Meta Platforms Inc (META) 2018 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我叫邁克，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Facebook Fourth Quarter and Full Year 2018 Results Earnings Conference Call.

在這個時候，我想歡迎大家參加 Facebook 2018 年第四季度和全年業績收益電話會議。

(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 Fourth Quarter 2018 Earnings Conference Call.

下午好，歡迎來到 Facebook 2018 年第四季度收益電話會議。

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 thank you, all, for joining us today.

謝謝黛博拉，也謝謝大家今天加入我們。

Our community continues to grow, and our business delivered good results this quarter.

我們的社區繼續發展壯大，我們的業務在本季度取得了不錯的成績。

There are now 2.7 billion people using Facebook, Instagram, WhatsApp or Messenger each month and more than 2 billion people who use at least one of our services every day.

現在每月有 27 億人使用 Facebook、Instagram、WhatsApp 或 Messenger，超過 20 億人每天至少使用我們的一項服務。

On our last call, I talked about our overall strategy as we faced some important opportunities and challenges.

在上次通話中，我談到了我們面臨一些重要機遇和挑戰的總體戰略。

And today, I want to give you an update and talk about our priorities for 2019.

今天，我想向您介紹最新情況並談談我們 2019 年的優先事項。

For the past couple of years, most of our focus and energy has gone into addressing some of the biggest social issues around the future of the Internet, including election integrity, content governance, safety and security, data privacy and digital well-being.

在過去的幾年裡，我們的大部分注意力和精力都用於解決圍繞互聯網未來的一些最大社會問題，包括選舉誠信、內容治理、安全和保障、數據隱私和數字福祉。

And these are all complex issues but we've made real progress.

這些都是複雜的問題，但我們已經取得了真正的進展。

In many of these areas, we believe we built the most advanced systems in the world and, in many cases, more advanced than any other company or government.

在其中許多領域，我們相信我們建立了世界上最先進的系統，並且在許多情況下，比任何其他公司或政府都先進。

And in other areas, we have clear road maps now for our work ahead.

在其他領域，我們現在為未來的工作制定了明確的路線圖。

Still, there's a lot more to do, and I expect it will take strong execution through 2019 and beyond before we get all our systems to the level that we need.

儘管如此，還有很多工作要做，我預計在我們讓所有系統達到我們需要的水平之前，需要在 2019 年及以後強有力地執行。

But we've fundamentally changed how we run this company.

但我們已經從根本上改變了我們經營這家公司的方式。

We've changed how we build services to focus more on preventing harm.

我們改變了構建服務的方式，更加專注於預防傷害。

We've invested billions of dollars in security, which has affected our profitability.

我們在安全方面投入了數十億美元，這影響了我們的盈利能力。

We've taken steps that reduced engagement in WhatsApp to stop misinformation and reduced viral videos in Facebook by more than 50 million hours a day to improve well-being.

我們已採取措施減少 WhatsApp 的參與度以阻止錯誤信息，並將 Facebook 上的病毒視頻每天減少超過 5000 萬小時以改善幸福感。

We've made significant progress and we're going to continue this work, but we're also going to allocate more of our energy to building new and inspiring ways to help people connect and build community.

我們已經取得了重大進展，我們將繼續這項工作，但我們也將分配更多的精力來建立新的和鼓舞人心的方式來幫助人們聯繫和建立社區。

Going into 2019, we're focused on 4 priorities: first, continue making progress on the major social issues facing the Internet and our company; second, build new experiences that meaningfully improve people's lives today and set the stage for even bigger improvements in the future; third, keep building our business by supporting the millions of businesses, mostly small businesses, that rely on our services to grow and create jobs; then fourth, communicate more transparently about what we're doing and the role our services play in the world.

進入2019年，我們重點做好四大工作：一是繼續推進互聯網和公司面臨的重大社會問題；第二，創造新的體驗，有意義地改善人們今天的生活，並為未來更大的改善奠定基礎；第三，通過支持數百萬依賴我們的服務來發展和創造就業機會的企業（主要是小型企業），繼續發展我們的業務；第四，更透明地交流我們正在做的事情以及我們的服務在世界上扮演的角色。

And I want to take a minute talk about each of these.

我想花一分鐘時間談談這些。

So first, continue making progress on the major social issues.

第一，繼續在重大社會問題上取得進展。

The most important work here is to keep executing our road map to build systems that can proactively identify harmful content so we can act on it sooner.

這裡最重要的工作是繼續執行我們的路線圖，以構建能夠主動識別有害內容的系統，以便我們能夠盡快採取行動。

We just finished a year of very heavy investment to get these systems to a better place, and we've seen the results of that in recent elections, including the U.S. midterms and in our transparency reports, where we report what percent of violating content we identified proactively.

我們剛剛完成了一年的巨額投資，以使這些系統變得更好，我們在最近的選舉中看到了結果，包括美國中期選舉和我們的透明度報告，我們報告了違規內容的百分比主動識別。

We ended 2018 with more than 30,000 people working on safety and security, up from 10,000 people a couple of years ago.

到 2018 年底，我們有超過 30,000 名員工從事安全和安保工作，而幾年前只有 10,000 人。

And this work will never be finished, but I now believe we've built some of the most advanced systems in the world for dealing with these issues.

這項工作永遠不會完成，但我現在相信我們已經建立了一些世界上最先進的系統來處理這些問題。

Now however, this raises a broader set of values questions about how to use these systems.

然而現在，這引發了關於如何使用這些系統的更廣泛的價值觀問題。

One question is about who decides what speech is acceptable and what isn't.

一個問題是誰決定哪些言論可以接受，哪些不可以。

Right now, we have a deliberative process of consulting with experts around the world.

現在，我們有一個與世界各地專家協商的審議過程。

But I've increasingly come to believe that we shouldn't be making so many of these decisions about content ourselves.

但我越來越相信，我們不應該自己做出這麼多關於內容的決定。

In November, I wrote a note about a blueprint for a system of content governance and enforcement, which includes giving people the ability to appeal our internal content decisions to an independent body, and we're currently working with experts to design the system and we plan to start piloting it this half.

11 月，我寫了一篇關於內容治理和執行系統藍圖的說明，其中包括讓人們能夠將我們的內部內容決定上訴到一個獨立的機構，我們目前正在與專家合作設計該系統，我們計劃在下半年開始試點。

Another important issue is the future of privacy and encryption.

另一個重要問題是隱私和加密的未來。

People really value the privacy that encrypted messaging brings and we've built the most secure global messaging service in the world.

人們非常重視加密消息帶來的隱私，我們已經建立了世界上最安全的全球消息服務。

As people increasingly share more privately, we're working on making more of our products end-to-end encrypted by default and making more of our products ephemeral so your information doesn't stick around forever.

隨著人們越來越多地私下分享，我們正在努力使我們的更多產品在默認情況下進行端到端加密，並使我們的更多產品變得短暫，這樣您的信息就不會永遠存在。

And I'll discuss this more over the coming quarters.

我將在接下來的幾個季度對此進行更多討論。

Our second priority for 2019 is that as we make progress on these social issues, we also need to deliver new experiences that meaningfully improve people's lives.

我們 2019 年的第二個優先事項是，在我們在這些社會問題上取得進展的同時，我們還需要提供新的體驗，以有意義地改善人們的生活。

Now, I'm not talking about the many day-to-day iterative improvements we make so that ranking gets a bit better or that things get a little faster, but I'm talking about major improvements to people's lives that whole communities recognize and say, "Wow, we're all doing something new on Facebook or on WhatsApp that we weren't doing before." The last experience like this was Stories, which continues to grow very quickly.

現在，我不是在談論我們為了讓排名變得更好或事情變得更快而進行的許多日常迭代改進，而是在談論整個社區都認可和認可的人們生活的重大改善說，“哇，我們都在 Facebook 或 WhatsApp 上做一些我們以前沒有做過的新事情。”上一次這樣的體驗是 Stories，它繼續快速增長。

For example, Instagram just passed 500 million daily actives on Stories.

例如，Instagram 的快拍日活躍量剛剛超過 5 億。

But the reality is, we've put most of our energy into security over the past 18 months, so that building new experiences wasn't the priority over that period.

但現實情況是，在過去的 18 個月裡，我們將大部分精力投入到安全性上，因此建立新體驗並不是那個時期的首要任務。

So this year, I think we're going to deliver several of these new experiences.

所以今年，我認為我們將提供一些這樣的新體驗。

Messaging is an area that's growing the most quickly.

消息傳遞是增長最快的領域。

And this year, people are going to feel these apps becoming the center of their social experience in more ways.

今年，人們將以更多方式感受到這些應用程序成為他們社交體驗的中心。

We're going to roll out Payments on WhatsApp in some more countries.

我們將在更多國家推出 WhatsApp 支付服務。

Private sharing in Groups and Stories will become more central to the experience.

群組和故事中的私人分享將成為體驗的核心。

We're going to onboard millions of more businesses that people can interact with.

我們將加入數以百萬計的人們可以與之互動的企業。

In Facebook, the way people experience groups and communities will continue to deepen.

在 Facebook，人們體驗群體和社區的方式將不斷深化。

We're going to get to a point soon where people feel like Facebook is about as communities as it -- is about communities as much as it's about your friends and family where almost everyone is in a group that's meaningful to them and that community is a central part of their experience.

我們很快就會達到這樣一個地步，人們覺得 Facebook 就像它一樣是社區——既是社區又是你的朋友和家人，幾乎每個人都在一個對他們有意義的群體中，而這個社區是他們體驗的核心部分。

On Facebook, I also expect this to be the year where Watch becomes more mainstream.

在 Facebook 上，我也預計今年將是 Watch 變得更加主流的一年。

There are now 400 million people who use it every month, and people, on average, spend over 20 minutes on Watch daily.

現在每個月有 4 億人使用它，人們平均每天花在 Watch 上的時間超過 20 分鐘。

This means we're finding ways for video to grow outside of News Feed so it doesn't displace the social interactions that people primarily come to our services for.

這意味著我們正在尋找讓視頻在動態消息之外發展的方法，這樣它就不會取代人們使用我們服務的主要目的是進行社交互動。

In Instagram, one of the areas I'm most excited about this year is commerce and shopping.

在 Instagram 中，我今年最興奮的領域之一是商業和購物。

There's a lot of natural activity happening here.

這裡有很多自然活動。

And this year, I expect us to deliver some qualitatively new experiences around that.

今年，我希望我們能圍繞這一點提供一些定性的新體驗。

Longer term, I remain very focused on building technology that brings people together in new ways, including through AR and VR.

從長遠來看，我仍然非常專注於構建以新方式將人們聚集在一起的技術，包括通過 AR 和 VR。

I'm looking forward to Oculus Quest shipping this spring.

我期待著今年春天 Oculus Quest 的發售。

The feedback there so far has been very positive.

到目前為止，那裡的反饋非常積極。

And I've also been positively surprised that Portal has done better than I expect it to.

我也對 Portal 的表現比我預期的要好感到非常驚訝。

I love using it with my own family.

我喜歡和我自己的家人一起使用它。

But we never shipped Facebook-branded hardware before and a lot of people said this would be a difficult time to start.

但我們之前從未推出過 Facebook 品牌的硬件，而且很多人表示現在很難開始。

So I'm pleased that so many people are enjoying this experience of being able to feel closer to the people they care about even when they're physically far apart.

所以我很高興有這麼多人享受這種體驗，即使他們相距甚遠，也能與他們關心的人更加親近。

Our third priority is to continue strong execution on our business.

