Meta Platforms Inc (META) 2019 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我叫邁克，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Facebook Second Quarter 2019 Earnings Call.

在此，歡迎大家參加 Facebook 2019 年第二季度財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Thank you very much.

非常感謝。

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

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

Thank you.

謝謝。

Good afternoon, and welcome to Facebook's Second Quarter 2019 Earnings Conference Call.

下午好，歡迎來到 Facebook 2019 年第二季度收益電話會議。

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

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

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

在我們開始之前，我想藉此機會提醒您，我們今天的發言將包含前瞻性陳述。

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

實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。

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

今天的新聞稿和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出了可能導致這些結果出現重大差異的因素。

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

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

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

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。

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

今天的收益新聞稿中包含了 GAAP 與非 GAAP 措施的對賬。

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

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

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

現在我想把電話轉給馬克。

Thanks, Deborah, and thank you all for joining today.

謝謝黛博拉，感謝大家今天的加入。

This was an important quarter for us.

這對我們來說是一個重要的季度。

Our community and business continue to grow, and there are now more than 2.7 billion people using Facebook, Instagram, WhatsApp or Messenger each month and more than 2.1 billion people who use at least one of our services each day.

我們的社區和業務不斷發展，現在每月有超過 27 億人使用 Facebook、Instagram、WhatsApp 或 Messenger，每天有超過 21 億人至少使用我們的一項服務。

We continue to focus on our 4 priorities for the year: making progress on the major social issues, building qualitatively new experiences, building our business and communicating what we stand for more transparently.

我們將繼續關註今年的 4 個優先事項：在主要社會問題上取得進展、打造全新的體驗、打造我們的業務以及更透明地傳達我們的主張。

I'm going to focus on the first 2 priorities today, but at first, I want to talk about the recent news that we reached a settlement with the FTC over privacy concerns.

我今天將重點關注前 2 個優先事項，但首先，我想談談我們與 FTC 就隱私問題達成和解的最新消息。

As part of this, we've agreed to pay a $5 billion fine, but even more importantly, we're making some major changes to how we build our services and run this company.

作為其中的一部分，我們同意支付 50 億美元的罰款，但更重要的是，我們正在對我們構建服務和運營這家公司的方式做出一些重大改變。

This will require investing a significant amount of our engineering resources and building tools to review our products and the ways we use data.

這將需要我們投入大量的工程資源和構建工具來審查我們的產品和我們使用數據的方式。

It will also significantly increase our accountability by bringing the process for auditing our privacy controls more in line with how financial controls work at public companies with Sarbanes-Oxley.

它還將通過使審計我們的隱私控制的過程更符合薩班斯-奧克斯利法案在上市公司的財務控制方式來顯著提高我們的問責制。

We'll have to certify quarterly that we're meeting all our privacy commitments.

我們必須每季度證明我們履行了所有隱私承諾。

And just as we have an Audit Committee of our Board overseeing our financial controls, we will now also have a new Privacy Committee of our Board that will oversee our privacy program and work with an independent privacy auditor that will report to this new committee and to the FTC.

正如我們有一個董事會審計委員會來監督我們的財務控制一樣，我們現在也將有一個新的董事會隱私委員會來監督我們的隱私計劃，並與一位獨立的隱私審計員合作，該審計員將向這個新委員會報告並聯邦貿易委員會。

We're asking one of our most experienced leaders in product to take on the role of Chief Privacy Officer for product reporting to me and managing our privacy program.

我們要求我們最有經驗的產品領導者之一擔任首席隱私官，負責向我報告產品並管理我們的隱私計劃。

We'll also be more rigorous in monitoring developers who access data through our platform.

我們還將更加嚴格地監控通過我們的平台訪問數據的開發人員。

Together, we expect these changes will set a new standard for our industry.

我們希望這些變化能夠共同為我們的行業樹立新標準。

This is a major shift for us.

這對我們來說是一個重大轉變。

We build services that billions of people trust every day to communicate with the people they care about.

我們打造的服務每天都受到數十億人的信賴，可以與他們關心的人進行交流。

Privacy has always been important to the services we provide, and now it's even more central to our future vision for social networking.

隱私對我們提供的服務一直很重要，現在它對我們未來的社交網絡願景更加重要。

It's critical that we get this right, and we're going to build it into all of our systems.

我們把它做好是至關重要的，我們將把它構建到我們所有的系統中。

It's going to take time to do this properly, and I expect it will take us longer to ship new products especially while we're getting this up and running.

正確地做到這一點需要時間，我預計我們將需要更長的時間來發布新產品，尤其是在我們啟動並運行它的時候。

I also expect that just as with the work we've been doing on safety and integrity, we're going to continue to identify and fix issues as we develop our systems.

我還希望，就像我們在安全和完整性方面所做的工作一樣，我們將在開發系統時繼續識別和解決問題。

But our goal is to build privacy protections that are as strong as the best services we provide, and this settlement gives us clear requirements moving forward.

但我們的目標是建立與我們提供的最佳服務一樣強大的隱私保護，這一和解為我們提出了明確的前進要求。

Now turning to our company priorities.

現在轉向我們公司的優先事項。

Our top priority is making progress on the major social issues facing the Internet, including privacy and also elections, harmful content, data portability and more.

我們的首要任務是在互聯網面臨的主要社會問題上取得進展，包括隱私和選舉、有害內容、數據可移植性等。

In all these areas, I've advocated that I believe that the Internet would benefit from governments setting clear rules.

在所有這些領域，我都主張我相信互聯網會受益於政府制定明確的規則。

I don't believe it's sustainable for private companies to be making so many decisions on social issues without a robust democratic process.

我不認為私營公司在沒有健全的民主程序的情況下就社會問題做出如此多的決定是可持續的。

Either the right regulations will get put into place or we expect frustration with our industry will continue to grow.

要么制定正確的法規，要么我們預計對我們行業的挫敗感將繼續增長。

This quarter, I spent time in Europe talking with policymakers about how this could work.

本季度，我花時間在歐洲與政策制定者討論這將如何運作。

I met with President Macron to discuss the framework for harmful content.

我會見了馬克龍總統，討論了有害內容的框架。

This is an area where I believe there could be an effective public process led by democratically elected governments in Europe and perhaps in the U.S., a process for industry standards and self-regulation.

在這個領域，我相信可以有一個由歐洲民主選舉產生的政府領導的有效公共程序，也許在美國，一個行業標準和自我監管的程序。

But we're not waiting for regulation to increase independent oversight.

但我們不是在等待監管來增加獨立監督。

We just released our third transparency report, which shows the progress we're making on many categories of harmful content, including hate speech and graphic violence, but also the areas where we still need to do better, like bullying and harassment.

我們剛剛發布了第三份透明度報告，其中顯示了我們在許多類別的有害內容方面取得的進展，包括仇恨言論和血腥暴力，以及我們仍然需要做得更好的領域，例如欺凌和騷擾。

I believe more companies should release transparency reports that enumerate the prevalence of harmful content on their services.

我相信更多的公司應該發布透明度報告，列舉其服務中有害內容的普遍性。

This would help companies and governments to design better systems for dealing with it.

這將有助於公司和政府設計更好的系統來處理它。

And after next year, we're going to publish these reports quarterly, so people can hold us accountable at the same cadence as these earnings calls.

明年之後，我們將每季度發布這些報告，這樣人們就可以按照與這些財報電話會議相同的節奏來追究我們的責任。

We're also moving forward with our plans for an independent oversight board for decisions on content.

我們還在推進我們的計劃，即建立一個獨立的監督委員會來決定內容。

I believe it's important that people can appeal the decisions and that we're creating systems that are transparent and that people can trust.

我認為重要的是人們可以對決定提出上訴，並且我們正在創建透明且人們可以信任的系統。

We've been working with experts on freedom of expression around the world, and we've gotten a lot of public input on how this could work, which we published in a report last month.

我們一直在與世界各地的言論自由專家合作，我們已經收到了很多關於如何運作的公眾意見，我們在上個月的一份報告中發表了這些意見。

We expect to form this oversight board by the end of this year.

我們希望在今年年底前組建這個監督委員會。

We also continue to invest heavily in protecting elections, including more advanced efforts to stop coordinated and inauthentic behavior, new ads transparency tools and more fact-checking partnerships.

我們還繼續大力投資保護選舉，包括採取更先進的措施來阻止協調和不真實的行為、新的廣告透明度工具和更多的事實核查合作夥伴關係。

Our adversaries are continually getting more sophisticated, but recent elections in the EU and India show that our efforts are working.

我們的對手越來越狡猾，但歐盟和印度最近的選舉表明我們的努力正在奏效。

After the recent EU elections, the former President of the EU Parliament said that we met the commitments to fight election interference that I made in my testimony to the EU Parliament, and thanks to our efforts, the elections were much cleaner online.

在最近的歐盟選舉之後，歐盟議會前主席表示，我們履行了我在向歐盟議會作證時做出的打擊選舉干預的承諾，並且由於我們的努力，選舉在網上變得更加干淨。

We'll continue building on these efforts as we approach the 2020 U.S. elections to make sure that we stay ahead.

隨著 2020 年美國大選的臨近，我們將繼續在這些努力的基礎上繼續努力，以確保我們保持領先。

Next, I know there's a lot to discuss in terms of policy, but I also want to discuss our second priority: delivering qualitatively new experiences for our community.

接下來，我知道在政策方面有很多要討論的，但我還想討論我們的第二個優先事項：為我們的社區提供高質量的新體驗。

And there are a few efforts here that I'm particularly excited about.

這裡有一些我特別興奮的努力。

The first is our privacy-focused division for the future of social networking, starting with secure, private and interoperable messaging.

第一個是我們面向未來社交網絡的隱私部門，從安全、私密和可互操作的消息傳遞開始。

We're very focused on delivering this over the next 5 years, building on the foundation that we have with Messenger and WhatsApp.

我們非常專注於在未來 5 年內實現這一目標，建立在我們與 Messenger 和 WhatsApp 的基礎之上。

With Messenger, we're rewriting the app from scratch to make it the fastest and most secure major messaging platform in the world, and we're working towards making end-to-end encryption and reduced permanence the default for all conversations.

對於 Messenger，我們從頭開始重寫應用程序，使其成為世界上最快、最安全的主要消息傳遞平台，並且我們正在努力使端到端加密和減少永久性成為所有對話的默認設置。

With that foundation, we're starting to explore how our private social platform could become the center of your social experience, for example, by bringing together all of your ephemeral stories from your different apps into one place.

有了這個基礎，我們開始探索我們的私人社交平台如何成為您社交體驗的中心，例如，通過將您來自不同應用程序的所有短暫故事匯集到一個地方。

We're also building things like the ability to co-watch videos together.

我們還在構建諸如共同觀看視頻的能力之類的東西。

This shows how something like video chat, which is growing quickly as a basic way that we all communicate, can become more of a platform for more ways we'd want to interact privately in the future.

