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

Good afternoon.

下午好。

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

我叫邁克，今天我將擔任您的會議接線員。

At this time, I would like to welcome everyone to the Facebook Fourth Quarter and Full Year 2017 Earnings Call.

在這個時候，我想歡迎大家參加 Facebook 2017 年第四季度和全年財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Thank you very much.

非常感謝。

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

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

Thank you.

謝謝你。

Good afternoon, and welcome to Facebook's fourth quarter and full year 2017 earnings conference call.

下午好，歡迎參加 Facebook 2017 年第四季度和全年財報電話會議。

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

今天和我一起討論我們的結果的是首席執行官馬克扎克伯格；謝麗爾·桑德伯格，首席運營官；和首席財務官戴夫·韋納。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements.

在開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。

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

實際結果可能與這些前瞻性陳述所設想的結果大不相同。

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美國證券交易委員會提交的 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上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

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

在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release.

GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。

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

新聞稿和隨附的投資者介紹可在我們的網站investor.fb.com 上找到。

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.

謝謝，黛博拉，也謝謝大家今天加入我們。

2017 was a strong year for Facebook in many ways.

2017 年在許多方面對 Facebook 來說都是強勁的一年。

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.

我們的社區不斷發展壯大，現在每月有超過 21 億人使用 Facebook，每天有 14 億人使用它。

Our business grew 47% year-over-year to $40 billion.

我們的業務同比增長 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 幫助世界各地人們的方式感到自豪，為人們提供前所未有的聲音，通過幫助家人和朋友隨時隨地保持聯繫來加強關係，以及使超過 7000 萬家小企業得以發展並創造就業機會。

But 2017 was also a hard year.

但2017年也是艱難的一年。

The world feels anxious and divided, and that's played out on Facebook.

世界感到焦慮和分裂，這在 Facebook 上得到了體現。

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.

我們在我們的平台上看到了濫用行為，包括來自民族國家的干擾、虛假、聳人聽聞和兩極分化的新聞的傳播，以及關於社交媒體效用的辯論。

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.

我們有責任充分了解我們的服務是如何使用的，並儘我們所能擴大好處並防止傷害。

This is my personal challenge for 2018.

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.

我們可以做的最重要的事情之一是確保我們的服務不僅使用起來很有趣，而且對人們的福祉和整個社會都有好處。

So far this year, we've already announced a couple of important updates.

今年到目前為止，我們已經宣布了一些重要的更新。

The first is prioritizing meaningful social interactions over passive consumption of content.

首先是優先考慮有意義的社交互動，而不是被動消費內容。

Research shows that strengthening our relationships improves our well-being.

研究表明，加強我們的關係可以改善我們的幸福感。

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.

當我們使用社交媒體與人聯繫時，這與您期望的長期幸福感相關，例如幸福和健康。

But passively watching videos or reading articles may not have those same effects.

但被動地觀看視頻或閱讀文章可能不會產生同樣的效果。

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.

您可以這樣想：當您在動態消息中看到朋友的照片時，這不僅僅是讓您微笑或大笑的內容。

It's an opportunity to connect with that friend, to reach out to them and to remind them that you care about each other.

這是一個與那個朋友聯繫、接觸他們並提醒他們你關心彼此的機會。

And that connection is deeply important to us as people.

這種聯繫對我們人類來說非常重要。

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.

但是，當您看到視頻或新聞文章時，即使它具有信息性或娛樂性，除非您圍繞它開始對話，否則您不會建立關係。

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.

我們還收到了來自社區的反饋，這些讓我們建立聯繫的時刻是人們希望和期望從 Facebook 獲得的獨特體驗。

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.

在過去的幾年裡，公共內容的生態系統，比如視頻、新聞和來自企業的帖子，已經變得龐大，以至於它開始排擠人們最看重的個人聯繫。

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.

新聞和視頻將永遠是 Facebook 的重要組成部分，但是當人們花費大量時間被動地消費公共內容時，它開始佔用人們相互聯繫的時間，那就不好了。

So let me be clear.

所以讓我說清楚。

Helping people connect is more important than maximizing the time they spend on Facebook.

幫助人們建立聯繫比最大化他們在 Facebook 上花費的時間更重要。

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.

由於此次更新，您現在將看到更多來自朋友、家人和群組的內容，這些內容可以引導您與人互動，而較少公開的內容會導致您花費更多的總時間。

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.

現在，當我明確宣布這些變化時，我預計人們在 Facebook 上花費的時間和一些參與度會因此而下降，但我也預計我們實際互動的數量會隨著時間的推移而增加。

We're already starting to see this play out.

我們已經開始看到這種情況發生了。

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.

在我們上次的財報電話會議上，我說做得好的視頻可以將人們聚集在一起，但今天很多時候，觀看視頻只是一種被動的體驗。

To shift that balance, I said that we were going to focus on videos that encourage meaningful social interaction.

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視頻。

And in Q4, we updated our video recommendations and made other quality changes to reflect these values.

在第四季度，我們更新了視頻推薦並進行了其他質量更改以反映這些價值。

We estimate that these updates decreased time spent on Facebook by roughly 5% in the fourth quarter.

我們估計，這些更新使第四季度在 Facebook 上花費的時間減少了大約 5%。

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.

換句話說，我們做出了一些改變，將每天花在 Facebook 上的時間減少了大約 5000 萬小時，以確保人們的時間得到合理利用。

That's how serious we are about this.

這就是我們對此的認真程度。

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.

通過這個過程，我們也了解了一些更新如何影響其他指標。

For example, changes we made to improve quality in the fourth quarter contributed to a decline in people using Facebook daily in some countries.

例如，我們在第四季度為提高質量所做的更改導致某些國家/地區每天使用 Facebook 的人數下降。

By focusing on meaningful interactions, I expect the time we all spend on Facebook will be more valuable.

通過專注於有意義的互動，我預計我們在 Facebook 上花費的時間會更有價值。

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.

而且我始終相信，如果我們做正確的事情並提供更深層次的價值，我們的社區和我們的業務將在長期內變得更加強大。

In this case, it intuitively makes sense.

在這種情況下，直覺上是有道理的。

If people interact more, that should lead to a stronger community.

如果人們互動更多，那應該會導致更強大的社區。

And we already know that time in News Feed interacting with people is more valuable than time passively consuming video or news.

而且我們已經知道，在動態消息中與人互動的時間比被動消費視頻或新聞的時間更有價值。

When you care about something, you're willing to see ads to experience it.

當您關心某事時，您願意看到廣告來體驗它。

But if you just come across a viral video, then you're more likely to skip over it if you see an ad.

但是，如果您只是看到一個病毒視頻，那麼如果您看到廣告，您更有可能跳過它。

So I want to be clear.

所以我想清楚。

The most important driver of our business has never been time spent by itself.

我們業務最重要的驅動力從來都不是獨處的時間。

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.

這是對話和聯繫的質量，這就是為什麼我認為關注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.

我們宣布的第二個更新是關於確保您在 Facebook 上看到的信息來自廣泛信任的高質量來源，以對抗錯誤信息和兩極分化。

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.

我們的想法是，此更新將顯示來自社區廣泛信任的來源的更多新聞，而不僅僅是那些直接閱讀它們的人。

For example, take The Wall Street Journal or The New York Times.

例如，以華爾街日報或紐約時報為例。

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.

即使您不閱讀它們，或者您不同意他們所寫的所有內容，大多數人仍然相信他們是高質量的新聞。

On the flip side, there are blogs that have intense followings but are not widely trusted beyond their core audience.

另一方面，有些博客擁有大量追隨者，但在其核心受眾之外並沒有得到廣泛的信任。

We will show those publications somewhat less.

我們將少展示這些出版物。

Preventing false news, hate speech and other abuse is another important area of focus for us.

防止虛假新聞、仇恨言論和其他濫用行為是我們關注的另一個重要領域。

In order to protect the security and integrity of our platform, we're investing in both people and technology.

為了保護我們平台的安全性和完整性，我們正在對人員和技術進行投資。

We now have around 14,000 people working across community ops, online ops and our security effort.

我們現在有大約 14,000 人在社區運營、在線運營和我們的安全工作中工作。

That's almost double where we were a year ago.

這幾乎是一年前的兩倍。

We've also built new technology to detect suicidal posts that have helped first responders reach more than 100 people who needed help quickly.

我們還開發了新技術來檢測自殺帖子，幫助急救人員迅速接觸到 100 多名需要幫助的人。

And we built AI systems to flag suspicious behavior around elections in real time and remove terrorist content.

