Meta Platforms Inc (META) 2018 Q1 法說會逐字稿

Good afternoon.

午安.

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

我叫麥克，今天我將擔任你們的會議操作員。

(Operator Instructions) At this time, I would like to welcome everyone to Facebook First Quarter 2018 Earnings Call.

（操作員說明）此時，我歡迎大家參加 Facebook 2018 年第一季財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將會被錄音。

Thank you very much.

非常感謝。

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

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

Thank you.

謝謝。

Good afternoon, and welcome to Facebook's First Quarter 2018 Conference Call.

下午好，歡迎參加 Facebook 2018 年第一季電話會議。

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

今天與我一起討論我們的結果的是執行長馬克·祖克柏 (Mark Zuckerberg)；謝麗爾·桑德伯格，營運長；和財務長戴夫‧韋納 (Dave Wehner)。

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

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包含前瞻性陳述。

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

實際結果可能與這些前瞻性陳述預期的結果有重大差異。

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

今天的新聞稿以及我們向 SEC 提交的 10-K 表格年度報告中列出了可能導致這些結果出現重大差異的因素。

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

我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

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

在這次電話會議中，我們可能會介紹公認會計準則和非公認會計準則的財務指標。

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

今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。

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

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

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

現在我想把電話轉給馬克。

Thanks, Deborah, and thanks, everyone, for joining us today.

謝謝黛博拉，也謝謝大家今天加入我們。

Despite facing important challenges, our community and business are off to a strong start in 2018.

儘管面臨重大挑戰，我們的社區和業務在 2018 年仍取得了良好的開局。

More than 2.2 billion people now use Facebook every month, and more than 1.4 billion people use it every day.

現在每月有超過 22 億人使用 Facebook，每天有超過 14 億人使用它。

Our business grew 49% year-over-year to $12 billion, but as you know, we have important issues to address.

我們的業務年增 49%，達到 120 億美元，但如您所知，我們有重要的問題需要解決。

For most of our existence, we focused in all the good that connecting people can bring.

在我們存在的大部分時間裡，我們都專注於人與人之間的連結所能帶來的所有好處。

But it's clear now we didn't do enough to prevent these tools from being used for harm as well, whether that's foreign interference in elections, fake news, hate speech or app developers and data privacy.

但現在很明顯，我們在防止這些工具被用於造成傷害方面做得還不夠，無論是外國幹預選舉、假新聞、仇恨言論還是應用程式開發人員和資料隱私。

So now we're going through every part of our relationship with people and making sure we're taking a broad enough view of our responsibility, not just to build tools, but to make sure those tools are used for good.

因此，現在我們正在審視我們與人們關係的各個部分，並確保我們對我們的責任有足夠廣泛的認識，不僅是為了建立工具，而且是為了確保這些工具被用於好的方面。

This means continuing to invest heavily in safety, security and privacy.

這意味著繼續在安全、安保和隱私方面進行大量投資。

Some of this will come in the form of new technology.

其中一些將以新技術的形式出現。

We're restricting the data developers can access.

我們限制開發人員可以存取的資料。

We're building advanced AI tools that have helped us detect and remove tens of thousands of fake accounts ahead of the elections in France, Germany and Alabama last year.

我們正在建立先進的人工智慧工具，幫助我們在去年法國、德國和阿拉巴馬州的選舉之前檢測並刪除數以萬計的虛假帳戶。

We're investing more in people.

我們正在加大對人才的投資。

We are doubling our team working on security and content review to more than 20,000 people by the end of this year.

到今年年底，我們負責安全和內容審核的團隊人數將增加一倍，達到 20,000 多人。

And this includes content reviewers with specific language skills to detect hate speech in places like Myanmar.

這包括具有特定語言技能的內容審核員，可以偵測緬甸等地的仇恨言論。

We're also working to protect political discourse by making ads more transparent.

我們也致力於透過提高廣告透明度來保護政治話語。

We recently announced that from now on, we will require everyone running political and issue ads or running a large page to be verified with a government ID.

我們最近宣布，從現在開始，我們將要求每個投放政治廣告、發布廣告或經營大頁面的人都必須使用政府身分證件進行驗證。

And we're also starting to roll out ads transparency tools that bring our ads to an even higher standard of transparency than TV or print ads.

我們也開始推出廣告透明度工具，使我們的廣告達到比電視或平面廣告更高的透明度標準。

You'll be able to see who's running a political ad, who they're targeting, how much they're paying and what other messages they're sending to different people.

您將能夠看到誰在投放政治廣告、他們的目標受眾、他們支付的費用以及他們向不同的人發送的其他訊息。

And we're going to get this done in time for the 2018 U.S. midterm as well as upcoming elections in Mexico, Brazil, India, Pakistan and more.

我們將在 2018 年美國中期選舉以及墨西哥、巴西、印度、巴基斯坦等國即將舉行的選舉前及時完成這項工作。

We have a responsibility to keep our community safe and secure, and we're going to invest heavily to do that.

我們有責任確保我們社區的安全，我們將為此投入大量資金。

At the same time, we also have a responsibility to keep moving forward and keep building tools that bring people together in meaningful new ways.

同時，我們也有責任不斷前進，不斷建構工具，以有意義的新方式將人們聚集在一起。

That's what makes Facebook so important to so many people, and that's our responsibility, too.

這就是為什麼 Facebook 對許多人如此重要的原因，這也是我們的責任。

I'm proud that more than 2 billion people use our services to stay connected with the people that matter to them most.

我感到自豪的是，超過 20 億人使用我們的服務與對他們最重要的人保持聯繫。

In just the last several months, we've seen the Me Too Movement and the March for Our Lives organized, at least in part, on Facebook.

就在過去的幾個月裡，我們看到了 Me Too 運動和「為我們的生命遊行」（至少部分是在 Facebook 上組織的）。

We've seen people come together after Hurricane Harvey to raise more than $20 million for relief.

我們看到人們在哈維颶風過後團結起來籌集超過 2000 萬美元的救災資金。

And we've seen more than 80 million small businesses use Facebook to grow and create jobs.

我們已經看到超過 8000 萬家小型企業使用 Facebook 來發展和創造就業機會。

That's why beyond the investments we're making to secure our platform, we're going to invest even more in building experiences that bring people together on Facebook in the first place.

這就是為什麼除了我們為確保平台安全而進行的投資之外，我們還將投入更多資金來打造將人們聚集在 Facebook 上的體驗。

Over the next 3 years, we're going to keep building Facebook to not only be a service that people love to use but also one that's good for people and good for society.

在接下來的三年裡，我們將繼續將 Facebook 打造成不僅是一項人們喜歡使用的服務，而且是對人們和社會有益的服務。

Last quarter, we shared our well-being research into the good and bad uses of technology that showed that when you use the Internet to interact and build relationships, that's correlated with greater long-term well-being and greater health and happiness over time.

上個季度，我們分享了對技術的好處和壞處的福祉研究，該研究表明，當您使用互聯網進行互動和建立關係時，隨著時間的推移，這與更大的長期福祉以及更大的健康和幸福相關。

But when you're just passively watching videos or news online, that's not as positive.

但當你只是被動地在線觀看影片或新聞時，情況就不那麼積極了。

This quarter, we've continued shifting from passive consumption to encouraging meaningful interaction.

本季度，我們繼續從被動消費轉向鼓勵有意義的互動。

It's still early, but we're starting to see some signs that this is working.

現在還為時過早，但我們已經開始看到一些跡象表明這種方法正在發揮作用。

Some types of sharing are increasing even as passive consumption of video is down.

儘管影片的被動消費有所下降，但某些類型的共享仍在增加。

And at the same time, we're rolling out more interactive video features like Watch Party that let you watch video with your friends.

同時，我們正在推出更多互動影片功能，例如觀看派對，讓您可以與朋友一起觀看影片。

This is something we can uniquely do, and the feedback on it so far is great.

這是我們可以做的獨特的事情，迄今為止的回饋非常好。

Groups is also a major focus for us.

團體也是我們一個主要的關注點。

This quarter, we announced that 200 million people are now members of meaningful groups on Facebook.

本季度，我們宣布已有 2 億人成為 Facebook 上有意義的群組的成員。

Now we just need to keep doubling that for the next few years to reach our goal of helping 1 billion people belong to meaningful groups.

現在，我們只需在未來幾年內繼續加倍，即可實現幫助 10 億人屬於有意義的群體的目標。

As membership in physical groups continues declining as it has for decades, we hope helping people connect online will help strengthen our society's social fabric.

隨著數十年來實體團體的成員數量不斷減少，我們希望幫助人們進行線上聯繫將有助於加強我們社會的社會結構。

Stories is also a big part of the future of video sharing, which is why we're all in on it across our family.

故事也是影片共享未來的重要組成部分，這就是我們全家都參與其中的原因。

Instagram was the first to really take off here.

Instagram 是第一個在這裡真正起飛的。

Facebook started slower but is now growing quickly, too.

Facebook 起步較慢，但現在也快速成長。

And WhatsApp's status is by far the biggest of use product and continues to grow quickly.

WhatsApp 的地位是迄今為止使用量最大的產品，並且仍在快速成長。

There's also a clear trend towards sharing with smaller groups, which is why messaging is so important.

還有一個明顯的趨勢是與較小的群體共享，這就是為什麼訊息傳遞如此重要的原因。

Between WhatsApp and Messenger, people now send almost 100 billion messages every day.

現在，人們每天透過 WhatsApp 和 Messenger 發送近 1000 億條訊息。

They also do more than 3 billion minutes of video and voice calling every day, making us by far the largest network for video calling as well.

他們每天還進行超過 30 億分鐘的視訊和語音通話，使我們成為迄今為止最大的視訊通話網路。

Over the next 5 years, we're focused on building out the business ecosystems around our apps like Instagram, WhatsApp and Messenger.

未來 5 年，我們將專注於圍繞 Instagram、WhatsApp 和 Messenger 等應用程式建立業務生態系統。

This quarter, we released WhatsApp Business, which lets small businesses create a presence and offers better tools for messaging.

本季度，我們發布了 WhatsApp Business，它可以讓小型企業建立影響力並提供更好的訊息工具。

And in just a few months, more than 3 million people are actively using WhatsApp Business.

短短幾個月內，就有超過 300 萬人積極使用 WhatsApp Business。

It's a hit and it's growing quickly.

它很受歡迎，而且增長很快。

One of the interesting opportunities and challenges over the coming years will be making sure that ads are as good in Stories as they are in feed.

未來幾年有趣的機會和挑戰之一將是確保故事中的廣告與 Feed 中的廣告一樣出色。

If we don't do this well, then as more sharing shifts to Stories, that could hurt our business.

如果我們做得不好，那麼隨著更多的分享轉向故事，這可能會損害我們的業務。

But there's real upside here, too, if we do a good job.

但如果我們做得好的話，這也有真正的好處。

And we're leading the way here with Instagram, and the results so far are promising, both on product quality and business performance.

我們在 Instagram 方面處於領先地位，到目前為止，無論是產品品質還是業務績效，結果都令人鼓舞。

Over the next 10 years, we're continuing to work on the long-term technology that we need to break down barriers and bring the world closer together.

在接下來的 10 年裡，我們將繼續致力於打破障礙、拉近世界距離所需的長期技術。

We continue to work on connectivity.

