Meta Platforms Inc (META) 2019 Q1 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'd like to welcome everyone to the Facebook First Quarter 2019 Earnings Conference Call.

在這個時候，我想歡迎大家參加 Facebook 2019 年第一季度收益電話會議。

(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 First Quarter 2019 Earnings Conference Call.

下午好，歡迎來到 Facebook 2019 年第一季度收益電話會議。

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 annual report on Form 10-K 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-K 表格年度報告中列出了可能導致這些結果出現重大差異的因素。

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

我們在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，感謝大家今天加入我們。

This was a strong quarter, and our community and business continue to grow.

這是一個強勁的季度，我們的社區和業務繼續增長。

There are now around 2.7 billion people using Facebook, Instagram, WhatsApp or Messenger each month and more than 2.1 billion people using at least 1 every day.

現在每月約有 27 億人使用 Facebook、Instagram、WhatsApp 或 Messenger，超過 21 億人每天至少使用 1 個。

We're continuing to see fast adoption of Stories, with each of our 3 Stories experiences, Facebook and Messenger, Instagram and WhatsApp, having more than 0.5 billion daily actives.

我們繼續看到故事的快速採用，我們的 3 個故事體驗，Facebook 和 Messenger，Instagram 和 WhatsApp，每天都有超過 5 億活躍。

Since our last call, I've written about some major updates on the future of our services and how we're thinking about some of the important social issues facing the Internet.

自我們上次通話以來，我寫了一些關於我們服務未來的重大更新，以及我們如何思考互聯網面臨的一些重要社會問題。

So I'll focus my time today on these, starting with our privacy-focused vision for the future of social networking.

因此，我今天的時間將集中在這些方面，從我們對社交網絡未來的以隱私為中心的願景開始。

The basic idea here is that in our lives, we all have public spaces like the town square and private spaces like our living rooms.

這裡的基本思想是，在我們的生活中，我們都有公共空間（如城市廣場）和私人空間（如起居室）。

And in our digital lives, we also need both public and private spaces.

在我們的數字生活中，我們還需要公共空間和私人空間。

For the last 15 years, Facebook and Instagram have become the digital equivalent of a town square, where you can do almost anything you want with lots of people at once, stay in touch with your friends, meet new people, find communities that share your interests, start businesses, buy and sell things and organize fundraisers for causes.

在過去的 15 年裡，Facebook 和 Instagram 已經變成了城市廣場的數字等價物，在這裡你幾乎可以同時和很多人一起做任何你想做的事情，與你的朋友保持聯繫，結識新朋友，找到分享你的社區興趣、創業、買賣東西和組織籌款活動。

They aren't just tools for sharing one thing.

它們不僅僅是分享一件事的工具。

They are these whole rich platforms for lots of ways to interact in larger communities.

它們是這些完整的豐富平台，可以通過多種方式在更大的社區中進行交互。

Today, people increasingly want the intimacy of connecting privately as well, so I think that there also needs to be a digital equivalent of the living room, a platform just as built out with all the ways that you'd want to interact privately.

如今，人們越來越希望私下聯繫也能保持親密，所以我認為還需要有一個與起居室相當的數字化平台，一個包含您想要私下互動的所有方式的平台。

We already see that in messages, small groups and stories are by far the fastest-growing areas of online communication.

我們已經看到，在消息中，小組和故事是迄今為止增長最快的在線交流領域。

And we also know that people want additional tools for private interactions like Payments and Commerce.

我們還知道，人們需要額外的工具來進行私人互動，例如支付和商務。

I expect the digital town squares like Facebook and Instagram will always be important and will only continue to grow in importance, but there's a lot more to build there as well, and I'm excited about that.

我預計像 Facebook 和 Instagram 這樣的數字城市廣場將永遠很重要，而且只會越來越重要，但那裡還有很多東西需要建設，我對此感到很興奮。

But over time, I believe that there's an even bigger opportunity with the digital living room to build a platform focused on privacy.

但隨著時間的推移，我相信數字客廳有更大的機會來構建一個專注於隱私的平台。

We all need to communicate privately, and that this service could be even more important in our lives.

我們都需要私下交流，而這項服務在我們的生活中可能更為重要。

So I think that we should focus our efforts on building this privacy-focused platform.

所以我認為我們應該集中精力構建這個以隱私為中心的平台。

Now our plan is to build this the way we've developed WhatsApp, focused on the most fundamental and private use case, messaging, make it as secure as possible with end-to-end encryption and then build more ways for people to interact on top of that.

現在我們的計劃是按照我們開發 WhatsApp 的方式構建它，專注於最基本和最私密的用例，即消息傳遞，通過端到端加密使其盡可能安全，然後為人們構建更多交互方式最重要的是。

And this privacy-focused platform will be built around several principles: private interactions, you should have simple, intimate spaces where you have complete confidence that what you say and do is private; encryption, your private communication should be secure and end-to-end encryption prevents anyone, including even us from seeing what you share; reducing permanence, you shouldn't have to worry about what you share going back to hurt you later so we won't keep around messages or stories for longer than necessary; safety, you should expect that we'll do everything we can to keep you safe on our services within the balance of an encrypted service.

這個以隱私為中心的平台將圍繞幾個原則構建：私人互動，你應該有簡單、私密的空間，在那裡你完全相信你的言行是私密的；加密，您的私人通信應該是安全的，端到端加密可以防止任何人，甚至包括我們看到您分享的內容；減少持久性，您不必擔心您分享的內容以後會傷害到您，這樣我們就不會在不必要的情況下保留消息或故事；安全，您應該期望我們會盡一切努力在加密服務的平衡範圍內確保您安全使用我們的服務。

So we're taking the time to give this right upfront before we ship this platform; and interoperability, you should be able to use any of our apps to reach your friends, and you should be able to communicate across our networks easily and securely; and finally, secure data storage, you should expect that we won't store sensitive data in countries where it might be improperly accessed because of weak rule of law or governments that can forcibly get access to your data.

因此，在我們發布這個平台之前，我們會花時間提前做好準備；和互操作性，您應該能夠使用我們的任何應用程序聯繫您的朋友，並且您應該能夠輕鬆安全地通過我們的網絡進行通信；最後，安全數據存儲，您應該期望我們不會將敏感數據存儲在可能因法治薄弱或政府可以強制訪問您的數據而導致不當訪問的國家/地區。

So over the next few years, we're going to rebuild more of our services around these ideas.

所以在接下來的幾年裡，我們將圍繞這些想法重建更多的服務。

There are a lot of open questions and real trade-offs on important social issues, so we're committed to working openly on this and consulting with experts and governments as we go.

在重要的社會問題上有很多懸而未決的問題和真正的權衡取捨，因此我們致力於公開開展工作，並在此過程中諮詢專家和政府。

Now I know one of the questions we've gotten frequently is about how this will affect our business, so I'll address that here.

現在我知道我們經常收到的問題之一是關於這將如何影響我們的業務，所以我將在這裡解決這個問題。

The reality is any impact is going to be longer term, and we don't know exactly how this will play out yet.

現實是任何影響都將是長期的，我們還不知道這將如何發揮作用。

But on some of the questions like whether encrypting content will hurt our business, I'm more confident that won't be a significant issue.

但對於加密內容是否會損害我們的業務等一些問題，我更有信心這不會是一個重大問題。

We don't use the content of messages between people to target ads today.

今天，我們不使用人與人之間的消息內容來定位廣告。

So encrypting that content won't change what we do.

所以加密內容不會改變我們所做的事情。

It'll strengthen people's privacy without meaningfully affecting our business.

它將加強人們的隱私，而不會對我們的業務產生有意義的影響。

Similarly, reducing the permanence of data may have some impact, but we've generally found that more recent data is more useful for recommendations anyway.

同樣，降低數據的持久性可能會產生一些影響，但我們通常發現，不管怎樣，更新的數據對推薦更有用。

So this is another step that should have a much bigger impact on strengthening people's privacy than it will have on our business.

因此，這是對加強人們隱私的影響應該比對我們的業務產生更大影響的又一步。

Our stance on data localization is a risk.

我們對數據本地化的立場是一種風險。

That is if we get blocked in a major country, that will hurt our community and our business.

也就是說，如果我們在一個主要國家/地區遭到封鎖，那將損害我們的社區和我們的業務。

But our principles on data localization aren't new, and this is always a risk.

但我們關於數據本地化的原則並不新鮮，這始終是一個風險。

Some people have asked whether more use of private social platforms will replace the more public platforms.

有人問更多使用私人社交平台是否會取代更多公共平台。

And our privacy road map applies to all of our products, but we believe that there needs to continue to be both the digital town square and the digital living room.

我們的隱私路線圖適用於我們所有的產品，但我們認為數字城市廣場和數字客廳都需要繼續存在。

And as private platforms have grown, in some cases, we've seen some cannibalization of the more public platforms in countries like India where WhatsApp is very popular.

隨著私人平台的發展，在某些情況下，我們已經看到在 WhatsApp 非常受歡迎的印度等國家/地區，更多公共平台遭到蠶食。

But the broader pattern across the world is that people want to use both private and public platforms.

但世界範圍內更廣泛的模式是人們希望同時使用私人和公共平台。

So I believe building out this private social platform is a much greater opportunity than it is a risk.

所以我相信建立這個私人社交平台是一個比風險大得多的機會。

In thinking about the opportunity and impact to our business, by far the most important factor will be whether people choose to use our products and whether we can build the leading private social platforms in most countries.

在考慮機會和對我們業務的影響時，到目前為止，最重要的因素將是人們是否選擇使用我們的產品以及我們能否在大多數國家/地區建立領先的私人社交平台。

Now remember, we are not currently the leading messaging platform in either the United States, China or Japan, which are the 3 largest economies in the world.

請記住，我們目前在美國、中國或日本這三個世界最大經濟體中都不是領先的消息傳遞平台。

Our apps aren't in China, but innovating and succeeding in the other countries is going to be very important.

我們的應用程序不在中國，但在其他國家/地區進行創新並取得成功將非常重要。

People want a private social platform that is as strong on privacy as possible, so delivering this is both in the interest of our community and our business.

人們想要一個盡可能保護隱私的私人社交平台，因此提供這一平台既符合我們社區的利益，也符合我們業務的利益。

As always, our first step is going to be to focus on building the services people want.

一如既往，我們的第一步將是專注於構建人們想要的服務。

We're still in the early stages in developing this, and we'll share more as our plans develop.

我們仍處於開發這個的早期階段，隨著我們計劃的發展，我們將分享更多。

The other piece I published in the last month was about the 4 areas of Internet regulation I think would be most helpful around content, elections, privacy and data portability.

我上個月發表的另一篇文章是關於互聯網監管的 4 個領域，我認為這 4 個領域對內容、選舉、隱私和數據可移植性最有幫助。

And the reason I wrote this is because I've spent most of the last couple of years focused on addressing the important social issues around the Internet.

我寫這篇文章的原因是因為我在過去幾年的大部分時間裡都專注於解決互聯網上的重要社會問題。

And while I'm proud of the progress we've made, these are areas where it doesn't feel right for a private company to make such important policy decisions by ourselves.

