Meta Platforms Inc (META) 2019 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我叫邁克，今天我將擔任你們的會議接線員。

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

在此，歡迎大家參加 Facebook 2019 年第四季度財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Thank you very much.

非常感謝你。

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.

謝謝你。

Good afternoon and welcome to Facebook's Fourth Quarter and Full Year 2019 Earnings Conference Call.

下午好，歡迎來到 Facebook 的 2019 年第四季度和全年收益電話會議。

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。

All right.

好的。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

This was a good quarter for our community and our business and a strong end to the year.

這對我們的社區和我們的業務來說是一個很好的季度，也是今年的一個強勁收尾。

There are now around 2.9 billion people using Facebook, Instagram, WhatsApp or Messenger each month and around 2.3 billion people using at least one of our services daily.

現在，每月約有 29 億人使用 Facebook、Instagram、WhatsApp 或 Messenger，每天約有 23 億人至少使用我們的一項服務。

There are now more than 140 million small businesses that use our services to grow, and the vast majority of which use our services for free.

現在有超過 1.4 億家小型企業使用我們的服務來發展壯大，其中絕大多數免費使用我們的服務。

Last year, I shared our 4 company priorities, and they're still our priorities in 2020: making progress on the major social issues, building qualitatively new product experiences, continuing to grow our business and getting out there and communicating more transparently.

去年，我分享了我們公司的 4 個優先事項，它們仍然是我們在 2020 年的優先事項：在主要社會問題上取得進展、建立高質量的新產品體驗、繼續發展我們的業務以及走出去並更透明地溝通。

Today, I'm going to focus mostly on the new product experiences we're building.

今天，我將主要關注我們正在構建的新產品體驗。

But before I get to that, this is going to be another critical year for making progress on social issues.

但在我開始之前，今年將是在社會問題上取得進展的又一個關鍵年。

We're very focused on election integrity, and this is an area where I'm proud of the progress that we've made preventing foreign interference.

我們非常關注選舉的公正性，在這個領域，我為我們在防止外國干涉方面取得的進展感到自豪。

We were behind in 2016, but after working to protect elections in countries across the world from the EU -- in the EU to India to Mexico to the U.S. midterms for the past few years, we think our systems are now more advanced than any other companies'.

我們在 2016 年落後了，但在過去幾年努力保護歐盟、印度、墨西哥和美國中期選舉等世界各國的選舉之後，我們認為我們的系統現在比任何其他系統都先進公司”。

And we're often alerting law enforcement and intelligence about threats that we identify.

我們經常就我們發現的威脅向執法部門和情報機構發出警報。

There's still going to be debate about what kinds of political speech should be allowed, especially as the 2020 elections heat up.

關於應該允許什麼樣的政治言論仍然存在爭論，尤其是在 2020 年選舉升溫的情況下。

But by any objective measure, our efforts in election integrity have made a lot of progress.

但無論以何種客觀標準衡量，我們在選舉誠信方面的努力都取得了很大進展。

This is also going to be a big year for our greater focus on privacy as well.

這也將是我們更加關注隱私的重要一年。

As part of our FTC settlement, we committed to building privacy controls and auditing that will set a new standard for our industry, going beyond anything that's required by law today.

作為 FTC 和解協議的一部分，我們承諾建立隱私控制和審計，這將為我們的行業樹立新標準，超越當今法律的任何要求。

We currently have more than 1,000 engineers working on privacy-related projects and helping to build out this program.

目前，我們有超過 1,000 名工程師從事與隱私相關的項目，並幫助構建此計劃。

Related to this, just yesterday, we announced that we're rolling out a Privacy Checkup tool to nearly 2 billion people, reminding them of the controls they have and making sure that they're set the way that they want them.

與此相關的是，就在昨天，我們宣布我們將向近 20 億人推出隱私檢查工具，提醒他們他們擁有的控制權，並確保他們按照他們想要的方式進行設置。

We also introduced a new tool that notifies you any time your account signs into a new service.

我們還推出了一個新工具，可以在您的帳戶登錄新服務時隨時通知您。

So it's going to take time, but over the next decade, I want us to build a reputation on privacy that's as strong as our reputation around building good, stable services.

所以這需要時間，但在接下來的十年裡，我希望我們在隱私方面建立起與我們在構建良好、穩定的服務方面的聲譽一樣強大的聲譽。

When it comes to these important social issues, I don't think the private companies should be making so many important decisions by themselves.

當談到這些重要的社會問題時，我認為私營公司不應該自己做出這麼多重要的決定。

I don't think that each service should have to individually decide what content or advertising is allowed during elections or what content is harmful overall.

我不認為每項服務都必須單獨決定在選舉期間允許哪些內容或廣告，或者哪些內容總體上是有害的。

There should be a more democratic process for determining these rules and regulations.

應該有一個更民主的過程來確定這些規則和條例。

For these issues, it's not enough for us to just make principle decisions.

對於這些問題，我們僅僅做出原則性決定是不夠的。

The decisions also need to be seen as legitimate and reflecting what the community wants.

這些決定還需要被視為合法並反映社區的需求。

And that's why I've called for clearer regulation for our industry.

這就是為什麼我呼籲對我們的行業進行更明確的監管。

And until we get clearer rules or establish other mechanisms of governance, I expect that we and our whole industry will continue to face a very high level of scrutiny.

在我們獲得更明確的規則或建立其他治理機制之前，我預計我們和我們的整個行業將繼續面臨非常高水平的審查。

So during this, our job is to keep doing what we think is right on the social issues and to stay focused on continuing to deliver product improvements and better experiences for our community.

因此，在此期間，我們的工作是繼續在社會問題上做我們認為正確的事情，並繼續專注於繼續為我們的社區提供產品改進和更好的體驗。

The product areas that I'm most focused on for the next chapter of our company are building out the private social platform and more intimate communities, enabling more commerce and payments and delivering the next computing platform.

對於我們公司的下一章，我最關注的產品領域是構建私人社交平台和更親密的社區，支持更多的商業和支付，並提供下一個計算平台。

When I look at the Internet today, we all have this ability to connect with people, content and opportunities coming from all around the world in ways that were unimaginable just a generation ago.

當我審視今天的互聯網時，我們都有這種能力以一代人以前無法想像的方式與來自世界各地的人、內容和機會聯繫。

And I grew up in a town of 10,000 people, and making long distance calls anywhere outside the area was very expensive.

我在一個擁有 10,000 人口的城鎮長大，在該地區以外的任何地方撥打長途電話都非常昂貴。

Today, we all have access to billions of people, and that's made it easier to find people who are into the same things that you are.

今天，我們都可以接觸到數十億人，這讓我們更容易找到與你志同道合的人。

But as our networks and communities have gotten so large, we increasingly crave a sense of intimacy and privacy.

但隨著我們的網絡和社區變得如此龐大，我們越來越渴望一種親密感和隱私感。

So delivering this experience is our focus.

因此，提供這種體驗是我們的重點。

And across our services, the greatest growth in how people are communicating continues to come from private messaging, small groups and disappearing stories where your data doesn't stick around forever.

在我們的服務中，人們交流方式的最大增長繼續來自私人消息傳遞、小組和消失的故事，在這些地方，您的數據不會永遠存在。

There's a lot more to do here.

這裡還有很多事情要做。

While the Facebook and Instagram apps have developed with lots of different ways to interact with the people you care about, our private communication apps are still pretty much just about texting.

雖然 Facebook 和 Instagram 應用程序已經開發出許多不同的方式來與您關心的人互動，但我們的私人通信應用程序仍然幾乎只是發短信。

So we spent the last year building infrastructure to turn our private messaging apps, WhatsApp and Messenger, into richer, private social platforms where you can hang out and be present with friends, find groups with your interest, engage with businesses more naturally.

因此，我們去年花了一年時間構建基礎設施，將我們的私人消息應用程序 WhatsApp 和 Messenger 轉變為更豐富的私人社交平台，您可以在其中與朋友一起出去玩，與朋友見面，找到您感興趣的群組，更自然地與企業互動。

So some of these are bigger projects like full end-to-end encryption, interoperability across the apps or rewriting our apps for performance.

因此，其中一些是更大的項目，例如完整的端到端加密、跨應用程序的互操作性或重寫我們的應用程序以提高性能。

And they're going to take a long time to see through.

他們需要很長時間才能看透。

But we should start seeing more new experiences later this year, and this will all be built on a very strong privacy foundation.

但我們應該會在今年晚些時候開始看到更多新體驗，而這一切都將建立在非常強大的隱私基礎之上。

Commerce and payments is another area that will be important for the private social platform, but also across all of our apps, including Facebook and Instagram.

商業和支付是另一個對私人社交平台很重要的領域，但對我們所有的應用程序也很重要，包括 Facebook 和 Instagram。

Our goal here is to make sure that every individual, a small business entrepreneur out there has the same opportunity and access to the same type of sophisticated tools that historically only the big companies have had access to.

我們的目標是確保每個人，無論是小企業主，都有相同的機會和機會使用以往只有大公司才能使用的相同類型的複雜工具。

So that's what we stand for, putting power in individuals' hands.

這就是我們的主張，將權力交到個人手中。

One example that we've been working on is WhatsApp Payments where you're going to be able to send money as quickly and easily as sending a photo.

我們一直在努力的一個例子是 WhatsApp Payments，您將能夠像發送照片一樣快速、輕鬆地匯款。

We got approval to test this with 1 million people in India back in 2018.

早在 2018 年，我們就獲准在印度對 100 萬人進行測試。

And when so many of the people kept using it week after week, we knew it was going to be big when we get to launch.

當如此多的人一周又一周地使用它時，我們知道當我們推出時它會變得很大。

I'm really excited about this, and I expect this to start rolling out in a number of countries and for us to make a lot of progress here in the next 6 months.

我對此感到非常興奮，我希望它能開始在許多國家推出，並讓我們在接下來的 6 個月內在這裡取得很大進展。

Beyond WhatsApp Payments, we're working on several other efforts to help facilitate more commerce from Facebook Marketplace to Instagram Shopping, to our work on Facebook Pay or our work on Libra.

除了 WhatsApp Payments 之外，我們還在做其他幾項工作，以幫助促進更多的商業活動，從 Facebook Marketplace 到 Instagram Shopping，再到我們在 Facebook Pay 上的工作或我們在 Libra 上的工作。

This is such a big space, and it's important for empowering people.

這是一個很大的空間，對賦予人們權力很重要。

So we're taking a number of different approaches here, ranging from people buying and selling to each other directly, to businesses setting up storefronts, to people engaging with businesses directly through messaging and a number of things on payments ranging from existing -- using existing national systems like India's UPI to creating new global systems.