我們構建了人工智能係統來實時標記選舉周圍的可疑行為並刪除恐怖主義內容。

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.

多虧了我們的人工智能係統，我們刪除的 99% 與 ISIS 和基地組織相關的恐怖內容現在在任何人向我們舉報之前被刪除，在某些情況下，在任何人看到之前就被刪除。

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.

我們還在動態消息中將虛假新聞降級，這通常會減少 80% 的文章流量，並破壞大多數垃圾郵件發送者和巨魔農場必須首先生成這些虛假文章的經濟激勵措施。

Finally, we've started rolling out a major ad transparency effort.

最後，我們開始推出一項重大的廣告透明度工作。

We support Congress passing legislation to make all advertising more transparent, but we're not going to wait for them to act.

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。

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.

我們已經開始推出一種方式，讓任何人都可以查看在 Facebook、Instagram 和 Messenger 上運行的頁面的廣告，即使它們不在目標受眾中。

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.

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.

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顯著影響我們的盈利能力。

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.

但就像我們所做的改變會影響所花費的時間一樣，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.

現在建立一個更強大的社區也意味著在未來 3、5 和 10 年實現我們的產品路線圖。

Over the next 3 years, we know video will continue to grow.

在接下來的 3 年裡，我們知道視頻將繼續增長。

So our job is to build video experiences that help people connect with family, friends and groups.

因此，我們的工作是打造視頻體驗，幫助人們與家人、朋友和團體建立聯繫。

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.

這就是為什麼我對 Watch 作為一個與志趣相投的人建立聯繫的地方感到興奮的原因，這也是我們推出 Watch Party 等產品的原因，朋友們可以在其中一起觀看節目。

Another important shift that we're seeing across the industry is the growth of Stories.

我們在整個行業中看到的另一個重要轉變是 Stories 的增長。

We expect Stories are on track to overtake posts and feeds as the most common way that people share across all social apps.

我們預計 Stories 有望超越帖子和提要，成為人們在所有社交應用中分享的最常見方式。

That's because Stories is a better format for sharing multiple, quick video clips throughout your day.

這是因為 Stories 是一種更好的格式，可以全天共享多個快速視頻剪輯。

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.

Stories 的增長將影響我們如何構建產品和思考我們的業務，包括 WhatsApp 和 Instagram，它們是世界上使用量排名第一和第二的 Stories 產品。

Beyond video, we have a long road map working to help people connect in meaningful ways.

除了視頻之外，我們還有一個很長的路線圖，致力於幫助人們以有意義的方式建立聯繫。

Today, more people are using Groups than ever.

如今，使用群組的人比以往任何時候都多。

These include smaller groups of friends and family and also larger communities where people can act around shared interest.

其中包括較小的朋友和家人團體，以及人們可以圍繞共同興趣採取行動的較大社區。

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.

我們專注於幫助更多人找到適合他們的社區，並為小組管理員和領導者提供他們需要的新工具來運營這些小組並幫助他們成長。

The goal of Marketplace is to connect people through commerce.

Marketplace 的目標是通過商業將人們聯繫起來。

More than 700 million people each month now come to Facebook to buy and sell things.

現在每月有超過 7 億人來 Facebook 買賣商品。

We launched Marketplace in 30 countries last year, including 11 countries in the last quarter alone.

去年，我們在 30 個國家/地區推出了 Marketplace，僅上個季度就有 11 個國家/地區。

Over the next 5 years, we remain focused on building ecosystems around our services that lots of people already use.

在接下來的 5 年裡，我們將繼續專注於圍繞我們的服務構建許多人已經使用的生態系統。

In Messenger and WhatsApp, we're working to give businesses more ways to communicate with their customers.

在 Messenger 和 WhatsApp 中，我們正在努力為企業提供更多與客戶溝通的方式。

We launched a plug-in for Messenger so people can chat live with companies on their websites.

我們為 Messenger 推出了一個插件，這樣人們就可以在他們的網站上與公司進行實時聊天。

And now more than 2 billion messages are sent between businesses and customers every month.

現在，每月在企業和客戶之間發送超過 20 億條消息。

WhatsApp recently crossed 1.5 billion monthly actives, with people now sending more than 60 billion messages every day.

WhatsApp 最近的月活躍量超過了 15 億，現在人們每天發送的消息超過 600 億條。

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.

越來越多的此類消息是在人和公司之間傳遞的，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.

在接下來的 10 年裡，我們正在研究使世界更加緊密所需的基礎技術。

Our goal with AI is to understand the meaning of all the content on Facebook to help us build better services.

我們使用 AI 的目標是了解 Facebook 上所有內容的含義，以幫助我們構建更好的服務。

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.

除了讓人們更容易獲得他們需要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.

在 VR 方面，我們很高興今年能將 Oculus Go 送到人們手中。

Time Magazine named it one of the top inventions of 2017, and I can't wait for more people to use it.

《時代》雜誌將其評為 2017 年頂級發明之一，我已經等不及更多人使用它了。

So 2017 was a good year in many ways, but it was also challenging.

所以 2017 年在很多方面都是豐收的一年，但也充滿挑戰。

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.

這就是為什麼我們今年的重點將是確保我們的服務不僅有趣而且對我們有益，我相信我們將迎接挑戰。

Thanks to all of you for being part of this journey, and I'm looking forward to making more progress together.

感謝大家參與這次旅程，我期待著共同取得更大的進步。

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

現在，Sheryl 來談談我們的業務。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

We had a strong fourth quarter and a great end to the year.

我們有一個強勁的第四季度和一個偉大的年底。

Q4 ad revenue grew 48% year-over-year.

第四季度廣告收入同比增長 48%。

Mobile ad revenue was $11.4 billion, up 57% from last year and contributed approximately 89% of total ad revenue in Q4.

移動廣告收入為 114 億美元，比去年增長 57%，佔第四季度總廣告收入的約 89%。

Full year 2017 mobile ad revenue grew 56% compared to 2016 and was broad-based across regions, marketer segments and verticals.

與 2016 年相比，2017 年全年移動廣告收入增長了 56%，並且覆蓋了各個地區、營銷部門和垂直行業。

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.

我們繼續在 3 個優先事項上取得進展：幫助企業利用移動的力量；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 and Instagram are where people and businesses connect and are especially meaningful platforms for small businesses.

Facebook 和 Instagram 是人們和企業聯繫的地方，對於小型企業來說是特別有意義的平台。

Globally, 70 million businesses use Facebook.

在全球範圍內，有 7000 萬家企業使用 Facebook。

We surveyed small businesses in 18 countries, and 57% of them are employing more people due to growth in demand since joining Facebook.

我們對 18 個國家/地區的小企業進行了調查，其中 57% 的企業因加入 Facebook 後需求的增長而僱傭了更多員工。

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.

上週，我遇到了國王理髮俱樂部的亞當，他在英國伯明翰有 2 名員工，現在擁有 15 家沙龍和 70 名員工。

I also met Domingo from Pescaria, a restaurant in Southern Italy that uses Facebook and Instagram to connect with customers.

我還遇到了來自意大利南部 Pescaria 的餐廳 Domingo，該餐廳使用 Facebook 和 Instagram 與客戶聯繫。

80% of their diners and 70% of their revenue comes from Facebook.

他們 80% 的食客和 70% 的收入來自 Facebook。

They opened their second restaurant and now employ more than 60 people.

他們開設了第二家餐廳，現在僱傭了 60 多名員工。

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.

像亞當和多明戈一樣，小企業主是一些最敬業的企業家，他們是每個經濟體的核心，並在全世界創造了大部分新就業機會。

As Mark said, we're taking strong action to maximize the good we do in communities.

正如馬克所說，我們正在採取強有力的行動，以最大限度地發揮我們在社區中所做的好事。

As part of this, we're investing heavily in small businesses and in helping people gain digital skills.

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字技能。

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.

11 月，我們啟動了 Community Boost 計劃，該計劃為需要工作的人提供數字培訓，並幫助當地企業和非營利組織充分利用互聯網。

During my trip last week, I announced that we're expanding the program to the EU.

在我上週的旅行中，我宣布我們正在將該計劃擴展到歐盟。

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.

今年，我們將訪問美國和歐洲的 30 多個城市，與 SMB、初創企業和 NGO 並肩工作。

Over 2 million people and businesses have already used our online and off-line training.

超過 200 萬人和企業已經使用了我們的在線和離線培訓。

And by 2020, we'll have trained 1 million people and businesses across Europe alone.

