Meta Platforms Inc (META) 2017 Q4 法說會逐字稿

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Fourth Quarter and Full Year 2017 Earnings Call. (Operator Instructions) This call will be recorded. Thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin.

午安.我叫麥克，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Facebook 2017 年第四季和全年財報電話會議。（接線員指示）此通話將會被錄音。非常感謝。您可以請 Facebook 投資者關係副總裁 Deborah Crawford 女士開始發言。

Thank you. Good afternoon, and welcome to Facebook's fourth quarter and full year 2017 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。下午好，歡迎參加 Facebook 2017 年第四季和全年財報電話會議。今天與我一起討論我們業績的有執行長馬克·祖克柏；謝麗爾·桑德伯格（Sheryl Sandberg），首席營運長；以及財務長戴夫·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. Actual results may differ materially from those contemplated by these forward-looking statements. 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. 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.

在我們開始之前，我想藉此機會提醒大家，我們今天的發言將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，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. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次電話會議中，我們可能會展示 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。新聞稿和隨附的投資者介紹可在我們的網站 investor.fb.com 上查閱。

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 us today. 2017 was a strong year for Facebook in many ways. Our community continues to grow, with more than 2.1 billion people now using Facebook every month and 1.4 billion people using it daily. Our business grew 47% year-over-year to $40 billion.

謝謝黛博拉，也謝謝大家今天加入我們。從很多方面來看，2017 年對 Facebook 來說都是強勁的一年。我們的社群不斷壯大，目前每月使用 Facebook 的人數超過 21 億，每天使用 Facebook 的人數達到 14 億。我們的業務年增47%，達到400億美元。

I'm proud of the progress that our team has made and the ways that Facebook is helping people around the world, giving people a voice who didn't have one before, strengthening relationships by helping family and friends stay connected wherever they are, and enabling more than 70 million small businesses to grow and create jobs.

我為我們團隊所取得的進步以及 Facebook 幫助世界各地的人們的方式感到自豪，它讓以前沒有發言權的人們擁有了發言權，透過幫助家人和朋友無論身在何處都保持聯繫來加強人際關係，並幫助超過 7000 萬家小企業成長並創造就業機會。

But 2017 was also a hard year. The world feels anxious and divided, and that's played out on Facebook. We've seen abuse on our platform, including interference from nation states, the spread of news that is false, sensational and polarizing, and debate about the utility of social media. We have a responsibility to fully understand how our services are used and to do everything we can to amplify the good and prevent the harm. This is my personal challenge for 2018.

但2017年也是艱難的一年。世界感到焦慮和分裂，而這些在 Facebook 上都有所體現。我們看到平台上存在濫用行為，包括民族國家的干涉、虛假、聳人聽聞和兩極化新聞的傳播，以及關於社群媒體效用的爭論。我們有責任充分了解我們的服務是如何被使用的，並盡一切努力擴大其益處並防止其危害。這是我 2018 年的個人挑戰。

One of the most important things we can do is make sure our services aren't just fun to use but also good for people's well-being and for society overall. So far this year, we've already announced a couple of important updates. The first is prioritizing meaningful social interactions over passive consumption of content. Research shows that strengthening our relationships improves our well-being. When we use social media to connect with people, that correlates with long-term measures of well-being that you'd expect, like happiness and health. But passively watching videos or reading articles may not have those same effects. You can think about it this way: When you see a photo from a friend in News Feed, that's not just content that makes you smile or laugh. It's an opportunity to connect with that friend, to reach out to them and to remind them that you care about each other. And that connection is deeply important to us as people. But when you see a video or a news article, even if it's informative or entertaining, unless you start a conversation around it, you're not building a relationship.

我們能做的最重要的事情之一就是確保我們的服務不僅有趣，而且有利於人們的福祉和整個社會。今年到目前為止，我們已經宣布了一些重要的更新。首先是優先考慮有意義的社交互動而不是被動的內容消費。研究表明，加強人際關係可以改善我們的幸福感。當我們使用社交媒體與人聯繫時，這與您所期望的長期幸福指標（如幸福和健康）有關。但被動地觀看影片或閱讀文章可能不會產生相同的效果。你可以這樣想：當你在動態消息中看到朋友的照片時，那不僅僅是讓你微笑或大笑的內容。這是一個與朋友聯繫、與他們接觸並提醒他們你們彼此關心的機會。這種聯繫對我們人類來說至關重要。但是，當你看到一段影片或一篇新聞文章時，即使它內容豐富或有趣，除非你圍繞它展開對話，否則你就無法建立關係。

We've also gotten feedback from our community that these moments that lead us to connect are the unique experience that people want and expect from Facebook. For the last couple of years, the ecosystem of public content, like video, news and posts from businesses, has grown massive, to the point where it's starting to crowd out the personal connection that people value most. News and video will always be an important part of Facebook, but when people are spending so much time passively consuming public content that it starts taking away from the time people are connecting with each other, that's not good.

我們也從社群中得到了回饋，這些讓我們聯繫在一起的時刻是人們希望從 Facebook 獲得並期待的獨特體驗。在過去的幾年裡，影片、新聞和企業貼文等公共內容的生態系統已經變得非常龐大，以至於開始擠佔人們最重視的個人聯繫。新聞和影片永遠是 Facebook 的重要組成部分，但當人們花費太多時間被動消費公共內容，以致於開始佔用人們彼此聯繫的時間時，這就不是什麼好事了。

So let me be clear. Helping people connect is more important than maximizing the time they spend on Facebook. As a result of this update, you will now see more content from friends, family and groups that lead you to interact with people and less public content that leads to more overall time spent.

所以讓我說清楚。幫助人們建立聯繫比最大限度地增加他們在 Facebook 上花費的時間更重要。此次更新後，您現在將看到更多來自朋友、家人和群組的內容，從而引導您與他人互動，同時看到更少的公開內容，從而增加整體花費時間。

Now as I made clear announcing these changes, I expect the time people spend on Facebook and some measures of engagement will go down as a result, but I also expect that the amount we actually interact with each other to go up over time. We're already starting to see this play out. On our last earnings call, I said that video done well can bring people together, but too often today, watching video is just a passive experience. To shift that balance, I said that we were going to focus on videos that encourage meaningful social interaction. And in Q4, we updated our video recommendations and made other quality changes to reflect these values. We estimate that these updates decreased time spent on Facebook by roughly 5% in the fourth quarter. To put that another way, we made changes that reduced time spent on Facebook by an estimated 50 million hours every day to make sure that people's time is well spent. That's how serious we are about this. Now we don't normally share time metrics, because they're not the best way of understanding engagement, but this shows how committed we are to making sure that the time you spend on Facebook is valuable.

現在，正如我明確宣布這些變化一樣，我預期人們在 Facebook 上花費的時間和一些參與度會因此下降，但我也預期我們實際互動的數量會隨著時間的推移而增加。我們已經開始看到這一幕了。在我們上次的收益電話會議上，我說過，製作精良的影片可以把人們聚集在一起，但如今，觀看影片往往只是一種被動的體驗。為了改變這種平衡，我說我們將專注於鼓勵有意義的社交互動的影片。在第四季度，我們更新了影片推薦並進行了其他品質變更以反映這些價值。我們估計，這些更新導致第四季度用戶在 Facebook 上花費的時間減少了約 5%。換句話說，我們所做的改變將人們每天在 Facebook 上花費的時間減少了約 5000 萬小時，以確保人們的時間得到充分利用。我們對此非常認真。現在我們通常不分享時間指標，因為它們不是了解參與度的最佳方式，但這表明我們致力於確保您在 Facebook 上花費的時間是有價值的。

Through this process, we've also gotten a sense for how some updates impact other metrics as well. For example, changes we made to improve quality in the fourth quarter contributed to a decline in people using Facebook daily in some countries. By focusing on meaningful interactions, I expect the time we all spend on Facebook will be more valuable. And I always believe that if we do the right thing and deliver deeper value, our community and our business will be stronger over the long term. In this case, it intuitively makes sense. If people interact more, that should lead to a stronger community. And we already know that time in News Feed interacting with people is more valuable than time passively consuming video or news. When you care about something, you're willing to see ads to experience it. But if you just come across a viral video, then you're more likely to skip over it if you see an ad. So I want to be clear. The most important driver of our business has never been time spent by itself. It's the quality of the conversations and connections, and that's why I believe this focus on meaningful social interactions is the right one.

透過這個過程，我們也了解了一些更新如何影響其他指標。例如，我們在第四季度為提高品質而做出的改變導致一些國家的 Facebook 每日使用人數下降。透過專注於有意義的互動，我希望我們在 Facebook 上花費的時間將更有價值。我始終相信，如果我們做正確的事情並提供更深的價值，我們的社區和我們的業務將在長期內變得更加強大。在這種情況下，它直觀上是有道理的。如果人們互動更多，社區就會變得更強大。我們已經知道，在新聞推播中與人互動的時間比被動地觀看影片或新聞的時間更有價值。當你關心某件事時，你願意看廣告來體驗它。但如果你只是偶然看到一個病毒式視頻，那麼當你看到廣告時你很可能會跳過它。所以我想說清楚。我們業務的最重要驅動力從來都不是花費的時間本身。這是對話和聯繫的質量，這就是為什麼我相信專注於有意義的社交互動是正確的。

The second update we announced is about making sure the information you see on Facebook comes from broadly trusted and high-quality sources in order to counter misinformation and polarization. And the idea is this update will show more news from sources that are broadly trusted across the community and not only by those who read them directly. For example, take The Wall Street Journal or The New York Times. Even if you don't read them or if you don't agree with everything they write, most people have confidence that they're high-quality journalism. On the flip side, there are blogs that have intense followings but are not widely trusted beyond their core audience. We will show those publications somewhat less.

我們宣布的第二項更新是確保您在 Facebook 上看到的資訊來自廣泛信任的高品質來源，以對抗錯誤訊息和兩極分化。這次更新的目的是展示更多來自社區廣泛信任的來源的新聞，而不僅僅是直接閱讀這些新聞的人的信任。例如《華爾街日報》或《紐約時報》。即使你不讀它們，或者你不同意他們所寫的所有內容，大多數人也相信它們是高品質的新聞報導。另一方面，有些部落格雖然擁有大量追隨者，但除了核心讀者之外，並不被廣泛信任。我們將減少展示這些出版物。

Preventing false news, hate speech and other abuse is another important area of focus for us. In order to protect the security and integrity of our platform, we're investing in both people and technology. We now have around 14,000 people working across community ops, online ops and our security effort. That's almost double where we were a year ago. We've also built new technology to detect suicidal posts that have helped first responders reach more than 100 people who needed help quickly. And we built AI systems to flag suspicious behavior around elections in real time and remove terrorist content. Thanks to our AI system, 99% of the ISIS and Al Qaeda-related terror content we take down is now removed before anyone even flags it to us, and in some cases, before anyone sees it.

