Meta Platforms Inc (META) 2018 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我叫邁克，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Facebook Second Quarter 2018 Earnings Call.

在此，歡迎大家參加 Facebook 2018 年第二季度財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Thank you very much.

非常感謝。

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

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

Thank you.

謝謝。

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

下午好，歡迎來到 Facebook 2018 年第二季度收益電話會議。

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

今天和我一起討論我們的結果的是首席執行官馬克扎克伯格;首席運營官謝麗爾·桑德伯格 (Sheryl Sandberg)；和首席財務官 Dave Wehner。

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

在我們開始之前，我想藉此機會提醒您，我們今天的發言將包含前瞻性陳述。

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

實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。

Factors that could cause these results to differ materially are set forth in today's press release and in our 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.

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

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

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。

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

今天的收益新聞稿中包含了 GAAP 與非 GAAP 措施的對賬。

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

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

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

現在我想把電話轉給馬克。

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

謝謝黛博拉，也謝謝大家今天加入我們。

We had another solid quarter.

我們有另一個穩定的季度。

Revenue grew 42% year-over-year to $13.2 billion, and Facebook now has more than 2.2 billion monthly actives with almost 1.5 billion actives using it every day.

收入同比增長 42% 至 132 億美元，Facebook 現在每月有超過 22 億活躍用戶，每天有近 15 億活躍用戶使用它。

For the first time today, we're also releasing how many people use at least one of our apps, Facebook, WhatsApp, Instagram or Messenger, and that's 2.5 billion people each month.

今天，我們還首次發布了有多少人至少使用我們的一個應用程序，Facebook、WhatsApp、Instagram 或 Messenger，每月有 25 億人。

This number better reflects our community for a couple of reasons.

由於幾個原因，這個數字更好地反映了我們的社區。

First, it refers to individual people rather than active accounts, so it excludes when people have multiple active accounts on a single app.

首先，它指的是個人而不是活躍賬戶，所以它排除了人們在一個應用程序上擁有多個活躍賬戶的情況。

And second, it reflects that many people use more than one of our services, and Dave will explain this in a little more detail later.

其次，它反映出許多人使用我們不止一項服務，Dave 稍後會對此進行更詳細的解釋。

I want to start by talking about all the investments we've made over the last 6 months to improve safety, security and privacy across our services.

首先，我想談談我們在過去 6 個月中為提高我們服務的安全性、保障性和隱私性所做的所有投資。

This has been a lot of hard work, and it's starting to pay off.

這是一項艱苦的工作，並且開始得到回報。

We recently launched 2 important ad transparency tools: one to let anyone see the ads any page is running even if the ads aren't targeted to you; and the other, an archive of ads with political or issue content that's starting in the U.S. ready for the midterm elections.

我們最近推出了 2 個重要的廣告透明度工具：一個讓任何人都可以看到任何頁面正在運行的廣告，即使這些廣告不是針對您的；另一個是在美國開始為中期選舉準備的具有政治或問題內容的廣告檔案。

These ads are now labeled so you can clearly see who's paying for them.

這些廣告現在已貼上標籤，因此您可以清楚地看到誰在為它們付費。

And within the archive, you can see the budget associated with each ad, how many people saw it and search all ads with political or issue content that an advertiser has run for up to 7 years.

在存檔中，您可以查看與每個廣告相關的預算、有多少人看到了它，並蒐索廣告商投放長達 7 年的所有包含政治或問題內容的廣告。

This level of transparency will mean increased accountability and responsibility for advertisers globally.

這種透明度將意味著全球廣告商的問責制和責任增加。

Over the next 18 months, there are important elections beyond the U.S. in Brazil, India and the EU, and these will all be real tests for Facebook.

在接下來的 18 個月裡，除了美國之外，巴西、印度和歐盟也將舉行重要選舉，這些都將是對 Facebook 的真正考驗。

But I'm confident that we will get this right given our results during last year's French and German elections, the Alabama special election as well as this month's presidential election in Mexico, where our systems found and removed thousands of fake accounts, pages and groups that had violated our policies.

但我相信，鑑於我們在去年法國和德國選舉、阿拉巴馬州特別選舉以及本月墨西哥總統選舉中的結果，我們將取得正確的結果，我們的系統在墨西哥發現並刪除了數以千計的虛假賬戶、頁面和群組那違反了我們的政策。

Of course, security is not a problem that you ever fully solve.

當然，安全性不是您可以完全解決的問題。

We face sophisticated well-funded adversaries who are constantly evolving, but during each election, we learn and improve, too.

我們面對的是精明的、資金雄厚的對手，他們不斷進化，但在每次選舉中，我們也會學習和改進。

We're also making progress in the fight against misinformation.

我們在打擊錯誤信息方面也取得了進展。

We're getting rid of the financial incentives for spammers to create fake news, much of which is economically motivated.

我們正在消除垃圾郵件製造者製造假新聞的經濟誘因，其中大部分是出於經濟動機。

We stop pages that repeatedly spread false information from buying ads.

我們停止通過購買廣告反复傳播虛假信息的頁面。

And we also used AI to prevent fake accounts that generate a lot of the problematic content from ever being created in the first place.

我們還使用 AI 來防止產生大量有問題內容的假賬戶從一開始就被創建。

Our investments in AI mean that we can now remove more bad content quickly because we don't have to wait until after it's reported.

我們對 AI 的投資意味著我們現在可以快速刪除更多不良內容，因為我們不必等到它被報告後才刪除。

It frees our viewers to work on cases where human expertise is needed to understand the context or nuance of a situation.

它使我們的觀眾可以自由地處理需要人類專業知識來理解情況的背景或細微差別的案例。

In Q1, for example, almost 90% of graphic violence content that we removed or added a warning label to was identified using AI.

例如，在第一季度，我們刪除或添加警告標籤的近 90% 的圖形暴力內容都是使用 AI 識別的。

This shift from reactive to proactive detection is a big change, and it will make Facebook safer for everyone.

這種從被動檢測到主動檢測的轉變是一個巨大的變化，它將使 Facebook 對每個人都更加安全。

I also want to talk about privacy.

我還想談談隱私。

GDPR was an important moment for our industry.

GDPR 對我們行業來說是一個重要時刻。

We did see a decline in monthly actives in Europe, down by about 1 million people as a result.

我們確實看到歐洲的每月活躍人數有所下降，因此減少了約 100 萬人。

And at the same time, it was encouraging to see the vast majority of people affirm that they want us to use context, including from websites they visit, to make their ads more relevant and improve their overall product experience.

與此同時，令人鼓舞的是看到絕大多數人確認他們希望我們使用上下文（包括來自他們訪問的網站的上下文）來使他們的廣告更具相關性並改善他們的整體產品體驗。

Looking ahead, we will continue to invest heavily in security and privacy because we have a responsibility to keep people safe.

展望未來，我們將繼續在安全和隱私方面投入大量資金，因為我們有責任確保人們的安全。

But as I've said on past calls, we're investing so much in security that it will significantly impact our profitability.

但正如我在過去的電話會議上所說，我們在安全方面投入了大量資金，這將對我們的盈利能力產生重大影響。

We're starting to see that this quarter.

我們在本季度開始看到這一點。

But in addition to this, we also have a responsibility to keep building services that bring people closer together in new ways as well.

但除此之外，我們還有責任繼續建設以新方式拉近人們距離的服務。

Now in light of increased investment in security, we could choose to decrease our investments in new product areas, but we're not going to because that wouldn't be the right way to serve our community and because we run this company for the long term, not for the next quarter.

現在，鑑於安全投資的增加，我們可以選擇減少對新產品領域的投資，但我們不會這樣做，因為這不是服務社區的正確方式，而且我們長期經營這家公司任期，而不是下個季度。

And Dave will talk about this in a few minutes.

戴夫將在幾分鐘後討論這個問題。

Now perhaps one of the most important things we have done this year to bring people closer together is to shift News Feed to encourage connection with friends and family over passive consumption of content.

現在，也許我們今年為拉近人們距離所做的最重要的事情之一就是改變動態消息，鼓勵與朋友和家人建立聯繫，而不是被動地消費內容。

We've launched multiple changes over the last half to News Feed that encouraged more direction and engagement between people, and we plan to keep launching more like this.

上半年，我們對動態消息進行了多項更改，鼓勵更多的方向和人們之間的互動，我們計劃繼續推出更多類似的內容。

Now of course, connecting isn't limited to News Feed.

現在當然，連接不僅限於新聞提要。

Now there are more than 200 million people are members of meaningful groups on Facebook, and these are communities that upon joining they become the most important part of your Facebook experience and a big part of your real-world social infrastructure.

現在有超過 2 億人是 Facebook 上有意義的群組的成員，這些社區在加入後成為您 Facebook 體驗中最重要的部分，也是您現實世界社交基礎設施的重要組成部分。

These are groups for new parents, for people with rare diseases, for volunteering, for military families deployed to a new base and more.

這些團體面向新父母、患有罕見疾病的人、志願人員、部署到新基地的軍人家庭等等。

We believe there is a community for everyone on Facebook, and these meaningful communities often span online and off-line and bring people together in person.

我們相信 Facebook 上的每個人都有一個社區，這些有意義的社區通常跨越線上和線下，並將人們親自聚集在一起。

We found that every great community has an engaged leader, but running a group can take a lot of time.

我們發現每個偉大的社區都有一個敬業的領導者，但管理一個團隊可能需要很多時間。

So we have a road map to make this easier.

所以我們有一個路線圖來簡化這件事。

That will enable more meaningful groups to get formed, which will help us find relevant ones to recommend to you and eventually achieve our 5-year goal of helping 1 billion people be a part of meaningful communities.

這將使更多有意義的團體得以形成，這將幫助我們找到相關的團體向您推薦，並最終實現我們幫助 10 億人成為有意義社區的一部分的 5 年目標。

Now since the 1970s, there's been this long decline in people joining physical groups around the world, and that has contributed to a broad feeling of loneliness and isolation.

現在自 1970 年代以來，世界各地加入體育團體的人數長期下降，這導致了廣泛的孤獨感和隔離感。

But if we can help 1 billion people be a part of something meaningful, then that can help reverse this trend.

但是，如果我們能夠幫助 10 億人成為有意義的事情的一部分，那麼這將有助於扭轉這一趨勢。

Talking about being a part of something meaningful, it's been inspiring to see how people are using our fund-raising tools to make a difference.

談到成為有意義的事情的一部分，看到人們如何使用我們的籌款工具來做出改變是令人鼓舞的。

Last month, a campaign to raise $1,500 for undocumented children separated from their families at the border ended up going viral and raising more than $20 million from more than 0.5 million donors all around the world.

上個月，一項為在邊境與家人失散的無證兒童籌集 1,500 美元的活動最終迅速傳播開來，並從全球超過 50 萬名捐助者那裡籌集了超過 2,000 萬美元。

This quarter, we added the ability for Pages to create and donate to fundraisers for causes that they care about, too.

本季度，我們為 Pages 添加了創建籌款活動並為他們關心的事業捐款的功能。

This quarter, we also reached a milestone with now more than 1 billion actives on Instagram, and this is a moment to reflect on how this acquisition has been an amazing success.