我們的第三個優先事項是繼續強有力地執行我們的業務。

In the past couple of years, a lot of our business challenges have been self-imposed.

在過去的幾年裡，我們的許多業務挑戰都是我們自己強加的。

The reality is that we've had a number of substantive issues that we needed to address, and the investments we made in safety, security, privacy and well-being both increased our costs and, in some cases, reduced our revenues.

現實情況是，我們有許多需要解決的實質性問題，而我們在安全、安保、隱私和福祉方面的投資增加了我們的成本，在某些情況下還減少了我們的收入。

But as I said at the time, I believe that these investments are the right thing to do and will make our community and our business stronger over the long term.

但正如我當時所說，我相信這些投資是正確的做法，從長遠來看將使我們的社區和我們的企業更加強大。

And what we've seen is that the fundamentals of the business remain strong.

我們所看到的是，該業務的基本面依然強勁。

More than 90 million small businesses now use our products, the vast majority of them for free.

現在有超過 9000 萬家小型企業使用我們的產品，其中絕大多數是免費的。

And of those we surveyed, half tell us that they've been able to grow their businesses and hire more people since joining Facebook.

在我們調查的人中，有一半告訴我們，自從加入 Facebook 以來，他們已經能夠發展業務並僱用更多的人。

This means they're using our services to create millions of jobs, and this is one of the most important contributions that we feel we can make to the world.

這意味著他們正在使用我們的服務創造數百萬個就業機會，這是我們認為我們可以為世界做出的最重要貢獻之一。

And to put this in perspective, the U.S. economy added about 2.6 million jobs last year.

從這個角度來看，美國經濟去年增加了約 260 萬個工作崗位。

Our last priority is to get out there more and make the case for the role our services play in the world.

我們的最後一個優先事項是更多地走出去，證明我們的服務在世界上發揮的作用。

Right now, there's a lot of negativity about the impact of technology, and some of it's fair and some of it's misplaced.

現在，有很多關於技術影響的消極情緒，其中一些是公平的，一些是錯誤的。

And we, in the tech industry overall, should be scrutinized heavily because we play a role in many people's lives.

而我們，在整個科技行業，應該受到嚴格審查，因為我們在許多人的生活中發揮著作用。

My approach here is to listen to the critique first, to work on addressing our issues, figure out what we believe are the most important principles to uphold and then go engage in the debate.

我在這裡的方法是先聽取批評，努力解決我們的問題，找出我們認為最重要的原則，然後再參與辯論。

And I feel like we've come out of 2018 not only making real progress on important issues but having a clear sense of what we believe are the right ways to move forward.

我覺得我們已經走出 2018 年，不僅在重要問題上取得了真正的進展，而且清楚地意識到我們認為什麼是前進的正確方法。

Now, we're still going to make mistakes along the way, but we now have a clearer sense of the path ahead and we're ready to work with people to understand our role and move towards good outcomes, whether that's regulation on content or data, cooperation on shared threats, working openly to make sure AI best serves people, or just standing up for the kind of open and connected world that we all want to see.

現在，我們仍然會在前進的道路上犯錯，但我們現在對前方的道路有了更清晰的認識，我們準備好與人們合作，了解我們的角色並朝著好的結果邁進，無論是對內容的監管還是數據、應對共同威脅的合作、公開工作以確保 AI 最好地為人們服務，或者只是支持我們都希望看到的那種開放和互聯的世界。

The Internet is a massive force for change and we're at the center of a lot of the debate that brings, but our core value to people and society remains the same.

互聯網是一股巨大的變革力量，我們處於帶來的許多爭論的中心，但我們對人們和社會的核心價值保持不變。

We offer a service free to everyone to help you stay connected with the people you care about, express what you're thinking and feeling, get help when you need it most, support the causes and ideas you believe in, start and grow businesses no matter where you are, and that makes a lot of good possible and we're committed to building technology that people can use to create positive change.

我們向所有人免費提供服務，幫助您與您關心的人保持聯繫，表達您的想法和感受，在您最需要的時候獲得幫助，支持您相信的事業和想法，創辦和發展企業 no無論您身在何處，這都會讓很多美好成為可能，我們致力於構建人們可以用來創造積極變化的技術。

As always, thank you for being on this journey with us.

一如既往，感謝您與我們一起踏上這段旅程。

And now, here is Sheryl to talk about our business.

現在，雪莉來談談我們的業務。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

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

我們有一個強勁的第四季度和一個良好的年底。

Q4 mobile ad revenue was $15.5 billion, increasing 36% year-over-year and contributing approximately 93% of our total ad revenue.

第 4 季度移動廣告收入為 155 億美元，同比增長 36%，占我們廣告總收入的約 93%。

Full year mobile ad revenue grew 45% compared to 2017.

與 2017 年相比，全年移動廣告收入增長了 45%。

2018 was a challenging and important year for us.

2018 年對我們來說是充滿挑戰和重要的一年。

As Mark said, we made significant investments in safety and security and strengthened our defenses against election interference.

正如馬克所說，我們在安全保障方面進行了大量投資，並加強了對選舉干預的防禦。

We gave people tools to better control their information and set a new standard for transparency and ads.

我們為人們提供了更好地控制他們的信息的工具，並為透明度和廣告設定了新標準。

We have focused on making progress in these important areas while continuing to grow our community and our business.

我們專注於在這些重要領域取得進展，同時繼續發展我們的社區和業務。

This quarter proved that we can do both.

本季度證明我們可以做到這兩點。

We know we still have a lot of hard work ahead of us.

我們知道我們前面還有很多艱苦的工作要做。

We need to continue to do better at anticipating the risks that come from connecting so many people, and we need to earn back people's trust not with words alone but with actions.

我們需要繼續更好地預測連接如此多的人所帶來的風險，我們需要通過行動而不是僅僅通過言語來贏得人們的信任。

Part of building trust is helping people better understand our business model.

建立信任的一部分是幫助人們更好地了解我們的商業模式。

Protecting people's privacy and showing them relevant ads are not at odds.

保護人們的隱私和向他們展示相關的廣告並不矛盾。

We don't sell your data and we don't tell advertisers who you are.

我們不會出售您的數據，也不會告訴廣告商您的身份。

What we do is allow advertisers to reach people interested in their products.

我們所做的是讓廣告商接觸到對其產品感興趣的人。

The result is that people see more relevant ads and small businesses can reach people in ways that only big companies previously could.

結果是人們看到了更多相關的廣告，小企業可以以以前只有大公司才能做到的方式接觸到人們。

This business model keeps Facebook free so people all around the world can use it and levels the playing field for businesses of all sizes while protecting people's privacy.

這種商業模式讓 Facebook 保持免費，以便世界各地的人們都可以使用它，並為各種規模的企業提供公平的競爭環境，同時保護人們的隱私。

I'm excited to announce today that we have more than 7 million active advertisers across our services.

我今天很高興地宣布，我們的服務中有超過 700 萬活躍的廣告商。

From local shops to global brands, companies all over the world are growing and hiring because they can reach their customers on our platform.

從本地商店到全球品牌，世界各地的公司都在發展和招聘，因為他們可以在我們的平台上接觸到他們的客戶。

The opportunities we create for businesses drive our growth, which continues to be broad-based across regions, marketer segments and verticals.

我們為企業創造的機會推動了我們的增長，這種增長繼續廣泛地跨越地區、營銷部門和垂直行業。

During the holidays, companies used our ads to help people discover deals and find gifts.

在假期期間，公司使用我們的廣告來幫助人們發現交易和尋找禮物。

We saw particular strength among advertisers that optimized for measurable objectives, like conversions or sales.

我們看到廣告商在針對可衡量的目標（如轉化率或銷售額）進行優化時表現出特別的優勢。

For example, Bryan Anthonys an online jewelry store based in Austin, Texas, used our campaign budget optimization to bring in new customers and sales on Black Friday.

例如，位於德克薩斯州奧斯汀的在線珠寶店 Bryan Anthonys 使用我們的活動預算優化在黑色星期五吸引了新客戶和銷售額。

The campaign was so successful that they tripled their holiday purchases and hired additional people to help pack and ship orders for the busy season.

該活動非常成功，以至於他們將假期購買量增加了兩倍，並僱用了更多人來幫助包裝和運送旺季的訂單。

We're also helping advertisers keep up with shifts in how people use technology.

我們還幫助廣告商跟上人們使用技術方式的轉變。

People are creating more Stories and sending more messages, which means these are emerging areas of opportunity for marketers.

人們正在創造更多的故事並發送更多的信息，這意味著這些是營銷人員的新興機會領域。

Today, we're also announcing that 2 million advertisers are using Stories to reach customers across our family of apps.

今天，我們還宣布有 200 萬廣告商正在使用故事來接觸我們應用程序系列中的客戶。

We're making it easier for advertisers to adopt their campaigns for Stories.

我們正在讓廣告商更輕鬆地為故事採用他們的活動。

In Q4, we expanded automatic placements, which converts feed ads into a format that works for Stories and delivers ads wherever they'll get the best results.

在第 4 季度，我們擴展了自動展示位置，將 Feed 廣告轉換為適用於快拍的格式，並在任何可以獲得最佳效果的地方投放廣告。

Framebridge, a start-up that provides custom picture framing, recently used automatic placements to run ads across Instagram Stories, Facebook and Instagram feed.

Framebridge 是一家提供自定義圖片框架的初創公司，最近使用自動版位在 Instagram 快拍、Facebook 和 Instagram 動態中投放廣告。

They ran short videos to show that their frames make great holiday gifts, and Instagram Stories generated over 25% of their new customer sales.

他們播放短視頻來展示他們的相框是很棒的節日禮物，而 Instagram 快拍為他們帶來了超過 25% 的新客戶銷售額。

As people increasingly use messaging apps, we're helping small businesses make that shift, too.

隨著人們越來越多地使用消息傳遞應用程序，我們也在幫助小型企業實現這一轉變。

In Q4, we launched ads in Messenger Stories, which means advertisers can now easily buy Stories ads across Facebook, Instagram and Messenger.

在第四季度，我們在 Messenger 快拍中推出了廣告，這意味著廣告商現在可以輕鬆地在 Facebook、Instagram 和 Messenger 上購買快拍廣告。

Beyond Stories and messaging, we have an opportunity to connect people and businesses on new services like Marketplace.

除了故事和消息傳遞之外，我們還有機會通過 Marketplace 等新服務將人們和企業聯繫起來。

We're seeing good early results at Marketplace ads.

我們在 Marketplace 廣告方面看到了良好的早期效果。

In Q4, we worked on making ads more relevant to the products that people are looking for.

在第 4 季度，我們致力於讓廣告與人們正在尋找的產品更加相關。

For example, if someone is browsing furniture in Marketplace, we'll try to show them an ad for furniture or a related item.

例如，如果有人正在 Marketplace 中瀏覽家具，我們會嘗試向他們展示家具或相關商品的廣告。

We plan to keep working on this to provide a better experience for people and more value to advertisers over time.

我們計劃繼續努力，為人們提供更好的體驗，並隨著時間的推移為廣告商提供更多價值。

As we build new ad products, we remain focused on improving the overall quality of our ads.

在構建新的廣告產品時，我們始終專注於提高廣告的整體質量。

Across all of our platforms and formats, we're investing in AI to make ads more relevant and effective.

