a big slowdown in impression growth in the first half, and yet, as you've noted with supply growth slowing, pricing has gone up as you've added a lot of ROA as to your customers.

您已經看到上半年展示次數成長大幅放緩，然而，正如您所注意到的，隨著供應成長放緩，由於您為客戶增加了大量 ROA，因此定價有所上漲。

So wondering why should this phenomenon not continue to carry ad revenue growth in the second half.

所以想知道為什麼這種現像不能在下半年繼續帶來廣告收入成長。

I'll take this.

我要這個。

So there have been a number of questions about Messenger, and in general, we're seeing a -- I'm happy with the rate of growth in the experiences of -- that we're seeing on Messenger.

因此，存在著許多關於 Messenger 的問題，總的來說，我們看到——我對 Messenger 體驗的成長速度感到滿意。

But if there's one message here that I think is actually important to say, it's that we're trying to communicate that the pace of growing the Messenger business, it's a longer-term thing.

但如果我認為這裡有一個訊息實際上很重要的話，那就是我們正在努力傳達 Messenger 業務成長的步伐，這是一件長期的事情。

I actually think in the -- over the next couple of years or a few years, the much bigger driver of the business and determinant of how we do is going to be video, not Messenger.

我實際上認為，在未來幾年或幾年內，業務的更大推動力和我們工作方式的決定因素將是視頻，而不是 Messenger。

Messenger, I think, is a really important thing and WhatsApp over a 3- to 5-year period, and we're investing a lot in it.

我認為 Messenger 和 WhatsApp 在 3 到 5 年內都是非常重要的，我們在這方面投入了大量資金。

I think it's a huge opportunity.

我認為這是一個巨大的機會。

But as has been noted on the call, video is both at large scale and the economics are quite different from what the current fee-based businesses that we have today, especially around how -- with mid-roll ads and rev share around that, the margin structure will be different.

但正如電話會議中所指出的那樣，視訊規模龐大，其經濟效益與我們目前的收費業務有很大不同，尤其是圍繞中貼片廣告和收入分成，保證金結構會有所不同。

So I mean, one of the big questions that we're focused on as we build this out, we're very committed to building it out because it's what people in the community want.

所以我的意思是，我們在建造它時關注的重大問題之一，我們非常致力於建立它，因為這是社區中的人們想要的。

But one of the big things that we're really very focused on is making sure that we get this right so that even though this business will likely be -- not likely, I think, almost certainly will be a lower-margin source of revenue than the current thing that we do, there's this big question of how incremental is that behavior going to be.

但我們真正非常關注的一件大事是確保我們把這件事做對，這樣即使這項業務很可能——我認為不太可能——幾乎肯定會成為利潤率較低的收入來源與我們目前所做的事情相比，有一個大問題是這種行為將有多大的增量。

And I mean just -- I just want to -- I'm just throwing this context out there because so many of the questions here today have been about Messenger.

我的意思是——我只是想——我只是把這個背景拋在一邊，因為今天這裡的很多問題都是關於 Messenger 的。

And I want to make sure on these calls that we do an accurate and a full job of conveying what we're actually thinking about as a business and what we think the outlook is going to be.

我想確保在這些電話會議中，我們能夠準確、全面地傳達我們作為一家企業的實際想法以及我們對前景的看法。

And I think that those questions around video, which, I mean, I'm optimistic about, but there are real questions there that we need to manage well, is going to be a much bigger driver of the business over the next 2 to 3 years likely even than the trajectory of what we're doing on Messenger and WhatsApp.

我認為圍繞著影片的這些問題，我的意思是，我對此持樂觀態度，但確實存在我們需要妥善管理的問題，這些問題將在未來 2 到 3 年成為業務的更大推動力甚至可能比我們在Messenger 和WhatsApp 上所做的事情還要好幾年。

And, Lloyd, you asked about why the good work that we've done so far in basically providing value for advertisers, that's playing through into price.

勞埃德，您問為什麼我們迄今為止在基本上為廣告商提供價值方面所做的出色工作，都體現在價格上。

Look, that's not just happening.

看，這不僅僅是發生的事情。

That's a bunch of hard work that goes into making our ads more targeted, that makes the outcomes that advertisers get more valuable.

這是一系列艱苦的工作，使我們的廣告更具針對性，從而使廣告商獲得更有價值的結果。

We're going to continue to work to do that, and we're going to continue to invest in making improvements in the ad products.

我們將繼續努力做到這一點，並將繼續投資改進廣告產品。

But yes, there's -- and we think there are great opportunities to continue to make improvements to ROI.