本季度，我們還達到了一個里程碑，現在 Instagram 上的活躍用戶已超過 10 億，現在是反思此次收購如何取得驚人成功的時刻。

When Instagram joined us, the team had only 16 people, and since then, Kevin and the team have built Stories, Direct and now IGTV.

當 Instagram 加入我們時，團隊只有 16 人，從那時起，凱文和團隊建立了 Stories、Direct 和現在的 IGTV。

This has been a story of great innovation and product execution, and it's also a story of how effective the integration has been.

這是一個關於偉大創新和產品執行的故事，也是一個關於整合效果如何的故事。

We believe Instagram has been able to use Facebook's infrastructure to grow more than twice as quickly as it would have on its own.

我們相信 Instagram 已經能夠利用 Facebook 的基礎設施實現比其自身增長速度快兩倍以上的增長。

So a big congratulations to the Instagram team and to all the teams across our company that have contributed to this success.

因此，非常祝賀 Instagram 團隊以及我們公司為取得這一成功做出貢獻的所有團隊。

So I'm really excited about video, too.

所以我對視頻也很興奮。

And this quarter, we launched IGTV.

本季度，我們推出了 IGTV。

People are watching less TV but more video, but most video is not yet optimized for mobile.

人們看電視的時間變少了，看視頻的時間變長了，但大多數視頻尚未針對移動設備進行優化。

IGTV will help solve that problem.

IGTV 將幫助解決這個問題。

It's designed specifically for mobile and makes watching long-form vertical video from creators easy.

它專為移動設備設計，可讓創作者輕鬆觀看長篇垂直視頻。

There's a stand-alone IGTV app, but you can also watch within the Instagram app.

有一個獨立的 IGTV 應用程序，但您也可以在 Instagram 應用程序中觀看。

So that means the entire Instagram community has been able to use it from the start.

因此，這意味著整個 Instagram 社區從一開始就能夠使用它。

We're also seeing Watch start to grow more quickly on Facebook, too.

我們還看到 Watch 在 Facebook 上的增長速度也開始加快。

Our teams are focused on building new experiences that help people connect and start conversations.

我們的團隊專注於打造新體驗，幫助人們建立聯繫並開始對話。

We recently rolled out Watch Party to all groups, so you can watch and chat with friends at the same time.

我們最近向所有群組推出了 Watch Party，因此您可以同時觀看和與朋友聊天。

And we're seeing some real traction with some of the original programs from the talk show Red Table Talk featuring Jada Pinkett Smith to Skam, an interactive series that started in Norway and features a new style of storytelling, where the characters have accounts on Facebook and Instagram, and key parts of the story are told not just through video but through posts on their pages.

我們看到了一些原創節目的真正吸引力，從 Jada Pinkett Smith 出演的脫口秀 Red Table Talk 到 Skam，這是一個始於挪威的互動系列，採用全新的講故事方式，角色在 Facebook 上有帳戶和 Instagram，故事的關鍵部分不僅通過視頻而且通過他們頁面上的帖子來講述。

Stories continue to be a big part of the future of sharing too, and they're growing quickly across WhatsApp, Instagram, Facebook and Messenger.

快拍也將繼續成為未來共享的重要組成部分，並且它們在 WhatsApp、Instagram、Facebook 和 Messenger 中迅速發展。

While we started off just implementing the basic Stories format, we've now moved well beyond it and have built lots of new features like polls, questions and collaborative stories in groups and events.

雖然我們一開始只是實施基本的故事格式，但現在我們已經遠遠超越了它，並在小組和活動中構建了許多新功能，如投票、問題和協作故事。

And we're also making progress developing Stories into a great format for ads.

我們還在將 Stories 開發成一種很好的廣告格式方面取得了進展。

We've made the most progress here on Instagram, but this quarter, we started testing Stories ads on Facebook, too.

我們在 Instagram 上取得的進展最大，但本季度，我們也開始在 Facebook 上測試快拍廣告。

The other major trend we're seeing is the shift to more private messaging.

我們看到的另一個主要趨勢是向更多私人消息傳遞的轉變。

There's a lot to build here.

這裡有很多東西要建造。

We've been testing Payments on WhatsApp in India, and it gives people a really simple way to send money to each other and contribute to greater financial inclusion.

我們一直在印度測試 WhatsApp 上的支付功能，它為人們提供了一種非常簡單的方式來相互匯款，並為更大的金融包容性做出貢獻。

And of the people who have tested this, the feedback and usage have been very strong.

在測試過這個的人中，反饋和使用都非常強烈。

All signs point to a lot of people wanting to use this when the government gives us the green light.

所有跡像都表明，當政府給我們開綠燈時，很多人都想使用它。

And in the meantime, we've broadened our focus to building this for other countries, so we can give more people this ability faster.

與此同時，我們將重點擴大到為其他國家/地區構建此功能，以便我們可以更快地為更多人提供這種能力。

Over the next 5 years, we're focused on building out the business ecosystem around messaging on WhatsApp and Messenger.

在接下來的 5 年裡，我們將專注於圍繞 WhatsApp 和 Messenger 上的消息傳遞構建業務生態系統。

More broadly, our strategy is to use Facebook's computing infrastructure, business platforms and security systems to serve people across all of our apps.

更廣泛地說，我們的戰略是使用 Facebook 的計算基礎設施、業務平台和安全系統來為我們所有應用程序的用戶提供服務。

For example, we made the decision a decade ago to build our own data centers, and we opened our first custom-built data center in 2011.

例如，十年前我們決定建立自己的數據中心，並於 2011 年開設了第一個定制數據中心。

Today, we have 6 data centers around the world, and we're working on building 8 more.

今天，我們在全球擁有 6 個數據中心，並且我們正在努力建設另外 8 個。

We're using AI systems in our global community operations team to fight spam, harassment, hate speech and terrorism across all of our apps to keep people safe.

我們在全球社區運營團隊中使用人工智能係統來打擊我們所有應用程序中的垃圾郵件、騷擾、仇恨言論和恐怖主義，以確保人們的安全。

And this is incredibly useful for apps like WhatsApp and Instagram as it helps us manage the challenges of hyper growth there more effectively.

這對於 WhatsApp 和 Instagram 等應用程序來說非常有用，因為它可以幫助我們更有效地應對高速增長帶來的挑戰。

Beyond apps and looking at the next 10 years, we're making a lot of progress with virtual reality.

除了應用程序之外，展望未來 10 年，我們在虛擬現實方面取得了很大進展。

Our goal is to create that feeling of presence that you're right there with people you care about even if you might be halfway around the world.

我們的目標是營造一種身臨其境的感覺，即使您可能身處半個地球，也能與您關心的人在一起。

The Oculus Go is off to a good start, and at $199, it's going to be how a lot of people experience virtual reality for the first time.

Oculus Go 有了一個良好的開端，售價 199 美元，這將是很多人第一次體驗虛擬現實的方式。

Overall, this is a critical year for Facebook.

總的來說，今年對 Facebook 來說是關鍵的一年。

We've made progress preventing abuse, forged ahead with new innovations and are adapting our services to the new trends of messaging, stories, videos and groups.

我們在防止濫用方面取得了進展，在創新方面取得了進步，並正在調整我們的服務以適應消息傳遞、故事、視頻和群組的新趨勢。

As always, thank you for being a part of this journey, and I'm looking forward to making more progress together.

一如既往，感謝您成為這段旅程的一部分，我期待著共同取得更多進步。

And now here is Sheryl to talk about our business.

現在雪莉來談談我們的業務。

Hi, everyone.

大家好。

It was a good second quarter with ad revenue growing 42% year-over-year.

第二季度表現不錯，廣告收入同比增長 42%。

Mobile ad revenue was $11.9 billion, a 50% increase year-over-year, making up approximately 91% of total ad revenue.

移動廣告收入為 119 億美元，同比增長 50%，約佔廣告總收入的 91%。

Our growth again was broad based across regions, marketer segments and verticals.

我們的增長再次廣泛地跨地區、營銷細分市場和垂直領域。

We are working to ensure that Facebook is a safe place for people and businesses.

我們正在努力確保 Facebook 成為個人和企業的安全場所。

We've taken strong steps to address a number of issues, including election integrity, fake news and protecting people's information.

我們已採取有力措施解決一系列問題，包括選舉誠信、假新聞和保護人們的信息。

One of the most important things we can do to affect change is to increase transparency because transparency leads to greater accountability.

我們可以做的影響變革的最重要的事情之一就是提高透明度，因為透明度會帶來更大的問責制。

For example, when anyone can see any ad on Facebook, advertisers have to stand behind the ads they run.

例如，當任何人都可以看到 Facebook 上的任何廣告時，廣告商必須支持他們投放的廣告。

Transparency also allows us to get more input from our community and from experts around the world so that we can find and fix problems.

透明度還使我們能夠從我們的社區和世界各地的專家那裡獲得更多的意見，以便我們能夠發現和解決問題。

We wish we could find everything ourselves, but we never will, so we're building tools to make it easier for people to report issues to us.

我們希望自己能找到一切，但我們永遠做不到，所以我們正在構建工具，讓人們更容易向我們報告問題。

As Mark mentioned, this quarter, we took major steps to make advertising in pages more transparent.

正如 Mark 所提到的，本季度，我們採取了重大措施來使頁面中的廣告更加透明。

Now anyone can see all the ads a page is running across Facebook, Instagram, Messenger and Audience Network.

現在任何人都可以看到一個頁面在 Facebook、Instagram、Messenger 和 Audience Network 上投放的所有廣告。

You can also learn more about pages even if they don't advertise.

即使它們不做廣告，您也可以了解有關頁面的更多信息。

You can see when a page was created and if they've changed their name.

您可以查看頁面的創建時間以及它們是否更改了名稱。

For political and issue ads, we're going even further.

對於政治和問題廣告，我們走得更遠。

Advertisers placing ads with political content are now required to verify their identity and location.

投放帶有政治內容的廣告的廣告商現在需要驗證其身份和位置。

These ads will be labeled with a disclosure about who paid for them and saved in a searchable archive.

這些廣告將標有關於誰為它們付款並保存在可搜索檔案中的公開信息。

The vast majority of ads on Facebook are run by legitimate organizations, from small businesses looking for new customers to advocacy groups raising money for their causes.

Facebook 上的絕大多數廣告都是由合法組織運營的，從尋找新客戶的小企業到為他們的事業籌集資金的倡導團體。

But we've seen that bad actors can misuse our products, too, so we're erring on the side of transparency.

但我們已經看到不良行為者也可以濫用我們的產品，因此我們在透明度方面犯了錯誤。

We're being intentionally broad in our interpretation of political and issue ads.

我們在對政治和問題廣告的解釋上有意寬泛。

This includes ads for books about politicians and brand campaigns that touch on national issues.

這包括有關政客的書籍廣告和涉及國家問題的品牌宣傳活動。

Given our commitment to transparency, we think it's important to apply this policy to more ads rather than rather fewer -- rather than fewer.

鑑於我們對透明度的承諾，我們認為將此政策應用於更多而不是更少的廣告很重要——而不是更少。

These steps are just a start.

這些步驟只是一個開始。

We'll keep looking for ways to improve, and we hope these tools become standard across the industry.

我們將繼續尋找改進方法，我們希望這些工具成為整個行業的標準。

As we make these investments in transparency and accountability, we remain focused on our key priorities: helping businesses leverage the power of mobile, developing innovative ad products and making our ads more relevant and effective.