防止假新聞、仇恨言論和其他辱罵行為是我們關注的另一個重要領域。為了保護我們平台的安全性和完整性，我們在人才和技術方面都進行了投資。我們目前有大約 14,000 名員工負責社區運作、線上營運和安全工作。這幾乎是一年前的兩倍。我們還開發了新技術來偵測自殺帖子，幫助急救人員迅速找到 100 多名需要幫助的人。我們還建立了人工智慧系統來即時標記選舉期間的可疑行為並刪除恐怖主義內容。由於我們的人工智慧系統，我們刪除的 99% 與 ISIS 和基地組織相關的恐怖內容在任何人向我們舉報之前就已被刪除，在某些情況下，甚至在任何人看到之前就已被刪除。

We've also made progress demoting false news in News Feed, which typically reduces an article's traffic by 80% and destroys the economic incentives that most spammers and troll farms have to generate these false articles in the first place.

我們在新聞推播中降低假新聞的排名方面也取得了進展，這通常會使文章的流量減少 80%，並摧毀大多數垃圾郵件發送者和網路水軍產生這些虛假文章的經濟動機。

Finally, we've started rolling out a major ad transparency effort. We support Congress passing legislation to make all advertising more transparent, but we're not going to wait for them to act. We've already begun launching a way for anyone to view the ads of pages running on Facebook, Instagram and Messenger, even if they aren't in the intended audience. And we're testing this in Canada first, with the goal of rolling it out in the U.S. this summer ahead of the midterm election.

最後，我們已開始推出一項重大的廣告透明度措施。我們支持國會通過立法使所有廣告更加透明，但我們不會等待他們採取行動。我們已經開始推出一種方式，讓任何人都可以查看 Facebook、Instagram 和 Messenger 上頁面的廣告，即使他們不是目標受眾。我們首先在加拿大進行測試，目標是在今年夏天中期選舉之前在美國推出。

As I said last quarter, I expect these investments, on top of other investments we're making, will significantly impact our profitability. But just like the changes we're making that will impact time spent, these investments will help us build a stronger community over the long term.

正如我上個季度所說，我預計這些投資以及我們正在進行的其他投資將對我們的獲利能力產生重大影響。但就像我們正在做的會影響花費時間的改變一樣，這些投資將幫助我們長期建立一個更強大的社區。

Now building a stronger community also means delivering on our product road map for the next 3, 5 and 10 years. Over the next 3 years, we know video will continue to grow. So our job is to build video experiences that help people connect with family, friends and groups. That's why I'm excited about Watch as a place to connect with people who have similar interests and it's why we launched products like Watch Party, where friends can watch a show together.

現在，建立更強大的社群也意味著實現我們未來 3 年、5 年和 10 年的產品路線圖。我們知道，未來 3 年，影片將繼續成長。因此，我們的工作是打造視訊體驗，幫助人們與家人、朋友和團體建立聯繫。這就是為什麼我對 Watch 感到興奮，因為它是一個與有相似興趣的人聯繫的地方，也是我們推出 Watch Party 等產品的原因，朋友們可以一起看節目。

Another important shift that we're seeing across the industry is the growth of Stories. We expect Stories are on track to overtake posts and feeds as the most common way that people share across all social apps. That's because Stories is a better format for sharing multiple, quick video clips throughout your day. The growth of Stories will have an impact on how we build product and think about our business, including WhatsApp and Instagram, which are the #1 and #2 most used Stories products in the world.

我們在整個行業中看到的另一個重要轉變是故事的成長。我們預計故事將取代貼文和動態，成為人們在所有社交應用程式中分享的最常見方式。這是因為「故事」是一種更好的格式，適合在一天中分享多個快速影片片段。Stories 的成長將影響我們如何建立產品和思考我們的業務，包括 WhatsApp 和 Instagram，它們是全球使用率第一和第二的 Stories 產品。

Beyond video, we have a long road map working to help people connect in meaningful ways. Today, more people are using Groups than ever. These include smaller groups of friends and family and also larger communities where people can act around shared interest. We're focused on helping more people find the right communities for them and giving group admins and leaders the new tools they need to run these groups and help them grow.

除了影片之外，我們還有一個長期的路線圖，致力於幫助人們以有意義的方式建立聯繫。如今，使用群組的人數比以往任何時候都多。這些團體包括朋友和家人組成的小團體，也包括人們可以根據共同利益採取行動的較大社區。我們致力於幫助更多人找到適合他們的社區，並為群組管理員和領導者提供管理這些群組並幫助他們成長所需的新工具。

The goal of Marketplace is to connect people through commerce. More than 700 million people each month now come to Facebook to buy and sell things. We launched Marketplace in 30 countries last year, including 11 countries in the last quarter alone.

市場的目標是透過商業將人們聯繫起來。目前每月有超過 7 億人透過 Facebook 進行商品買賣。去年，我們在 30 個國家推出了 Marketplace，光是上個季度就在 11 個國家推出了 Marketplace。

Over the next 5 years, we remain focused on building ecosystems around our services that lots of people already use. In Messenger and WhatsApp, we're working to give businesses more ways to communicate with their customers. We launched a plug-in for Messenger so people can chat live with companies on their websites. And now more than 2 billion messages are sent between businesses and customers every month.

在接下來的五年裡，我們將繼續專注於圍繞我們的服務建立許多人已經在使用的生態系統。在 Messenger 和 WhatsApp 中，我們致力於為企業提供更多與客戶溝通的方式。我們推出了一個 Messenger 插件，以便人們可以在公司網站上與其進行即時聊天。現在，企業和客戶之間每月發送的訊息超過 20 億則。

WhatsApp recently crossed 1.5 billion monthly actives, with people now sending more than 60 billion messages every day. A growing number of these messages are between people and companies, which is why we launched WhatsApp Business, a new app designed specifically for small and medium businesses to connect with people they want to reach.

WhatsApp 的每月活躍用戶數最近突破了 15 億，現在人們每天發送的訊息超過 600 億則。個人與公司之間傳遞的訊息越來越多，這就是我們推出 WhatsApp Business 的原因，這是一款專為中小型企業設計的新應用程序，用於與他們想要聯繫的人建立聯繫。

Over the next 10 years, we are working on the foundational technologies needed to bring the world closer together. Our goal with AI is to understand the meaning of all the content on Facebook to help us build better services. In addition to making it easier to get people the help they need and remove harmful content, this will also help us show more content that encourages connection and conversation.

在接下來的十年裡，我們將致力於開發讓世界更加緊密連結在一起所需的基礎技術。我們使用人工智慧的目標是理解 Facebook 上所有內容的含義，以幫助我們建立更好的服務。除了讓人們更容易獲得所需的幫助並刪除有害內容之外，這還將幫助我們展示更多鼓勵聯繫和對話的內容。

And on the VR side, we're excited to get Oculus Go into people's hands this year. Time Magazine named it one of the top inventions of 2017, and I can't wait for more people to use it.

在 VR 方面，我們很高興今年能將 Oculus Go 帶到大家的手中。《時代》雜誌將其評為 2017 年最偉大的發明之一，我迫不及待地希望有更多的人能夠使用它。

So 2017 was a good year in many ways, but it was also challenging. And that's why our focus this year will be making sure that our services are not just fun but also good for us, and I'm confident that we will rise to the challenge. Thanks to all of you for being part of this journey, and I'm looking forward to making more progress together.

因此，從很多方面來看，2017 年都是好的一年，但也充滿挑戰。這就是為什麼我們今年的重點是確保我們的服務不僅有趣而且對我們有益，我相信我們將會迎接挑戰。感謝大家參與這趟旅程，並期待共同取得更多進步。

And now here's Sheryl to talk about our business.

現在請謝麗爾 (Sheryl) 來談談我們的業務。

Thanks, Mark, and hi, everyone. We had a strong fourth quarter and a great end to the year. Q4 ad revenue grew 48% year-over-year. Mobile ad revenue was $11.4 billion, up 57% from last year and contributed approximately 89% of total ad revenue in Q4. Full year 2017 mobile ad revenue grew 56% compared to 2016 and was broad-based across regions, marketer segments and verticals.

謝謝，馬克，大家好。我們第四季表現強勁，今年也圓滿結束。第四季廣告營收年增48%。行動廣告收入為 114 億美元，比去年增長 57%，佔第四季廣告總收入的約 89%。2017 年全年行動廣告收入較 2016 年成長 56%，並且廣泛分佈於各個地區、行銷商部門和垂直行業。

We continue to make progress on our 3 priorities: Helping businesses leverage the power of mobile; developing new ad products; and making our ads more relevant and effective. Facebook and Instagram are where people and businesses connect and are especially meaningful platforms for small businesses. Globally, 70 million businesses use Facebook. We surveyed small businesses in 18 countries, and 57% of them are employing more people due to growth in demand since joining Facebook.

我們繼續在三大優先事項上取得進展：幫助企業利用行動的力量；開發新的廣告產品；並使我們的廣告更具相關性和有效性。Facebook 和 Instagram 是人們和企業聯繫的平台，對小型企業來說尤其有意義。全球有 7,000 萬家企業使用 Facebook。我們對 18 個國家的小型企業進行了調查，其中 57% 的企業由於加入 Facebook 後需求增長而僱用了更多員工。

Last week, I met Adam of Kings Barbers Club, who started with 2 employees in Birmingham, England and now has 15 salons and 70 employees. I also met Domingo from Pescaria, a restaurant in Southern Italy that uses Facebook and Instagram to connect with customers. 80% of their diners and 70% of their revenue comes from Facebook. They opened their second restaurant and now employ more than 60 people. Like Adam and Domingo, small business owners are some of the most dedicated entrepreneurs, and they are the heart of every economy and create the majority of new jobs throughout the world.

上週，我見到了 Kings Barbers Club 的亞當，他最初在英國伯明罕只有 2 名員工，現在擁有 15 家沙龍和 70 名員工。我還遇到了來自義大利南部餐廳 Pescaria 的多明戈，該餐廳使用 Facebook 和 Instagram 與顧客聯繫。他們的 80% 的顧客和 70% 的收入都來自 Facebook。他們開設了第二家餐廳，目前僱用了 60 多名員工。像亞當和多明哥一樣，小企業主是最敬業的企業家，他們是每個經濟體的核心，在世界各地創造了大多數新的就業機會。

As Mark said, we're taking strong action to maximize the good we do in communities. As part of this, we're investing heavily in small businesses and in helping people gain digital skills. In November, we launched our Community Boost program, which provides digital training for people in need of work and helps local businesses and nonprofits get the most out of the Internet. During my trip last week, I announced that we're expanding the program to the EU. This year, we'll visit more than 30 cities in the U.S. and Europe to work side by side with SMBs, start-ups and NGOs. Over 2 million people and businesses have already used our online and off-line training. And by 2020, we'll have trained 1 million people and businesses across Europe alone.

正如馬克所說，我們正在採取強有力的行動，以最大限度地為社區做出貢獻。作為其中的一部分，我們正在大力投資小型企業並幫助人們獲得數位技能。11 月，我們啟動了「社區助推」計劃，為需要工作的人們提供數位培訓，並幫助當地企業和非營利組織充分利用網路。在我上週的訪問中，我宣布我們將把該計劃擴展到歐盟。今年，我們將造訪美國和歐洲的 30 多個城市，與中小企業、新創公司和非政府組織並肩合作。已有超過 200 萬人和企業使用了我們的線上和線下培訓。到 2020 年，我們將僅在歐洲就培訓 100 萬人和企業。

As people and businesses shift to mobile, Instagram continues to grow quickly. There are more than 2 million active advertisers on Instagram. And we announced in November that more than 25 million businesses have profiles on Instagram, up from 15 million in July. Instagram is a business' mobile visual shop, and we're seeing more people seek out businesses there. About 2/3 of the visits to Instagram business profiles are from people who don't follow them, and this is helping bring in new customers.