在我們所有的平台和格式中，我們都在投資人工智能，以提高廣告的相關性和有效性。

In Q4, we developed new AI ranking models to help people see ads they're more likely to be interested in.

在第四季度，我們開發了新的人工智能排名模型來幫助人們看到他們更有可能感興趣的廣告。

We're also using AI to identify and more quickly review ads that might violate our policies, which was particularly important during the U.S. midterm elections.

我們還使用 AI 來識別並更快地審查可能違反我們政策的廣告，這在美國中期選舉期間尤為重要。

Looking ahead, we see more opportunities to use AI to keep people safe on Facebook and help businesses grow.

展望未來，我們看到更多機會使用人工智能來確保人們在 Facebook 上的安全並幫助企業發展。

I want to close by saying thank you to the businesses around the world who are using our tools to create jobs and growth.

最後，我想對世界各地使用我們的工具創造就業機會和增長的企業表示感謝。

Last month, I went to Facebook's Community Boost in my hometown of Miami, which was the 50th stop on our tour across the U.S. in 2018, offering digital skills training to small businesses and job seekers.

上個月，我去了我家鄉邁阿密的 Facebook Community Boost，這是我們 2018 年美國巡迴演出的第 50 站，為小型企業和求職者提供數字技能培訓。

I met entrepreneurs like Alex Kassab.

我遇到了像 Alex Kassab 這樣的企業家。

He started Morelia Gourmet Paletas with friends just 2 years ago.

兩年前，他與朋友一起創辦了 Morelia Gourmet Paletas。

He says that 60% of his new customers learned about their ice cream from Facebook and Instagram.

他說 60% 的新客戶是從 Facebook 和 Instagram 了解到他們的冰淇淋的。

And because of this growth, they've expanded to 12 locations and hired more than 35 people.

由於這種增長，他們已經擴展到 12 個地點並僱用了超過 35 名員工。

Last week, I was in Europe and met with SMEs from across the continent who shared similar stories of growing their companies, hiring people and investing in their communities.

上週，我在歐洲會見了來自整個大陸的中小企業，他們分享了在發展公司、招聘員工和投資社區方面的相似故事。

These stories motivate us to keep improving so more people can succeed on our platform.

這些故事激勵我們不斷改進，讓更多的人可以在我們的平台上取得成功。

I also want to thank our global team for their commitment to tackling our issues and making our products better every single day.

我還要感謝我們的全球團隊每天致力於解決我們的問題並改進我們的產品。

As we come out of a challenging year and continue to face challenges ahead, I believe we're in a position to build on the progress we've made and better serve our community in 2019.

隨著我們度過充滿挑戰的一年並繼續面對未來的挑戰，我相信我們能夠在我們取得的進展的基礎上再接再厲，並在 2019 年更好地為我們的社區服務。

I am grateful to all of you for your continued hard work and dedication.

我感謝你們所有人一直以來的辛勤工作和奉獻精神。

Now, here's Dave.

現在，戴夫來了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

Q4 was a strong quarter wrapping up a good year for our business.

第四季度是一個強勁的季度，為我們業務的豐收年畫上了句號。

Full year 2018 revenue grew 37% to $56 billion, and we generated over $15 billion of free cash flow.

2018 年全年收入增長 37% 至 560 億美元，我們產生了超過 150 億美元的自由現金流。

Let's begin with our community metrics.

讓我們從我們的社區指標開始。

Daily active users on Facebook reached 1.52 billion, up 9% compared to 2017, led by growth in India, Indonesia and the Philippines.

Facebook 的日活躍用戶達到 15.2 億，與 2017 年相比增長 9%，其中印度、印度尼西亞和菲律賓的增長最為強勁。

This number represents approximately 66% of the 2.32 billion monthly active users in Q4.

這一數字約佔第四季度 23.2 億月活躍用戶的 66%。

MAUs grew 191 million or 9% compared to last year.

與去年相比，MAU 增長了 1.91 億或 9%。

Turning to our overall family metrics.

轉向我們的整體家庭指標。

Around 2.7 billion people worldwide used one of our applications in December, and on average, over 2 billion people were active daily.

12 月，全球約有 27 億人使用了我們的一款應用程序，平均每天有超過 20 億人活躍。

This is our best estimate of our de-duplicated audience across Facebook, Instagram, Messenger and WhatsApp.

這是我們對 Facebook、Instagram、Messenger 和 WhatsApp 上的去重受眾的最佳估計。

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

我們相信這些數字更好地反映了我們社區的規模以及許多人使用我們不止一項服務的事實。

For the time being, we will continue to disclose both set of numbers.

目前，我們將繼續披露兩組數字。

But over time, we expect family metrics will play the primary role in how we talk about our company and we will eventually phase out Facebook-only community metrics.

但隨著時間的推移，我們預計家庭指標將在我們談論公司的方式中發揮主要作用，我們最終將逐步淘汰僅限 Facebook 的社區指標。

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。

Q4 total revenue was $16.9 billion, up 30% or 33% on a constant currency basis.

第四季度總收入為 169 億美元，按固定匯率計算增長 30% 或 33%。

Had foreign exchange rates remained constant with Q4 '17, total revenue would have been approximately $348 million higher.

如果 17 年第四季度的匯率保持不變，總收入將增加約 3.48 億美元。

Q4 total ad revenue was $16.6 billion, up 30% or 33% on a constant currency basis.

第 4 季度廣告總收入為 166 億美元，按固定匯率計算增長 30% 或 33%。

In terms of regional ad revenue growth, Asia Pacific was strongest at 34%, followed by North America at 31% and Europe at 28%.

就區域廣告收入增長而言，亞太地區最為強勁，增長 34%，其次是北美，增長 31%，歐洲增長 28%。

Rest of World ad revenue grew 24% and was impacted by ongoing currency weakness and macroeconomic challenges.

世界其他地區的廣告收入增長了 24%，並受到持續的貨幣疲軟和宏觀經濟挑戰的影響。

In Q4, the average price per ad decreased 2% and the number of ad impressions served on our services increased 34%.

在第 4 季度，每個廣告的平均價格下降了 2%，我們服務上的廣告展示次數增加了 34%。

Impression growth was primarily driven by ads on Instagram, including both feed and Stories as well as Facebook mobile News Feed.

印象增長主要由 Instagram 上的廣告推動，包括動態和快拍以及 Facebook 移動動態消息。

The year-over-year decline in average price per ad reflects an ongoing mix shift towards product services and geographies that monetize at lower rates.

每條廣告的平均價格同比下降反映出產品組合正在向以較低利率獲利的產品服務和地區轉變。

Payments and other fees revenue was $274 million, up 42%.

付款和其他費用收入為 2.74 億美元，增長 42%。

Sales of Oculus Go and the launch of Portal contributed to the revenue growth in the quarter.

Oculus Go 的銷售和 Portal 的推出為本季度的收入增長做出了貢獻。

Turning now to expenses.

現在轉向費用。

Total expenses were $9.1 billion, up over $1 billion sequentially and up 62% compared to last year.

總支出為 91 億美元，環比增長超過 10 億美元，比去年增長 62%。

In addition to continued investment in infrastructure, safety and security and innovation, expenses were also driven by seasonal factors, including marketing efforts, notably the promotion of Portal and Oculus Go.

除了對基礎設施、安全和安保以及創新的持續投資外，支出還受到季節性因素的推動，包括營銷工作，特別是 Portal 和 Oculus Go 的推廣。

We ended the year with over 35,500 full-time employees, a 42% increase.

到年底，我們擁有超過 35,500 名全職員工，增長了 42%。

Operating income was $7.8 billion, representing a 46% operating margin.

營業收入為 78 億美元，營業利潤率為 46%。

Our Q4 tax rate was 14%.

我們第四季度的稅率是 14%。

Net income was $6.9 billion or $2.38 per share.

淨收入為 69 億美元或每股 2.38 美元。

Full year capital expenditures for 2018 were $13.9 billion, driven by investments in data centers, servers, network infrastructure and office buildings.

受數據中心、服務器、網絡基礎設施和辦公樓投資的推動，2018 年全年資本支出為 139 億美元。

We generated $3.3 billion in free cash flow in Q4 and ended the year with approximately $41 billion in cash and investments.

我們在第四季度產生了 33 億美元的自由現金流，並在年底以約 410 億美元的現金和投資結束。

In Q4, we bought back approximately $3.5 billion of our Class A common stock and completed our prior repurchase authorization.

第四季度，我們回購了約 35 億美元的 A 類普通股，並完成了之前的回購授權。

In December, our Board of Directors authorized the repurchase of an additional $9 billion of stock.

12 月，我們的董事會授權回購額外 90 億美元的股票。

Turning now to the revenue outlook.

現在轉向收入前景。

In Q1, we expect our total revenue growth rate to decelerate by a mid-single-digit percentage on a constant currency basis compared to the Q4 rate.

在第一季度，我們預計與第四季度相比，按固定匯率計算，我們的總收入增長率將下降中個位數百分比。

We also expect that our revenue growth rates will continue to decelerate sequentially throughout 2019 on a constant currency basis.

我們還預計，在固定匯率的基礎上，我們的收入增長率將在整個 2019 年繼續減速。

Turning now to the expense outlook.

現在轉向費用前景。

On a full year basis, we continue to expect 2019 total expenses will grow approximately 40% to 50% compared to 2018.

從全年來看，我們繼續預計 2019 年的總支出將比 2018 年增長約 40% 至 50%。

Our 2019 capital expenditure outlook is unchanged at $18 billion to $20 billion, driven primarily by our continued large investment in building data centers.

我們 2019 年的資本支出前景保持在 180 億美元至 200 億美元不變，這主要是由於我們對建設數據中心的持續大量投資。

Lastly, we expect that our 2019 tax rate will be a few percentage points higher than our 2018 rate.

最後，我們預計 2019 年的稅率將比 2018 年的稅率高幾個百分點。

In conclusion, we are confident in our ability to continue to invest effectively in the key priorities that Mark outlined in his opening remarks: making progress on the major social issues facing the Internet, building new experiences that meaningfully improve people's lives, and growing our business by supporting the many businesses that rely on our services.

總之，我們相信我們有能力繼續有效地投資於 Mark 在開場白中概述的關鍵優先事項：在互聯網面臨的主要社會問題上取得進展，建立有意義地改善人們生活的新體驗，以及發展我們的業務通過支持許多依賴我們服務的企業。

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 have 2, the first one for Dave.

我有 2 個，第一個給 Dave。

Last quarter, you talked about an expected sequential deceleration in 4Q rather, and I think it came in a little better than expected.

上個季度，你談到了第四季度的預期連續減速，我認為它比預期的要好一些。

Could you just talk to sort of which forms of media, whether it's News Feed or Stories or Instagram, kind of came in better than you thought it originally would a few months ago and what drove the upside?

你能談談哪種媒體形式，無論是新聞提要、故事還是 Instagram，都比你幾個月前想像的要好，是什麼推動了上漲？

And then, Mark, you talked about the Instagram commerce opportunity.

然後，馬克，你談到了 Instagram 的商業機會。

Maybe just talk us through sort of 1 or 2 of the key -- what you think are the most important steps you have to cross throughout 2019 to really execute on this opportunity.

也許只是通過 1 或 2 個關鍵來告訴我們——你認為是你在整個 2019 年必須跨越的最重要的步驟，才能真正抓住這個機會。

Sure.

當然。

Thanks, Brian.

謝謝，布萊恩。

I'll take the first part of your question.