當我們在透明度和問責制方面進行這些投資時，我們仍然專注於我們的關鍵優先事項：幫助企業利用移動的力量，開發創新的廣告產品並使我們的廣告更具相關性和有效性。

First, leveraging the power of mobile.

首先，利用移動的力量。

For businesses, winning on mobile now means winning on video.

對於企業而言，現在在移動設備上取勝意味著在視頻上取勝。

Globally, people are creating and wanting more video, especially on mobile devices.

在全球範圍內，人們正在製作並需要更多視頻，尤其是在移動設備上。

According to eMarketer, neither -- nearly 1/4 of the world's population will watch video on a mobile phone this year.

據 eMarketer 稱，今年全球近 1/4 的人口都不會在手機上觀看視頻。

We see this trend toward video across all of our apps, from people sharing more video with their friends on Facebook to watching more video from creators on Instagram to having more video calls on WhatsApp and Messenger.

我們在所有應用程序中都看到了這種視頻趨勢，從人們在 Facebook 上與朋友分享更多視頻到在 Instagram 上觀看更多創作者的視頻，再到在 WhatsApp 和 Messenger 上進行更多視頻通話。

Marketers are making more video of their own.

營銷人員正在製作更多自己的視頻。

We're seeing healthy growth in video ads amongst all advertiser segments.

我們看到所有廣告商細分市場的視頻廣告都在健康增長。

M&M's UK recently used mobile optimized 5-second video ads on Facebook and Instagram to introduce M&M's Mix, a bag of 3 kinds of M&Ms in 1. Their campaign worked, driving results not just for their new product but for the brand overall.

M&M's UK 最近在 Facebook 和 Instagram 上使用經過移動設備優化的 5 秒視頻廣告來介紹 M&M's Mix，這是一袋 3 種 M&M 巧克力豆。他們的營銷活動取得了成效，不僅為他們的新產品而且為整個品牌帶來了成效。

Their sales increased by over 10%, and 80% of that came from households that had not bought M&M's in the previous 26 weeks.

他們的銷售額增長了 10% 以上，其中 80% 來自在過去 26 週內沒有購買過 M&M's 的家庭。

Second, developing new ad products.

二是開發新的廣告產品。

We know that creating video can be more difficult for small businesses that have fewer resources, so we've launched new tools on Facebook to help anyone make videos that work well on mobile.

我們知道，對於資源較少的小型企業來說，製作視頻會更加困難，因此我們在 Facebook 上推出了新工具，以幫助任何人製作適合移動設備的視頻。

Last quarter, we released ads animator, a simple way to create eye-catching video ads using photos and other content that's already on a company's Facebook page.

上個季度，我們發布了廣告動畫師，這是一種使用公司 Facebook 頁面上已有的照片和其他內容製作引人注目的視頻廣告的簡單方法。

We're also testing Video Creation Kit, which gives advertisers easy-to-use video templates for different marketing objectives.

我們還在測試 Video Creation Kit，它為廣告商提供了針對不同營銷目標的易於使用的視頻模板。

By learning what performs best across our platform, we can help other businesses succeed.

通過了解什麼在我們的平台上表現最好，我們可以幫助其他企業取得成功。

We're also making it easier to run ads on Instagram and in Stories.

我們還簡化了在 Instagram 和快拍中投放廣告的過程。

Ads in Stories are an immersive engaging way for people to interact with businesses.

故事中的廣告是人們與企業互動的一種身臨其境的參與方式。

When online retailer Overstock wanted to gain new customers and increase furniture sales, they ran video ads in Instagram Stories with a Shop Now button.

當在線零售商 Overstock 希望獲得新客戶並增加家具銷量時，他們在 Instagram 快拍中投放了帶有“立即購買”按鈕的視頻廣告。

They saw an 18% increase in return on ad spend and a 20% decrease in cost per acquisition.

他們發現廣告支出回報率提高了 18%，每次獲取成本降低了 20%。

This quarter, we made it easier for more advertisers to adopt the Stories format.

本季度，我們讓更多廣告商更容易採用故事格式。

When an advertiser uploads video in a square or horizontal format for feed, we can automatically transform it into the full-screen vertical format of Stories.

當廣告商上傳正方形或水平格式的視頻供 Feed 使用時，我們可以自動將其轉換為 Stories 的全屏垂直格式。

Third, making our ads more relevant and effective.

第三，使我們的廣告更具相關性和有效性。

We're building new products and improving existing ones to ensure advertisers can reach the right audience.

我們正在開發新產品並改進現有產品，以確保廣告商能夠接觸到合適的受眾。

For example, automatic placements help advertisers get better results by showing ads across our platform wherever they'll perform best and at the lowest cost.

例如，自動展示位置可以幫助廣告商獲得更好的效果，方法是在我們的平台上以最低的成本在效果最好的地方展示廣告。

SumUp, a German payment startup that helps small businesses accept debit and credit cards, switched from manual to automatic placements and increased sales by 34% in 1 week.

SumUp 是一家幫助小型企業接受借記卡和信用卡的德國支付初創公司，它從手動投放改為自動投放，並在 1 週內將銷售額提高了 34%。

Advertisers of all size -- sizes want to know if their ads are working and how to make them better, but smaller businesses don't always have this capability.

各種規模的廣告商都想知道他們的廣告是否有效以及如何使它們變得更好，但較小的企業並不總是具備這種能力。

We're changing that.

我們正在改變它。

Last year, we introduced Test and Learn, a way for advertisers to run variations of their ads and measure the results in just a few steps.

去年，我們推出了測試和學習，這是一種讓廣告商運行其廣告變體並通過幾個步驟衡量結果的方法。

We started with tools for direct response advertisers to figure out what drives conversions.

我們從直接反應廣告商的工具開始，找出推動轉化的因素。

In Q2, we added a way for companies to understand the effect of their ads on brand perception.

在第二季度，我們為公司增加了一種了解其廣告對品牌認知度影響的方法。

We plan to roll this out to all advertisers, big and small so they can easily experiment with different strategies and find the ones that work best.

我們計劃將此推廣到所有廣告商，無論大小，以便他們可以輕鬆地嘗試不同的策略並找到最有效的策略。

As always, I'm grateful to our teams around the world.

一如既往，我很感謝我們在世界各地的團隊。

Their work over the past several months has helped millions of businesses grow and created new levels of transparency in advertising.

他們在過去幾個月的工作幫助數以百萬計的企業發展壯大，並創造了新的廣告透明度水平。

I'd also like to thank our partners and the businesses of all sizes who turn to us to reach their customers and give us the feedback that helps make us better.

我還要感謝我們的合作夥伴和各種規模的企業，他們求助於我們來接觸他們的客戶，並向我們提供有助於讓我們變得更好的反饋。

Thank you.

謝謝。

And now here's Dave.

現在戴夫來了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

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 1.47 billion, up 11% compared to last year led by growth in India, Indonesia and the Philippines.

Facebook 的每日活躍用戶達到 14.7 億，比去年增長 11%，這主要得益於印度、印度尼西亞和菲律賓的增長。

This number represents approximately 66% of the 2.23 billion monthly active users in Q2.

這個數字約佔第二季度 22.3 億月活躍用戶的 66%。

MAUs were up 228 million or 11% compared to last year.

與去年相比，MAU 增加了 2.28 億，增幅為 11%。

It's worth noting that MAU and DAU in Europe were both down slightly quarter-over-quarter due to the GDPR rollout, consistent with the outlook we gave on the Q1 call.

值得注意的是，由於 GDPR 的推出，歐洲的 MAU 和 DAU 環比均略有下降，這與我們在第一季度電話會議上給出的展望一致。

As Mark mentioned, we're also introducing a family-wide audience metric.

正如 Mark 提到的，我們還引入了一個家庭範圍的受眾指標。

2.5 billion people worldwide used one of our applications in June.

6 月份全球有 25 億人使用了我們的一款應用程序。

This is our best estimate of our deduplicated audience across the Facebook, Instagram, Messenger and WhatsApp.

這是我們對 Facebook、Instagram、Messenger 和 WhatsApp 上的重複數據刪除受眾的最佳估計。

We believe this number better reflects the size of our community and the fact that many people are using more than one of these services.

我們相信這個數字更好地反映了我們社區的規模以及許多人使用不止一種服務這一事實。

Note that for comparison purposes Facebook MAU does count multiple accounts for a single user when such accounts exist.

請注意，出於比較目的，Facebook MAU 會在存在此類帳戶時計算單個用戶的多個帳戶。

And we estimate those represent approximately 10% of our Facebook MAU as previously disclosed in the Limitation of Key Metrics section in our SEC filings.

我們估計這些約占我們 Facebook MAU 的 10%，正如我們之前在美國證券交易委員會備案文件中的關鍵指標限制部分所披露的那樣。

The family audience metric only counts a single user in these instances.

在這些情況下，家庭觀眾指標僅計算單個用戶。

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，否則所有比較均基於同比。

Q2 total revenue was $13.2 billion, up 42% or 38% on a constant currency basis.

第二季度總收入為 132 億美元，按固定匯率計算增長 42% 或 38%。

Foreign exchange tailwinds contributed approximately $370 million of revenue in Q2.

外匯利好在第二季度貢獻了約 3.7 億美元的收入。

Q2 ad revenue was $13 billion, up 42% or 38% on a constant currency basis.

第二季度廣告收入為 130 億美元，按固定匯率計算增長 42% 或 38%。

In terms of ad revenue by region, Europe and Asia Pacific both grew fastest at 47% each and benefited from foreign exchange tailwinds.

就按地區劃分的廣告收入而言，歐洲和亞太地區均增長最快，均為 47%，並受益於外匯順風。

I'd note that European ad revenue growth decelerated more quickly than other regions and was impacted primarily by reduced currency tailwinds and, to a lesser extent, the rollout of GDPR.

我注意到歐洲廣告收入增長比其他地區減速得更快，主要受到貨幣順風減少的影響，在較小程度上受到 GDPR 推出的影響。

Mobile ad revenue was $11.9 billion, up 50% and represents approximately 91% of ad revenue.

移動廣告收入為 119 億美元，增長 50%，約佔廣告收入的 91%。

In Q2, the average price per ad increased 17%, and the number of ad impressions served across our services increased 21%, driven primarily by ads in feed on Instagram and Facebook.

在第二季度，每條廣告的平均價格上漲了 17%，我們服務中投放的廣告展示次數增加了 21%，這主要受 Instagram 和 Facebook 信息流中的廣告推動。

Payments and other fees revenue was $193 million, up 23%.

付款和其他費用收入為 1.93 億美元，增長 23%。

Turning now to expenses.

現在轉向費用。

Total expenses were $7.4 billion, up 50%.

總支出為 74 億美元，增長 50%。

We ended Q2 with over 30,000 full-time employees, up 47% compared to last year.

我們在第二季度末擁有超過 30,000 名全職員工，比去年增長 47%。

Operating income was $5.9 billion, representing a 44% operating margin.

營業收入為 59 億美元，營業利潤率為 44%。

Our effective tax rate in the quarter was 13%.

我們本季度的有效稅率為 13%。

Net income was $5.1 billion or $1.74 per share.

淨收入為 51 億美元或每股 1.74 美元。

Capital expenditures were $3.5 billion, driven by investments in data centers, servers, network infrastructure and office facilities.