雖然我為我們取得的進展感到自豪，但在這些領域，私人公司自己做出如此重要的政策決定是不合適的。

If the rules for the Internet were being written from scratch today, I don't think people would want private companies to be making so many decisions around speech, elections and data privacy without a more robust democratic process.

如果今天的互聯網規則是從頭開始製定的，我認為人們不會希望私營公司在沒有更強大的民主程序的情況下圍繞言論、選舉和數據隱私做出如此多的決定。

For harmful content, I think there should be a public process for determining what's allowed and required for keeping harmful content to a minimum.

對於有害內容，我認為應該有一個公共流程來確定將有害內容保持在最低限度的允許和要求。

That could be through government or industry, but having common standards is critical since people use so many different services to share content.

這可以通過政府或行業來實現，但擁有共同標準至關重要，因為人們使用如此多不同的服務來共享內容。

For elections, there have long been laws defining what is political advertising, but we need to update those regulations to reflect today's threats like the ways that foreign nation states try to interfere in elections now.

對於選舉，長期以來一直有法律定義什麼是政治廣告，但我們需要更新這些法規以反映當今的威脅，例如外國國家現在試圖干預選舉的方式。

Those threats are often not covered by today's laws, and I think we'd be better off if companies didn't define those policies themselves.

這些威脅通常不在今天的法律範圍內，我認為如果公司不自己定義這些政策，我們會過得更好。

For privacy, I believe it would be positive if more countries adopted regulation like GDPR as a common framework.

對於隱私，我相信如果更多的國家採用像 GDPR 這樣的法規作為一個共同的框架，那將是積極的。

At this point realistically, most countries will adopt privacy regulation, and the most likely alternative to a global framework like GDPR is the fragmentation of the Internet and more countries following the approach of authoritarian regimes adopting strict data localization policies where governments can more easily access people's data, and I'm highly concerned about that future.

在這一點上，實際上，大多數國家/地區將採用隱私法規，而像 GDPR 這樣的全球框架最有可能的替代方案是互聯網的碎片化，更多國家遵循專制政權的做法，採取嚴格的數據本地化政策，政府可以更容易地訪問人們的數據數據，我非常擔心那個未來。

For data portability, if you have data in one service, you should be able to move it to another.

對於數據可移植性，如果您在一項服務中有數據，您應該能夠將其移動到另一項服務。

But we need a common understanding of nuanced questions like what is your data and what is someone else's.

但我們需要對一些細微的問題達成共識，比如什麼是你的數據，什麼是別人的。

If I share my birthday with you, is that now your data that you should be able to bring to your calendar app so it can remind you later?

如果我和你分享我的生日，現在你的數據是不是應該可以帶到你的日曆應用程序中以便它以後提醒你？

Or is that only my data?

或者那隻是我的數據？

And if a platform like Facebook facilitates data portability and you're bringing data to another app, whose responsibility is it if that app misuses your data?

如果像 Facebook 這樣的平台促進了數據可移植性，並且您將數據帶到另一個應用程序，那麼如果該應用程序濫用您的數據，該由誰負責？

The absence of clear rules here discourages companies like ours from building tools to make it easier to move data between apps.

此處缺乏明確的規則阻礙了像我們這樣的公司構建工具，以便更輕鬆地在應用程序之間移動數據。

These questions involve difficult trade-offs.

這些問題涉及艱難的取捨。

We can't have complete free speech but no hate.

我們不能有完全的言論自由，但沒有仇恨。

We can't have complete privacy while also stopping every safety threat.

我們無法在擁有完全隱私的同時阻止所有安全威脅。

We can't tell platforms to keep everyone's data private but then expect a broad definition of data portability for research or competition.

我們不能告訴平台將每個人的數據保密，但期望對研究或競爭的數據可移植性有一個廣泛的定義。

The values and equities at stake are too important and too conflicting for any company to balance them in a way that everyone will be comfortable with.

所涉價值和權益太重要、太矛盾，以至於任何公司都無法以一種讓每個人都能接受的方式來平衡它們。

So part of building trust will be deferring to a public process on how to make these trade-offs.

因此，建立信任的一部分將推遲到一個關於如何做出這些權衡的公共過程。

I understand that any regulation may hurt our business, but I think it's necessary.

我知道任何監管都可能損害我們的業務，但我認為這是必要的。

Getting these issues right is more important than our interest, and I believe that regulation will help establish trust when people know that the right systems of governance and accountability are in place.

解決這些問題比我們的利益更重要，我相信當人們知道正確的治理和問責制度已經到位時，監管將有助於建立信任。

So over the long term, I believe that, that increase in the trustworthiness of the Internet can have a much larger positive impact for our community and our business than any short-term hit that we're going to take.

因此，從長遠來看，我相信，與我們將要承受的任何短期打擊相比，互聯網可信度的提高對我們的社區和業務產生的積極影響要大得多。

Overall, this is an important time for Facebook.

總的來說，這對 Facebook 來說是一個重要的時刻。

I'm excited about the direction we're heading and looking forward to discussing how we should address some of these issues more directly.

我對我們前進的方向感到興奮，並期待著討論我們應該如何更直接地解決其中的一些問題。

As always thank you for being on this journey with us, and now here is Sheryl to talk about our business.

一如既往地感謝您與我們一起踏上這段旅程，現在雪莉爾來談談我們的業務。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

We had a strong start to the year.

我們今年開局良好。

Mobile ad revenue grew 30% year-over-year to $13.9 billion, making up approximately 93% of our total ad revenue.

移動廣告收入同比增長 30% 至 139 億美元，約占我們廣告總收入的 93%。

We had solid growth across all regions, and our revenue base continues to broaden as more businesses advertise with us.

我們在所有地區都有穩健的增長，隨著越來越多的企業與我們一起做廣告，我們的收入基礎繼續擴大。

In Q1, our top 100 advertisers represented less than 20% of our total ad revenue, which means our advertiser base is more diverse compared to the same period last year.

在第一季度，我們排名前 100 位的廣告商占我們總廣告收入的比例不到 20%，這意味著與去年同期相比，我們的廣告商基礎更加多樣化。

We're making significant investments in safety and security while continuing to grow our community and our business.

我們在安全和安保方面進行了大量投資，同時繼續發展我們的社區和業務。

This quarter once again shows that we can do both.

本季度再次表明我們可以做到這兩點。

As we prepare to build more services around our privacy road map, we're changing the way we run the company.

當我們準備圍繞我們的隱私路線圖構建更多服務時，我們正在改變我們經營公司的方式。

We are committed to earning back trust through the actions we take.

我們致力於通過我們所採取的行動來贏回信任。

A key part of earning back trust is increasing transparency.

贏回信任的一個關鍵部分是提高透明度。

That starts with our products, which should be as easy to understand as they are to use.

首先是我們的產品，它們應該像使用時一樣易於理解。

Last month, we updated our "Why am I seeing this ad?" feature to give people more context and control over the ads they see.

上個月，我們更新了“為什麼我會看到這個廣告？”功能為人們提供更多上下文並控制他們看到的廣告。

We also introduced "Why am I seeing this post?" so people can learn more about what shows up in their News Feed and change their preferences to make their Facebook experience more personal.

我們還介紹了“為什麼我會看到這篇文章？”這樣人們就可以更多地了解他們的動態消息中顯示的內容並更改他們的偏好以使他們的 Facebook 體驗更加個性化。

We're dramatically increasing transparency in our work on elections, where we're focused on addressing known threats and anticipating new ones.

我們正在大幅提高選舉工作的透明度，我們專注於應對已知威脅並預測新威脅。

We built up our defenses for the U.S. midterms, and we're doing the same in other parts of the world.

我們為美國中期選舉建立了防禦措施，我們也在世界其他地方做同樣的事情。

We've expanded our ads library to include all ads not just electoral ads, and we've made it easier to search for and report bad ads.

我們擴展了我們的廣告庫以包括所有廣告，而不僅僅是選舉廣告，並且我們使搜索和報告不良廣告變得更加容易。

Out of the European Parliament elections next month, anyone running political or issue ads in the EU is required to confirm their identity and location and include a "paid for by" disclosure.

在下個月的歐洲議會選舉中，任何在歐盟投放政治廣告或發布廣告的人都必須確認其身份和位置，並包括“付費方”信息披露。

Making online ads more transparent helps people understand who's trying to influence their vote and helps us better defend against foreign interference.

使在線廣告更加透明有助於人們了解誰在試圖影響他們的投票，並幫助我們更好地抵禦外國干涉。

We're also working hard to ensure that our ads don't exclude or harm people.

我們也在努力確保我們的廣告不會排斥或傷害人們。

There's a long history of discrimination in the areas of housing, employment and credit, and we don't want this happening on Facebook.

住房、就業和信貸領域的歧視由來已久，我們不希望這種情況在 Facebook 上發生。

In March, we announced industry-leading changes.

3 月，我們宣布了行業領先的變化。

Anyone running ads in these categories in the U.S. will no longer be allowed to target by age, gender or ZIP code.

任何在美國投放這些類別廣告的人將不再被允許按年齡、性別或郵政編碼定位。

We're also creating a new library where people can search through active housing ads and report them.

我們還創建了一個新的圖書館，人們可以在其中搜索有效的住房廣告並進行報告。

We expect these changes will affect some advertisers' ability to run legitimate ads, but we believe this is the right trade-off to better protect against discrimination.

我們預計這些變化將影響一些廣告商投放合法廣告的能力，但我們認為這是更好地防止歧視的正確權衡。

Going forward, we will continue making investments to increase transparency, protect our platform from interference and help keep people safe.

展望未來，我們將繼續進行投資以提高透明度，保護我們的平台免受干擾並幫助確保人們的安全。

We're doing this because it's the right thing to do for people and because it's good for our business over the long term.

我們這樣做是因為這是為人們做的正確事情，而且從長遠來看這對我們的業務有利。

At the same time, we are focused on continuing to grow our business by helping advertisers grow theirs.

與此同時，我們專注於通過幫助廣告商發展他們的業務來繼續發展我們的業務。

We offer the unique ability for advertisers to reach the right person with the right message at the right time and for people to see ads that are truly relevant to them.

我們為廣告商提供了獨特的能力，使他們能夠在正確的時間向正確的人傳達正確的信息，並讓人們看到與他們真正相關的廣告。

We do this in a privacy-focused way that enables millions of businesses around the world to grow and hire.

我們以注重隱私的方式做到這一點，使全球數百萬企業能夠發展壯大和僱用員工。

Facebook and Instagram feed ads make up the bulk of our business today.

Facebook 和 Instagram 信息流廣告構成了我們當今業務的主體。

We expect that to continue, but Stories are an increasingly important growth opportunity.

我們預計這種情況會持續下去，但故事是一個越來越重要的增長機會。

We are helping advertisers keep up with the shift in how people are sharing just as we did with Mobile.

我們正在幫助廣告商跟上人們分享方式的轉變，就像我們在移動端所做的那樣。

We're proud to announce that we now have 3 million advertisers using Stories ads to reach customers across Instagram, Facebook and Messenger.