到 2020 年，我們僅在歐洲就培訓了 100 萬人和企業。

As people and businesses shift to mobile, Instagram continues to grow quickly.

隨著人們和企業轉向移動設備，Instagram 繼續快速增長。

There are more than 2 million active advertisers on Instagram.

Instagram 上有超過 200 萬活躍的廣告商。

And we announced in November that more than 25 million businesses have profiles on Instagram, up from 15 million in July.

我們在 11 月宣布，超過 2500 萬家企業在 Instagram 上擁有個人資料，高於 7 月的 1500 萬。

Instagram is a business' mobile visual shop, and we're seeing more people seek out businesses there.

Instagram 是一家企業的移動視覺商店，我們看到越來越多的人在那裡尋找企業。

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.

大約 2/3 的 Instagram 業務資料訪問來自不關注他們的人，這有助於吸引新客戶。

Our second priority is developing innovative ad products.

我們的第二個優先事項是開發創新的廣告產品。

Each year, mobile advertising reaches new milestones during the holiday shopping season.

每年，移動廣告在假日購物季都會達到新的里程碑。

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.

一年前，我們看到移動轉化，即在 Facebook 上查看廣告後在移動網站上採取的行動，首次超過了桌面轉化。

In 2017, mobile conversions continued to accelerate.

2017 年，移動轉化繼續加速。

Data from 17 markets shows mobile accounted for 69% of online conversions on Black Friday and 64% on Cyber Monday.

來自 17 個市場的數據顯示，在黑色星期五，移動設備佔在線轉化的 69%，在網絡星期一佔 64%。

It also drove 80% of conversions on Singles' Day, a popular day for online shopping in China, and increasingly, other countries.

它還在光棍節推動了 80% 的轉化，這是中國以及越來越多其他國家/地區的在線購物的熱門日子。

Big shopping days like these are the kind of global events that Facebook and Instagram are uniquely positioned to support.

像這樣的大型購物日是 Facebook 和 Instagram 能夠支持的全球性活動。

During these events and throughout the year, businesses are using our innovative ad products, like Dynamic Ads, to connect and reconnect with shoppers.

在這些活動中以及全年，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。

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.

例如，智選假日酒店最近使用我們的 Collection 格式的旅行動態廣告向在其網站上搜索酒店但尚未預訂的用戶投放廣告。

They ran ads with a video that showed a personalized selection of hotels for the city and dates people had looked up.

他們用一段視頻投放廣告，該視頻顯示了該城市的個性化酒店選擇和人們查找的日期。

This resulted in 3x higher return on ad spend than their previous campaigns.

與之前的廣告系列相比，這帶來了 3 倍的廣告支出回報。

In Q4, we also launched Dynamic Ads for auto, which allows dealers and manufacturers to show the right cars to the right audiences.

在第四季度，我們還推出了汽車動態廣告，讓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.

隨著我們擴展和改進我們的廣告產品，廣告商越來越多地開發移動優先廣告，而不是簡單地將他們的電視創意放到網上。

Mobile-first video was 50% of our video ad revenue this quarter, up from 41% last quarter.

本季度，移動優先視頻占我們視頻廣告收入的 50%，高於上一季度的 41%。

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.

我們發現這些短視頻在 Instagram 快拍中運行良好，人們可以在其中觀看全屏垂直視頻並向上滑動以快速了解產品或品牌。

60% of these ads are viewed with sound on.

這些廣告中有 60% 是在開啟聲音的情況下觀看的。

Recently, OpenTable used Instagram Stories to advertise their reservation service to U.S. adults who are frequent diners or are interested in dining.

最近，OpenTable 使用 Instagram Stories 向經常用餐或對用餐感興趣的美國成年人宣傳他們的預訂服務。

They combined food and restaurant footage with a Book Now button.

他們將食物和餐廳鏡頭與“立即預訂”按鈕結合在一起。

Their ads reached 1.5 million people and achieved 33% lower cost per reservation than their other campaigns.

他們的廣告覆蓋了 150 萬人，與其他廣告系列相比，每次預訂的成本降低了 33%。

We're making it easier for any advertiser to try Stories ads as part of their other campaigns on our platform.

我們讓任何廣告商都可以更輕鬆地在我們的平台上嘗試將 Stories 廣告作為他們其他活動的一部分。

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

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。

Targeting makes advertising better, more relevant to people and more effective for businesses.

定位使廣告更好，與人們更相關，對企業更有效。

This is especially important for small businesses as they have limited budgets and need to make every dollar count.

這對於小型企業來說尤其重要，因為他們的預算有限，需要讓每一分錢都算數。

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.

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，因此他們可以在正確的時間接觸到正確的人。

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.

例如，我們將繼續投資於價值優化，這可以幫助廣告商向可能會花更多錢的人展示他們的廣告。

We've been gradually rolling this out to advertisers using web conversion, Dynamic Ads and mobile app install ads.

我們已經逐步向使用網絡轉化、動態廣告和移動應用安裝廣告的廣告商推廣此功能。

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.

初步結果令人鼓舞：自 6 月以來，已有 2,500 多家企業嘗試了價值優化，許多企業將更多預算投入其中。

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.

我們非常重視防止濫用我們的廣告系統的責任，我們正在大力投資人員和技術，以保護我們平台的完整性。

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.

除了在加拿大推出 Mark 提到的廣告透明度工具外，我們還禁用了允許廣告商排除特定、多元文化親和群體中的人的選項，直到我們能夠制定更好的防止歧視的保護措施。

We're also focused on improving ad quality and delivering a better experience for people who interact with marketers on our platform.

我們還專注於提高廣告質量，並為在我們平台上與營銷人員互動的人們提供更好的體驗。

This holiday, we took additional steps to penalize e-commerce advertisers who created misleading or negative ads.

這個假期，我們採取了額外的措施來懲罰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.

2018 年，我們將繼續專注於相同的 3 個優先事項，並採取更多措施確保我們平台上廣告的質量、透明度和真實性。

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.

作為我們努力提高透明度的一部分，上個季度，我們發布了我們的廣告原則，這些原則長期以來一直指導著我們在所有平台上的方法。

These principles are our commitment to the people who use our services.

這些原則是我們對使用我們服務的人的承諾。

They are: We build for people first.

他們是：我們首先為人建造。

We don't sell your data.

我們不出售您的數據。

You can control the ads you see.

您可以控制您看到的廣告。

Advertising should be transparent.

廣告應該是透明的。

Advertising should be safe and civil.

廣告應該是安全和文明的。

It should not divide or discriminate.

它不應該分裂或歧視。

Advertising should empower businesses, big and small.

廣告應該賦予大大小小的企業權力。

And we're also improving our advertising.

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.

正如 Mark 所說，2017 年對 Facebook 來說是充滿挑戰和重要的一年，我們承諾在這一年增加對社區安全和安保的投資。

It was also a strong year for our business, where our investments in helping our clients grow paid off.

這也是我們業務強勁的一年，我們在幫助客戶增長方面的投資得到了回報。

We will continue to make all of these investments in 2018 and in the coming years.

我們將在 2018 年和未來幾年繼續進行所有這些投資。

I'm thankful to our partners around the world and to our employees who work so hard to make us better every day.

我感謝我們在世界各地的合作夥伴以及我們每天為使我們變得更好而努力工作的員工。

Thanks.

謝謝。

And now here's Dave.

現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

Q4 was a strong quarter for Facebook and a great end to the year.

第四季度對 Facebook 來說是一個強勁的季度，也是今年的完美收官。

Full year 2017 total revenue grew 47% to over $40 billion, and we generated over $17 billion of free cash flow.

2017 年全年總收入增長 47%，超過 400 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.

讓我們從我們的社區指標開始。

Overall, our global community is strong and growing.

總體而言，我們的全球社區強大且不斷發展壯大。

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.

在印度、印度尼西亞和巴西等市場的增長帶動下，第四季度 Facebook 的日活躍用戶達到 14 億，比去年增長 14%。

This number represents approximately 66% of our 2.13 billion monthly active users in Q4.

這個數字約占我們第四季度 21.3 億月活躍用戶的 66%。

MAUs were up 269 million or 14% compared to last year.

與去年相比，MAU 增加了 2.69 億或 14%。

As Mark mentioned, certain product quality changes impacted our DAU growth.

正如 Mark 所說，某些產品質量變化影響了我們的 DAU 增長。

In the U.S. and Canada, these changes contributed to a DAU decline of 700,000 compared to Q3.

在美國和加拿大，這些變化導致 DAU 與第三季度相比下降了 700,000。

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.