我們將繼續致力於互聯互通。

And our Internet.org efforts have now helped almost 100 million people get access to the Internet who may not have had it otherwise.

我們 Internet.org 的努力現已幫助近 1 億人訪問了互聯網，否則他們可能無法訪問互聯網。

AI is the most important technological trend right now, and I'm optimistic that it can help us amplify the good that's happening on our services as well as proactively remove harmful content.

人工智慧是目前最重要的技術趨勢，我樂觀地認為它可以幫助我們放大我們服務中正在發生的好處，並主動刪除有害內容。

For example, one thing that I'm proud of is our AI tools that help us take down ISIS and Al Qaeda-related terror content, with 99% of that content being removed before any person flags it to us.

例如，令我感到自豪的一件事是我們的人工智慧工具可以幫助我們消除 ISIS 和基地組織相關的恐怖內容，其中 99% 的內容在任何人向我們舉報之前就被刪除了。

We've also built AI tools that have flagged when people are posting thoughts about suicide.

我們還建立了人工智慧工具，可以在人們發布有關自殺的想法時進行標記。

And these tools have helped us reach out to first responders to get over 1,000 people the help they need quickly.

這些工具可幫助我們聯繫急救人員，快速為 1,000 多人提供所需的協助。

On the positive side, AI will help us understand the context of what people are sharing, so we can help encourage more connection and conversation between people as well.

從正面的一面來看，人工智慧將幫助我們了解人們分享內容的背景，因此我們也可以幫助鼓勵人們之間更多的聯繫和對話。

And finally, we have some big moments for virtual reality coming up, and I'm excited to get Oculus Go in people's hands soon.

最後，我們即將迎來虛擬實境的一些重要時刻，我很高興很快就能將 Oculus Go 交到人們手中。

Overall, 2018 is a year of important investment to keep people safe and also to keep building the experiences people expect from us.

整體而言，2018 年是重要投資的一年，旨在確保人們的安全，並持續打造人們對我們期望的體驗。

We are taking a broader view of our responsibility and investing to make sure our tools are used for good.

我們正在以更廣泛的視角看待我們的責任和投資，以確保我們的工具得到良好的利用。

And we also need to keep moving forward, building new tools to help people connect, build community and bring the world closer together.

我們還需要不斷前進，開發新工具來幫助人們聯繫、建立社區並使世界更加緊密。

Thanks to all of you for being a part of this journey.

感謝大家參與這趟旅程。

I'm looking forward to making more progress together.

我期待著共同取得更多進步。

Now here's Sheryl to talk about our business.

現在謝麗爾來談談我們的生意。

Hi, everyone.

大家好。

Before going through our results, I want to take a minute to talk about ads and privacy.

在查看我們的結果之前，我想花一點時間談談廣告和隱私。

At Facebook, we have always built privacy protection into our ads system.

在 Facebook，我們始終將隱私保護融入我們的廣告系統中。

We use the information you provide and that we receive from websites to target ads for advertisers, but we don't tell them who you are.

我們使用您提供的資訊以及從網站收到的資訊來為廣告商投放定向廣告，但我們不會告訴他們您是誰。

We don't sell your information to advertisers or anyone else.

我們不會將您的資訊出售給廣告商或其他任何人。

We also believe that people should control their advertising experience.

我們也認為人們應該控制他們的廣告體驗。

For every ad we show, there's an option to find out why you're seeing that ad and to turn off ads from that advertiser entirely.

對於我們展示的每個廣告，都有一個選項可以找出您看到廣告的原因並完全關閉該廣告商的廣告。

And you can opt out of being targeted based on certain information like the websites you visit or your relationship status.

您可以根據某些資訊（例如您造訪的網站或您的關係狀態）選擇不成為目標。

Advertising and protecting people's information are not at odds.

廣告和保護人們的訊息並不矛盾。

We do both.

我們兩者都做。

Targeted ads that respect people's privacy are better ads.

尊重人們隱私的有針對性的廣告是更好的廣告。

They show people things that they're more likely to be interested in.

他們向人們展示他們更可能感興趣的東西。

We regularly hear from people who use Facebook that they prefer to see ads that are relevant to them and their lives.

我們經常聽到 Facebook 用戶表示，他們更喜歡看到與他們及其生活相關的廣告。

Effective advertising is also critical to helping businesses grow.

有效的廣告對於幫助企業發展也至關重要。

This is especially important for small businesses who wouldn't otherwise be able to afford to buy broad-reach media.

這對於小型企業來說尤其重要，否則他們將無法購買廣泛的媒體。

As Mark shared, we now have more than 80 million small businesses around the world using Facebook Pages, and many of them are building their businesses on Facebook.

正如 Mark 所分享的，目前全球有超過 8,000 萬家小型企業使用 Facebook Pages，其中許多企業正在 Facebook 上開展業務。

Small businesses are the backbone of local communities and create the majority of jobs around the world, and their growth creates million of new jobs.

小型企業是當地社區的支柱，創造了世界各地的大部分就業機會，它們的成長創造了數百萬個新就業機會。

We surveyed small businesses in 18 countries, and more than half of SMBs on Facebook say they've been able to hire more people due to growth in demand since joining our platform.

我們對 18 個國家的小型企業進行了調查，Facebook 上超過一半的中小企業表示，自從加入我們的平台以來，由於需求成長，他們能夠僱用更多的員工。

Last month, I was in Houston for Facebook's Community Boost event.

上個月，我在休士頓參加了 Facebook 的 Community Boost 活動。

I met Patrice Farooq, who runs a small business called Cupcake Kitchen.

我遇到了帕特里斯·法魯克（Patrice Farooq），他經營著一家名為紙杯蛋糕廚房（Cupcake Kitchen）的小企業。

After Hurricane Harvey damaged her business last year, she used Facebook to find new customers.

去年哈維颶風破壞了她的業務後，她使用 Facebook 尋找新客戶。

Now more than half her business come from Facebook, and she's getting ready to open a second store.

現在她一半以上的業務來自 Facebook，她正準備開第二家店。

We're proud of the ads model we've built.

我們為我們建立的廣告模型感到自豪。

It ensures that people see more useful ads, allows millions of businesses to grow and enables us to provide a global service that's free for all to use.

它確保人們看到更多有用的廣告，使數以百萬計的企業得以發展，並使我們能夠提供免費供所有人使用的全球服務。

The fastest way to bridge the digital divide in the United States or around the world is by offering services free to any consumer regardless of their circumstance.

彌合美國或世界各地數位落差的最快方法是向任何消費者提供免費服務，無論其情況如何。

Advertising-supported businesses like Facebook equalize access and improve opportunity.

Facebook 等廣告支持的企業可實現平等存取並增加機會。

At the same time, we know that people want control over how their information is used, and we want them to feel confident that the ads they're seeing are authentic.

同時，我們知道人們希望控制他們的資訊的使用方式，我們希望他們確信他們看到的廣告是真實的。

That's why we're building industry-leading transparency tools.

這就是我們建立業界領先的透明度工具的原因。

This includes a way to see ads an advertiser is running even if they aren't targeted to you.

這包括一種查看廣告商正在投放的廣告的方法，即使這些廣告不是針對您的。

This new feature is live in Canada and will roll out in Ireland and the U.S. soon.

這項新功能已在加拿大上線，並將很快在愛爾蘭和美國推出。

In the coming months, GDPR will give us another opportunity to make sure people fully understand how their information is used by our services.

在接下來的幾個月中，GDPR 將為我們提供另一個機會，以確保人們充分了解我們的服務如何使用他們的資訊。

It's an EU regulation, but as Mark said a few weeks ago, we're going to extend these controls to everyone who uses Facebook, regardless of where in the world they live.

這是一項歐盟法規，但正如馬克幾週前所說，我們將把這些控制措施擴展到所有使用 Facebook 的人，無論他們生活在世界的哪個地方。

Our commitment to you is that we will continue to improve our ads model by strengthening privacy and choice while giving businesses of all sizes new and better tools to help them grow.

我們對您的承諾是，我們將透過加強隱私和選擇來繼續改進我們的廣告模式，同時為各種規模的企業提供新的、更好的工具來幫助他們成長。

With that, I'd like to turn to our results.

說到這裡，我想談談我們的結果。

It was a great quarter for our business.

對於我們的業務來說，這是一個很棒的季度。

Q1 ad revenue grew 50% year-over-year.

第一季廣告收入年增 50%。

Mobile ad revenue was $10.7 billion, up 60% from last year and contributed approximately 91% of total ad revenue.

行動廣告收入為 107 億美元，比去年增長 60%，約佔廣告總收入的 91%。

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

收入成長在各個地區、行銷領域和垂直領域都有廣泛的基礎。

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.

我們繼續在三個優先事項上取得進展：幫助企業利用行動的力量、開發新的廣告產品以及使我們的廣告更加相關和有效。

First, leveraging the power of mobile.

首先，利用移動的力量。

Advertisers recognize the importance of reaching their audience on mobile.

廣告商認識到透過行動裝置吸引受眾的重要性。

During the Super Bowl this year, over 90% of national TV advertisers were also advertising on Facebook.

今年超級盃期間，超過 90% 的全國電視廣告商也在 Facebook 上投放廣告。

This shows that the largest advertisers understand the value of broad-based campaigns with us.

這顯示最大的廣告商了解我們進行廣泛活動的價值。

Take Tourism Australia.

以澳洲旅遊局為例。

To get more Americans interested in visiting Australia, they ran ads on Facebook and Instagram in the week leading up to the game.

為了讓更多美國人有興趣訪問澳大利亞，他們在比賽前一周在 Facebook 和 Instagram 上投放了廣告。

On Super Bowl Sunday, they ran short video ads on Facebook before their big TV spot at halftime.

在周日的超級盃比賽中，他們在中場休息的大型電視廣告前在 Facebook 上投放了短影片廣告。

This drove 22% incremental reach on top of TV and a 35-point lift in awareness.

這使得電視覆蓋率增加了 22%，認知度提高了 35 個百分點。

During the campaign, 50% of leads on the Tourism Australia site came from Facebook.

活動期間，澳洲旅遊局網站上 50% 的線索來自 Facebook。

Second, developing new ad products.

二是開發新的廣告產品。

Instagram Stories is changing how people share and express themselves.

Instagram Stories 正在改變人們分享和表達自己的方式。

Advertisers are also finding creative ways to use the format.

廣告商也在尋找使用這種格式的創意方法。

This quarter, we made carousel ads available in Stories so advertisers can share up to 3 images or videos per ad instead of just one.

本季度，我們在故事中提供了輪播廣告，這樣廣告商就可以在每個廣告中共享最多 3 個圖像或視頻，而不僅僅是一個。

People can swipe up on the ad to visit the advertiser's website.

人們可以向上滑動廣告來造訪廣告商的網站。

We also announced a number of innovations to help retailers reach customers.

我們也宣布了多項創新措施來幫助零售商接觸客戶。

We rolled out a more personalized shopping experience in News Feed.

我們在動態消息中推出了更個人化的購物體驗。

Now when people click on a Collection ad, they'll see a full-screen catalog organized according to their interests.

現在，當人們點擊收藏廣告時，他們會看到一個根據他們的興趣組織的全螢幕目錄。

We also introduced a new way to reach people before they've shown interest in making a specific purchase.