我們很自豪地宣布，我們現在有 300 萬廣告商使用快拍廣告來覆蓋 Instagram、Facebook 和 Messenger 上的客戶。

Now we've learned it's not enough to make a new format available.

現在我們了解到，僅僅提供一種新格式是不夠的。

We also need to make it easier for advertisers to optimize their campaigns, and that's what we're doing with Stories.

我們還需要讓廣告商更輕鬆地優化他們的廣告系列，而這正是我們在 Stories 方面所做的。

Last month, we introduced interactive Stories ads globally on Instagram.

上個月，我們在 Instagram 的全球範圍內推出了互動式快拍廣告。

People and businesses already use interactive features to start conversations in their stories, and now advertisers can use polling stickers to stand out and drive results.

人們和企業已經使用互動功能在他們的故事中開始對話，現在廣告商可以使用投票貼紙來脫穎而出並推動結果。

When Dunkin' promoted its Donuts Fries with an interactive poll in their Stories ads, more than 1 in 5 people who saw the ad voted, which increased engagement and drove 20% lower cost per video view.

當 Dunkin' 在他們的故事廣告中通過互動式投票來推廣其甜甜圈薯條時，超過五分之一的看過廣告的人進行了投票，這提高了參與度並將每次視頻觀看的成本降低了 20%。

In addition to helping advertisers make the shift to new ads experiences, we're making it easier for people to shop directly on our apps.

除了幫助廣告商轉向新的廣告體驗外，我們還讓人們更容易直接在我們的應用程序上購物。

We recently announced checkout on Instagram, so when people find a product they love in a poster story, they can buy it without leaving the app.

我們最近推出了 Instagram 結賬功能，因此當人們在海報故事中找到他們喜歡的產品時，他們可以在不離開應用程序的情況下購買。

We launched with 23 brands in the U.S. including adidas and MAC.

我們在美國推出了 23 個品牌，包括阿迪達斯和 MAC。

While this is a very small closed beta and we know this will take a long time to develop, we're excited about this next step for shopping on Instagram.

雖然這是一個非常小的封閉測試版，而且我們知道這需要很長時間才能開發，但我們對 Instagram 購物的下一步感到興奮。

Commerce is a growing area for us, too.

商業對我們來說也是一個不斷發展的領域。

We're seeing millions of interactions between buyers and sellers in Marketplace every day.

我們每天都在 Marketplace 中看到買賣雙方之間的數百萬次互動。

Last quarter, we expanded Marketplace ads to more countries and are seeing positive early results.

上個季度，我們將 Marketplace 廣告擴展到更多國家，並看到了積極的早期成果。

For example, Succulents Box, an online subscription plant business, generates 18% of its total sales from their listings on Marketplace.

例如，在線訂閱植物業務 Succulents Box 的 18% 銷售額來自其在 Marketplace 上的列表。

As we continue to make ads and commerce better, we're focused on helping advertisers connect directly with people.

隨著我們不斷改進廣告和商務，我們專注於幫助廣告商直接與人建立聯繫。

In Q1, we launched collaborative ads which gives brands that don't have a direct-to-consumer channel a way to run e-commerce campaigns with retailers.

在第一季度，我們推出了合作廣告，為沒有直接面向消費者渠道的品牌提供了一種與零售商開展電子商務活動的方式。

Samsung recently tested collaborative ads with Frávega, an electronics retailer in Argentina.

三星最近測試了與阿根廷電子產品零售商 Frávega 的合作廣告。

They targeted broad audiences who had viewed Samsung products on the retailer's website, and the campaign resulted in a 21% lift in sales.

他們以曾在零售商網站上瀏覽過三星產品的廣大受眾為目標，該活動使銷售額提高了 21%。

I want to close by saying how grateful I am to our partners around the world.

最後，我想表達我對我們在世界各地的合作夥伴的感激之情。

Every day, they give us valuable feedback on how to improve our products so we can help them grow their business.

每天，他們都會就如何改進我們的產品向我們提供寶貴的反饋，以便我們幫助他們發展業務。

I also want to thank the Facebook teams who drive that growth while also making progress on the major social issues facing the Internet and our company.

我還要感謝 Facebook 團隊，他們推動了這一增長，同時也在互聯網和我們公司面臨的主要社會問題上取得了進展。

I am grateful for my colleagues' continued dedication and hard work.

我很感激我的同事們一直以來的奉獻精神和辛勤工作。

Thanks, and here is Dave.

謝謝，這是戴夫。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

Let's begin with our community metrics.

讓我們從我們的社區指標開始。

Facebook daily active users reached 1.56 billion, up 8% compared to last year led by growth in India, Indonesia and the Philippines.

Facebook 日活躍用戶達到 15.6 億，比去年增長 8%，這主要得益於印度、印度尼西亞和菲律賓的增長。

This represents approximately 66% of the 2.38 billion monthly active users in March.

這約佔 3 月份 23.8 億月活躍用戶的 66%。

MAUs grew 179 million or 8% compared to last year.

與去年相比，MAU 增長了 1.79 億或 8%。

Turning to our family metrics.

轉向我們的家庭指標。

We estimate that, on average, over 2.1 billion people use at least one of our apps on a daily basis in March and around 2.7 billion people were active on a monthly basis.

我們估計，在 3 月份，平均每天有超過 21 億人至少使用我們的一款應用程序，每月約有 27 億人處於活躍狀態。

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。

Turning now to the financials.

現在轉向財務。

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

除非另有說明，否則所有比較都是按年進行的。

Q1 total revenue was $15.1 billion, up 26% or 30% on a constant currency basis.

第一季度總收入為 151 億美元，按固定匯率計算增長 26% 或 30%。

Had foreign exchange rates remained constant with the first quarter of 2018, total revenue would have been approximately $503 million higher.

如果 2018 年第一季度的匯率保持不變，總收入將增加約 5.03 億美元。

Q1 total ad revenue was $14.9 billion, up 26% or 31% on a constant currency basis.

第一季度廣告總收入為 149 億美元，按固定匯率計算增長 26% 或 31%。

In terms of regional ad revenue growth: U.S. and Canada was strongest at 30%; followed by Asia Pacific at 28%; and Rest of World at 23%.

在區域廣告收入增長方面：美國和加拿大最為強勁，達到 30%；其次是亞太地區，佔 28%；世界其他地區為 23%。

Europe grew more slowly at 21% and was impacted in part by currency headwinds.

歐洲增長較慢，為 21%，部分受到貨幣逆風的影響。

In Q1, the average price per ad decreased 4%, and the number of ad impressions served across our services increased 32%.

在第一季度，每個廣告的平均價格下降了 4%，我們服務中投放的廣告展示次數增加了 32%。

Impression growth was primarily driven by ads on Instagram Stories, Instagram Feed and Facebook News Feed.

印象增長主要是由 Instagram 快拍、Instagram Feed 和 Facebook News Feed 上的廣告推動的。

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

每條廣告的平均價格同比下降反映了向故事廣告和以較低利率獲利的地區的持續組合轉變。

Payments and other fees revenue was $165 million, down 4% year-over-year and down 40% from Q4 which benefited from holiday sales of Oculus and Portal.

支付和其他費用收入為 1.65 億美元，同比下降 4%，較第四季度下降 40%，這得益於 Oculus 和 Portal 的假日銷售。

Turning now to expenses.

現在轉向費用。

Total expenses were $11.8 billion, up 80%.

總支出為 118 億美元，增長 80%。

This includes a $3 billion accrual taken in connection with the inquiry of the Federal Trade Commission into our platform and user data practices.

這包括與聯邦貿易委員會對我們的平台和用戶數據實踐進行調查有關的 30 億美元應計費用。

This matter remains unresolved, and we estimate that the associated range of loss is between $3 billion and $5 billion.

此事仍未解決，我們估計相關損失範圍在 30 億美元至 50 億美元之間。

Absent this accrual, our total expense growth rate would have been 46 percentage points lower.

如果沒有這種應計費用，我們的總費用增長率將降低 46 個百分點。

We ended Q1 with approximately 37,700 full-time employees, up 36%.

我們在第一季度結束時擁有大約 37,700 名全職員工，增長了 36%。

Operating income was $3.3 billion, representing a 22% operating margin.

營業收入為 33 億美元，營業利潤率為 22%。

Absent the accrual, operating margin would have been 20 percentage points higher.

如果沒有應計利潤，營業利潤率會高出 20 個百分點。

Our Q1 tax rate was 30% and was higher than the mid-teens guidance given the tax treatment of the accrual.

我們的第一季度稅率為 30%，高於應計稅制的中位數指導。

Net income was $2.4 billion or $0.85 per share.

淨收入為 24 億美元或每股 0.85 美元。

The accrual we recorded reduced EPS by approximately $1.04.

我們記錄的應計費用使每股收益減少了約 1.04 美元。

Capital expenditures were $4 billion driven by investments in data centers, servers, office facilities and network infrastructure.

資本支出為 40 億美元，主要受數據中心、服務器、辦公設施和網絡基礎設施投資的推動。

We generated $5.3 billion in free cash flow and ended Q1 with approximately $45.2 billion in cash and investments.

我們產生了 53 億美元的自由現金流，並以大約 452 億美元的現金和投資結束了第一季度。

In Q1, we bought back approximately $521 million of our Class A common stock.

第一季度，我們回購了大約 5.21 億美元的 A 類普通股。

Turning now to the revenue outlook.

現在轉向收入前景。

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

我們繼續預計，在固定匯率的基礎上，我們的收入增長率將在整個 2019 年依次放緩。

In addition, we anticipate ad targeting-related headwinds will be more pronounced in the second half of 2019.

此外，我們預計與廣告定位相關的不利因素將在 2019 年下半年更加明顯。

Turning now to the expense outlook.

現在轉向費用前景。

We are adjusting our expense outlook which now includes the accrual we recorded in Q1.

我們正在調整我們的費用前景，其中現在包括我們在第一季度記錄的應計費用。

We now anticipate full year 2019 total expenses to grow to 47% to 55% compared to 2018, up from our prior guidance of 40% to 50% growth.

我們現在預計 2019 年全年總支出將比 2018 年增長 47% 至 55%，高於我們之前 40% 至 50% 的增長預期。

The $3 billion accrual accounts for approximately 10 percentage points of the anticipated expense growth.

30 億美元的應計費用約佔預期費用增長的 10 個百分點。

Thus excluding the accrual, this revised outlook implies a modest adjustment in our guidance on 2019 core expense growth rate.

因此，不包括應計費用，這一修訂後的展望意味著我們對 2019 年核心費用增長率的指引進行了適度調整。

Note that this does not change our longer-term outlook on the need to invest in core products, infrastructure, innovation and safety and security and the ultimate impact of those investments on our operating margin.

請注意，這不會改變我們對核心產品、基礎設施、創新和安全保障投資需求的長期展望，以及這些投資對我們營業利潤率的最終影響。

We are updating our 2019 capital expenditures outlook to be $17 billion to $19 billion, down from our prior estimate of $18 billion to $20 billion.