我們不認為這是一個持續的趨勢，但我們確實預計，鑑於相對較高的滲透率，該地區的 DAU 可能會波動。

We continue to see healthy growth across the Facebook family of apps, including Instagram, WhatsApp and Messenger.

我們繼續看到 Facebook 系列應用程序（包括 Instagram、WhatsApp 和 Messenger）的健康增長。

Turning now to the financials.

現在轉向財務。

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

除非另有說明，否則所有比較均按年進行。

Q4 total revenue was $13 billion, up 47% or 44% on a constant currency basis.

第四季度總收入為 130 億美元，按固定匯率計算增長 47% 或 44%。

Foreign exchange tailwinds contributed $329 million of revenue in Q4.

外匯順風在第四季度貢獻了 3.29 億美元的收入。

Q4 total ad revenue was $12.8 billion, up 48% or 44% on a constant currency basis.

第四季度總廣告收入為 128 億美元，按固定匯率計算增長 48% 或 44%。

Mobile ad revenue was $11.4 billion, up 57%.

移動廣告收入為 114 億美元，增長 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.

第四季度，每條廣告的平均價格上漲了 43%，投放的廣告展示次數增加了 4%，主要受 Facebook 和 Instagram 上的動態廣告推動。

Payments and other fees revenues was $139 million, (sic) [$193 million], up 7%.

支付和其他費用收入為 1.39 億美元，（原文如此）[1.93 億美元]，增長 7%。

Total expenses in Q4 were $5.6 billion, up 32%.

第四季度總支出為 56 億美元，增長 32%。

Headcount remains a primary driver of total expenses.

員工人數仍然是總支出的主要驅動因素。

In Q4, we added approximately 1,900 people and ended the year with over 25,000 employees, up 47% compared to last year.

在第四季度，我們增加了大約 1,900 名員工，到年底員工人數超過 25,000 名，與去年相比增長了 47%。

In 2017, we made significant investments in R&D and security.

2017 年，我們在研發和安全方面進行了大量投資。

On the R&D side, we added more people in 2017 than we did in 2016 and 2015 combined.

在研發方面，我們在 2017 年增加的人數比 2016 年和 2015 年的總和還要多。

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.

在安全方面，正如 Mark 所提到的，我們加快了努力，到年底，約有 14,000 名員工和承包商從事社區運營、在線運營和誠信工作。

We also continued to invest aggressively in key areas such as content and our long-term innovation efforts.

我們還繼續在內容和我們的長期創新努力等關鍵領域大力投資。

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.

由於交易相關的股票薪酬費用下降，第四季度股票薪酬費用為 8.14 億美元，低於去年第四季度的 8.31 億美元。

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.

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 年底得到實質性確認。

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

第四季度營業收入為 74 億美元，營業利潤率為 57%。

Our effective tax rate was 43%.

我們的有效稅率為 43%。

In Q4, we recorded approximately $2.3 billion in onetime charges as a result of the 2017 Tax Cuts and Jobs Act.

由於 2017 年《減稅和就業法案》，我們在第四季度記錄了大約 23 億美元的一次性費用。

That was largely driven by the mandatory transition tax based on the accumulated earnings from our foreign subsidiaries.

這主要是由基於我們外國子公司累積收益的強制性過渡稅推動的。

Net income was $4.3 billion or $1.44 per share.

淨收入為 43 億美元或每股 1.44 美元。

Again, the onetime charges related to the tax on accumulated earnings reduced EPS by approximately $0.77.

同樣，與累積收益稅相關的一次性費用使每股收益減少了約 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.

受服務器、數據中心、辦公設施和網絡基礎設施投資的推動，2017 年全年資本支出約為 67 億美元。

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，並在年底擁有近 420 億美元的現金和投資。

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.

2017 年，我們回購了約 20 億美元的 A 類普通股，截至 12 月 31 日，我們目前的授權中剩餘約 40 億美元。

We remain committed to repurchases of our stock to help manage dilution.

我們仍然致力於回購我們的股票以幫助管理稀釋。

Turning now to the revenue outlook.

現在轉向收入前景。

We believe we have good opportunities to grow the business across both Facebook and Instagram in 2018.

我們相信，我們有很好的機會在 2018 年跨 Facebook 和 Instagram 發展業務。

We continue to improve the effectiveness of our ads, which helps drive ROI for our advertisers and demand for our ad products.

我們不斷提高廣告的有效性，這有助於提高廣告客戶的投資回報率和對我們廣告產品的需求。

On the supply side, we expect we will be able to continue to grow ad impressions at a modest pace.

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。

In 2018, we expect constant currency ad revenue growth rates to decelerate, consistent with the trends that we have seen over the past year.

2018 年，我們預計固定貨幣廣告收入增長率將放緩，這與我們在過去一年中看到的趨勢一致。

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.

我還要指出，在 2018 年上半年，由於近期美元貶值，我們可能會受益於有利的匯率順風。

Moving on to expenses.

繼續開支。

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

我們繼續預計 2018 年全年總費用將比 2017 年全年增長約 45% 至 60%。

Turning now to CapEx.

現在轉向資本支出。

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.

我們預計，由於對數據中心、服務器、辦公設施和網絡基礎設施的投資增加，我們 2018 年全年的資本支出將在 140 億美元至 150 億美元之間。

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

我們目前預計我們 2018 年全年的稅率將在十幾歲左右。

In summary, 2017 was another good year for Facebook.

總之，2017 年對 Facebook 來說又是一個好年頭。

We continued to grow our global community and deliver great results for our advertisers.

我們繼續發展我們的全球社區，並為我們的廣告商帶來了巨大的成果。

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.

重要的是，我們加快了投資，以使我們的產品更好，社區更強大，因為我們推進我們的使命，即賦予人們建立社區的力量，讓世界更緊密地聯繫在一起。

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

有了這個，邁克，讓我們開始提問。

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

（操作員說明）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?

我有 2。第一個，你提到的質量變化導致了對北美每日活躍用戶的影響，我猜，關於這些質量變化的進一步細節是什麼？

And what makes you feel comfortable this isn't likely to continue?

是什麼讓你覺得這不太可能繼續下去？

I know you may need to make further changes and cleanups throughout the course of the year.

我知道您可能需要在一年中進行進一步的更改和清理。

And then the second one, Mark, I thought your commentary on Stories engagement was really helpful.

然後第二個，馬克，我認為你對故事參與的評論真的很有幫助。

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.

我很想知道有關 Stories 格式貨幣化的早期學習以及您可能需要克服的任何挑戰，以通過這種消費來推動貨幣化。

On the quality changes on the impact on DAU in the U.S. and Canada, really, no further, I think, elaboration on that.

關於質量變化對美國和加拿大 DAU 的影響，我認為，真的，沒有進一步的闡述。

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.

我只想說我們沒有預料到，這將是一個持續的趨勢，但鑑於高滲透率，我們確實認為那裡會有一些波動。

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.

不同的質量變化會產生很多不同的效果，並專注於有意義的社交互動，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.

在 Stories 貨幣化方面，Instagram 上的 Stories 廣告是我們收入的一小部分，但增長迅速。

There are 300 million daily actives on Instagram alone.

僅在 Instagram 上就有 3 億日活躍用戶。

And the format is pretty exciting from a sales point of view because it has a lot of potential.

從銷售的角度來看，這種格式非常令人興奮，因為它有很大的潛力。

It's full-screen, it's authentic, it's very engaging.

它是全屏的，它是真實的，它非常吸引人。

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.

因此，我們未來有機會將這種新格式的力量與我們提供的定位和衡量相結合，我們認為這對我們的業務和客戶的業務都將非常強大。

It's early days but I'm pretty optimistic about this.

現在還為時尚早，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?

首先，馬克，你已經很清楚地表明，推動有意義的社交互動是公司今年的首要任務，但你能談談你所做的改變如何影響廣告嗎？

And maybe you can talk about how you're thinking about any changes around ad load or just overall impression volume.

也許您可以談談您如何看待廣告加載或總體印象量方面的任何變化。

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?

那麼廣告如何在有更多朋友和家人內容的環境中以及在您看不到那麼多商業帖子的環境中發揮作用？

And then secondly, can you talk about GDPR as well?

其次，你能談談 GDPR 嗎？

I don't think you mentioned it, but just curious.

我不認為你提到它，但只是好奇。

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.

我知道你前幾天發表了這篇博文，但如果你能談談你如何在這里為未來幾個月推出的內容做準備，以及你是否認為這會給參與度或盈利帶來任何風險。

Doug, it's Dave.