隨著人們和企業轉向行動裝置，Instagram 繼續快速成長。Instagram 上有超過 200 萬活躍廣告商。我們在 11 月宣布，已有超過 2500 萬家企業在 Instagram 上擁有個人資料，而 7 月這一數字為 1500 萬家。Instagram 是企業的行動視覺商店，我們看到越來越多的人在那裡尋找企業。Instagram 商業資料的訪問​​量中約有 2/3 來自未追蹤該資料的用戶，有助於吸引新客戶。

Our second priority is developing innovative ad products. Each year, mobile advertising reaches new milestones during the holiday shopping season. A year ago, we saw mobile conversions, actions taken on a mobile website after viewing an ad on Facebook, surpass desktop conversions for the first time. In 2017, mobile conversions continued to accelerate. Data from 17 markets shows mobile accounted for 69% of online conversions on Black Friday and 64% on Cyber Monday. It also drove 80% of conversions on Singles' Day, a popular day for online shopping in China, and increasingly, other countries. Big shopping days like these are the kind of global events that Facebook and Instagram are uniquely positioned to support.

我們的第二個優先事項是開發創新的廣告產品。每年假期購物季，行動廣告都會達到新的里程碑。一年前，我們首次看到行動轉換率（在 Facebook 上查看廣告後在行動網站上採取的行動）超過了桌面轉換率。2017年，行動端轉換持續加速。來自 17 個市場的數據顯示，行動裝置在「黑色星期五」的線上轉換量中佔 69%，在「網路星期一」的線上轉換量中佔 64%。它還推動了「光棍節」 80% 的轉換率，「光棍節」是中國以及其他國家日益流行的線上購物日。像這樣的大型購物日是 Facebook 和 Instagram 具有獨特優勢可以支持的全球性活動。

During these events and throughout the year, businesses are using our innovative ad products, like Dynamic Ads, to connect and reconnect with shoppers. For example, Holiday Inn Express recently used Dynamic Ads for travel with our Collection format to advertise to people who searched for hotels on their website but hadn't yet booked. They ran ads with a video that showed a personalized selection of hotels for the city and dates people had looked up. This resulted in 3x higher return on ad spend than their previous campaigns. In Q4, we also launched Dynamic Ads for auto, which allows dealers and manufacturers to show the right cars to the right audiences.

在這些活動期間以及全年，企業都在使用我們的創新廣告產品（例如動態廣告）與購物者建立聯繫並重新建立聯繫。例如，智選假日酒店 (Holiday Inn Express) 最近採用了我們的「精選」格式的動態旅遊廣告，向在其網站上搜尋飯店但尚未預訂的用戶投放廣告。他們在廣告中播放了一段視頻，展示了人們所查詢的針對該城市和日期的個性化酒店選擇。這使得他們的廣告支出回報率比之前的廣告活動高出 3 倍。在第四季度，我們還推出了汽車動態廣告，使經銷商和製造商能夠向合適的受眾展示合適的汽車。

As we expand and improve our ad products, advertisers are increasingly developing mobile-first ads rather than simply taking their TV creative and putting them online. Mobile-first video was 50% of our video ad revenue this quarter, up from 41% last quarter. We're seeing these short-form videos work well in Instagram Stories, where people can watch a full-screen vertical video and swipe up to quickly learn about a product or brand. 60% of these ads are viewed with sound on.

隨著我們擴大和改進廣告產品，廣告商越來越多地開發行動優先廣告，而不是簡單地將電視創意放到網路上。本季度，行動優先影片占我們視訊廣告收入的 50%，高於上一季的 41%。我們發現這些短影片在 Instagram Stories 中效果很好，人們可以觀看全螢幕垂直影片並向上滑動以快速了解產品或品牌。其中 60% 的廣告都是打開聲音觀看的。

Recently, OpenTable used Instagram Stories to advertise their reservation service to U.S. adults who are frequent diners or are interested in dining. They combined food and restaurant footage with a Book Now button. Their ads reached 1.5 million people and achieved 33% lower cost per reservation than their other campaigns. We're making it easier for any advertiser to try Stories ads as part of their other campaigns on our platform.

最近，OpenTable 利用 Instagram Stories 向經常用餐或對用餐感興趣的美國成年人宣傳其預訂服務。他們將食物和餐廳的鏡頭與“立即預訂”按鈕結合在一起。他們的廣告覆蓋了 150 萬人，每次預訂的成本比其他廣告活動低 33%。我們讓任何廣告商都可以更輕鬆地在我們平台上的其他廣告活動中嘗試故事廣告。

Our third priority is making our ads more relevant and effective. Targeting makes advertising better, more relevant to people and more effective for businesses. This is especially important for small businesses as they have limited budgets and need to make every dollar count. Facebook gives small businesses the same powerful tools that were previously only available to large advertisers so they can reach the right people at the right time. For example, we're continuing to invest in Value Optimization, which helps advertisers show their ads to people who are likely to spend more with them. We've been gradually rolling this out to advertisers using web conversion, Dynamic Ads and mobile app install ads. The early results are promising: Over 2,500 businesses have tried Value Optimization since June, and many are putting more of their budgets toward it.

我們的第三個優先事項是讓我們的廣告更具相關性和有效性。定向廣告可以讓廣告效果更好、更貼近人們、對企業更有效。這對於小型企業尤其重要，因為他們的預算有限，需要充分利用每一分錢。Facebook 為小型企業提供了以前只有大型廣告商才能使用的強大工具，以便他們能夠在正確的時間接觸到正確的人群。例如，我們將繼續投資價值優化，這有助於廣告商向可能花更多錢的人展示他們的廣告。我們已逐步向使用網路轉換、動態廣告和行動應用程式安裝廣告的廣告主推出此功能。早期結果令人鼓舞：自 6 月以來，已有超過 2,500 家企業嘗試了價值優化，許多企業將更多的預算投入其中。

We take our responsibility to prevent abuse of our ad system very seriously, and we're investing heavily in both people and technology to protect the integrity of our platform. In addition to rolling out the ads transparency tool in Canada that Mark mentioned, we've disabled the option that lets advertisers exclude people in specific, multicultural affinity segments until we can develop better safeguards against discrimination. We're also focused on improving ad quality and delivering a better experience for people who interact with marketers on our platform. This holiday, we took additional steps to penalize e-commerce advertisers who created misleading or negative ads.

我們非常重視防止濫用我們的廣告系統的責任，我們在人員和技術方面投入了大量資金來保護我們平台的完整性。除了馬克提到的在加拿大推出廣告透明度工具外，我們還禁用了​​允許廣告商排除特定多元文化親和群體的人群的選項，直到我們能夠制定更好的反歧視保障措施。我們也致力於提高廣告質量，為在我們的平台上與行銷人員互動的人們提供更好的體驗。今年假期，我們採取了額外措施來懲罰那些製作誤導性或負面廣告的電子商務廣告商。

In 2018, we will continue to focus on our same 3 priorities and do more to ensure the quality, transparency and authenticity of ads on our platform. As part of our effort to be more transparent, last quarter, we published our advertising principles, which have long guided our approach across all of our platforms. These principles are our commitment to the people who use our services. They are: We build for people first. We don't sell your data. You can control the ads you see. Advertising should be transparent. Advertising should be safe and civil. It should not divide or discriminate. Advertising should empower businesses, big and small. And we're also improving our advertising.

2018年，我們將繼續專注於這三大重點，並加強確保我們平台上廣告的品質、透明度和真實性。作為我們提高透明度的努力的一部分，上個季度我們發布了我們的廣告原則，這些原則長期以來指導著我們在所有平台上的做法。這些原則是我們對使用我們服務的人的承諾。它們是：我們首先為人民而建。我們不會出售您的資料。您可以控制所看到的廣告。廣告應該要透明。廣告應該安全、文明。它不應該分裂或歧視。廣告應該為大大小小的企業賦能。我們也在改進我們的廣告。

As Mark said, 2017 was a challenging and important year for Facebook, a year where we committed to increasing our investment in the safety and security of our community. It was also a strong year for our business, where our investments in helping our clients grow paid off. We will continue to make all of these investments in 2018 and in the coming years. I'm thankful to our partners around the world and to our employees who work so hard to make us better every day. Thanks.

正如馬克所說，2017 年對 Facebook 來說是充滿挑戰且重要的一年，在這一年，我們致力於增加對社群安全的投入。這也是我們業務表現強勁的一年，我們為幫助客戶成長的投資獲得了回報。我們將在 2018 年及未來幾年繼續進行這些投資。我感謝我們在世界各地的合作夥伴和員工，他們每天都努力工作，讓我們變得更好。謝謝。

And now here's Dave.

現在輪到戴夫了。

Thanks, Sheryl, and good afternoon, everyone. Q4 was a strong quarter for Facebook and a great end to the year. Full year 2017 total revenue grew 47% to over $40 billion, and we generated over $17 billion of free cash flow.

謝謝，謝麗爾，大家下午好。第四季對 Facebook 來說是一個強勁的季度，為今年畫上了圓滿的句號。2017 年全年總營收成長 47%，達到 400 多億美元，我們產生了超過 170 億美元的自由現金流。

Let's begin with our community metrics. Overall, our global community is strong and growing. Daily active users on Facebook in Q4 reached 1.4 billion, up 14% compared to last year, led by growth in markets like India, Indonesia and Brazil. This number represents approximately 66% of our 2.13 billion monthly active users in Q4. MAUs were up 269 million or 14% compared to last year. As Mark mentioned, certain product quality changes impacted our DAU growth. In the U.S. and Canada, these changes contributed to a DAU decline of 700,000 compared to Q3. We don't see this as an ongoing trend, but we do anticipate the DAU in this region may fluctuate given the relatively high penetration level. We continue to see healthy growth across the Facebook family of apps, including Instagram, WhatsApp and Messenger.

讓我們從社區指標開始。總體而言，我們的全球社區強大且不斷發展。Facebook 第四季日活躍用戶數達到 14 億，較去年同期成長 14%，主要得益於印度、印尼和巴西等市場的成長。這一數字約占我們第四季21.3億月活躍用戶的66%。與去年相比，MAU 增加了 2.69 億，即 14%。正如馬克所提到的，某些產品品質變化影響了我們的 DAU 成長。在美國和加拿大，這些變化導致每日活躍用戶數與第三季相比下降了 70 萬。我們並不認為這是一個持續的趨勢，但考慮到相對較高的滲透率，我們預期該地區的 DAU 可能會出現波動。我們繼續看到 Facebook 系列應用程式（包括 Instagram、WhatsApp 和 Messenger）的健康成長。

Turning now to the financials. All comparisons are on a year-over-year basis unless otherwise noted. Q4 total revenue was $13 billion, up 47% or 44% on a constant currency basis. Foreign exchange tailwinds contributed $329 million of revenue in Q4. Q4 total ad revenue was $12.8 billion, up 48% or 44% on a constant currency basis. Mobile ad revenue was $11.4 billion, up 57%. In Q4, the average price per ad increased 43% and the number of ad impressions served increased 4%, driven primarily by feed ads on Facebook and Instagram. Payments and other fees revenues was $139 million, (sic) [$193 million], up 7%.