我們將 2019 年的資本支出前景更新為 170 億美元至 190 億美元，低於我們之前估計的 180 億美元至 200 億美元。

Our capital expenditures are driven primarily by our continued investment in data centers and servers.

我們的資本支出主要是由我們對數據中心和服務器的持續投資驅動的。

We expect our tax rate for the remaining quarters of 2019 to be in the mid-teens.

我們預計 2019 年剩餘季度的稅率將在十幾歲左右。

In summary, Q1 was another good quarter for Facebook.

總之，第一季度是 Facebook 的又一個好季度。

We are pleased with our ability to grow our community and business while at the same type investing heavily for the future.

我們很高興我們有能力發展我們的社區和業務，同時為未來進行大量投資。

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

有了這個，邁克，讓我們開始提問。

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

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

Mark, I was hoping you can just talk a little bit more about the time frame for building out a privacy-focused social platform.

馬克，我希望你能多談談建立一個以隱私為中心的社交平台的時間框架。

Are we thinking about 1 year, 3 years, 5 years?

我們在考慮 1 年、3 年、5 年嗎？

What's the right way to think about that?

什麼是正確的思考方式？

And also how do you layer in additional services and functionality for users from there as you go along?

以及如何在進行過程中為用戶提供額外的服務和功能？

And then one for Sheryl as well around Stories ads.

然後是 Sheryl 以及 Stories 廣告。

You mentioned 3 million-plus advertisers.

你提到了超過 300 萬的廣告商。

Can you just talk about how the increased density there is translating into pricing relative to the feed and your view over time how Stories ads could monetize relative to feed ads?

你能談談增加的密度如何轉化為相對於 feed 的定價，以及你的觀點隨著時間的推移故事廣告如何相對於 feed 廣告獲利？

Sure.

當然。

So for the time frame for this, I think that this is going to be a central focus for the company for the next 5 years or longer.

因此，對於這個時間框架，我認為這將成為公司未來 5 年或更長時間的中心重點。

Parts of this, we already have a strong foundation on where WhatsApp and Messenger are strong around the world.

在這方面，我們已經為 WhatsApp 和 Messenger 在全球的強項奠定了堅實的基礎。

But in a lot of the most important countries for this like I've mentioned in the United States and Japan, we're not the leading private communication service today.

但是在很多最重要的國家，就像我在美國和日本提到的那樣，我們今天並不是領先的私人通信服務。

So there, the most important thing that we need to do is get the basics right and make sure that we are providing, hands down, without any question in anyone's mind, the clear best service in those areas.

因此，我們需要做的最重要的事情是做好基礎工作，並確保我們在這些領域毫無疑問地提供毫無疑問的最佳服務。

So we'll talk about both of these things over -- a lot over the coming months in the plan.

因此，我們將在未來幾個月的計劃中討論這兩件事。

I'll share a little bit more at F8 next week in terms of the product road map and what we expect to see on this.

我將在下週的 F8 上分享更多關於產品路線圖和我們期望看到的內容。

But some of the things -- we're also going to intentionally take a longer period of time than we might have previously in order to get safety right.

但有些事情——我們也將故意花比以前更長的時間來確保安全。

So when I first announced that we were going to be moving our private communication services to all be end-to-end encrypted, I was very clear that we're planning on taking at least 1 year to go consult with experts and governments and law enforcement around the world to make sure that we have the right safety systems in place to make sure that we handle this really well, right?

因此，當我第一次宣布我們將把我們的私人通信服務全部進行端到端加密時，我非常清楚我們計劃至少花 1 年的時間來諮詢專家、政府和法律世界各地的執法，以確保我們有正確的安全系統，以確保我們處理得很好，對吧？

Because there are really important safety and content issues in messaging, and if we don't have the ability to see the content, we need to make sure we have different tools in place to handle that.

因為在消息傳遞中存在非常重要的安全和內容問題，如果我們無法看到內容，我們需要確保我們有不同的工具來處理這個問題。

And this is a different approach than we would've taken a few years ago, right?

這與我們幾年前採用的方法不同，對吧？

A few years ago, we probably would've rolled this out and then try to deal with issues that they came up with.

幾年前，我們可能會推出這個，然後嘗試處理他們提出的問題。

But now part of our new approach of trying to be more proactive about social issues is trying to build in from the ground up, getting this right upfront.

但是現在，我們嘗試更加積極主動地解決社會問題的新方法的一部分是嘗試從頭開始構建，預先做好這件事。

So the playbook is going to be work on getting the basics right, make sure that we have safety rights from the beginning.

因此，該劇本將著眼於正確掌握基礎知識，確保我們從一開始就擁有安全權利。

In countries where we already are the leading platform, there will be more ability to work on things like payments in the near term and build in additional ways that people want to interact privately.

在我們已經成為領先平台的國家/地區，短期內將有更多能力處理支付等事情，並以人們希望私下互動的其他方式建立。

But in terms of when I expect this to be a real contributor to the business, I don't think in the next couple of years that's going to be a major driver.

但就我預計這何時會成為業務的真正貢獻者而言，我認為在未來幾年內這不會成為主要推動力。

This is just a big focus for us which is why I'm talking about it now.

這只是我們的一個重點，這就是我現在談論它的原因。

So Doug, it's Dave.

道格，是戴夫。

I'll take the question on Stories.

我會在故事中回答這個問題。

So we are seeing more of our impression growth coming from Stories, and when I outlined the factors driving impression growth, I listed Stories first.

因此，我們看到更多的印象增長來自故事，當我概述推動印象增長的因素時，我首先列出了故事。

It was the largest contributor of year-over-year impression growth in the quarter.

它是本季度印象同比增長的最大貢獻者。

But those impressions are coming in at lower prices than we see in feed.

但這些展示的價格低於我們在飼料中看到的價格。

So if anything, the mix shift on growth towards Stories is certainly in the near term a headwind on revenue growth.

因此，如果有的話，在短期內，故事的增長組合肯定會阻礙收入增長。

On pricing specifically, we're seeing such strong impression growth, this supply growth keeps prices low and creates an opportunity for advertisers, and we're seeing smart advertisers take advantage of that.

具體在定價方面，我們看到瞭如此強勁的印象增長，這種供應增長使價格保持低位並為廣告商創造了機會，我們看到聰明的廣告商正在利用這一點。

Ultimately, we believe we can increase demand for Stories as we attract more advertisers and bring more effective direct response units to Stories.

最終，我們相信隨著我們吸引更多廣告商並為故事帶來更有效的直接反應單元，我們可以增加對故事的需求。

But this -- and over time, that will play through to increased prices, but this is going to take years not quarters.

但隨著時間的推移，這將導致價格上漲，但這需要數年而不是幾個季度。

So at least in the near term, we're going to see a meaningful discount on prices on Stories.

因此，至少在短期內，我們將看到 Stories 的價格大幅折扣。

Our next question comes from Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Just to go back to the story monetization point with the 3 million advertisers, could you just talk us through some of the main strategies you've used to really drive the Stories advertiser adoption?

我有 2. 回到與 300 萬廣告商的故事貨幣化點，你能告訴我們一些你用來真正推動故事廣告商採用的主要策略嗎？

And then any clarity you can help us better understand what type of lifts you're seeing in spend per advertiser as they start to spend on both News Feed and Stories.

然後，任何清晰的信息都可以幫助我們更好地了解當廣告商開始在新聞提要和故事上花費時，您看到每個廣告商的支出有什麼樣的提升。

And then, Dave, just to kind of come back to your comments about revenue for the year, you mentioned the ad targeting headwinds would be more pronounced in the second half.

然後，戴夫，回到你對今年收入的評論，你提到下半年廣告定位逆風會更加明顯。

Can you help us better understand why that is -- the sort of changes to expect that would drive that?

您能否幫助我們更好地理解為什麼會這樣——預期會推動這種變化的那種變化？

Yes.

是的。

This is Sheryl.

這是雪莉爾。

I'll take the Stories question.

我會回答故事問題。

So one of the things we learned is that consumers usually move to new features to new products to new places before marketers, and it's really up to us to help marketers move there quickly.

因此，我們了解到的一件事是，消費者通常會在營銷人員之前將新功能、新產品轉移到新地方，而我們真的有責任幫助營銷人員快速轉移到那裡。

We definitely saw that with mobile, that one of the barriers was convincing marketers that they needed to be with mobile.

我們確實看到了移動設備，其中一個障礙是說服營銷人員他們需要使用移動設備。

But then there was a second barrier which was just making it easier for them to do it.

但隨後出現了第二個障礙，這只是讓他們更容易做到這一點。

So if you take your long TV ad or your 30-second TV spot and you just put it on mobile, it doesn't perform as well as a mobile first ad, and that's been something we've worked on.

所以如果你把你的長電視廣告或 30 秒的電視廣告放在移動設備上，它的效果不如移動優先廣告，而這正是我們一直在努力的方向。

So now we're really applying that lesson to Stories.

所以現在我們真正將這一課應用到故事中。

So first, we need to convince marketers that people are using Stories, and I think having seen the mobile shift, their process -- they're getting that, I think, more quickly.

因此，首先，我們需要讓營銷人員相信人們正在使用故事，而且我認為已經看到了移動轉變，他們的過程——我認為他們正在更快地理解這一點。

But then we have to make it easy.

但是我們必須讓它變得簡單。

So if you look at some of the tools and products I've talked about in the last couple of quarters, now you can rather than us saying to you go make a Stories ad, you can just send us some pictures, some text, some very easy posts, and we will create the Stories ads for you.

所以如果你看看我在過去幾個季度談到的一些工具和產品，現在你可以而不是我們讓你去做一個故事廣告，你可以只向我們發送一些圖片、一些文本、一些非常簡單的帖子，我們將為您製作故事廣告。

So our process is we have one sales team selling all of these products.

所以我們的流程是我們有一個銷售團隊來銷售所有這些產品。

I think that helps us a lot because they already have those relationships.

我認為這對我們有很大幫助，因為他們已經建立了這些關係。

And we're doing all we can to make it very easy to adopt the format.

我們正在竭盡所能使採用這種格式變得非常容易。

We also want to make this as automated as possible.

我們還希望盡可能自動化。

So the long-run view should be that you can give us maybe simple pictures, maybe simple videos, maybe an ad you've produced, and we can do the placement for you because we think over time, we will -- our systems will do a better job deciding where your ads should be placed and even helping you target until you're seeing us build tools in that direction as well.

所以從長遠來看，你可以給我們也許是簡單的圖片，也許是簡單的視頻，也許是你製作的廣告，我們可以為你做廣告，因為我們認為隨著時間的推移，我們會——我們的系統會更好地決定您的廣告應該放置在哪裡，甚至幫助您定位，直到您看到我們也朝這個方向構建工具。

In terms of how much of it is incremental, I'm sure not all of it is.

就其中有多少是增量而言，我敢肯定不是全部都是。

There definitely has to be some cannibalization from people who are doing feed ads as they do Stories.

像做故事一樣做提要廣告的人肯定會有一些蠶食。

But we've seen that over time, as we move people, we're able to get increasing shares hopefully of their budget.