因此，我們在這裡採取了多種不同的方法，從人們直接相互買賣，到企業設立店面，再到人們通過消息直接與企業互動，以及許多關於支付的事情，從現有的——使用現有的國家系統，如印度的 UPI，以創建新的全球系統。

Having small businesses succeed is not only key to creating broad economic growth where everyone can support themselves, it's also important to maintaining healthy communities since small businesses are often where people come together.

讓小企業取得成功不僅是創造人人都能養活自己的廣泛經濟增長的關鍵，而且對於維持健康的社區也很重要，因為小企業通常是人們聚集在一起的地方。

We see on our services all the time how small businesses that use our tools are often at the heart of their local communities.

我們一直在我們的服務中看到使用我們工具的小企業如何成為當地社區的核心。

So this is a top priority for us on both fronts, for the social mission and the business.

因此，這是我們在社會使命和業務兩方面的首要任務。

We've also been focusing on delivering the next computing platform with augmented and virtual reality.

我們還一直專注於提供具有增強現實和虛擬現實的下一個計算平台。

The defining characteristic of AR and VR is that they deliver the sense of presence, like you're right there with another person or in another place.

AR 和 VR 的定義特徵是它們提供存在感，就像您和另一個人或在另一個地方一樣。

And this is the Holy Grail of social experiences.

這就是社交體驗的聖杯。

And it's going to let us build things that we've only dreamed of for the last 15 years, like letting people interact as if they're in person together no matter where they are or letting people live wherever they want and hologram into work so they can access opportunities anywhere and don't have to move to a city or another country to find a job.

它將讓我們打造過去 15 年來我們夢寐以求的東西，比如讓人們無論身在何處都能像面對面一樣互動，或者讓人們住在任何他們想住的地方，並將全息圖應用到工作中，這樣他們可以在任何地方獲得機會，而不必搬到一個城市或另一個國家去尋找工作。

So while full augmented reality is still a number of years away, we hit a real milestone for virtual reality with Quest.

因此，雖然完整的增強現實還需要數年時間，但我們通過 Quest 實現了虛擬現實的真正里程碑。

Sales are stronger than we expected, and people are buying and engaging with more content than we'd expected to.

銷售比我們預期的要強勁，人們購買和參與的內容比我們預期的要多。

On Christmas Day, people bought almost $5 million worth of content in the Oculus store.

在聖誕節那天，人們在 Oculus 商店購買了價值近 500 萬美元的內容。

And that's an outlier day, but still, this is real volume by any measure.

那是異常的一天，但無論如何，這仍然是真實的交易量。

And it shows the progress that this ecosystem is making.

它顯示了這個生態系統正在取得的進步。

The experience also just keeps on getting better.

體驗也越來越好。

Last quarter, we shipped hand tracking, which almost no one thought was going to be possible with the Quest hardware.

上個季度，我們推出了手部追踪功能，幾乎沒有人認為 Quest 硬件會實現這一功能。

And we shipped Oculus Link, so now you can run all of your Rift content from your PC on Quest.

我們提供了 Oculus Link，所以現在您可以在 Quest 上從您的 PC 運行所有 Rift 內容。

On the AR side, while we're working on the long-term hardware and operating system, it's worth noting that our Spark AR platform is the most widely used AR platform in the world with hundreds of millions of people interacting with effects every month.

在 AR 方面，雖然我們正在開髮長期的硬件和操作系統，但值得注意的是，我們的 Spark AR 平台是世界上使用最廣泛的 AR 平台，每個月有數億人與效果進行交互。

Artists are using this to create new face filters and other tools that are going viral across Instagram and Facebook.

藝術家們正在使用它來創建新的面部濾鏡和其他工具，這些工具在 Instagram 和 Facebook 上風靡一時。

We're well positioned here overall, and we're going to keep developing this platform.

總體而言，我們在這方面處於有利地位，我們將繼續開發這個平台。

So those are some of the bigger product initiatives that I'm excited about.

所以這些是我很興奮的一些更大的產品計劃。

And aside from these, we're also focused on communicating more clearly what we stand for.

除了這些，我們還專注於更清楚地傳達我們的立場。

One critique of our approach for much of the last decade was that because we wanted to be liked, we didn't always communicate our views as clearly because we were worried about offending people.

在過去十年的大部分時間裡，對我們的做法的一種批評是，因為我們想要被喜歡，所以我們並不總是清楚地傳達我們的觀點，因為我們擔心冒犯別人。

So this led to some positive but shallow sentiment towards us and towards the company.

因此，這導致了對我們和公司的一些積極但膚淺的情緒。

And my goal for this next decade isn't to be liked, but to be understood.

我下一個十年的目標不是被喜歡，而是被理解。

Because in order to be trusted, people need to know what you stand for.

因為為了獲得信任，人們需要知道您代表什麼。

So we're going to focus more on communicating our principles, whether that's standing up for giving people a voice against those who would censor people who don't agree with them, standing up for letting people build their own communities against those who say that the new types of communities forming on social media are dividing us, standing up for encryption against those who say that privacy mostly helps bad people, standing up for -- giving small businesses more opportunity and sophisticated tools against those who say that targeted advertising is a problem, or standing up for serving every person in the world against those who say that you have to pay a premium in order to really be served.

因此，我們將更多地專注於傳達我們的原則，無論是堅持讓人們發聲反對那些會審查不同意他們的人的人，還是堅持讓人們建立自己的社區來反對那些這樣說的人社交媒體上形成的新型社區正在分裂我們，支持加密反對那些說隱私主要幫助壞人的人，支持——為小企業提供更多機會和復雜的工具反對那些說有針對性的廣告是問題，或者站出來為世界上的每一個人服務，反對那些說你必須支付額外費用才能真正得到服務的人。

These positions aren't always going to be popular, but I think it's important for us to take these debates head-on.

這些立場並不總是受歡迎，但我認為對我們來說，直面這些辯論很重要。

I know that there are a lot of people who agree with these principles, and there are a whole lot more who are open to them and want to see these arguments get made.

我知道有很多人同意這些原則，還有更多人對這些原則持開放態度並希望看到這些論點得到證實。

So expect more of that this year.

所以期待今年更多。

This is going to be another important year.

這將是又一個重要的一年。

It's going to be an intense year with the election.

這將是選舉激烈的一年。

Some of our long-term technology bets are going to start coming to fruition.

我們的一些長期技術賭注將開始開花結果。

We have strong business momentum, and we have to get out there and show what we stand for.

我們的業務勢頭強勁，我們必須站出來展示我們的立場。

As always, I'm grateful to all of you for your support and for being on this journey with us.

一如既往，我感謝大家的支持以及與我們一起踏上這段旅程。

And now I'm going to hand it over to Sheryl to talk about our business.

現在我要把它交給雪莉來談談我們的業務。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

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

我們在整個季度都表現良好，並在今年年底表現強勁。

Q4 ad revenue was $20.7 billion, increasing 25% year-over-year.

第四季度廣告收入為 207 億美元，同比增長 25%。

Full year ad revenue grew 27% compared to 2018.

與 2018 年相比，全年廣告收入增長了 27%。

We're focused on creating value over the long term for our community and for the 140 million businesses around the world who use our platform to connect with customers and grow.

我們專注於為我們的社區以及全球 1.4 億使用我們的平台與客戶建立聯繫並實現發展的企業創造長期價值。

The majority use our free tools, but there are also more than 8 million businesses who advertise with us.

大多數人使用我們的免費工具，但也有超過 800 萬家企業通過我們投放廣告。

This is because we help businesses create a mobile presence, increase sales, build the right relationships with customers and hire people.

這是因為我們幫助企業建立移動形象、增加銷售額、與客戶建立正確的關係並僱用人員。

We will continue to focus on helping businesses use our free and paid tools to reach the people who matter the most.

我們將繼續專注於幫助企業使用我們的免費和付費工具來接觸最重要的人。

Throughout the holiday season, people used our apps to take advantage of the best deals and shop for the perfect gifts.

在整個假期期間，人們使用我們的應用程序來享受最優惠的價格併購買完美的禮物。

We saw particular strength with e-commerce and online retailers who optimized for measurable objectives like website visits or sales.

我們看到了電子商務和在線零售商的特別優勢，他們針對網站訪問或銷售等可衡量目標進行了優化。

Pura Vida, a jewelry company based in San Diego, ran ads on Facebook and Instagram for a 50% off sale.

Pura Vida 是一家位於聖地亞哥的珠寶公司，在 Facebook 和 Instagram 上投放了 50% 折扣的廣告。

In 9 days, they sold more than 300,000 bracelets, supporting more than 800 artisans around the world.

在 9 天內，他們售出了超過 300,000 條手鍊，支持了全球 800 多位工匠。

People often adopt new technologies before businesses, and we try to make it as easy as possible for businesses to catch up.

人們通常先於企業採用新技術，我們努力讓企業盡可能容易地迎頭趕上。

Stories is a great example.

故事就是一個很好的例子。

We recently announced 4 million advertisers are using Stories, up from 2 million this time last year.

我們最近宣布有 400 萬廣告商正在使用 Stories，高於去年這個時候的 200 萬。

Bombas, a sock and apparel company, used Instagram Stories to show people wearing their socks while ice-skating and gift-wrapping.

襪子和服裝公司 Bombas 使用 Instagram 快拍展示人們穿著襪子滑冰和包裝禮物。

As a result, they saw a 60% increase in purchases from people under 35.

結果，他們發現來自 35 歲以下人群的購買量增加了 60%。

In addition to helping businesses shift to new formats, we're also making it easier for people to shop directly on our apps.

除了幫助企業轉向新格式外，我們還讓人們更容易直接在我們的應用程序上購物。

We launched Checkout on Instagram with a small closed beta in Q1 2019.

我們在 2019 年第一季度推出了 Instagram Checkout，並進行了小規模內測。

We've fully been building the experience, and now hundreds of businesses in the U.S. are experimenting with Checkout.

我們一直在全力打造體驗，現在美國有數百家企業正在試用 Checkout。

We're taking the time to get this right and growing fully so people and advertisers can benefit over the long term.

我們正在花時間把這件事做好並充分發展，這樣人們和廣告商就可以長期受益。

We give small and growing businesses like Pura Vida and Bombas the same tools that previously only the biggest firms could access.

我們為 Pura Vida 和 Bombas 等成長中的小型企業提供了以前只有大公司才能使用的相同工具。

Large companies can buy national TV spots and large billboards, but most small businesses can't.

大公司可以購買國家電視廣告和大型廣告牌，但大多數小企業不能。

That's why small businesses benefit the most from targeted ads.