現在來談談財務問題。除非另有說明，所有比較均以同比為基礎。第四季總營收為 130 億美元，成長 47%，以固定匯率計算成長 44%。外匯順風為第四季度貢獻了 3.29 億美元的收入。第四季總廣告收入為 128 億美元，成長 48%，以固定匯率計算成長 44%。行動廣告收入為114億美元，成長57%。第四季度，平均每個廣告價格上漲了 43%，廣告展示次數增加了 4%，主要由 Facebook 和 Instagram 上的資訊流廣告推動。支付和其他費用收入為 1.39 億美元（原文如此）[1.93 億美元]，成長 7%。

Total expenses in Q4 were $5.6 billion, up 32%. Headcount remains a primary driver of total expenses. In Q4, we added approximately 1,900 people and ended the year with over 25,000 employees, up 47% compared to last year.

第四季總支出為 56 億美元，成長 32%。員工人數仍然是總支出的主要驅動因素。第四季度，我們增加了約 1,900 名員工，年底員工總數超過 25,000 名，比去年增加了 47%。

In 2017, we made significant investments in R&D and security. On the R&D side, we added more people in 2017 than we did in 2016 and 2015 combined. On the security side, as Mark mentioned, we have accelerated our efforts, and at the end of the year, had around 14,000 employees and contractors working across community operations, online operations and integrity efforts. We also continued to invest aggressively in key areas such as content and our long-term innovation efforts.

2017年，我們在研發和安全方面進行了大量投資。在研發方面，我們 2017 年新增的員工人數比 2016 年和 2015 年的總和還要多。在安全方面，正如馬克所提到的，我們加快了努力，到年底，我們擁有約 14,000 名員工和承包商，負責社區運作、線上營運和誠信工作。我們也持續積極投資於內容和長期創新等關鍵領域。

Q4 stock-based compensation expenses were $814 million, which was down from the $831 million in Q4 of last year due to a decline in deal-related stock-based compensation expenses. As a reminder, we acquired Oculus and WhatsApp in 2014, and we expect the deal-related SBC expenses to be substantially recognized by the end of 2018.

第四季股票薪酬費用為 8.14 億美元，低於去年同期的 8.31 億美元，因為交易相關的股票薪酬費用下降。提醒一下，我們在 2014 年收購了 Oculus 和 WhatsApp，我們預計與交易相關的 SBC 費用將在 2018 年底大幅確認。

Q4 operating income was $7.4 billion, representing a 57% operating margin.

第四季營業收入為 74 億美元，營業利益率為 57%。

Our effective tax rate was 43%. In Q4, we recorded approximately $2.3 billion in onetime charges as a result of the 2017 Tax Cuts and Jobs Act. That was largely driven by the mandatory transition tax based on the accumulated earnings from our foreign subsidiaries.

我們的有效稅率為43%。第四季度，由於《2017 年減稅與就業法案》，我們記錄了約 23 億美元的一次性費用。這主要是由於根據我們海外子公司的累積收益徵收的強制性過渡稅所致。

Net income was $4.3 billion or $1.44 per share. Again, the onetime charges related to the tax on accumulated earnings reduced EPS by approximately $0.77.

淨收入為 43 億美元，即每股 1.44 美元。再次，與累計收益稅相關的一次性費用使每股收益減少約 0.77 美元。

Full year 2017 capital expenditures were approximately $6.7 billion, driven by investments in servers, data centers, office facilities and network infrastructure.

2017 年全年資本支出約 67 億美元，主要來自對伺服器、資料中心、辦公設施和網路基礎設施的投資。

In 2017, we generated over $17 billion of free cash flow and ended the year with nearly $42 billion in cash and investments.

2017年，我們產生了超過170億美元的自由現金流，年底我們的現金和投資總額接近420億美元。

In 2017, we brought -- bought back approximately $2 billion of our Class A common stock and had approximately $4 billion remaining in our current authorization as of December 31. We remain committed to repurchases of our stock to help manage dilution.

2017 年，我們回購了約 20 億美元的 A 類普通股，截至 12 月 31 日，我們目前的授權金額還剩下約 40 億美元。我們仍然致力於回購股票以幫助控制稀釋。

Turning now to the revenue outlook. We believe we have good opportunities to grow the business across both Facebook and Instagram in 2018. We continue to improve the effectiveness of our ads, which helps drive ROI for our advertisers and demand for our ad products. On the supply side, we expect we will be able to continue to grow ad impressions at a modest pace. In 2018, we expect constant currency ad revenue growth rates to decelerate, consistent with the trends that we have seen over the past year. I would also note that in the first half of 2018, we will likely benefit from favorable exchange rate tailwinds due to the recent depreciation of the dollar.

現在來談談收入前景。我們相信，2018 年我們有良好的機會在 Facebook 和 Instagram 上發展業務。我們不斷提高廣告的效果，這有助於提高廣告商的投資報酬率和廣告產品的需求。在供應方面，我們預計我們將能夠繼續以適度的速度增加廣告印象。2018 年，我們預計固定貨幣廣告收入成長率將會放緩，與我們過去一年看到的趨勢一致。我還要指出的是，2018 年上半年，由於美元近期貶值，我們可能會受益於有利的匯率順風。

Moving on to expenses. We continue to expect full year 2018 total expenses will grow approximately 45% to 60% compared to full year 2017.

繼續討論費用。我們繼續預計 2018 年全年總支出將比 2017 年全年增長約 45% 至 60%。

Turning now to CapEx. We expect that our full year 2018 capital expenditures will be in the range of $14 billion to $15 billion, driven by increased investment in data centers, servers, office facilities and network infrastructure.

現在轉向資本支出。我們預計，2018 年全年資本支出將在 140 億美元至 150 億美元之間，這得益於對資料中心、伺服器、辦公設施和網路基礎設施的投資增加。

We currently anticipate that our full year 2018 tax rate will be in the mid-teens.

我們目前預計 2018 年全年稅率將達到十五六個百分點。

In summary, 2017 was another good year for Facebook. We continued to grow our global community and deliver great results for our advertisers. Importantly, we accelerated our investments to make our products better and the community stronger as we push forward on our mission of giving people the power to build community and bring the world closer together.

總而言之，2017 年對 Facebook 來說又是豐收的一年。我們繼續擴大我們的全球社群並為我們的廣告商帶來出色的成果。重要的是，我們加快了投資，使我們的產品更好，社區更強大，同時我們推進我們的使命，即賦予人們建立社區的力量，讓世界更加緊密地聯繫在一起。

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

麥克，現在讓我們開始提問吧。

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

（操作員指示）您的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, the quality changes that you mentioned that led to an impact on daily active users in North America, I guess, any further detail on what those quality changes were? And what makes you feel comfortable this isn't likely to continue? I know you may need to make further changes and cleanups throughout the course of the year. And then the second one, Mark, I thought your commentary on Stories engagement was really helpful. I'd be curious to hear about early learnings on monetization of the Stories format and any challenges you may need to overcome to drive monetization through that consumption.

我有 2 個問題。第一個問題，您提到的品質變化會對北美的每日活躍用戶產生影響，請問您能詳細說明一下這些品質變化是什麼嗎？是什麼讓您感到這種情況不太可能持續下去？我知道您可能需要在一年內做出進一步的改變和清理。然後第二個問題，馬克，我認為你對故事參與的評論非常有幫助。我很想聽聽關於故事格式貨幣化的早期經驗，以及您可能需要克服的任何挑戰，以透過這種消費推動貨幣化。

On the quality changes on the impact on DAU in the U.S. and Canada, really, no further, I think, elaboration on that. I would just say that we don't anticipate that, that will be a continuing trend, but given the high penetration rates, we do think there'll be some fluctuation there. There's a lot of different effects that come from the different quality changes and focus on meaningful social interactions, but that's our expectation at this point.

關於品質變化對美國和加拿大 DAU 的影響，我認為實際上無需進一步闡述。我只是想說，我們預計這不會是一個持續的趨勢，但考慮到高滲透率，我們確實認為會出現一些波動。不同的品質變化和對有意義的社交互動的關注會帶來很多不同的效果，但這是我們目前的期望。

On Stories monetization, ads in Stories on Instagram is a small but quickly growing part of our revenue. There are 300 million daily actives on Instagram alone. And the format is pretty exciting from a sales point of view because it has a lot of potential. It's full-screen, it's authentic, it's very engaging. So the opportunity in the future for us to combine the power of this new format with the targeting and measurement we offer, we think is going to be really powerful for both our business and the business of our clients. It's early days but I'm pretty optimistic about this.

在故事貨幣化方面，Instagram 故事中的廣告是我們收入的一小部分，但成長迅速。光是 Instagram 上每天就有 3 億活躍用戶。從銷售角度來看，這種形式非常令人興奮，因為它具有很大的潛力。它是全螢幕的，它是真實的，它非常吸引人。因此，我們認為，未來我們將有機會將這種新格式的力量與我們提供的定位和測量相結合，這對我們的業務和客戶的業務都將產生巨大的推動作用。雖然現在還為時過早，但我對此非常樂觀。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

First, Mark, you made it pretty clear that driving meaningful social interactions is the company's top priority this year, but can you talk a little bit about how the changes you're making impact advertising? And maybe you can talk about how you're thinking about any changes around ad load or just overall impression volume. And then how do ads work in an environment of more friends and family content and in an environment where you don't see as many business posts? And then secondly, can you talk about GDPR as well? I don't think you mentioned it, but just curious. I know you put the blog post out the other day, but if you could talk about how you're preparing here for that to roll out over the next few months and whether you think that presents any risk to either engagement or monetization.

首先，馬克，您明確表示推動有意義的社交互動是公司今年的首要任務，但您能否談談您所做的改變如何影響廣告？也許您可以談談您對廣告負載或整體展示量變化的看法。那麼，在朋友和家人內容較多的環境中，以及在看不到那麼多商業貼文的環境中，廣告如何發揮作用？其次，您能談談 GDPR 嗎？我認為你沒有提到過，但只是好奇。我知道您前幾天發布了部落格文章，但您能否談談您如何為未來幾個月推出該功能做準備，以及您是否認為這會對參與度或貨幣化帶來任何風險。

Doug, it's Dave. I'll start off on the impact on the business. The biggest focus -- the biggest impact of the focus on meaningful interactions, as Mark mentioned, will be in areas like passive video, where from a business perspective, we monetize less on a time-spent basis. So if you think about it in terms of things like post views in News Feed, which drives impression growth, we think this will have less of an impact. And so that's sort of built into what I had said about the business commentary, when I commented on 2018 revenue outlook. We still believe we have an opportunity to grow impressions at a modest pace year-over-year across the platform.