受數據中心、服務器、網絡基礎設施和辦公設施投資的推動，資本支出為 35 億美元。

In Q2, we generated $2.8 billion of free cash flow and ended the quarter with approximately $42 billion in cash and investments.

在第二季度，我們產生了 28 億美元的自由現金流，並在本季度末擁有約 420 億美元的現金和投資。

And in the second quarter, we bought back approximately $3.2 billion of our Class A common stock.

在第二季度，我們回購了大約 32 億美元的 A 類普通股。

Turning now to the revenue outlook.

現在轉向收入前景。

Our total revenue growth rates decelerated approximately 7 percentage points in Q2 compared to Q1.

與第一季度相比，我們第二季度的總收入增長率下降了約 7 個百分點。

Our total revenue growth rates will continue to decelerate in the second half of 2018, and we expect our revenue growth rates to decline by high single-digit percentages from prior quarters sequentially in both Q3 and Q4.

我們的總收入增長率將在 2018 年下半年繼續減速，我們預計我們的收入增長率在第三季度和第四季度將比前幾個季度連續下降個位數百分比。

There are several factors contributing to that deceleration.

有幾個因素導致了這種減速。

For example, we expect currency to be a slight headwind in the second half versus the tailwinds we have experienced over the last several quarters.

例如，與我們在過去幾個季度經歷的順風相比，我們預計下半年貨幣將略微逆風。

We plan to grow and promote certain engaging experiences like Stories that currently have lower levels of monetization, and we are also giving people who use our services more choices around data privacy, which may have an impact on our revenue growth.

我們計劃發展和推廣某些引人入勝的體驗，例如目前貨幣化水平較低的故事，我們還為使用我們服務的人們提供更多關於數據隱私的選擇，這可能會對我們的收入增長產生影響。

Turning now to expenses.

現在轉向費用。

We continue to expect that full year 2018 total expenses will grow in the range of 50% to 60% compared to last year.

我們繼續預計 2018 年全年總支出與去年相比將增長 50% 至 60%。

In addition to increases in core product development and infrastructure, this growth is driven by increasing investment in areas like safety and security, AR/VR, marketing and content acquisition.

除了核心產品開發和基礎設施的增加外，這種增長還受到安全保障、增強現實/虛擬現實、營銷和內容獲取等領域投資增加的推動。

Looking beyond 2018, we anticipate that total expense growth will exceed revenue growth in 2019.

展望 2018 年以後，我們預計 2019 年總費用增長將超過收入增長。

Over the next several years, we would anticipate that our operating margins will trend towards the mid-30s on a percentage basis.

在接下來的幾年裡，我們預計我們的營業利潤率將按百分比計算趨向於 30 年代中期。

We expect full year 2018 capital expenditures will be approximately $15 billion, driven by investments in data centers, servers, network infrastructure and office facilities.

我們預計 2018 年全年的資本支出將約為 150 億美元，主要受數據中心、服務器、網絡基礎設施和辦公設施投資的推動。

We plan to continue to grow capital expenditures beyond 2018 to support global growth and our ongoing product needs.

我們計劃在 2018 年之後繼續增加資本支出，以支持全球增長和我們持續的產品需求。

Turning now to tax.

現在轉向稅收。

At current stock prices, we expect our full year 2018 tax rate will be in the mid-teens but that our Q3 tax rate will be 25% to 30% due to a onetime charge related to a recent court ruling in the IRS versus Altera case.

按照目前的股價，我們預計我們 2018 年全年的稅率將在十幾歲左右，但我們的第三季度稅率將為 25% 至 30%，這是由於與美國國稅局最近對 Altera 案件的法院裁決相關的一次性收費.

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

提醒一下，我們股價的波動會影響我們的稅率。

In summary, our community and business growth remains solid.

總之，我們的社區和業務增長依然穩健。

Our financial strength has enabled us to invest heavily to improve our ability to serve our global community through our existing family of apps as well as to prepare us for the future.

我們的財務實力使我們能夠進行大量投資，以提高我們通過現有應用程序系列服務全球社區的能力，並為未來做好準備。

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

有了這個，接線員，讓我們打開問題電話。

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

（操作員說明）您的第一個問題來自摩根士丹利的 Brian Nowak。

I've got 2. Just the first one on monetization of Facebook core versus Instagram.

我有 2 個。只是第一個關於 Facebook 核心貨幣化與 Instagram 的貨幣化。

Just talk a little bit about how you think about monetization levels and the key drivers currently and going forward when we think about ad load, pricing and the importance of ad improvements across the 2 platforms over the next, call it, year or so?

當我們考慮廣告負載、定價以及未來一年左右在兩個平台上改進廣告的重要性時，請談談您如何看待當前和未來的貨幣化水平和主要驅動因素？

And the second one on Instagram TV.

第二個在 Instagram TV 上。

Maybe just talk about how you look and think about the core consumer offering, how it varies from Facebook Watch and philosophically how you think about investing in premium content or sports content across the 2 products?

也許只是談談你如何看待和思考核心消費者產品，它與 Facebook Watch 有何不同，以及你如何看待在這兩種產品中投資優質內容或體育內容？

Brian, I'll take the first one.

布賴恩，我要第一個。

In terms of Facebook versus Instagram, they're obviously both contributing to revenue growth.

就 Facebook 和 Instagram 而言，它們顯然都在為收入增長做出貢獻。

Instagram is growing more quickly and making an increasing contribution to growth, and we've been pleased with how Instagram is growing.

Instagram 的發展速度更快，對增長的貢獻也越來越大，我們對 Instagram 的發展方式感到滿意。

Facebook and Instagram are really one ads ecosystem, I think, from a supply perspective, both now, from a feed perspective, have similar ad loads.

Facebook 和 Instagram 確實是一個廣告生態系統，我認為，從供應的角度來看，現在，從 feed 的角度來看，它們具有相似的廣告負載。

Instagram has more heavy usage of Stories, so that's an area of continued growth opportunity because the effective levels of monetization in Stories are lower.

Instagram 對快拍的使用更為頻繁，因此這是一個持續增長機會的領域，因為快拍中的有效貨幣化水平較低。

On the demand side, we see good traction across both platforms, and we're rolling out more ability for advertisers to leverage ads in Stories with more formats and the like.

在需求方面，我們看到兩個平台都有很好的吸引力，我們正在為廣告商推出更多功能，以利用更多格式等的故事中的廣告。

So that's, again, an important opportunity for growth, it's just continuing to build out more products on the demand side for Stories.

因此，這又是一個重要的增長機會，它只是繼續在 Stories 的需求方開發更多產品。

And I can take the second part of the question about the -- what we're trying to do with IGTV and Watch at the same time.

我可以回答問題的第二部分——我們正在嘗試同時使用 IGTV 和 Watch 做什麼。

The IGTV product approach is very focused on helping people connect with creators in a mobile-native vertical video format and helping people not only see content that they love from people that they want to follow but build a community around those creators, which is what we see people are trying to do.

IGTV 產品方法非常專注於幫助人們以移動原生垂直視頻格式與創作者聯繫，幫助人們不僅從他們想要關注的人那裡看到他們喜歡的內容，而且圍繞這些創作者建立一個社區，這就是我們的目標看到人們正在努力做。

And creators now uniquely have the ability to both reach a large audience and connect and engage the community through the social network on Instagram at the same time.

創作者現在擁有獨特的能力，既可以接觸大量觀眾，又可以通過 Instagram 上的社交網絡與社區建立聯繫和互動。

With Watch, a lot of what we're trying to do is make it so the video content that's on Facebook and some of the content that we're acquiring through original programming that people can come together with their friends to watch that content through things like Watch Party and engage and build community that way.

有了 Watch，我們正在努力做的很多事情就是讓 Facebook 上的視頻內容和我們通過原創節目獲得的一些內容，人們可以和他們的朋友一起通過事物觀看這些內容比如 Watch Party 並以這種方式參與和建立社區。

So there's a big space here in terms of helping people have real connections and interactions around video.

因此，在幫助人們圍繞視頻建立真正的聯繫和互動方面，這裡有很大的空間。

These are sort of 2 different takes on this.

這些是對此的兩種不同看法。

Overall, what you're going to see from us on video is not just try to optimize for overall watch time but to optimize for building products that help bring people together and help facilitate real interaction between people.

總的來說，您將從我們的視頻中看到的不僅僅是嘗試優化整體觀看時間，而是優化構建有助於將人們聚集在一起並有助於促進人與人之間真正互動的產品。

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

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe going back to the OpEx and your comments, Dave, looking out sort of medium to longer term.

戴夫，也許回到運營支出和你的評論，從中長期來看。

Just want to understand if we can get a little bit more color on some of the drivers of that.

只是想了解我們是否可以在某些驅動程序上獲得更多顏色。

How much of it could be video in support of where you want to take the business over the medium and long term versus things that maybe don't necessarily have a revenue component to them like the security and the protection of the ecosystem that the whole team's been talking about since the end of last year?

其中有多少可以是視頻來支持您希望在中長期內將業務帶到哪裡，而不是那些可能不一定對他們有收入組成部分的事情，比如整個團隊的安全性和生態系統保護自去年年底以來一直在談論？

Yes.

是的。

Eric, it's going to be a combination of those factors.

埃里克，這將是這些因素的結合。

I would say, we're going to continue to invest in core product development and infrastructure, and so you've seen that already in terms of the ramp that we have in capital expenditures.

我會說，我們將繼續投資於核心產品開發和基礎設施，所以你已經看到我們在資本支出方面的增長。

We're continuing to build out features and functionality for the community across a wide range of different products, whether it be the ad products that Sheryl talked about or IGTV and the like.

我們將繼續在各種不同的產品中為社區構建特性和功能，無論是 Sheryl 談到的廣告產品還是 IGTV 等。

In addition to those core developments, we're also making the significant long-term investments in safety and security.

除了這些核心發展之外，我們還在安全和安保方面進行重大的長期投資。

Those investments are in the billions of dollars per year.

這些投資每年達數十億美元。

Those will have a negative impact on margins.

這些將對利潤率產生負面影響。

We think that's the right thing to do for the business in terms of ensuring the community's safety and security and the durability of the franchise.

我們認為，就確保社區安全和特許經營權的持久性而言，這對企業來說是正確的做法。

So those are important investments from an ROI perspective, but they don't have obviously immediate translation into revenue dollars.

因此，從投資回報率的角度來看，這些都是重要的投資，但它們顯然不會立即轉化為收入。

Secondly, we're continuing to make big investments in innovation.

其次，我們將繼續在創新方面進行大量投資。

Those, we believe, are attractive long-term investments.

我們認為，這些是有吸引力的長期投資。

The things that I would point to are things like AI as well as our investments in AR and VR.

我要指出的是 AI 以及我們對 AR 和 VR 的投資。

Those are things that will play out, AI in the nearer term, but the investments in AR and VR are really about building the next generation of computing.

這些都是會在近期發揮作用的東西，人工智能在短期內，但對 AR 和 VR 的投資實際上是為了構建下一代計算。

And that's got a longer-term return window, so attractive investments, we believe, but ones that will take longer term to pay off and those would have a dilutive effect on margins in the near term.

這有一個長期的回報窗口，我們相信如此有吸引力的投資，但那些需要更長時間才能得到回報的投資，以及那些將在短期內對利潤率產生稀釋影響的投資。

Those are the 2 factors that I would point to.