這就是小型企業從定向廣告中獲益最多的原因。

We help them reach a more focused audience with the right message, and we do it while protecting people's privacy.

我們幫助他們通過正確的信息吸引更有針對性的受眾，並且我們在保護人們隱私的同時做到這一點。

This really matters because as Mark said, when businesses of all sizes succeed, they hire people and invest in their communities.

這真的很重要，因為正如馬克所說，當各種規模的企業取得成功時，他們都會僱用人員並投資於他們的社區。

Last week, we released a report with Copenhagen Economics.

上週，我們與 Copenhagen Economics 發布了一份報告。

According to 7,000 companies surveyed across 15 EU countries, our apps helped businesses contribute about EUR 200 billion to the European economy just last year.

根據對 15 個歐盟國家/地區的 7,000 家公司進行的調查，僅在去年，我們的應用程序就幫助企業為歐洲經濟貢獻了約 2,000 億歐元。

Economists say this translates to more than 3 million new jobs last year alone.

經濟學家表示，僅去年一年，這就意味著超過 300 萬個新工作崗位。

I announced these findings in London last week where I had the chance to meet with Naomi Roberts.

上週我在倫敦宣布了這些發現，在那裡我有機會會見了 Naomi Roberts。

Naomi started Flare Audio with her husband to improve the sound quality in everything from earplugs to loudspeakers.

Naomi 和她的丈夫一起創辦了 Flare Audio，旨在改善從耳塞到揚聲器的各種產品的音質。

More than 75% of their sales come from Facebook and Instagram.

他們超過 75% 的銷售額來自 Facebook 和 Instagram。

This has enabled them to export to more than 180 countries and grow their business from 2 employees to 22.

這使他們能夠出口到 180 多個國家，並將他們的業務從 2 名員工增加到 22 名。

Stories like Naomi's are why we remain committed to helping small businesses reach customers and grow, but we know it's not enough.

像 Naomi 這樣的故事是我們繼續致力於幫助小型企業接觸客戶和發展的原因，但我們知道這還不夠。

We also have to keep people safe and give them control over their experience on our apps, and we are.

我們還必須保證人們的安全，並讓他們控制他們在我們應用程序上的體驗，我們做到了。

This month, we announced a number of improvements to our industry-leading ad transparency tools, including a new feature that gives people the option to see fewer political ads.

本月，我們宣布了對我們行業領先的廣告透明度工具的多項改進，包括一項新功能，讓人們可以選擇看到更少的政治廣告。

We also updated our ads library to make it more transparent and easier to navigate.

我們還更新了我們的廣告庫，使其更加透明和易於瀏覽。

These updates help people understand who is trying to reach them, and we believe that this transparency is critical to empowering people and keeping them safe.

這些更新幫助人們了解誰在試圖聯繫他們，我們相信這種透明度對於賦予人們權力和保證他們的安全至關重要。

We also want everyone to be in control of their privacy on Facebook.

我們還希望每個人都能控制自己在 Facebook 上的隱私。

As Mark said, we are rolling out our updated Privacy Checkout -- Checkup tool to nearly 2 billion people around the world.

正如馬克所說，我們正在向全球近 20 億人推出更新後的隱私檢查工具——檢查工具。

With a few taps, people can control who sees what they share and how to keep their accounts secure.

只需輕點幾下，人們就可以控制誰能看到他們分享的內容，以及如何確保他們的帳戶安全。

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 turn great ideas into revenue, jobs and economic empowerment.

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，以便我們可以幫助他們將偉大的想法轉化為收入、就業機會和經濟賦權。

I also want to thank our teams around the world for working to solve tough challenges while still building great products that businesses use to grow, compete and hire.

我還要感謝我們在世界各地的團隊努力解決嚴峻的挑戰，同時仍在構建企業用來發展、競爭和招聘的優秀產品。

Thanks to your continued dedication, we are better prepared to serve the billions of people who count on us.

由於您的持續奉獻，我們已做好更充分的準備，為依賴我們的數十億人提供服務。

Now here's Dave.

現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

Q4 was a strong quarter and ended a good year for our business.

第四季度是一個強勁的季度，結束了我們業務的豐收年。

Full year 2019 revenue grew 27% to $71 billion, and we generated over $18 billion in net income.

2019 年全年收入增長 27% 至 710 億美元，我們產生了超過 180 億美元的淨收入。

Let's begin with our community metrics.

讓我們從我們的社區指標開始。

In terms of family metrics, we estimate that approximately 2.3 billion people used at least one of our services on a daily basis in December and that approximately 2.9 billion people were active on a monthly basis.

在家庭指標方面，我們估計在 12 月大約有 23 億人每天至少使用我們的一項服務，並且大約有 29 億人每月活躍。

As a reminder, the family metrics are our best estimate of the deduplicated audience across Facebook, Instagram, Messenger and WhatsApp.

提醒一下，家庭指標是我們對 Facebook、Instagram、Messenger 和 WhatsApp 上的重複數據刪除受眾的最佳估計。

We believe these numbers better reflect the size of our community and the fact that many people use 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。

Beginning this quarter, we are including family metrics and related information in our SEC filings and the slide presentation on our investor website.

從本季度開始，我們將在向美國證券交易委員會提交的文件和投資者網站上的幻燈片演示中包含家族指標和相關信息。

Turning now to Facebook.

現在轉向 Facebook。

We are pleased with the growth of the Facebook community in all regions this quarter.

我們對本季度所有地區 Facebook 社區的增長感到滿意。

Daily active users reached 1.7 billion, up 9% 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，日活躍用戶達到 17 億，比去年增長 9%。

DAUs represented approximately 66% of the 2.5 billion monthly active users in December.

DAU 約佔 12 月 25 億月活躍用戶的 66%。

MAUs grew 178 million or 8% compared to last year.

與去年相比，MAU 增長了 1.78 億或 8%。

We plan to continue to disclose Facebook-only community metrics through late 2020.

我們計劃在 2020 年底前繼續披露僅限 Facebook 的社區指標。

Turning now to the financials.

現在轉向財務。

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

除非另有說明，否則所有比較均基於同比。

Q4 total revenue was $21.1 billion, up 25% or 26% on a constant currency basis.

第四季度總收入為 211 億美元，按固定匯率計算增長 25% 或 26%。

Had foreign exchange rates remained constant with Q4 of last year, total revenue would have been approximately $295 million higher.

如果外匯匯率與去年第四季度保持不變，總收入將增加約 2.95 億美元。

Q4 total ad revenue was $20.7 billion, up 25% or 26% on a constant currency basis.

第 4 季度總廣告收入為 207 億美元，按固定匯率計算增長 25% 或 26%。

On a regional basis, ad revenue growth rates were strongest in Asia Pacific and Rest of World, which grew 33% and 28%, respectively.

從地區來看，亞太地區和世界其他地區的廣告收入增長率最為強勁，分別增長了 33% 和 28%。

Europe and U.S. and Canada grew more slowly at 24% and 22%, respectively.

歐洲、美國和加拿大的增長速度較慢，分別為 24% 和 22%。

In Q4, the total number of ad impressions served across our services increased 31%, and the average price per ad decreased 5%.

在第 4 季度，通過我們的服務投放的廣告總展示次數增加了 31%，每條廣告的平均價格下降了 5%。

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

與上一季度類似，印象增長主要由 Facebook News Feed、Instagram Stories 和 Instagram Feed 推動。

Facebook News Feed impression growth benefited largely from community growth and engagement trends on the Facebook app.

Facebook News Feed 印象的增長主要得益於 Facebook 應用上的社區增長和參與趨勢。

The year-over-year decline in average price per ad was primarily driven by the ongoing mix shift towards ads on Stories and in geographies which monetized at lower rates.

每條廣告的平均價格同比下降主要是由於持續向故事廣告和以較低利率獲利的地區投放廣告所推動的。

Other revenue was $346 million, up 26%.

其他收入為 3.46 億美元，增長 26%。

Year-over-year growth was driven by sales of Oculus Quest.

同比增長是由 Oculus Quest 的銷售推動的。

Turning now to expenses.

現在轉向費用。

Total expenses were $12.2 billion in Q4, up 34%.

第四季度總支出為 122 億美元，增長 34%。

Cost of revenue increased 25%, and the growth was driven primarily by depreciation related to our infrastructure spend.

收入成本增加了 25%，增長主要是由與我們的基礎設施支出相關的折舊推動的。

R&D grew 36% and was driven primarily by increased investments in core product as well as our innovation efforts particularly in AR/VR.

研發增長了 36%，這主要是由於對核心產品的投資增加以及我們的創新努力，特別是在 AR/VR 方面的努力。

Marketing and sales grew 23% and was driven primarily by consumer and growth marketing.

營銷和銷售額增長了 23%，主要由消費者和增長營銷推動。

Finally, G&A grew 87% largely driven by higher legal fees and settlements.

最後，G&A 增長了 87%，這主要是由於更高的法律費用和和解費用。

This includes charges related to a $550 million settlement in principle we reached this month in connection with the Illinois Biometric Information Privacy Act litigation.

這包括與我們本月就《伊利諾伊州生物識別信息隱私法》訴訟達成的 5.5 億美元原則和解相關的費用。

We had over 9,300 net new hires in 2019 primarily in technical functions.

2019 年，我們新增 9,300 多名新員工，主要是技術職能部門。

We ended the year with approximately 45,000 full-time employees, up 26 compared to -- 26% compared to last year.

到年底，我們擁有大約 45,000 名全職員工，比去年增加了 26 名，增長了 26%。

Operating income was $8.9 billion, representing a 42% operating margin.

營業收入為 89 億美元，營業利潤率為 42%。

Our tax rate was 20%.

我們的稅率是 20%。

Net income was $7.3 billion or $2.56 per share.

淨收入為 73 億美元或每股 2.56 美元。

Full year capital expenditures were $15.7 billion, up 12%, driven by investments in data centers, servers, office buildings and network infrastructure.

受數據中心、服務器、辦公樓和網絡基礎設施投資的推動，全年資本支出為 157 億美元，增長 12%。

In 2019, we opened data centers in Nebraska, New Mexico and Denmark.

2019 年，我們在內布拉斯加州、新墨西哥州和丹麥開設了數據中心。

These new data centers are supported by 100% renewable energy.

這些新數據中心由 100% 可再生能源提供支持。

We are committed to doing our part to help tackle the challenge of climate change.

我們致力於儘自己的一份力量來幫助應對氣候變化的挑戰。

That's why we're working to minimize our energy emissions and water impact.