這表明像視頻聊天這樣的東西作為我們所有人交流的一種基本方式正在迅速發展，它可以成為一個平台，讓我們在未來可以通過更多方式進行私密互動。

With WhatsApp, which already has incredibly strong privacy and performance, we're more focused on building out all the ways you'd want to interact in this digital living room.

WhatsApp 已經擁有非常強大的隱私和性能，我們更專注於構建您希望在這個數字客廳中進行交互的所有方式。

WhatsApp Status is already the most popular ephemeral stories product in the world, and we continue to see good momentum there.

WhatsApp Status 已經是世界上最受歡迎的短消息產品，我們繼續看到良好的發展勢頭。

With millions of small businesses using WhatsApp Business, we're also building new tools like product catalogs that entrepreneurs around the world can use for free.

隨著數以百萬計的小企業使用 WhatsApp Business，我們還在構建新的工具，如產品目錄，世界各地的企業家都可以免費使用。

This matters especially for the growing number of small businesses that don't have a web presence or that use private messaging platforms like WhatsApp as their main way of interacting with customers.

這對於越來越多沒有網絡或使用 WhatsApp 等私人消息平台作為與客戶互動的主要方式的小型企業來說尤其重要。

This connects to the next product area I'm very excited about, which is Commerce and Payments.

這連接到我非常興奮的下一個產品領域，即商務和支付。

These are huge and important spaces, and we have efforts in several major areas to deliver qualitatively better experiences than what exists today from Instagram Shopping to Facebook Marketplace to Payments across our apps to the new Libra project that we announced to 27 other companies recently.

這些都是巨大而重要的空間，我們在幾個主要領域努力提供比今天更好的體驗，從 Instagram 購物到 Facebook Marketplace，再到我們應用程序的支付，再到我們最近向其他 27 家公司宣布的新 Libra 項目。

These efforts are important both for our product experience and for our business.

這些努力對我們的產品體驗和我們的業務都很重要。

Once people have connected to their networks on social platforms, one of the biggest questions is how can we help them use those networks that they've created to create opportunity, and one of the best ways that we can do that is through Commerce.

一旦人們在社交平台上連接到他們的網絡，最大的問題之一就是我們如何幫助他們使用他們創建的網絡來創造機會，而我們可以做到這一點的最佳方式之一就是通過商業。

Instagram Shopping will improve the experience of browsing and shopping from your favorite brands and creators while also giving emerging creators a powerful new way to build a business and sustain their community.

Instagram 購物將改善瀏覽和購買您喜愛的品牌和創作者的體驗，同時也為新興創作者提供一種強大的新方式來建立業務和維持他們的社區。

Facebook Marketplace gives people a way to buy and sell goods in a trusted network with real identities.

Facebook Marketplace 為人們提供了一種在可信網絡中以真實身份買賣商品的方式。

Hundreds of millions of people are already using Marketplace monthly.

每月已有數億人使用 Marketplace。

We're also building ways for people to interact with businesses through messaging like WhatsApp Business.

我們還在構建人們通過 WhatsApp Business 等消息與企業互動的方式。

These people don't like having to call businesses and would rather engage asynchronously over messaging if possible.

這些人不喜歡必須打電話給企業，如果可能的話，他們寧願通過消息傳遞異步參與。

Payments is a part of this that I'm particularly excited about.

付款是其中讓我特別興奮的一部分。

When I look at the kinds of private interactions that we can make easier, Payments may be the most important for the long term.

當我審視我們可以簡化的私人互動類型時，從長遠來看，支付可能是最重要的。

We're continuing to test Payments on WhatsApp in India and are close to launching in other countries as well.

我們將繼續在印度測試 WhatsApp 上的支付功能，並且即將在其他國家推出。

In the future, we'll enable people to use same Payments account to send money to friends and businesses on WhatsApp, shop on Instagram or make transactions on Facebook.

未來，我們將使人們能夠使用同一個支付賬戶向 WhatsApp 上的朋友和企業匯款、在 Instagram 上購物或在 Facebook 上進行交易。

Being able to send money as easily as you can send a photo will open up new opportunities for businesses.

能夠像發送照片一樣輕鬆地匯款將為企業開闢新的機會。

More broadly, I believe that there's an opportunity to help a lot more businesses access financial tools.

更廣泛地說，我相信有機會幫助更多的企業獲得金融工具。

Last month, we announced that we were working with 27 other organizations to form the Libra Association.

上個月，我們宣布我們正在與其他 27 個組織合作組建 Libra 協會。

The association will create a new currency called Libra, which will be powered by blockchain technology.

該協會將創建一種名為 Libra 的新貨幣，該貨幣將由區塊鏈技術提供支持。

The Libra Association will be independent of Facebook or any other member, but we plan to support this currency across our services.

Libra 協會將獨立於 Facebook 或任何其他成員，但我們計劃在我們的服務中支持這種貨幣。

The goal is to empower billions of people around the world who use services like WhatsApp but might be excluded from banking services with access to a safe, stable and well-regulated cryptocurrency.

目標是讓全球數十億使用 WhatsApp 等服務但可能被排除在銀行服務之外的人能夠獲得安全、穩定和監管良好的加密貨幣。

There are a lot of possibilities here, and both Facebook and the association plan to work with regulators to help address all of their concerns before Libra will be ready to launch.

這裡有很多可能性，Facebook 和協會都計劃與監管機構合作，在 Libra 準備好推出之前幫助解決他們所有的擔憂。

We worked with other prospective members of the association to release a white paper outlining the Libra concept in advance, specifically so that we could address these important questions out in the open.

我們與該協會的其他潛在成員合作，提前發布了一份概述 Libra 概念的白皮書，以便我們能夠公開解決這些重要問題。

And we're committed to working with policymakers to get this right.

我們致力於與政策制定者合作，以實現這一目標。

The third product area I want to highlight, where we're focused on delivering a qualitatively better experience than what exists today, is in the future of computing platforms of augmented and virtual reality.

我要強調的第三個產品領域，即我們專注於提供比現有產品質量更好的體驗，是未來的增強現實和虛擬現實計算平台。

This quarter, we shipped Oculus Quest, our first all-in-one headset with no wires and full freedom of movement.

本季度，我們推出了 Oculus Quest，這是我們的第一款無線一體式耳機，可完全自由移動。

It has gotten great reviews, and we're selling them as fast as we can make them.

它獲得了很好的評價，我們正在盡可能快地銷售它們。

More importantly, we've delivered an experience that people keep using week after week and buying more content.

更重要的是，我們提供了一種人們每週都在使用併購買更多內容的體驗。

There's still a lot more work ahead to develop this ecosystem and deliver the future of VR and AR products that we dream of, but this is an important milestone.

要開發這個生態系統並實現我們夢想的 VR 和 AR 產品的未來，還有很多工作要做，但這是一個重要的里程碑。

In a few years, we've improved the state of the art from the original Rift, which costs $600 and required to be tethered to a $1,000 PC to now Quest, which costs $400 all in and is a superior experience in many ways.

幾年來，我們改進了最先進的技術，從最初的 Rift 售價 600 美元，需要連接到一台價值 1,000 美元的 PC 到現在的 Quest，後者的總售價為 400 美元，在許多方面都是卓越的體驗。

There's going to be even more innovation over the next few years, and we now have the platform that we're going to build on going forward.

未來幾年將會有更多的創新，我們現在擁有了我們將在未來構建的平台。

The reason augmented and virtual reality will deliver a qualitatively better experience than traditional computing platforms is that they deliver the feeling of presence.

增強現實和虛擬現實將提供比傳統計算平台質量更好的體驗的原因是它們提供了存在感。

They are actually there with another person or in another place.

他們實際上和另一個人在一起或在另一個地方。

The feeling of presence is so important to social interaction and how we're wired to interact as people.

存在感對於社交互動以及我們如何與人互動非常重要。

So even if it has taken longer than we expected to deliver this at scale, I continue to believe that this will be one of the most important contributions we make to the way we all use technology over the long term.

因此，即使大規模交付所需的時間比我們預期的要長，但我仍然相信，從長遠來看，這將是我們為所有人使用技術的方式做出的最重要貢獻之一。

So that's my update on our work on the major social issues we face and building new product experiences.

這就是我對我們在面臨的主要社會問題和構建新產品體驗方面所做工作的最新進展。

We've made a lot of progress this quarter and have a lot more ahead.

本季度我們取得了很多進展，並且還有更多的進步。

Our business continues to perform well, and Sheryl is going to talk about that more in a minute.

我們的業務繼續表現良好，Sheryl 稍後將詳細討論這一點。

But this was also an important quarter because now we have a clear path forward, not just in terms of product and business, but in terms of guidance from regulators, which sets clear expectations and gives us a foundation to build on.

但這也是一個重要的季度，因為現在我們有了明確的前進道路，不僅在產品和業務方面，而且在監管機構的指導方面，它設定了明確的期望並為我們提供了發展的基礎。

As always, thanks 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.

現在雪莉爾來了。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

It was a strong quarter for our business.

對於我們的業務來說，這是一個強勁的季度。

Ad revenue grew 28% year-over-year, and we saw strong growth across all regions and on both Facebook and Instagram.

廣告收入同比增長 28%，我們在所有地區以及 Facebook 和 Instagram 上都看到了強勁增長。

Mobile ad revenue was $15.6 billion, contributing approximately 94% of total ad revenue.

移動廣告收入為 156 億美元，約佔廣告總收入的 94%。

As we've been discussing, we're making significant investments in safety, security and privacy while continuing to grow our community and our business.

正如我們一直在討論的那樣，我們正在對安全、保障和隱私進行大量投資，同時繼續發展我們的社區和業務。

We know we still have a lot of hard work ahead of us, but this quarter once again shows that we can do both.

我們知道我們還有很多艱苦的工作要做，但本季度再次表明我們可以做到這兩點。

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。

In the lead up to elections around the world, we're doing all we can to get ahead of threats and develop smarter technology.

在世界各地的選舉前夕，我們正在竭盡全力應對威脅並開發更智能的技術。

The European Parliament elections in May were an important test for us.

5月份的歐洲議會選舉對我們來說是一次重要的考驗。

We created an operations center in Dublin to bring our experts together and make decisions quickly.

我們在都柏林創建了一個運營中心，將我們的專家聚集在一起并快速做出決策。

We also worked closely with third parties across the EU, including 21 fact-checking organizations.

我們還與整個歐盟的第三方密切合作，包括 21 個事實核查組織。

As Mark shared, these investments are starting to pay off, and we remain committed to doing everything we can to stop bad actors.

正如 Mark 分享的那樣，這些投資開始產生回報，我們將繼續致力於盡一切努力阻止不良行為者。

We are also focused on increasing transparency.

我們還專注於提高透明度。

At the end of June, we made our transparency tools available globally for ads about social issues, elections or politics.

6 月底，我們在全球範圍內提供了透明度工具，用於投放有關社會問題、選舉或政治的廣告。

These tools show who paid for an ad, how much they spent and who saw the ad.