我們還引入了一種新的方式，可以在人們表現出進行特定購買的興趣之前吸引他們。

If someone is generally interested in furniture, a business can now run ads focused on different categories of their products, such as couches or tables, to inspire them to shop.

如果有人普遍對家具感興趣，企業現在可以針對不同類別的產品（例如沙發或桌子）投放廣告，以激發他們的購物慾望。

And last, making our ads more relevant and effective.

最後，使我們的廣告更加相關和有效。

Our investments in measurement are helping advertisers of all sizes understand their results and make good investment decisions.

我們在衡量方面的投資正在幫助各種規模的廣告商了解他們的結果並做出良好的投資決策。

We've heard from many of our advertisers that they want third-party verification to prove that we're helping them achieve their marketing goals.

我們從許多廣告商得知，他們希望第三方驗證來證明我們正在幫助他們實現行銷目標。

We were recently accredited by the Media Rating Council for News Feed-served ad impressions on desktop and mobile.

我們最近獲得了媒體評級委員會對桌上型電腦和行動裝置上動態消息投放廣告展示次數的認可。

We're working with them in accreditation and other areas as well.

我們也在認證和其他領域與他們合作。

Going forward, we will continue to focus on these 3 priorities and ensure that people's privacy is protected on Facebook.

展望未來，我們將繼續關注這三個優先事項，並確保人們的隱私在 Facebook 上受到保護。

I want to close by thanking our teams around the world for the work they do each every day and each and every quarter to make our company and our services better.

最後，我要感謝我們世界各地的團隊每天、每季所做的工作，讓我們的公司和我們的服務變得更好。

I'm also truly grateful to our partners who work with us to grow their businesses.

我也衷心感謝與我們合作發展業務的合作夥伴。

Thanks, and now here's Dave.

謝謝，現在戴夫來了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，謝麗爾，大家下午好。

Our community and business both showed solid growth in the first quarter.

我們的社區和業務在第一季都呈現出穩健的成長。

Let's start with our community metrics.

讓我們從我們的社區指標開始。

Daily active users on Facebook reached 1.45 billion, up 13% compared to last year, led by user growth in India, Indonesia and Vietnam.

Facebook 的每日活躍用戶達到 14.5 億，比去年成長 13%，其中印度、印尼和越南的用戶成長帶動了成長。

This number represents approximately 66% of our 2.2 billion monthly active users in Q1.

這一數字約佔第一季 22 億月度活躍用戶的 66%。

MAUs were up 260 million or 13% compared to last year.

月活躍用戶數比去年增加 2.6 億，即 13%。

Turning now to the financials.

現在轉向財務狀況。

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

除非另有說明，所有比較均按年比較。

Q1 total revenue was $12 billion, up 49% or 42% on a constant currency basis.

第一季總營收為 120 億美元，成長 49%；以固定匯率計算成長 42%。

Foreign exchange tailwinds contributed $536 million of revenue in Q1.

外匯順風為第一季貢獻了 5.36 億美元的收入。

Additionally, the adoption of ASC 606, the new revenue standard, resulted in approximately $130 million of incremental revenue in Q1 due to a change from net to gross accounting for our Instant Articles product.

此外，由於我們的即閱文產品從淨會計改為總會計，因此採用新收入標準 ASC 606 在第一季帶來了約 1.3 億美元的增量收入。

Q1 total ad revenue was $11.8 billion, up 50% or 43% on a constant currency basis.

第一季廣告總營收為 118 億美元，成長 50%，以固定匯率計算成長 43%。

Mobile ad revenue was $10.7 billion, up 60%.

行動廣告收入達 107 億美元，成長 60%。

In Q1, the average price per ad increased 39%.

第一季度，每個廣告的平均價格上漲了 39%。

And the number of ad impressions served increased 8%, driven primarily by feed ads on Facebook and Instagram.

投放的廣告展示次數增加了 8%，這主要是由 Facebook 和 Instagram 上的資訊流廣告所推動的。

Payments and other fees revenue was $171 million, down 2%.

支付和其他費用收入為 1.71 億美元，下降 2%。

Turning to expenses.

轉向開支。

Total expenses were $6.5 billion, up 39%.

總支出為 65 億美元，成長 39%。

In Q1, we added over 2,600 employees, which was a record level of net new hires.

第一季度，我們增加了 2,600 多名員工，創下淨新員工的創紀錄水準。

We ended Q1 with over 27,700 full-time employees, up 48% compared to last year.

截至第一季末，我們擁有超過 27,700 名全職員工，比去年成長 48%。

We are focused on growing technical headcount as well as a variety of other groups that support the business.

我們專注於增加技術人員以及支援業務的其他各種團隊。

Operating income was $5.4 billion, representing a 46% operating margin.

營業收入為 54 億美元，營業利益率為 46%。

Our effective tax rate was 11%.

我們的有效稅率是 11%。

Net income was $5 billion or $1.69 per share.

淨利潤為 50 億美元，即每股 1.69 美元。

Capital expenditures were $2.8 billion, driven by investments in data centers, servers, network infrastructure and office facilities.

資本支出為 28 億美元，主要由資料中心、伺服器、網路基礎設施和辦公設施投資推動。

In Q1, we generated $5 billion in free cash flow and ended the quarter with approximately $44 billion in cash and investments.

第一季度，我們產生了 50 億美元的自由現金流，本季結束時現金和投資約為 440 億美元。

In Q1, we bought back approximately $1.9 billion of our Class A common stock.

第一季度，我們回購了約 19 億美元的 A 類普通股。

Given our existing repurchase program is nearly fully executed, our Board of Directors has authorized the repurchase of up to an additional $9 billion of stock.

鑑於我們現有的回購計畫已接近完全執行，我們的董事會已授權額外回購最多 90 億美元的股票。

Turning to our outlook.

轉向我們的展望。

The changes that Mark and Sheryl described will, we believe, benefit our community and our business and will serve to strengthen Facebook overall.

我們相信，馬克和謝麗爾所描述的變化將使我們的社群和業務受益，並將有助於增強 Facebook 的整體實力。

At the highest level, we believe that we can continue to build a great ads business while protecting people's privacy.

在最高層，我們相信我們可以繼續打造出色的廣告業務，同時保護人們的隱私。

That said, with regards to GDPR and other initiatives around data usage, while it's early and difficult to know the business implications in advance, we anticipate a couple of impacts.

也就是說，就 GDPR 和其他有關數據使用的舉措而言，雖然提前了解業務影響還為時過早且困難，但我們預計會產生一些影響。

First, as you might expect, we believe that European MAU and DAU may be flat to slightly down sequentially in Q2 as a result of the GDPR rollout.

首先，正如您所料，我們認為，由於 GDPR 的推出，第二季歐洲月活躍用戶數和每日活躍用戶數可能會持平或略有下降。

Second, while we do not anticipate these changes will significantly impact advertising revenue, there is certainly the potential for some impact, and we will be monitoring this closely.

其次，雖然我們預計這些變化不會對廣告收入產生重大影響，但肯定有可能產生一些影響，我們將密切關注這種情況。

Importantly, GDPR affects the entire online advertising industry, so the Facebook-specific impact is difficult to model in advance.

重要的是，GDPR 影響整個線上廣告產業，因此 Facebook 特定的影響很難提前建模。

In terms of our overall 2018 revenue outlook, we continue to anticipate revenue growth rates will decelerate on a constant currency basis throughout the year.

就我們 2018 年整體營收前景而言，我們繼續預期全年營收成長率將在固定匯率基礎上放緩。

On the expense side, we are tightening our initial expense guidance range.

在費用方面，我們正在收緊最初的費用指導範圍。

We now expect that full year 2018 total expenses will grow 50% to 60% compared to our prior range of 45% to 60%.

我們現在預計 2018 年全年總費用將成長 50% 至 60%，而我們先前預期的範圍為 45% 至 60%。

This narrowed range reflects the significant investments we're making in areas like safety and security, content acquisition and our long-term innovation efforts.

這一範圍的縮小反映了我們在安全保障、內容取得和長期創新努力等領域的重大投資。

Turning to capital expenditures.

轉向資本支出。

We expect that our full year 2018 capital expenditures will be around $15 billion, at the high end of our prior range of $14 billion to $15 billion, driven by investments in data centers, servers, network infrastructure and office facilities.

我們預計，在資料中心、伺服器、網路基礎設施和辦公設施投資的推動下，2018 年全年資本支出將約為 150 億美元，處於先前 140 億至 150 億美元區間的高端。

We also expect continued growth in capital expenditures beyond 2018 to support global growth and ongoing product improvements.

我們也預期 2018 年以後資本支出將持續成長，以支持全球成長和持續的產品改善。

Turning now to tax.

現在轉向稅收。

At current stock prices, we expect that our Q2 and full year 2018 tax rate will be in the mid-teens.

以目前的股價，我們預計 2018 年第二季和全年的稅率將在十幾歲左右。

As a reminder, fluctuations in our stock price will impact our tax rate.

提醒一下，我們的股價波動會影響我們的稅率。

In summary, our first quarter results demonstrated the growth in our business and global community remains strong.

總之，我們第一季的業績顯示我們的業務和全球社群的成長仍然強勁。

We have a lot of work ahead and are investing aggressively to enhance safety, security and privacy while also focusing on our mission of giving people the power to build community and bring the world closer together.

我們還有很多工作要做，我們正在積極投資以增強安全性和隱私性，同時也專注於我們的使命，即賦予人們建立社區的能力，讓世界更加緊密地聯繫在一起。

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

那麼，接線員，讓我們開始提問吧。

(Operator Instructions) Your first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

One for Mark and one for Dave.

一份給馬克，一份給戴夫。

Mark, so you focused on bringing people together and clearly have this massive platform with strong engagement.

馬克，所以你專注於將人們聚集在一起，並且顯然擁有這個具有強大參與度的龐大平台。

But can you talk about some of the business opportunities for Facebook on the platform away from advertising and where you're most focused there?

但您能否談談 Facebook 在該平台上除廣告之外的一些商機以及您最關注的領域？

And then, Dave, just on the OpEx, can you talk about kind of more specifically where some of the incremental costs would fall that take the previous low end of the range here off the table given what you've seen over the last couple of months?

然後，戴夫，就營運支出而言，您能否更具體地談談一些增量成本會下降，考慮到您在過去幾年中所看到的情況，這些增量成本將不再考慮之前的範圍低端幾個月？

I can take the first question.

我可以回答第一個問題。

So we think that ads is a great business model that is aligned with our mission.

因此，我們認為廣告是一種很好的商業模式，與我們的使命相符。

We want to build a service that can help connect everyone around the world.

我們希望建立一項可以幫助連接世界各地每個人的服務。

So we want to offer that service for free and have it be affordable, and that's completely aligned with what we're trying to do.

因此，我們希望免費提供這項服務，並且價格實惠，這與我們正在努力做的事情完全一致。

So even when we do other things, like we're running tests of Payments, we have Marketplace, which is growing and doing well, there may be other ways that we could think about making money from those.

因此，即使我們做其他事情，例如我們正在運行支付測試，我們有市場，它正在成長並且表現良好，我們可能還有其他方式可以考慮從中賺錢。

But in general, our strategy is to offer those services at cost and make it so that businesses can bid what it is worth to them to run ads in the system.

但總的來說，我們的策略是以成本價提供這些服務，以便企業可以出價，以便在系統中投放廣告。

We think that, that is both the most efficient way to run the business.