這就是我們努力將能源排放和水資源影響降至最低的原因。

Across the entire company, we are on track to meet our 2020 goal of supporting our global operations with 100% renewable energy and lowering our operational carbon emissions by 75% from 2017 levels.

在整個公司，我們有望實現我們的 2020 年目標，即使用 100% 可再生能源支持我們的全球運營，並將我們的運營碳排放量從 2017 年的水平降低 75%。

We ended the year with $54.9 billion of cash and investments.

我們以 549 億美元的現金和投資結束了這一年。

I would note that though we booked the expense in 2019, we have not paid the $5 billion FTC fine announced earlier this year as the agreement is still pending court approval.

我要指出的是，雖然我們在 2019 年記下了這筆費用，但由於該協議仍在等待法院批准，我們尚未支付今年早些時候宣布的 50 億美元 FTC 罰款。

In the quarter, we repurchased approximately -- we repurchased $1.3 billion of our Class A common stock and had $4.9 billion remaining of our prior authorization as of December 31.

在本季度，我們回購了大約 13 億美元的 A 類普通股，截至 12 月 31 日，我們的事先授權剩餘 49 億美元。

Today, we announced a $10 billion increase in our stock repurchase program authorization.

今天，我們宣布我們的股票回購計劃授權增加 100 億美元。

Turning now to the revenue outlook.

現在轉向收入前景。

We expect our year-over-year total reported revenue growth rate in Q1 to decelerate by a low to mid-single-digit percentage point as compared to our Q4 growth rate.

與第四季度的增長率相比，我們預計第一季度報告的總收入同比增長率將下降一個中低個位數百分點。

Factors driving this deceleration include the maturity of our business as well as the increasing impact from global privacy regulation and other ad targeting-related headwinds.

推動這種減速的因素包括我們業務的成熟以及全球隱私監管和其他與廣告定位相關的不利因素的影響越來越大。

While we have experienced some modest impact from these headwinds to date, the majority of the impact lies in front of us.

迄今為止，雖然這些逆風對我們的影響不大，但大部分影響都在我們面前。

Turning now to expenses.

現在轉向費用。

We anticipate our 2020 total expenses will be in the range of $54 billion to $59 billion, unchanged from our prior outlook.

我們預計 2020 年的總支出將在 540 億美元至 590 億美元之間，與之前的預期持平。

Our 2020 capital expenditures outlook is also unchanged at $17 billion to $19 billion, driven by investments in data centers, servers, office facilities and our network infrastructure.

在對數據中心、服務器、辦公設施和我們的網絡基礎設施的投資推動下，我們 2020 年的資本支出前景也保持在 170 億美元至 190 億美元不變。

Lastly, we expect our 2020 effective tax rate to be in the high teens.

最後，我們預計 2020 年的有效稅率將達到十幾歲。

In summary, Q4 was a strong finish to 2019.

總之，第四季度是 2019 年的強勢收官。

We are pleased with the growth of our community and business as we continue to focus on our mission.

隨著我們繼續專注於我們的使命，我們對社區和業務的發展感到高興。

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

有了這個，接線員，讓我們開始提問。

(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. Just the first one on Instagram Checkout, Instagram Commerce.

我有 2 個。只是 Instagram Checkout 上的第一個，Instagram Commerce。

I'm curious to hear about sort of early learnings of what you've learned from the hundreds of adopters and sort of what you think are the 1 or 2 key points of friction you really have to get over to build that business into a larger contributor over the next couple of years.

我很想听聽你從數百名採用者那裡學到的一些早期知識，以及你認為你真正必須克服的 1 或 2 個關鍵摩擦點，才能將業務發展成更大的未來幾年的貢獻者。

And then, Dave, I guess to go back to your comment about the majority of the impact lies ahead when you're thinking about ad targeting and privacy regulation, is there any more detail you can give us as sort of types of data or types of sort of breakage that you see as potential risk to the targeting and the efficacy of the ads going forward?

然後，戴夫，當你考慮廣告定位和隱私監管時，我想回到你對未來大部分影響的評論，你是否可以向我們提供更多的數據類型或類型的細節您認為哪種破損對廣告的定位和效果具有潛在風險？

So I'll take the first part of the question.

所以我將回答問題的第一部分。

So when you think about the shopping experience or the checkout experience on Instagram, these are still very early days, and we're working hard to improve the product and expand to more businesses.

因此，當您考慮 Instagram 上的購物體驗或結賬體驗時，這些還處於早期階段，我們正在努力改進產品並擴展到更多業務。

These require full integration.

這些都需要完全整合。

So our focus is making sure we get the right partners on board and consumers have a great experience all the way through.

因此，我們的重點是確保我們有合適的合作夥伴加入，並且消費者在整個過程中都能獲得良好的體驗。

We expanded shopping to all -- shopping ads to all advertisers globally Q4, and we began testing checkout and shopping ads.

第四季度，我們將購物擴展到所有人——向全球所有廣告商投放購物廣告，並且我們開始測試結賬和購物廣告。

And what you're going to see from us is very small steps to get more people in and make this deeper across the experience people have.

你將從我們這裡看到的是非常小的步驟，可以讓更多的人參與進來，並在人們的體驗中更深入地了解這一點。

But you are right that we are moving very slowly and very, very, very carefully because we want to make sure the entire experiences is right across the board before we go deeper and go broader.

但你是對的，我們正在非常緩慢地、非常、非常、非常小心地前進，因為我們想確保在我們更深入、更廣泛之前，整個體驗都是正確的。

Yes.

是的。

Thanks, Brian.

謝謝，布萊恩。

Yes, we are seeing headwinds in terms of targeting and measurement.

是的，我們在定位和衡量方面遇到了阻力。

But as I noted, the majority of that impact lies in front of us.

但正如我所指出的，大部分影響都在我們面前。

Just as a reminder, we utilize signals from user activity on third-party website and services in order to deliver relevant and effective ads to our users.

提醒一下，我們利用來自第三方網站和服務上的用戶活動的信號，以便向我們的用戶投放相關且有效的廣告。

And in that regard, there are sort of 3 overlying factors that I'd point to, and I spoke to these on prior calls as well.

在這方面，我要指出 3 個疊加因素，我在之前的電話會議上也談到了這些因素。

First, the recent regulatory initiatives like GDPR and now CCPA have impacted, and we expect they'll continue to impact our ability to use such signals.

首先，最近的監管舉措（如 GDPR 和現在的 CCPA）產生了影響，我們預計它們將繼續影響我們使用此類信號的能力。

Secondly, mobile operating systems and browser providers such as Apple and Google have announced product changes and future plans that will limit our ability to use those signals.

其次，蘋果和谷歌等移動操作系統和瀏覽器供應商已經宣布了產品變更和未來計劃，這將限制我們使用這些信號的能力。

And then finally, we've made our own product changes that gives users the ability to limit our use of such data signals to improve ads and other experiences.

最後，我們對自己的產品進行了更改，使用戶能夠限制我們對此類數據信號的使用，以改善廣告和其他體驗。

And there I'd point to something like the rollout of off-Facebook activity controls, and that's at 100% today.

我要指出的是諸如推出非 Facebook 活動控件之類的東西，今天是 100%。

So each of these factors limits our ability to target and measure the effectiveness of ads on our platform, and that can negatively impact our advertising revenue growth.

因此，這些因素中的每一個都限制了我們在平台上定位和衡量廣告效果的能力，這會對我們的廣告收入增長產生負面影響。

Both Mark and Sheryl talked about the importance of ad targeting for small businesses.

Mark 和 Sheryl 都談到了廣告定位對小型企業的重要性。

And I think it's important to note that the regulatory and platform changes will have a disproportionate impact on the ability of small businesses to use ads to grow and thrive.

而且我認為重要的是要注意監管和平台的變化將對小企業使用廣告發展壯大的能力產生不成比例的影響。

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。

Great.

偉大的。

Dave, can we talk about the growth rate in the fourth quarter, particularly in the U.S.?

戴夫，我們可以談談第四季度的增長率，尤其是美國的增長率嗎？

Was there anything that surprised you guys or any particular cohort of advertisers that slowed down?

有什麼讓你們或任何特定的廣告商群體感到驚訝的事情放慢了嗎？

If we look at your growth rate from 3Q to 4Q in the U.S., I think it was the lowest since 2012 in the fourth quarter.

如果我們看一下美國第三季度到第四季度的增長率，我認為這是自 2012 年第四季度以來的最低水平。

So any color on what happened in the fourth quarter, or was this in line with your plan?

那麼關於第四季度發生的事情的任何顏色，或者這是否符合您的計劃？

Yes, thanks.

對了謝謝。

Thanks, Ross.

謝謝，羅斯。

No real surprises there.

那裡沒有真正的驚喜。

We are pleased with our Q4 results.

我們對第四季度的業績感到滿意。

We had a strong holiday season despite it being abbreviated.

儘管它被縮寫了，但我們有一個強大的假期。

In terms of the North American numbers, we're seeing slower growth in our more mature markets.

就北美數字而言，我們看到我們更成熟的市場增長放緩。

That's consistent with the outlook that we had going into the quarter.

這與我們進入本季度的前景一致。

It's true in North America and our more developed markets within Europe, but I wouldn't say there's any real surprises there.

在北美和歐洲更發達的市場確實如此，但我不會說那裡有任何真正的驚喜。

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

你的下一個問題來自高盛的 Heather Bellini。

I just wanted to follow up on the Checkout on Instagram.

我只是想跟進 Instagram 上的 Checkout。

And obviously you guys mentioned that you're rolling it out very slowly, which is understandable.

顯然你們提到你們推出它的速度非常緩慢，這是可以理解的。

I'm just wondering how much of this is due to the integration you need to have with the businesses' inventory system.

我只是想知道這有多少是由於您需要與企業的庫存系統進行集成。

And how are you going about the integration work that needs to be done to make the experience seamless, where you could kind of match inventory levels with what people are actually buying?

您將如何進行整合工作以實現無縫體驗，您可以將庫存水平與人們實際購買的商品相匹配？

And I guess the follow-up would be is there a benefit that you envision businesses getting from using this format versus one of your more traditional shopping ads?

我想接下來的問題是，與使用更傳統的購物廣告相比，您認為企業使用這種格式會帶來什麼好處嗎？

So the integrations you spoke of are the right ones we want.

因此，您所說的集成正是我們想要的。

You want to be deeply integrated at a product level.

您希望在產品級別進行深度集成。

It has to go all the way through for this to work from discovery, all the way through a pretty seamless checkout flow.

它必須一路走來才能從發現開始工作，一直到非常無縫的結帳流程。

And that's what we're working on, and that really takes time.