這些是我要指出的兩個因素。

In addition, on the CapEx side, we're continuing to invest heavily on the capital -- on capital expenditures, first, to just get ahead of user growth and engagements and then also to make sure that we've got the compute available to support the growth of a number of the key drivers of our business around feed ranking and ads ranking.

此外，在資本支出方面，我們將繼續大量投資於資本——資本支出，首先是為了趕在用戶增長和參與度之前，然後還要確保我們有可用的計算能力支持我們業務圍繞 Feed 排名和廣告排名的一些關鍵驅動因素的增長。

So I think those are the things that I would point to all factoring into the margin guidance that I gave.

所以我認為這些是我要指出的所有因素，包括我給出的保證金指導。

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

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Can you hear me?

你能聽到我嗎？

Can you guys hear me?

你們能聽到我說話嗎？

Yes.

是的。

Yes.

是的。

Okay, sorry.

哦抱歉。

Dave, I think you said that the quarter-on-quarter growth rates are going to be high single digits lower than the prior year quarter-on-quarter growth rates versus 3Q and 4Q.

戴夫，我想你說過季度環比增長率將比去年第三季度和第四季度的環比增長率低個位數。

That would imply around a 20% year-on-year growth rate exiting fourth quarter.

這意味著第四季度的同比增長率約為 20%。

So I just want to clarify, is that what you actually said?

所以我只想澄清一下，你真的是這麼說的嗎？

And if so, what's driving this fairly dramatic deceleration of revenue growth?

如果是這樣，是什麼導致收入增長出現如此顯著的減速？

Ross, so yes, we grew at 42% in the current quarter, and we would expect decel in the high single digits for the next couple quarters.

羅斯，所以是的，我們在本季度增長了 42%，我們預計在接下來的幾個季度中會出現高個位數的減速。

In terms of what is driving the deceleration, I -- it's a combination of factors, and I think I outlined those in my commentary.

就推動減速的因素而言，我 - 這是多種因素的結合，我想我在評論中概述了這些因素。

First of all, there's the currency, which is going from being a tailwind to being a modest headwind, we expect.

首先是貨幣，我們預計貨幣將從順風轉變為適度的逆風。

Secondly, we're going to be focusing on growing engaging new experiences like Stories and promoting those, and that's going to have a negative impact on revenue growth.

其次，我們將專注於發展像故事這樣引人入勝的新體驗並推廣這些體驗，這將對收入增長產生負面影響。

And then finally, we're giving people who use service -- the services more choice around privacy.

最後，我們為使用服務的人提供服務——服務在隱私方面有更多選擇。

And that's coming both in terms of impacts that could be ongoing from things like GDPR as well as other product options that we're providing that could have an impact on revenue growth.

就 GDPR 等可能持續產生的影響以及我們提供的可能對收入增長產生影響的其他產品選項而言，這種情況正在發生。

So it's a combination of all those factors that is leading to the deceleration of revenue growth in the second half.

因此，所有這些因素的結合導致下半年收入增長放緩。

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

你的下一個問題來自摩根大通的 Doug Anmuth。

A question for Mark.

馬克的問題。

I was hoping you could talk about the company's focus on meaningful social interactions.

我希望你能談談公司對有意義的社交互動的關注。

Several months into some of those changes, do you think behavior on the platform has shifted at all?

在進行其中一些更改幾個月後，您認為平台上的行為是否發生了根本變化？

And would you expect the improvements in the experience to ultimately drive a rebound in core Facebook engagement?

您是否期望體驗的改善最終推動核心 Facebook 參與度的反彈？

Sure.

當然。

So we've launched a number of changes that are focused towards trying to encourage more interaction at the expense of some passive consumption on the network, and we found that these have generally encouraged more interaction.

因此，我們推出了一些改變，旨在以犧牲網絡上的一些被動消費為代價來鼓勵更多的互動，我們發現這些通常會鼓勵更多的互動。

They're positive, so we're going to keep on moving in this direction.

他們是積極的，所以我們將繼續朝著這個方向前進。

We're doing this for a number of reasons.

我們這樣做有很多原因。

One is that we just started getting a lot of feedback from people in the community that they wanted Facebook to be more about connecting with people, which is really the core of what it's always been, less so about viral videos or news content and just passive consumption.

一是我們剛剛開始從社區中的人們那裡得到很多反饋，他們希望 Facebook 更多地與人聯繫，這確實是它一直以來的核心，而不是病毒視頻或新聞內容，只是被動消耗。

So that's one.

這就是一個。

Another big driver is we've focused on trying to make sure that we understand the effect of using our services on people's well-being.

另一個重要的推動力是我們一直致力於確保我們了解使用我們的服務對人們福祉的影響。

I think that that's important for all companies.

我認為這對所有公司都很重要。

And the research there is very clear that when people are using the Internet and including our services to interact with other people, that's associated with all the positive elements of well-being that you'd expect: feeling more connected, feeling less lonely, feeling happier and long-term measures of health.

那裡的研究非常清楚，當人們使用互聯網並包括我們的服務與他人互動時，這與您期望的所有幸福的積極因素相關：感覺更緊密，感覺不那麼孤獨，感覺更快樂和長期的健康措施。

But when you're simply using the Internet to passively consume content, then that isn't necessarily associated with positive improvements to well-being.

但是，當您只是簡單地使用互聯網被動地消費內容時，這並不一定與幸福感的積極改善相關聯。

So both because of the feedback that we were getting and the research, we felt like this was really the right direction to go in.

因此，由於我們得到的反饋和研究，我們覺得這確實是正確的前進方向。

We're seeing positive signs in terms of how it's encouraging people to interact more.

在鼓勵人們進行更多互動方面，我們看到了積極的跡象。

Of the usage on the platform, we do think that, that is the most valuable usage.

在平台上的使用中，我們確實認為這是最有價值的使用。

But that's why we're going in that direction, and everything that we've seen so far suggests to us that we should continue moving in that direction more.

但這就是我們朝那個方向前進的原因，到目前為止我們所看到的一切都向我們表明，我們應該繼續朝著那個方向前進。

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

你的下一個問題來自高盛的 Heather Bellini。

I was just wondering if you could share with us, as you look ahead over the next 12 to 24 months and you think of assets that you have that you aren't currently monetizing in material ways, which of those do you think about when you think about kind of layering on the next leg of the stool, if you will, which one of those would you expect us or would you expect to see start to contribute in a more meaningful way over the next couple of years?

我只是想知道你是否可以與我們分享，因為你展望未來 12 到 24 個月，你會想到你擁有的資產，你目前沒有以物質方式貨幣化，當你考慮在凳子的下一條腿上進行分層，如果可以的話，您希望我們或您希望看到哪一個在未來幾年開始以更有意義的方式做出貢獻？

How would you kind of rank order those assets that are not currently being monetized in a significant way at this point?

您如何對目前尚未以重要方式貨幣化的資產進行排序？

I'll take it.

我要買它。

So obviously, we started with ads in Facebook, and that was something we have grown and they continue to grow.

很明顯，我們從 Facebook 上的廣告開始，這是我們已經發展起來的，而且他們還在繼續發展。

The ads have expanded quite nicely to Instagram.

這些廣告很好地擴展到了 Instagram。

And Instagram represents a very healthy part of the growth, and we expect that to continue as well.

Instagram 代表了增長中非常健康的一部分，我們預計這種增長也會繼續下去。

When you think about things that are further out, I think you then start talking about our messaging apps.

當你想到更遠的事情時，我想你會開始談論我們的消息應用程序。

We are furthest ahead in Messenger, but it's still very early days.

我們在 Messenger 方面遙遙領先，但仍處於早期階段。

We're quite happy with consumer engagement with 1.3 billion monthly actives on the platform, and we continue to see a lot of organic connections between businesses and consumers on the messaging platform.

我們對平台上每月有 13 億活躍用戶的消費者參與度感到非常滿意，並且我們繼續在消息傳遞平台上看到企業與消費者之間的許多有機聯繫。

We now have over 8 billion messages sent between people and businesses per month, which includes automated messages.

我們現在每月在人與企業之間發送超過 80 億條消息，其中包括自動消息。

We're being very slow and deliberate with monetization.

我們在貨幣化方面非常緩慢和慎重。

It's still in early days.

現在還處於早期階段。

But I think we've launched some things that people are excited about and interested in, like click-to-Messenger ads.

但我認為我們推出了一些讓人們興奮和感興趣的東西，比如點擊 Messenger 廣告。

We also have some early nice results we can share from clients.

我們也有一些早期的不錯的結果，我們可以從客戶那里分享。

One of them recently was LEGO.

其中之一是最近的樂高積木。

They launched a Messenger bot to help with gift recommendations, and they created a click-to-Messenger ad that linked to a LEGO bot, which helped provide product and gift recommendations.

他們推出了一個 Messenger 機器人來幫助推薦禮物，他們製作了一個鏈接到 LEGO 機器人的點擊進入 Messenger 廣告，這有助於提供產品和禮物推薦。

They reached people over 25 years old in the U.S., U.K., France and Germany and targeted people who are interested in LEGO toys and shopping.

他們覆蓋了美國、英國、法國和德國 25 歲以上的人群，並以對樂高玩具和購物感興趣的人群為目標。

And they found a 3.4x higher return on ad spend for click-to-Messenger ads versus those that just linked to the LEGO website.

他們發現，與僅鏈接到 LEGO 網站的廣告相比，點擊 Messenger 廣告的廣告支出回報率高出 3.4 倍。

And I share that case because it shows what we're excited about.

我分享這個案例，因為它顯示了我們的興奮之處。

We're excited about a new surface where businesses can interact with consumers but also really a new functionality.

我們很高興看到企業可以在其中與消費者互動的新表面，但實際上也是一種新功能。

If you go further out, you would then start thinking about WhatsApp.

如果你走得更遠，你就會開始考慮 WhatsApp。

We are very focused there on the user experience, but we're also focused, even earlier stages, on growing our business ecosystem.

我們非常專注於用戶體驗，但我們也專注於發展我們的業務生態系統，甚至在早期階段。

The WhatsApp Business app has launched, and we now have more than 3 million people actively using it to test business solutions.

WhatsApp Business 應用程序已經推出，我們現在有超過 300 萬人積極使用它來測試業務解決方案。

So that's further out, but we think it has potential as well.

所以這還很遙遠，但我們認為它也有潛力。

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

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

Two questions please, a near-term one and a long-term one.

請問兩個問題，一個是近期的，一個是長期的。

The near-term one is can you just comment on what you're seeing in terms of MAU recovery growth trends in Europe?

近期的問題是，您能否就歐洲 MAU 恢復增長趨勢發表評論？

You have -- you gave us a -- what turned out to be a pretty accurate read into the June quarter.

你有——你給了我們一個——結果是對 6 月季度的非常準確的解讀。

So would you have a read into whether things have paced out and started to improve again post-GDPR implementation?

那麼，在 GDPR 實施後，您能否了解一下事情是否已經結束並開始再次改進？

And then I know, Sheryl, you just talked about this.

然後我知道，Sheryl，你剛剛談到了這個。

But can I just ask you just a quick -- maybe comment a little bit more on Facebook Messenger?