我們認為，這都是經營業務最有效的方式。

It offers every business in the world the lowest prices that we can potentially offer, and it provides a great free service to people around the world.

它為世界上的每家企業提供我們可能提供的最低價格，並為世界各地的人們提供優質的免費服務。

I know that a lot of people have had questions about the business model, and this is something that I just think we at Facebook are very proud of.

我知道很多人對商業模式有疑問，我認為這是我們 Facebook 感到非常自豪的事情。

And we think that it is the right way to build a service that connects everyone around the world.

我們認為這是建立連接世界各地每個人的服務的正確方法。

Doug, it's Dave.

道格，我是戴夫。

So if you recall, it's very consistent with what we've been talking about the last couple of quarters, which is the acceleration of expense growth is really driven by 3 factors.

因此，如果您還記得的話，這與我們過去幾個季度一直在談論的內容非常一致，即費用增長的加速實際上是由三個因素驅動的。

So it's the investments that we're making in safety and security.

所以這是我們在安全和安保方面所進行的投資。

It's the content investments that we're making to support Watch.

這是我們為支持 Watch 而進行的內容投資。

And then finally, it's the innovation initiatives around our longer-term bets like AI, AR/VR and connectivity.

最後，是圍繞人工智慧、AR/VR 和連接等長期投資的創新舉措。

So it's those 3 factors.

所以就是這三個因素。

If I had to point to what's really leading up to tighten the range, it's really the first factor, which is the safety and security investments.

如果我必須指出真正導致範圍收緊的因素，那確實是第一個因素，即安全和安保投資。

Specifically, we're putting more behind that more quickly than we anticipated.

具體來說，我們投入的速度比我們預期的還要快。

And so that's where you're going to see it come up.

所以這就是你會看到它出現的地方。

If you look at the current results from this quarter, you'll see that our sales and marketing expense grew 51% in the quarter.

如果您查看本季的當前業績，您會發現我們的銷售和行銷費用在本季度增長了 51%。

One of the -- year-over-year.

其中之一——年復一年。

One of the factors driving that is that's where we're categorizing our community operations investment and other operations teams that support the quality initiatives and the safety initiatives.

推動這一趨勢的因素之一是，我們對社區營運投資和其他支持品質措施和安全措施的營運團隊進行了分類。

So you're already seeing some of that getting picked up in the quarter, and you'll see that carry through in the year.

因此，您已經看到其中一些在本季度有所回升，並且您將在今年看到這種情況的延續。

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

你的下一個問題來自花旗集團的馬克‧梅。

This question is probably aimed at Dave.

這個問題可能是針對戴夫的。

You commented that you do not expect any significant, maybe some impact from the implementation of GDPR.

您表示，您預期 GDPR 的實施不會產生任何重大影響，甚至可能會產生一些影響。

Yet you also voiced some uncertainty there.

但您也表達了一些不確定性。

I guess the question is, what gives you confidence in coming out now and saying that you expect no significant impact on the ad business, maybe some?

我想問題是，是什麼讓您有信心現在站出來表示您預計廣告業務不會受到重大影響，甚至可能會受到一些影響？

And then maybe more for Mark, there have been some recent reports that imply that even some seemingly simple things that Facebook may not be proactively identifying or addressing have come up.

對馬克來說，也許更重要的是，最近有一些報告暗示，即使是 Facebook 可能不會主動識別或解決的一些看似簡單的事情也已經出現了。

And I guess the question is, is it that it's not as simple as it may seem?

我想問題是，事情是否不像看起來那麼簡單？

Or is it that these reports aren't accurate, this just has to do with some of the sensitive data like Social Security information being -- showing up online?

或者這些報告不準確，這只是與一些敏感數據有關，例如社會安全資訊——出現在網路上？

Mark, it's Dave.

馬克，這是戴夫。

So on GDPR, I think fundamentally, we believe we can continue to build a great ads business while protecting the privacy of the people that use Facebook.

因此，就 GDPR 而言，我認為從根本上來說，我們相信我們可以繼續打造出色的廣告業務，同時保護 Facebook 用戶的隱私。

As part of the rollout of GDPR, we're providing a lot of control to people around their ad settings.

作為 GDPR 推出的一部分，我們為人們提供了有關廣告設定的大量控制權。

And we're committed, as Sheryl and Mark mentioned, to providing the same controls worldwide.

正如謝麗爾和馬克所提到的，我們致力於在全球範圍內提供相同的控制。

And while we don't expect these changes will significantly impact advertising revenue, there's certainly potential for some impact.

雖然我們預計這些變化不會對廣告收入產生重大影響，但肯定有可能產生一些影響。

Any change of our -- of the ability for us and our advertisers to use data can impact our optimizational potential at the margin, which could impact our ability to drive price improvements in the long run.

我們和廣告商使用數據的能力的任何變化都可能影響我們的邊際優化潛力，從長遠來看，這可能會影響我們推動價格改善的能力。

So we'll just have to watch how that plays out over time.

因此，我們只需要觀察隨著時間的推移，情況會如何發展。

I think it's important to note that GDPR is affecting the entire online advertising industry.

我認為值得注意的是 GDPR 正在影響整個網路廣告產業。

And so what's really most important in winning budgets is our relative performance versus other opportunities presented to marketers, and that's why it will be important to watch kind of how this plays out at the industry level.

因此，在贏得預算方面真正最重要的是我們的相對錶現與向行銷人員提供的其他機會相比，這就是為什麼觀察這在行業層面上的表現非常重要。

On the Social Security information, Social Security is not an input people put in to Facebook.

關於社會保障訊息，社會安全保障不是人們在 Facebook 上輸入的內容。

And posts containing information like Social Security numbers or credit cards are not allowed on our site.

我們的網站上不允許發布包含社會安全號碼或信用卡等資訊的貼文。

And we remove them as soon as we become aware of it.

一旦我們意識到這一點，我們就會立即刪除它們。

So we're continually working to improve these efforts, and we encourage our community to report anything like this that they see.

因此，我們不斷努力改進這些工作，並鼓勵社區報告他們看到的任何此類情況。

But that's not data that Facebook is collecting in any way.

但這並不是 Facebook 以任何方式收集的數據。

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

您的下一個問題來自瑞銀集團的艾瑞克‧謝裡丹（Eric Sheridan）。

Maybe 2 if I can.

如果可以的話，也許 2 個。

Mark, in the changes you talked about at the product level at the beginning part of the year, as you've started to make those changes and some of the content people see on the platform has evolved, what does that mean for engagement?

馬克，在今年年初你談到的產品層面的變化中，隨著你開始做出這些變化，人們在平台上看到的一些內容也發生了變化，這對參與度意味著什麼？

What are you seeing in terms of the way people are using Facebook?

您對人們使用 Facebook 的方式有何看法？

I know it's early days, but curious if you see anything in terms of change of behavior.

我知道現在還為時過早，但很好奇您是否看到了行為方面的任何變化。

And then, Sheryl, we're starting to pick up from advertisers a lot of momentum and positive commentary on messaging platforms, especially Facebook Messenger.

然後，Sheryl，我們開始從廣告主那裡獲得大量關於訊息平台（尤其是 Facebook Messenger）的動力和正面評論。

Wanted to know if you could give us any color about your own conversations on the business side on the messaging apps, WhatsApp, Facebook Messenger and how investors should think about the opportunity there.

想知道您是否可以向我們介紹一下您在訊息應用程式、WhatsApp、Facebook Messenger 等業務方面的對話，以及投資者應如何看待其中的機會。

I can speak to the first point.

我可以談談第一點。

So we made a number of changes and are still making changes to prioritize meaningful interaction between people over passive consumption of content.

因此，我們做出了一些改變，並且仍在進行改變，以優先考慮人與人之間有意義的互動，而不是被動消費內容。

And that follows a lot of feedback directly from our community that people want Facebook to be more about friends and family and less about just content consumption, and it also follows the well-being research that we've done that suggests that when people use the Internet for interacting with people and building relationships, that is correlated with all the positive measures of well-being that you just expect like longer-term health and happiness, feeling more connected and less lonely, whereas just passively consuming content is not necessarily positive on those dimensions.

這是直接來自我們社群的大量回饋的結果，即人們希望Facebook 更專注於朋友和家人，而不僅僅是內容消費，而且還遵循我們所做的福祉研究，該研究表明，當人們使用Facebook 時，網路用於與人互動和建立關係，這與您所期望的所有積極的幸福感相關，例如長期健康和幸福，感覺更緊密的聯繫和更少的孤獨，而僅僅被動地消費內容並不一定對您有正面的影響。

So we've been rolling out a number of changes, both product changes and ranking and News Feed.

因此，我們已經推出了許多更改，包括產品更改、排名和動態消息。

As I said in my opening remarks.

正如我在開場白中所說。

That has increased -- or we've observed increases in some types of sharing and interaction between people based on that.

這種情況有所增加——或者我們觀察到基於此的人們之間某些類型的共享和互動有所增加。

We've also observed some continued decline as we've done this in the passive consumption of video specifically.

我們也觀察到一些持續下降，因為我們特別在影片的被動消費中做到了這一點。

Overall, I'd say that these changes are doing what we expected that they would do and helping people to connect more and have more meaningful interaction.

總的來說，我想說這些變化正在實現我們的預期，並幫助人們建立更多聯繫並進行更有意義的互動。

I think that's the thing that people can uniquely do on Facebook that they can't do on other services that may be more about just consuming content.

我認為這是人們在 Facebook 上可以做的獨特事情，而他們在其他可能更多地只是消費內容的服務上做不到。

So we think that this is going in the direction of building a stronger community and a stronger business over the long term, and we're optimistic about what we're seeing here.

因此，我們認為，從長遠來看，這將朝著建立更強大的社區和更強大的業務的方向發展，我們對我們在這裡看到的情況感到樂觀。

On Messenger, we continue to be primarily focused on consumer growth and engagement.

在 Messenger 上，我們繼續主要關註消費者成長和參與度。

And we're being slow and deliberate with monetization.

我們在貨幣化方面進展緩慢且深思熟慮。

It's worth noting this isn't a feed product, so there are some [elements] here.

值得注意的是，這不是飼料產品，因此這裡有一些[元素]。

But I think the potential is real and big and growing.

但我認為潛力是真實的、巨大的，而且還在不斷增長。

We see a lot of organic connections between businesses and consumers.

我們看到企業和消費者之間有許多有機連結。

And our experience is that where are those -- where we have those organic connections, that's very promising to turn that into monetization as well.

我們的經驗是，那些在哪裡——我們有那些有機的聯繫，這也很有希望將其轉化為貨幣化。

We have over 18 million businesses now communicating with their customers through Messenger.

目前，我們有超過 1,800 萬家企業透過 Messenger 與客戶溝通。

We have 2 billion messages sent between people and businesses a month, which includes automated messages.

我們每個月在個人和企業之間發送 20 億則訊息，其中包括自動訊息。

And we're focused on launching new tools that help businesses use Messenger.

我們致力於推出幫助企業使用 Messenger 的新工具。

So this quarter, we launched new Quick Replies for customers.

因此，本季度，我們為客戶推出了新的快速回應。

We're seeing ads in inbox, which are now available to all advertisers.

我們在收件匣中看到了廣告，現在所有廣告商都可以使用這些廣告。

It's really early but nice pickup and nice buzz there.