但是，是的，我們認為有很好的機會繼續提高投資報酬率。

But obviously, if you have rising prices, it's going to make that work against an upstream trend, so we need to continue to work hard to deliver more value for advertisers in the face of that.

但顯然，如果價格上漲，這將使其與上游趨勢相悖，因此面對這種情況，我們需要繼續努力為廣告商提供更多價值。

So we've got our work cut out for us, and we think we've got a great team working on that -- on those challenges.

因此，我們的工作已經完成，我們認為我們有一支出色的團隊致力於應對這些挑戰。

The last question comes from Ben Schachter from Macquarie.

最後一個問題來自麥格理的 Ben Schachter。

Mark, you stated that AR-mixed reality could be the next computing platform, and obviously, this is way out in the future.

Mark，你說過 AR 混合實境可能是下一個運算平台，顯然，這是未來的出路。

But if that implies something so large, how do you think about allocating resources for that?

但如果這意味著如此重大的事情，您如何考慮為此分配資源？

I mean, how much are you willing to spend on it and how you think -- any new thoughts on how this all evolves?

我的意思是，你願意花多少錢以及你的想法——關於這一切如何演變有什麼新的想法嗎？

Then related to that, the next iPhone is coming out soon.

與此相關的是，下一代 iPhone 即將推出。

Do you think that there'll be capabilities there that will impact the AR evolution meaningfully?

您認為那裡的功能會對 AR 的發展產生有意義的影響嗎？

Well, this is certainly something that I'm really excited about longer term.

嗯，從長遠來看，這確實是我真正興奮的事情。

I think it not only does it have the possibility of being the next major computing platform, AR and VR together, but I think it has the possibility of being much more social and intuitive and natural than some of the devices that we have today, whether they're computers or phones.

我認為它不僅有可能成為下一個主要運算平台，AR和VR一起，而且我認為它有可能比我們今天擁有的一些設備更具社交性、直觀性和自然性，無論是它們是電腦或手機。

So that's why I'm really excited about that.

這就是為什麼我對此感到非常興奮。

When you think about AR glasses, the technology and science to build an experience that would be both comfortable to wear and something that people would actually want to wear out in public, that doesn't exist yet, right?

當你想到 AR 眼鏡時，這種技術和科學能夠創造一種既佩戴舒適又讓人在公共場合真正想要佩戴的體驗，但這種體驗目前還不存在，對嗎？

So there's a lot of foundational work that needs to get done there.

因此，還有很多基礎工作需要完成。

That's partially why I'm excited about doing the VR work because it doesn't have that constraint.

這就是我對 VR 工作感到興奮的部分原因，因為它沒有這種限制。

You're not wearing VR out in public.

你不會在公共場合穿戴 VR。

But also recently, I think one of the things that we've seen is that there are a lot of AR experiences on mobile, right?

但最近，我認為我們看到的一件事是行動裝置上有很多 AR 體驗，對吧？

So the work that we started talking about at F8 that we are releasing slowly over the course of the year is certainly one of the precursors for building up that ecosystem that I'm excited about.

因此，我們在 F8 上開始討論的工作，以及我們在這一年中緩慢發布的工作，無疑是建立令我興奮的生態系統的先驅之一。

But I mean, look, if I was just saying that video is going to be the primary driver or one of the big drivers over the next few years and Messenger maybe after that, I think AR is quite far down the road.

但我的意思是，如果我只是說影片將成為未來幾年的主要驅動力或主要驅動力之一，而 Messenger 可能會在那之後，我認為 AR 的發展還很遙遠。

But when you're running an operation and serving people of this scale, I think you have a responsibility to invest in all these things that are downstream that could help shape and improve people's lives because I don't think that there are that many other folks in the world who will.

但是，當你經營一家企業並為這種規模的人們提供服務時，我認為你有責任投資於所有這些下游的東西，這些東西可以幫助塑造和改善人們的生活，因為我認為沒有那麼多其他的東西世界上願意的人。

So I think that that's a thing that we take seriously, whether it's connectivity and making sure that people actually all around the world get to enjoy and benefit from the opportunities that the Internet has or the improvements that come from AI, or eventually upgrading the computing platforms that we all get to use.

所以我認為這是我們認真對待的事情，無論是連接性還是確保世界各地的人們實際上都能享受到互聯網所帶來的機會或人工智能帶來的改進並從中受益，或者最終升級計算我們都可以使用的平台。

This stuff just doesn't happen automatically.

這些事情不會自動發生。

And someone in the world needs to focus on building it, and we want to play a role in that.

世界上需要有人專注於建立它，我們希望在其中發揮作用。

Great.

偉大的。

Thank you.

謝謝。

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。