但我能不能簡單地問你 - 也許在 Facebook Messenger 上多評論一點？

I've just seen the ad units there.

我剛剛看到那裡的廣告單元。

There seem to be -- it seemed like there's been a pickup recently in implementation of ads there that seemed to me to be highly effective and reasonably well targeted.

似乎 - 似乎最近在那裡實施的廣告有所回升，在我看來，這些廣告非常有效且目標合理。

So any learnings just from those, the basic ad units that you put in there, beyond the kind of the business metrics you just reported on?

那麼除了你剛剛報告的那種業務指標之外，你從那些你放在那裡的基本廣告單元中學到了什麼？

Mark, it's Dave.

馬克，是戴夫。

On Europe, yes, we don't have any update on trends.

在歐洲，是的，我們沒有任何最新趨勢。

We had indicated in the first quarter that we would expect to see a decline.

我們在第一季度曾表示，我們預計會出現下滑。

We're not providing any guidance on MAU and DAU in Europe on this call.

在這次電話會議上，我們不會提供有關歐洲 MAU 和 DAU 的任何指導。

In terms of number two, we have an ad model where we're able to use the targeting capabilities for Facebook, but when we put ads into a new surface, we obviously learn and evolve.

第二，我們有一個廣告模型，我們可以在其中使用 Facebook 的定位功能，但是當我們將廣告投放到新的表面時，我們顯然會學習和發展。

So one example of some of the things that we're excited about, again, are the click-to-Messenger ads.

因此，我們再次感到興奮的一些事情的一個例子是 click-to-Messenger 廣告。

That's something we can put in News Feed in Instagram and Messenger, and it both grows the ecosystem and creates a new opportunity for interaction.

我們可以將其放入 Instagram 和 Messenger 的動態消息中，它既可以發展生態系統，又可以創造新的互動機會。

We also have inbox ad where we -- inbox ads where we're enabling advertisers to extend their reach to people in Messenger, which is still really early.

我們還有收件箱廣告——收件箱廣告，我們讓廣告商能夠將他們的影響範圍擴大到 Messenger 中的用戶，這還很早。

And we're also in the early days of sponsored messages, which enable businesses to reengage people once a conversation has started.

我們還處於贊助消息的早期階段，這使企業能夠在對話開始後重新吸引人們。

And so when we think about the format of Messenger, we think about the direct correspondence between a person, either an existing or a potential client, or with a business, and we think there are many times in kind of a life cycle of interacting with the business where that's a very attractive opportunity.

因此，當我們考慮 Messenger 的格式時，我們會考慮一個人（現有或潛在客戶）或與企業之間的直接通信，我們認為在生命週期中有很多次與這是一個非常有吸引力的機會的業務。

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

你的下一個問題來自 Cowen 的 John Blackledge。

Mark or Sheryl, could you discuss your view about the importance of Instagram as a discovery platform for new and/or emerging brands and merchants?

Mark 或 Sheryl，您能否談談您對 Instagram 作為新品牌和/或新興品牌和商家發現平台的重要性的看法？

And then over time, as these merchants and brands mature, how do you view Instagram's ability to monetize?

然後隨著時間的推移，隨著這些商家和品牌的成熟，您如何看待 Instagram 的貨幣化能力？

And then just a quick one on North American ad revenue, it was a bit lower than we expected in the second quarter.

然後是關於北美廣告收入的快速報告，它比我們第二季度的預期要低一些。

Don't know if you guys have any color there.

不知道你們那裡有沒有顏色。

On the first, when we think about Instagram, we think we have a great opportunity: 25 million Instagram business profiles, 2 million advertisers.

首先，當我們想到 Instagram 時，我們認為我們有一個很好的機會：2500 萬個 Instagram 業務資料，200 萬個廣告商。

We're growing quite nicely across brands and DR and with 1 billion active people on the platform.

我們在品牌和 DR 方面發展得非常好，平台上有 10 億活躍用戶。

I think Instagram is definitely both a direct response opportunity but an opportunity for discovery.

我認為 Instagram 絕對是一個直接回應的機會，也是一個發現的機會。

Part of it's the format.

部分原因在於格式。

The format is so visually appealing, and people are telling stories with pictures.

這種形式在視覺上非常吸引人，人們在用圖片講故事。

So we see both anecdotally and in the data that this is a great place for people to become aware of a product in the first place.

因此，我們從軼事和數據中都看到，這是讓人們首先了解產品的好地方。

And we see a lot of small businesses really able to do things on the platform.

我們看到很多小企業確實能夠在平台上做事。

I'll share a recent example.

我將分享一個最近的例子。

We just launched a shopping experience that was just expanded in Q2 to all consumers in an additional 45 countries.

我們剛剛推出了一種購物體驗，該體驗剛剛在第二季度擴展到另外 45 個國家/地區的所有消費者。

DefShop is an e-commerce fashion brand in Germany.

DefShop是德國的電子商務時尚品牌。

They were an early tester for IG shopping.

他們是 IG 購物的早期測試者。

And what they did in that test is tagged each article of clothing.

他們在該測試中所做的是在每件衣服上貼上標籤。

They had 56 more website visitors and a 64% increase in sales for tagged products.

他們的網站訪問者增加了 56 人，標記產品的銷售額增加了 64%。

And I think a lot of those were discovered and purchased right through that advertising funnel.

而且我認為其中很多都是通過該廣告渠道發現和購買的。

John, it's Dave.

約翰，是戴夫。

Just on the North American deceleration in ad revenue growth, kind of consistent with the trends we've seen, so nothing there notable.

就北美廣告收入增長的減速而言，這與我們看到的趨勢有點一致，所以沒有什麼值得注意的。

I would say we're pleased at the growth that we're seeing at the scale at which we're operating.

我會說我們對我們在運營規模上看到的增長感到高興。

When you look at the deceleration, the one that I called out was really Europe where you saw the currency impact as well as, to a lesser extent, GDPR causing sort of faster deceleration than in the other regions.

當你看減速時，我提到的那個實際上是歐洲，在那裡你看到了貨幣影響，以及在較小程度上，GDPR 導致比其他地區更快的減速。

I would say North America was more kind of within kind of what we were seeing across the rest of the business.

我想說北美更像是我們在其他業務中看到的那種。

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

你的下一個問題來自美銀美林的 Justin Post。

The guidance for the deceleration might raise some questions just on Facebook engagement.

減速的指導可能會引發一些關於 Facebook 參與度的問題。

So just wondering how you're seeing activity within just core Facebook right now?

所以只是想知道您現在如何在核心 Facebook 中看到活動？

Is it growing at a healthy rate?

它是否以健康的速度增長？

And then secondly, you have had a couple of months now with GDPR.

其次，您現在已經使用 GDPR 幾個月了。

Just wondering how you're thinking about how that will impact your ad targeting over the next year.

只是想知道您如何考慮這將如何影響您明年的廣告定位。

Sure, Justin.

當然，賈斯汀。

I'll take that.

我會接受的。

So we're continuing to see good growth in the Facebook ecosystem with 11% DAU growth, and obviously, we've got broader family growth as well.

因此，我們繼續看到 Facebook 生態系統的良好增長，DAU 增長了 11%，顯然，我們也有更廣泛的家庭增長。

In terms of -- I guess, going to the GDPR question, we've talked about -- oh, sorry, Sheryl, were you going to take the GDPR question?

關於——我想，關於 GDPR 問題，我們已經討論過——哦，抱歉，Sheryl，你打算回答 GDPR 問題嗎？

Yes, I can talk about GDPR.

是的，我可以談談 GDPR。

GDPR has not had a significant revenue impact, but we also recognize it wasn't fully rolled out this quarter.

GDPR 並未對收入產生重大影響，但我們也認識到它並未在本季度全面推出。

It was very encouraging for us to see that the vast majority of these people affirmed that they want us to use information, including from the websites they visit, to make their ads more relevant.

看到這些人中的絕大多數確認他們希望我們使用信息（包括來自他們訪問的網站的信息）來提高他們的廣告的相關性，這讓我們感到非常鼓舞。

But as we look further out, we recognize that there's still risk, and we're going to watch closely.

但當我們進一步觀察時，我們認識到風險仍然存在，我們將密切關注。

Advertisers are still adapting to the changes, so it's early to know the longer-term impact.

廣告商仍在適應這些變化，因此現在了解長期影響還為時過早。

And things like GDPR and other privacy changes that may happen from us or may happen with regulation could make ads more relevant.

GDPR 和我們可能發生或監管可能發生的其他隱私變化可能會使廣告更具相關性。

One thing that we know that's not going to change is that advertisers are always looking for the highest ROI opportunity, and what's most important in winning budgets is our relative performance in the industry.

我們知道不會改變的一件事是廣告商一直在尋找最高投資回報率的機會，而贏得預算最重要的是我們在行業中的相對錶現。

And we believe we'll continue to do very well on that.

我們相信我們會繼續在這方面做得很好。

I'd just give a little bit more color, sorry.

我只是給多一點顏色，對不起。

I wanted to give a little bit more color on some of the different regional trends we're seeing on Facebook DAU.

我想為我們在 Facebook DAU 上看到的一些不同區域趨勢提供更多色彩。

U.S. and Canada, sort of consistent with past quarters, has been flat at about 185 million, and we'd expect that to continue to be -- continue to bounce around.

美國和加拿大與過去幾個季度保持一致，持平於 1.85 億左右，我們預計這種情況將繼續 - 繼續反彈。

Europe, we saw the decline that we anticipated from GDPR, and I would say, there, really those impacts were purely due to the GDPR impact, not other engagement trends.

在歐洲，我們看到了我們對 GDPR 的預期下降，我想說，在那裡，這些影響真的純粹是由於 GDPR 的影響，而不是其他參與趨勢。

So I would point to that.

所以我要指出這一點。

Otherwise, I think feeling good about Europe.

否則，我認為對歐洲感覺良好。

Worldwide, we've got kind of different puts and takes.

在全球範圍內，我們有不同的投資方式。

Indonesia had a SIM card registration requirement that caused a little bit of a headwind in APAC.

印度尼西亞有 SIM 卡註冊要求，這在亞太地區造成了一些阻力。

And then rest of world, we saw some countries come back online, like Ethiopia came back online, so some different puts and takes but overall still seeing regional growth across all regions with the exception of the U.S., Canada being flat.

然後是世界其他地區，我們看到一些國家重新上線，比如埃塞俄比亞重新上線，所以一些不同的看跌期權，但總體上仍然看到所有地區的區域增長，但美國和加拿大持平。

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

你的下一個問題來自花旗銀行的馬克梅。

Just following up on the comments.

只是跟進評論。

Sheryl mentioned that there's really no meaningful impact on GDPR to the ad business, at least as of now.

Sheryl 提到，GDPR 對廣告業務確實沒有任何有意義的影響，至少到目前為止是這樣。

But then, Dave, I think you mentioned that because you're giving people more control over their privacy and data that this is one of the reasons why you're expecting the meaningful decel in the second half.

但是，戴夫，我想你提到過，因為你讓人們更多地控制他們的隱私和數據，這是你期待下半年有意義的減速的原因之一。

So just trying to reconcile those 2 things.

所以只是想調和這兩件事。

Maybe the questions have been too specific around the impact of GDPR and should be more broad around data and privacy.