但我們已經看到，隨著時間的推移，當我們調動人員時，我們有望在他們的預算中獲得越來越多的份額。

But it's our job to earn that.

但這是我們的工作。

We tell marketers all over the world that we want to be the best dollar, the best minute, the best euro they spend, and it's up to us to prove that ROI, and we're going to continue to do that.

我們告訴世界各地的營銷人員，我們希望成為他們花費的最好的美元、最好的時刻、最好的歐元，這取決於我們來證明投資回報率，我們將繼續這樣做。

Hey, Brian, it's Dave.

嘿，布萊恩，我是戴夫。

We already talked about on the supply side the impact that Stories is having.

我們已經在供應方面討論了 Stories 所產生的影響。

The supply growth really getting driven by Stories is coming through at lower prices, so that's one of the factors that factors into the lower growth outlook for the second half.

真正由 Stories 推動的供應增長是以較低的價格實現的，因此這是下半年增長前景較低的因素之一。

But on the demand side, wanted to specifically call out several factors that are contributing to ad targeting headwinds.

但在需求方面，我想特別指出導致廣告定位不利因素的幾個因素。

The first is just the evolution of the regulatory landscape, and here I would point to regulations like GDPR.

首先是監管格局的演變，在這裡我要指出像 GDPR 這樣的法規。

The number of people who have opted out on using context from the apps and websites that they visit for ad targeting has continued to increase since the adoption of GDPR, so we've seen that come up both in Europe and around the world.

自 GDPR 採用以來，選擇不使用他們訪問的應用程序和網站的上下文進行廣告定位的人數持續增加，因此我們已經看到歐洲和世界各地都出現了這種情況。

That means those people are seeing less relevant ads, and that's an ad targeting headwind for our business.

這意味著這些人看到的廣告相關性較低，這對我們的業務來說是一個廣告定位逆風。

The second factor is just anticipated changes that mobile platforms will make.

第二個因素是移動平台將做出的預期變化。

They will make targeting and measurement more difficult.

它們將使目標定位和衡量變得更加困難。

And the third is Facebook, our own product changes.

第三個是Facebook，我們自己的產品變化。

For example, in the fall, we plan to roll out our tool for seeing and clearing your off-Facebook browsing history.

例如，在秋季，我們計劃推出我們的工具來查看和清除您的 Facebook 站外瀏覽歷史記錄。

In addition, we've introduced restrictions on the use of certain targeting criteria for some ads.

此外，我們還限制了某些廣告使用特定定位條件。

So we're seeing a cumulative impact from all of these factors leading to what we expect to be targeting headwinds for the back half of the year.

因此，我們看到所有這些因素的累積影響導致了我們預期在今年下半年遇到的不利因素。

Your next question comes from Heather Bellini from Goldman Sachs.

你的下一個問題來自高盛的 Heather Bellini。

I had 2 questions.

我有兩個問題。

The first one I guess, Mark, was given the focus on back-end integration that you've been talking about and a platform increasingly focused on privacy, I was wondering how you think about the incremental expenses, if any, to achieve this.

我猜第一個，馬克，專注於你一直在談論的後端集成和一個越來越關注隱私的平台，我想知道你如何看待實現這一目標的增量費用（如果有的話）。

And in particular, if I go back to your comments on your third quarter earnings call, you commented that over time, you knew there was a need to ensure that cost and revenue were better matched.

特別是，如果我回到你對第三季度財報電話會議的評論，你評論說隨著時間的推移，你知道有必要確保成本和收入更好地匹配。

Does any of your recent areas of focus change your time frame associated with that to occur?

您最近關注的任何領域是否會改變您與之相關的時間框架？

And then I had a follow-up on IGTV and Watch.

然後我在 IGTV 和 Watch 上進行了跟進。

I was just wondering if you could share with us how these are performing versus your expectations and kind of what the differences are that you're seeing between the 2.

我只是想知道您是否可以與我們分享這些與您的期望相比的表現如何，以及您在兩者之間看到的差異。

Heather, I can take that.

希瑟，我可以接受。

I mean in terms of the focus on privacy, the one thing that I would sort of cite there, if anything, the priority for messaging is clear, the focus on privacy and interoperability, and that means that monetization for messaging is a lower, near-term priority.

我的意思是，就對隱私的關注而言，我會在那裡引用一件事，如果有的話，消息傳遞的優先級很明確，對隱私和互操作性的關注，這意味著消息傳遞的貨幣化程度較低，接近-期限優先權。

So that has some impact on the outlook.

所以這對前景有一些影響。

And then when it comes to how we're thinking about expense growth as we look beyond 2019, we're not providing specific guidance, but I'd note that we continue to invest aggressively across the business.

然後，當談到我們如何考慮 2019 年以後的費用增長時，我們沒有提供具體的指導，但我要指出的是，我們將繼續在整個業務領域進行積極投資。

And there's no change in our long-term outlook on the need to invest heavily in areas like safety and security, innovation in our core product and infrastructure and the ultimate impact that those will have on our operating margin.

我們對在安全保障、核心產品和基礎設施創新等領域進行大量投資的必要性以及這些領域對我們的營業利潤率的最終影響的長期展望沒有改變。

So we're still positioned to invest aggressively both in 2019 and beyond.

因此，我們仍準備在 2019 年及以後積極投資。

On IGTV and Watch, do you want to -- does anybody want to take that or...

在 IGTV 和 Watch 上，你想——有沒有人想接受那個或者……

Well, if you're going to -- you get to do the numbers, and I'll do the color.

好吧，如果你打算——你來做數字，我來做顏色。

So go for it with whatever you wanted to say, and then I'll jump in after.

所以無論你想說什麼，都去吧，然後我會加入。

All right.

好的。

Before we get to IGTV and Watch, I'll just add on the cost point that this is something that I'm focused on personally.

在我們開始討論 IGTV 和 Watch 之前，我只想補充一下成本問題，這是我個人關注的問題。

I care a lot about making sure that we make the right investments in safety and innovation long term, so I'm committed to doing that.

我非常關心確保我們在安全和創新方面進行長期正確的投資，所以我致力於這樣做。

But of course, I get that in running a company, you don't want to have costs growing in a much faster rate than your revenue for a long period of time.

但是，當然，我明白在經營一家公司時，你不希望在很長一段時間內成本的增長速度遠遠快於你的收入。

And that's why I called that out last time, because I care about making sure that we get that back more in line soon.

這就是我上次提出這一要求的原因，因為我關心確保我們盡快恢復正常。

Around Watch.

圍觀。

Generally, this is starting to go quite well.

一般來說，這開始進展順利。

There's -- it's early, but one of the big questions around Watch that we had early on was what is going to be people's demand to go to a separate tab to have an experience that's dedicated to interacting with people around a certain type of content.

有——現在還為時過早，但我們早期遇到的關於 Watch 的一個大問題是，人們會要求轉到一個單獨的選項卡，以獲得一種專門圍繞某種類型的內容與人們互動的體驗。

If you remember, the reason why we got to this strategy, it was because people wanted to watch a lot of video, but we saw that passive consumption of video was displacing social interactions in News Feed.

如果你還記得的話，我們之所以採用這個策略，是因為人們想看很多視頻，但我們看到視頻的被動消費正在取代 News Feed 中的社交互動。

And when you think about what Facebook stands for in the world and the really unique value that we can deliver to people, it's primarily around helping people stay connected and have meaningful interaction.

當你思考 Facebook 在世界上代表什麼以及我們可以為人們提供真正獨特的價值時，它主要是圍繞幫助人們保持聯繫和進行有意義的互動。

So it was really important to me and I think to the long term with what our product stands for to make sure that News Feed is always about meaningful interaction.

所以這對我來說真的很重要，我認為從長遠來看，我們的產品所代表的是確保新聞提要始終與有意義的互動有關。

So while people wanted to consume a lot of video, and we thought that there were new ways that people could interact around that, we wanted to create a separate place that people could go to do that.

因此，雖然人們想要消費大量視頻，並且我們認為人們可以通過新的方式進行互動，但我們想創建一個單獨的地方讓人們可以這樣做。

And one of the big open questions was to what extent -- what percent of people are going to want to go and do this.

一個懸而未決的大問題是在多大程度上——有多少人願意去做這件事。

And now with more than 100 million people doing this, I think we've really proven as part of that hypothesis that this is something that people are going to want to go do.

現在有超過 1 億人在做這件事，我認為我們已經真正證明了這個假設的一部分，即這是人們想要去做的事情。

So that also, not only with Watch, just continuing to grow quickly, this also opens up opportunities around things -- around doing this around areas like news, which I've recently started talking about.

因此，不僅是 Watch，只是繼續快速增長，這也開闢了圍繞事物的機會——圍繞新聞等領域做這件事，我最近開始談論這一點。

And I don't have anything too specific to add today.

我今天沒有什麼要補充的。

We're trying to take a very consultative approach to how we develop anything around news or any of the things that touch the big social issues.

我們正在嘗試採用一種非常協商的方法來處理我們如何圍繞新聞或任何觸及重大社會問題的事物進行開發。

And certainly, supporting journalism is up there as one of the really important things that we care about.

當然，支持新聞業是我們關心的真正重要的事情之一。

So we want to make sure that we do this in a consultative way with a lot of folks in journalism and in the industry.

因此，我們希望確保我們以諮詢的方式與新聞界和業內的許多人一起做這件事。

But as Watch has grown, it has proven to us that these sub experiences as part of our different apps, similar with IGTV, can be quite successful.

但隨著 Watch 的發展，它已經向我們證明，這些子體驗作為我們不同應用程序的一部分，與 IGTV 類似，可以非常成功。

And that's an optimistic sign for me for the future.

這對我來說是一個樂觀的未來信號。

Your next question comes from Eric Sheridan from UBS.

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2 if I can.

如果可以的話，也許是 2。

Mark, for you, I guess as we read your statements and listen to you on the calls over the last sort of 1.5 years from the end of '17, I think investors are still trying to figure out the future business model or monetization path for Facebook as a company.

馬克，對你來說，我想當我們閱讀你的陳述並聽取你在 17 年底以來過去 1.5 年的電話會議時，我認為投資者仍在試圖找出未來的商業模式或貨幣化路徑Facebook 作為一家公司。

Is it more media consumption and advertising driven?

是更多的媒體消費和廣告驅動嗎？

Or do you think you're in the process that pivots towards more e-commerce?

還是您認為您正處於轉向更多電子商務的過程中？

And we know there's a privacy focus over all of that.

我們知道所有這些都以隱私為重點。

But I'd love sort of your view on how you think about the puts and takes between an ad-driven model and an e-commerce-driven model or somewhere in between those 2 as you look out over the next 3 to 5 years.

但我很想听聽您對未來 3 到 5 年內您如何看待廣告驅動模型和電子商務驅動模型之間或介於這 2 種模型之間的取捨的看法。

And I don't know if this is best for Dave or not, but on the FTC, you threw out $3 billion to $5 billion.

我不知道這對戴夫是否最好，但在聯邦貿易委員會，你扔掉了 30 億到 50 億美元。

What sort of probability should we assume to that being the likely outcome within that range?