我會回答你問題的第一部分。

Yes, Q4 was very strong on revenues, so we're pleased with that.

是的，第四季度的收入非常強勁，所以我們對此感到滿意。

On the demand front, we continued to benefit from advertisers targeting on business results.

在需求方面，我們繼續受益於以業務結果為目標的廣告商。

So direct response was especially strong during the holiday season.

因此，在假期期間，直接反應特別強烈。

And then on the supply front, we benefited from strong Instagram growth, which was aided by both growth in impressions on Instagram feed and on Stories.

然後在供應方面，我們受益於 Instagram 的強勁增長，這得益於 Instagram 提要和故事上印象的增長。

But I'd reiterate that we expect that we will see a deceleration of revenue growth in Q1.

但我要重申，我們預計第一季度收入增長將放緩。

I'd like to talk about -- a bit about commerce.

我想談談 - 關於商業的一點。

When I think about it, just from the consumer side, increasing commerce on Instagram, Facebook and WhatsApp, I think, is one of the most exciting product opportunities that we have in all of these products and a big business opportunity as well.

當我考慮它時，僅從消費者的角度來看，我認為在 Instagram、Facebook 和 WhatsApp 上增加商業是我們在所有這些產品中擁有的最令人興奮的產品機會之一，也是一個巨大的商機。

The big things that I think we want to make sure that we nail, in Instagram especially, are discovery.

我認為我們想要確保我們確定的重要事情是發現，尤其是在 Instagram 中。

People are already doing a lot of commerce activity and are really interested in following brands, and I think making sure that, that works is -- and does well is a big deal.

人們已經在進行大量的商業活動，並且對關注品牌非常感興趣，我認為確保這一點有效——而且做得很好是一件大事。

But I think there's also a very big opportunity in basically enabling the transactions and making it so that the buying experience is good and that when you buy from someone -- from a seller that you know that you can trust them, that you're going to have a good experience and in facilitating and making that go well.

但我認為還有一個非常大的機會，基本上可以實現交易並進行交易，這樣購買體驗就會很好，而且當你從某人那裡購買時——從一個你知道你可以信任他們的賣家那裡，你會去擁有良好的經驗，並促進並使其順利進行。

The work that we're going to do in Instagram also will go across the efforts in Marketplace and Facebook, the work -- the rest of work that we're doing in Facebook and all the work that we're going to be doing in WhatsApp as well.

我們將在 Instagram 中所做的工作也將跨越 Marketplace 和 Facebook 中的工作，我們在 Facebook 中所做的其他工作以及我們將在 Facebook 中進行的所有工作WhatsApp 也是如此。

So this is a big area that I'm personally very excited about and focused on.

所以這是一個我個人非常興奮和關注的大領域。

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。

Maybe, first, for Sheryl on Stories.

也許，首先，對於雪莉的故事。

Stories continues to grow very quickly.

故事繼續快速增長。

As you said, the number of advertising -- advertisers using Stories are growing quickly.

正如您所說，廣告的數量——使用故事的廣告商正在快速增長。

Can you give us a little bit more on the performance of the ads?

您能再多介紹一下廣告的效果嗎？

Are you seeing improvements in conversion rates for those ads?

您是否看到這些廣告的轉化率有所提高？

Are the ads performance on Stories narrowing the gap with feed ads in terms of pricing or performance?

Stories 上的廣告效果是否縮小了與 Feed 廣告在定價或效果方面的差距？

And anything broadly on demand for those ad formats.

以及對這些廣告格式的任何廣泛需求。

And then one for Mark.

然後一個給馬克。

I wonder if you could speak to the possibility of stitching together the messaging apps, WhatsApp, Instagram, Messenger.

我想知道您是否可以談談將消息應用程序、WhatsApp、Instagram、Messenger 拼接在一起的可能性。

It would be great to hear what the rationale or potential commercial benefits might be to -- or for potential integration of those properties.

很高興聽到這些財產的基本原理或潛在商業利益可能是什麼 - 或者這些財產的潛在整合。

I'll take the Stories question.

我會回答故事問題。

One of the challenges that marketers have is keeping up where consumers are.

營銷人員面臨的挑戰之一是跟上消費者的位置。

If you think about our history, people made the shift to mobile before marketers did, and I think one of the successes we've had is we made it easier for advertisers to move into a mobile environment.

如果你回想一下我們的歷史，人們會先於營銷人員轉向移動設備，我認為我們取得的成功之一就是讓廣告商更容易進入移動環境。

And just as we did that in mobile, now we're very focused on doing that in the new things that people are doing, and Stories is a big part of that, Messaging will be further out, but as important as well.

就像我們在移動領域所做的那樣，現在我們非常專注於在人們正在做的新事物中做到這一點，故事是其中的重要組成部分，消息將更進一步，但同樣重要。

So I think the fact that we've already gotten 2 million advertisers to move into Stories is because we've gotten better at making it easier.

所以我認為，我們已經讓 200 萬廣告商轉向 Stories 是因為我們在讓它變得更容易方面做得更好。

We launched our automatic placements and expanded it, which converts feed ads into a format that works for Stories and delivers the ads wherever they'll get the best results.

我們推出了自動版位並對其進行了擴展，將提要廣告轉換為適用於故事的格式，並在任何可以獲得最佳效果的地方投放廣告。

So our goal is to make it as easy as possible for marketers to get to the format of Stories and then deliver the ads where they're going to get the best experience and the best ROI.

因此，我們的目標是讓營銷人員盡可能輕鬆地了解故事的格式，然後在他們將獲得最佳體驗和最佳投資回報率的地方投放廣告。

Now right now, one of the interesting things about Stories is there's a benefit to being an early adopter.

現在，Stories 的有趣之處之一是成為早期採用者的好處。

So the pricing is really attractive.

所以定價真的很有吸引力。

And so we think the mix shift to Stories is a big opportunity for us and it's going to take time to continue to get advertisers in, but we're very happy with demand to date.

因此，我們認為向故事的混合轉變對我們來說是一個巨大的機會，繼續吸引廣告商需要時間，但我們對迄今為止的需求感到非常滿意。

I would just -- before we turn to Mark, I'd just layer in on the Stories front.

我只想 - 在我們轉向馬克之前，我只是在故事方面進行分層。

When we look into 2019, we do expect to see a deceleration of revenue growth throughout the year.

當我們展望 2019 年時，我們確實預計全年收入增長會放緩。

And while we have opportunities to grow impressions on Facebook and Instagram, that's less so in feed, where we already have healthy ad loads in -- on both surfaces and more in Stories where we have lower CPMs.

雖然我們有機會增加在 Facebook 和 Instagram 上的印象，但在 Feed 中卻沒有那麼多，我們已經在這兩個平台上都有健康的廣告負載——在我們的每千次展示費用較低的 Stories 中。

So -- whereas in 2018, we benefited from strong impressions growth on Instagram in both feed and Stories.

所以 - 而在 2018 年，我們受益於 Instagram 在動態和故事方面的強勁印象增長。

We'll be more reliant on Stories impression growth in 2019.

2019 年，我們將更加依賴故事印象的增長。

And from a pricing perspective, there's -- we've got to improve our ability to grow the number of advertisers using Stories and improve price there, but it's going to be more reliant on that in terms of revenue growth.

從定價的角度來看，我們必須提高我們的能力，以增加使用故事的廣告商數量並提高那裡的價格，但就收入增長而言，它將更加依賴於此。

All right.

好的。

I can talk about messaging and the integration that we're thinking about, but first, we're really early in thinking through this.

我可以談談我們正在考慮的消息傳遞和集成，但首先，我們真的很早就開始考慮這個問題。

So there's a lot more that we need to figure out before we finalize the plans.

因此，在我們最終確定計劃之前，我們需要弄清楚的還有很多。

And then, of course, this is going to be a long-term project that I think will probably be to whatever extent we end up doing it in -- a 2020 thing or beyond.

然後，當然，這將是一個長期項目，我認為無論我們最終在什麼程度上完成它——2020 年或更晚。

There are a few big reasons why I'm excited about this and think it'll be good for the user experience, which is the reason that we're doing it.

有幾個重要原因讓我對此感到興奮，並認為這對用戶體驗有好處，這就是我們這樣做的原因。

I mean, part of the question was about a commercial benefit, but that really isn't the big focus here.

我的意思是，部分問題是關於商業利益的，但這並不是這裡的重點。

The first reason that I'm excited about this is moving more to end-to-end encryption by default in more of our products.

我對此感到興奮的第一個原因是在我們的更多產品中默認更多地轉向端到端加密。

People really like this in WhatsApp.

人們真的很喜歡 WhatsApp 中的這一點。

I think it's the direction that we should be going in with more things in the future.

我認為這是我們未來應該做更多事情的方向。

And I think if there's an opportunity to use the work that we've done with WhatsApp there, rather than doing it in different ways in the different messaging experiences, to have that really just -- to have encryption work in a consistent way across the different things that we're doing.

而且我認為，如果有機會使用我們在 WhatsApp 上所做的工作，而不是在不同的消息傳遞體驗中以不同的方式進行，那麼真正做到這一點——讓加密在整個過程中以一致的方式工作我們正在做的不同的事情。

There are also a number of cases that we see where people tell us that they want to be able to message across the different services.

我們還看到許多案例，人們告訴我們他們希望能夠跨不同的服務發送消息。

So one example is a lot of people, hundreds of millions of people, are using Marketplace on Facebook now, and a lot of people are using that in countries where WhatsApp is the primary messaging app that they use.

舉個例子，現在有很多人，數以億計的人在 Facebook 上使用 Marketplace，而且很多人在 WhatsApp 是他們使用的主要消息應用程序的國家/地區使用它。

So we have these experiences today where we're building Marketplace and you go to message someone to buy something.

所以我們今天有這些經驗，我們正在構建 Marketplace，你去給某人發消息讓他買東西。

And the link to basically do the messaging is over Messenger, but in that country, where people really want to be using it, is WhatsApp and we need to make it so that people can communicate across the different networks and graphs that they have or be able to do that integration better in order to facilitate more transactions and connections there.

基本上進行消息傳遞的鏈接是通過 Messenger，但在那個國家，人們真正想要使用它的是 WhatsApp，我們需要製作它，以便人們可以通過他們擁有或正在使用的不同網絡和圖表進行交流能夠更好地進行集成，以促進那裡的更多交易和連接。

Another example is there are tens of millions of people, maybe more, but I'll go with that, who, on Android, use Messenger as not only their app for Facebook messaging but also for SMS, as their SMS client.

另一個例子是有數以千萬計的人，也許更多，但我會同意這一點，他們在 Android 上不僅將 Messenger 用作他們的 Facebook 消息傳遞應用程序，而且還將 SMS 用作他們的 SMS 客戶端。

And going back to the encryption point from before, we think that there's an opportunity to, when you're going to go message someone over a phone number network, have that primarily go over WhatsApp and be end-to-end encrypted rather than go over SMS where it's unencrypted and less secure.

回到之前的加密點，我們認為有機會，當你要通過電話號碼網絡向某人發送消息時，主要通過 WhatsApp 進行端到端加密，而不是去通過未加密且安全性較低的 SMS。

So I can give you a few more examples like that, but I guess the way that I'm thinking about this is that there's a handful of cases that people are telling us that they want to be able to integrate and communicate more easily across the networks.

所以我可以再給你幾個這樣的例子，但我想我正在考慮的方式是，有一些案例人們告訴我們他們希望能夠更輕鬆地跨界整合和溝通。網絡。

I think moving more towards end-to-end encryption and improving security there is the right direction to go in.