道格，我是戴夫。我首先要談談對業務的影響。正如馬克所提到的，最大的焦點——對有意義的互動的關注所產生的最大影響，將是在被動視頻等領域，從商業角度來看，我們在這些領域中根據花費的時間進行的貨幣化較少。因此，如果你從推動印象成長的新聞提要中的貼文瀏覽量等角度來考慮，我們認為這會產生較小的影響。因此，當我評論 2018 年收入前景時，這與我之前關於商業評論的內容是一致的。我們仍然相信，我們有機會在整個平台上以適度的速度逐年增加印象。

When I think about the MSI changes, obviously, any change that's beneficial for our community is good for the long-run health of our business, because as Mark said, we care not just about time spent on Facebook but time well spent. But even in the shorter term, all time spent on Facebook is not equal, because when people spend time viewing more posts, because they're interacting with family and friends and they're not involved in longer posts, we have actually more monetization opportunities. We're not doing this to be positive or negative for revenue. We're doing this because it's the right thing for our community. But the impact it has on monetization is certainly not clearly negative. When you think about GDPR, the Facebook family of apps already applies the core principles in the GDPR framework, which are transparency and control. And we're building on this to make sure we're ready to fully comply by May. We're going to continue to give people a personalized experience and be clear about how we're using the data and give choices. And we realize that this means that some users might opt out of our ad targeting tools. We also know that there may be a DAU impact for implications on European usage. But from the targeting, we're not forecasting a big impact here. There is some risk and we're watching closely. Over the long run, we feel confident that we're very well-placed to navigate the transition.

當我考慮 MSI 的變化時，顯然，任何對我們的社區有益的變化都有利於我們業務的長期健康，因為正如馬克所說，我們不僅關心在 Facebook 上花費的時間，還關心時間是否花得值。但即使在短期內，人們在 Facebook 上花費的時間也並不相等，因為當人們花時間瀏覽更多帖子時，因為他們在與家人和朋友互動，而沒有參與較長的帖子，我們實際上擁有更多的盈利機會。我們這樣做並不是為了增加或減少收入。我們這樣做是因為這對我們的社區有益。但它對貨幣化的影響肯定不是明顯的負面。當您考慮 GDPR 時，Facebook 系列應用程式已經應用了 GDPR 框架中的核心原則，即透明度和控制力。我們正在以此為基礎，確保在 5 月之前做好全面遵守規定的準備。我們將繼續為人們提供個人化的體驗，並明確我們如何使用數據並提供選擇。我們意識到這意味著一些用戶可能會選擇退出我們的廣告定位工具。我們也知道，這可能會對歐洲的使用產生影響。但從目標來看，我們預測不會產生很大的影響。存在一些風險，我們正在密切關注。從長遠來看，我們有信心，我們已做好充分準備來應對這一轉變。

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

您的下一個問題來自高盛的 Heather Bellini。

I had 2 questions. One, I was just wondering what the advertiser response has been to the lower engagement and also just the kind of, I guess, cleaning up of the News Feed, if you will. What's kind of their view on this? And also, can you share with us any metrics on Watch? And I know it's really early, but anything that's interesting from an engagement perspective here and kind of how you think this could evolve?

我有兩個問題。首先，我只是想知道廣告商對於較低的參與度有何反應，以及我猜想對於新聞提要的清理有何反應。他們對此有何看法？另外，您能與我們分享任何 Watch 的指標嗎？我知道現在還為時過早，但從參與的角度來看，有什麼有趣的事嗎？您認為這會如何發展？

On the DAU impact and the advertiser response, our business is strong. We have over 184 million people using Facebook every day in the U.S., which is considerably more than a Super Bowl every day on mobile alone. We also have, we think, the best ability to target and make advertising relevant for businesses and people who see ads. We're continuing to build the products that allow businesses to get a higher return for the dollars they spend and allow people to see more relevant information and ads on our platform. So we're pleased with the growth, and we believe that delivering the strong quarter we have shows that. On Watch, it's just early days. We have a dedicated place for people to watch and comment. We're heavily focused on the social aspects of video viewing, but it's too early to report any real findings.

就 DAU 影響和廣告商反應而言，我們的業務表現強勁。在美國，每天有超過 1.84 億人使用 Facebook，比每天在行動裝置上觀看一場超級盃比賽的人數還要多。我們也認為，我們擁有最佳的能力來定位廣告，並使其與看到廣告的企業和人們息息相關。我們正在繼續打造產品，讓企業能夠從所花的錢中獲得更高的回報，並讓人們在我們的平台上看到更多相關資訊和廣告。因此，我們對成長感到滿意，我們相信，本季的強勁表現證明了這一點。對於 Watch 來說，這才剛開始。我們有一個專門的地方供人們觀看和評論。我們非常關注影片觀看的社交方面，但現在報告任何真正的發現還為時過早。

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

您的下一個問題來自瑞銀的 Eric Sheridan。

Maybe following up on the theme around engagement and the changes on product first, how will you be defining success? What will you be watching for in terms of either the time spent on the platform or the user growth on the platform or relative engagement to say that you got the mix right and that people are seeing the right (inaudible) content and have a healthy experience with Facebook over the next couple of years? That would be number one. And number two, Dave, with respect to the OpEx and CapEx, given the incentive of the company to get a lot of things right on the security side and with repositioning products, should we expect there to be a different cadence this year in terms of the investments the company might make, maybe more first half versus second half? I just want to know if there was any color there.

也許首先關注參與度和產品變化的主題，您將如何定義成功？您會關注哪些方面？無論是用戶在平台上花費的時間，還是平台上的用戶增長或相對參與度，您都會說您做對了組合，並且人們看到了正確的（聽不清楚）內容，並且在未來幾年內對 Facebook 有健康的體驗？那將是第一位的。第二，戴夫，關於營運支出和資本支出，考慮到公司在安全方面做很多正確事情的動力以及重新定位產品，我們是否應該預期今年公司在投資方面會有不同的節奏，也許上半年的投資會比下半年更多？我只是想知道那裡是否有顏色。

I can take the first point about meaningful social interaction. So the product directive that I've given to all of our teams is to shift from focusing on showing the most meaningful content to people to instead to now encouraging the most meaningful social interaction. So that will first take hold as a series of News Feed changes. But over time, there are going to be new products that we build, new interfaces that the team has designed with that goal of encouraging interaction between people. So the thing that we're going to be measuring is basically the number of interactions that people have on the platform and off because of what they're seeing that they report to them -- to us as meaningful. One interesting thing that I think is worth being clear about in terms of how we develop News Feed, I think that there is this myth that we designed News Feed in order to just optimize for time or for likes or comments or some signals like that. The reality is the way we've done this for years is we've had a panel, a survey of thousands of people who basically we asked what the most meaningful content is that they had seen on the platform or that they'd seen off the platform. And we design our systems in order to be able to get to that ground truth of what people, real people are telling us is that high-quality experience. So now we're going to shift that methodology a little bit to instead of just being focused on the content, now to be more focused on trying to measure and have people tell us what is creating the most meaningful interaction in their lives, right. Not just on Facebook, it could be a message that you have on Messenger or WhatsApp, but it could also be that you see something on Facebook and have a conversation about that in the world with someone who's meaningful to you. And that's something that we need to understand that, but that's basically what we're going to be moving all of these systems towards over the next period of time. And it's not just going to be one News Feed change that happens overnight. It will be a series of roll-outs and then a number of product changes that go to the interface of the products and things that we launch within that as well.

我可以談談關於有意義的社交互動的第一點。因此，我給所有團隊的產品指示是，從專注於向人們展示最有意義的內容轉向鼓勵最有意義的社交互動。因此，這將首先隨著一系列新聞推送的變化而實現。但隨著時間的推移，我們將會開發新的產品，團隊設計新的介面，以鼓勵人與人之間的互動。因此，我們要衡量的基本上是人們在平台內外進行的互動次數，因為他們看到並向他們報告了對我們有意義的內容。關於我們如何開發新聞推送，我認為有一件有趣的事情值得明確，我認為存在這樣一種誤解，即我們設計新聞推送只是為了優化時間、點讚、評論或類似的信號。事實上，我們多年來一直採用的方式是，我們有一個小組，對數千人進行了一項調查，基本上我們詢問他們在平台上看到的或在平台外看到的最有意義的內容是什麼。我們設計系統是為了能夠了解人們、真實的人告訴我們的高品質體驗的基本事實。所以現在我們要稍微改變一下方法，不再只專注在內容，而是更重視衡量，讓人們告訴我們什麼能在他們的生活中創造最有意義的互動，對吧。它不僅在 Facebook 上，也可能是您在 Messenger 或 WhatsApp 上發送的訊息，也可能是您在 Facebook 上看到某些內容，並與世界上對您有意義的人就此進行對話。這是我們需要了解的，但這基本上也是我們在接下來的一段時間內將所有這些系統推向的方向。而且這不會是一夜之間發生的新聞推送變化。這將是一系列的推出，然後是一系列的產品變化，這些變化涉及到產品介面以及我們在其中推出的東西。

And then, Eric, you had a question about how we might expect expense growth to progress through the year. There is no specific one item that's going to drive it. So we would expect expense growth to ramp throughout the year, largely due to the factors that we've talked about on prior calls in terms of what's driving the overall acceleration. There's the continued investment on the security front. We talked about that in both Mark's comments and my comments, and we're continuing to ramp that investment. We are continuing to invest to support the video strategy on Watch. So we would expect that content investment to continue and ramp. And then finally, we're continuing to invest in the long-term initiatives in areas like AR, VR, AI and connectivity. So across the board, we would expect expense growth to ramp throughout the year.

然後，埃里克，你有一個問題，關於我們預計全年費用增長將如何發展。沒有任何一個特定的因素能夠推動這項進程。因此，我們預計費用成長將在全年加速，這主要是因為我們在先前的電話會議上討論過推動整體加速的因素。我們在安全方面的投資仍在持續。我們在馬克和我的評論中都談到了這一點，我們將繼續加大這方面的投資。我們將繼續投資以支持 Watch 上的視訊策略。因此，我們預計內容投資將會持續增加。最後，我們將繼續投資 AR、VR、AI 和連接等領域的長期計劃。因此，我們預計全年支出成長將整體加快。

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

您的下一個問題來自富國證券的 Peter Stabler。

Two, if I may, one for Dave and one for Sheryl. First of all, for Sheryl, I'm wondering if you could update us on the Search opportunity. Given the rapid growth of product advertising on the platform, is there an opportunity for Facebook to transition from more of a demand generation platform to demand fulfillment? And then for Dave, can you give us a sense of the timing of the changes to the News Feed? Is this a fully completed rollout? Were there different cohorts that saw it first? Was there any regional phasing or anything like that?

如果可以的話，兩個，一個給戴夫，一個給謝麗爾。首先，對於謝麗爾 (Sheryl)，我想知道您是否可以向我們介紹一下搜尋機會的最新情況。鑑於平台上產品廣告的快速成長，Facebook 是否有機會從需求生成平台轉型為需求滿足平台？那麼對於戴夫來說，您能否向我們介紹一下新聞提要變化的時間？這是一次全面完成的推出嗎？是否有不同的群體首先看到它？是否存在區域分階段或類似情況？

Yes, Peter, I'll take the second part first. We began to make changes around a number of different quality initiatives in the fourth quarter. So that affected metrics that we've talked about, including both the time spent and the DAU, but we continue to make changes to improve and to optimize around driving meaningful social interactions, as Mark talked about. That's going to be an ongoing journey throughout the year. So there is no -- I don't think we ever are going to declare that we are done making changes. So I'd expect we would continue to make changes and evolve.