這些工具顯示誰為廣告付費、他們花了多少錢以及誰看到了廣告。

Helping people understand who's trying to influence their vote will help us better defend against foreign interference and other abuse.

幫助人們了解誰在試圖影響他們的投票將有助於我們更好地抵禦外國干涉和其他濫用行為。

We're going to continue to make investments to protect our platform because it's the right thing to do, and it's good for our business over the long term.

我們將繼續投資以保護我們的平台，因為這是正確的做法，從長遠來看對我們的業務有利。

At the same time, we are focused on growing 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發展我們的業務。

Consumers often adopt new technologies first, and our competitive advantage is helping advertisers reach people where they are.

消費者通常首先採用新技術，而我們的競爭優勢是幫助廣告商接觸到他們所在的人群。

We help businesses make the shift to mobile, and now we're helping them shift to stories, video and, eventually, messaging.

我們幫助企業轉向移動，現在我們正在幫助他們轉向故事、視頻，並最終轉向消息傳遞。

We know that it's not enough to make these new formats available.

我們知道僅僅提供這些新格式是不夠的。

We also need to make it easy for advertisers to create effective ads.

我們還需要讓廣告商能夠輕鬆製作有效的廣告。

We do this by launching new ad products and by improving our existing ones to deliver more value for people and advertisers.

為此，我們推出新的廣告產品並改進現有產品，為人們和廣告商創造更多價值。

One of our goals is to level the playing field for businesses of all sizes.

我們的目標之一是為各種規模的企業提供公平的競爭環境。

We give small businesses free tools that previously only the largest companies could access.

我們為小企業提供以前只有大公司才能使用的免費工具。

During National Small Business Week in May, we introduced automated ads to take the guesswork out of creating effective ads.

在 5 月的全國小企業周期間，我們推出了自動廣告，以消除製作有效廣告的猜測。

Advertisers answer a few questions and get a customized marketing plan with up to 6 creative options targeting suggestions on a recommended budget.

廣告商回答幾個問題並獲得定制的營銷計劃，其中包含針對建議預算的最多 6 個創意選項。

We also launched new video editing tools to help SMBs quickly create eye-catching video with images they already have.

我們還推出了新的視頻編輯工具，以幫助中小型企業使用已有的圖像快速創建引人注目的視頻。

Fernwood Fitness, a chain of women's health clubs in Australia, used these tools to build a mobile-first campaign.

Fernwood Fitness 是澳大利亞的一家連鎖女性健康俱樂部，它使用這些工具開展了移動設備優先的活動。

They targeted women interested in fitness and, as a result, nearly doubled their conversions to new memberships.

他們以對健身感興趣的女性為目標，因此，她們的新會員轉化率幾乎翻了一番。

We're also focused on improving our existing ad products.

我們還專注於改進現有的廣告產品。

We often get feedback from advertisers about how we can make small adjustments to our tools to better serve them.

我們經常從廣告商那裡得到反饋，告訴我們如何對我們的工具進行小幅調整以更好地為他們服務。

These basis point improvements allow us to create more value for businesses over time.

隨著時間的推移，這些基點改進使我們能夠為企業創造更多價值。

For example, we first rolled out our Dynamic Ads format 4 years ago, and since then, we have adapted the format to the needs of different verticals and services.

例如，我們在 4 年前首次推出動態廣告格式，從那時起，我們就根據不同垂直行業和服務的需求調整格式。

Frontier Airlines use Dynamic Ads to connect with travelers who recently looked at flights online but didn't book.

Frontier Airlines 使用動態廣告與最近在線查看航班但未預訂的旅客建立聯繫。

This contributed to a nearly 3.5% increase in ad-related bookings and a 2.5x increase in ad-related revenue.

這使得與廣告相關的預訂量增加了近 3.5%，與廣告相關的收入增加了 2.5 倍。

This quarter, we launched our latest variation, Dynamic Ads in Instagram Stories, which show people ads for products they've already browsed on a retailer's website or app.

本季度，我們推出了最新版本，即 Instagram 快拍中的動態廣告，向人們展示他們已經在零售商網站或應用程序上瀏覽過的產品的廣告。

We're constantly making incremental improvements to Facebook feed ads.

我們不斷地對 Facebook 信息流廣告進行漸進式改進。

This quarter, we improved how quickly we refreshed the ads people see.

本季度，我們改進了刷新人們看到的廣告的速度。

In the past, these ads were preselected at the beginning of a feed section -- feed session.

過去，這些廣告是在提要部分（提要會話）開始時預先選擇的。

Now the ads are refreshed while people are scrolling through their feed.

現在，當人們滾動瀏覽他們的提要時，廣告會刷新。

This means people get more relevant ads, which improves engagement and delivers a better return on investment for advertisers.

這意味著人們可以獲得更相關的廣告，從而提高參與度並為廣告商帶來更好的投資回報。

In addition to improving our ad tools, we're investing in new ways for people to discover products, engage with brands and shop on our platforms.

除了改進我們的廣告工具外，我們還在投資新的方式，讓人們在我們的平台上發現產品、與品牌互動和購物。

On discovery, more than 50% of accounts on Instagram use Explore every month to discover photos and videos related to their interests.

在發現時，超過 50% 的 Instagram 帳戶每個月都會使用 Explore 來發現與其興趣相關的照片和視頻。

This quarter, we started rolling out ads in Explore on Instagram.

本季度，我們開始在 Instagram 探索中推出廣告。

This will give businesses a chance to reach new audiences in a place where they are already spending their time and learning about new products.

這將使企業有機會在他們已經花時間學習新產品的地方接觸新的受眾。

On engagement, we're making it easier for people to connect with the brands and influencers they love.

在參與度方面，我們讓人們更容易與他們喜愛的品牌和有影響力的人建立聯繫。

Last month, we launched branded content ads in Instagram, which allowed businesses to promote creators' posts with feed ads.

上個月，我們在 Instagram 推出了品牌內容廣告，允許企業使用動態廣告宣傳創作者的帖子。

Brands like Old Navy, Sephora and Jack in the Box are reaching new audiences with these ads.

Old Navy、Sephora 和 Jack in the Box 等品牌通過這些廣告吸引了新的受眾。

Soon, we'll expand this option so that advertisers can do the same in Stories.

很快，我們將擴展此選項，以便廣告商可以在故事中做同樣的事情。

On shopping, we're building new ways for people to shop directly on our apps.

在購物方面，我們正在為人們建立直接在我們的應用程序上購物的新方式。

We're continuing our closed beta of checkout on Instagram, and we launched a new feature this quarter that enables creators to tag products in their posts.

我們將繼續在 Instagram 上進行結賬的封閉測試，並且我們在本季度推出了一項新功能，使創作者能夠在他們的帖子中標記產品。

This gives people an easy way to shop from their favorite creators without leaving the app.

這讓人們可以輕鬆地從他們最喜歡的創作者那裡購買，而無需離開應用程序。

It's early days for shopping on Instagram, but we're excited about this over the long run.

在 Instagram 上購物還處於早期階段，但從長遠來看，我們對此感到興奮。

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 businesses.

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 team to drive that growth and are making progress on the major social issues facing the Internet and our company.

我還要感謝 Facebook 團隊推動了這一增長，並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'm grateful for our team's tireless work and deep commitment.

我感謝我們團隊的不懈努力和堅定承諾。

Thanks, everyone, and here's Dave.

謝謝大家，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 1.59 billion.

Facebook 日活躍用戶達到 15.9 億。

That's up 8% compared to last year led by growth in India, Indonesia and the Philippines.

在印度、印度尼西亞和菲律賓的增長帶動下，與去年相比增長了 8%。

This represents approximately 66% of the 2.41 billion monthly active users in June.

這約佔 6 月份 24.1 億月活躍用戶的 66%。

MAUs grew 180 million or 8% compared to last year.

與去年相比，MAU 增長了 1.8 億或 8%。

In terms of our family metrics, we continue to grow and estimate that on average more than 2.1 billion people used at least one of our apps on a daily basis in June and more than 2.7 billion people were active on a monthly basis.

就我們的家庭指標而言，我們繼續增長並估計 6 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，每月有超過 27 億人活躍。

Turning now to the financials.

現在轉向財務。

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

除非另有說明，否則所有比較均基於同比。

Q2 total revenue was $16.9 billion, up 28% or 32% on a constant currency basis.

第二季度總收入為 169 億美元，按固定匯率計算增長 28% 或 32%。

Had foreign exchange rates remained constant with the second quarter of 2018, total revenue would have been approximately $574 million higher.

如果 2018 年第二季度的匯率保持不變，總收入將增加約 5.74 億美元。

Q2 total ad revenue was $16.6 billion, up 28% or 32% on a constant currency basis.

第二季度廣告總收入為 166 億美元，按固定匯率計算增長 28% 或 32%。

In terms of regional ad revenue growth, North America and Asia Pacific were strongest and both grew 30%, followed by Europe at 25%.

就區域廣告收入增長而言，北美和亞太地區最為強勁，均增長 30%，其次是歐洲，增長 25%。

Rest of the world grew more slowly at 21% and was impacted by currency headwinds.

世界其他地區增長較慢，為 21%，並受到貨幣逆風的影響。

In Q2, the average price per ad decreased 4%, and the number of ad impressions served across our services increased 33%.

在第二季度，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 33%。

Similar to last quarter, impression growth was primarily driven by ads on Instagram Stories, Instagram Feed and Facebook News Feed.

與上一季度類似，印象增長主要由 Instagram 快拍、Instagram Feed 和 Facebook News Feed 上的廣告推動。

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 $262 million, up 36%.

付款和其他費用收入為 2.62 億美元，增長 36%。

This year-over-year growth was primarily driven by sales of new products, notably Oculus Quest and the Rift apps.

這一同比增長主要是由新產品的銷售推動的，特別是 Oculus Quest 和 Rift 應用程序。

Turning now to expenses.

現在轉向費用。

Total expenses were $12.3 billion, up 66%.

總支出為 123 億美元，增長 66%。

This includes an additional $2 billion expense accrued in connection with our $5 billion settlement with the Federal Trade Commission.

這包括與我們與聯邦貿易委員會達成的 50 億美元和解協議相關的額外 20 億美元費用。

Absent this charge, our total expense growth rate would have been 27 percentage points lower.

如果沒有這項費用，我們的總費用增長率將降低 27 個百分點。

We ended Q2 with approximately 39,700 in full-time employees, up 31%.

我們在第二季度結束時擁有約 39,700 名全職員工，增長了 31%。

Operating income was $4.6 billion, representing a 27% operating margin.

營業收入為 46 億美元，營業利潤率為 27%。

Absent the FTC accrual, operating margin would have been approximately 12 percentage points higher.

如果沒有 FTC 的應計利潤，營業利潤率將高出約 12 個百分點。

Our Q2 tax rate was 46% and was higher than expected due to the tax treatment of the FTC accrual and a court ruling in the IRS versus Altera case.