道格，我是戴夫。

I'll start off on the impact on the business.

我將從對業務的影響開始。

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.

正如馬克所提到的，最大的關注點——關注有意義的交互的最大影響將是在被動視頻等領域，從商業角度來看，我們在花費時間的基礎上獲利更少。

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.

因此，如果您從推動印象增長的動態消息中的帖子瀏覽量等方面考慮它，我們認為這將產生較小的影響。

And so that's sort of built into what I had said about the business commentary, when I commented on 2018 revenue outlook.

因此，當我評論 2018 年的收入前景時，這就是我所說的關於商業評論的內容。

We still believe we have an opportunity to grow impressions at a modest pace year-over-year across the platform.

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.

當我想到 MSI 的變化時，顯然，任何對我們社區有益的變化都對我們業務的長期健康有益，因為正如 Mark 所說，我們不僅關心在 Facebook 上花費的時間，而且還關心花費的時間。

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.

但即使在短期內，在 Facebook 上花費的所有時間也不相同，因為當人們花時間查看更多帖子時，因為他們與家人和朋友互動並且他們不參與更長的帖子，我們實際上有更多的獲利機會.

We're not doing this to be positive or negative for revenue.

我們這樣做並不是為了對收入產生積極或消極的影響。

We're doing this because it's the right thing for our community.

我們這樣做是因為這對我們的社區來說是正確的。

But the impact it has on monetization is certainly not clearly negative.

但它對貨幣化的影響肯定不是負面的。

When you think about GDPR, the Facebook family of apps already applies the core principles in the GDPR framework, which are transparency and control.

當您想到 GDPR 時，Facebook 系列應用程序已經應用了 GDPR 框架中的核心原則，即透明度和控制力。

And we're building on this to make sure we're ready to fully comply by May.

我們正在以此為基礎，以確保我們已準備好在 5 月前完全遵守。

We're going to continue to give people a personalized experience and be clear about how we're using the data and give choices.

我們將繼續為人們提供個性化的體驗，並明確我們如何使用數據並提供選擇。

And we realize that this means that some users might opt out of our ad targeting tools.

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。

We also know that there may be a DAU impact for implications on European usage.

我們還知道，DAU 可能會對歐洲的使用產生影響。

But from the targeting, we're not forecasting a big impact here.

但從定位來看，我們並沒有預測這裡會有很大的影響。

There is some risk and we're watching closely.

存在一些風險，我們正在密切關注。

Over the long run, we feel confident that we're very well-placed to navigate the transition.

從長遠來看，我們相信我們已經做好了應對過渡的準備。

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

您的下一個問題來自高盛集團的 Heather Bellini。

I had 2 questions.

我有 2 個問題。

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.

一，我只是想知道廣告商對較低參與度的反應是什麼，我猜想，如果你願意的話，也是清理新聞提要的那種。

What's kind of their view on this?

他們對此有何看法？

And also, can you share with us any metrics on Watch?

另外，你能和我們分享一下 Watch 上的任何指標嗎？

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?

而且我知道現在還為時過早，但是從參與的角度來看，有什麼有趣的事情嗎？你認為這會如何發展？

On the DAU impact and the advertiser response, our business is strong.

在 DAU 影響和廣告商反應方面，我們的業務表現強勁。

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.

在美國，每天有超過 1.84 億人使用 Facebook，這比僅在移動設備上每天舉行的超級碗要多得多。

We also have, we think, the best ability to target and make advertising relevant for businesses and people who see ads.

我們認為，我們還擁有最好的能力來定位廣告並使廣告與看到廣告的企業和人們相關。

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.

我們將繼續開發產品，使企業能夠從所花費的資金中獲得更高的回報，並讓人們在我們的平台上看到更多相關信息和廣告。

So we're pleased with the growth, and we believe that delivering the strong quarter we have shows that.

因此，我們對增長感到滿意，我們相信實現我們擁有的強勁季度表明了這一點。

On Watch, it's just early days.

在 Watch 上，這只是早期階段。

We have a dedicated place for people to watch and comment.

我們有一個專門的地方供人們觀看和評論。

We're heavily focused on the social aspects of video viewing, but it's too early to report any real findings.

我們非常關注視頻觀看的社交方面，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?

也許首先關注參與度和產品變化的主題，你將如何定義成功？

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?

您將在平台上花費的時間或平台上的用戶增長或相對參與度方面關注什麼，以說明您的組合正確並且人們看到了正確的（聽不見的）內容並擁有健康的體驗未來幾年與 Facebook 合作？

That would be number one.

那將是第一名。

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?

第二，Dave，關於 OpEx 和 CapEx，考慮到公司有動力在安全方面做很多事情並重新定位產品，我們是否應該預計今年在以下方面會有不同的節奏公司可能進行的投資，上半年可能比下半年更多？

I just want to know if there was any color there.

我只是想知道那裡有沒有顏色。

I can take the first point about meaningful social interaction.

我可以採取關於有意義的社交互動的第一點。

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.

所以我給我們所有團隊的產品指令是從專注於向人們展示最有意義的內容轉變為現在鼓勵最有意義的社交互動。

So that will first take hold as a series of News Feed changes.

因此，這將首先在一系列新聞提要更改時生效。

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.

但隨著時間的推移，我們將構建新產品，團隊設計的新界面旨在鼓勵人們之間的互動。

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.

所以我們要衡量的事情基本上是人們在平台上和平台外的互動次數，因為他們看到他們向他們報告的內容——對我們來說是有意義的。

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.

關於我們如何開發新聞提要，我認為值得明確的一件有趣的事情是，我認為我們設計新聞提要是為了優化時間或喜歡或評論或類似的一些信號。

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.

現實情況是我們多年來一直這樣做的方式是我們有一個小組，對數千人進行調查，基本上我們詢問他們在平台上看到的或他們看到的最有意義的內容是什麼該平台。

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.

我們設計我們的系統是為了能夠了解人們真正告訴我們的是高質量體驗的基本事實。

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.

所以現在我們要稍微改變這種方法，而不是僅僅關注內容，現在更專注於嘗試衡量並讓人們告訴我們是什麼在他們的生活中創造了最有意義的互動，對吧。

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.

不只是在 Facebook 上，它可能是您在 Messenger 或 WhatsApp 上的一條消息，但也可能是您在 Facebook 上看到一些東西，並與世界上對您有意義的人進行對話。

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.

這是我們需要理解的，但這基本上是我們將在接下來的一段時間內將所有這些系統移向的方向。

And it's not just going to be one News Feed change that happens overnight.

這不僅僅是一夜之間發生的新聞提要變化。

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.

這將是一系列的推出，然後是一些產品更改，這些更改將進入產品界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.

然後，埃里克，你有一個關於我們如何預期費用增長在這一年中取得進展的問題。

There is no specific one item that's going to drive it.

沒有特定的項目會驅動它。

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.

因此，我們預計全年費用增長將大幅增長，這主要是由於我們在之前的電話會議上談到的推動整體加速的因素。

There's the continued investment on the security front.

在安全方面有持續的投資。

We talked about that in both Mark's comments and my comments, and we're continuing to ramp that investment.

我們在馬克的評論和我的評論中都談到了這一點，我們將繼續加大投資力度。

We are continuing to invest to support the video strategy on Watch.

我們將繼續投資以支持 Watch 上的視頻策略。

So we would expect that content investment to continue and ramp.

因此，我們預計內容投資將繼續並增加。

And then finally, we're continuing to invest in the long-term initiatives in areas like AR, VR, AI and connectivity.

最後，我們將繼續投資於 AR、VR、AI 和連接等領域的長期計劃。

So across the board, we would expect expense growth to ramp throughout the year.

因此，總體而言，我們預計全年費用增長將上升。

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.

兩個，如果可以的話，一個給戴夫，一個給雪莉。

First of all, for Sheryl, I'm wondering if you could update us on the Search opportunity.

首先，對於謝麗爾，我想知道您是否可以向我們提供有關搜索機會的最新信息。

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?

鑑於平台上產品廣告的快速增長，Facebook 是否有機會從更多的需求生成平台過渡到需求滿足？

And then for Dave, can you give us a sense of the timing of the changes to the News Feed?

然後對於 Dave，您能否讓我們了解一下 News Feed 更改的時間安排？

Is this a fully completed rollout?

這是一個完全完成的部署嗎？

Were there different cohorts that saw it first?

是否有不同的群體首先看到它？

Was there any regional phasing or anything like that?

是否有任何區域分階段或類似的東西？

Yes, Peter, I'll take the second part first.