時間確實很早，但是很不錯的接載和不錯的嗡嗡聲。

And click-to-Messenger ads on Facebook are actually very promising as well because advertisers want to see a return for the money they spend.

Facebook 上的點擊 Messenger 廣告實際上也非常有前途，因為廣告商希望看到他們所花的錢得到回報。

And when they have an ad and they can get a direct contact one-to-one with a customer, that's been something that people are really excited about.

當他們有了廣告並且可以與客戶進行一對一的直接聯繫時，人們真的很興奮。

So early days, but I think a lot of potential here.

雖然還處於早期階段，但我認為這裡有很大的潛力。

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銀行的賈斯汀·波斯特 (Justin Post)。

I'd like to follow up a little bit on usage just because of the comments last quarter.

由於上個季度的評論，我想跟進一下使用情況。

Any update to the time spent trends on Facebook post your changes?

Facebook 上的花費時間趨勢有任何更新嗎？

I guess the second question is, do you think time spent on Facebook can start to grow again?

我想第二個問題是，你認為花在 Facebook 上的時間會再次開始成長嗎？

And then third, when you look holistically at Instagram, which seems to be doing really well in third-party services, how do you think about the whole platform in total, Facebook plus Instagram?

第三，當你全面審視 Instagram 時，它似乎在第三方服務方面做得非常好，你如何看待整個平台，Facebook 加上 Instagram？

Yes.

是的。

So I'll take that.

所以我會接受的。

In terms of time spent on Facebook, we're not providing a specific update on that.

就用戶在 Facebook 上花費的時間而言，我們沒有提供具體的更新資訊。

I would note that Mark talked about some of the changes we're making to focus on connections over consumption.

我要指出的是，馬克談到了我們正在做出的一些改變，以專注於連結而不是消費。

So we're seeing a decrease in certain types of time spent such as passive video consumption as a result of that and an increase in areas like sharing.

因此，我們看到某些類型的花費時間減少，例如被動視訊消費，而共享等領域的時間卻有所增加。

So we're not really optimizing the business on time spent but rather that kind of quality of conversations and connections.

因此，我們並不是真正優化業務所花費的時間，而是優化對話和聯繫的品質。

So we're continuing to invest in that work, and we think it's the right thing for the Facebook community in the long run, and I think it's also good for overall engagement.

因此，我們將繼續投資這項工作，我們認為從長遠來看這對 Facebook 社群來說是正確的事情，而且我認為這也有利於整體參與度。

For Instagram, that continues to perform very well.

對於 Instagram 來說，這一點仍然表現出色。

Not providing kind of a separate breakout of that.

沒有提供一種單獨的突破。

But Instagram continues to grow nicely, both as a -- both from an engagement perspective and a business perspective.

但 Instagram 繼續保持良好的成長，無論是從參與角度還是從商業角度來看。

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希瑟貝利尼 (Heather Bellini)。

I was wondering if we could talk a little bit about Watch.

我想知道我們是否可以談談 Watch。

I know it's early, but I was wondering if you could share with us your initial thoughts on how it's going versus your expectations, how you see it evolving over the next couple of years.

我知道現在還為時過早，但我想知道您是否可以與我們分享您對它的進展與您的期望的初步想法，以及您如何看待它在未來幾年的發展。

And ultimately, how would you define success for it as you look out?

最終，當你展望未來時，你會如何定義它的成功？

For Watch, the big thing that we're trying to do is help create new ways that people can connect, right?

對 Watch 來說，我們想做的最重要的事情就是幫助創造人們可以聯繫的新方式，對嗎？

So it's very different from video and News Feed, the passive consumption that I'm talking about in response to some of the other questions because it's intentional, right, when people go to it to watch specific content.

因此，它與影片和動態消息非常不同，我在回答其他一些問題時所說的被動消費，因為當人們去觀看特定內容時，它是有意的，對吧。

And we're trying to make a different experience than what you might be able to get on YouTube or any of these other services by making it more about connecting with people in different ways.

我們正在努力透過更多以不同的方式與人們建立聯繫，從而創造出與 YouTube 或任何其他服務不同的體驗。

So a good example of this is what I talked about with Watch Party where now people -- groups of people can get together and can watch videos at the same time, and you can interact around that.

一個很好的例子就是我在 Watch Party 中談到的，現在人們——一群人可以聚在一起，同時觀看視頻，你可以圍繞它進行互動。

And we think that that's the kind of experience that we can uniquely build, and that's going to further our mission and just to be a unique thing that we can add to the world.

我們認為，這是我們可以獨特打造的體驗，這將進一步推進我們的使命，成為我們可以為世界增添的獨特事物。

So what we're seeing so far is that a bunch of the content that has come on to Watch is good and is working, and people watch it.

因此，到目前為止，我們看到的是，Watch 上出現的大量內容都很好並且正在發揮作用，人們會觀看它們。

We're continuing to tweak the product to emphasize that kind of content more while building more of the social features.

我們正在繼續調整產品，以更多地強調此類內容，同時建立更多的社交功能。

I'd say it's still pretty early overall in terms of the growth of this, but it's clearly an area that's important where I think we have something unique that we're going to bring to make this successful.

我想說，就這一領域的發展而言，總體而言還為時過早，但這顯然是一個重要的領域，我認為我們將擁有一些獨特的東西來使其成功。

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.

只有 2 個問題。

Dave, is the impression growth acceleration to 8% a function of easier comps?

Dave，印象數成長加速到 8% 是因為比較容易的比較嗎？

Or is it a function of some of the changes that Mark was talking about around the News Feed content that you put in, in January?

或者這是馬克談論的圍繞您在一月份放入的動態消息內容進行的一些更改的函數？

And then is the North America ad revenue growth acceleration being driven by that change on core Facebook?

那麼，北美廣告收入成長加速是否是由 Facebook 核心的變化所推動的？

Or is it more coming from Instagram?

或是更多的是來自Instagram？

Any color there on those 2 accelerating trends would be great.

這兩種加速趨勢中的任何顏色都很棒。

And then the last one is just a follow-up on the GDPR topic.

最後一篇只是 GDPR 主題的後續內容。

Dave, you mentioned that MAU and DAUs might be down a little bit in Q2 in Europe.

戴夫，您提到歐洲第二季的月活躍用戶數和每日活躍用戶數可能會略有下降。

Is that what you've seen already from these new screens that just came out with the new terms of service?

這是您從剛發布的新服務條款的新畫面上看到的嗎？

Or is that just a guess of what you might see in the future?

或者這只是您對未來可能看到的情況的猜測？

Sure.

當然。

So I think I'll take all of those, Ross.

所以我想我會接受所有這些，羅斯。

So the impression growth acceleration, you've got a couple of factors going on there.

因此，印象增長加速，有幾個因素在起作用。

One of the factors is just that the desktop roll-off is just continuing.

因素之一是桌面滾滾仍在持續。

So as it gets smaller, it has less of a depressive effect on the overall impression growth number because if you recall, desktop has quite a number of impressions per DAU just given it's the right-hand column that has multiple impressions on each screen.

因此，隨著它變小，它對整體展示次數增長數量的抑製作用就會減小，因為如果您還記得的話，桌面設備的每個DAU 就有相當多的展示次數，因為它的右側列在每個螢幕上都有多個展示次數。

So that's one of the reasons.

這就是原因之一。

And obviously, Instagram is continuing to grow nicely as well.

顯然，Instagram 也在持續快速成長。

So that's another contributing factor there.

這是另一個影響因素。

In terms of the North America revenue growth acceleration, one of the big factors there is really just that also that's where you're picking up some of the accounting change from the Instant Articles going from net to gross.

就北美收入成長加速而言，最大的因素之一實際上是即時文章從淨值到毛值的會計變化。

So that's contributing to that acceleration.

所以這有助於加速。

Obviously, we're very pleased with the strength of North American ad revenue and overall, all of the different regions.

顯然，我們對北美以及所有不同地區的整體廣告收入實力感到非常滿意。

That's a factor there.

這是一個因素。

And IG is obviously contributing nicely to growth in North America and worldwide.

IG 顯然為北美和全球的成長做出了巨大貢獻。

Finally, on the GDPR trend, that's just based on what we're expecting given that you're having to bring people through these consent flows.

最後，關於 GDPR 趨勢，這只是基於我們的預期，因為您必須讓人們通過這些同意流程。

And we have been modeling it and expect there would be a flat to down impact on MAU and DAU.

我們一直在對其進行建模，預計對 MAU 和 DAU 的影響將會持平甚至下降。

It's very early in our rollout, but nothing inconsistent with what we've been modeling.

我們的推出還處於早期階段，但與我們一直在建模的內容沒有任何不一致。

So that's why we're giving that indication of what we're -- what we expect.

這就是為什麼我們要表明我們是什麼——我們的期望是什麼。

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

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

I have 2, one for Dave and one for Mark.

我有 2 張，一張給戴夫，一張給馬克。

Dave, will the privacy policy or the opt-in process differ in Europe versus other geographies post-GDPR?

Dave，GDPR 實施後歐洲的隱私權政策或選擇加入流程與其他地區相比是否會有所不同？

Your prepared remarks suggested that those controls would extend to the rest of the world.

你準備好的言論表明這些控制將延伸到世界其他地區。

And if that is the case, why wouldn't we also potentially see an impact to MAU and/or DAU outside of just Europe?

如果是這樣的話，為什麼我們不會看到歐洲以外地區的每月活躍用戶數和/或每日活躍用戶數受到影響？

And then, Mark, just a simple question.

然後，馬克，只是一個簡單的問題。

Having watched most of your testimony on Capitol Hill, I just wonder, what did you learn?

看完你在國會山莊的大部分證詞，我只是想知道，你學到了什麼？

Or what surprised you the most personally from that experience?

或者說，那次經驗中最讓你個人驚訝的是什麼？

Do you want to take that, Sheryl?

你想接受這個嗎，謝麗爾？

Yes.

是的。

On the GDPR changes, so we just started rolling out the GDPR controls in Europe.

關於 GDPR 的變化，我們剛開始在歐洲推出 GDPR 控制措施。

And we're going to make all the same controls and settings available every way, which gives people the same opportunities to make the same choices.

我們將提供所有相同的控制和設置，讓人們有相同的機會做出相同的選擇。

It's not going to be exactly the same format.

它不會是完全相同的格式。

It's going to be localized instead for different parts of the world.

它將針對世界不同地區進行本地化。

And so we think some of the differences will come from that.

所以我們認為一些差異將會由此而來。

And on the testimony, these are important issues.

從證詞來看，這些都是重要的問題。

And I think that, that was an important moment to be able to go and hear what people were wondering about and just to have a public hearing of answering all of the questions around Cambridge Analytica and what we knew and all the steps that we're taking on data privacy and developers to make sure that this doesn't happen again and to lay out all the different things that we're doing.

我認為，這是一個重要的時刻，能夠去聽人們想知道什麼，並舉行公開聽證會，回答有關劍橋分析的所有問題以及我們所知道的以及我們正在採取的所有步驟。合作，確保這種情況不會再次發生，並列出我們正在做的所有不同的事情。

And I mean, the hearings didn't just touch on that.

我的意思是，聽證會不僅僅涉及這一點。

They also touched on a number of the other issues that we face, including foreign interference in elections, and that's something that we're incredibly focused on.