我們的第二季度稅率為 46%，高於預期，這是由於 FTC 應計利潤的稅收處理以及 IRS 與 Altera 案中的法院裁決。

In that case, the Ninth Circuit reversed a prior tax court decision addressing the tax treatment of certain share-based compensation expenses.

在這種情況下，第九巡迴法院推翻了先前稅務法院關於某些基於股份的補償費用的稅收處理的裁決。

We changed our treatment this quarter to reflect the Ninth Circuit opinion, which resulted in a onetime income tax charge of $1.1 billion.

本季度我們改變了我們的處理方式以反映第九巡迴法院的意見，這導致了 11 億美元的一次性所得稅費用。

Net income was $2.6 billion or $0.91 per share.

淨收入為 26 億美元或每股 0.91 美元。

Absent the impact of the FTC accrual and the Altera ruling, our EPS would have been approximately $1.08 higher.

如果沒有 FTC 應計利潤和 Altera 裁決的影響，我們的 EPS 將高出約 1.08 美元。

Capital expenditures were $3.8 billion, driven by investments in data centers, servers, office facilities and network infrastructure.

受數據中心、服務器、辦公設施和網絡基礎設施投資的推動，資本支出為 38 億美元。

We generated $4.8 billion in free cash flow and ended the quarter with approximately $48.6 billion in cash and investments.

我們產生了 48 億美元的自由現金流，本季度末現金和投資約為 486 億美元。

In Q2, we bought back approximately $1.1 billion of our Class A common stock.

在第二季度，我們回購了大約 11 億美元的 A 類普通股。

Turning now to the revenue outlook.

現在轉向收入前景。

We executed well in Q2 with a number of optimizations and product wins, particularly with the Facebook app that fell in our favor and helped combat the overall trend of deceleration.

我們在第二季度表現良好，進行了多項優化並贏得了產品，尤其是 Facebook 應用程序受到我們的青睞並幫助對抗了整體減速趨勢。

However, we continue to expect that our constant currency revenue growth rates will decelerate sequentially going forward.

然而，我們繼續預計我們的固定貨幣收入增長率將連續減速。

We also expect more pronounced deceleration in the fourth quarter and into 2020, partially driven by ad targeting related headwinds and uncertainties.

我們還預計第四季度和 2020 年將出現更明顯的減速，部分原因是廣告定位相關的不利因素和不確定性。

Turning now to the expense outlook.

現在轉向費用前景。

We anticipate full year 2019 expenses to grow 53% to 61% compared to 2018.

與 2018 年相比，我們預計 2019 年全年支出將增長 53% 至 61%。

The $5 billion in accruals we recorded in the first half of 2019 related to the FTC settlement represents approximately 16 percentage points of this anticipated expense growth.

我們在 2019 年上半年記錄的與 FTC 和解相關的 50 億美元應計費用佔這一預期費用增長的大約 16 個百分點。

Absent the $2 billion accrual we recorded in Q2, our 2019 expense outlook is essentially unchanged from last quarter.

除去我們在第二季度記錄的 20 億美元應計費用，我們 2019 年的支出前景與上一季度基本持平。

I want to reiterate that our agreement with the FTC involves implementing a comprehensive expansion of our privacy program, including substantial management and Board of Directors oversight, stringent operational requirements and reporting obligations, and a process to regularly certify our compliance with the privacy program.

我想重申，我們與 FTC 的協議涉及全面擴展我們的隱私計劃，包括實質性的管理和董事會監督、嚴格的運營要求和報告義務，以及定期證明我們遵守隱私計劃的流程。

These efforts will require significant investments in compliance processes, personnel and technical infrastructure.

這些努力將需要對合規流程、人員和技術基礎設施進行大量投資。

In addition, these efforts will make some of our existing product development processes more difficult, time-consuming and costly.

此外，這些努力將使我們現有的一些產品開發流程變得更加困難、耗時且成本高昂。

We are lowering our 2019 capital expenditures outlook to $16 billion to $18 billion, down from our prior estimate of $17 billion to $19 billion.

我們將 2019 年的資本支出前景下調至 160 億美元至 180 億美元，低於我們之前估計的 170 億美元至 190 億美元。

Our capital expenditures are primarily driven 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推動的。

We expect our tax rate for the remaining quarters of 2019 to be approximately 16%.

我們預計 2019 年剩餘季度的稅率約為 16%。

In summary, Q2 was another good quarter for Facebook.

總之，第二季度是 Facebook 的又一個好季度。

We're pleased with the further growth of our community and business, while we continue to make significant investments in privacy, safety and security.

我們對社區和業務的進一步發展感到高興，同時我們繼續在隱私、安全和保障方面進行大量投資。

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 on the core Facebook app.

我有 2 個。第一個在核心 Facebook 應用程序上。

Just wondering, could you talk to us a little bit more about the impact on engagement as well as monetization from the redesign?

只是想知道，你能和我們多談談重新設計對參與度和貨幣化的影響嗎？

Dave, I think you mentioned some optimization and product wins.

戴夫，我想你提到了一些優化和產品勝利。

So what are you seeing on the core app because now a big weight on engagement and monetization?

那麼你在核心應用程序上看到了什麼，因為現在對參與和貨幣化有很大的影響？

And then can you talk to us a little bit more about some of the ad targeting headwinds that you foresee in 4Q and in 2020?

然後你能和我們多談談你在第四季度和 2020 年預見的一些廣告定位逆風嗎？

Sure, Brian.

當然，布賴恩。

It's Dave.

是戴夫。

I think on the Facebook app, I'll just say the DAU trend paints the picture broadly for Facebook.

我認為在 Facebook 應用程序上，我只想說 DAU 趨勢為 Facebook 描繪了廣泛的圖景。

We're seeing stability in the developed markets and growth in the developing markets.

我們看到發達市場的穩定和發展中市場的增長。

And so we're continuing to see solid performance on Facebook.

因此，我們繼續在 Facebook 上看到穩健的表現。

And we're pleased with the engagement levels that we're seeing overall on the Facebook app, so I think the first half's been solid from that perspective.

我們對我們在 Facebook 應用程序上看到的整體參與度感到滿意，所以我認為從這個角度來看，上半年是穩固的。

And then the second question was on the ad targeting related headwinds.

然後第二個問題是關於廣告定位相關的不利因素。

So we think of those in really 3 components.

因此，我們將這些考慮為真正的 3 個組成部分。

The first is regulatory as you think about things like GDPR and other impacts and how those will be rolling out globally.

當您考慮 GDPR 和其他影響以及這些影響將如何在全球範圍內推廣時，首先是監管。

The second is platform changes as it relates to operating systems and more of a focus on privacy from the operating systems and the impact that, that can have on measurement and also on targeting.

第二個是平台變化，因為它與操作系統有關，並且更多地關注操作系統的隱私以及可能對測量和目標定位產生的影響。

And then the third is our own product changes as we put privacy more front and center.

第三個是我們自己的產品變化，因為我們將隱私放在首位和中心位置。

So really it's the compounding of those 3 issues that are creating headwinds that we think are going to impact us as we get later in the year and into 2020.

因此，實際上是這 3 個問題的複合造成了我們認為會在今年晚些時候和進入 2020 年時影響我們的逆風。

Your next question comes from Eric Sheridan from UBS.

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe on a bigger, broader topic for everyone on video.

也許是針對視頻中的每個人的更大、更廣泛的主題。

How do you see video evolving as a consumption mechanism on all of your platforms and in terms of how users consume video, what they're attracted by?

您如何看待視頻在您所有平台上作為一種消費機制的演變，以及用戶如何消費視頻，他們被什麼所吸引？

Second would be how that's informing you investing in video content.

其次是這如何告知您投資視頻內容。

How should we think about the investments going forward and how that might impact growth versus margins?

我們應該如何考慮未來的投資以及這可能如何影響增長與利潤率？

And then third, the opportunities on the advertising side that video might present over the next 3 to 5 years.

第三，視頻在未來 3 到 5 年內可能在廣告方面帶來的機會。

So I think video has been pretty important.

所以我認為視頻非常重要。

It's really followed technological change.

它確實跟隨技術變革。

If you think back even 4 years, you couldn't really take a video.

如果你回想 4 年前，你真的無法拍攝視頻。

A lot of videos buffered on your phone.

手機上緩衝了很多視頻。

And now if you think about what people can do, they can consume video very easily on a phone.

現在，如果你想想人們能做什麼，他們可以很容易地在手機上觀看視頻。

They can share video.

他們可以分享視頻。

They can take video.

他們可以拍視頻。

And so we're seeing very -- we're seeing a lot of interest along a lot of consumer products.

因此，我們看到了很多——我們看到很多消費產品引起了很大的興趣。

It's also probably worth mentioning that video is within a bunch of our products.

可能還值得一提的是，視頻屬於我們的一系列產品。

So we certainly have video in Feed.

所以我們當然在 Feed 中有視頻。

People can put video into Stories and different places, and we also have this specific Watch place where we're looking at original content.

人們可以將視頻放入故事和不同的地方，我們也有這個特定的 Watch 地方，我們可以在這裡查看原始內容。

I think to the second part of your question, which is how do we think about video content, most of the content people put up on Facebook video or other is user generated.

我想到你問題的第二部分，即我們如何看待視頻內容，人們在 Facebook 視頻或其他網站上發布的大部分內容都是用戶生成的。

That's also true of the Watch content itself.

Watch 內容本身也是如此。

We have made some investments there in creating a more dedicated place to watch video.

我們在那裡進行了一些投資，以創建一個更專門的視頻觀看場所。

So while a lot of the content is still provided by people in a way that we're not covering costs, we do have a strategy of investing in great content that really starts the flywheel growing -- going.

因此，雖然很多內容仍然由人們以我們不承擔成本的方式提供，但我們確實有投資於真正啟動飛輪增長的偉大內容的戰略。

And we've been pretty pleased.

我們非常高興。

I mean it's not the biggest effort anyone has, but we've had some hits from Tom and Time to Red Table Talk to Sorry for Your Loss.

我的意思是這不是任何人所做的最大努力，但我們已經從 Tom and Time 到 Red Table Talk to Sorry for Your Loss 中獲得了一些成功。

And we're seeing some really nice engagement numbers on those shows.

我們在這些節目中看到了一些非常好的參與數字。

And the best of them actually carry over into the Facebook community because the best of the people creating those shows and starring in those shows are also engaging with Facebook.

他們中最優秀的人實際上已經進入了 Facebook 社區，因為製作這些節目和主演這些節目的人中最優秀的人也在與 Facebook 互動。

And I think the vision Mark laid out for this all along is that we should do video in a pretty social way.

而且我認為 Mark 一直為此制定的願景是我們應該以一種非常社交的方式製作視頻。

When you think about video ads, video ads are pretty exciting because it's obviously a format that marketers have long loved.

當您想到視頻廣告時，視頻廣告非常令人興奮，因為它顯然是營銷人員長期以來喜愛的一種格式。

I think one of the challenges we've had is training the market that you can't just take your TV ads and put them on video -- I'm sorry, put them on mobile or put them into Facebook because they don't perform the same way.