也許這些問題圍繞 GDPR 的影響過於具體，應該更廣泛地圍繞數據和隱私。

And I guess, ultimately, the question is what impact, if any, is these greater controls that you're giving users having on ad revenue growth and monetization?

我想，最終的問題是，如果有的話，你給予用戶的這些更大的控制對廣告收入增長和貨幣化有什麼影響？

Sure, Mark.

當然，馬克。

Let me take that.

讓我拿那個。

So GDPR didn't have a significant impact in Q2 partially because of its implementation date.

所以 GDPR 對第二季度沒有產生重大影響，部分原因是它的實施日期。

So you're just seeing effectively 1 month of it.

所以你只看到有效的 1 個月。

In terms of revenue, we do think that there will be some modest impact.

在收入方面，我們確實認為會有一些適度的影響。

And I don't want to overplay these factors, but you've got a couple things going on.

我不想誇大這些因素，但你有幾件事正在發生。

You've got the impact of the opt-outs.

你已經受到了選擇退出的影響。

And while we're very pleased with the vast majority of people opting into the third-party data use, some did not.

雖然我們對絕大多數人選擇使用第三方數據感到非常高興，但有些人沒有。

So that'll have a small impact on revenue growth.

所以這對收入增長的影響很小。

And then we're also seeing some impact from how advertisers are using their own data for targeting, so again, that'll have a modest impact on growth.

然後我們也看到了廣告商如何使用他們自己的數據進行定位的一些影響，因此，這將對增長產生適度的影響。

And then in addition, we're continuing to focus our product development around putting privacy first, and that's going to, we believe, have some impact on revenue growth.

此外，我們繼續將我們的產品開發重點放在將隱私放在首位，我們相信，這會對收入增長產生一些影響。

So it's really a combination of kind of how we're approaching privacy as well as GDPR and the like.

所以這實際上是我們如何處理隱私以及 GDPR 等的組合。

So I think all of those factors together are one of the factors that we're talking about, the other being obviously the currency flip.

所以我認為所有這些因素加在一起就是我們正在談論的因素之一，另一個顯然是貨幣翻轉。

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

您的下一個問題來自 BTIG 的 Rich Greenfield。

So I guess, one of the things as you look at, you talked about the growth you're seeing in users overseas or basically everywhere but the U.S. and Canada.

所以我想，你看到的其中一件事，你談到了你在海外或基本上除美國和加拿大以外的任何地方看到的用戶增長。

But when you look at ARPU, your ARPU outside, even in Europe, is still only a real tiny fraction of where you are in the U.S. and obviously in Asia and rest of world, an infinitesimal fraction of where you are in the U.S. How does that factor into as you think about your long-term guidance that you just talked about, especially with margins moving towards the mid-30s just given how early you are in those non-U.

但是當你看 ARPU 時，你在外面的 ARPU，即使在歐洲，仍然只是你在美國的一小部分，顯然在亞洲和世界其他地區，你在美國的 ARPU 是一個無窮小的部分。當你考慮你剛剛談到的長期指導時，這個因素會影響到你，特別是考慮到你在那些非 U 中的早期，利潤率正在向 30 年代中期移動。

S. markets and how much headroom they have to grow as those ad markets mature?

S. 市場以及隨著這些廣告市場的成熟，它們有多大的增長空間？

How do you have confidence that you -- in that type of deceleration when you look at how much upside there is in that ARPU?

當您查看該 ARPU 有多少上升空間時，您如何對您有信心 - 在那種類型的減速中？

Yes.

是的。

I guess, you've got a couple of different factors going on there.

我想，你有幾個不同的因素。

You've got the opportunity, I think, for ARPU growth in those regions, and that's going to depend on the mix of countries in those regions and the GDP per capita in those countries as well as the relative size of the ad markets.

我認為，您有機會在這些地區實現 ARPU 增長，這將取決於這些地區的國家組合、這些國家的人均 GDP 以及廣告市場的相對規模。

And that correlates very strongly to our opportunity and our potential ARPU.

這與我們的機會和潛在的 ARPU 密切相關。

And I think you've got upside growth potential in the long run in those markets.

而且我認為從長遠來看，這些市場具有上行增長潛力。

As it relates to margin profile, you also just have the factor that your increasing growth -- the increasing mix of the business is shifting towards Asia and towards what are currently lower ARPU markets.

由於它與利潤率狀況有關，您還有一個因素，即您的增長不斷增長——業務組合的增加正在轉向亞洲和目前 ARPU 較低的市場。

And so while those are very attractive, we believe to serve both in the near and in the long run, they're going to have a different impact on margin because the cost to support those users relative to the revenue they bring in does have an impact on margins in the medium term.

因此，儘管這些非常有吸引力，但我們相信無論是在近期還是長期，它們都會對利潤率產生不同的影響，因為支持這些用戶的成本相對於他們帶來的收入確實有對中期利潤率的影響。

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

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

I have 2. One for Sheryl and one for Mark.

我有 2 個。一個給 Sheryl，一個給 Mark。

Sheryl, you just -- in Dave's comments and the comments about the business impact of engagement shifting to Stories versus Feed products, I just -- if you could spell out for us, I guess, the real -- the specific reasons why Stories monetization is not as strong as Feed today, and in the context perhaps of what needs to happen in the future for Stories monetization to rebound to, let's say, parity to where Feed is today and sort of get through that negative impact.

Sheryl，你只是 - 在 Dave 的評論和關於參與轉移到 Stories 與 Feed 產品的業務影響的評論中，我只是 - 如果你能為我們闡明，我想，真實的 - Stories 貨幣化的具體原因不像今天的 Feed 那樣強大，並且在未來可能需要發生什麼才能讓 Stories 貨幣化反彈到，比方說，與今天的 Feed 持平，並在某種程度上克服這種負面影響。

And then for Mark, I think perhaps Heather was getting at this in her question, but the company's investing so much into owned data centers.

然後對於馬克，我認為也許希瑟在她的問題中明白了這一點，但公司對自有數據中心的投資如此之多。

You talked about that, I think, in your prepared remarks.

我想，你在準備好的發言中談到了這一點。

Are there ways to improve the return on investment of those investments in data center servers, network infrastructure?

有沒有辦法提高那些對數據中心服務器、網絡基礎設施的投資的投資回報率？

And what I'm thinking is, in order to perhaps service third parties, to maybe just improve those returns in a way that other tech and Internet companies have in terms of investments in infrastructure.

我在想的是，也許為了服務第三方，也許只是以其他科技和互聯網公司在基礎設施投資方面所採用的方式來提高這些回報。

So on Stories, we've seen great progress of Stories as a format for people to share on our platform.

因此，在 Stories 上，我們已經看到 Stories 作為人們在我們平台上分享的一種格式取得了巨大進步。

We have 400 million people sharing with Instagram Stories, 450 million with WhatsApp status.

我們有 4 億人使用 Instagram Stories 分享，4.5 億人使用 WhatsApp 狀態。

Facebook is newer, but we're seeing good progress there.

Facebook 較新，但我們在那裡看到了良好的進展。

The question is will this monetize at the same rate as News Feed.

問題是這是否會以與新聞提要相同的速度獲利。

And we honestly don't know.

我們真的不知道。

We'll have to see what happens.

我們得看看會發生什麼。

There are good reasons to be very optimistic about the monetization.

有充分的理由對貨幣化非常樂觀。

The opportunity, full screen, authentic, very engaging, different formats than Feed, gives us an opportunity to grow.

這個機會，全屏，真實，非常吸引人，與 Feed 不同的格式，給了我們成長的機會。

We also don't have all of our advertisers yet creating story ads.

我們還沒有讓所有的廣告商都製作故事廣告。

So obviously, as more and more advertisers come in and do that, the more and the better ads we'll have.

很明顯，隨著越來越多的廣告商加入進來並這樣做，我們將擁有更多更好的廣告。

I think getting that ramp will take a while because Stories is a new format, and we definitely see that it takes a while for advertisers to adopt new formats.

我認為實現這一增長需要一段時間，因為故事是一種新格式，而且我們肯定看到廣告商採用新格式需要一段時間。

I think one of the other things we feel good about over the long run, not really the short run, is that since we have so many different places where you have Stories formats in Instagram and WhatsApp and Facebook, as volume increases of the opportunity, advertisers get more interested.

我認為從長遠來看，我們感覺良好的其他事情之一，而不是短期內，是因為我們有很多不同的地方，你可以在 Instagram、WhatsApp 和 Facebook 中使用故事格式，隨著機會的增加，廣告商會更感興趣。

But we won't know for a while if it's going to monetize at the same rate.

但我們暫時還不知道它是否會以同樣的速度獲利。

We do feel very good about a new and very engaging opportunity for ads.

我們確實對一個新的、非常有吸引力的廣告機會感到非常滿意。

And I can quickly answer the second part around data centers.

我可以快速回答有關數據中心的第二部分。

I mean, the quick answer is that we're not planning on going into the cloud services.

我的意思是，快速回答是我們不打算進入雲服務。

We're not planning on doing that.

我們不打算這樣做。

We have to build out all this capacity to serve our community.

我們必須建立所有這些能力來為我們的社區服務。

It's a very computationally and resource intensive set of services that we provide, and we need to build that out.

這是我們提供的一組計算和資源密集型服務，我們需要構建它。

We are very optimistic.

我們非常樂觀。

I'm very optimistic about AI overall and being able to use more computing resources to be able to crunch more data to be able to rank News Feed and ads and search and friend suggestions and all the important things that we use our AI systems to do in addition to the integrity and security work.

我對人工智能總體上非常樂觀，能夠使用更多的計算資源來處理更多的數據，以便能夠對新聞提要、廣告、搜索和朋友建議進行排名，以及我們使用人工智能係統做的所有重要事情除了完整性和安全性工作。

Part of the advance in AI technology now allows us to use more compute to use all the data that's in the system to provide better results.

人工智能技術的部分進步現在允許我們使用更多的計算來使用系統中的所有數據來提供更好的結果。

So we certainly plan on doing that.

所以我們當然計劃這樣做。

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

你的下一個問題來自 Wells Fargo Securities 的 Peter Stabler。

One for Sheryl and then one for Dave.

一份給 Sheryl，一份給 Dave。

Sheryl, just on the SMB side, wondering if you could give us any color by region if possible.

Sheryl，就 SMB 而言，想知道如果可能的話，您是否可以按地區給我們任何顏色。

And then secondly on the go-to-market strategy, to what extent is Facebook dependent upon or leveraging resellers versus small businesses discovering the ad platform on their own?

其次是進入市場戰略，Facebook 在多大程度上依賴或利用經銷商，而不是小型企業自己發現廣告平台？

How key is that reseller channel for you on the small business side?

在小型企業方面，經銷商渠道對您來說有多重要？

And then for Dave, given that you've given us some relatively specific guidance on the revenue growth decel through the remainder of the year, wondering if you could give us some color on what that embeds from an FX expectation at this point.

然後對於戴夫，鑑於你已經給了我們一些關於今年剩餘時間收入增長減速的相對具體的指導，想知道你是否可以給我們一些關於此時從外匯預期中嵌入的內容的顏色。

So SMBs are very core to our business, and with over 80 million SMB pages that are using Facebook on a monthly basis, we know they're core to theirs.

因此，SMB 是我們業務的核心，每月有超過 8000 萬個 SMB 頁面使用 Facebook，我們知道它們是他們的核心。

Our 6 million advertisers come from those pages, and so the fact that we have so much room to grow is exciting for us.