他們也談到了我們面臨的許多其他問題，包括外國幹預選舉，這是我們非常關注的問題。

2018 is going to be an incredibly important year on this.

2018 年將會是非常重要的一年。

There are big elections, not just the U.S. midterms, but the major elections and -- upcoming in Mexico and Brazil and India and Pakistan and a number of other countries around the world.

不僅有美國中期選舉，還有墨西哥、巴西、印度和巴基斯坦以及世界上許多其他國家即將舉行的重大選舉。

So this is important, and it was an important moment for the company to hear the feedback and to show what we're doing.

所以這很重要，對於公司來說，這是聽取回饋並展示我們正在做的事情的重要時刻。

And now I think the important thing is that we execute on all the things that we need to do to make sure that we keep people safe.

現在我認為重要的是我們執行所有需要做的事情以確保人們的安全。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。

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

你的下一個問題來自約翰·布萊克利奇和考恩​​的對話。

Two questions.

兩個問題。

First, you posted another strong quarter for ad growth.

首先，您發布了另一個強勁的季度廣告成長。

Just wondering, given the recent events, has there been any change in kind of advertisers' views about the platform or concerns about ROI going forward?

只是想知道，考慮到最近發生的事件，廣告商對該平台的看法或對未來投資回報率的擔憂是否有任何變化？

And then second on video, was there much investment in video content in the first quarter?

其次是視頻，第一季視頻內容的投資多嗎？

Or do you expect the bulk of the video content spend to hit kind of through the rest of the year?

或者您預計今年剩餘時間大部分影片內容支出會達到預期嗎？

And what types of content will you be investing in?

您將投資哪些類型的內容？

For the first, in the immediate days of the concern, we heard from a handful of advertisers who paused spend, one of whom has already come back.

首先，在引發擔憂的幾天內，我們聽到一些廣告商暫停了支出，其中一個已經回來了。

And we haven't seen a meaningful trend or anything much since then.

從那時起，我們就沒有看到任何有意義的趨勢或任何東西。

Advertisers ask the same questions people are, that they want to make sure their and their customers' data is protected.

廣告商提出了與人們相同的問題，他們希望確保他們及其客戶的資料受到保護。

And I think we are able to answer those questions in a compelling way.

我認為我們能夠以令人信服的方式回答這些問題。

In terms of ROI on the platform, the ROI is really determined by the ability of advertisers to put the right ad in front of the right person and in the right format.

就平台的投資報酬率而言，投資報酬率實際上取決於廣告商將正確的廣告以正確的格式展示在正確的人面前的能力。

And I think we're seeing impressive growth in all of those areas.

我認為我們在所有這些領域都看到了令人印象深刻的成長。

We have more advertisers using the ability to target their ads to the right person.

我們有更多的廣告商利用這項能力將他們的廣告定位到合適的人。

We have more advertisers experimenting with different formats.

我們有更多的廣告商嘗試不同的格式。

Stories on Instagram are very promising one, and we're seeing some nice experimentation there.

Instagram 上的故事是非常有前途的一種，我們在那裡看到了一些很好的實驗。

And we have more advertisers really embracing the measurement that helps close the loop and helps them make their ads more effective.

我們有更多的廣告商真正接受有助於閉環並幫助他們提高廣告效果的衡量標準。

So I think in terms of the ROI, we are able to offer our marketers.

因此，我認為就投資報酬率而言，我們能夠為行銷人員提供服務。

The signs are strong, and we also continue to see there's a lot of room for improvement.

跡像很明顯，我們也繼續看到還有很大的進步空間。

Yes, John, on the video investment in the first quarter, it's clearly going to be more weighted towards the rest of the year.

是的，約翰，關於第一季的視訊投資，它顯然會更加註重今年剩餘時間。

But we're already seeing the impact of some of that.

但我們已經看到了其中一些影響。

So if you look at just the cost of revenue line where that's getting picked up, we saw cost of revenue grow 66% year-over-year.

因此，如果你只看收入線的成本上升情況，我們會發現收入成本比去年同期成長了 66%。

If you look at the gross margin, it dropped from 86% to 84%.

如果你看一下毛利率，它從 86% 下降到 84%。

There's really 2 kind of main -- 2 big factors in that compression there.

那裡的壓縮其實有兩種主要因素──兩大因素。

One of those is the video content investment.

其中之一就是影片內容投資。

The other is the move to gross versus net accounting on the Instant Articles products.

另一個是即閱文產品轉向毛額會計與淨額會計。

So those are the 2 things that I would point to as being drivers of that margin compression getting picked up in cost of revenue.

因此，我認為這兩件事是收入成本中利潤率壓縮的驅動因素。

So video is having an impact.

所以影片正在產生影響。

But we grew the expenses 39% year-over-year in the first quarter.

但第一季我們的支出年增了 39%。

We're obviously expecting faster growth in the back half -- back 3 quarters of the year.

我們顯然預計下半年（即今年的前三個季度）將有更快的成長。

So that's -- video is going to be a component in driving that.

所以，影片將成為推動這一趨勢的一個組成部分。

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銀行證券公司的 Peter Stabler。

A couple for Sheryl, if I may, a couple on GDPR.

如果可以的話，給 Sheryl 一些，給 GDPR 一些。

Do you think it's going to have any impact on your measurement capabilities?

您認為這會對您的測量能力產生任何影響嗎？

So that's one.

這就是其中之一。

And then secondly, if users elect to take the strictest possible approach to their data management, would their product experience change in any way on Facebook?

其次，如果使用者選擇採取盡可能嚴格的資料管理方法，他們在 Facebook 上的產品體驗是否會發生任何變化？

I mean, we have a sense that their advertising experience might change.

我的意思是，我們有一種感覺，他們的廣告體驗可能會改變。

But in terms of their use of News Feed or any of your products, would the actual product functionality materially change for them?

但就他們對動態消息或您的任何產品的使用而言，實際的產品功能會對他們產生重大變化嗎？

When you think about the way people have the choice to restrict data use, I think it would affect the product.

當你想到人們可以選擇限制資料使用的方式時，我認為這會影響產品。

There's lots of ways we use data to make the product better.

我們可以透過多種方式使用數據來改進產品。

It really depends what that would be.

這實際上取決於那是什麼。

I don't think we have full visibility into what those changes would be over the long time.

我認為我們無法完全了解長期來看這些變化會發生什麼。

In terms of measurement capabilities, I don't think there's a direct thing we're exactly worried about right now.

就測量能力而言，我認為我們現在沒有什麼直接擔心的事情。

It's more what happens over the long time.

更多的是長期發生的事情。

The way we think about it, and Dave said this, is that the amount of uncertainty there is for us and all the other companies in the digital advertising industry is reasonably higher than it's been right now because we're in the process of rolling out GDPR.

戴夫表示，我們的想法是，我們以及數位廣告行業的所有其他公司所面臨的不確定性比現在要高得多，因為我們正在推出GDPR。

We're going to all know a lot more after we roll out.

推出後我們都會了解更多。

But the thing that won't change is that advertisers are going to look at the highest ROI opportunity, and what's most important in winning budgets is relative performance in the industry.

但不會改變的是，廣告商將專注於最高投資報酬率的機會，而贏得預算最重要的是產業的相對錶現。

And so we think that certainly, we want to provide the best advertising.

因此，我們認為我們當然希望提供最好的廣告。

We certainly want to provide the best measurement.

我們當然希望提供最好的測量。

But our ability to do so, as long as things happen across the industry, which is what's happening, I think we remain in a very strong position.

但我們有能力做到這一點，只要整個產業發生事情，這就是正在發生的事情，我認為我們仍然處於非常有利的地位。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。

Sorry, technological challenges.

抱歉，技術挑戰。

There's been a lot of good questions around core Facebook.

關於 Facebook 的核心，有很多很好的問題。

Can you talk a little bit about Instagram, Mark?

馬克，你能談談 Instagram 嗎？

And how do you see the product evolving over the next 12 months?

您如何看待該產品在未來 12 個月內的發展？

What are the -- your visions for how it could continue to drive more engagement and maybe even higher-quality connections on Instagram?

您對如何繼續推動 Instagram 上的更多參與度甚至更高品質的聯繫有什麼願景？

And the second one on Payments, can you talk a little bit about philosophically how you think about the importance of enabling more frictionless payments to drive a higher-quality advertising experience on Messenger and WhatsApp?

第二個問題是關於支付，您能否從哲學角度談談您如何看待實現更順暢的支付以推動 Messenger 和 WhatsApp 上更高品質的廣告體驗的重要性？

Sure.

當然。

So on Instagram, there are a number of really exciting opportunities.

因此，在 Instagram 上，有很多令人興奮的機會。

The main focus is on helping people capture and share any moment that they want.

主要重點是幫助人們捕捉和分享他們想要的任何時刻。

And also, the whole theme that we have around community plays out a little bit differently on Instagram.

而且，我們圍繞社群的整個主題在 Instagram 上的表現也略有不同。

So for example, while there is no formal groups product in Instagram, people use Explore -- more than 200 million people use Explore in order to see content that's interesting to them and interact with people beyond their friends and the people who are -- who they follow directly.

舉例來說，雖然 Instagram 中沒有正式的群組產品，但人們使用 Explore——超過 2 億人使用 Explore 來查看他們感興趣的內容，並與朋友以外的人以及其他人進行互動。

We launched hashtag following in December.

我們在 12 月推出了主題標籤。

That's a product that has done very well.

這是一個做得非常好的產品。

I think now more than 100 million people follow different hashtags, which is a way that people can form ad hoc communities.

我認為現在有超過 1 億人關注不同的主題標籤，這是人們形成臨時社區的一種方式。

And that's -- it all goes towards the overall mission that we have at the company of helping to build community and bring people closer together.

這一切都是為了實現我們公司的整體使命，即幫助建立社區並拉近人們的距離。

Private sharing, both with Stories and direct messaging, are growing incredibly quickly on Instagram.

私人分享（無論是故事還是直接訊息）在 Instagram 上成長得令人難以置信。

Like those are both very exciting areas for development in product as well.

這些都是產品開發中非常令人興奮的領域。

You asked about Payments in WhatsApp and Messenger.

您詢問了 WhatsApp 和 Messenger 中的付款方式。

Was that right?

是這樣嗎？

Yes.

是的。

So I think that this is going to be a really big opportunity.

所以我認為這將是一個非常大的機會。

And again, like I said earlier, the point here isn't to charge for payments.

再說一遍，就像我之前說過的，這裡的重點不是要收費。

It's that messaging can be a more transactional medium than feed.

訊息傳遞可以成為比訊息流更具交易性的媒介。

So I think what you're going to start to see are people interacting with Pages, maybe follow a page on Facebook or Instagram.

因此，我認為您將開始看到人們與主頁互動，也許會關注 Facebook 或 Instagram 上的頁面。

You see content from that page.

您會看到該頁面的內容。

You can click through or tap through to a message thread.

您可以點擊或點擊進​​入訊息線程。

And then you can either get customer support or complete a transaction or do a follow-on transaction, and that will be very valuable for businesses.

然後您可以獲得客戶支援或完成交易或進行後續交易，這對企業來說非常有價值。

So we view the payment in that context not as the goal but as something that's helping the business and the person succeed at having the transaction or doing what they're trying to do.