我認為我們面臨的挑戰之一是培訓市場，你不能只是把你的電視廣告放在視頻上——對不起，把它們放在移動設備上或放在 Facebook 上，因為它們不會以同樣的方式執行。

The best TV ad is 30 seconds.

最好的電視廣告是 30 秒。

It builds slowly to a story.

它慢慢地構建成一個故事。

The product reveal is usually at the very end.

產品展示通常在最後。

The best mobile-first ad or ad on Facebook kind of gets to the main point or gets to the product in the first 3 seconds, captures your attention much more quickly.

最好的移動優先廣告或 Facebook 上的廣告會在前 3 秒內直達要點或直達產品，從而更快地吸引您的注意力。

We sometimes talk about it as some stopping creative where you actually want to stop and watch.

我們有時將其稱為您真正想停下來觀看的一些停止創意。

I think the good news we have here is that mobile-first video on Facebook right now is now over 50% of video revenue, so that shows real growth, people understanding they need to do it differently, but we've still got a pretty long way to go.

我認為我們這裡的好消息是，Facebook 上的移動優先視頻現在佔視頻收入的 50% 以上，這顯示了真正的增長，人們明白他們需要以不同的方式來做，但我們仍然有一個很好的還有很長的路要走。

We are seeing good results.

我們看到了良好的結果。

I'll share an example, McDonald's.

我舉個例子，麥當勞。

McDonald's used mobile app video ads in Facebook and Instagram News Feed and Stories to launch a limited edition called the Big Mac range in the U.K. They had a 16.5% lift in ad recall, and the Nielsen study showed a nearly 20% incremental reach on Facebook versus TV.

麥當勞在 Facebook 和 Instagram News Feed and Stories 中使用移動應用視頻廣告在英國推出名為 Big Mac 系列的限量版。他們的廣告回想度提升了 16.5%，Nielsen 研究顯示在 Facebook 上的覆蓋率增加了近 20%與電視。

So I think that shows that when video is done well, it can have a really big impact on companies large and small on our platform.

所以我認為這表明當視頻做得好時，它會對我們平台上大大小小的公司產生非常大的影響。

And then, Eric, I think you asked about margin impact.

然後，埃里克，我想你問過利潤率的影響。

I'd just say that the video content budget is already factored into the guidance that we're providing on expenses.

我只想說，視頻內容預算已經納入我們提供的費用指南中。

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。

Can we just go back to the deceleration comment?

我們可以回到減速評論嗎？

Totally appreciate the color you just gave, Dave.

非常感謝你剛剛給的顏色，戴夫。

But at the same time, you said that the impression growth in 2Q was driven by Instagram Stories, Instagram Feed and then Facebook Feed.

但與此同時，您說第二季度的印象增長是由 Instagram Stories、Instagram Feed 和 Facebook Feed 推動的。

And so if those are kind of the current drivers and we're likely to continue to see those ascend in the future, what specifically do you see is slowing down in 4Q and 2020?

因此，如果這些是當前的驅動因素，並且我們可能會在未來繼續看到它們的上升，那麼您具體看到什麼在第四季度和 2020 年放緩？

Is that core Facebook?

那是核心 Facebook 嗎？

Any additional color on like the service that might slow down from some of these changes?

任何其他顏色可能會因其中一些變化而減慢的服務？

Sure, Ross.

當然，羅斯。

I mean if you remember, we're seeing good impression growth across Instagram Stories, Instagram Feed and Facebook Feed.

我的意思是，如果你還記得的話，我們在 Instagram 快拍、Instagram Feed 和 Facebook Feed 上看到了良好的印象增長。

So we're seeing good impression growth across all of those.

因此，我們看到所有這些方面的良好印像都在增長。

We are seeing faster growth in impressions coming from Stories and then also coming from geographies that monetize at lower rates on things like Facebook News Feed.

我們看到來自故事的印象增長更快，然後也來自在 Facebook News Feed 等方面以較低利率獲利的地區。

So even though we're seeing good impression growth, that's impression growth that's flowing through at a lower price point than the way that growth was driven in the prior year.

因此，儘管我們看到了良好的印象增長，但與前一年推動增長的方式相比，這種印象增長的價格更低。

So that's contributing to some of the deceleration.

所以這導致了一些減速。

Specifically as we look out into the remainder of 2019, when we get into Q4, we're going to be similar to how we had good product wins in Q2.

具體來說，當我們展望 2019 年剩餘時間時，當我們進入第四季度時，我們將與我們在第二季度取得良好產品勝利的方式相似。

We also had several product optimizations in Q4 that contributed to strong performance that quarter, so we're going to have a tougher compare on that basis.

我們還在第四季度進行了多項產品優化，為該季度的強勁表現做出了貢獻，因此我們將在此基礎上進行更嚴格的比較。

So just broadly, I think we expect the revenue deceleration trend that Q2 is not marked reversal of that but we expect to kind of return to constant currency revenue growth deceleration as you get into the remainder of 2019.

因此，從廣義上講，我認為我們預計第二季度的收入減速趨勢不會明顯逆轉，但我們預計隨著進入 2019 年剩餘時間，貨幣收入增長將恢復穩定。

Your next question comes from Doug Anmuth from JPMorgan.

你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。

First, Mark, how are you thinking about the opposition that you've received so far around Libra?

首先，馬克，你如何看待迄今為止你在 Libra 周圍收到的反對意見？

Does it change your view of the time frame at all in terms of rolling out the currency?

就推出貨幣而言，它是否完全改變了你對時間框架的看法？

And then second, Dave, just you talked about the higher demands of privacy.

其次，戴夫，你剛才談到了對隱私的更高要求。

Can you just talk about how that could impact the expense growth as you think about 2020 where, in the past, you've talked about more moderate expense growth for next year?

你能談談這將如何影響你對 2020 年的支出增長的看法嗎？在過去，你曾談到明年的支出增長更為溫和？

Sure.

當然。

So on Libra, and similar to our approach on some of the important social issues that we face around encryption and content regulation and things like that, we get that these are really important and sensitive spaces.

因此，在 Libra 上，類似於我們在加密和內容監管等方面面臨的一些重要社會問題的方法，我們知道這些是非常重要和敏感的空間。

So our approach has been to try to have a very open dialogue about this, right?

所以我們的方法是嘗試就此進行非常公開的對話，對嗎？

If -- Facebook from a few years ago would have probably just showed up and tried to release a product on our own, and now the approach on all of these fronts is to outline the ideas and the values that we think an eventual service should have.

如果 - 幾年前的 Facebook 可能會出現並嘗試自己發布產品，而現在所有這些方面的方法都是概述我們認為最終服務應該具有的想法和價值.

We've opened a period of however long it takes to address regulators' and different experts' and constituents' questions about this and then figure out what the best way to move forward is.

我們已經開啟了一段時期，無論需要多長時間來解決監管機構、不同專家和選民對此提出的問題，然後找出前進的最佳方式。

And that's certainly what we're planning to do with Libra.

這當然是我們計劃對 Libra 做的事情。

So we worked with the 27 other members of the association to publish the white paper to put the idea out there, expecting that this is a very important and heavily regulated area and there were going to be a lot of questions.

因此，我們與該協會的其他 27 個成員合作發布了白皮書，將這個想法付諸實踐，預計這是一個非常重要且受到嚴格監管的領域，並且會有很多問題。

We're going to have to work through that.

我們將不得不解決這個問題。

So I think we're currently in the process of doing that.

所以我認為我們目前正在這樣做。

We are trying to provide a safe and stable and well-regulated product.

我們正在努力提供安全穩定且監管良好的產品。

So that's always been the strategy, and we'll continue to engage here.

所以這一直是戰略，我們將繼續在這裡參與。

And then, Doug, you were asking about the impact on expense growth.

然後，道格，你問的是對費用增長的影響。

We're not giving guidance specifically on the 2020 expense outlook, but the privacy efforts do require significant investments obviously in compliance processes, people and then technical infrastructure, and those are factored into the 2019 operating expense outlook.

我們沒有專門針對 2020 年的支出前景提供指導，但隱私工作確實需要在合規流程、人員和技術基礎設施方面進行大量投資，這些都被納入了 2019 年的運營支出前景。

One of the impacts that I'd point to is it's also a reallocation of resources around privacy, so that will have an impact on our overall product development as well.

我要指出的影響之一是它也是圍繞隱私重新分配資源，因此這也會對我們的整體產品開發產生影響。

So that's something that I'd factor in both in terms of just the overall impact to the business, not purely just the expense side.

所以這就是我要考慮的因素，只是對業務的整體影響，而不僅僅是費用方面。

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。

Two if I can.

如果可以的話，兩個。

First, can you just talk to us about early learnings from the test of Instagram checkout and what some of the key hurdles are to kind of scaling that more broadly?

首先，您能否與我們談談從 Instagram 結賬測試中獲得的早期經驗，以及更廣泛地擴展結賬的一些主要障礙是什麼？

And then secondly, on OpEx, it looks like you saw a fairly meaningful step-up from Q1 to Q2 despite fairly limited headcount growth.

其次，在 OpEx 上，儘管員工人數增長相當有限，但從第一季度到第二季度，您似乎看到了相當有意義的提升。

So just wondering if there's anything you would point to there that might explain why those are diverging a little bit in the quarter.

所以只是想知道您是否會指出那裡有什麼可以解釋為什麼這些在本季度有所不同。

I'll talk about checkout.

我會談談結帳。

So checkout is in -- we talk a lot on this call about early-stage things.

所以結賬就在——我們在這次電話會議上談了很多關於早期階段的事情。

This is earlier than that.

這比那早。

We are in a very small closed beta with 23 brands, which for Facebook is about as small as something could be.

我們正處於一個非常小的內測階段，有 23 個品牌，這對 Facebook 來說是小到可以做到的程度。

It's obviously, as I said, small, but there's -- working with the brands, we're pretty excited by their feedback.

正如我所說，這顯然很小，但是 - 與品牌合作，我們對他們的反饋感到非常興奮。

We're not in a rush to scale this quickly.

我們並不急於迅速擴大規模。

We're always focused on the consumer experience, and we want to make sure we really get this right.

我們始終專注於消費者體驗，我們希望確保我們真正做到這一點。

I think the way to think about checkout is kind of in a larger picture of what we're trying to do in terms of commerce and shopping on our services and apps across the board, which is we obviously have a lot of consumer engagement in our products, and that's great.

我認為考慮結賬的方式是從更大的角度來看待我們在我們的服務和應用程序上的商業和購物方面正在嘗試做的事情，這顯然是我們的消費者參與度很高產品，那太好了。

We obviously have built some good and robust ad tools that are helping us grow our business quarter after quarter.

顯然，我們已經構建了一些優秀而強大的廣告工具，這些工具正在幫助我們逐季增長業務。

If we can help people close the loop a little more so they're looking more directly at products, that makes our ads more valuable.

如果我們可以幫助人們更多地關閉循環，以便他們更直接地查看產品，那麼我們的廣告就會更有價值。

If we can help people check out and pay for the products and even buy the products, it makes the consumer experience better.