是的，彼得，我先講第二部分。

We began to make changes around a number of different quality initiatives in the fourth quarter.

我們在第四季度開始圍繞許多不同的質量計劃進行更改。

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.

因此，這影響了我們討論過的指標，包括花費的時間和 DAU，但正如 Mark 所說，我們將繼續做出改變以改進和優化圍繞推動有意義的社交互動。

That's going to be an ongoing journey throughout the year.

這將是一整年的持續旅程。

So there is no -- I don't think we ever are going to declare that we are done making changes.

所以沒有——我認為我們永遠不會宣布我們已經完成了更改。

So I'd expect we would continue to make changes and evolve.

所以我希望我們會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.

在搜索機會方面，Facebook 上的搜索量越來越多，但我們離盈利還有一段距離。

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.

不過，值得注意的是，由於我們的廣告定位和我們多次接觸人們的能力，我們確實相信我們的一些廣告成功是讓人們從需求產生到需求滿足。

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.

因此，我們有多個客戶，他們會向美國的每個人或一大群人展示一個廣告、一個視頻廣告，然後他們會跟進一個針對 Instagram 或 Facebook 的廣告，與第一個廣告互動的人。

Then they can follow up with the next [team].

然後他們可以跟進下一個[團隊]。

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.

我們看到，隨著企業越來越多地根據銷售的實際投資回報率來衡量他們的廣告支出，即使在我們自己的平台內，我們也可以將人們從營銷漏斗中從需求產生轉移到需求滿足。

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國銀行美林公司的賈斯汀郵政。

Dave, maybe you could talk a little bit about the sustainability of the pricing growth that you're seeing with advertising.

戴夫，也許你可以談談你在廣告中看到的定價增長的可持續性。

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.

顯然，你對明年的展望表明它會適度減速，但它肯定處於非常高的水平，並就此談一談。

And then maybe Mark or Dave, just talk about how the Watch tab is evolving.

然後也許是 Mark 或 Dave，談談 Watch 選項卡是如何演變的。

Are you seeing a lot of usage there?

你看到那裡有很多使用嗎？

And how do you think about content in the Watch tab versus the News Feed?

您如何看待“觀看”標籤中的內容與“新聞提要”中的內容？

Yes, sure, Justin.

是的，當然，賈斯汀。

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.

在定價增長方面，我認為，我們覺得我們在通過更好的定位、更好的廣告單元、推動更好的轉化等方面為我們的廣告客戶帶來更好的結果和投資回報率的目標取得了良好的進展。

And we think we're making good progress there.

我們認為我們在這方面取得了良好的進展。

And the willingness of advertisers to continue to grow budgets with us I think highlights our progress there.

我認為廣告商願意繼續與我們一起增加預算突顯了我們在這方面取得的進展。

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.

請記住，他們在一天結束時針對給定美元花費的業務結果進行優化，而不是我們在這裡名義上報告的展示價格。

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.

因此，您可以想到所有這些工作，Sheryl 談到了價值優化工作作為其中的一部分，作為提高印象產量的努力，我們必須為我們的廣告合作夥伴推動下游業務成果。

And if we can drive those effectively, that will translate into higher effective prices for our business.

如果我們能夠有效地推動這些，那將為我們的業務轉化為更高的有效價格。

And as I mentioned, I think we believe we still have a lot of work to do to continue to improve that.

正如我所提到的，我認為我們相信我們還有很多工作要做，以繼續改進它。

So we think there's opportunities here.

所以我們認為這裡有機會。

And for Watch, it's early.

而對於 Watch，現在還為時過早。

There are some promising signs.

有一些有希望的跡象。

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?

但就我們如何看待與 News Feed 相比的整體而言，我想說的是，將 News Feed 視頻生態系統和 Watch 視頻生態系統幾乎完全分開的內部化非常重要，對吧？

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.

因此，我們正在構建的觀看行為是人們有意觀看特定視頻並與周圍社區互動的一種行為。

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.

這與我們擔心今天在動態消息中過於被動地消費體驗形成鮮明對比的是，人們只是碰巧經常看到一個視頻，也許他們會觀看幾分鐘，但在動態消息中可能不會圍繞它進行太多互動.

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.

因此，從長遠來看，我們仍然非常樂觀，Watch 將成為視頻的一種用途，有助於拉近人們之間的距離，這將與我們社區告訴我們他們想要的所有事情相關聯，並且與我們認為，社會產品可以通過幫助人們建立關係來產生我們關心的所有長期幸福感，例如長期幸福和健康等。

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

您的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

Two questions, please.

請教兩個問題。

European advertising revenue growth or your ad revenue growth in Europe accelerated.

歐洲廣告收入增長或您在歐洲的廣告收入增長加速。

Is that just currency or anything else you would call out there?

那隻是貨幣還是您會在那裡調用的其他任何東西？

And then you talked about progress in moving away from kind of demand -- or creation towards demand fulfillment or including demand fulfillment.

然後你談到了從一種需求——或從創造轉向需求滿足或包括需求滿足的進展。

And I was wondering if you could give any more examples of that.

我想知道你能否舉出更多的例子。

I know, Sheryl, 2 years ago or so, you mentioned Booking.com being on the platform.

我知道，Sheryl，大約 2 年前，你提到過 Booking.com 在平台上。

I still think those OTAs, based on our work, are still doing like 10x as much spend on Google.

我仍然認為，根據我們的工作，這些 OTA 在 Google 上的支出仍然是 10 倍。

So there's a real opportunity versus Facebook.

因此，與 Facebook 相比，這是一個真正的機會。

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?

您是否有其他例子或任何其他證據可以證明或談論公司真的找到了在 Facebook 上實現需求的能力？

And what's caused that to change?

是什麼導致了這種變化？

So let me just quickly hit on the constant currency question I think you had at the beginning, Mark.

所以讓我快速談談我認為你一開始就有的固定貨幣問題，馬克。

The acceleration we saw from Q3 to Q4 was currency for Europe.

我們看到從第三季度到第四季度的加速是歐洲的貨幣。

But Europe continues to grow at a very healthy pace and on a constant currency basis.

但歐洲繼續以非常健康的速度增長，並在貨幣不變的基礎上增長。

So we're very pleased with the results, both in constant currency terms and nominal terms.

所以我們對結果非常滿意，無論是按固定貨幣計算還是名義計算。

And then, Sheryl?

然後，雪兒？

So to take the first question, the EU.

因此，回答第一個問題，歐盟。

The strength in Europe was driven by SMBs.

歐洲的實力是由中小企業推動的。

We grew across the board with large companies, too, but SMBs were really important for this.

我們也與大公司一起全面成長，但中小型企業對此非常重要。

There are 18 million small businesses on Facebook in Europe, and I had a chance to meet a lot of them on my trip.

在歐洲，Facebook 上有 1800 萬家小企業，我有機會在旅途中遇到了很多。

But to mention just one, which shows the point, a couple named Linda and Marius started a company called iELM.

但僅舉一個，這表明了這一點，一對名叫琳達和馬呂斯的夫婦創辦了一家名為 iELM 的公司。

They're a kids clothing retailer.

他們是一家童裝零售商。

They started in Sweden on Facebook.

他們從瑞典的 Facebook 開始。

She was selling clothes in her living room and selling them.

她在客廳裡賣衣服，賣衣服。

Facebook is driving about half their sales.

Facebook 推動了他們大約一半的銷售額。

They then opened a factory in Romania and moved back to Romania, where they're now employing 100 people.

然後他們在羅馬尼亞開了一家工廠，然後搬回了羅馬尼亞，他們現在在那裡僱傭了 100 名員工。

And they're shipping across Sweden, Romania, Germany and Austria.

他們正在瑞典、羅馬尼亞、德國和奧地利運送。

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.

他們仍然是一家只有 100 人的小企業，但他們是一家不斷發展的企業，展示了我們與 SMB 合作如何增加就業機會的力量。

You were asking also for an example of demand generation going all the way down to demand fulfillment.

您還要求提供一個需求生成一直到需求滿足的示例。

Here's another one from Europe.

這是另一個來自歐洲的。

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.

Gymshark 是一家總部位於英國的健身服裝品牌。他們為黑色星期五的活動投放了 Facebook 視頻廣告和 Instagram Story Ads。

And then they target, with Lookalike, people who had previously purchased, and Custom Audiences, with people who started but didn't complete the purchase.

然後，他們針對之前購買過的人使用 Lookalike，並針對開始但未完成購買的人進行自定義受眾。

And they saw a 9.3x return on investment over the 2-week holiday period.