我們應該假設什麼樣的概率是該範圍內的可能結果？

And how should we think about some of the changes, if any, that might happen to the business model if you were to settle with the FTC?

如果您要與 FTC 和解，我們應該如何考慮商業模式可能發生的一些變化（如果有的話）？

I can take the FTC one first, Eric.

我可以先接受 FTC 的採訪，埃里克。

Look, the accruals and accounting entry related to the ongoing settlement discussions that we're having with the FTC, this matter is not resolved.

看，與我們正在與 FTC 進行的正在進行的和解討論相關的應計費用和會計分錄，這件事沒有得到解決。

So the actual amount of payment remains uncertain.

所以實際支付的金額還不確定。

However, we're estimating this range of loss to be $3 billion to $5 billion.

然而，我們估計這一損失範圍為 30 億至 50 億美元。

Can't really comment further as this is an ongoing matter.

由於這是一個持續的問題，因此無法真正發表進一步評論。

We booked at the low end of the range in accordance with the applicable accounting guidance.

我們根據適用的會計準則在範圍的低端進行了預訂。

So really not much more to add on that front.

所以在這方面真的沒什麼可補充的。

Sure.

當然。

And between advertising and commerce, it's really a continuous spectrum, and they're not 2 different things, right?

在廣告和商業之間，它確實是一個連續的頻譜，它們不是兩個不同的東西，對吧？

So advertising is going to be the way that the revenue comes in for the foreseeable future, but what we expect is as we build out more commerce-related features around Shopping in Instagram and Marketplace in Facebook and certainly the private social platform that I've been talking about, I think will lend itself to private interactions around Payments and Commerce and interacting with businesses in that way.

因此，在可預見的未來，廣告將成為收入的來源，但我們期望的是，隨著我們圍繞 Instagram 中的購物和 Facebook 中的 Marketplace 以及我所擁有的私人社交平台構建更多與商業相關的功能一直在談論，我認為將有助於圍繞支付和商務進行私人互動，並以這種方式與企業互動。

I think what we're going to see is we're going to build more tools for people to buy things directly through the platform.

我認為我們將要看到的是，我們將構建更多工具，供人們直接通過該平台購買商品。

But I would expect that, that will mostly come and affect the business through -- as those products that we build help businesses convert better, it will be more valuable to them.

但我預計，這將主要通過以下方式影響業務——因為我們構建的那些產品可以幫助企業更好地轉化，這對他們來說更有價值。

And therefore, that will translate into higher bids for the advertising, and that will be how we see it.

因此，這將轉化為更高的廣告出價，這就是我們的看法。

Over the long term, if Payments becomes a really important part of what we do, we can -- we'll have some options and choices about how we choose to -- how to have the revenue flow to us in the future.

從長遠來看，如果支付成為我們所做工作的一個非常重要的部分，我們可以——我們將有一些選擇和選擇來決定我們如何選擇——未來如何讓收入流向我們。

But for the near term, the way that we're thinking about it is offering as many of these things at cost and for free as possible to deliver as much value to small businesses and businesses around the world.

但就近期而言，我們考慮的方式是以成本和免費方式提供盡可能多的這些東西，為世界各地的小型企業和企業提供盡可能多的價值。

And I would imagine that, that will come and contribute to our business through advertising in the way that it has historically.

我想，這將以歷史上的方式通過廣告來為我們的業務做出貢獻。

Your next question comes from 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, Dave, does your revenue outlook include any contemplated regulatory changes between now and the fall?

首先，戴夫，您的收入前景是否包括從現在到秋季之間任何預期的監管變化？

And then second, just kind of wondering if anything caused the expense forecast to go slightly down this year.

其次，只是想知道是否有什麼原因導致今年的支出預測略有下降。

And just maybe if you could give us an update on that 35% long-term target margin you provided I believe on the July call last year.

也許你能告訴我們你在去年 7 月的電話會議上提供的 35% 的長期目標利潤率的最新情況。

Thanks, Justin.

謝謝，賈斯汀。

On the revenue outlook, I'm not exactly sure what you're getting at with the contemplated regulatory changes.

關於收入前景，我不確定你對預期的監管變化有何看法。

But I did cite that one of the factors in the expected deceleration was the ongoing impact of the evolution of the regulatory landscape from things like GDPR and the number of people who are opting out of using context from third-party apps and websites.

但我確實指出，預期減速的因素之一是監管環境演變的持續影響，例如 GDPR 以及選擇不使用來自第三方應用程序和網站的上下文的人數。

So that is going to -- we expect to continue to increase.

所以這將 - 我們預計會繼續增加。

As well as we're making our own product changes with things like tools for seeing and clearing your off-Facebook history and restricting the use of some ad targeting.

此外，我們還對自己的產品進行了更改，例如用於查看和清除您的 Facebook 站外歷史記錄以及限制使用某些廣告定位的工具。

And some of that is in response to just the evolution of the regulatory landscape.

其中一些是為了應對監管環境的演變。

So I think it does factor into it.

所以我認為它確實影響了它。

In terms of the expense guidance, we don't have a specific update on long-term margin target.

在費用指導方面，我們沒有關於長期利潤率目標的具體更新。

But I would just note that we are not changing our overall philosophy of continuing to invest aggressively across the business in these important areas like safety and security and innovation which are going to play into continued expense growth both in 2019 and 2020.

但我只想指出，我們並沒有改變我們的總體理念，即繼續在安全、安保和創新等重要領域積極投資於整個企業，這些領域將在 2019 年和 2020 年繼續推動費用增長。

So no real change there.

所以那裡沒有真正的變化。

It's more a question of pacing and better visibility on the pace of head count growth and investment in 2019.

這更多是一個關於 2019 年員工人數增長和投資步伐的節奏和更好可見度的問題。

But the ultimate end outcome I don't think is changing on that front.

但我認為最終的結果不會在這方面發生變化。

We're still expecting to continue to invest aggressively in the business, and that will have an impact on operating margins.

我們仍然期望繼續對該業務進行積極投資，這將對營業利潤率產生影響。

Your next question comes from Anthony DiClemente from Evercore.

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

Maybe one for Sheryl and one for Dave.

也許一份給 Sheryl，一份給 Dave。

Sheryl, just on checkout, Instagram checkout, maybe talk specifically about the improvements that reduced friction can provide to marketers in terms of ROI on their ads, in terms of the benefits that are created from the reduced friction of buying a product without leaving the app.

Sheryl，關於結賬，Instagram 結賬，也許可以具體談談減少摩擦可以為營銷人員在廣告投資回報率方面帶來的改進，以及在不離開應用程序的情況下減少購買產品的摩擦所帶來的好處.

And then maybe for Dave, just noticed that the daily active users on Facebook in the U.S. and Canada were stable sequentially.

然後也許對戴夫來說，只是注意到美國和加拿大 Facebook 上的每日活躍用戶依次穩定。

So anything around that in terms of what does your revenue outlook kind of assume in terms of would it be continued stability there.

因此，就您的收入前景假設而言，圍繞它的任何事情都會在那裡持續穩定。

Any color around what you're seeing in terms of time spent or engagement on Facebook would be really helpful.

您在 Facebook 上花費的時間或參與度方面所看到的任何顏色都會非常有幫助。

So in shopping in general, we do see a lot of interest in our apps and shopping.

所以在一般的購物中，我們確實看到很多人對我們的應用程序和購物很感興趣。

Instagram specifically where we launched checkout, 130 million Instagram accounts are tapping to reveal products or learn more about products in posts every month.

Instagram 特別是我們推出結賬功能的地方，每個月有 1.3 億個 Instagram 帳戶在帖子中點擊以展示產品或了解有關產品的更多信息。

So we think there's a real opportunity.

所以我們認為這是一個真正的機會。

We're excited about checkout, but I really want to stress how early this is.

我們對結帳感到很興奮，但我真的想強調這有多早。

This is a small closed beta with 23 brands.

這是一個包含 23 個品牌的小型內測。

And for us, that's obviously a very small number.

對我們來說，這顯然是一個非常小的數字。

And it's not primarily a monetization product as your question assumes.

正如您的問題假設的那樣，它主要不是貨幣化產品。

Really the benefit here is enabling a better experience for people that when they're interested in a product, they can learn more and check out right there.

真正的好處是為人們提供更好的體驗，當他們對產品感興趣時，他們可以了解更多信息並立即查看。

Obviously, if people learn about things through our ads and then close the loop all the way to purchase, it's very strong for proving ROI.

顯然，如果人們通過我們的廣告了解事物，然後一路關閉循環進行購買，這對於證明投資回報率非常有幫助。

It also helps us measure that return as well.

它還可以幫助我們衡量回報。

So we're excited about this kind of things, but this is as early as anything could be.

所以我們對這類事情感到興奮，但這是最早的事情。

So yes, Anthony, on the DAU in the U.S. and Canada, yes, true, that was stable so -- in terms of the number of DAU quarter-over-quarter.

所以是的，安東尼，在美國和加拿大的 DAU 上，是的，沒錯，就 DAU 環比數量而言，這是穩定的。

And I think that broadly paints the right picture in terms of engagement as well.

而且我認為這在參與方面也大致描繪了正確的畫面。

So we're not providing a specific time spent update, but I think it paints the picture well on the DAU front.

所以我們沒有提供更新所花費的具體時間，但我認為它很好地描繪了 DAU 方面的情況。

In terms of the strength that we're seeing in the U.S. and Canada on the revenue front, obviously Instagram is playing a big, big role there, and the growth of impressions from Stories is factoring into it.

就我們在美國和加拿大看到的收入方面的實力而言，顯然 Instagram 在那裡扮演著非常重要的角色，Stories 帶來的印象的增長也在其中發揮了作用。

And at the same time, we're seeing continued pricing growth on feed, and that's true for both Facebook and Instagram.

與此同時，我們看到動態消息的價格持續上漲，Facebook 和 Instagram 都是如此。

And there, we're relying on continuing to improve targeting.

在那裡，我們依靠繼續改進目標。

And so you've got -- the risk there is of course the headwinds that we've talked about on the ad targeting front and how that will play into U.S. growth as well.

所以你有 - 風險當然是我們在廣告定位方面談到的逆風以及這將如何影響美國的增長。

Your next question comes from Mark May from Citi.

你的下一個問題來自花旗銀行的 Mark May。

To Sheryl's earlier point about the evolution of Stories, the perception is that core Facebook user adoption of Stories format has been -- hasn't been all that meaningful.

對於 Sheryl 之前關於 Stories 演變的觀點，人們認為 Facebook 的核心用戶對 Stories 格式的採用已經——並沒有那麼有意義。

How would you characterize the adoption on core Facebook?

您如何描述核心 Facebook 的採用情況？

And if it is in fact relatively low, is that important for the company to address?

如果它實際上相對較低，那麼公司解決這個問題重要嗎？

And then secondly, with impression growth of, I think you said, Dave, 32%, that's obviously significantly higher than the 8% growth in MAUs.

其次，我想你說過，Dave 的印象增長為 32%，這顯然明顯高於 MAU 的 8% 增長。

What would you largely attribute that to?