如果我們可以幫助人們結賬、支付甚至購買產品，那麼消費者的體驗就會更好。

It also closes the loop on the data and measurement we're going to need going forward.

它還關閉了我們未來需要的數據和測量循環。

So we're excited about these efforts.

所以我們對這些努力感到興奮。

We're doing a lot across the board.

我們在各方面都做了很多工作。

All of them are in their early stages, and we think about this primarily from a consumer and closing the loop point of view more than a monetization in and of itself point of view.

所有這些都處於早期階段，我們主要從消費者和閉環的角度考慮這一點，而不是從貨幣化本身的角度考慮。

And then, Lloyd, you were asking about the step-up on the cost side in Q2 versus Q1.

然後，勞埃德，你問的是第二季度與第一季度相比成本方面的提升。

A couple of things that I'd point to.

我要指出的幾件事。

The cost of revenue was up 49% in Q2, and that's really the flow-through of depreciation that you're seeing from the big CapEx build cycle that we've been in, and that's starting to flow through in the cost profile of the business.

第二季度的收入成本增長了 49%，這實際上是您從我們所處的大型資本支出構建週期中看到的折舊的流動，並且開始在成本概況中流動商業。

And then if you look at the G&A line, obviously, that was impacted by the accrual for the FTC settlement as well as some other legal expenses, including the FTC settlement.

然後，如果您查看 G&A 行，顯然，它受到 FTC 結算的應計費用以及其他一些法律費用（包括 FTC 結算）的影響。

So you have some G&A expenses that were higher in the quarter as a result of that.

因此，您在本季度有一些 G&A 費用較高。

Your next question comes from Heather Bellini from Goldman Sachs.

你的下一個問題來自高盛的 Heather Bellini。

Great.

偉大的。

I wanted to follow up on 2 comments.

我想跟進 2 條評論。

One, what's that Sheryl was just talking about related to checkout.

第一，Sheryl 剛剛談到的與結帳相關的內容。

I'm just wondering if you could share what the feedback has been so far from the brands that are in the closed beta and how this has helped maybe some stats if they have them, like how it helped maybe conversion for the brands that are doing it versus maybe the traditional way they were selling on Instagram.

我只是想知道您是否可以分享到目前為止來自封閉測試中的品牌的反饋，以及這對一些統計數據（如果有的話）有何幫助，例如它如何幫助正在做的品牌的轉化這可能與他們在 Instagram 上銷售的傳統方式不同。

So if you have anything you could share there.

所以如果你有什麼可以在那里分享。

And then, Dave, just back to Ross' comment related to the deceleration that you're referencing.

然後，戴夫，回到羅斯關於你所引用的減速的評論。

I mean in the past, you've given us a little bit more specificity, not too much, but you've said kind of mid-single digit or low single-digit decel.

我的意思是，在過去，您給了我們更多的具體信息，但不是太多，但是您說的是中個位數或低個位數的減速。

Just wondering if there is any other color you could provide us here for the back half in 2020 when you're painting this at a high level.

只是想知道您是否可以在 2020 年高水平繪製後半部分時為我們提供其他顏色。

Yes.

是的。

On the checkout beta, it's just really small and really early.

在結帳測試版中，它非常小而且非常早。

We definitely hear that it decreases friction in the shopping experience.

我們肯定聽說它減少了購物體驗中的摩擦。

But with 23 brands and a product, that's just too small for us to take any real learnings.

但是有 23 個品牌和一個產品，這對我們來說太少了，無法真正學習。

We are working with them on iterating the product experience for now.

目前我們正在與他們合作迭代產品體驗。

And Heather, on the deceleration, we're simply guiding that we would expect that we would see constant currency revenue deceleration sequentially with that being more pronounced on a constant currency basis in Q4.

和希瑟，關於減速，我們只是指導我們預計我們會看到恆定的貨幣收入連續減速，並且在第四季度的恆定貨幣基礎上更為明顯。

Again, due to the tougher comp for us in Q4, not giving specific quantitative guidance on that at this point.

同樣，由於我們在第四季度的競爭更加激烈，目前沒有給出具體的量化指導。

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。

Mark, from the outside, it's really hard to tell what's going on in the regulatory environment and status with regulators.

馬克，從外部來看，真的很難說清監管環境和監管機構的狀況。

I guess good news on the FTC settlement but new investigation's being started.

我想 FTC 和解是個好消息，但新的調查正在啟動。

I guess I wondered if you could just give us high level to the extent you can.

我想我想知道你是否可以盡可能地給我們高水平的發言。

Is the company making progress with regulators both here and in Europe?

該公司是否在本地和歐洲的監管機構方面取得進展？

And how you feel about that?

你對此有何感想？

And then, Dave, if you could talk about Europe.

然後，戴夫，如果你能談談歐洲的話。

Since GDPR implementation, has there really been a meaningful difference in your ad revenue growth rates there versus other regions?

自 GDPR 實施以來，您所在地區的廣告收入增長率與其他地區相比是否真的存在顯著差異？

Sure.

當然。

So I can talk about the regulatory picture overall.

所以我可以談談整體的監管情況。

Over the last few years, we focused a lot on a number of major social issues, everything from preventing election interference to reducing harmful content to protecting privacy.

在過去的幾年裡，我們非常關註一些重大的社會問題，從防止選舉干預到減少有害內容再到保護隱私，應有盡有。

Now I'm out talking a lot about data portability.

現在我要出去談論很多關於數據可移植性的事情。

And on each of these, I think that there's work that we can do and that we certainly have a responsibility to really make sure that we perform well on them.

在每一個方面，我認為我們可以做一些工作，我們當然有責任真正確保我們在這些方面表現良好。

But at the end of the day, when our systems are mature, there are still going to be trade-offs between important values that we all have, I mean, on content between free expression and civil discourse and removing hate and things like that.

但歸根結底，當我們的系統成熟時，我們仍然會在我們所有人都擁有的重要價值觀之間進行權衡，我的意思是，在自由表達和公民話語之間的內容以及消除仇恨和諸如此類的事情之間。

Those are hard questions that, at some level, we're always going to do the best that we can, but we think that having a more democratic process for setting what some of those norms are would be helpful.

這些都是棘手的問題，在某種程度上，我們總是會盡力而為，但我們認為採用更民主的流程來製定其中一些規範會有所幫助。

On privacy, there are really important questions about how you define what you want the system to be in terms of how much are you locking down data versus are you making it portable for -- to enable competition and innovation and academic research and things like that.

在隱私方面，確實存在一些非常重要的問題，即您如何定義您希望系統成為什麼樣的系統，即您鎖定數據的程度還是使其可移植的程度——以促進競爭、創新和學術研究以及類似的事情.

So we believe that there needs to be a regulatory framework in place for each of the major issues that I just talked about.

因此，我們認為需要為我剛才談到的每個主要問題制定一個監管框架。

And my broader concern is that if that doesn't get put in place, then frustration with the industry I think will continue to grow.

而我更廣泛的擔憂是，如果沒有落實到位，那麼我認為對該行業的失望情緒將繼續增長。

And so we're trying to do our part to help advocate for a good regulatory framework in each area.

因此，我們正在努力儘自己的一份力量，幫助倡導在每個領域建立良好的監管框架。

They will come in different forms.

它們將以不同的形式出現。

So in some places, there will be laws passed.

所以在某些地方，會有法律通過。

In others, it might be working with regulators and having some structural rules imposed on us like with this FTC settlement.

在其他情況下，它可能正在與監管機構合作，並對我們施加一些結構性規則，就像 FTC 的解決方案一樣。

In other areas, it might be self-regulation like around content and speech in the United States.

在其他領域，可能是自我監管，例如美國的內容和言論。

That's what I'd expect because of the -- the first amendment here has strong protections on speech.

這正是我所期望的，因為這裡的第一個修正案對言論有很強的保護。

So this is important overall.

所以這在整體上很重要。

We're very focused on it.

我們非常專注於此。

I do think we are making progress on working through the issues and addressing them.

我確實認為我們在解決和解決這些問題方面取得了進展。

We're, I think, in a much stronger place in elections now.

我認為，我們現在在選舉中處於更有利的位置。

Our content systems are getting more mature.

我們的內容系統越來越成熟。

There's a lot more work to do in each of those, but I think we are making progress.

在這些方面還有很多工作要做，但我認為我們正在取得進展。

And as you said, this is a global problem, not just -- these are global problems, not just American one, so working with folks across Europe and the other continents as well is important, too.

正如你所說，這是一個全球性問題，不僅僅是 - 這些是全球性問題，而不僅僅是美國的問題，因此與歐洲和其他大陸的人們合作也很重要。

Justin, it's Dave.

賈斯汀，是戴夫。

As I noted in my comments, Europe is growing more slowly than North America and APAC.

正如我在評論中指出的那樣，歐洲的增長速度低於北美和亞太地區。

That said, we had a strong quarter, and we're pleased with results.

也就是說，我們有一個強勁的季度，我們對結果感到滿意。

And currency is a factor in that delta as well.

貨幣也是該三角洲的一個因素。

Overall, we did see Europe had a reacceleration of growth in Q2 versus Q1, and part of that is lapping the GDPR implementation.

總體而言，我們確實看到歐洲在第二季度與第一季度相比再次加速增長，其中部分原因是 GDPR 的實施。

So I think, overall, we're kind of pleased with what we're seeing around Europe, but it's still growing a little more slowly than North America and APAC.

所以我認為，總的來說，我們對我們在歐洲看到的情況感到滿意，但它的增長速度仍然比北美和亞太地區慢一些。

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。

First, we see nice improvement in the rate of expense growth lately.

首先，我們看到最近費用增長率有了很好的改善。

And on the Q4 call, you said you expected 2020 -- in 2020, the expense growth will be more in line with revenue growth.

在第四季度的電話會議上，你說你預計到 2020 年——到 2020 年，費用增長將與收入增長更加一致。

Just curious if that is something that you still feel comfortable with.

只是好奇您是否仍然對此感到滿意。

And then secondly, in terms of WhatsApp and WhatsApp Status specifically, what are your plans as it relates to ads on WhatsApp Status?

其次，就 WhatsApp 和 WhatsApp Status 具體而言，您有什麼計劃與 WhatsApp Status 上的廣告相關？

Have you tested here or have any plans to test?

您在這裡測試過或有任何測試計劃嗎？

Thanks, Mark.

謝謝，馬克。

So in terms of our overall expense outlook, our current outlook for 2019 does suggest that we'll see margins come down this year versus 2018 even if you were to set aside the $5 billion FTC accrual.

因此，就我們的整體支出前景而言，我們目前對 2019 年的展望確實表明，即使您將 50 億美元的 FTC 應計費用擱置一旁，我們今年的利潤率也會比 2018 年下降。

We're not providing specific guidance for 2020 or beyond.

我們不提供 2020 年或以後的具體指導。

The investment priorities remain the same.