這就是我們正在做的事情，這真的需要時間。

You're also right that we are very focused on commerce ads on Facebook, that the great, great, great majority of activity is commerce ads on Facebook.

你也說對了，我們非常關注 Facebook 上的商業廣告，絕大部分活動都是 Facebook 上的商業廣告。

We had a very strong holiday season.

我們有一個非常強勁的假期。

We continue to see growth across Facebook, across Instagram in people who are discovering products they're interested in, and we're continuing to make a lot of investments there.

我們繼續看到在 Facebook 和 Instagram 上發現他們感興趣的產品的人在增長，我們將繼續在這方面進行大量投資。

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

你的下一個問題來自美銀美林的 Justin Post。

A couple of questions, first on the privacy commentary.

有幾個問題，首先是關於隱私評論。

Dave, has anything changed since third quarter when we were looking at less deceleration this year?

戴夫，自第三季度以來我們認為今年減速較少時有什麼變化嗎？

Has there been incremental changes since then?

從那時起是否有增量變化？

And then secondly, on the expense outlook, I noticed headcount growth was around 26%.

其次，在支出前景方面，我注意到員工人數增長了 26% 左右。

As far as getting to your headcount guide -- I mean to your expense guide, do you expect that growth to accelerate?

至於你的人數指南——我的意思是你的費用指南，你預計增長會加速嗎？

And are there other kind of expense initiatives you'd call out for 2020?

您是否會為 2020 年提出其他類型的費用計劃？

Yes.

是的。

Thanks, Justin.

謝謝，賈斯汀。

So I don't think anything has changed since Q3 in terms of our outlook on the headwinds that we have around ad signals.

因此，就我們對廣告信號逆風的看法而言，我認為自第三季度以來沒有任何變化。

I think that's very consistent with what we've been talking about over the last several quarters.

我認為這與我們在過去幾個季度一直在談論的內容非常一致。

So I think we'll -- we continue to face those headwinds, and they will be more impactful as we move forward.

所以我認為我們將 - 我們將繼續面對這些逆風，並且隨著我們前進，它們將產生更大的影響。

In terms of the expense guide in 2020, I would say that obviously we plan to -- a large factor of our expense growth is driven off of headcount.

就 2020 年的支出指南而言，我想說的是，我們顯然計劃——我們支出增長的一個很大因素是從員工人數中剔除的。

And we're continuing to invest across the board in terms of our core R&D and innovation efforts in terms of headcount growth there.

我們將繼續在我們的核心研發和創新工作方面進行全面投資，以增加員工人數。

In addition, growth in infrastructure spend is our large increase in CapEx over the last several years, flows through the income statement as another driver of our expense growth as well.

此外，基礎設施支出的增長是我們過去幾年資本支出的大幅增長，通過損益表作為我們支出增長的另一個驅動力。

And there's other nonheadcount-related expenses that we expect to grow, including marketing and content investments.

我們預計還有其他與員工人數無關的費用會增長，包括營銷和內容投資。

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

你的下一個問題來自摩根大通的 Doug Anmuth。

Mark, you have multiple payment initiatives across the family.

馬克，您在整個家庭中有多項付款計劃。

You talked about WhatsApp Payments, Facebook Pay, potentially more over time around Libra and Calibra.

你談到了 WhatsApp 支付、Facebook 支付，隨著時間的推移可能會更多地圍繞 Libra 和 Calibra。

Can you just talk about the importance of payments across the family?

你能談談付款對整個家庭的重要性嗎？

And how do you tie these together as you work towards interoperability?

在努力實現互操作性時，如何將它們聯繫在一起？

Yes.

是的。

So we're doing a lot around commerce and payments because there are lots of different segments for what people are trying to do.

所以我們在商業和支付方面做了很多工作，因為人們試圖做的事情有很多不同的部分。

In terms of buying and selling things, a lot of people want to buy and sell used goods.

在買賣東西方面，很多人都想買賣舊貨。

We have Facebook Marketplace for that.

為此，我們有 Facebook Marketplace。

A lot of small businesses want to set up storefronts.

許多小企業想開設店面。

We're enabling that through Instagram and Facebook and then increasingly through messaging as well.

我們正在通過 Instagram 和 Facebook 實現這一點，然後越來越多地通過消息傳遞實現。

On the payments side, WhatsApp Payments will be a part of Facebook Pay.

在支付方面，WhatsApp Payments 將成為 Facebook Pay 的一部分。

I mean we announced this program last year that basically we'll make it so if you pay for something in any of our apps, you only need to enter your credit card once, and then you can use that to have a more frictionless checkout experience across the other apps.

我的意思是我們去年宣布了這個計劃，基本上我們會做到，如果你在我們的任何應用程序中支付東西，你只需要輸入一次你的信用卡，然後你就可以使用它來獲得更順暢的結賬體驗在其他應用程序中。

So those 2 things tie in together.

所以這兩件事聯繫在一起。

But we are taking multiple approaches on payments where things like what we're doing with Payments in WhatsApp or Facebook Pay overall are built on top of traditional payment infrastructure, whereas the longer-term work that we proposed around Libra that's now being handled by the independent Libra Foundation where we're working on a wallet that will work with Libra.

但我們在支付方面採取了多種方法，比如我們在 WhatsApp 或 Facebook Pay 中所做的支付總體上是建立在傳統支付基礎設施之上的，而我們圍繞 Libra 提出的長期工作現在由獨立的 Libra 基金會，我們正在開發一個可以與 Libra 一起使用的錢包。

That is more a proposal to make it so that some of the payment infrastructure around the world can be more efficient, especially for things like transferring money across borders.

這更像是一項提案，目的是讓世界各地的一些支付基礎設施更加高效，尤其是在跨境轉賬等方面。

And if you think about it, a lot of the companies that do payments and such today are kind of national and/or in one country.

如果你仔細想想，今天很多做支付的公司都是全國性的和/或在一個國家。

And there aren't that many folks who have an incentive to make this work well across different places around the world.

並且沒有那麼多人有動力讓這項工作在世界各地的不同地方運作良好。

So that's some place where we thought that we could add.

所以這是我們認為可以添加的地方。

But overall, where -- a big focus for us is making sure that individuals and small businesses have access to the same kind of tools that historically only larger companies have had access to.

但總的來說，我們的一個重點是確保個人和小型企業能夠使用以往只有大公司才能使用的同類工具。

Bigger companies are going to find ways to sell their things and measure the effectiveness of their ads and all that.

更大的公司會想方設法銷售他們的東西並衡量他們的廣告的有效性等等。

A lot of the work that we end up doing goes towards making it easier for small businesses to be able to -- without a big technology shop, be able to use the same tools, get access to payments, set up storefronts easily, being able to measure the effectiveness of ads.

我們最終做的很多工作都是為了讓小企業更容易——沒有大型技術商店，能夠使用相同的工具，獲得支付，輕鬆建立店面，能夠來衡量廣告的有效性。

And that's a lot of what we're focused on, and you've heard Wehner talk about this a bit.

這就是我們關注的重點，您已經聽過 Wehner 談論過這一點。

A lot of the concerns that we have with some of the potential changes to the ecosystem we think will disproportionately hurt small businesses' ability to compete with larger companies.

我們對生態系統的一些潛在變化有很多擔憂，我們認為這將不成比例地損害小企業與大公司競爭的能力。

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

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can.

也許 2，如果可以的話。

Mark, you had talked previously about trying to more tightly integrate the applications in the family under the Facebook umbrella.

馬克，你之前曾談到試圖將應用程序更緊密地集成到 Facebook 旗下的家庭中。

I wonder if we could get an update on the way you're thinking about branding the applications to the consumer as well as integrating them on the tech back end as you look out over the next couple of years.

我想知道我們是否可以了解您正在考慮將應用程序品牌化給消費者以及在未來幾年將它們集成到技術後端的方式的更新。

And then following up on the comment on messaging, I wondered if we can get an update on the way the team is thinking about the messaging component on a monetization front and thinking about some of the more interesting products you might use to monetize the messaging applications, both Facebook Messenger and WhatsApp as you look out over the next couple of years.

然後跟進關於消息傳遞的評論，我想知道我們是否可以了解團隊在貨幣化方面考慮消息傳遞組件的方式的最新情況，並考慮一些您可能用來通過消息傳遞應用程序獲利的更有趣的產品, Facebook Messenger 和 WhatsApp 都將在未來幾年內為您所期待。

Sure.

當然。

So on integration, overall here's how I think about it.

因此，在集成方面，總體而言，這就是我的想法。

We're going to keep the brands, right, from all the apps.

我們將保留所有應用程序的品牌。

Of course, right, I mean these are large communities that people love and strongly associate with a specific app.

當然，對，我的意思是這些是人們喜愛並與特定應用程序強烈關聯的大型社區。

So that's clearly going to stay.

所以這顯然會留下來。

In terms of integration, all the apps are already very integrated today.

在集成方面，所有應用程序今天已經非常集成。

We all run off of common infrastructure.

我們都在使用公共基礎設施。

We've tried to run the company in a way where we have -- we set up the infrastructure, and we set up the business models.

我們試圖以我們擁有的方式經營公司——我們建立了基礎設施，我們建立了商業模式。

That way, an engineer improving the efficiency of one system makes all of the apps better.

這樣一來，一位工程師提高了一個系統的效率，就能讓所有的應用程序變得更好。

And that's -- everything is already very tightly integrated kind of below the surface, in a way that people using these apps may not feel.

那就是——一切都已經在表面之下非常緊密地集成在一起，使用這些應用程序的人可能感覺不到。

But I think that the push for the next few years is we think that in running a company, I want to make it so it's not just the back end engineers when they improve something, it improves everything.

但我認為未來幾年的推動力是我們認為在經營一家公司時，我想做到的不僅僅是後端工程師在改進某些東西時，它會改進一切。

We want to make it so that features that get built across Instagram or Facebook or WhatsApp and when people engage on those, it can also make your experience better across the other apps in the family, too.

我們希望做到這一點，以便在 Instagram 或 Facebook 或 WhatsApp 上構建功能，當人們參與這些功能時，它也可以讓您在家庭中的其他應用程序中獲得更好的體驗。

So that's kind of the philosophy behind why we're doing a number of things.

所以這就是我們做很多事情背後的哲學。

Some of it is just we built up multiple technical stacks in some places that didn't need to exist.

其中一些只是我們在一些不需要存在的地方建立了多個技術堆棧。

The voice calling stack on WhatsApp and Messenger, there's not a real reason why those need to be different.

WhatsApp 和 Messenger 上的語音呼叫堆棧，沒有真正的理由說明它們需要不同。

But we didn't standardize that layer historically, and that means that now we have to put twice as much work into making that good.