因此，我們認為這種情況下的付款不是目標，而是幫助企業和個人成功進行交易或做他們想做的事情的東西。

And that's going to make people's experience better.

這將使人們的體驗變得更好。

That way, we can just do that in line.

這樣，我們就可以排隊了。

And it's going to make businesses -- it's going to make the experience of being on Facebook as a business more valuable because you can complete the transactions there.

它將使企業——它將使企業在 Facebook 上的體驗更有價值，因為你可以在那裡完成交易。

I'll add one more thing that I think is interesting on Payments.

我將添加一件我認為在付款方面有趣的事情。

And I think this is probably different from what you're asking about, but I think it's cool.

我認為這可能與您所問的不同，但我認為這很酷。

We've been running an experiment with mobile financial services in Messenger.

我們一直在 Messenger 中進行行動金融服務實驗。

And one of the things that we found in the Philippines, for example, is that people can buy access to data plans through Messenger.

例如，我們在菲律賓發現的一件事是，人們可以透過 Messenger 購買資料計劃的存取權。

And because it allows the mobile carriers to not have to have the whole supply chain and sales and retail that they have otherwise, they're able to sell the data plans for on average about 10% less than they would be able to do otherwise, which actually is allowing more people to get on the Internet in the first place because they can now afford a data plan.

而且由於它允許行動營運商不必擁有他們原本擁有的整個供應鏈以及銷售和零售，因此他們能夠以比其他方式平均低 10% 左右的價格出售數據計劃，這實際上首先讓更多的人能夠上網，因為他們現在可以負擔得起數據計劃。

So it's an interesting example of how having payments in messaging can increase efficiency for businesses and how, in this case, that's contributing to our Internet.org and connectivity goals of helping more people access the Internet who wouldn't have otherwise been able to.

因此，這是一個有趣的例子，說明在訊息傳遞中進行支付如何提高企業效率，以及在這種情況下如何為我們的Internet.org 和連接目標做出貢獻，即幫助更多原本無法訪問互聯網的人。

In other cases, it will be able to help people accomplish their goals with different businesses more easily.

在其他情況下，它將能夠幫助人們更輕鬆地實現不同業務的目標。

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

你的下一個問題來自科林·塞巴斯蒂安和羅伯特·貝爾德。

First off, related to the machine learning capabilities and more specifically how that's deployed into content filtering.

首先，與機器學習功能相關，更具體地說，與如何將其部署到內容過濾中相關。

I wonder if you can compare the ability of the machines to analyze content today versus 6 months or even a year ago?

我想知道您能否將現在機器分析內容的能力與 6 個月甚至一年前進行比較？

Meaning, is that ability improving at a rate where you have a higher degree of confidence in that reliability?

意思是，當您對該可靠性有更高的信心時，該能力是否會以一定的速度提高？

And then secondly, I wonder if you've been able to discern any impact to date on content publishers or apps that are utilizing Facebook for reach and engagement following the rollout of changes in access to APIs, login and other developer resources.

其次，我想知道在 API、登入和其他開發人員資源的存取權限發生變化之後，您是否能夠辨別出迄今為止對利用 Facebook 進行覆蓋和參與的內容發布商或應用程式產生的影響。

I can take the first one.

我可以拿第一個。

So on AI, I think that there's a very big shift in how we're going to think about content moderation on the platform.

因此，在人工智慧方面，我認為我們對平台內容審核的看法將會發生很大的轉變。

And I mean, this goes back to the beginning of the service, right?

我的意思是，這可以追溯到服務的開始，對吧？

So in 2004, when I was starting in my dorm room, for a number of reasons, it was just me.

因此，2004 年，當我開始在宿舍工作時，由於多種原因，只有我一個人。

So I -- we didn't have a lot of capacity to have thousands of people reviewing content.

所以我——我們沒有足夠的能力讓數千人審查內容。

AI technology was not developed at the time.

當時人工智慧技術還沒有發展起來。

The only real logical way to run the service was to enable people to share what they wanted.

運行該服務的唯一真正合乎邏輯的方式是讓人們分享他們想要的東西。

And then reactively, if people in the community saw something that was offensive or they thought was against the rules, they'd flag it for us.

然後，如果社群中的人們看到一些令人反感的內容或他們認為違反規則的內容，他們就會向我們報告。

And we'd look at it and take things down that didn't belong.

我們會查看並刪除不屬於的東西。

Now it is becoming increasingly possible both because we can build the AI tools but couple that with being able to hire thousands and thousands of people to do faster review of the content and look at some things proactively.

現在，這種可能性變得越來越大，因為我們可以建立人工智慧工具，而且能夠僱用成千上萬的人來更快地審查內容並主動查看某些內容。

We're shifting over the next few years to a much more proactive model of moderation.

在接下來的幾年裡，我們將轉向更主動的節制模式。

Now one of the things that I think is going to be interesting, and in some cases a little frustrating, is that AI tools lend themselves towards identifying certain content a lot more easily than others.

現在，我認為有趣的事情之一，在某些情況下有點令人沮喪，是人工智慧工具比其他工具更容易識別某些內容。

So one area where I'm very proud that we're doing great work is around identifying terrorist content.

因此，令我感到非常自豪的一個領域是我們在識別恐怖分子內容方面所做的出色工作。

And I mentioned this before that 99% of the ISIS and Al Qaeda related content that we take down, we're removing before any person flags it to us.

我之前提到過，我們刪除的 99% 與 ISIS 和基地組織相關的內容，我們都會在任何人向我們舉報之前刪除。

And that's great, right?

那太好了，對吧？

That's doing a good job.

這做得很好。

But if you look at areas like hate speech, which are just much more nuanced linguistically, it really depends on the local language, that's an area where I think it's going to take more years to be able to do something reasonably.

但如果你看看像仇恨言論這樣的領域，這些領域在語言上更加微妙，這實際上取決於當地語言，我認為在這個領域，需要更多的時間才能合理地做一些事情。

So one of the pieces of criticism that I think we get that is -- that I think is fair is we're much better able to enforce our nudity policies, for example, than we are hate speech.

因此，我認為我們收到的批評之一是——我認為公平的是，例如，我們比仇恨言論更有能力執行我們的裸體政策。

And the reason for that is it's much easier to build an AI system that can detect a nipple than it is to determine what is linguistically hate speech.

原因是建立一個可以偵測乳頭的人工智慧系統比確定什麼是語言上的仇恨言論要容易得多。

So this is something that I think we will make progress on and we'll get better on over time.

所以我認為我們會在這方面取得進展，並且隨著時間的推移我們會變得更好。

These are not unsolvable problems, although it's worth calling out that our adversaries have all the same AI tools -- or some of them, I think.

這些並不是無法解決的問題，儘管值得指出的是，我們的對手擁有所有相同的人工智慧工具——或者我認為其中一些工具。

I'd like to think that we're a little bit ahead.

我認為我們領先了一點。

But we'll have a lot of the same tools as the field develops.

但隨著該領域的發展，我們將擁有許多相同的工具。

But the combination of building AI and hiring what is going to be tens of thousands of people to work on these problems, I think we'll see us make very meaningful progress going forward.

但是，將建立人工智慧和僱用數以萬計的人員來解決這些問題相結合，我認為我們將看到我們在未來取得非常有意義的進展。

To your second question, when we think about what's happening with developers, we are doing an audit of large developers and doing some investigations.

關於你的第二個問題，當我們考慮開發商的情況時，我們正在對大型開發商進行審計並進行一些調查。

We don't break out marketer segments.

我們不會細分行銷人員細分。

But mobile app install ads, which is where the revenue would come from developers, is a relatively small part of our advertising revenue.

但行動應用程式安裝廣告（收入來自開發者）僅占我們廣告收入的相對較小部分。

And our mobile app install ads helps apps of all kinds, not those running on our platforms.

我們的行動應用程式安裝廣告可以幫助各種應用，而不是那些在我們平台上運行的應用程式。

So we think the investigatory work we're doing into APIs, [into the use], is very important, and we don't expect it to have an impact on revenue.

因此，我們認為我們正在對 API（使用）進行的調查工作非常重要，我們預計它不會對收入產生影響。

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部的馬克‧馬哈尼 (Mark Mahaney)。

Okay, 2 questions, please.

好的，請教 2 個問題。

David, could you just try to spell out a little bit more how GDPR could actually impact advertising revenue growth in the future?

David，您能否嘗試詳細說明 GDPR 如何實際影響未來的廣告收入成長？

Like what's the doomsday scenario here?

就像這裡的世界末日場景是什麼？

Is it just that it's clipped down because there'd be a hit maybe near term to MAUs and DAUs?

是否只是因為 MAU 和 DAU 近期可能會受到打擊而被削減？

Or is there a reasonable scenario under which tracking or targeting would be impaired?

或者是否存在合理的情況，在這種情況下追蹤或定位會受到損害？

Just spell out the -- what the worst-case scenario is.

只需說明最壞的情況是什麼。

I'm kind of skeptical that there is one, but if there is one, please spell it out.

我有點懷疑是否存在這一點，但如果有的話，請拼寫出來。

And then, Mark, on Oculus, could you just about give us a little bit of an update on your kind of long-term thinking about Oculus?

然後，Mark，關於 Oculus，您能否向我們介紹一下您對 Oculus 的長期看法的最新情況？

There hasn't been a lot of focus on it, but the Oculus Go is coming out.

對此並沒有太多關注，但 Oculus Go 即將面世。

So maybe we all should take another -- have another thought on it.

所以也許我們都應該採取另一種方式——換一種想法。

Like the opportunity you see there, where you think the product development is at this point.

就像你在那裡看到的機會，你認為產品開發就在此時。

Are we years away from something mass marketable?

我們距離大眾化的產品還有幾年的時間嗎？

Any commentary like that would be helpful.

任何類似的評論都會有幫助。

So Mark, on the first question, I don't know that we really see a doomsday scenario here.

馬克，關於第一個問題，我不知道我們真的在這裡看到了世界末日的場景。

I think what we think is that depending on how people react to the controls and the ad settings, there could be some limitations to data usage.

我認為我們的想法是，根據人們對控制和廣告設定的反應，數據使用可能會受到一些限制。

We believe that those will be relatively minor.

我們認為這些影響相對較小。

But depending on how broadly the controls are adopted and set, there is a potential to impact targeting for our advertisers.

但根據控制措施的採用和設定範圍，有可能影響我們廣告商的定位。

Obviously, if they are less able to target effectively, they'll get a lower ROI on their advertising campaigns.

顯然，如果他們不能有效地定位目標，他們的廣告活動的投資報酬率就會降低。

They'll then bid differently into the auction.

然後他們會在拍賣中以不同的出價。

That ultimately will flow through into how we can realize price on the impressions that we're selling.

這最終將影響我們如何根據我們所銷售的展示次數來實現價格。

So I think that's the mitigating issue that we could see, depending on how GDPR and our broader commitment to providing these same controls worldwide could play out.

因此，我認為這是我們可以看到的緩解問題，這取決於 GDPR 以及我們在全球範圍內提供這些相同控制措施的更廣泛承諾如何發揮作用。

We think that there is a great case for not just our business but also for the user experience on Facebook to have targeting because we think it's a better experience for the people who use Facebook to have targeted ads.