投資重點保持不變。

In addition to the privacy investment priorities that we outlined today, we'll continue to invest in key areas like core product infrastructure, innovation, video and content, and safety and security over the long run.

除了我們今天概述的隱私投資優先事項外，我們還將繼續投資核心產品基礎設施、創新、視頻和內容以及長期安全保障等關鍵領域。

So we're not at this point providing any more specific guidance on 2020.

因此，我們目前不會就 2020 年提供任何更具體的指導。

On WhatsApp Status ads, they're not available.

在 WhatsApp 狀態廣告中，它們不可用。

We're very focused for WhatsApp on the consumer experience.

我們非常關注 WhatsApp 的消費者體驗。

But I will take a minute to talk about Stories ads in general because I think, eventually, depending on our ability to use data across platforms that applies to WhatsApp, it's probably a pretty important part of the story that's going on with Facebook right now.

但我會花一點時間總體上談談故事廣告，因為我認為，最終，取決於我們跨平台使用適用於 WhatsApp 的數據的能力，它可能是 Facebook 目前正在發生的故事的一個非常重要的部分。

So we do have Stories ads available across Facebook, Instagram and Messenger.

因此，我們確實在 Facebook、Instagram 和 Messenger 上提供快拍廣告。

And I think one of the most important things we learned as we were doing this transition to mobile is if we made it easy for our advertisers to place the ads, make sure they understood the measurements they were having and also make sure the ads format worked, businesses would move more quickly.

我認為，在我們向移動設備過渡的過程中，我們學到的最重要的事情之一是，如果我們讓廣告商能夠輕鬆投放廣告，確保他們了解他們所擁有的衡量標準，並確保廣告格式有效，企業會更快地行動。

Usually, people move before businesses.

通常，人們在企業之前移動。

So people moved to mobile before businesses, and we certainly see the same with Stories.

因此，人們先於企業轉向移動設備，我們當然也看到了 Stories 的相同之處。

But I think one of the successes you're seeing we're having right now is that we are helping people move to Stories more quickly because of the lessons we learned.

但我認為你看到的我們現在取得的成功之一是，由於我們吸取的教訓，我們正在幫助人們更快地轉向故事。

So for example, automatic placements.

例如，自動展示位置。

What automatic placements do is they convert Feed ads into a Stories format and deliver the ads wherever they get their best results.

自動版位的作用是將 Feed 廣告轉換為故事格式，並在獲得最佳效果的任何地方投放廣告。

And I think it's product innovations like that, that have gotten us to 3 million advertisers.

我認為正是這樣的產品創新讓我們擁有了 300 萬廣告商。

So rather than -- across the 3 properties we have available, Facebook, Instagram and Messenger.

因此，而不是 - 在我們可用的 3 個屬性中，Facebook、Instagram 和 Messenger。

So rather than go to every advertiser both through our sales force and through our online tools where we sell and say, "We have a new format.

因此，與其通過我們的銷售人員和我們銷售的在線工具去找每個廣告商說，“我們有一種新格式。

You need to create the new format.

您需要創建新格式。

You need to figure out the placement," being able to just take what they are already doing like Feed ads, convert it into Stories and place it anywhere helps us move people into these formats.

你需要弄清楚位置，”能夠將他們已經在做的事情（例如 Feed 廣告）轉換成故事並將其放置在任何地方，這有助於我們將人們轉移到這些格式中。

It's also the case of we have a lot of inventory on this, and so there's a real benefit right now to being an early adopter.

這也是我們在這方面有很多庫存的情況，因此現在成為早期採用者確實有好處。

The pricing is very attractive, and so we think the mix shift to Stories is a big opportunity for us and advertisers over time.

定價非常有吸引力，因此我們認為隨著時間的推移，向故事的組合轉變對我們和廣告商來說是一個巨大的機會。

I'll say one more thing, which is that Stories don't monetize right now at the same rate as News Feed.

我還要說一件事，那就是 Stories 目前的貨幣化速度與 News Feed 不同。

We're optimistic about the growth over the long run, but we are, as always, very prudent and careful on the consumer experience.

我們對長期增長持樂觀態度，但我們一如既往地對消費者體驗非常謹慎和謹慎。

Your next question comes from Mark Mahaney from RBC.

你的下一個問題來自 RBC 的 Mark Mahaney。

I just wanted to focus on WhatsApp.

我只想專注於 WhatsApp。

And I know you've had WhatsApp Payments in beta in India.

我知道您已經在印度測試了 WhatsApp Payments。

You launched that last year.

你去年推出的。

Could you just talk about the -- are there any particular factors that are causing a delay in that and maybe just takes a long time for a product like that to really gain traction.

你能不能談談 - 是否有任何特定因素導致延遲，並且可能需要很長時間才能讓這樣的產品真正獲得牽引力。

But is it consumer awareness of it?

但這是消費者的認知嗎？

Is it regulatory pushback?

是監管阻力嗎？

Is there technical hurdles?

有技術障礙嗎？

And what does that tell you about the -- and maybe nothing.

這能告訴你什麼——也許什麼也沒有。

But what does it tell you about the ability to take that WhatsApp monetization or payments functionality embedded in WhatsApp and launch it in other markets?

但是，它告訴您有關採用 WhatsApp 中嵌入的 WhatsApp 貨幣化或支付功能並將其在其他市場推出的能力嗎？

I know you said you were going to launch it in other countries.

我知道你說過你打算在其他國家推出它。

But what do the lessons from India tell you about the pacing of that?

但是，印度的經驗教訓告訴你關於這方面的節奏是什麼？

So it's a regulatory approval question in India at this point, and we had a license to roll it out as part of an initial test.

因此，目前在印度這是一個監管審批問題，我們獲得了將其作為初始測試的一部分推出的許可。

The test went better than we even expected it would, I mean, for a product that you would expect to need to be widely available to be useful, right, in order to -- for someone to know that they could send money to someone else.

測試進行得比我們預期的要好，我的意思是，對於一個你希望廣泛可用的產品來說，它是有用的，對的，為了——讓某人知道他們可以向其他人匯款.

Even in a limited test, the feedback was very positive.

即使在有限的測試中，反饋也非常積極。

So I'm quite confident that when we can roll this out broadly, it's going to be meaningfully valuable to the user experience.

所以我非常有信心，當我們可以廣泛推廣它時，它將對用戶體驗產生有意義的價值。

We're also working beyond India in a number of other countries and hope to have this rolled out to a large percent of the people who use WhatsApp within the next year.

我們還在印度以外的許多其他國家/地區開展工作，並希望在明年將其推廣到大部分使用 WhatsApp 的人。

So that's the goal.

這就是目標。

We're pushing forward on all of these issues and should have more to talk about soon.

我們正在推進所有這些問題，應該很快就會有更多的討論。

Your next question comes from Michael Nathanson from MoffettNathanson.

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

I have 2, 1 for Sheryl or Dave and 1 for Mark.

我有 2 個，1 個給 Sheryl 或 Dave，1 個給 Mark。

So Sheryl and Dave, you noted the growth, I guess, in Europe this time and acceleration.

所以 Sheryl 和 Dave，你們注意到了這次在歐洲的增長和加速。

Can you talk a bit about maybe the regional development of Stories and either the embracing the advertiser community or the user community by region?

你能談談 Stories 的區域發展以及按區域擁抱廣告商社區或用戶社區嗎？

And then for Mark, on the answer on currency, arguably, crypto is going to take a long time to get approval or to build the product.

然後對於馬克來說，關於貨幣的答案，可以說，加密貨幣將需要很長時間才能獲得批准或構建產品。

Do you see building a fiat currency wallet for Facebook and Instagram?

您是否看到為 Facebook 和 Instagram 構建法定貨幣錢包？

I know it's about WhatsApp.

我知道這是關於 WhatsApp 的。

But how does another type of wallet, noncrypto wallet develop if it takes a while for the other products to roll out?

但是，如果其他產品需要一段時間才能推出，另一種類型的錢包（非加密錢包）將如何發展？

Meaning crypto takes a while for approval.

這意味著加密需要一段時間才能獲得批准。

So does noncrypto fiat currency become an opportunity for you?

那麼非加密法定貨幣是否成為您的機會？

Michael, it's Dave.

邁克爾，是戴夫。

I guess we're not really providing detail on region.

我想我們並沒有真正提供有關區域的詳細信息。

I would say Stories is today, from an impression growth perspective, really about Instagram Stories, so it maps where we've got good adoption of Instagram globally.

我想說今天的故事，從印象增長的角度來看，真的是關於 Instagram 故事，所以它描繪了我們在全球範圍內廣泛採用 Instagram 的地方。

So we're certainly seeing good growth in places where Instagram is strong, including the U.S., so that's been good to see.

因此，我們肯定會在 Instagram 強大的地方（包括美國）看到良好的增長，所以很高興看到這一點。

And as we continue to work on Facebook Stories, we'll have more opportunity as well with Facebook and we'll map to the regions where Facebook is stronger.

隨著我們繼續致力於 Facebook Stories，我們也將有更多機會與 Facebook 合作，我們將映射到 Facebook 更強大的地區。

So I think we're seeing good growth on Instagram.

所以我認為我們在 Instagram 上看到了良好的增長。

I think that will continue and continue to drive impression growth.

我認為這將繼續並繼續推動印象增長。

And then we hope to continue to make progress on Facebook where we're seeing growth, but it's off a smaller base.

然後我們希望繼續在我們看到增長的 Facebook 上取得進展，但它的基數較小。

And on Payments, I mean the short answer is yes.

在付款方面，我的意思是簡短的回答是肯定的。

We're very focused on Payments with fiat currencies as well and making it so that when you pay in one service, whether it's WhatsApp or in Instagram Shopping or in Marketplace, your credentials can be shared and there's a shared payment system across all those things.

我們也非常專注於使用法定貨幣進行支付，因此當您在一項服務中付款時，無論是 WhatsApp 還是 Instagram 購物或 Marketplace，您的憑據都可以共享，並且所有這些東西都有一個共享的支付系統.

So that's certainly a big area for investment.

所以這肯定是一個很大的投資領域。

Overall, these areas around commerce and payments, I think, are one of the most exciting areas in product development for the next several years.

總的來說，我認為圍繞商業和支付的這些領域是未來幾年產品開發中最令人興奮的領域之一。

The way that we kind of see the products now is we've helped people map out and wire up their networks over the last several years.

我們現在看待產品的方式是，在過去幾年裡，我們幫助人們規劃並連接了他們的網絡。

So now in each of these apps, we have opportunities to help people get more value from the networks that they've created.

因此，現在在這些應用程序中的每一個中，我們都有機會幫助人們從他們創建的網絡中獲得更多價值。

Some of that is going to be on the social side especially around creating communities and groups, and some of it is going to be more on the economic and opportunity side.

其中一些將出現在社會方面，尤其是圍繞創建社區和團體，而另一些將更多地出現在經濟和機會方面。

And there, we're doing a whole lot of projects.