是的，彼得，我先講第二部分。我們從第四季開始針對一系列不同的品質舉措做出改變。因此，這影響了我們所討論的指標，包括花費的時間和 DAU，但正如馬克所說的那樣，我們會繼續做出改變，以改進和優化推動有意義的社交互動。這將是一場貫穿全年的持續旅程。所以，我認為我們永遠不會宣布我們已經完成了改變。所以我希望我們能夠繼續做出改變和發展。

On the Search opportunity, there's a growing number of searches on Facebook, but we're still a ways off from monetization. It's worth noting, though, that because of our ads targeting and our ability to reach people multiple times, we do believe that some of our ad success is taking people from demand generation through demand fulfillment. So we have multiple clients who will show an ad, a video ad to everyone in the U.S., for example, or to a big cohort of people, and then they'll follow up with an ad that targets, on either Instagram or Facebook, the people who engaged with that first ad. Then they can follow up with the next [team]. And we are seeing as businesses are increasingly measuring their ad spend in terms of their real ROI for sales, that even within our own platforms, we can move people down that marketing funnel from demand generation to demand fulfillment.

在搜尋機會方面，Facebook 上的搜尋數量正在不斷增長，但我們距離貨幣化還有一段距離。但值得注意的是，由於我們的廣告定位和多次接觸人們的能力，我們確實相信我們的部分廣告成功正在引導人們從需求生成走向需求滿足。因此，我們有多個客戶會向美國的每個人或一大群人展示廣告、影片廣告，然後他們會在 Instagram 或 Facebook 上針對與第一個廣告互動的人投放後續廣告。然後他們可以跟進下一個[團隊]。我們看到，企業越來越多地根據實際銷售投資回報率來衡量其廣告支出，即使在我們自己的平台內，我們也可以將人們從需求產生轉移到需求滿足的行銷管道。

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

您的下一個問題來自美銀美林的賈斯汀波斯特 (Justin Post)。

Dave, maybe you could talk a little bit about the sustainability of the pricing growth that you're seeing with advertising. Obviously, your outlook for next year suggests that it decelerates modestly, but it's certainly at a very high level, and talk a little bit about that. And then maybe Mark or Dave, just talk about how the Watch tab is evolving. Are you seeing a lot of usage there? And how do you think about content in the Watch tab versus the News Feed?

戴夫，也許你可以稍微談談你所看到的廣告價格成長的可持續性。顯然，您對明年的展望表明，經濟成長將略有放緩，但肯定處於非常高的水平，請您稍微談談這一點。然後也許馬克或戴夫會談論「觀看」標籤是如何演變的。您看到那裡有很多用途嗎？您如何看待「觀看」標籤頁中的內容與「新聞提要」中的內容？

Yes, sure, Justin. On pricing growth, I think there, we feel like we're making good progress in our goal of driving better outcomes and ROI for our advertisers through things like better targeting, better ad units, driving better conversion. And we think we're making good progress there. And the willingness of advertisers to continue to grow budgets with us I think highlights our progress there. Remember, they're optimizing at the end of the day for business results for a given dollar spent, not the impression price that we're kind of nominally reporting here. So you can think of all of this work, and Sheryl talked about the Value Optimization effort as part of that, as being an effort to improve the yield of the impressions that we have to drive downstream business results for our advertising partners. And if we can drive those effectively, that will translate into higher effective prices for our business. And as I mentioned, I think we believe we still have a lot of work to do to continue to improve that. So we think there's opportunities here.

是的，當然，賈斯汀。關於定價成長，我認為，我們感覺我們在透過更好的定位、更好的廣告單元、推動更好的轉換等方式為廣告商帶來更好的結果和投資回報率的目標上取得了良好的進展。我們認為我們在這方面取得了良好的進展。我認為，廣告商願意繼續與我們一起增加預算，這凸顯了我們在這方面所取得的進步。請記住，他們最終優化的是花費一定金額的業務成果，而不是我們在此名義上報告的印象價格。因此，你可以考慮所有這些工作，Sheryl 談到了價值優化工作，將其作為其中的一部分，是為了提高我們必須推動廣告合作夥伴下游業務成果的印象收益。如果我們能夠有效地推動這些，這將轉化為我們業務的更高有效價格。正如我所提到的，我認為我們還有很多工作要做才能繼續改善這一點。所以我們認為這裡存在著機會。

And for Watch, it's early. There are some promising signs. But in terms of how we think about this overall compared to News Feed, I would say it's really important to internalize that the News Feed video ecosystem and the Watch video ecosystem are almost completely separate things, right? So the Watch behavior that we're building is one where people come intentionally to watch specific videos and to interact with the community around that. That's in contrast to what we worry is too passive consumption of an experience in News Feed today, where people just happen to often see a video and maybe they'll watch it for a few minutes but may not interact around it as much in News Feed. So we're still very optimistic, long term, that Watch will be a use for video that helps to bring people closer together, and that will correlate with all the things that our community is telling us they want and that correlate with the measures of well-being that we think that social products can generate by helping people build relationships in terms of all the long-term measures of well-being that we care about, like long-term happiness and health, et cetera.

對於 Watch 來說，現在還為時過早。有一些令人鼓舞的跡象。但就我們如何看待這個問題與新聞推送相比而言，我認為真正重要的是要內化新聞推送視訊生態系統和觀看視訊生態系統幾乎是完全獨立的東西，對嗎？因此，我們正在建立的觀看行為是人們有意觀看特定影片並與周圍的社區互動。這與我們今天擔心的在 News Feed 中過於被動地消費體驗形成了鮮明對比，人們只是碰巧經常看到一個視頻，也許他們會看幾分鐘，但可能不會在 News Feed 中進行太多互動。因此，從長遠來看，我們仍然非常樂觀地認為，Watch 將成為一種有助於拉近人們距離的視頻應用，它將與我們的社區所告訴我們的他們想要的所有東西相聯繫，並且與我們認為社交產品能夠產生的幸福感相關，透過幫助人們建立關係，我們可以獲得我們所關心的所有長期幸福感指標，例如長期的幸福感和健康等。

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

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

Two questions, please. European advertising revenue growth or your ad revenue growth in Europe accelerated. Is that just currency or anything else you would call out there? And then you talked about progress in moving away from kind of demand -- or creation towards demand fulfillment or including demand fulfillment. And I was wondering if you could give any more examples of that. I know, Sheryl, 2 years ago or so, you mentioned Booking.com being on the platform. I still think those OTAs, based on our work, are still doing like 10x as much spend on Google. So there's a real opportunity versus Facebook. Are there other examples or any other evidence you can show or talk about that companies are really finding the ability to do demand fulfillment on Facebook? And what's caused that to change?

請問兩個問題。歐洲廣告收入成長或您在歐洲的廣告收入成長加速。那隻是貨幣還是其他？然後您談到了從需求或創造轉向需求滿足或包括需求滿足的進展。我想知道您是否可以舉出更多這樣的例子。我知道，謝麗爾，大約兩年前，你提到 Booking.com 在這個平台上。根據我們的工作，我仍然認為這些 OTA 在谷歌上的支出是Google的 10 倍。因此，與 Facebook 相比，這確實是一個機會。您能否展示或談論其他例子或其他證據來證明公司確實找到了在 Facebook 上滿足需求的能力？那麼是什麼導致了這種變化呢？

So let me just quickly hit on the constant currency question I think you had at the beginning, Mark. The acceleration we saw from Q3 to Q4 was currency for Europe. But Europe continues to grow at a very healthy pace and on a constant currency basis. So we're very pleased with the results, both in constant currency terms and nominal terms. And then, Sheryl?

因此，馬克，讓我快速回答一下你一開始提出的關於恆定貨幣的問題。我們看到從第三季到第四季的加速是歐洲的貨幣。但歐洲繼續以非常健康的速度和固定匯率成長。因此，我們對結果非常滿意，無論是以固定匯率計算或以名目匯率計算。那麼，謝麗爾？

So to take the first question, the EU. The strength in Europe was driven by SMBs. We grew across the board with large companies, too, but SMBs were really important for this. There are 18 million small businesses on Facebook in Europe, and I had a chance to meet a lot of them on my trip. But to mention just one, which shows the point, a couple named Linda and Marius started a company called iELM. They're a kids clothing retailer. They started in Sweden on Facebook. She was selling clothes in her living room and selling them. Facebook is driving about half their sales. They then opened a factory in Romania and moved back to Romania, where they're now employing 100 people. And they're shipping across Sweden, Romania, Germany and Austria. They're still a small business at 100 people, but they're a growing business and showing the power of how our work with SMBs is growing jobs. You were asking also for an example of demand generation going all the way down to demand fulfillment. Here's another one from Europe. Gymshark is a fitness clothing brand based in the U.K. They ran Facebook video ads and Instagram Story Ads for Black -- for their Black Friday campaign. And then they target, with Lookalike, people who had previously purchased, and Custom Audiences, with people who started but didn't complete the purchase. And they saw a 9.3x return on investment over the 2-week holiday period. What happens on our platform is often that people will start out doing demand generation and then use the repeat opportunity to show people ads, moving down the funnel to demand fulfillment. If you use our targeting tools well, you can actually start out with demand fulfillment. So some of these examples I've shared on this call, from Holiday Inn to Gymshark, are about people using the targeting tools to find the people who are interested in the products, and then you can get closer and down the funnel for demand fulfillment.

那麼，先回答第一個問題，歐盟。歐洲的強勁成長是由中小企業推動的。我們也與大公司一起全面成長，但中小型企業對此確實非常重要。歐洲的 Facebook 上有 1800 萬家小企業，我在旅途中有機會認識了其中的許多企業。光是一個例子就足以說明這一點，一對名叫琳達 (Linda) 和馬呂斯 (Marius) 的夫婦創辦了一家名為 iELM 的公司。他們是一家兒童服飾零售商。他們從瑞典的 Facebook 開始。她在客廳裡賣衣服並出售衣服。Facebook 貢獻了約一半的銷售額。隨後，他們在羅馬尼亞開設了一家工廠，並搬回羅馬尼亞，目前在那裡僱用了 100 名員工。他們的貨物銷往瑞典、羅馬尼亞、德國和奧地利。他們仍然是一家擁有 100 名員工的小型企業，但他們正在成長，並展示了我們與中小企業合作如何創造就業機會的力量。您也要求提供一個從需求產生一直到需求滿足的例子。這是另一個來自歐洲的。Gymshark 是一家總部位於英國的健身服飾品牌。他們在黑色星期五活動中投放了 Facebook 影片廣告和 Instagram Story 廣告。然後，他們使用類似受眾來定位之前購買過的用戶，並使用自訂受眾來定位那些開始但未完成購買的用戶。在為期兩週的假期期間，他們的投資回報率達到了 9.3 倍。在我們的平台上經常發生的情況是，人們首先進行需求生成，然後利用重複的機會向人們展示廣告，沿著漏斗向下移動以達到需求滿足。如果您能善用我們的定位工具，您實際上就可以從滿足需求開始。因此，我在這次電話會議上分享的一些例子，從假日酒店到 Gymshark，都是關於人們使用定位工具來找到對產品感興趣的人，然後你就可以更接近並深入到滿足需求的管道。

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

您的下一個問題來自巴克萊銀行的羅斯桑德勒 (Ross Sandler)。

Just 2 questions. Mark, first, on the topic of passive versus active consumption, can you talk about what percent of the DAUs actively contribute today versus just the lean-back, passive consumption? And how has that ratio maybe changed versus 5 or 10 years ago based on some of the product changes that you had in News Feed? And then, Dave, just to follow up on pricing. So we had a bunch of noise given the growth rates of desktop versus mobile, can you just talk about what pricing growth looks like in mobile on a like-for-like geography basis? Is that 20%, 30%? Any color there would be helpful.