他們在為期 2 週的假期期間看到了 9.3 倍的投資回報。

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.

在我們的平台上發生的情況通常是人們會開始產生需求，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實現需求。

If you use our targeting tools well, you can actually start out with demand fulfillment.

如果您能很好地使用我們的定位工具，您實際上可以從滿足需求開始。

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.

所以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找到對產品感興趣的人，然後你可以更接近並沿著漏斗滿足需求.

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Just 2 questions.

就2個問題。

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?

馬克，首先，關於被動消費與主動消費的話題，你能談談今天積極貢獻的 DAU 的百分比與僅靠後退的被動消費相比嗎？

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?

與 5 或 10 年前相比，根據您在 News Feed 中所做的一些產品更改，該比率可能發生了怎樣的變化？

And then, Dave, just to follow up on pricing.

然後，戴夫，只是跟進定價。

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?

因此，鑑於台式機與移動設備的增長率，我們有很多噪音，您能否談談在同類地理基礎上移動設備的定價增長情況？

Is that 20%, 30%?

是20%還是30%？

Any color there would be helpful.

那裡的任何顏色都會有幫助。

Yes, Ross, I guess I'll take both.

是的，羅斯，我想我兩個都要。

Yes, we don't break out the type of metric that you're talking about on the passive versus active consumption.

是的，我們沒有分解你所說的關於被動消費和主動消費的指標類型。

So we don't have anything specifically to share there.

所以我們沒有什麼特別的東西可以分享。

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.

就基於移動設備的定價而言，我的意思是，我認為總體而言，趨勢總體上反映了移動設備上正在發生的事情，但仍然存在從桌面設備轉變的疊加層。

But overall, we are seeing prices increase on mobile in regions.

但總體而言，我們看到各地區移動設備的價格上漲。

So I think that's consistent with the reported trend.

所以我認為這與報導的趨勢一致。

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.

在 Instagram 上，我很好奇，如果你願意為你所看到的進展提供更多的色彩。

Any metrics to help fill in what's happening there?

有什麼指標可以幫助填寫那裡發生的事情嗎？

We continue to be pleased with the growth of Instagram, both on a user basis and on a revenue basis.

我們繼續對 Instagram 的增長感到滿意，無論是在用戶基礎上還是在收入基礎上。

It continues to make an increasing contribution to the business.

它繼續為業務做出越來越大的貢獻。

So we're very pleased with the Instagram results, nothing specifically to highlight from a metrics point of view.

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.

在業務方面，我認為我們都對結果感到滿意，但看到我們面前有一個非常大的機會。

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.

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，我們只有 200 萬廣告商來增加他們與我們的互動和消費。

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

您的下一個問題來自 Michael Nathanson 與 MoffettNathanson 的對話。

I have one for Mark on news trustworthiness and then the group on sports.

我有一個關於新聞可信度的馬克，然後是關於體育的小組。

So Mark, I realize that you're taking great pain not to play the role of a news editor on your platform.

所以馬克，我意識到你很痛苦不在你的平台上扮演新聞編輯的角色。

So you're asking users about trustworthiness.

因此，您正在向用戶詢問可信度。

But I wonder, does that pick up biases in our own stories of what we believe to be trustworthy?

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？

And how do you get past that?

你如何克服它？

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?

然後，僅僅扮演一個新的新聞提要的角色是否有意義，也許它自己的標籤，我們都相信的新聞——也許你認為是值得信賴的？

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?

所以在某個時候，你會在識別你的平台認為是真實新聞的新聞方面扮演更積極的角色，並可能以這種方式創建一個新標籤？

Is that ever something in your thinking?

你的想法是這樣嗎？

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.

我們在這里關心的價值是幫助建立共同點，正確的，並幫助我們儘自己的一份力量來打擊虛假新聞和兩極分化。

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.

因此，我們正在對這一特定變化做些什麼，這是旨在提高 Facebook 上新聞質量和可信度的眾多 News Feed 變化之一，我們基本上是在詢問人們——我們不希望自行評估哪些來源值得信賴。

I think that that's not a situation that -- or a position that we're comfortable with ourselves.

我認為這不是一種情況——或者我們對自己感到滿意的位置。

I don't think personally that that's something that our community or our society wants us to do.

我個人不認為這是我們的社區或我們的社會希望我們做的事情。

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.

因此，對於我們得到的所有反饋，我們應該對此有更多的看法，實際上，我不相信，從廣義上講，這是正確的事情。

What we try to do is get our community to tell us what matters to them.

我們試圖做的是讓我們的社區告訴我們什麼對他們來說很重要。

Because we believe that when we can get an accurate signal from the community, then -- people are smart.

因為我們相信，當我們能夠從社區中獲得準確的信號時，那麼——人們就是聰明的。

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.

他們知道他們想要什麼，什麼是好的，他們可以告訴我們，如果我們能以足夠簡單的方式詢問他們並獲得匯總數據。

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.

所以我們在這裡所做的是，我們基本上只是詢問人們是否熟悉新聞來源以及是否信任他們。

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.

這樣做的效果是它基本上正常化了——有些人會閱讀給定的新聞來源，他們可能會相信它，因為他們閱讀了它。

But the question is of the people who don't read it, who are still familiar with it, do they think it's trustworthy?

但問題是，不讀它的人，仍然熟悉它的人，他們認為它值得信賴嗎？

And that's the example that I gave before of The Wall Street Journal or New York Times.

這就是我之前給《華爾街日報》或《紐約時報》舉的例子。

A lot of people read those, a lot of people don't.

很多人讀過，很多人不讀。

But the people who don't still think that they're high-quality journalism, in general.

但總的來說，那些仍然不認為自己是高質量新聞的人。

And that's not true for a lot of the other stuff that's out there.

對於很多其他的東西來說，情況並非如此。

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.

我們發現這是一個可靠的內容信號，有助於建立共同點，不太可能兩極分化，不太可能是假新聞。

And what we're doing is helping to show that a little bit more.

我們正在做的是幫助更多地展示這一點。

Again, we're not going to tell you that you can't share other stuff, right, you can share it on the platform.

再說一次，我們不會告訴你不能分享其他東西，對，你可以在平台上分享。

People can go to your profile.

人們可以訪問您的個人資料。

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.

但在新聞提要中，我們將展示更多的內容來做我們認為我們的角色是幫助建立共同點並對抗世界上的其他一些力量。

On the sports answer, sports is one of the ways that people get together on Facebook and build community.

在體育方面，體育是人們在 Facebook 上聚會和建立社區的方式之一。

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.

我們很高興將 UEFA Champions League 足球和大學籃球帶到 Facebook，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 John Blackledge 與 Cowen 的對話。

Two questions.

兩個問題。

On Marketplace, with the expansion to 30 countries, just wondering how the business model evolves over time.

在 Marketplace 上，隨著擴展到 30 個國家/地區，只是想知道商業模式如何隨著時間的推移而發展。

Does it kind of mirror Amazon's third-party business or eBay's marketplace business?

它是否反映了亞馬遜的第三方業務或 eBay 的市場業務？

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.

然後只是在廣告單元上，在插播視頻廣告單元上，只是想知道，我知道現在還為時過早，只是廣告需求的任何顏色，也許你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.

在 Marketplace 上，我們將繼續迭代廣告測試。

We're pretty encouraged by what we've seen, even though it's pretty early days.

我們對我們所看到的感到非常鼓舞，即使它還處於早期階段。

What we're excited about is that our business is helping people connect with things they want to buy.

我們感到興奮的是，我們的業務正在幫助人們與他們想購買的東西建立聯繫。

It's also important to note that commerce is a really important vertical in our ads business.

同樣重要的是要注意，商業是我們廣告業務中非常重要的垂直領域。

So it's not just that commerce is being driven in ads in Marketplace.

因此，Marketplace 中的廣告不僅推動了商業發展。

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.

但從更大的角度來看，商業、發現產品一直到銷售是推動我們廣告業務的重要組成部分。

Your next question...

你的下一個問題...

On ad breaks.

在廣告時段。

Sorry, on ad breaks for mid-roll video, early days, pretty good results.

抱歉，插播視頻的廣告插播時間，早期，效果不錯。

More than 70% of Ad Breaks up to 15 seconds in length on Facebook and Audience Network are being viewed to completion.

在 Facebook 和 Audience Network 上，超過 70% 的長達 15 秒的廣告插播正在被觀看完成。

Most are being viewed with the sound on, but again, it's very early for this.