在那裡，我們正在做很多項目。

I know that Libra is the one that has gotten the most attention recently, but it's really just one of a set of things, everything from Instagram Shopping, which is going to help people connect to brands and emerging creators to Facebook Marketplace for just more consumer-to-consumer paying and buying and selling used goods to things like WhatsApp Business, which is more about connecting with small businesses, and then across the payment landscape, helping people do payments in existing currencies and also trying some newer approaches that can hopefully bring down the costs of doing payments around the world.

我知道 Libra 是最近最受關注的，但它實際上只是一系列事物中的一個，從 Instagram Shopping 的一切，這將幫助人們與品牌和新興創作者建立聯繫，再到 Facebook Marketplace 以吸引更多消費者- 對消費者支付和買賣二手商品到 WhatsApp Business 之類的東西，這更多是關於與小企業的聯繫，然後跨越支付領域，幫助人們用現有貨幣進行支付，並嘗試一些有望帶來的新方法降低在全球範圍內進行支付的成本。

We're just very excited about all of the -- everything in this area, and it's one of the biggest areas that we're focused on for the next several years.

我們對這個領域的所有事情感到非常興奮，這是我們未來幾年關注的最大領域之一。

Your next question comes from Ben Schachter from Macquarie.

你的下一個問題來自 Macquarie 的 Ben Schachter。

Mark, in 1Q, you mentioned specifically that GDPR had an impact on the business, so just wondering if you can give an update on that.

馬克，在第一季度，你特別提到 GDPR 對業務有影響，所以想知道你是否可以提供最新情況。

And then longer term on Facebook, you focused a few times now on buying and selling goods there.

然後在 Facebook 上長期使用，你現在有幾次專注於在那裡買賣商品。

Just wondering if you can comment on how you think of services versus goods, for example, monetizing, recommending a house painter versus selling a widget.

只是想知道您是否可以評論一下您如何看待服務與商品，例如，貨幣化、推薦房屋油漆工與銷售小部件。

And also can you talk about the timing of how Marketplace might evolve?

您還可以談談 Marketplace 可能如何發展的時機嗎？

Yes.

是的。

I don't know, Dave, if you want to talk about the GDPR impact, and then I can add.

戴夫，我不知道你是否想談談 GDPR 的影響，然後我可以補充。

Yes.

是的。

Ben, so just in terms of GDPR, I kind of addressed that earlier.

本，就 GDPR 而言，我之前已經提到過這個問題。

We do see that having an impact in Europe, that we did see a reacceleration in growth in Europe as we've lapped the initial implementation of GDPR, so that's promising.

我們確實看到這對歐洲產生了影響，我們確實看到了歐洲增長的重新加速，因為我們已經完成了 GDPR 的初步實施，所以這是有希望的。

But we continue to see Europe growing just a bit slower than the rest of the regions, but overall, not a whole lot of additional color to provide there.

但我們繼續看到歐洲的增長速度比其他地區慢一點，但總的來說，歐洲並沒有提供太多額外的顏色。

Yes.

是的。

And in Marketplace, we definitely are going to focus on some of the areas that you talked about.

在 Marketplace 中，我們肯定會專注於您談到的一些領域。

Including jobs is already a pretty meaningful focus where a lot of people do find jobs and businesses list jobs through Facebook.

包括工作已經是一個非常有意義的重點，很多人確實通過 Facebook 找到工作和企業列出工作。

I don't want to -- I don't know what our last public stat is here, so I'm not going to attempt to cite something.

我不想——我不知道我們最近的公開統計數據是什麼，所以我不會嘗試引用一些東西。

But it's meaningful.

但它很有意義。

And the business model around this is probably not going to be charging for listings but advertising and -- in order to promote things both in what we're doing on Instagram with shopping and in Facebook Marketplace.

圍繞此的商業模式可能不會對列表收費，而是對廣告收費，並且——為了在我們在 Instagram 上通過購物和在 Facebook Marketplace 上所做的事情進行推廣。

And the general approach to Payments is providing it as affordably as possible to improve the user experience and complete transactions, which will, of course, make the tools more valuable for businesses overall and should make the ad prices go up.

支付的一般方法是盡可能以負擔得起的方式提供它，以改善用戶體驗和完成交易，這當然會使這些工具對整體企業更有價值，並且應該使廣告價格上漲。

And that should be the primary thing that we're focused on.

這應該是我們關注的首要事情。

Someone just handed me a piece of paper which says that we have helped 1 million people find jobs.

有人剛剛遞給我一張紙，上面說我們已經幫助 100 萬人找到了工作。

So there is the stat.

所以有統計數據。

Your next question comes from Colin Sebastian from Baird.

您的下一個問題來自 Baird 的 Colin Sebastian。

A couple for me.

對我來說一對。

First off, any update on the higher profile for Groups in the Facebook app?

首先，關於 Facebook 應用程序中更高知名度的群組有什麼更新嗎？

And any prospective on how that's impacting engagements?

關於這將如何影響參與度的任何前景？

And then, Mark, the 5-year time line for the privacy focus vision, I guess I'm wondering if we can get a better sense for what the key milestones are along the way and why that's a 5-year outlook perhaps versus a shorter period.

然後，馬克，隱私焦點願景的 5 年時間表，我想我想知道我們是否可以更好地了解關鍵里程碑是什麼，以及為什麼這是一個 5 年的展望而不是一個較短的時期。

Yes.

是的。

I can take both of those.

我可以接受這兩個。

So in the Facebook app overall, after helping people connect with friends and family, helping people connect with communities is the next most important social problem that we believe we can help address, and that's just going to be an area of increasing value in the product.

因此，在整個 Facebook 應用程序中，在幫助人們與朋友和家人聯繫之後，幫助人們與社區聯繫是我們認為我們可以幫助解決的下一個最重要的社會問題，而這將成為產品中增加價值的領域.

That is going well since we started rolling that out after F8.

這進展順利，因為我們在 F8 之後開始推出它。

I think Dave may have mentioned this earlier, but in case he didn't, just to emphasize this point, I think part of the -- our strong performance over the first half of this year, a meaningful part of our overperformance compared to what we had expected is because of strength in engagement in the Facebook app over that period.

我認為 Dave 可能早些時候提到過這一點，但如果他沒有提到，我只是為了強調這一點，我認為我們今年上半年的強勁表現，與我們的預期是因為在那段時間 Facebook 應用程序的參與度很高。

So that's -- it's generally going well overall, and we're very optimistic about communities in particular going forward is one of the drivers of that.

這就是 - 它總體上進展順利，我們對社區非常樂觀，特別是向前發展是其中的驅動因素之一。

What was the second question?

第二個問題是什麼？

The 5-year...

5年...

Okay.

好的。

So that is on the privacy vision.

這就是隱私願景。

So the -- yes, so for the next year to 2, a lot of the work that we need to do is just about getting the architecture right, right?

所以 - 是的，所以對於明年到 2 年，我們需要做的很多工作只是讓架構正確，對嗎？

So establishing -- we have to rewrite the networks on Messenger and on Instagram to be more client than server oriented to be end-to-end encrypted.

因此建立 - 我們必須重寫 Messenger 和 Instagram 上的網絡，使其更多地面向客戶端而不是面向服務器的端到端加密。

We're working on interoperability that people will be able to choose to use between the services.

我們正在研究互操作性，人們將能夠選擇在服務之間使用。

These are pretty big technical projects.

這些都是相當大的技術項目。

We want to make it so that the infrastructure that these services are built on is the most secure and most reliable and fastest and most widely available of any of the major messaging platforms out there.

我們希望使構建這些服務的基礎設施成為目前所有主要消息傳遞平台中最安全、最可靠、速度最快和應用最廣泛的基礎設施。

We think that, that's the foundation to build a successful private platform on.

我們認為，這是構建成功私有平台的基礎。

And then we need to do things like what we're doing with WhatsApp Business now which is building up the business ecosystem.

然後我們需要做一些事情，就像我們現在正在構建業務生態系統的 WhatsApp Business 所做的那樣。

And that's just something that -- our playbook on this is that this is a multiyear journey where, first, we deliver the consumer product experience, then we create organic business experiences and then only at the last step are we really able to ramp up having businesses pay for things that are meaningful to them within that.

這就是——我們的劇本是，這是一個多年的旅程，首先，我們提供消費者產品體驗，然後我們創造有機的商業體驗，然後只有在最後一步，我們才能真正提升擁有企業為其中對他們有意義的事情付費。

So it's not that you're not going to see progress on that along the way.

因此，並不是說您在此過程中看不到進展。

You'll certainly see milestones every 6 months or 12 months.

您肯定會每 6 個月或 12 個月看到一次里程碑。

But before this is really the biggest driver of our business, I do think that that's going to be a number of years.

但在這真正成為我們業務的最大推動力之前，我確實認為這將需要很多年。

Your last question comes from Brent Thill from Jefferies.

你的最後一個問題來自 Jefferies 的 Brent Thill。

Dave, I think a lot of us are having a hard time reconciling the tougher comp in Q4.

戴夫，我認為我們中的很多人都很難在第 4 季度調和更強硬的陣容。

It was your easiest comp and you just accelerated your constant currency growth in the quarter.

這是你最簡單的補償，你剛剛在本季度加速了你的持續貨幣增長。

So I guess just is there any change in terms of the visibility or the contracts that you're putting together that lead you to that?

所以我想在能見度或你正在製定的合同方面是否有任何變化導致你這樣做？

Any other color?

還有別的顏色嗎？

I think there's a number of questions.

我認為有很多問題。

Just trying to understand why you have such strong conviction in that decel.

只是想了解為什麼您對這種減速有如此強烈的信念。

Brent, so in terms of the outlook, remember, we don't have contracted revenue.

布倫特，所以就前景而言，請記住，我們沒有合同收入。

We are constantly working from an auction perspective.

我們一直在從拍賣的角度進行工作。

So our forecasts are based on supply and demand and how we see the different product launches playing into that, different optimizations that we make.

因此，我們的預測基於供求關係，以及我們如何看待不同的產品發布，以及我們所做的不同優化。

So there's a lot of granularity that goes into thinking about how revenue will progress.

因此，在考慮收入將如何發展時，需要考慮很多細節。

But ultimately, it's going to depend on the supply-and-demand characteristics in that given quarter.

但最終，這將取決於特定季度的供需特徵。

When we do that, we see that we expect constant currency deceleration.

當我們這樣做時，我們看到我們期望貨幣持續減速。

And when we get to Q4, we are going to be lapping some particularly successful optimizations that we had in Q4, and that's going to contribute to more of a decel in Q4 than we think we'll see in Q3.

當我們進入第四季度時，我們將進行一些我們在第四季度取得的特別成功的優化，這將導致第四季度的減速比我們認為在第三季度看到的更多。

So that's the reason I'm characterizing the guidance the way I am.

所以這就是我以我的方式描述指導的原因。

Great.

偉大的。

Thank you for joining us today.

感謝您今天加入我們。

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

感謝您的寶貴時間，我們期待與您再次交談。

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。