但是我們在歷史上並沒有對該層進行標準化，這意味著現在我們必須投入兩倍的工作來讓它變得更好。

If we got that to be integrated, then the same engineering effort could just make it better across everything at a faster rate.

如果我們把它整合起來，那麼同樣的工程努力可以讓它以更快的速度在所有方面變得更好。

So there's going to be more work like that.

所以會有更多這樣的工作。

I think some of it will start to be more visible across the apps.

我認為其中一些將開始在應用程序中更加明顯。

The apps will always continue to have their own identity and brand now because they -- people use them for somewhat different things, and that's really important.

這些應用程序現在將始終擁有自己的身份和品牌，因為人們將它們用於不同的事情，這非常重要。

Your next question comes from the line of Youssef Squali from SunTrust.

您的下一個問題來自 SunTrust 的 Youssef Squali。

Okay.

好的。

Great.

偉大的。

I actually just have one question.

其實我只有一個問題。

Could you guys provide us any update around Facebook Dating?

你們能為我們提供有關 Facebook 約會的任何更新嗎？

That is not one product that, Mark, you talked about.

馬克，你談到的不是那種產品。

Any stats that you can share with us?

您可以與我們分享任何統計數據嗎？

Any plans to push into other geos?

有進軍其他地區的計劃嗎？

And would you bring it to Instagram as well?

你會把它也帶到 Instagram 上嗎？

So before we answer that, I'm going to go back and answer the messaging monetization, second half of the last question, if that's okay, and then we'll take this one.

所以在我們回答之前，我要回去回答消息貨幣化，最後一個問題的後半部分，如果沒問題，然後我們將接受這個問題。

On messaging, we are still really focused on this.

在消息傳遞方面，我們仍然非常關注這一點。

And we think, in many ways, we're better positioned than anyone else in the industry to participate in the opportunity that should be there over the long run for businesses and consumers to connect on message.

而且我們認為，在許多方面，我們比業內任何其他人都處於更好的位置，可以參與從長遠來看應該存在的機會，讓企業和消費者在信息上建立聯繫。

In terms of direct ads in messaging, we're taking that very slowly.

就消息中的直接廣告而言，我們進展非常緩慢。

We have a very slow rollout in Messenger.

我們在 Messenger 中的推出非常緩慢。

We don't have that rolled out in WhatsApp.

我們沒有在 WhatsApp 中推出。

Where we are seeing a lot of growth and really exciting metrics right now are click-to-messaging ads.

我們現在看到大量增長和真正令人興奮的指標是點擊消息廣告。

These are one of the fastest-growing ad formats in our family, especially with SMBs in markets like APAC, but really across the board.

這些是我們家族中增長最快的廣告格式之一，尤其是對於亞太地區等市場的中小型企業而言，但確實是全面的。

And what happens is that from Facebook or Instagram Feed or from Facebook, Instagram or Messenger Stories, you can click-to-message a business on Messenger or WhatsApp.

發生的事情是，從 Facebook 或 Instagram Feed 或從 Facebook、Instagram 或 Messenger Stories，您可以在 Messenger 或 WhatsApp 上點擊向企業發送消息。

It's a really good way to drive engagement.

這是提高參與度的好方法。

It also really takes people further down the funnel from seeing an ad to having a direct connection with businesses, which consumers like and businesses like.

它也確實使人們在從看到廣告到與企業直接聯繫的渠道中走得更遠，消費者喜歡這種聯繫，企業也喜歡這種聯繫。

We also think the ROI is very high here.

我們還認為這裡的投資回報率非常高。

So I'll share an example.

所以我將分享一個例子。

Manulife from Vietnam is an insurance company.

來自越南的宏利保險是一家保險公司。

They use click-to-messaging ads to generate and qualify leads.

他們使用點擊消息廣告來生成和限定潛在客戶。

And compared to Facebook lead ads, which were already performing well, those ads had 2.4x more qualified leads and a 4x increase in sales.

與已經表現良好的 Facebook 線索廣告相比，這些廣告的合格線索增加了 2.4 倍，銷售額增加了 4 倍。

And so we think the combination of the discovery ads that we can do, clicking through the Messenger right now already shows the potential of how important messaging can be for businesses.

因此，我們認為我們可以做的發現廣告的組合，現在通過 Messenger 點擊已經顯示了消息傳遞對企業的重要性的潛力。

Yes.

是的。

And I could talk a little bit about the Dating experience.

我可以談談約會經歷。

It's going well.

進行得順利。

I don't think we have any specific stats to share on this, but it's going well.

我認為我們沒有任何具體的統計數據可以分享，但進展順利。

And we -- I think we're already one of the top dating services, and we expect to continue growing.

而我們——我認為我們已經是頂級約會服務之一，我們希望繼續增長。

In terms of where we launched it, we launched a number of countries before bringing it to the U.S. And our product development approach is that we launch something, and then we get feedback.

就我們推出它的地方而言，我們在將它帶到美國之前推出了一些國家。我們的產品開發方法是我們推出一些東西，然後我們得到反饋。

We try to test things before we launch them.

我們嘗試在發布之前進行測試。

But then there are some things that you can't learn until you have it out.

但是有些東西是你學不來的。

And then we will kind of keep on iterating on it until -- in a number of countries, people who use it really like it and keep using it.

然後我們將繼續對其進行迭代，直到 - 在許多國家/地區，使用它的人真的很喜歡它並繼續使用它。

And then we rolled it out to more countries.

然後我們將其推廣到更多國家。

So we did that over the last year.

所以我們在去年做到了這一點。

We'll continue doing that in more places, but the U.S. was certainly one of the biggest places that we were focused on launching it.

我們將繼續在更多地方這樣做，但美國肯定是我們重點推出它的最大地方之一。

Overall, I mean the way that Dating fits into the strategy here is within the Facebook app, we think that News Feed is really central and that it's one of the only things that we think everyone who uses the app is really going to use on a daily basis.

總的來說，我的意思是約會適合這裡策略的方式是在 Facebook 應用程序中，我們認為新聞提要真的很重要，而且它是我們認為每個使用該應用程序的人真正會在社交媒體上使用的唯一東西之一。每日基礎。

But there are different social utilities that even if not everyone wants to use them, hundreds of millions of people might find value in.

但是有不同的社會公用事業，即使不是每個人都想使用它們，也有數億人可能會發現它們的價值。

So whether that's Marketplace for buying and selling things.

那麼這是否是用於買賣東西的市場。

Groups and communities, we think, is increasingly ubiquitous, but the tab there isn't going to be used by everyone.

我們認為，團體和社區越來越普遍，但並不是每個人都會使用那裡的選項卡。

It's going to be used by hundreds of millions of people.

它將被數億人使用。

Things like Watch or the News tab that we have started rolling out are not things that we expect everyone to use.

我們已經開始推出的 Watch 或 News 標籤之類的東西並不是我們希望每個人都使用的東西。

But even if tens or hundreds of millions of people use them, then we're adding unique value that other folks might not be able to build, and we're making the app more valuable.

但即使有數千萬或數億人使用它們，我們也會增加其他人可能無法構建的獨特價值，並且我們正在使應用程序更有價值。

So I kind of expect in a year or 2, the world that we're going to be in is people use Facebook, they're going to use News Feed, and then they're probably each going to have 2 or 3 other of these social utilities that they find valuable.

所以我預計在一兩年內，我們將進入的世界是人們使用 Facebook，他們將使用 News Feed，然後他們可能每個人都會有 2 或 3 個其他的他們認為有價值的這些社會效用。

And as we start building those, I think that that's some part of the story that you're seeing on why the Facebook app engagement has been strong recently is -- especially as we build more of these things that certainly is showing up in how people use the app.

當我們開始構建這些內容時，我認為這就是你所看到的關於為什麼最近 Facebook 應用程序參與度很高的故事的一部分 - 特別是當我們構建更多這些東西時，這些東西肯定會出現在人們如何使用該應用程序。

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

你的下一個問題來自 RBC 的 Mark Mahaney。

Okay.

好的。

Two things, one, congrats on the carbon reduction goal, love that.

兩件事，一，祝賀碳減排目標，喜歡。

I posted about it.

我發布了它。

Mark, you'd be happy to know that.

馬克，你會很高興知道這一點。

But love to see more companies do that.

但很高興看到更多公司這樣做。

The real question I have to do -- have has to do with the security of the platform in this election year.

我必須解決的真正問題——與這個選舉年平台的安全性有關。

And so can you just talk about the confidence you have?

那麼你能談談你的信心嗎？

And I know there's a lot of things you can't control, but I am sure that there's going to be a lot of controversy around the elections, or I assume that's going to be the case.

我知道有很多事情是你無法控制的，但我確信圍繞選舉會有很多爭議，或者我認為情況會是這樣。

There may well be bad actor interference as there was 4 years ago.

很可能會像 4 年前那樣受到不良演員的干擾。

To the extent you think that Facebook and its platforms are ready to handle that better prepared, is there anything you could do to talk more about that, quantify it whatever?

就您認為 Facebook 及其平台已準備好更好地應對這種情況而言，您是否可以做些什麼來更多地談論它、量化它？

Just how you were trying to hedge that risk, which I think is going to be a material risk this year.

你是如何試圖對沖這種風險的，我認為這將是今年的重大風險。

Yes.

是的。

This is certainly something that we're extremely focused on.

這當然是我們非常關注的事情。

And I do think that there is going to be a lot that we need to be watching out for this year.

我確實認為今年我們需要注意很多事情。

Since -- in 2016, I think it's very fair to say that we were behind where we needed to be as with a lot of -- the rest of the industry and governments as well and expecting the kind of information operations that we now have seen.

自從 - 在 2016 年，我認為可以說我們落後於我們需要達到的水平 - 其他行業和政府以及期待我們現在看到的那種信息操作.

Now the good news is that since then, it's not like this is the first presidential election that we've had to play a part in defending the integrity of.

現在好消息是，從那時起，這並不是我們必須在捍衛其完整性方面發揮作用的第一次總統選舉。

There have been major elections across the world, and each time, we're able to see the tactics of the foreign adversaries evolve.

世界各地都舉行過重大選舉，每一次，我們都能看到外國對手的策略在演變。

Because we and others weren't really focused on that in 2016 as much, we've been able to improve at quite a fast rate.

因為我們和其他人在 2016 年並沒有真正專注於此，所以我們能夠以相當快的速度改進。

There are also good partnerships in place now across the industry, across law enforcement, the intelligence communities, not just in the U.S. but across other countries, too.

現在整個行業、執法部門、情報界也建立了良好的合作夥伴關係，不僅在美國，而且在其他國家也是如此。

So I think the systems are much more robust.