您主要將其歸因於什麼？

Is that a reflection of improving the engagement or the ability to kind of increase ad loads globally?

這是否反映了提高參與度或在全球範圍內增加廣告負載的能力？

So on Facebook Stories, we have 0.5 billion people using it daily, and we think that's pretty impressive growth.

因此，在 Facebook Stories 上，我們每天有 5 億人使用它，我們認為這是一個相當可觀的增長。

We're seeing real engagement.

我們看到了真正的參與。

In ads in Stories, we rolled out globally about 1.5 years after launching in Instagram, so it's still early.

在 Stories 中的廣告中，我們在 Instagram 推出後大約 1.5 年才在全球推出，所以現在還為時過早。

But we're definitely seeing a lot of value for businesses on Instagram, and we believe the same on Facebook.

但我們確實看到了 Instagram 對企業的巨大價值，我們相信 Facebook 也是如此。

To share one example, a local e-commerce jewelry brand called Lokai started donating 10% of their net profits to charitable partners.

舉個例子，一家名為 Lokai 的本地電子商務珠寶品牌開始將其淨利潤的 10% 捐贈給慈善合作夥伴。

And they started running video ads in Facebook Stories and News Feed.

他們開始在 Facebook 快拍和動態消息中投放視頻廣告。

And just the addition of Facebook Stories drove 26% more additions to their checkout cart.

僅添加 Facebook Stories 就使結賬購物車的添加量增加了 26%。

So I think we are seeing that including on Facebook, including in ads, even though it's earlier, the additional opportunity is big.

所以我認為我們正在看到，包括在 Facebook 上，包括在廣告中，即使它更早，額外的機會也很大。

So Mark, it's Dave.

馬克，是戴夫。

So in the impression growth, I sort of cited the drivers in order of impact, and I listed Instagram Stories first and then Instagram Feed.

所以在印象增長中，我按照影響的順序列舉了驅動因素，我首先列出了 Instagram 故事，然後是 Instagram Feed。

So Stories is the biggest individual driver of impression growth, and we talked about how that is coming through at lower prices.

所以故事是印象增長的最大個人驅動力，我們討論了它是如何以較低的價格實現的。

And there's some opportunity to increase.

並且有一些增加的機會。

We were seeing increased engagement in Stories, and there's some opportunity to increase load going forward.

我們看到故事的參與度有所提高，並且有機會增加未來的負載。

On Instagram Feed, which was the second factor, we have seen some increase in ad load on Instagram on a year-over-year basis, but we expect that there'll be much less significant growth opportunities going forward on Instagram Feed ad load.

在 Instagram Feed 上，這是第二個因素，我們看到 Instagram 上的廣告負載同比有所增加，但我們預計 Instagram Feed 廣告負載的增長機會將大大減少。

And then finally, you've got Facebook feed which we're still seeing impression growth, and that's coming around the globe.

最後，你有 Facebook 提要，我們仍然看到印像在增長，而且它正在全球範圍內傳播。

And we're tending to see growth in outside the U.S. and Canada.

我們傾向於看到美國和加拿大以外的增長。

So that gives you some color on the sort of the type of impression growth that we're seeing.

因此，這為您提供了我們所看到的印象增長類型的一些顏色。

Your next question comes from Ross Sandler from Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

Mark, so you mentioned Payments and Commerce a bunch of times in your March letter and also today.

馬克，所以你在 3 月份的信中和今天多次提到了支付和商務。

So I guess can you talk about how you see the strategy developing for Payments and Commerce on WhatsApp compared to maybe what you see broadly out there from other folks building these capabilities around messaging?

所以我想你能談談你如何看待 WhatsApp 上為支付和商務開發的戰略與你從其他人那裡廣泛看到的圍繞消息傳遞構建這些功能的情況相比嗎？

And then what time line should we expect to start to see some of this come out?

然後我們應該期望什麼時間線開始看到其中的一些出來？

And lastly, any insights on what the blockchain team at Facebook is working on and how does that potentially tie into the overall payment strategy?

最後，關於 Facebook 的區塊鏈團隊正在做什麼以及這如何與整體支付策略相關聯的任何見解？

Sure.

當然。

So across -- Commerce and Payments are an area that I'm quite focused on and optimistic about across all of our different services.

因此，在我們所有不同的服務中，商務和支付是我非常關注和樂觀的一個領域。

So in Instagram and Facebook, you have Shopping and you have Marketplace, and you have all the tens of millions of small businesses that use Pages and a lot that use Instagram for sharing their inventory and being able to help people discover it and pay.

因此，在 Instagram 和 Facebook 中，你有購物和市場，還有數千萬使用頁面的小企業和許多使用 Instagram 分享庫存並能夠幫助人們發現它和支付的小企業。

Through messaging specifically, I'm more optimistic because of the private nature of this space, right?

通過具體的消息傳遞，我更加樂觀，因為這個空間的私人性質，對吧？

It feels -- when you're using a messaging service, you know that everything there is very intimate and private.

感覺——當你使用消息服務時，你知道那裡的一切都是非常私密和私密的。

So it feels like a more natural space to be interacting with a business in a private way, for doing transactions.

因此，以私密的方式與企業互動以進行交易感覺更像是一個自然的空間。

So I think what we're going to end up seeing is building out Payments, which is going to end up being something that we do country-by-country.

所以我認為我們最終會看到的是建立支付，這最終將成為我們逐個國家做的事情。

We have a test that is running in India for WhatsApp now.

我們現在在印度針對 WhatsApp 進行了一項測試。

We're hoping to launch in several other countries at some point, but I don't want to put a time frame on that here.

我們希望在某個時候在其他幾個國家推出，但我不想在這裡設定時間框架。

But it's something that we're actively working on.

但這是我們正在積極努力的事情。

And the goal would be to have something where you can do discovery through the broader town square like platforms in Instagram and Facebook.

目標是讓您可以通過更廣泛的城鎮廣場（例如 Instagram 和 Facebook 中的平台）進行發現。

And then you can complete the transaction and follow up with businesses individually and have an ongoing relationship through Messenger and WhatsApp.

然後您可以完成交易並單獨跟進企業，並通過 Messenger 和 WhatsApp 保持持續的關係。

And it's -- this is one of the things I think will create a lot of value for people discovering and interacting with businesses.

這是——我認為這將為人們發現企業並與企業互動創造很多價值的事情之一。

I don't know many people who like calling businesses to deal with issues that they have.

我不知道有多少人喜歡打電話給企業來處理他們遇到的問題。

So I think being able to handle that through messaging is going to be a great experience.

所以我認為能夠通過消息傳遞來處理這個問題將是一種很棒的體驗。

For businesses, I think that this is going to help complete the loop and help them actually sell more things which ultimately is what they care about when they're using the platform.

對於企業而言，我認為這將有助於完成循環並幫助他們實際銷售更多的東西，這最終是他們在使用該平台時所關心的。

So this is just a big opportunity and one of the areas that I'm quite excited about.

所以這只是一個巨大的機會，也是我非常興奮的領域之一。

Your next question comes from Lloyd Walmsley from Deutsche Bank.

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

I had a couple related to the Commerce topic.

我有幾個與商業主題相關的問題。

I know it's early on Instagram, but in the blog post, you all alluded to opening up the platform more broadly.

我知道 Instagram 還處於早期階段，但在博文中，你們都提到要更廣泛地開放該平台。

So wondering kind of what the time line might be and how easy will it be for smaller businesses to integrate here.

所以想知道時間線可能是什麼，以及小型企業在這裡整合有多容易。

And then I guess second one related to that would be as you start to test this with checkout on Instagram, do you see any change from participating brands in their strategy around ad spend on the platform as part of those tests and kind of how that might evolve over time?

然後我想與此相關的第二個問題是當您開始在 Instagram 上使用結賬功能進行測試時，作為這些測試的一部分，您是否看到參與品牌在圍繞平台廣告支出的策略上有任何變化，以及這可能如何變化隨著時間的推移進化？

Yes.

是的。

And Sheryl can add some color here.

Sheryl 可以在這裡添加一些顏色。

But Lloyd, it's Dave.

但是勞埃德，是戴夫。

I just want to make sure -- I mean, we've got a very small closed beta with 23 brands.

我只是想確定——我的意思是，我們有一個非常小的封閉測試版，有 23 個品牌。

It's very early days, and it will take a while for this to have any impact.

現在還很早，要過一段時間才能產生影響。

So I think it's something that we're watching and nurturing, but it's going to take a while before Instagram Shopping has any meaningful impact on the business.

所以我認為這是我們正在觀察和培育的東西，但 Instagram 購物對業務產生任何有意義的影響還需要一段時間。

Yes.

是的。

And we haven't announced anything in terms of opening up the product more broadly so that people could sign up automatically which is where small businesses would come in.

我們還沒有宣布任何關於更廣泛地開放產品的消息，以便人們可以自動註冊，而這正是小企業的用武之地。

We're going to get feedback and expand in time.

我們將獲得反饋並及時擴展。

But with all of these things, we're doing them very slowly.

但是對於所有這些事情，我們做起來非常緩慢。

We have a lot of teams working on a lot of very important projects in ads, and this is one we're going to roll out very slowly and carefully.

我們有很多團隊在從事許多非常重要的廣告項目，而這是我們將非常緩慢而謹慎地推出的項目。

Your next question comes from Michael Nathanson from MoffettNathanson.

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

One for Mark and one for Dave.

一份給馬克，一份給戴夫。

Mark, I appreciate your call about regulating the Internet.

馬克，我感謝你關於監管互聯網的呼籲。

You've been outspoken on that.

你對此直言不諱。

I guess wondering if you have any views on the EU copyright directive which YouTube has been critical of or the Australian law about violent material.

我想知道您是否對 YouTube 一直批評的歐盟版權指令或澳大利亞關於暴力材料的法律有任何看法。

And if those laws become more global, do you think the company is prepared operationally to protect the platform from those types of challenges by regulators?

如果這些法律變得更加全球化，您認為公司是否準備好在運營上保護平台免受監管機構的此類挑戰？

So we're working with policymakers to ensure that people can share and express themselves while still protecting copyright.

因此，我們正在與政策制定者合作，以確保人們可以在保護版權的同時分享和表達自己的想法。

In terms of the experience in Europe, some of the provisions could impact the user experience in Europe, but we're going to continue to work with policymakers to try to get the balance right.

就歐洲的體驗而言，一些規定可能會影響歐洲的用戶體驗，但我們將繼續與政策制定者合作，努力取得平衡。

Your next question comes from Colin Sebastian from Baird.

您的下一個問題來自 Baird 的 Colin Sebastian。

Maybe a quick follow-up on the platform safety issue, maybe specifically with respect to broadcast.

也許是關於平台安全問題的快速跟進，也許特別是關於廣播。

I'm wondering how close you are in terms of the ability to prevent harmful posts or videos from reaching users on a real-time basis and how much of this can realistically be done today using AI versus more manual processes.

我想知道您在實時防止有害帖子或視頻到達用戶的能力方面有多接近，以及今天使用 AI 與更多手動流程可以實際完成多少。

And then secondly, Mark, just considering the fast adoption of voice interactions and interfaces online, how should we think about Facebook's strategy and competitive positioning as an opportunity to strengthen the connections that exists between the apps?