僅 2 個問題。馬克，首先，關於被動消費與主動消費的話題，您能否談談目前 DAU 中有多少百分比是主動貢獻的，有多少百分比僅僅是被動消費？那麼，基於你們在新聞推送中所做的一些產品變化，與 5 年前或 10 年前相比，這個比例可能發生了怎樣的變化？然後，戴夫，只是跟進定價。因此，考慮到桌上型電腦與行動裝置的成長率，我們聽到了很多噪音，您能否談談行動裝置在同類地理基礎上的定價成長情況？那是 20% 還是 30%？任何顏色都會有幫助。

Yes, Ross, I guess I'll take both. Yes, we don't break out the type of metric that you're talking about on the passive versus active consumption. So we don't have anything specifically to share there. In terms of breaking out pricing on a mobile basis, I mean, I think overall, the trends reflect generally what's happening on mobile, but there is still an overlay of a shift from desktop. But overall, we are seeing prices increase on mobile in regions. So I think that's consistent with the reported trend.

是的，羅斯，我想我會兩者皆選。是的，我們不會細分您所談論的被動消費與主動消費的指標類型。所以我們沒有什麼特別的東西可以分享。就行動端定價而言，我認為總體而言，趨勢總體上反映了行動端發生的情況，但仍然存在來自桌面端的轉變。但總體而言，我們看到各地區的行動價格正在上漲。所以我認為這與報告的趨勢一致。

Your next question comes from the line of Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

On Instagram, I'm just curious, if you'd give a little more color on the progress you're seeing. Any metrics to help fill in what's happening there?

在 Instagram 上，我只是好奇，你是否願意更詳細地介紹你所看到的進展。有什麼指標可以幫助了解那裡發生的事情嗎？

We continue to be pleased with the growth of Instagram, both on a user basis and on a revenue basis. It continues to make an increasing contribution to the business. So we're very pleased with the Instagram results, nothing specifically to highlight from a metrics point of view.

我們對 Instagram 的成長感到滿意，無論是用戶數量還是收入。它繼續為業務做出越來越大的貢獻。因此，我們對 Instagram 的結果非常滿意，從指標的角度來看沒有什麼特別值得強調的。

On the business side, I think we have -- are both pleased with the results, but see a very big opportunity in front of us. We have 6 million advertisers on Facebook, which means we have a lot of opportunity on Instagram, where we only have 2 million advertisers, to grow their engagement with us and their spend.

在業務方面，我認為我們都對結果感到滿意，但也看到了眼前的巨大機會。我們在 Facebook 上有 600 萬廣告商，這意味著我們在 Instagram 上有很多機會，在 Instagram 上我們只有 200 萬廣告商，可以增加他們與我們的互動和支出。

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

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

I have one for Mark on news trustworthiness and then the group on sports. So Mark, I realize that you're taking great pain not to play the role of a news editor on your platform. So you're asking users about trustworthiness. But I wonder, does that pick up biases in our own stories of what we believe to be trustworthy? And how do you get past that? And then would it make sense to just simply you play the role of pipelining a new News Feed, maybe its own tab, with news that we all believe -- maybe you believe to be trustworthy? So at some point, you take a more active role in identifying the news that your platform believes to be real news and maybe create a new tab that way? Is that ever something in your thinking?

我為馬克準備了一篇關於新聞可信度的文章，然後為該小組準備了一篇關於體育的文章。所以馬克，我知道你正在努力避免在你的平台上扮演新聞編輯的角色。所以你正在向用戶詢問可信度。但我想知道，這是否會在我們自己認為值得信賴的故事中產生偏見？那您如何克服這個問題呢？那麼，僅僅簡單地扮演一個管道的角色，為新的新聞提要（也許是它自己的標籤）提供我們都相信的新聞（也許您認為是值得信賴的）是否有意義？那麼在某個時候，您會更積極地識別您的平台認為是真實新聞的新聞，並可能以此方式創建一個新標籤？您是否曾想過這一點？

The value that we care about here is helping to build common ground, right, and helping to do our part to fight false news and polarization. So what we're doing with this specific change, which is one of a number of News Feed changes that are geared at improving the quality and trustworthiness of news on Facebook, is to -- we basically ask people -- we don't want to assess by ourselves which sources are trustworthy. I think that that's not a situation that -- or a position that we're comfortable with ourselves. I don't think personally that that's something that our community or our society wants us to do. So for all of the feedback that we get that we should take more of a view on that, I actually, I don't believe that, that is the right thing, broadly. What we try to do is get our community to tell us what matters to them. Because we believe that when we can get an accurate signal from the community, then -- people are smart. They know what they want and what's good and they can tell us that, if we can ask them in a simple enough way and get aggregate data. So what we're doing here is we basically are just asking people if they're familiar with news sources and whether they trust them. And the effect of that is that it basically normalizes for -- there are going to be people who read a given news source who will probably trust it because they read it. But the question is of the people who don't read it, who are still familiar with it, do they think it's trustworthy? And that's the example that I gave before of The Wall Street Journal or New York Times. A lot of people read those, a lot of people don't. But the people who don't still think that they're high-quality journalism, in general. And that's not true for a lot of the other stuff that's out there. And we found that that's a reliable signal of content that helps to build common ground, that is unlikely to be polarizing, that is unlikely to be false news. And what we're doing is helping to show that a little bit more. Again, we're not going to tell you that you can't share other stuff, right, you can share it on the platform. People can go to your profile. But in News Feed, we're going to just show that a little bit more to do what we view as our role is helping to build common ground and counter some of these other forces in the world.

我們在這裡關心的價值是幫助建立共同點，對，並幫助我們盡自己的一份力量來打擊虛假新聞和兩極分化。因此，我們進行這項特定更改，這是一系列新聞推送更改之一，旨在提高 Facebook 新聞的品質和可信度，我們基本上會詢問人們，我們不想自己評估哪些消息來源是值得信賴的。我認為這不是一種讓我們感到舒服的情況或立場。我個人並不認為這是我們的社區或社會希望我們做的事情。因此，對於我們收到的所有回饋，我們應該對此有更多的看法，但實際上，我並不認為這是正確的事情。我們嘗試做的是讓社區告訴我們他們關心什麼。因為我們相信，當我們能夠從社區獲得準確的訊號時，人們就會變得聰明。他們知道自己想要什麼、什麼是好的，如果我們能以足夠簡單的方式詢問他們並獲得匯總數據，他們就能告訴我們。所以我們在這裡所做的基本上只是詢問人們是否熟悉新聞來源以及是否信任它們。其效果是，它基本上是正常的——人們會閱讀某個新聞來源，並且可能會因為閱讀過該新聞而信任它。但問題是，那些沒有讀過但仍然熟悉它的人，他們認為它值得信賴嗎？這是我之前舉的《華爾街日報》或《紐約時報》的例子。很多人讀過這些，很多人沒有讀過。但總體而言，那些不這麼認為的人仍然認為他們的新聞報導品質很高。但對於很多其他的東西來說情況就不是這樣了。我們發現，這是一個可靠的訊號，表明內容有助於建立共同點，不太可能造成兩極化，也不太可能是假新聞。我們正在做的事情就是幫助進一步證明這一點。再說一次，我們不會告訴你你不能分享其他東西，對吧，你可以在平台上分享它。人們可以存取您的個人資料。但在新聞推播中，我們只會多做一些我們認為我們的角色，幫助建立共同點並對抗世界上的一些其他力量。

On the sports answer, sports is one of the ways that people get together on Facebook and build community. We're excited to bring the UEFA Champions League soccer and college basketball to Facebook, and we're going to continue to experiment with developing many different forms of content for Facebook.

關於體育的回答，體育是人們在 Facebook 上聚集並建立社區的方式之一。我們很高興將歐洲冠軍聯賽足球賽和大學籃球賽引入 Facebook，並且我們將繼續嘗試為 Facebook 開發多種不同形式的內容。

Your next question is from the line of John Blackledge with Cowen.

您的下一個問題來自 Cowen 公司的 John Blackledge。

Two questions. On Marketplace, with the expansion to 30 countries, just wondering how the business model evolves over time. Does it kind of mirror Amazon's third-party business or eBay's marketplace business? And then just on the ad units, on mid-roll video ad units, just wondering, I know it's early, just any color on the ad demand and perhaps how you think about the impact of this ad unit the next couple of years.

兩個問題。在 Marketplace 上，隨著業務擴展到 30 個國家，我只是想知道商業模式如何隨著時間的推移而發展。它是否類似於亞馬遜的第三方業務或 eBay 的市場業務？然後就廣告單元、中插影片廣告單元而言，我只是想知道，我知道現在還為時過早，只是對廣告需求有任何疑問，也許您如何看待這個廣告單元在未來幾年的影響。

On Marketplace, we're just going to continue to iterate on the ad test. We're pretty encouraged by what we've seen, even though it's pretty early days. What we're excited about is that our business is helping people connect with things they want to buy. It's also important to note that commerce is a really important vertical in our ads business. So it's not just that commerce is being driven in ads in Marketplace. But in a much bigger way, commerce, discovering products all the way through to sales is a big part of what's driving our ads business.

在市場上，我們將繼續進行廣告測試。儘管現在還處於早期階段，但我們對所看到的情況感到非常鼓舞。令我們興奮的是，我們的業務正在幫助人們與他們想要購買的東西建立聯繫。值得注意的是，商業是我們廣告業務中非常重要的垂直領域。因此，商業活動並非只是透過 Marketplace 中的廣告來推動。但從更大的角度來看，商業、從產品發現到銷售的整個過程是推動我們廣告業務發展的重要部分。

Your next question...

你的下一個問題...

On ad breaks. Sorry, on ad breaks for mid-roll video, early days, pretty good results. More than 70% of Ad Breaks up to 15 seconds in length on Facebook and Audience Network are being viewed to completion. Most are being viewed with the sound on, but again, it's very early for this.