所以我認為這些系統更加強大。

And you can look at the results in other elections around the world where, for example, in the EU elections last year where a lot of people were very worried that there would be this kind of foreign interference.

你可以看看世界各地其他選舉的結果，例如去年的歐盟選舉，很多人非常擔心會有這種外國干涉。

I actually had gone to the EU Parliament and testified about what we were going to do.

我實際上已經去了歐盟議會並就我們將要做的事情作證。

And then I think the EU Parliament President after released a statement saying that we'd met our commitments and did the things that we said we were going to do, and it was a relatively clean election.

然後我認為歐盟議會議長在發表聲明後說我們已經履行了我們的承諾並做了我們說過要做的事情，這是一次相對乾淨的選舉。

So it's -- we're going to continue seeing the adversaries get more advanced.

所以它 - 我們將繼續看到對手變得更加先進。

And I think certainly because this got a lot of attention, it's not just Russia at this point.

而且我認為肯定是因為這引起了很多關注，此時不僅僅是俄羅斯。

We've seen similar types of attempts from Iran, China and some places, others as well.

我們已經看到來自伊朗、中國和一些地方以及其他地方的類似類型的嘗試。

So there's more to kind of look out for there.

所以還有更多需要注意的地方。

But overall, I do feel confident about where we are.

但總的來說，我確實對我們所處的位置充滿信心。

One of the things that I think we need to look out for, that the intelligence community has warned us about is some of the goal of some of these nation-state actors is not necessarily to interfere directly, but to just sow doubt about the legitimacy of an election.

我認為我們需要注意的一件事是，情報界已經警告過我們，其中一些民族國家行為者的目標不一定是直接干涉，而只是散播對合法性的懷疑的選舉。

So even to the extent that we may not even see specific attacks, but if there's a big meme that there is widespread interference, that has the same effect in terms of kind of sowing doubt about things.

因此，即使在某種程度上我們甚至可能看不到具體的攻擊，但如果有一個大的模因表明存在廣泛的干擾，那麼就播種對事物的懷疑而言，這具有相同的效果。

So we're very focused on this and making sure that people know what we're doing, so that they can have confidence.

所以我們非常專注於此，並確保人們知道我們在做什麼，這樣他們才能有信心。

And this is just -- this is really a top priority for us.

這只是 - 這確實是我們的首要任務。

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

您的下一個問題來自 Baird 的 Colin Sebastian。

Great.

偉大的。

Two for me as well.

我也有兩個。

Following up on the shopping commerce question, I wonder if the focus here includes expanding Marketplace across multiple services or if that seems like better as a distinct application.

繼購物商務問題之後，我想知道這裡的重點是否包括將 Marketplace 擴展到多種服務，或者作為一個獨特的應用程序是否看起來更好。

And then separately, curious on some of the newer visual apps such as Threads and Lasso, what are you seeing here in terms of usage or engagement?

然後分別對一些較新的視覺應用程序感到好奇，例如 Threads 和 Lasso，您在使用或參與方面看到了什麼？

And are these features that ultimately fit within existing apps or also might be distinct from the current services?

這些功能最終是適合現有應用程序還是可能與當前服務不同？

I can talk about Marketplace.

我可以談談市場。

Marketplace is growing nicely.

市場增長良好。

It's now used by hundreds of millions of people every month.

現在每月有數億人使用它。

We also rolled out ads in Marketplace, which are available in 94 markets, which means advertisers can extend their News Feed ads to Marketplace.

我們還在 94 個市場推出了 Marketplace 中的廣告，這意味著廣告商可以將他們的動態消息廣告擴展到 Marketplace。

We're seeing a lot of interest, especially with retail and auto advertisers.

我們看到了很多興趣，尤其是零售和汽車廣告商。

It's very early, but we're seeing good results.

現在還很早，但我們看到了很好的結果。

So we believe this is a good opportunity we're going to continue to invest.

所以我們相信這是一個很好的機會，我們將繼續投資。

But for the foreseeable future, even within this, ads remains the great focus.

但在可預見的未來，即使在此範圍內，廣告仍然是重中之重。

Yes.

是的。

And I think you mentioned Threads and Reels and a couple of the apps that we've launched within Instagram.

我想你提到了 Threads and Reels 以及我們在 Instagram 中推出的幾個應用程序。

It's still early.

現在還早。

I think there are some promising signs.

我認為有一些有希望的跡象。

We're figuring out the extent to which those should grow to be big, independent apps over time, or should be integrated into the core of the Instagram service or our other messaging apps.

我們正在弄清楚，隨著時間的推移，這些應用程序應該在多大程度上發展成為大型、獨立的應用程序，或者應該集成到 Instagram 服務或我們其他消息應用程序的核心中。

So we'll figure that over time, but those are certainly both important spaces to be in, visual messaging and kind of interest-based talent showing Stories-type functionality.

所以我們會隨著時間的推移計算出來，但這些肯定都是重要的空間，視覺消息和基於興趣的人才展示故事類型的功能。

Your next question comes from the line of Kevin Rippey from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Kevin Rippey。

Mark, this is really one for you.

馬克，這真的很適合你。

You described the new experiences that could be rolling out in the back half of the year.

您描述了可能在今年下半年推出的新體驗。

Could you just maybe provide a little more color on that and kind of what you're envisioning?

您能否提供更多顏色以及您的設想？

It would be great to hear.

很高興聽到。

Yes.

是的。

I've been talking a lot about how we're trying to build out our private messaging apps into richer, private social platforms.

我一直在談論我們如何嘗試將我們的私人消息應用程序構建到更豐富、私人的社交平台中。

And the idea there is that people want to interact in lots of different ways.

那裡的想法是人們希望以許多不同的方式進行互動。

And in Facebook and Instagram, you can interact with a lot of people you know or are interested in connecting with in a number of different ways.

在 Facebook 和 Instagram 中，您可以通過多種不同的方式與許多認識的人或有興趣聯繫的人互動。

But our texting apps today are primarily still texting.

但我們今天的短信應用程序主要還是發短信。

So a lot of what we've been trying to do is make it so that we build out the infrastructure, so that way WhatsApp and Messenger and Instagram direct can evolve rather than being just places where you message folks.

因此，我們一直在努力做的很多事情都是為了構建基礎設施，這樣 WhatsApp 和 Messenger 以及 Instagram direct 就可以發展，而不僅僅是您向人們發送消息的地方。

They can be places where you can hang out and feel more present with people, where you can connect to different groups in different ways, interact with businesses and do payments and commerce.

它們可以是您可以閒逛並與人相處更融洽的地方，您可以在這里以不同的方式與不同的群體建立聯繫、與企業互動以及進行支付和商務活動。

And when we kicked off this big initiative, a lot of the stuff was long-term infrastructure that we needed to get started building.

當我們啟動這項重大計劃時，很多東西都是我們需要開始構建的長期基礎設施。

So we've now been -- we're now a year or so into -- starting to build out a lot of that.

所以我們現在 - 我們現在已經一年左右了 - 開始建立很多這樣的東西。

So I guess what I'm saying is I just expect some of this to land in this year.

所以我想我的意思是我只是希望其中一些能在今年落地。

Not all of it, some of the stuff is longer term.

不是全部，有些東西是長期的。

For example, the work that we're doing on full end-to-end encryption, that's just -- that's a long-term project.

例如，我們在完全端到端加密方面所做的工作，這是一個長期項目。

We want to make sure we get the safety implications of that right.

我們希望確保我們了解該權利的安全含義。

Already fully rolled out around WhatsApp.

已經圍繞 WhatsApp 全面推出。

We're really committed to making sure that we nail the safety parts of that before fully rolling it out across Messenger and Instagram as well.

在將其全面推廣到 Messenger 和 Instagram 之前，我們確實致力於確保我們確定其中的安全部分。

So some parts of this will not land this year, but I expect a lot of this will start to land this year around this vision of building the private social platform.

所以其中一些部分今年不會落地，但我預計今年將圍繞構建私人社交平台的願景開始落地。

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

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

So this is the second quarter in a row where you guys have called out core Facebook as the key driver of impression growth.

所以這是你們連續第二個季度將核心 Facebook 稱為印象增長的主要驅動力。

So wondering if you can just elaborate a bit on what's driving that strength in core blue engagement, whether this is something you guys expect to continue.

所以想知道你們是否可以詳細說明是什麼推動了核心藍色參與的力量，這是否是你們希望繼續的事情。

And I guess kind of as a follow-up related to that, there's been some press you plan a Super Bowl ad specific to the Facebook Groups product.

我想作為與此相關的後續行動，有一些媒體報導說你計劃了一個針對 Facebook Groups 產品的超級碗廣告。

So any updates on engagement around Groups or how the strength there is impacting the ad business?

那麼關於群組參與度的任何更新，或者群組的強度如何影響廣告業務？

Any color you could share would be great.

你可以分享的任何顏色都會很棒。

Yes.

是的。

Okay.

好的。

So I'll take that, Lloyd.

所以我會接受的，勞埃德。

Yes.

是的。

I mean we have -- we are pleased with the engagement that we're seeing on the Facebook app broadly.

我的意思是我們已經 - 我們對我們在 Facebook 應用程序上廣泛看到的參與度感到滿意。

And as you'd mentioned, this has been a pretty consistent story over the last several quarters.

正如您所提到的，在過去的幾個季度中，這是一個非常一致的故事。

So I don't think it's particularly a new story, but we're seeing that across the globe in all regions.

所以我不認為這是一個特別新的故事，但我們在全球所有地區都看到了這一點。

And I'd say the character of the engagement growth is a little bit different by region.

我想說參與度增長的特徵因地區而異。

In the U.S. and Canada on Facebook, we're seeing strength in sort of nonvideo feed engagement.

在美國和加拿大，我們在 Facebook 上看到了非視頻信息流參與度的提升。

In other regions, we're seeing good strength in video.

在其他地區，我們看到了視頻的強大實力。

And then I'd say across all of our apps, we're seeing strong adoption of Stories and on WhatsApp Status products around the world, and that continues to provide another way for people to connect and share.

然後我想說，在我們所有的應用程序中，我們看到故事和 WhatsApp Status 產品在世界範圍內得到廣泛採用，這繼續為人們提供另一種聯繫和分享的方式。

But specific to core Facebook, I think those are some of the drivers that I'd call out.

但具體到核心 Facebook，我認為這些是我要指出的一些驅動因素。

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

你的下一個問題來自 Cowen 的 John Blackledge。

Two questions.

兩個問題。

How should we think about the video strategy on core Facebook?