我認為更多地轉向端到端加密和提高安全性是正確的方向。

There's a lot of questions there that we need to work through.

我們需要解決很多問題。

So we're working through this in a deliberative way.

所以我們正在以審慎的方式解決這個問題。

And I wouldn't expect anything here to launch soon, but this is definitely something that we're thinking about and that I think will improve the user experience.

我不希望這裡很快推出任何東西，但這絕對是我們正在考慮的事情，我認為這將改善用戶體驗。

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。

Two, if I could.

兩個，如果可以的話。

One, Mark, on Facebook Watch, what do you think are some of the things you're still trying to solve for on either the content side or the consumer engagement side to drive broader adoption of Watch and turning it into sort of the mechanism for customers that you're trying to solve for over the medium to long term?

馬克，關於 Facebook Watch，你認為在內容方面或消費者參與方面仍在嘗試解決哪些問題，以推動 Watch 的更廣泛採用，並將其轉變為某種機制您試圖在中長期解決的客戶？

I'd love to understand how you see the opportunity and the challenge that's just in front of the company.

我很想了解您如何看待公司面前的機遇和挑戰。

And second, there was a fair bit of noise in the advertising community about the macro environment at the end of 2018 and maybe at the beginning of 2019 with things like Brexit and the government shutdown in the U.S. Are you seeing anything on the macro front in your own business either exiting 2018 or should start in this year?

其次，在 2018 年底，也許在 2019 年初，廣告界有一些關於宏觀環境的噪音，比如英國脫歐和美國政府關門。你在宏觀方面看到了什麼嗎？您自己的企業要么退出 2018 年，要么應該在今年開始？

Yes, I can...

我可以...

Take that first one and then I'll...

拿第一個然後我會...

Yes, I can start on the macro environment, Eric.

是的，我可以從宏觀環境開始，埃里克。

Obviously, we delivered strong results in Q4.

顯然，我們在第四季度取得了強勁的業績。

As we look out into 2019 further, that's -- the macro economy is certainly a potential headwind and risk to the business just given the sensitivity of the advertising business to a slowdown in growth.

當我們進一步展望 2019 年時，鑑於廣告業務對增長放緩的敏感性，宏觀經濟肯定是業務的潛在逆風和風險。

Obviously, we believe we've got the best advertising products out there in terms of being able to deliver measurable business results to clients.

顯然，我們相信就能夠為客戶提供可衡量的業務成果而言，我們擁有最好的廣告產品。

And so we think that does help us in that environment, but clearly, macroeconomics stands out there as a risk on top of other issues that we face, leading to a deceleration of revenue growth in 2019.

因此，我們認為這在那種環境下確實對我們有幫助，但顯然，宏觀經濟作為我們面臨的其他問題之上的風險脫穎而出，導致 2019 年收入增長放緩。

I'll talk about Watch and video.

我會談談手錶和視頻。

So there, we've really had this dynamic over the last 12 to 18 months where we've limited the amount of video that we've shown in order to make sure -- in News Feed, to make sure that it doesn't displace interactions, social interactions that people are having.

因此，在過去的 12 到 18 個月裡，我們確實有這種動態，我們限制了我們展示的視頻數量，以確保——在新聞提要中，確保它不會取代人們正在進行的互動，社交互動。

And the big thing that unlocked a lot of growth in Watch is we basically were able to move a bunch of the video-watching behavior to a different tab, where people intentionally go to the tab because they want to watch a video and browse and see what's going on.

開啟 Watch 大量增長的重要因素是，我們基本上能夠將大量視頻觀看行為轉移到不同的選項卡，人們有意轉到該選項卡，因為他們想觀看視頻並瀏覽和查看這是怎麼回事。

And that has allowed us to really increase the amount of video that people are watching without getting in the way of the core mission of what we do, which is helping people interact.

這使我們能夠真正增加人們觀看的視頻數量，而不會妨礙我們所做工作的核心使命，即幫助人們互動。

The 2 big things that we're really focused on now in Watch are, within the Watch tab, also just making sure that the consumption isn't all just passive consumption and making it so that there are more two-way interactions between viewers and the creators and that we can help build community around that, where we've built this great feature, Watch Party, that allows people to come together with their friends to watch different content and premiers.

我們現在在 Watch 中真正關注的兩件大事是，在 Watch 選項卡中，也只是確保消費不僅僅是被動消費，並使觀眾和觀眾之間有更多的雙向互動。創作者，我們可以幫助圍繞它建立社區，我們在其中構建了這個很棒的功能 Watch Party，它允許人們與他們的朋友聚在一起觀看不同的內容和首映式。

It's a new feature that allows people to basically take a video and stream it live for the first time when it comes out.

這是一項新功能，允許人們基本上拍攝視頻並在視頻發佈時首次直播。

So these are all things that make it so the video-watching experience isn't just about passive consumption but about interaction, and that's going to, I think, help really drive engagement as well.

所以這些都是讓視頻觀看體驗不僅僅是被動消費而是互動的原因，我認為這也有助於真正推動參與。

Then there's also the monetization side for creators, which is going to be really important for making it so that we have the content that people want to consume.

然後還有創作者的貨幣化方面，這對於製作它非常重要，這樣我們才能擁有人們想要消費的內容。

And that's just a big thing that we're continuing to focus on.

這只是我們繼續關注的一件大事。

We think that the more money that creators can make through Watch, there will be a virtuous cycle there.

我們認為創作者通過 Watch 賺到的錢越多，就會形成一個良性循環。

And that's going to be really important for continuing to grow this as well.

這對於繼續發展也將非常重要。

But right now, it looks like this is going in a good direction.

但現在看來，這是在朝著好的方向發展。

It's still very early.

現在還很早。

We're still growing quickly but from a small base, but it's one of the things that I'm excited about for this year.

我們仍在快速增長，但基數很小，但這是我今年感到興奮的事情之一。

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

我們的下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, it's been more than a year since you shifted to feeds for more friends and family and removed the passive videos, as you just talked about, and reported engagement numbers, obviously good.

馬克，自從你轉向為更多的朋友和家人提供信息流並刪除被動視頻以來已經一年多了，正如你剛才所說的那樣，並報告了參與度，這顯然很好。

Are there any signs that the changes you made a year ago are now having a more positive impact on engagement in the core Facebook feed?

是否有跡象表明您一年前所做的更改現在對核心 Facebook 信息流的參與度產生了更積極的影響？

And then, Dave, you talked 3 months ago about better aligning revenue and expenses in 2020.

然後，戴夫，你在 3 個月前談到了在 2020 年更好地調整收入和支出。

I was just curious if that's still your view at this point.

我只是很好奇這是否仍然是您目前的觀點。

What gives you the confidence you can do that?

是什麼讓你有信心做到這一點？

And what changes most from a spending perspective as you look toward 2020?

展望 2020 年，從支出的角度來看，什麼變化最大？

Yes, I can start on the expense front.

是的，我可以從費用方面著手。

We continue to have an outlook for expense growth in 2019 of 40% to 50% total expense growth.

我們繼續預計 2019 年總費用增長 40% 至 50%。

We did see headcount growth come down modestly in Q4 from Q3 to 42%.

我們確實看到第四季度的員工人數增長率從第三季度小幅下降至 42%。

As we look out, we do expect that beyond 2018 -- sorry, beyond 2019, we'll have expense growth more in line with revenue growth.

在我們看來，我們確實預計 2018 年以後 - 抱歉，2019 年以後，我們的費用增長將與收入增長更加一致。

But we do plan to continue to invest aggressively in the priority areas, including on the innovation side with AR/VR and AI and continuing to invest in the safety and security programs that we're undergoing.

但我們確實計劃繼續在優先領域積極投資，包括在 AR/VR 和 AI 的創新方面，並繼續投資我們正在進行的安全和保障計劃。

And then CapEx, we'll see continue to flow in through the P&L over time.

然後資本支出，我們將看到隨著時間的推移繼續流入損益表。

And you already saw that pick up with the cost of revenue growth in Q4.

而且您已經看到隨著第四季度收入增長成本的增加。

And so we'll expect to see more of that flow through over time.

因此，我們希望隨著時間的推移看到更多的流經。

So I would say, we do plan to continue to invest aggressively in the business going forward, and we are going to see, obviously, a margin impact from that in 2019.

所以我想說，我們確實計劃繼續積極投資未來的業務，顯然，我們將在 2019 年看到這對利潤率的影響。

And I can talk a bit about meaningful social interactions, although I don't have any specific metrics to share on this.

我可以談談有意義的社交互動，儘管我沒有任何具體的指標可以分享。

I mean, my own take of this, I think this has gone pretty well and has done what we had hoped, although we've made a number of changes.

我的意思是，我個人對此的看法，我認為這已經很順利並且達到了我們希望的效果，儘管我們進行了一些更改。

This is a long-term direction that we're going to continue making more ranking changes and building more products around, but I think that this is kind of reflected broadly in the numbers that you see on engagement and the growth in daily actives and how people are engaging across the family of apps.

這是一個長期的方向，我們將繼續做出更多的排名變化並圍繞它構建更多的產品，但我認為這在某種程度上反映在你看到的參與度和日常活躍度的增長以及如何人們正在參與整個應用程序系列。

At the time, what I basically said was, that even though this might decrease time spent and we expected that it would, is we took out especially a bunch of watching of viral videos.

當時，我基本上說的是，儘管這可能會減少花費的時間，而且我們預計會這樣，但我們特別是看了一堆病毒視頻。

We thought that helping people interact more was the unique thing that people come to our services for and that it would be good for the community and the business over the long term.

我們認為，幫助人們進行更多互動是人們使用我們的服務的獨特之處，從長遠來看，這對社區和企業都有好處。

And certainly, everything that we've seen since then suggests that, that is right.

當然，從那時起我們所看到的一切都表明，這是正確的。

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。

Great.

偉大的。

A couple of questions.

幾個問題。

First, pretty rough press cycle in Q4.

首先，第四季度相當粗糙的新聞周期。

Did you see any impact in the U.S. and Europe on engagement or usage or people closing their accounts?

您是否看到美國和歐洲對參與或使用或人們關閉帳戶有任何影響？

It certainly doesn't seem evident in MAU numbers.

這在 MAU 數字中似乎並不明顯。

But just anecdotally, did you see any impact or -- on that?

但有趣的是，您是否看到任何影響或 - 對此有影響嗎？

And then maybe to Sheryl, if we look at trailing 12 month monetization in the U.S. ARPU, it's about $110.

然後也許對 Sheryl 來說，如果我們看一下美國過去 12 個月的貨幣化 ARPU，它大約是 110 美元。

And just how do you think about that long term?

您如何看待這個長期目標？

If you improve targeting, is there room to grow that significantly?

如果你提高針對性，是否有顯著增長的空間？

Obviously, Instagram's a growth platform that's contributing to that there.

顯然，Instagram 是一個促進增長的平台。

But just how do you think about where ARPU is and where it could be very long term?

但是，您如何看待 ARPU 的位置以及它可能長期存在的位置？

Justin, I can probably take both of those.

賈斯汀，我可能會同時接受這兩個。

In terms of our ability to continue to grow the advertising business, it's about working to develop the best products we can to enable advertisers to achieve their end business results.

就我們繼續發展廣告業務的能力而言，這是關於努力開發最好的產品，使廣告商能夠實現他們的最終業務成果。

Targeting is obviously very important in that.