其次，馬克，考慮到在線語音交互和界面的快速採用，我們應該如何將 Facebook 的戰略和競爭定位視為加強應用程序之間存在的聯繫的機會？

Or would voice interaction be a distinct feature perhaps within the apps?

或者語音交互可能是應用程序中的一個獨特功能？

Sure.

當然。

So on safety, I think given the volume of content that people share, if you want to have any hope of doing it in real time, the only hope is building AI system that can either identify things and handle them proactively or at the very least, flag them for a lot of people who work for us, who can then look at them rather than waiting for people in our community to flag those after they've already seen them.

所以在安全方面，我認為考慮到人們分享的內容量，如果你想實時做到這一點，唯一的希望是建立人工智能係統，它可以識別事物並主動處理它們，或者至少，為很多為我們工作的人標記它們，然後他們可以查看它們，而不是等待我們社區中的人在他們已經看到它們之後標記它們。

I mean the reactive model of waiting for people in the community to flag them guarantees that by the time that we get to look at an issue, someone has already seen that content, which is not the state that we want to be in.

我的意思是等待社區中的人標記他們的反應模型保證在我們開始研究問題時，已經有人看到了該內容，這不是我們想要的狀態。

So the state that we're trying to get to and hold ourselves accountable to is where we have these transparency reports.

因此，我們試圖達到並讓自己負責的狀態就是我們擁有這些透明度報告的狀態。

Right now every 6 months, but we want to get to quarterly on those soon.

現在每 6 個月一次，但我們希望盡快每季度一次。

And in those transparency reports, we break down every category of harmful content, everything from terrorism, to hate speech, to bullying, to nudity, and each one, we talk about the prevalence of the content that people see, right, because we think what matters is the number of impressions or people who are seeing the content, not just -- not if a lot of people are sharing something but no one sees it, but what is actually getting seen.

在這些透明度報告中，我們細分了每一類有害內容，從恐怖主義到仇恨言論，從欺凌到裸體，每一個，我們都談論人們看到的內容的普遍性，對吧，因為我們認為重要的是印像數或看到內容的人數，而不僅僅是——不是很多人在分享一些東西但沒有人看到，而是實際看到了什麼。

So one piece of content that gets seen by a lot of people is a big deal.

因此，被很多人看到的一段內容是一件大事。

And then in these reports, we also talk about and show what percent of the content we handle proactively and identify proactively.

然後在這些報告中，我們還討論並展示了我們主動處理和主動識別的內容的百分比。

And our goal is to get that to be as high as possible.

我們的目標是讓它盡可能高。

So in areas like terrorism or Al Qaeda- and ISIS-related content, now 99% of the content that we take down in that category our systems flagged proactively before anyone sees it.

因此，在恐怖主義或與基地組織和 ISIS 相關的內容等領域，現在我們在該類別中刪除的內容中有 99% 在任何人看到之前我們的系統都會主動標記。

So that's what really good looks like.

這就是真正好看的樣子。

I don't know that in every category, we're going to be able to get to 99%.

我不知道在每個類別中，我們都能達到 99%。

Certainly not in the next 6 months or 1 year.

當然不會在接下來的 6 個月或 1 年內發生。

But my hope would be that we can get to 90-plus percent on most of these categories within the next couple of years.

但我希望在未來幾年內，我們可以在其中大部分類別中達到 90% 以上。

And that's, I think, the best hope for doing this.

我認為，這就是這樣做的最大希望。

That's going to be a big, continued investment and something that we really care about getting right.

這將是一項巨大的、持續的投資，也是我們真正關心的事情。

The other question was on voice.

另一個問題是語音。

Most of what we build -- one of the things that's different about Facebook and social products is more of it is about people interacting with each other than just people interacting with us, right?

我們構建的大部分內容——Facebook 和社交產品的不同之處之一是更多的是關於人們彼此互動，而不僅僅是人們與我們互動，對吧？

And so we're certainly very focused on things like video calling and voice calling and ways that people can communicate with voice.

因此，我們當然非常關注視頻通話和語音通話以及人們可以通過語音進行交流的方式。

We have worked on some voice products in Portal, that's an important way that people interact.

我們在 Portal 中開發了一些語音產品，這是人們互動的重要方式。

And having Portal out in the market has been very valuable in terms of seeing how people want to use that.

將 Portal 推向市場對於了解人們的使用方式非常有價值。

And so our teams have -- can have a real target to shoot at and iterate on and kind of continue improving week over week.

因此，我們的團隊有 - 可以有一個真正的目標來射擊和迭代，並且一周又一周地繼續改進。

That's been a meaningful improvement.

這是一個有意義的改進。

But in all of these different ways, voice and how people interact with each other and eventually building products that allow people to interface with our products through that, we're quite focused on.

但是在所有這些不同的方式中，聲音以及人們如何相互交流，並最終構建允許人們通過這些方式與我們的產品進行交互的產品，我們都非常關注。

Your next question comes from John Blackledge from Cowen.

你的下一個問題來自 Cowen 的 John Blackledge。

Could you provide some color on ad loads for Instagram Stories versus Instagram Feed at this point?

此時，您能否為 Instagram Stories 和 Instagram Feed 的廣告加載提供一些顏色？

And also any color on how conversion rates have trended on Stories ads in Instagram over the past year.

以及過去一年中 Instagram 快拍廣告的轉化率趨勢的任何顏色。

And then other question, just on CapEx, the guide was brought down slightly.

然後是另一個問題，就資本支出而言，該指南略有下降。

Just any call out there.

只是在那裡打個電話。

And then any view on kind of longer-term CapEx given the ramp the past couple of years.

然後考慮到過去幾年的增長，對長期資本支出的任何看法。

Sure.

當然。

I'll take that, John.

我會接受的，約翰。

So on the ad load for Instagram Stories versus Instagram Feed.

所以在 Instagram Stories 和 Instagram Feed 的廣告加載上。

I mean it's hard to compare Stories exactly to Feed because there's different characteristics of Stories versus Feed because you have effectively rolls of video when people are posting lots of Stories, and the interstitials are in between the rolls.

我的意思是很難將 Stories 與 Feed 進行精確比較，因為 Stories 與 Feed 具有不同的特徵，因為當人們發布大量 Stories 時，您可以有效地滾動視頻，而插頁式廣告位於視頻卷之間。

So it's a little bit different than Feed posts, so comparing apples and oranges a bit.

所以它與 Feed 帖子有點不同，所以有點比較蘋果和橘子。

But we do have opportunities, we think, to increase effective ad load on Stories where Instagram feed and Facebook feed are -- we think the opportunities are much more limited to increase ad load going forward.

但我們認為，我們確實有機會增加 Instagram 提要和 Facebook 提要所在的故事的有效廣告負載——我們認為未來增加廣告負載的機會要有限得多。

In terms of conversion rates, I'd probably just go back to the discussion that we had on pricing and the fact that we've got a lot of supply opportunity, and pricing is clearly lower on Stories than on feed.

在轉化率方面，我可能會回到我們對定價的討論，以及我們有很多供應機會這一事實，而且故事的定價明顯低於提要。

Part of that is due to the fact that we don't have as many direct response formats in Stories, so that reduces the opportunities for conversion opportunities on Stories.

部分原因是我們在故事中沒有那麼多的直接響應格式，因此減少了故事轉換機會的機會。

And as we are more effective at getting direct response in the Stories, that should improve, so some opportunity there.

隨著我們更有效地在故事中獲得直接回應，這應該會有所改善，所以那裡有一些機會。

On the CapEx guidance.

關於資本支出指南。

This is really just about better visibility on how spend will come through.

這實際上只是為了更好地了解支出將如何實現。

A big component of CapEx is data center builds.

資本支出的一個重要組成部分是數據中心建設。

Those are large complex projects.

這些都是大型複雜項目。

So the timing of that spend, we just get better visibility on as the year progresses but no real change in outlook.

因此，隨著時間的推移，我們對這筆支出的時間有了更好的了解，但前景並沒有真正的變化。

We're continuing to invest heavily in the business.

我們將繼續大力投資這項業務。

The capital intensity of the business over the last several years has come up, and part of what is driving that are real changes in the business as it relates to our opportunity to deploy capital against things like ads targeting as well as the fact that we've seen the user base growth shift to regions like Asia.

在過去幾年中，該業務的資本密集度已經上升，部分推動因素是業務的真正變化，因為這與我們針對廣告定位等問題部署資本的機會有關，而且我們我們已經看到用戶群增長轉移到亞洲等地區。

And we're now building our CapEx to what's effectively an Asian peak, and so that's a lower ARPU user base.

我們現在正在將我們的資本支出建設到有效的亞洲高峰，因此這是一個較低的 ARPU 用戶群。

So that does have some impact on capital intensity and part of the driver where we've seen real kind of capital intensity increase over the past several years.

因此，這確實對資本密集度和部分驅動因素產生了一些影響，我們在過去幾年中看到了真正的資本密集度增加。

The last question comes from Youssef Squali from SunTrust.

最後一個問題來自 SunTrust 的 Youssef Squali。

I actually just have one question around regulation.

我實際上只有一個關於監管的問題。

Mark, you've been obviously pushing for clear rules of the road for you and for the other companies to play by.

馬克，你顯然一直在推動為你和其他公司製定明確的道路規則。

What have been the feedback so far from regulators?

到目前為止，監管機構的反饋是什麼？

How long do you think it will take to come to some sort of resolution, especially considering that we're going into this 2-year election cycle?

您認為需要多長時間才能達成某種解決方案，特別是考慮到我們即將進入這個 2 年的選舉週期？

Well, one of the things that I've been focused on is trying to help develop global frameworks where possible, but the challenge of course with that is that except in a limited number of cases, regulation typically isn't global, it's national.

好吧，我一直關注的其中一件事是盡可能幫助開發全球框架，但挑戰當然是除了少數情況外，監管通常不是全球性的，而是全國性的。

So I would expect that we'll see different countries make progress on different time frames.

所以我希望我們會看到不同的國家在不同的時間框架內取得進展。

I had a recent trip where I was in Berlin and Dublin, talking to a bunch of folks who are policymakers or academics out there.

我最近去了柏林和都柏林，與一群政策制定者或學者交談。

And certainly, I think people are thinking about all of these issues.

當然，我認為人們正在考慮所有這些問題。

And certainly, Europe has led on areas like privacy regulation with GDPR and is probably further along in thinking about how to think through issues around content regulation and safety as well.

當然，歐洲在 GDPR 隱私監管等領域處於領先地位，並且可能會進一步思考如何思考有關內容監管和安全的問題。

So I think we'll see different paces of people doing things in different countries around the world, but a lot of what we hope that we can contribute to this discussion is as much as possible have shared frameworks for how the industry should operate around the world.

所以我認為我們會看到世界上不同國家的人們做事的速度不同，但我們希望我們能為這次討論做出的很多貢獻是盡可能多地為行業應該如何圍繞世界。

Great.

偉大的。

Thank you.

謝謝。

And 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。