我們的 600 萬廣告客戶來自這些頁面，因此我們有如此大的增長空間這一事實讓我們感到興奮。

We don't break this out by region, but we do see very strong SMB participation across the board and around the world, particularly as SMBs come online, the more -- as SMBs come online the more.

我們沒有按地區劃分，但我們確實看到 SMB 在全球範圍內的參與度非常高，特別是隨著 SMB 上線，越多 - 隨著 SMB 上線越多。

So you can imagine that some of it goes with Internet penetration and Internet use.

所以你可以想像，其中一些與互聯網普及和互聯網使用有關。

In terms of resellers, we think it's a big opportunity.

就經銷商而言，我們認為這是一個巨大的機會。

We don't break that out either, but obviously some of our ads are sold directly and bought directly through our online interfaces.

我們也沒有打破這一點，但顯然我們的一些廣告是通過我們的在線界面直接銷售和購買的。

We also have third parties that sell our ads, and we welcome that as well.

我們也有第三方出售我們的廣告，我們也對此表示歡迎。

Peter, it's Dave.

彼得，是戴夫。

Just on the FX, we're just looking at current rates and just rolling those forward, not predicting what the rates will be but rather looking at current rates and thus, what the impact would be if rates stay the same on the second half.

就外匯而言，我們只是關注當前利率並將其向前滾動，而不是預測利率將是多少，而是關注當前利率，因此，如果利率在下半年保持不變，將會產生什麼影響。

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

你的下一個問題來自 Jefferies 的 Brent Thill。

Dave, I want to go back to the magnitude of the deceleration.

戴夫，我想回到減速的幅度。

I think many investors are having a hard time reconciling that type of deceleration, considering how good the advertising -- advertiser feedback is on your platform.

我認為許多投資者都很難調和這種減速，考慮到你平台上的廣告有多好——廣告商的反饋。

And I realize you've outlined FX and Stories and the other factors.

我知道你已經概述了 FX 和 Stories 以及其他因素。

But is there something that you're hearing now from advertisers that are -- is giving you more confidence that they're saying something different about what we're all hearing right now?

但是你現在從廣告商那裡聽到的是什麼——讓你更有信心相信他們說的與我們現在所聽到的不同？

It just seems like the magnitude is beyond anything we've seen, especially across a number of tech names we all cover.

它的規模似乎超出了我們所見過的任何事物，尤其是在我們都涵蓋的許多技術名稱中。

Yes.

是的。

Brent, I'll take that, and if Sheryl wants to add color, she should step in as well.

布倫特，我會接受的，如果雪莉想要增添色彩，她也應該介入。

The -- this is -- I mean, we consistently have seen over the last 8 quarters constant currency deceleration, so there's a continuation of this trend.

- 這是 - 我的意思是，在過去 8 個季度中，我們一直看到貨幣持續減速，因此這種趨勢仍在繼續。

I don't think there's anything beyond that in the factors that I outlined.

我認為在我概述的因素中沒有任何超出此範圍的內容。

I would note, we've been benefiting from continued growth across Instagram.

我要指出的是，我們一直受益於 Instagram 的持續增長。

Instagram ad load in Feed is the same level as Facebook, so that would be -- that's certainly been helpful in our recent quarters.

Feed 中的 Instagram 廣告負載與 Facebook 處於同一水平，所以這對我們最近幾個季度肯定有幫助。

So I think when you look at the factors going forward, I would say we've got the currency impacts.

所以我認為，當你審視未來的因素時，我會說我們已經受到了貨幣影響。

We've got some of the impacts around privacy and the like, but we continue to get good advertiser feedback on ROI.

我們在隱私等方面受到了一些影響，但我們繼續獲得廣告商對投資回報率的良好反饋。

We continue to believe we're delivering great ROI for advertisers.

我們仍然相信我們正在為廣告商帶來巨大的投資回報率。

So I don't think there's anything from the advertiser perspective that's necessarily playing out differently than expectations.

所以我認為從廣告商的角度來看，沒有什麼必然會與預期不同。

Sheryl can add any color there.

Sheryl 可以在那裡添加任何顏色。

Yes, I'd add there.

是的，我會在那裡添加。

I mean, even at decreasing growth rates, we are still growing and predicting growth at very healthy rates, and that's based on returning for advertisers.

我的意思是，即使增長率下降，我們仍在以非常健康的速度增長並預測增長，這是基於廣告商的回報。

We're very focused on helping advertisers meet their ultimate goals, looking at their ROI, looking at the return they get on ringing the cash register, whether that cash register rings online or offline.

我們非常專注於幫助廣告商實現他們的最終目標，看看他們的投資回報率，看看他們在收銀機響鈴時獲得的回報，無論收銀機是在線還是離線。

And we hear from them and we continue to see in our results that we continue to deliver strong results.

我們收到了他們的來信，我們繼續在我們的結果中看到我們繼續取得強勁的成果。

So we have a lot of opportunity ahead of us.

所以我們面前有很多機會。

We're going to continue to invest in that opportunity, and what we're hearing from advertisers all over the world is that they want to continue to grow and invest with us as well.

我們將繼續投資這個機會，我們從世界各地的廣告商那裡聽到的是，他們希望繼續發展並與我們一起投資。

The last question comes from the line of Colin Sebastian from Robert W. Baird.

最後一個問題來自 Robert W. Baird 的 Colin Sebastian 的台詞。

Just a couple of follow-ups for me.

對我來說只是幾個後續行動。

First off, Dave, maybe I missed this.

首先，戴夫，也許我錯過了這個。

But what time frame are you referring to in terms of getting down to the mid-30s operating margin?

但是，就降低到 30 年代中期的營業利潤率而言，您指的是什麼時間框架？

And does that outlook assume any meaningful contribution from any of the new areas of innovation that you highlighted on the call?

這種前景是否假設您在電話會議上強調的任何新創新領域都做出了有意義的貢獻？

Just trying to figure out how much of that might be conservatism.

只是想弄清楚其中有多少可能是保守主義。

And then on the nearer-term trends and the midterm elections in the U.S., given the amount of scrutiny that will exist in your platform, how should we think about your level of preparation, on one hand, to manage content?

然後關於近期趨勢和美國中期選舉，考慮到您的平台將受到大量審查，一方面，我們應該如何考慮您管理內容的準備程度？

And then on the other hand, is this part of the potential impact on monetization of revenue growth in the back half of the year that you're taking into consideration?

另一方面，您是否考慮了今年下半年對收入增長貨幣化的潛在影響？

Sure, Colin.

當然，科林。

Let me take a crack at that.

讓我試一試。

So in terms of the guidance, I had given guidance.

所以在指導方面，我已經給出了指導。

This is several years, so more than 2 but less than many.

這是幾年，所以超過 2 但少於很多年。

So it's over a time frame more than 2 years is our expectation.

因此，我們的預期是超過 2 年的時間框架。

And then in terms of does that have any meaningful contribution from areas of innovation, we talked about some of the areas that we are investing in.

然後就創新領域是否有任何有意義的貢獻而言，我們談到了我們正在投資的一些領域。

Obviously on the safety and security side, that -- those are costs that are layering in that we think are the right thing to do for the business but don't necessarily have a revenue impact, so certainly takes those into account.

顯然，在安全和安保方面，這些成本是分層的，我們認為對企業來說是正確的事情，但不一定會對收入產生影響，所以肯定會考慮到這些。

It also takes into account the ongoing investments we're making in the longer-term innovation work, which I don't think will necessarily have any meaningful revenue relative to the size of the business in those time frame.

它還考慮了我們在長期創新工作中正在進行的投資，我認為相對於那些時間框架內的業務規模，這些投資不一定會有任何有意義的收入。

We're also investing in things like video, Watch and the like, which have the potential to contribute on the revenue side but still relatively small when -- in perspective of the overall business.

我們還在投資視頻、手錶等產品，這些產品有可能在收入方面做出貢獻，但從整體業務的角度來看仍然相對較小。

All right.

好的。

And I can take the question on the midterm elections.

我可以回答關於中期選舉的問題。

So yes, the short answer is we're much more confident that we're going to get this right for the elections in 2018, which include the U.S. midterms but also elections in Brazil and upcoming elections in early 2019 in India and the EU.

所以，是的，簡短的回答是，我們更有信心在 2018 年的選舉中取得成功，其中包括美國中期選舉，還有巴西選舉以及即將於 2019 年初舉行的印度和歐盟選舉。

And the reason why we're confident that we can get this right is because there have been several elections since the 2016 ones that have had much better results, including the French presidential election, the German election, the Alabama special election and the Mexican election about a month ago.

我們之所以有信心能夠做到這一點，是因為自 2016 年以來已經有幾次選舉取得了更好的結果，包括法國總統大選、德國大選、阿拉巴馬州特別選舉和墨西哥大選大概一個月前。

And in each of these -- I mean, going back to 2016, we were -- we have a very big security team that was focused on security around even the 2016 election, and we found hacking and phishing attacks that the Russian government was trying to do, and we notified the right people about those.

在每一項中——我的意思是，回到 2016 年，我們——我們有一個非常龐大的安全團隊，甚至在 2016 年大選前後都專注於安全，我們發現了俄羅斯政府正在嘗試的黑客攻擊和網絡釣魚攻擊去做，我們將這些通知了合適的人。

But 2016 was really the first time that we saw this kind of coordinated information operation.

但是2016年，我們真的是第一次看到這種協同的信息化運作。

And since then, we've built a playbook out that has included building AI tools to identify thousands of fake accounts and groups and pages that violate the policies.

從那時起，我們制定了一個劇本，其中包括構建人工智能工具來識別數千個違反政策的虛假賬戶、群組和頁面。

It's included growing the security and content review teams to 20,000 people to be able to handle the volume of work that we need to do.

其中包括將安全和內容審查團隊擴大到 20,000 人，以便能夠處理我們需要完成的工作量。

And it includes a lot of the transparency work around advertising in general but also the political and issue ads archive and verifying all advertisers who are trying to run political and issue ads.

它包括很多圍繞廣告的透明度工作，但也包括政治和問題廣告存檔，以及驗證所有試圖投放政治和問題廣告的廣告商。

There are a number of other things that we're doing, too, including creating an external program for independent academics to study how the impact of social media and how foreign governments do try to interfere in elections, and that will have a longer-term impact as well.

我們也在做許多其他事情，包括為獨立學者創建一個外部項目，以研究社交媒體的影響以及外國政府如何試圖干預選舉，這將有一個長期的影響也是如此。

But the short answer here is we've been very focused on this.

但這裡的簡短回答是我們一直非常關注這一點。

2018 is a big year.

2018年是重要的一年。

And because of the successful results that we've seen in a number of elections recently, we feel like our road map and our level of preparation is much higher now than it has been, and we feel relatively confident going into these elections.

由於我們最近在一些選舉中看到了成功的結果，我們覺得我們的路線圖和我們的準備水平現在比以前高得多，我們對參加這些選舉感到相對有信心。

Great.

偉大的。

Thank you.

謝謝。

Thank you for joining us today.

感謝您今天加入我們。

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

感謝您的寶貴時間，我們期待與您再次交談。

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

女士們，先生們，今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your lines.

您現在可以斷開線路。