在廣告時段。抱歉，在影片中間插入廣告，早期效果還不錯。Facebook 和 Audience Network 上長達 15 秒的廣告時段有超過 70% 被觀看。大多數節目都是在有聲音的情況下觀看的，但是現在觀看還為時過早。

Your next question is from the line of Anthony DiClemente with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Anthony DiClemente。

Sheryl, just hoping you could help us think about how marketing budgets grow as retail moves online. So investors we speak to ask the question about the addressable market for Facebook. Is it -- is the addressable market running out of opportunity as the platform gets larger? So do you believe the overall ad market or the TAM is possibly experiencing structural expansion due to a shift in e-commerce overall? And then Mark, I wanted to ask about AI. Can you just talk about the broader applications of the technologies that you are investing in to improve the user experience and safety on the platform? So I understand you're using AI to improve the quality of the experience and engagement, but should we be thinking about these investments as also enabling new features and products over time, whether it be shipping hardware or custom chips or potentially AI as a service externally?

謝麗爾，只是希望您能幫助我們思考一下，隨著零售業轉向線上，行銷預算將如何成長。因此，與我們交談的投資者詢問了有關 Facebook 的潛在市場的問題。隨著平台規模不斷擴大，潛在市場是否已經失去了機會？那麼，您是否認為由於電子商務的整體轉變，整個廣告市場或 TAM 可能正在經歷結構性擴張？然後馬克，我想問關於人工智慧的問題。您能否談談您所投資的技術在改善平台使用者體驗和安全性方面的更廣泛應用？因此，我理解您正在使用人工智慧來提高體驗和參與度的質量，但我們是否應該考慮這些投資隨著時間的推移也能實現新功能和新產品，無論是運送硬體還是客製化晶片，還是潛在的外部人工智慧服務？

Anthony, on the marketing budgets, we continue to think we've got great opportunities to grow in the large global advertising market. When you get sort of down to the micro level, you talked about e-commerce. E-commerce was -- is and remains and was one of our strongest verticals in Q4, and we think we're doing an excellent job of building the right products for e-commerce retailers. And Sheryl talked about Value Optimization and that sort of work that we're doing. And so I think we've got continued opportunities with e-commerce going forward. So I think we're very well-positioned in the e-commerce space. On AI?

安東尼，關於行銷預算，我們仍然認為我們在龐大的全球廣告市場中擁有巨大的成長機會。當你深入微觀層面時，你會談到電子商務。電子商務過去是、現在是、現在仍然是我們第四季度最強大的垂直業務之一，我們認為我們在為電子商務零售商打造合適的產品方面做得非常出色。謝麗爾談到了價值優化以及我們正在做的這類工作。因此我認為我們在電子商務方面仍擁有持續的發展機會。所以我認為我們在電子商務領域處於非常有利的地位。在人工智慧上？

Yes, I can talk about AI. So machine learning is -- the improvements there are by far the largest technological trends that we're seeing in the industry and across the business. And we really see it in 3 ways, right. The first and most tactical are just the optimization to everything that you see, right, from ranking in News Feeds, to ranking of ads or search, or improving our security systems. And that's driving a lot of the business and the quality improvement that we're seeing, and that's really important. The second category, I would call qualitative changes in how we do business. So for example, in -- for News Feed, historically, all the content that's been in News Feed has been content that you're connected to, right. You become friends with someone or you follow a page, and then their content can show up in News Feed. But long term -- or not even long term, right, over the next several years, as we develop an understanding of all of the content on Facebook, that won't be a constraint anymore. At some point, we're going to be able to just understand the meaning of all the content that's posted that you could potentially see and use that as candidates to potentially improve your experience and make it that you could see way more content than you might be able to today to -- and of course, we'll do that to help encourage more social interaction. The way that this is improving the work that we're doing around security and integrity is also very fundamental. Today, that whole model is that people can post what they want and then a person can flag it and then our systems will look at it. But increasingly, as we move into the future, we're going to be able to proactively take down some negative content. I gave the example of the terrorism-related content and some things around suicidal posts, where if someone posts something that they're thinking about suicide, now today, we don't have to wait for someone to report it a lot of the time. In the last few months, there have already been more than 100 instances where we've been able to reach out and get in touch with first responders so that they can help -- give people the help that they need. And that's a big structural change in the way that we do business in terms of protecting the security and integrity of our community. The third major category is going to be completely new products and platforms. So there, we've talked about all the things that we're building around VR and AR and the ability to be present with anyone, anywhere. And certainly, AI is going to be a big part of that, both on the vision side and the voice side. And there are going to need to be big advances there, but that's really exciting. But I think in each of those 3 categories, the optimization, the upgrading how we do business and really changing how that works in our products today, and then the new products, this is, I would say that improvements in machine learning are the most important technological trend in the industry now by far.

是的，我可以談論人工智慧。因此，機器學習的改進是迄今為止我們在行業和整個業務中看到的最大的技術趨勢。我們確實從三個方面看到了這一點，對吧。第一個也是最具戰術性的是對您所看到的一切進行優化，從新聞提要中的排名到廣告或搜尋的排名，或改進我們的安全系統。這推動了許多業務的發展和品質的提高，這一點非常重要。第二類，我稱之為我們經營方式的質變。舉個例子，對於 News Feed，從歷史上看，News Feed 中的所有內容都是與您相關的內容，對吧。您與某人成為朋友或關注某個頁面，然後他們的內容就會顯示在新聞提要中。但從長期來看——或者甚至不是長期來看，在未來幾年內，隨著我們對 Facebook 上所有內容的了解不斷加深，這將不再是一個限制。在某種程度上，我們將能夠理解您可能看到的所有內容的含義，並將其作為候選來潛在地改善您的體驗，並使您能夠看到比今天更多的內容 - 當然，我們這樣做是為了幫助鼓勵更多的社交互動。這對於改善我們在安全性和完整性方面所做的工作也具有十分重要的意義。今天，整個模式是人們可以發布他們想要發布的內容，然後有人可以標記它，然後我們的系統會查看它。但隨著未來的發展，我們將越來越能夠主動刪除一些負面內容。我舉了與恐怖主義有關的內容和一些有關自殺的帖子的例子，如果有人發布了一些他們正在考慮自殺的內容，現在，我們很多時候不必等待有人舉報。在過去的幾個月裡，我們已經有 100 多次與急救人員取得聯繫，以便他們能夠提供幫助——為人們提供所需的幫助。就保護社區安全和完整性而言，這是我們開展業務方式的重大結構性變化。第三大類將是全新的產品和平台。因此，我們討論了圍繞 VR 和 AR 構建的所有內容以及與任何人在任何地方同時出現的能力。當然，人工智慧將在其中發揮重要作用，無論是在視覺方面還是在語音方面。這方面還需要取得重大進展，但這確實令人興奮。但我認為，在這三個類別中，優化、升級我們的經營方式以及真正改變我們目前產品的運作方式，然後是新產品，我想說，機器學習的改進是迄今為止業界最重要的技術趨勢。

Your last question comes from the line of Mark May with Citi.

您的最後一個問題來自花旗銀行的馬克梅 (Mark May)。

Just wanted to ask a follow-up question regarding Mark's comments that user engagement had declined by, I think, 50 million minutes in -- daily hours in the quarter. I guess the question is how confident are you that, that impact was due to News Feed changes that you made proactively versus some other factor outside your control? And if you are still fairly early in the process of making these quality improvements to the News Feed, do you expect for engagement declines to continue going forward? And just for Dave, I know you choose your words carefully. I just want to clarify, you mentioned this year, you expect constant currency ad revenue growth to decelerate consistent with trends that we've seen in the last year. I think your constant currency growth rate in '17 declined by about 12 percentage points. Is that kind of what you're trying to lead us towards?

我只是想就馬克的評論提出一個後續問題，我認為本季用戶參與度下降了 5000 萬分鐘——每天的小時數。我想問題在於，您有多大信心，這種影響是由於您主動做出的新聞推送更改，而不是由於您無法控制的其他因素？如果您對新聞提要進行這些品質改進的過程還處於相當早期的階段，您是否預計參與度下降的情況會繼續持續下去？就拿戴夫來說，我知道你說話很謹慎。我只是想澄清一下，您提到今年，您預計固定貨幣廣告收入成長將減速，與我們去年看到的趨勢一致。我認為 2017 年的固定貨幣成長率下降了約 12 個百分點。這就是您想要引導我們實現的目標嗎？

I can take the first -- the second question first, Mark. I think what I am trying to say is that we do expect constant currency revenue growth to continue to decelerate consistent with the steady deceleration that we've seen over the past year. So we do expect that trend to continue. I'm not putting specific percentages around it.

我可以先回答第一個──第二個問題，馬克。我想說的是，我們確實預期固定貨幣收入成長將繼續減速，與過去一年看到的穩定減速保持一致。因此我們確實預期這種趨勢將會持續下去。我沒有給出具體的百分比。

Take the first?

拿第一名？

Yes.

是的。

So in Q4, we made a number of quality changes that were largely around video. We are going to continue to make quality changes now going forward around meaningful social interaction. And I do think that, that is likely going to continue this trend of decreasing passive consumption. But if we do our jobs well, it should increase the number of meaningful interactions that people have, and we think that that's going to be positive, right. So we think it will help make the community stronger over the long term, and we think it will be good for the business over the long term. But this is what people are telling us, this is what they want on the product. It's the unique value that people expect from Facebook. You can go to a lot of places to consume content, but there aren't a lot of services where you could strengthen your relationships. That's what people want, so that's the right thing for us to focus on. And it also lines up with all the well-being research that we've done, which -- and as you know, there have been a lot of debate over the last year about the utility of social media and the Internet, and we take this very seriously, right. It's our responsibility, too, to make sure that we understand everything that's going on, on our platform. And one of the big takeaways from that is that time when people are engaging and building relationships is good time. And that correlates with all of the aspects of long-term well-being that you'd expect, like happiness and health and feeling more connected and feeling less alone, and all of the things that qualitatively matter in our lives. And we think that we can help drive that and improve people's lives by doing that. So we're absolutely going to go do that.

因此，在第四季度，我們做出了一些主要圍繞視頻的品質改進。我們將繼續圍繞有意義的社交互動做出高品質的改變。我確實認為，被動消費減少的趨勢很可能會延續下去。但如果我們做好自己的工作，它應該會增加人們之間有意義的互動的數量，我們認為這將是積極的，對吧。因此，我們認為從長遠來看，這將有助於社區變得更加強大，並且從長遠來看，這對企業有利。但這就是人們告訴我們的，這就是他們想要的產品。這是人們期望 Facebook 具有的獨特價值。你可以去很多地方消費內容，但卻沒有很多服務可以加強你們的關係。這就是人們想要的，所以這也是我們應該關注的事情。這也與我們所做的所有幸福研究相一致——正如你所知，去年關於社交媒體和互聯網的實用性有很多爭論，我們對此非常重視，對吧。確保我們了解平台上發生的一切事情也是我們的責任。從中我們可以得到的一個重要啟示是，當人們互動並建立關係時，正是美好時光。這與您所期望的長期幸福的所有方面相關，例如幸福和健康，感覺更緊密聯繫，感覺不那麼孤獨，以及我們生活中所有重要的事情。我們認為，透過這樣做，我們可以幫助推動這一進程並改善人們的生活。所以我們絕對會這麼做。

Great. Thank you for joining us today. We appreciate your time, and we look forward to speaking with you again.

偉大的。感謝您今天加入我們。感謝您的時間，我們期待再次與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路了。