在這方面，瞄準顯然非常重要。

One of the things I would point out is that from a pricing perspective, there are headwinds that we might face on targeting, given the overall privacy landscape in 2019.

我要指出的一件事是，從定價的角度來看，鑑於 2019 年的整體隱私狀況，我們在定位方面可能會遇到阻力。

And so I think that is another factor that presents risk in our ability to continue to grow ARPU.

因此，我認為這是另一個對我們繼續增加 ARPU 的能力構成風險的因素。

So I would point that out as being an issue.

所以我會指出這是一個問題。

As well, we're seeing a mix shift towards Stories.

同樣，我們看到了向故事的混合轉變。

And that is going to be something that will contribute to a deceleration of our revenue growth.

這將有助於減緩我們的收入增長。

So that's another factor that's leading to deceleration of revenue growth in 2019.

因此，這是導致 2019 年收入增長放緩的另一個因素。

In terms of your first question, Justin, about the impact of the press cycle, I would just -- I'd probably just let the numbers stand for themselves.

關於你的第一個問題，賈斯汀，關於媒體週期的影響，我只是 - 我可能只是讓數字代表他們自己。

We saw that we are growing in all regions albeit we're sort of bouncing around in the developed markets like the U.S. and Canada.

我們看到我們在所有地區都在增長，儘管我們在美國和加拿大等發達市場有點反彈。

In Q4, we saw better growth in Europe because we've come off of the GDPR -- the first 2 quarters of GDPR.

在第四季度，我們看到歐洲的增長更好，因為我們已經脫離了 GDPR——GDPR 的前兩個季度。

So we saw a little bit of a rebound there.

所以我們在那裡看到了一點反彈。

I'll talk a little bit about long-term growth opportunities.

我將談談長期增長機會。

David is, of course, right that the mix shift and pricing continues to be an issue.

當然，大衛是對的，混合轉變和定價仍然是一個問題。

But I think over the very long term, which is how you framed your question, we have a lot of opportunity.

但我認為，從長遠來看，也就是你提出問題的方式，我們有很多機會。

If you look at what percentage of our ads are truly relevant to the people who are seeing them, I think we've done a lot better over the last couple of years, but we have a long way to go.

如果你看看我們的廣告中有多少百分比與看到它們的人真正相關，我認為我們在過去幾年裡做得更好，但我們還有很長的路要走。

And that means that for every ad we show, that ad can be better, better for people, show something they're more interested in.

這意味著對於我們展示的每一個廣告，該廣告都可以更好，對人們更好，展示他們更感興趣的東西。

I also think the shift we're seeing towards people doing more measurable results, and this is important to understand.

我還認為，我們正在看到人們正在轉向做出更可衡量的結果，理解這一點很重要。

It's not just what people think of as direct response advertisers.

這不僅僅是人們認為的直接反應廣告商。

It's some of the largest brands in the world really going for the results that they're looking for.

它是世界上一些最大的品牌，真正追求他們正在尋找的結果。

That bodes very well for our business because we think we can do that very efficiently.

這對我們的業務來說是個好兆頭，因為我們認為我們可以非常有效地做到這一點。

And then when we have new opportunities that open up like Stories, even with some pressure on pricing, we think that gives us more inventory and more opportunity and more formats, and we haven't really even gotten started on future things like messaging.

然後當我們有像 Stories 這樣的新機會時，即使在定價方面有一些壓力，我們認為這給了我們更多的庫存、更多的機會和更多的格式，我們甚至還沒有真正開始像消息傳遞這樣的未來事情。

So over the very long run, I think we remain very optimistic about the growth opportunities we have.

因此，從長遠來看，我認為我們對我們擁有的增長機會仍然非常樂觀。

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。

It's Zachary Schwartzman on for Mark.

扎卡里·舒瓦茲曼替馬克上場。

Mark, I have a question on data privacy as it relates to your 2019 goal of progressing major social issues.

馬克，我有一個關於數據隱私的問題，因為它與你 2019 年解決重大社會問題的目標有關。

This is a topic that is important for the Internet ecosystem as a whole and not just Facebook, and it appears that regulators are struggling to come up with comprehensive reform that it's appropriate for all stakeholders involved.

這是一個對整個互聯網生態系統都很重要的話題，而不僅僅是 Facebook，而且監管機構似乎正在努力提出適合所有相關利益相關者的全面改革。

Facebook has invested a lot to improve data privacy, transparency and trust in the platform over the last year, but I wanted to hear your thoughts on the following.

去年，Facebook 投入了大量資金來改善平台的數據隱私、透明度和信任度，但我想听聽您對以下內容的看法。

In your Facebook post at the end of 2018, you asked the question of whether we should decentralize authority through encryption or other means to put more power into the people's hands and that you plan to discuss these topics in the public domains.

在您 2018 年底的 Facebook 帖子中，您提出了我們是否應該通過加密或其他方式下放權力以將更多權力交到人們手中的問題，並且您計劃在公共領域討論這些話題。

As the accumulation of data and micro targeting increases, so can the value of individual's data.

隨著數據積累和微觀目標的增加，個人數據的價值也會增加。

Do you see a future where individuals are compensated for renting their data to Facebook and other tech companies?

你認為未來個人會因為將數據出租給 Facebook 和其他科技公司而獲得報酬嗎？

Will that be in the form of crypto through decentralized blockchains or other methods like a traffic acquisition cost?

那會是通過去中心化的區塊鍊或其他方法（如流量獲取成本）以加密的形式出現嗎？

I know we're in early days and due to scalability and consumer adoption roadblocks, this isn't possible yet, but do you believe these technologies are real existential risk or perhaps even a solution to the current data privacy trust and control issues on the Internet?

我知道我們還處於早期階段，由於可擴展性和消費者採用障礙，這還不可能，但你認為這些技術是真正存在的風險，甚至可能是解決當前數據隱私信任和控制問題的方法嗎？互聯網？

I mean, this is a really important question, one that we are spending a lot of time on, broadly thinking about.

我的意思是，這是一個非常重要的問題，我們花了很多時間來廣泛思考這個問題。

I do generally -- I mean, I believe very strongly in trying to decentralize and put power in individual's hands.

我一般 - 我的意思是，我非常相信嘗試去中心化並將權力交到個人手中。

I mean, that's always been the first part of the mission of Facebook, is giving people the power to share, to connect, to come together and build communities, but give people the power has always been the primary and first thing that we have focused on.

我的意思是，這一直是 Facebook 使命的首要部分，賦予人們分享、聯繫、聚集和建立社區的力量，但賦予人們力量始終是我們關注的首要和首要事情在。

And one of the ways that we're talking about decentralization is through end-to-end encryption in messaging.

我們談論去中心化的方式之一是通過消息傳遞中的端到端加密。

I do think that there is a very broad sense, as you're saying, that -- and greater awareness that having data stored for long periods of time with companies cannot only be an asset, and that it can help provide better services but can also be a liability in that there could be breaches or the data could be used in ways that weren't intended.

我確實認為，正如你所說，有一個非常廣泛的意義——而且人們更清楚地認識到，將數據長期存儲在公司不僅是一種資產，而且它可以幫助提供更好的服務，但可以也可能存在違規行為或數據可能以非預期方式使用的責任。

And I think people broadly are starting to get that more, which is why things like encryption are so attractive to people and why features around ephemerality or keeping data less permanently are becoming increasingly important.

而且我認為人們廣泛地開始得到更多，這就是為什麼像加密這樣的東西對人們如此有吸引力，以及為什麼圍繞短暫性或不太永久地保存數據的特性變得越來越重要。

So when you think about the types of products that we're building on messaging, where encryption is going to play a huge role, sharing with your friends, where Stories, which is ephemeral, is the main thing that's growing.

因此，當您考慮我們基於消息傳遞構建的產品類型時，加密將發揮巨大作用，與您的朋友分享，其中短暫的故事是正在增長的主要內容。

I mean, these are really privacy-first products, and I think that, that's kind of the most important way that we're thinking about this whole space overall.

我的意思是，這些確實是隱私至上的產品，我認為這是我們考慮整個空間的最重要方式。

I think that this is going to become increasingly important not just from the perspective of what does the privacy policy say but how is this deeply designed into the products that we're building.

我認為這將變得越來越重要，不僅從隱私政策的內容來看，而且從隱私政策如何深入設計到我們正在構建的產品中。

I mean, these are the products that are growing the quickest and these are differentiating parts of why they work and why people prefer them as opposed to other services.

我的意思是，這些是增長最快的產品，它們是它們起作用的不同部分，也是人們喜歡它們而不是其他服務的原因。

In terms of regulation overall, I think that, that's going to be very important.

就整體監管而言，我認為這將非常重要。

We -- the basic -- the principles behind GDPR in Europe, I think, were very important, and I think having that codified around the world would be a very positive step.

我認為，我們——基本的——歐洲 GDPR 背後的原則非常重要，我認為在世界範圍內將其編纂成法典將是非常積極的一步。

And I mean, we're working with folks to enable that but I think that, that would be good for people everywhere to make sure that basically every person who uses an Internet service has the same protections no matter where they live.

我的意思是，我們正在與人們合作來實現這一點，但我認為，這對世界各地的人們都有好處，可以確保基本上每個使用互聯網服務的人無論住在哪裡都受到相同的保護。

Your next question comes from the line of Lloyd Walmsley from Deutsche Bank.

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two if I can.

如果可以的話，兩個。

First, Mark, it sounds like there's really a clear shift this year to more aggressive core product development.

首先，馬克，聽起來今年真的很明顯轉向更積極的核心產品開發。

You talked about a lot of areas across Instagram commerce, Messaging, Payments in WhatsApp and many more.

你談到了 Instagram 商務、消息、WhatsApp 支付等很多領域。

I guess, are there any that you would point out that could be a material contributor to revenue over the next 2 to 3 years and if -- I guess, if there's, yes, any you would call out?

我想，您是否會指出任何可能在未來 2 到 3 年內對收入做出重大貢獻的內容，如果 - 我想，如果有，是的，您會提出任何要求嗎？

And then, secondly, when you look at the Stories ad in adoption, is there any difference you're seeing between the more sophisticated advertisers and smaller advertisers either in terms of adoption or performance?

然後，其次，當您查看 Stories 廣告的採用情況時，您是否發現更老練的廣告商和較小的廣告商在採用率或效果方面有什麼不同？

And do you see any inhibitions to long-term success among smaller advertisers with the format?

您是否看到這種格式對小型廣告商的長期成功有任何阻礙？

Or do you think they can compete effectively in the creative side?

還是您認為他們可以在創意方面有效競爭？

Lloyd, I'll take -- it's Dave.

勞埃德，我來——是戴夫。

I'll take the first one in terms of material contributors to revenue.

就收入的物質貢獻者而言，我將採取第一個。

Look, I think on a lot of those fronts, it's very early.

看，我認為在很多方面，現在還為時尚早。

I'd say commerce broadly and e-commerce is an important vertical for our advertising business.

我會說廣泛的商業和電子商務是我們廣告業務的一個重要垂直領域。

So our success in building -- continuing to build good advertising products for our e-commerce clients on the advertising side will be a more important contributor to revenue in the foreseeable future than the new area.

因此，我們在構建方面的成功——繼續在廣告方面為我們的電子商務客戶構建良好的廣告產品，在可預見的未來將比新領域對收入做出更重要的貢獻。

So that's what I would focus on.