大多數都是在打開聲音的情況下觀看的，但同樣，現在還為時過早。

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

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

Sheryl, just hoping you could help us think about how marketing budgets grow as retail moves online.

謝麗爾，只是希望你能幫助我們思考一下隨著零售網絡的轉移，營銷預算是如何增長的。

So investors we speak to ask the question about the addressable market for Facebook.

因此，我們採訪的投資者會詢問有關 Facebook 潛在市場的問題。

Is it -- is the addressable market running out of opportunity as the platform gets larger?

是不是——隨著平台變大，目標市場的機會已經不多了？

So do you believe the overall ad market or the TAM is possibly experiencing structural expansion due to a shift in e-commerce overall?

那麼，您是否認為整個廣告市場或 TAM 可能會由於電子商務的整體轉變而經歷結構性擴張？

And then Mark, I wanted to ask about AI.

然後馬克，我想問一下人工智能。

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?

您能否談談您為改善平台上的用戶體驗和安全性而投資的技術的更廣泛應用？

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?

所以我知道你正在使用人工智能來提高體驗和參與的質量，但我們是否應該考慮這些投資也隨著時間的推移啟用新功能和產品，無論是運送硬件、定制芯片還是潛在的人工智能即服務外部？

Anthony, on the marketing budgets, we continue to think we've got great opportunities to grow in the large global advertising market.

Anthony，在營銷預算方面，我們仍然認為我們在龐大的全球廣告市場有很大的發展機會。

When you get sort of down to the micro level, you talked about e-commerce.

當你進入微觀層面時，你談到了電子商務。

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.

電子商務過去是——現在是，現在仍然是我們在第四季度最強大的垂直領域之一，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。

And Sheryl talked about Value Optimization and that sort of work that we're doing.

Sheryl 談到了價值優化和我們正在做的那種工作。

And so I think we've got continued opportunities with e-commerce going forward.

因此，我認為我們在電子商務方面擁有持續的機會。

So I think we're very well-positioned in the e-commerce space.

所以我認為我們在電子商務領域處於非常有利的位置。

On AI?

在人工智能上？

Yes, I can talk about AI.

是的，我可以談論人工智能。

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.

所以機器學習是——迄今為止我們在行業和整個業務中看到的最大技術趨勢的改進。

And we really see it in 3 ways, right.

我們真的從三個方面看到它，對吧。

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.

第一個也是最具策略性的只是對您所看到的一切進行優化，對，從新聞提要中的排名，到廣告或搜索的排名，或改進我們的安全系統。

And that's driving a lot of the business and the quality improvement that we're seeing, and that's really important.

這推動了我們所看到的大量業務和質量改進，這非常重要。

The second category, I would call qualitative changes in how we do business.

第二類，我稱之為我們做生意的質變。

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.

例如，對於新聞提要，從歷史上看，新聞提要中的所有內容都是您連接到的內容，對吧。

You become friends with someone or you follow a page, and then their content can show up in News Feed.

您與某人成為朋友或關注某個頁面，然後他們的內容可以顯示在 News Feed 中。

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.

但從長遠來看——或者甚至不是長期的，對，在接下來的幾年裡，隨著我們對 Facebook 上所有內容的理解，這將不再是一個限制。

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.

在某個時候，我們將能夠理解您可能會看到的所有發佈內容的含義，並將其用作候選者，以潛在地改善您的體驗，並使您可以看到比您可能看到的更多內容今天能夠 - 當然，我們會這樣做以幫助鼓勵更多的社交互動。

The way that this is improving the work that we're doing around security and integrity is also very fundamental.

改進我們圍繞安全性和完整性所做的工作的方式也非常重要。

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.

今天，整個模式是人們可以發布他們想要的東西，然後人們可以標記它，然後我們的系統會查看它。

But increasingly, as we move into the future, we're going to be able to proactively take down some negative content.

但隨著我們走向未來，我們將越來越能夠主動刪除一些負面內容。

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.

我舉了與恐怖主義相關的內容和一些關於自殺帖子的例子，如果有人發布他們正在考慮自殺的東西，現在今天，我們不必等待有人報告很多時間.

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.

在過去的幾個月裡，已經有超過 100 次我們能夠與急救人員取得聯繫並取得聯繫，以便他們能夠提供幫助——為人們提供他們需要的幫助。

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.

在保護我們社區的安全性和完整性方面，這是我們開展業務的方式的重大結構性變化。

The third major category is going to be completely new products and platforms.

第三大類將是全新的產品和平台。

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.

所以在那裡，我們討論了我們圍繞 VR 和 AR 構建的所有東西，以及與任何人、任何地方存在的能力。

And certainly, AI is going to be a big part of that, both on the vision side and the voice side.

當然，人工智能將成為其中的重要組成部分，無論是在視覺方面還是在語音方面。

And there are going to need to be big advances there, but that's really exciting.

那裡需要取得重大進展，但這真的很令人興奮。

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.

但我認為在這三個類別中的每一個中，優化、升級我們的業務方式並真正改變我們今天產品的運作方式，然後是新產品，我想說機器學習方面的改進是最大的迄今為止，該行業的重要技術趨勢。

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

您的最後一個問題來自 Mark May 與 Citi 的對話。

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.

只是想問一個關於馬克的評論的後續問題，即用戶參與度下降了，我認為，本季度每天的小時數減少了 5000 萬分鐘。

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?

我想問題是你有多大信心，這種影響是由於你主動做出的 News Feed 更改而不是你無法控制的其他一些因素？

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?

如果您仍處於對 News Feed 進行這些質量改進的早期階段，您是否預計參與度下降會繼續下去？

And just for Dave, I know you choose your words carefully.

就戴夫而言，我知道您會謹慎選擇措辭。

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.

我只是想澄清一下，您今年提到，您預計恆定貨幣廣告收入增長將減速，這與我們去年看到的趨勢一致。

I think your constant currency growth rate in '17 declined by about 12 percentage points.

我認為你們 17 年的固定貨幣增長率下降了大約 12 個百分點。

Is that kind of what you're trying to lead us towards?

這就是你試圖引導我們的方向嗎？

I can take the first -- the second question first, Mark.

我可以先回答第一個——第二個問題，馬克。

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.

我想我想說的是，我們確實預計固定貨幣收入增長將繼續減速，與我們在過去一年中看到的穩步減速一致。

So we do expect that trend to continue.

因此，我們確實預計這種趨勢會持續下去。

I'm not putting specific percentages around it.

我沒有給出具體的百分比。

Take the first?

拿第一？

Yes.

是的。

So in Q4, we made a number of quality changes that were largely around video.

因此，在第四季度，我們進行了許多主要圍繞視頻的質量更改。

We are going to continue to make quality changes now going forward around meaningful social interaction.

我們將繼續圍繞有意義的社交互動進行質量改變。

And I do think that, that is likely going to continue this trend of decreasing passive consumption.

而且我確實認為，這很可能會繼續這種減少被動消費的趨勢。

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.

但是，如果我們把工作做好，它應該會增加人們進行有意義的互動的次數，我們認為這將是積極的，對吧。

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.

因此，我們認為從長遠來看，這將有助於使社區更加強大，並且我們認為從長遠來看，這對企業有利。

But this is what people are telling us, this is what they want on the product.

但這就是人們告訴我們的，這就是他們想要的產品。

It's the unique value that people expect from Facebook.

這是人們期望從 Facebook 獲得的獨特價值。

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.

您可以去很多地方消費內容，但沒有很多服務可以加強您的關係。

That's what people want, so that's the right thing for us to focus on.

這就是人們想要的，所以這是我們應該關注的正確事情。

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.

它還與我們所做的所有福祉研究相一致，正如你所知，去年關於社交媒體和互聯網的效用存在很多爭論，我們採取這個很嚴重吧。

It's our responsibility, too, to make sure that we understand everything that's going on, on our platform.

我們也有責任確保我們了解我們平台上正在發生的一切。

And one of the big takeaways from that is that time when people are engaging and building relationships is good time.

從中獲得的最大收穫之一是人們參與和建立關係的好時機。

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.

這與你所期望的長期幸福的所有方面相關，比如幸福和健康，感覺更緊密聯繫，感覺更少孤獨，以及所有在我們生活中質量上很重要的事情。

And we think that we can help drive that and improve people's lives by doing that.

我們認為我們可以幫助推動這一點，並通過這樣做來改善人們的生活。

So we're absolutely going to go do that.

所以我們絕對會去做。

Great.

偉大的。

Thank you for joining us today.

感謝您今天加入我們。

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

感謝您的寶貴時間，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.

您現在可以斷開線路。