我們應該如何思考核心 Facebook 上的視頻策略？

And any update on Watch users and engagement?

關於 Watch 用戶和參與度的任何更新？

And then on Instagram, there's been some discussion within the advertising community that Explore is an area for ad inventory expansion.

然後在 Instagram 上，廣告社區內出現了一些討論，認為 Explore 是一個用於擴展廣告庫存的區域。

Just any color on ad trends on the Explore tab.

探索選項卡上的廣告趨勢的任何顏色。

Yes.

是的。

The video strategy is -- has been pretty consistent.

視頻策略是 - 一直非常一致。

We -- and it's consistent with the rest of what we're trying to do on creating these other tabs and social utilities as well.

我們——這與我們在創建這些其他選項卡和社交實用程序方面所做的其他工作是一致的。

People watch a lot of video as part of News Feed.

人們觀看大量視頻作為動態消息的一部分。

But what we also found was that just straight consuming a lot of video on News Feed was displacing some of the social interactions and connecting with people that was the real core of what people came to our services for.

但我們還發現，直接在 News Feed 上觀看大量視頻會取代一些社交互動並與人建立聯繫，而這正是人們使用我們服務的真正核心目的。

So basically, in order for -- to fully meet the needs that people have for video, we started creating a separate tab, Watch, and that's been growing quickly as well.

所以基本上，為了完全滿足人們對視頻的需求，我們開始創建一個單獨的選項卡 Watch，並且該選項卡也在快速增長。

You can think about the content acquisition that we do there as more along the lines of either marketing or bringing new people into the experience.

您可以將我們在那裡進行的內容獲取更多地視為營銷或將新人帶入體驗中。

It's -- we're not building out a subscription service or anything like that around this.

它是 - 我們沒有建立訂閱服務或類似的東西。

So that's more just some good examples of content and anchor content to help create the community and get people into that experience.

因此，這只是一些很好的內容示例和錨定內容，以幫助創建社區並讓人們獲得這種體驗。

I can share a little bit about the Explore opportunity.

我可以分享一些關於探索機會的信息。

So more than 50% of accounts on Instagram are using Explore every month.

因此，Instagram 上超過 50% 的帳戶每個月都在使用 Explore。

And as of Q3, ads were available to 100% of advertisers.

截至第三季度，100% 的廣告商都可以看到廣告。

We think it's a great opportunity to reach customers who are already in a discovery mindset.

我們認為這是接觸已經處於發現心態的客戶的絕佳機會。

And the way it works is after you click on a post in the Explore grid, you enter a Feed-like experience where the ads show up.

它的工作方式是在您點擊探索網格中的帖子後，您會進入類似 Feed 的體驗，廣告會在其中顯示。

Your next question comes from the line of Michael Nathanson from MoffettNathanson.

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

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

我有 2 個，一個給 Dave，一個給 Mark。

So maybe for Dave, if you look at your slide deck, Page 4, what you see is just this amazing ARPU growth in the U.S. And just the size of the U.S. ARPU is so much larger than all these other markets, including Europe.

所以也許對 Dave 來說，如果你看一下你的幻燈片，第 4 頁，你所看到的就是美國 ARPU 的驚人增長，而且美國 ARPU 的規模遠遠大於所有其他市場，包括歐洲。

I wonder when you look at the opportunity to try to drive market -- drive pricing in other markets, what are those gating factors?

我想知道當您看到嘗試推動市場的機會時——推動其他市場的定價，這些限制因素是什麼？

What are you looking for to -- or what should we look for to move pricing to be closer to where, I guess, ARPU closer to where the U.S. numbers are heading?

你在尋找什麼 - 或者我們應該尋找什麼來使定價更接近我猜的 ARPU 更接近美國數字的方向？

And then for Mark, on payments, what are your initial markets that you're trying to target?

然後對於 Mark，在付款方面，您想要瞄準的初始市場是什麼？

And what impact do you all expect?

你們都期待什麼影響？

And if you get payments right, what impact would that have on your other parts of the advertising business?

如果您獲得正確的付款，這會對您的廣告業務的其他部分產生什麼影響？

Sure, Michael.

當然，邁克爾。

I'll take the first one.

我要第一個。

So this has been a pretty consistent question that's come up over the years.

所以這是多年來出現的一個非常一致的問題。

And I think the answer largely is the same as I've given on previous calls, which is the U.S. and Canada segment is really a pure-play developed market, which is U.S. and Canada is the 2 countries in that segment.

我認為答案在很大程度上與我在之前的電話會議上給出的相同，即美國和加拿大細分市場實際上是一個純粹的發達市場，美國和加拿大是該細分市場中的兩個國家。

Europe is a broader mix of countries.

歐洲是一個更廣泛的國家組合。

So you've got Eastern Europe, and you've got Turkey in there.

所以你有東歐，那裡有土耳其。

So you've got just lower ad market per capita countries that are included in that segment.

因此，該細分市場中包含的人均廣告市場國家/地區較低。

It's a much closer number if you were to look just pure-play at Western Europe.

如果你只看西歐的純粹比賽，這個數字要接近得多。

And then there's obviously different engagement levels, maturity of Instagram in those markets that also plays into it.

然後顯然不同的參與度，Instagram 在這些市場中的成熟度也發揮了作用。

I guess not for the Facebook-only stats, but I think you just get different dynamics based on the, really, characteristics of those countries.

我想不是針對 Facebook 的統計數據，但我認為你只是根據這些國家的實際特徵獲得不同的動態。

So that's really what's driven the difference in ARPUs, and you're also getting faster growth in general in the lower-ARPU countries both within Europe and within APAC.

因此，這才是真正推動 ARPU 差異的原因，而且在歐洲和亞太地區的 ARPU 較低的國家，總體上也實現了更快的增長。

So that tends to also have a mitigating impact on ARPU because of the mix towards those lower-ARPU countries as the users grow there more quickly.

因此，這往往也會對 ARPU 產生緩解影響，因為隨著用戶增長速度更快，這些國家的 ARPU 較低的國家會出現混合。

Sure.

當然。

And on payments, we're focused in different places with different products.

在支付方面，我們專注於不同的地方，提供不同的產品。

For things like Instagram and even a lot of what we're doing on Facebook, it's a lot more developed countries.

對於像 Instagram 這樣的事情，甚至我們在 Facebook 上做的很多事情，都是發達國家多得多。

For WhatsApp, it's the biggest countries on WhatsApp.

對於 WhatsApp，它是 WhatsApp 上最大的國家。

So that's countries like India and Mexico and Brazil and Indonesia, which will make up a large part of the community on WhatsApp.

這就是印度、墨西哥、巴西和印度尼西亞等國家/地區，它們將構成 WhatsApp 社區的很大一部分。

The way that we expect that this will work out is basically for people, it's just -- this is an important feature to be able to move your money around, pay friends and individuals as well as small businesses.

我們期望這將成功的方式基本上是為人們服務的，它只是 - 這是一個重要的功能，可以讓你的錢四處流動，支付給朋友和個人以及小企業。

From a small business perspective, being able to close the loop on ads and transactions, we think, is just going to make it so that it's more valuable to have a presence on our services, and buying ads is going to be more valuable.

從小企業的角度來看，我們認為，能夠關閉廣告和交易的循環只會讓我們的服務更有價值，購買廣告也會更有價值。

So click-to-messaging ads, which the ads run in Facebook and Instagram but then link you to WhatsApp or Messenger, is a product that's growing well.

因此，點擊消息廣告（廣告在 Facebook 和 Instagram 上運行，然後將您鏈接到 WhatsApp 或 Messenger）是一種增長良好的產品。

As you can complete more payments in WhatsApp and Messenger, you would expect it to be worth more for businesses to bid more there, which is why we're so far focused on making it so that the payments can be free or really as cheap as possible.

由於您可以在 WhatsApp 和 Messenger 中完成更多支付，您會期望企業在那裡出價更高更有價值，這就是為什麼我們迄今為止專注於實現它，以便支付可以免費或真正像可能的。

Because we think that from a business perspective, we will get some of the value just by having the services be more valuable for businesses and the ad prices that they'll bid in the auction.

因為我們認為，從商業角度來看，我們將通過讓服務對企業更有價值以及他們在拍賣中出價的廣告價格來獲得一些價值。

Your last question comes from the line of Brian Fitzgerald from Wells Fargo.

你的最後一個問題來自富國銀行的 Brian Fitzgerald。

Within the last few weeks, you brought several gaming streamers on board, the Disguised Toast, Corinna Kopf, ZeRo, and in December, you acquired Play Giga.

在過去的幾週內，您帶來了幾家遊戲主播，Disguised Toast、Corinna Kopf、ZeRo，並在 12 月收購了 Play Giga。

So we want to hear a little bit more about Facebook Gaming and the opportunities there and maybe the strategic overlap with Oculus.

因此，我們希望更多地了解 Facebook Gaming 以及那裡的機會，也許還有與 Oculus 的戰略重疊。

Yes.

是的。

I mean there are a couple of different things here.

我的意思是這裡有幾個不同的東西。

Over the long term, there surely will be in -- a connection between the work that we're doing in the Facebook app and Oculus, or there will be opportunities for that.

從長遠來看，我們在 Facebook 應用程序和 Oculus 中所做的工作之間肯定會有聯繫，或者會有這樣的機會。

But right now we're developing them somewhat independently.

但現在我們正在獨立開發它們。

I think within the Facebook app, you can think about this as a connection -- as an extension of the social utility strategy where we've talked about Dating on the call.

我認為在 Facebook 應用程序中，您可以將其視為一種聯繫——作為社交實用策略的延伸，我們在其中討論了電話約會。

We've talked about Watch.

我們已經討論過 Watch。

We've talked about Groups, News tab.

我們已經討論過群組、新聞選項卡。

Certainly, the Facebook Gaming effort for the people who are engaged in that.

當然，Facebook Gaming 為參與其中的人們所做的努力。

I mean there are a lot of communities that can get that -- of people who really care about gaming.

我的意思是有很多社區可以做到這一點——真正關心遊戲的人。

It has connections to the video and kind of live content services that we're building out.

它與我們正在構建的視頻和直播內容服務有聯繫。

So this is going to be one of the increasing focuses for us or just the different ways that people want to interact and build communities.

因此，這將成為我們越來越關注的焦點之一，或者只是人們想要互動和建立社區的不同方式。

We're not just trying to build things that everyone is going to want to use.

我們不僅僅是在嘗試構建每個人都想使用的東西。

We think something like gaming, hundreds of millions of people are going to want to use it, and that's great.

我們認為像遊戲這樣的東西，數以億計的人會想要使用它，這很好。

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。