所以這就是我要關注的。

I think those are still very small and we're very early in those being anything from a contribution point of view on revenue.

我認為這些仍然很小，而且從收入貢獻的角度來看，我們還處於早期階段。

And then I think you had a question on the Stories ad.

然後我想你對故事廣告有疑問。

I think Sheryl will take that.

我想 Sheryl 會接受的。

Yes, I can take that.

是的，我可以接受。

So at 2 million advertisers in Stories, we're obviously seeing broad adoption and that means you have both.

因此，在 Stories 中有 200 萬廣告商，我們顯然看到了廣泛的採用，這意味著您兩者兼而有之。

You have large advertisers and small advertisers.

你有大廣告商和小廣告商。

It's definitely the case that sometimes small advertisers or medium-sized advertisers can sometimes move the fastest.

有時小型廣告商或中型廣告商有時行動最快，這是肯定的。

But one of the things we're most proud of, and Mark talked about it in his remarks as well, is that we take tools that were previously only available to large companies and make them available to small companies.

但我們最引以為豪的一件事是，馬克在他的發言中也談到了這一點，那就是我們採用了以前只供大公司使用的工具，並將它們提供給小公司使用。

And one of the things we've learned over the years is that the easier we make it for our advertisers, whether they're really big or really small, the more they'll adopt.

多年來我們學到的一件事是，我們為廣告商提供的服務越容易，無論他們是真的大還是非常小，他們就會越多地採用。

So what -- with the work we've done to "We'll take your pictures, we'll take your post and we'll create the story for you," we do automatic placements, I think that makes it easier.

那又怎樣呢——我們所做的工作是“我們會拍攝你的照片，我們會發布你的帖子，我們會為你創作故事”，我們會自動放置，我認為這會讓事情變得更容易。

And I'll share one specific example of a medium-sized company.

我將分享一家中型公司的一個具體例子。

Cetaphil is a skin care brand.

Cetaphil 是一個護膚品牌。

They ran video ads across IG -- Instagram Stories, Instagram feed and Facebook, targeted to Canadian women aged 25 to 54, and they were measuring all the way through to sales and they saw almost a 7%, so 6.9% lift in store sales.

他們在 IG - Instagram Stories、Instagram feed 和 Facebook 投放視頻廣告，針對 25 至 54 歲的加拿大女性，他們一直在衡量銷售額，他們看到了近 7%，因此商店銷售額增長了 6.9% .

So what we want to do is get marketers to use our tools, use the technology we have to do automatic placements, show people things they're interested in, so ads are a good experience, but really help them ring the cash registers so that they know their dollars or their pound or their euro are well spent, and that's what we're pushing to do.

所以我們想做的是讓營銷人員使用我們的工具，使用我們擁有的技術來自動放置，向人們展示他們感興趣的東西，所以廣告是一種很好的體驗，但真正幫助他們敲響收銀機，以便他們知道他們的美元、他們的英鎊或他們的歐元花得值，這就是我們正在推動的事情。

And I'll add one thing, which I think David has said this a couple of times, but I think it's worth emphasizing that while I'm excited about the road map that we have and it's going to be great over the long term, the growth of the business over the next year, a few quarters or the near term is going to be mostly based on the growth of Stories and the core News Feed work.

我要補充一件事，我想大衛已經說過幾次了，但我認為值得強調的是，雖然我對我們擁有的路線圖感到興奮並且從長遠來看它會很棒，未來一年、幾個季度或近期的業務增長將主要基於故事和核心新聞提要工作的增長。

And Stories is -- we have a lot of work still to go there to make it -- monetize at the same levels as News Feed.

Stories 是——我們還有很多工作要做——以與 News Feed 相同的水平獲利。

And I'm confident that we're going to get there, but I want to make sure that we're giving the right outlook on how we expect the near future to go.

而且我有信心我們會到達那裡，但我想確保我們對我們對不久的將來的預期方式給出了正確的展望。

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。

First, regarding Stories again.

首先，再次關於故事。

Given the size of the WhatsApp audience and the amount of status posts on that platform, just curious about your early learnings from testing status ads on WhatsApp and how optimistic are you that, that will become an interesting and meaningful opportunity going forward.

考慮到 WhatsApp 受眾的規模和該平台上狀態帖子的數量，只是想知道您從測試 WhatsApp 上的狀態廣告中學到的早期知識以及您對此有多樂觀，這將成為一個有趣且有意義的機會。

And in terms of Stories on Facebook, from what we can gather, Stories consumption and impression volume on the core Facebook ad seems to maybe not be scaling as fast as some of it and maybe even that some of your comments last year suggested that, that in -- if, in fact, that's true, do you -- why do you think that, that is?

就 Facebook 上的故事而言，從我們可以收集到的信息來看，核心 Facebook 廣告的故事消費和印象量似乎可能沒有像其中一些廣告那樣快速擴展，甚至可能你去年的一些評論表明，在——如果，事實上，那是真的，你——你為什麼這麼認為，那就是？

And does that actually pose any sort of issue to your long-term growth plans for Stories, at least on that platform?

這是否真的對您的故事的長期增長計劃構成任何問題，至少在該平台上？

Yes.

是的。

So WhatsApp, we don't have ads in Stories.

所以 WhatsApp，我們在故事中沒有廣告。

It's not available.

它不可用。

Ads are something that's more of a future thing for WhatsApp.

對於 WhatsApp 來說，廣告更像是未來的事情。

We remain very focused on the consumer experience there.

我們仍然非常關注那裡的消費者體驗。

We do have the WhatsApp Business app, which is helping businesses connect with consumers, and that's growing well but that monetization opportunity is not available.

我們確實有 WhatsApp Business 應用程序，它可以幫助企業與消費者建立聯繫，並且增長良好，但還沒有貨幣化機會。

Yes.

是的。

And Stories on Facebook, clearly, Stories is a big success on Instagram.

顯然，Stories on Facebook 在 Instagram 上取得了巨大成功。

From an impression growth perspective, we're pleased with what we're seeing there, and we're optimistic on our ability to grow Stories on Facebook but it's much earlier on the Facebook platform.

從印象增長的角度來看，我們對在那裡看到的情況感到滿意，我們對我們在 Facebook 上發展故事的能力感到樂觀，但它在 Facebook 平台上要早得多。

So we have to just continue to work to build that format on Facebook.

所以我們必須繼續努力在 Facebook 上建立這種格式。

Yes.

是的。

And just to add quickly, I mean, Stories on Facebook is growing quickly.

只是為了快速添加，我的意思是，Facebook 上的故事正在快速增長。

I think we're going to get to where we need to get to there.

我認為我們將到達我們需要到達的地方。

We started a little bit later, and some of the early execution, I think, wasn't as good as it needed to be.

我們開始得晚了一點，我認為一些早期的執行並沒有達到預期的效果。

But I think we're doing good work there now and it's growing quite quickly.

但我認為我們現在在那裡做得很好，而且增長非常快。

So I'm confident about where we're going to be there.

所以我對我們要去的地方充滿信心。

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。

I guess, a question on Messenger.

我想，關於 Messenger 的問題。

Any learnings from the monetization efforts at Messenger?

從 Messenger 的貨幣化工作中學到了什麼？

You've got inbox ads that you've done.

您已經完成了收件箱廣告。

You just mentioned Stories ads are starting to enter Messenger.

您剛剛提到快拍廣告開始進入 Messenger。

So I guess, what are you seeing there?

所以我想，你在那裡看到了什麼？

And what are you most excited about as far as monetizing Messenger?

就通過 Messenger 獲利而言，您最感興趣的是什麼？

And I guess, what might be applicable at some point in the future to WhatsApp?

我想，在未來的某個時候，什麼可能適用於 WhatsApp？

And then, Mark, you mentioned Payments in WhatsApp.

然後，馬克，你提到了 WhatsApp 中的付款。

We know that you guys have been working on that for a little while in the background, but any thoughts on how that's going to play out in terms of what geographic markets that might be available?

我們知道你們已經在後台進行了一段時間的研究，但是對於可能可用的地理市場將如何發揮作用有什麼想法嗎？

And then -- and kind of what do you see as the future opportunity in Payments?

然後 - 您認為支付領域的未來機會是什麼？

Our approach to monetization anywhere is always very cautious and we are very -- moving very slowly on Messenger, where we remain primarily focused on consumer growth and engagement.

我們在任何地方的貨幣化方法總是非常謹慎，我們在 Messenger 上的進展非常緩慢，我們仍然主要關註消費者的增長和參與。

Our real focus has been on the organic connections between businesses and consumers, where this is a really strong channel for customer service.

我們真正關注的是企業與消費者之間的有機聯繫，這是一個非常強大的客戶服務渠道。

We now have 10 billion messages being sent between people and businesses every month.

現在，我們每個月在人與企業之間發送 100 億條消息。

And of course, that includes automated messages as well.

當然，這也包括自動消息。

We continue to make progress with monetization.

我們繼續在貨幣化方面取得進展。

We're starting to roll out Stories ads, but it is very early days and we think it will be a long road ahead.

我們開始推出快拍廣告，但現在還為時尚早，我們認為前路漫漫。

It's also probably worth noting that the experiences we had to date, moving from Facebook to Instagram, were more similar, that the Instagram feed is similar to the Facebook feed in terms of what you can do with advertising.

可能還值得注意的是，從 Facebook 轉移到 Instagram，我們迄今為止的經歷更相似，Instagram 提要在廣告方面與 Facebook 提要類似。

And so Messenger and messaging services, if Stories is one click different from that, that's a few clicks different than that.

因此，Messenger 和消息服務，如果 Stories 與單擊一次不同，則與單擊幾下不同。

So we're going to have some real work to do.

所以我們將有一些真正的工作要做。

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

您的下一個問題來自 Robert W. Baird 的 Colin Sebastian。

Mark, you mentioned Facebook Groups as one part of the community effort.

馬克，您提到 Facebook 群組是社區工作的一部分。

And I wonder if you could expand on how you see Groups gaining a higher profile and how that extends to other apps potentially?

我想知道您是否可以擴展您如何看待 Groups 獲得更高的知名度，以及它如何潛在地擴展到其他應用程序？

And then, secondly, listening to the descriptions of the convergence of features and usage across the apps, such as in Stories and messages, I wonder how we should think about how that could impact usage and engagement if people are also converging their own use into 1 or 2 apps instead of the broad suite if that's something that we should keep an eye on.

然後，其次，聽取了應用程序之間功能和使用融合的描述，例如在故事和消息中，我想知道如果人們也將自己的使用融合到1 或 2 個應用程序而不是廣泛的套件，如果這是我們應該關注的東西。

All right.

好的。

So for Groups, the main thing that we're focused on is making it so that connecting with communities of people that you're interested in is going to be as central to the experience as connecting with friends and family.

因此，對於 Groups，我們關注的主要事情是讓它與您感興趣的人社區建立聯繫，就像與朋友和家人建立聯繫一樣，成為體驗的核心。

So it's not just a feature.

所以它不僅僅是一個功能。

It's going to become more of an organizing principle for more of the activity in the app.

它將更多地成為應用程序中更多活動的組織原則。

And friends and family is always going to be really central to what we do, but we just think that there's an opportunity now to do more and to make it so that people can also be a part of these meaningful communities.

朋友和家人永遠是我們所做工作的真正核心，但我們只是認為現在有機會做更多並做到這一點，以便人們也可以成為這些有意義的社區的一部分。

Hundreds of millions of people already tell us that the groups that they're a part of on Facebook or at least a few meaningful ones are the most important part of their social experience.

