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

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Fourth Quarter 2019 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

各位下午好。我叫 Mike，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Facebook 2019 年第四季財報電話會議。(接線員指示) 本次通話將被錄音。非常感謝。

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

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

Thank you. Good afternoon and welcome to Facebook's Fourth Quarter and Full Year 2019 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝。各位下午好，歡迎參加 Facebook 2019 年第四季及全年財報電話會議。今天與我一同討論業績的有執行長 Mark Zuckerberg、營運長 Sheryl Sandberg，以及財務長 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. Actual results may differ materially from those contemplated by these forward-looking statements. 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. 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.

在開始之前，我想藉此機會提醒各位，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述所預期者有重大差異。可能導致結果出現重大差異的因素已載明於今日新聞稿，以及我們向美國證券交易委員會（SEC）提交的 10-Q 季度報告中。我們在本次電話會議中所作的任何前瞻性陳述均基於截至今日的假設，且我們不承擔因新資訊或未來事件而更新這些陳述的任何義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次電話會議中，我們可能同時呈現 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表已包含於今日的財報新聞稿中。該新聞稿及隨附的投資人簡報可於我們的網站 investor.fb.com 取得。

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

接下來我想把電話會議交給 Mark。

All right. Thanks, everyone, for joining us today.

好的。謝謝各位今天加入我們。

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

本季對我們的社群與業務而言都是不錯的一季，也為今年畫下強勁的句點。目前每月約有 29 億人使用 Facebook、Instagram、WhatsApp 或 Messenger，且每天約有 23 億人至少使用我們的一項服務。目前有超過 1.4 億家小型企業使用我們的服務來成長，其中絕大多數是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四大優先事項，而在 2020 年它們仍然是我們的優先事項：在重大社會議題上取得進展、打造質量上全新的產品體驗、持續成長我們的業務，以及走出去以更透明的方式溝通。

Today, I'm going to focus mostly on the new product experiences we're building. But before I get to that, this is going to be another critical year for making progress on social issues. 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. 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'. And we're often alerting law enforcement and intelligence about threats that we identify. There's still going to be debate about what kinds of political speech should be allowed, especially as the 2020 elections heat up. But by any objective measure, our efforts in election integrity have made a lot of progress.

今天我將主要聚焦在我們正在打造的新產品體驗。但在談到那之前，今年也將是我們在社會議題上取得進展的另一個關鍵年度。我們非常專注於選舉公正性（election integrity），而我也為我們在防止外國干預方面所取得的進展感到自豪。我們在 2016 年落後了，但在過去幾年中，我們致力於保護全球各國的選舉，從歐盟——在歐盟內——到印度、墨西哥，再到美國期中選舉；我們認為我們的系統如今已比任何其他公司的都更先進。而且我們經常就我們識別出的威脅向執法與情報單位發出警示。隨著 2020 年選舉升溫，關於應允許哪些政治言論的辯論仍將持續，尤其如此。但以任何客觀衡量標準來看，我們在選舉公正性方面的努力已取得很大進展。

This is also going to be a big year for our greater focus on privacy as well. 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. We currently have more than 1,000 engineers working on privacy-related projects and helping to build out this program.

今年也將是我們進一步加大對隱私關注的一年。作為與美國聯邦貿易委員會（FTC）和解的一部分，我們承諾建立隱私控制與稽核機制，為本產業樹立新的標準，超越目前法律所要求的一切。目前我們有超過 1,000 名工程師投入隱私相關專案，並協助建置此計畫。

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

與此相關，就在昨天，我們宣布將把「隱私檢查」（Privacy Checkup）工具推送給近 20 億人，提醒他們可使用的控制項，並確保其設定符合他們的偏好。我們也推出一項新工具，只要你的帳號登入一項新服務，就會通知你。因此這需要時間，但在未來十年，我希望我們能在隱私方面建立起與我們打造良好、穩定服務同樣強大的聲譽。

When it comes to these important social issues, I don't think the private companies should be making so many important decisions by themselves. 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. There should be a more democratic process for determining these rules and regulations. For these issues, it's not enough for us to just make principle decisions. The decisions also need to be seen as legitimate and reflecting what the community wants. And that's why I've called for clearer regulation for our industry. 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.

談到這些重要的社會議題，我不認為民間企業應該單獨做出這麼多重要決策。我不認為每一項服務都應該各自決定在選舉期間允許哪些內容或廣告，或哪些內容整體而言是有害的。應該有一個更民主的程序來制定這些規則與法規。對於這些議題，我們僅僅做出原則性決定是不夠的。這些決策也必須被視為正當，並反映社群所希望的方向。這也是為什麼我呼籲針對我們產業制定更明確的監管規範。在我們獲得更清楚的規則或建立其他治理機制之前，我預期我們以及整個產業將持續面臨高度審視。

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. 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. 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. And I grew up in a town of 10,000 people, and making long distance calls anywhere outside the area was very expensive. 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. But as our networks and communities have gotten so large, we increasingly crave a sense of intimacy and privacy. So delivering this experience is our focus.