我們認為，不僅對於我們的業務，而且對於Facebook 上的用戶體驗來說，有針對性的體驗都是一個很好的案例，因為我們認為，對於使用Facebook 的用戶來說，有針對性的廣告會帶來更好的體驗。

We think we can do that in a privacy-protected way, and it's just a better experience.

我們認為我們可以透過保護隱私的方式做到這一點，這只是一種更好的體驗。

You get more relevant ads, and it's -- and I think overall benefits that only the advertisers but also the people who use Facebook.

你會得到更多相關的廣告，而且我認為整體而言，只有廣告商和 Facebook 用戶都會受益。

So I don't think see a real doomsday scenario here.

所以我認為這裡看不到真正的世界末日場景。

We see an opportunity to really make the case.

我們看到了一個真正證明這一點的機會。

And on virtual reality...

而在虛擬實境...

Yes, Mark has the second part of that question.

是的，馬克有這個問題的第二部分。

So on virtual reality here, I think the big picture is that every 10 to 15 years or so, there's a major new computing paradigm, right, whether that's -- they're DOS and then Windows and kind of desktop UI and then web browsers and now mobile phones and apps.

因此，在虛擬實境方面，我認為大局是，每隔10 到15 年左右，就會出現一種主要的新運算範式，對吧，無論是DOS，然後是Windows，以及某種桌面UI，然後是Web 瀏覽器現在是手機和應用程式。

So it strikes me as inevitable that, that progression will continue.

因此，我認為這種進步將不可避免地繼續下去。

And these -- each one gets to be more natural to interact with, more natural gestures for controlling, more immersive, more portable.

這些——每一項都變得更自然的互動、更自然的控製手勢、更身臨其境、更便攜。

So I think it strikes me as very likely that the next one is going to be around virtual and augmented reality.

所以我認為下一個很可能是圍繞著虛擬和擴增實境的。

So we're investing a lot in this because frankly, we haven't to date been a hardware company, but we're an operating system company.

因此，我們在這方面投入了大量資金，因為坦白說，我們迄今為止還不是一家硬體公司，而是一家作業系統公司。

And we think that we need to build up a lot of different muscles in order to be competitive and be able to succeed in that space and to be able to shape that space.

我們認為，我們需要增強許多不同的力量，以便具有競爭力，能夠在該領域取得成功，並能夠塑造該領域。

One of my great regrets in how we've run the company so far is I feel like we didn't get to shape the way that mobile platforms developed as much as would be good because they were developed contemporaneously with Facebook early on, right?

到目前為止，我對公司營運方式的最大遺憾之一是，我覺得我們沒有盡可能地塑造行動平台的開發方式，因為它們很早就與 Facebook 同時開發，對吧？

I mean, iOS and Android, came out around 2007.

我的意思是，iOS 和 Android 是在 2007 年左右問世的。

We were a really small company at that point.

那時我們還是一家很小的公司。

So that just wasn't a thing that we were working on.

所以這不是我們正在努力的事情。

But now I think we're living in a world where the way that I think about this is that people should really be at the center of how we design technology.

但現在我認為我們生活在這樣一個世界，我認為人應該真正成為我們設計技術的中心。

It shouldn't be designed around apps.

它不應該圍繞應用程式進行設計。

It should be designed around our relationships because that's what matters to people.

它應該圍繞著我們的關係來設計，因為這對人們來說很重要。

And that's not the world that we're on, on mobile.

這不是我們所處的移動世界。

So I really am very committed to this idea of making sure that the next platform reflects those values that Facebook stands for.

因此，我真的非常致力於確保下一個平台體現 Facebook 所代表的價值觀。

This is going to be an exciting year.

這將是令人興奮的一年。

As you mentioned, Oculus Go is coming out.

正如您所提到的，Oculus Go 即將推出。

We have the prototype and the developer kit around the higher-end standalone coming out as well.

我們也推出了圍繞高端獨立版的原型和開發套件。

And we're doing a number of other things that I think are going to be quite exciting over time as well.

我們正在做一些其他的事情，我認為隨著時間的推移，這些事情也會非常令人興奮。

But that's how I think about the whole space.

但這就是我對整個空間的看法。

I don't know exactly when it's going to be a big deal.

我不知道什麼時候會發生大事。

When we started talking about this, I said that I thought that this was going to be a 10-year journey before this was really a very mainstream, major platform.

當我們開始談論這個時，我說我認為這將是一個 10 年的旅程，直到它真正成為一個非常主流的主要平台。

And I think the reality is Facebook needs to be investing before it is a big thing in order to build some of the muscles to be competitive.

我認為現實情況是，Facebook 在成為一件大事之前需要進行投資，以增強競爭力。

But we're committed to doing that because I think that this is important for our mission.

但我們致力於這樣做，因為我認為這對我們的使命很重要。

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

您的下一個問題來自 BTIG 的 Rich Greenfield。

When you think about the opportunities for the business broadly, you obviously are crushing it from an advertising standpoint when you look at any measure of growth.

當你廣泛地思考商業機會時，從廣告的角度來看，當你考慮任何成長指標時，你顯然會壓垮它。

But wondering, as you think about how you take this massive platform of users and engagement that you have across all your platforms, I'm thinking about -- if you look at like what Spotify has been able to achieve in music subscriptions, what Apple even has done in music subscriptions, what Netflix is doing in video, Amazon now obviously crossing 100 million subscribers, like is there other lines of business, other revenue streams that people should be thinking about that creates substantial opportunities, specifically subscription?

但我想知道，當你思考如何利用這個龐大的用戶平台以及你在所有平台上的參與度時，我在想——如果你看看 Spotify 在音樂訂閱方面取得的成就，蘋果會做什麼？ 甚至在音樂訂閱領域所做的事情，就像Netflix在影片領域所做的那樣，亞馬遜現在顯然已經擁有1億訂閱者，人們是否應該考慮其他業務、其他收入來源，從而創造大量機會，特別是訂閱？

And then maybe if you could just touch on from a commerce standpoint, now that Instagram is starting to be such a big driver of commerce, how do you think about diversifying revenues versus essentially being almost pure advertising?

那麼也許您可以從商業的角度來談談，既然 Instagram 開始成為商業的重要推動力，您如何看待收入多元化而不是基本上純粹的廣告？

We certainly thought about lots of other forms of monetization including subscriptions, and we'll always continue to consider everything.

我們當然考慮了許多其他形式的貨幣化，包括訂閱，並且我們將始終繼續考慮一切。

Ads for us is a very natural fit for our business, and we have a lot of runway ahead of us.

對我們來說，廣告非常適合我們的業務，而且我們還有很長的路要走。

We've done -- obviously, we have 80 million now Pages.

我們已經完成了——顯然，我們現在有 8000 萬個頁面。

So we have 80 million businesses using Facebook on a monthly basis, of which 6 million are advertisers.

因此，每月有 8,000 萬家企業使用 Facebook，其中 600 萬家是廣告商。

On Instagram, we have 25 million Instagram business profiles, of which 2 million are advertisers.

在 Instagram 上，我們有 2500 萬個 Instagram 企業資料，其中 200 萬是廣告商。

So even if we just convert people who are advertising on Facebook into Instagram, that's a lot of a growth opportunity.

因此，即使我們只是將在 Facebook 上做廣告的人轉變為 Instagram，這也是一個很大的成長機會。

Then you can start thinking about Messenger and some of the other platforms we have.

然後您可以開始考慮 Messenger 和我們擁有的其他一些平台。

What's, I think, interesting and strong about our potential business growth is that we're able to do this across these services.

我認為，我們潛在業務成長的有趣和強大之處在於我們能夠在這些服務中做到這一點。

So as I mentioned before, running an ad that has a click-to-Messenger ad that goes into Messenger is just an early example of what's possible.

正如我之前提到的，投放包含進入 Messenger 的點擊 Messenger 廣告的廣告只是可能性的早期範例。

And I think if you look at the large base of businesses that use us without paying, the growing base of businesses who do pay us and then the runway we have in services that are 1 billion plus that we're really not monetizing, I think a strong focus on ads continues to be the best investment we can make.

我認為，如果你看看大量不付費而使用我們的企業、不斷增長的向我們付費的企業，以及我們所提供的超過 10 億的服務，我認為這些服務實際上並沒有貨幣化。高度關注仍然是我們能做出的最佳投資。

It's also very core to our mission.

這也是我們使命的核心。

Ads gives us the ability to provide a free service to the world.

廣告使我們能夠向世界提供免費服務。

And if your goal is to connect to everyone and make sure that people can all participate, that ads-based model makes a lot of sense, and we're going to continue to invest very heavily there.

如果您的目標是與每個人建立聯繫並確保人們都可以參與，那麼基於廣告的模式就很有意義，我們將繼續在這方面進行大量投資。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

The last question comes from the line of Youssef Squali with SunTrust.

最後一個問題來自 SunTrust 的 Youssef Squali。

I guess 2 quick questions for David.

我想問大衛兩個簡單的問題。

Growth in MAUs in rest of world was up about 11%.

世界其他地區的每月活躍用戶數成長了約 11%。

I think last year, it was up almost double that, 19% or so.

我想去年，這個數字幾乎翻了一番，大約成長了 19%。

Anything changed there that maybe could explain the slowdown?

有什麼變化可以解釋經濟放緩的原因嗎？

And I think we saw also a slighter -- slightly lower growth in pricing as well.

我認為我們也看到了定價成長的輕微下降。

And then lastly on the buyback, how much do you still have left on the old authorization to which we need to add the new $9 billion?

最後，關於回購，舊授權還剩下多少，我們需要在其中添加新的 90 億美元？

And how do you look at it?

你怎麼看？

Is it being opportunistic?

這是機會主義嗎？

Or do you have a time line by which you guys are planning to complete the repurchase?

或者你們有計劃完成回購的時間表嗎？

Sure, Youssef.

當然，尤瑟夫。

On the growth in MAUs in rest of world, we've had certain slowdowns.

就世界其他地區的每月活躍用戶數成長而言，我們出現了一定程度的放緩。

There was an Internet shutdown in Ethiopia that contributed a little bit to that.

埃塞俄比亞的網路關閉對此做出了一些貢獻。

So you've got some kind of onetime factors that do come into play there.

因此，某些一次性因素確實會在那裡發揮作用。

So I think that's probably what I would point to.

所以我想這可能就是我要指出的。

Nothing that notable to call out there.

那裡沒有什麼值得注意的地方。

In terms of the share repurchase authorization, I would just say that we've just about gotten our way through that.

就股票回購授權而言，我只想說我們剛剛完成了這項任務。

We had about $2 billion left as of the end of the quarter.

截至本季末，我們還剩下約 20 億美元。

But we think it's -- we asked the board, and the board approved a $9 billion additional authorization.

但我們認為，我們詢問了董事會，董事會批准了 90 億美元的額外授權。

We look at it on 2 fronts, just offsetting the dilution from the share issuances that we have and then secondarily, to be opportunistic.

我們從兩個方面來看它，首先是抵消我們發行的股票帶來的稀釋，其次是機會主義。

And we think with the cash flow that we're generating, we have a strong financial position with which to fund that.

我們認為，憑藉我們產生的現金流，我們擁有強大的財務狀況來為其提供資金。

Great.

偉大的。

Thank you for joining us today.

感謝您今天加入我們。

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

感謝您抽出寶貴的時間，我們期待再次與您交談。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your lines.

現在您可以斷開線路。