數億人已經告訴我們，他們在 Facebook 上加入的群組或至少一些有意義的群組是他們社交體驗中最重要的部分。

There's a lot of data, sociological data outside, that shows that a physical group membership in the world off the Internet has been declining for decades.

有很多數據，外面的社會學數據，表明互聯網以外的世界中的物理團體成員資格幾十年來一直在下降。

So I think that building groups is -- it obviously cannot replace people getting together in person, and a lot of the most successful groups are successful because they facilitate people going and doing things together in person as well.

所以我認為，建立團體——它顯然不能取代人們親自聚在一起，許多最成功的團體之所以成功，是因為它們也促進了人們親自聚在一起做事。

But we think that this is a real human need and a sociological need and it's an important thing that people need to do.

但我們認為這是真正的人類需求和社會學需求，是人們需要做的重要事情。

And I think it's going to be one of the next big areas that I'm really excited about the Facebook uptick.

而且我認為這將是下一個我對 Facebook 的增長感到非常興奮的大領域之一。

It's worth pointing out here that while Instagram doesn't have Groups, we also really focus on community and interest there, more around discovery and hashtags and explore, being able to really delve into your interests and interact with people who are interested in the same things that you are there, even if they're not your friends.

在這裡值得指出的是，雖然 Instagram 沒有群組，但我們也真正關注那裡的社區和興趣，更多地圍繞發現和主題標籤和探索，能夠真正深入您的興趣並與對相同興趣的人互動你在那裡的東西，即使他們不是你的朋友。

So that's going to be an increasing part of that experience too.

所以這也將成為這種體驗中越來越重要的一部分。

I think there might have been another question but I -- no?

我想可能還有另一個問題，但我——不是嗎？

All right.

好的。

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。

If I think about kind of the San Francisco Valley kind of elitist community and even, I think, a good chunk of Wall Street, there's been this kind of ongoing narrative that nobody uses core Facebook blue anymore and really, time spent is all about Instagram.

如果我想到舊金山谷那種精英社區，甚至我認為華爾街的很大一部分，就會出現這樣一種持續的敘述，即沒有人再使用核心 Facebook 藍色，實際上，時間都花在了 Instagram 上.

Your DAU numbers obviously give a good sense that people are touching Facebook still, core Facebook on a regular basis, but we don't really get any sense of engagement with Facebook versus your other apps.

您的 DAU 數字顯然很好地表明人們仍在定期接觸 Facebook，核心 Facebook，但我們並沒有真正了解 Facebook 與您的其他應用程序的參與度。

Is there anything you can do to give us some color or sense?

你能做些什麼來給我們一些色彩或感覺嗎？

I mean, you've talked about Marketplace before on the call, but any way of getting a sense of actual usage trends and what you're seeing in terms of core Facebook versus Instagram versus the communications apps, et cetera?

我的意思是，你之前在電話會議上談到過 Marketplace，但是有什麼方法可以了解實際使用趨勢，以及你在核心 Facebook、Instagram 和通信應用等方面看到了什麼？

Rich, it's Dave.

里奇，是戴夫。

Look, I think the DAU trends that we're giving really do paint the picture broadly, which is stability in the developed markets, growth for Facebook blue in the developing markets.

看，我認為我們給出的 DAU 趨勢確實描繪了一幅廣泛的圖景，即發達市場的穩定，Facebook blue 在發展中市場的增長。

We're not giving an update on time spent.

我們不會更新花費的時間。

That's not our major focus.

那不是我們的主要關注點。

We pivoted to focus on meaningful social interactions and we've been pleased with the results of that effort broadly, but I think that DAU trends tell the story broadly.

我們將重點放在有意義的社交互動上，我們對這項努力的廣泛結果感到滿意，但我認為 DAU 趨勢廣泛地說明了這個故事。

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

你的最後一個問題來自 Cowen 的 John Blackledge。

For Mark, just curious if you're happy with the progress around the safety and security initiatives.

對於 Mark，我只是想知道您是否對圍繞安全和安保計劃取得的進展感到滿意。

And going forward, is there any kind of recurring metric or anything you can disclose to show progress that you guys might see internally but Facebook users and other constituents maybe don't see?

展望未來，是否有任何類型的重複指標或任何您可以披露的內容來顯示你們可能在內部看到但 Facebook 用戶和其他選民可能看不到的進展？

And then just a quick one on pricing on Instagram Stories.

然後快速介紹一下 Instagram 快拍的定價。

Should we expect to see the pricing gap close between feed and Stories over the course of 2019?

我們是否應該期望在 2019 年期間看到 Feed 和 Stories 之間的價格差距縮小？

John, I can real quickly take the pricing question first.

約翰，我真的可以先回答定價問題。

The reality is pricing is a function of supply and demand and how demand grows versus supply.

現實情況是定價是供需關係以及需求增長與供應之間的關係。

So while I do expect that we'll bring more advertisers to Stories and we'll bring more advertising formats to Stories and that will create more demand for Stories, we're also growing Stories inventory quickly.

因此，雖然我確實希望我們能為 Stories 帶來更多廣告商，我們將為 Stories 帶來更多廣告格式，這將為 Stories 創造更多需求，但我們也在快速增加 Stories 庫存。

So those 2 things will balance out in price.

所以這兩件事會在價格上平衡。

Feed from a growth perspective on an impression front is more constrained given where we are with ad loads on Facebook and Instagram.

考慮到我們在 Facebook 和 Instagram 上的廣告負載，從增長的角度來看，印象前端的反饋會受到更多限制。

So there'll be more pricing pressure there because there's already strong demand for feed products.

因此，那裡會有更多的定價壓力，因為對飼料產品的需求已經很強勁。

So in terms of convergence, it's hard to say how those things will play out.

因此，就融合而言，很難說這些事情將如何發揮作用。

We do think there's opportunities to improve the value of the Stories format that will translate into better price for Stories.

我們確實認為有機會提高故事格式的價值，這將轉化為更好的故事價格。

But how it converges over time, there's a lot of different dynamics there.

但是隨著時間的推移，它是如何收斂的，那裡有很多不同的動態。

Yes.

是的。

And on all the content and safety and security issues, there's more to do here but I'm proud of the work that we've done to get in front of a lot more of these issues.

在所有內容和安全問題上，這裡還有更多工作要做，但我為我們為解決更多此類問題所做的工作感到自豪。

If you think about the journey that the company has really been on for the last couple of years, it's moving from reactively dealing with issues that our community flags.

如果你想想公司過去幾年真正經歷的旅程，它正在從被動地處理我們社區標記的問題轉變。

Perhaps if someone sees some content that's problematic, they used to tell us about it and then we'd go look at it to now, increasingly, we're building AI systems and we have tens of thousands of people who are doing more proactive review of content that could be potentially problematic.

也許如果有人看到一些有問題的內容，他們過去常常會告訴我們，然後我們會去看看，現在，我們越來越多地構建人工智能係統，我們有成千上萬的人在做更積極的審查可能存在問題的內容。

And we're prioritizing the different types of content that we think could create the most harm.

我們正在優先處理我們認為可能造成最大危害的不同類型的內容。

So one of the things that we worked on earliest was removing terrorist propaganda.

因此，我們最早開展的工作之一就是消除恐怖主義宣傳。

One of the things that we're proud of there is, there are now 99% of the ISIS and Al Qaeda content that we take down, our AI flags it, removes it before people see it.

我們引以為豪的一件事是，現在我們刪除了 99% 的 ISIS 和基地組織內容，我們的 AI 標記它，在人們看到它之前將其刪除。

Another area that we really care about that's deeply important is self-harm, right?

我們真正關心的另一個非常重要的領域是自我傷害，對吧？

And that's an area where the goal isn't to take down the content, but if we see an area where -- if we see something that a person might be thinking about hurting themselves, we now have thousands of people and technical tools that can flag this content to those people to -- so we can actually go get first responders to go reach out to people.

這是一個目標不是刪除內容的領域，但如果我們看到一個領域——如果我們看到一個人可能想傷害自己的東西，我們現在有成千上萬的人和技術工具可以將此內容標記給那些人——這樣我們就可以讓急救人員接觸到人們。

And I think in the last 6 months or a year alone, there have been hundreds, if not thousands, of cases where we're we've been able to get first responders to people when they needed help because of this approach of being more proactive on looking at the content.

而且我認為僅在過去 6 個月或一年中，就有數百個（如果不是數千個）案例，由於這種方法，我們能夠在人們需要幫助時獲得第一響應者主動查看內容。

The same goes for things around election interference and more proactively looking for inauthentic behavior.

圍繞選舉干預和更主動地尋找不真實行為的事情也是如此。

And we've taken down a lot of effort by different nation states to harm or interfere in elections that way.

我們已經取消了不同民族國家以這種方式損害或乾預選舉的許多努力。

So we're just going to go down the list of every basic type of bad content.

因此，我們將逐一列出每種基本類型的不良內容。

And we do report this publicly, going back to your question.

我們確實公開報告了這一點，回到你的問題。

We issue a transparency report.

我們發布透明度報告。

It's our content enforcement report.

這是我們的內容執法報告。

Right now, we're doing it, I think it's every 6 months, but the goal is to get that to the cadence by, I think it's the end of this year, we're going to be doing it quarterly and doing calls to discuss the results just like we do for earnings because we think that this stuff is really important as well, at the same level there.

現在，我們正在這樣做，我認為是每 6 個月一次，但目標是在今年年底之前達到節奏，我們將每季度進行一次，並打電話給就像我們討論收益一樣討論結果，因為我們認為這些東西也非常重要，處於同一水平。

So where I come to summarize where I think we are, coming into 2019 is, 2017 and 2018 were really -- we had a lot of hard work to do, but we also needed to figure out what the road map was going to be going forward.

所以我來總結我認為我們所處的位置，進入 2019 年，2017 年和 2018 年真的 - 我們有很多艱苦的工作要做，但我們也需要弄清楚路線圖將要走向何方向前。

And while we haven't solved all of the issues yet -- you never solve all of the issues, but we certainly have a lot more to do on our road map.

雖然我們還沒有解決所有的問題——你永遠不會解決所有的問題，但我們在路線圖上肯定還有很多工作要做。

The way that I feel starting 2019 is that we have clear road maps for what we need to go do.

我對 2019 年的感覺是，我們有明確的路線圖來說明我們需要做什麼。

And I think you're going to be able to look at these transparency reports as we issue them and see that we're continually making more progress, finding more of the content proactively, taking -- getting better at taking it down, getting better at not distributing stuff that's borderline.

而且我認為你將能夠在我們發布這些透明度報告時查看它們，並看到我們不斷取得更大的進步，主動發現更多內容，採取 - 更好地取消它，變得更好在不分發邊緣的東西。

And that's just some of the most important work that we're doing.

這只是我們正在做的一些最重要的工作。

It's also the first priority again for this year, is making -- continuing to make progress on the big, substantive issues facing the Internet and our company because there's still a lot more to do here, and this is incredibly important.

這也是今年的首要任務，正在製定——繼續在互聯網和我們公司面臨的重大、實質性問題上取得進展，因為這裡還有很多工作要做，這是非常重要的。

But I do feel like we've started to turn a corner and have a clear plan for what we need to do here now.

但我確實覺得我們已經開始轉彎，並對我們現在需要做的事情有了明確的計劃。

So thanks for that question.

所以感謝這個問題。

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。