因此在此期間，我們的工作是持續在社會議題上做我們認為正確的事，同時保持專注，持續為社群提供產品改進與更好的體驗。在公司下一個篇章中，我最關注的產品領域包括：打造私密社交平台與更親密的社群、促進更多商務與支付，以及交付下一代運算平台。當我看著今天的網際網路，我們都能以一種在上一代人難以想像的方式，與來自世界各地的人、內容與機會建立連結。我在一個只有 1 萬人的小鎮長大，打長途電話到區域以外的任何地方都非常昂貴。如今，我們都能接觸到數十億人，這讓我們更容易找到與自己有相同興趣的人。但隨著我們的網路與社群變得如此龐大，我們也愈來愈渴望親密感與隱私。因此，提供這樣的體驗就是我們的重點。

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. There's a lot more to do here. 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. 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. So some of these are bigger projects like full end-to-end encryption, interoperability across the apps or rewriting our apps for performance. And they're going to take a long time to see through. But we should start seeing more new experiences later this year, and this will all be built on a very strong privacy foundation.

在我們各項服務中，人們溝通方式的最大成長仍然來自私密訊息、小型群組，以及資料不會永久留存的限時動態（disappearing stories）。在這方面還有很多工作要做。雖然 Facebook 與 Instagram 應用程式已發展出許多與你在乎的人互動的方式，但我們的私密通訊應用程式基本上仍主要是文字訊息。因此，我們在過去一年投入建置基礎設施，將我們的私密通訊應用程式 WhatsApp 與 Messenger 打造成更豐富的私密社交平台，讓你可以與朋友一起相聚並保持在場感、找到符合你興趣的群組、以更自然的方式與企業互動。其中一些是更大型的專案，例如完整的端對端加密、跨應用程式互通性，或為提升效能而重寫我們的應用程式。而這些都需要很長時間才能完成。但我們應該會在今年稍晚開始看到更多新體驗，而這一切都將建立在非常堅實的隱私基礎之上。

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

商務與支付是私密社交平台的另一個重要領域，同時也將在我們所有的應用程式中扮演重要角色，包括 Facebook 和 Instagram。我們在這裡的目標，是確保每一個人、每一位小型企業創業者，都能擁有相同的機會，並能使用同樣先進的工具；而在過去，這類工具通常只有大型公司才有機會取得。這就是我們所堅持的：把力量交到個人手中。

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

我們正在推動的一個例子是 WhatsApp Payments，讓你能像傳送照片一樣快速、輕鬆地匯款。我們在 2018 年獲准於印度對 100 萬人進行測試。當這麼多人一週又一週持續使用時，我們就知道一旦正式推出，規模會很大。我對此非常興奮，也預期在接下來 6 個月內，這項服務將在多個國家開始逐步推出，而我們也會在這方面取得很大進展。

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. This is such a big space, and it's important for empowering people. 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. 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. We see on our services all the time how small businesses that use our tools are often at the heart of their local communities. So this is a top priority for us on both fronts, for the social mission and the business.

除了 WhatsApp Payments 之外，我們也在推動其他多項工作，以促進更多商務活動，從 Facebook Marketplace 到 Instagram Shopping，再到我們在 Facebook Pay 或 Libra 上的投入。這是一個非常龐大的領域，對於賦能人們至關重要。因此我們採取多種不同做法，涵蓋人與人之間直接買賣、企業建立線上店面、人們透過訊息與企業直接互動，以及在支付方面從沿用既有的國家系統（例如印度的 UPI）到建立新的全球系統。讓小型企業成功，不僅是創造廣泛經濟成長、讓每個人都能自立的關鍵，也有助於維持健康的社區，因為小型企業往往是人們聚集交流的地方。我們在服務上經常看到，使用我們工具的小型企業往往是其在地社區的核心。因此，無論在社會使命或商業層面，這都是我們的最高優先事項之一。

We've also been focusing on delivering the next computing platform with augmented and virtual reality. 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. And this is the Holy Grail of social experiences. 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.

我們也一直專注於以擴增實境與虛擬實境打造下一代運算平台。AR 與 VR 的決定性特徵，是能帶來「臨場感」——彷彿你就和另一個人同在一處，或身處另一個地方。這是社交體驗的終極目標。它將讓我們打造過去 15 年只能想像的事物，例如讓人們無論身在何處都能像面對面一樣互動，或讓人們住在自己想住的地方、以全息方式進入工作場域，從而在任何地方都能取得機會，而不必為了找工作而搬到城市或其他國家。

So while full augmented reality is still a number of years away, we hit a real milestone for virtual reality with Quest. Sales are stronger than we expected, and people are buying and engaging with more content than we'd expected to. On Christmas Day, people bought almost $5 million worth of content in the Oculus store. And that's an outlier day, but still, this is real volume by any measure. And it shows the progress that this ecosystem is making.

因此，雖然完整的擴增實境仍需數年才能實現，但我們在虛擬實境方面已透過 Quest 達成一個重要里程碑。銷售表現比我們預期更強勁，人們購買並投入的內容也比我們原先預期更多。在聖誕節當天，人們在 Oculus 商店購買了將近 500 萬美元的內容。那是個特別突出的單日數據，但即便如此，無論以任何標準衡量，這都是實質的規模。這也顯示這個生態系正在取得進展。

The experience also just keeps on getting better. Last quarter, we shipped hand tracking, which almost no one thought was going to be possible with the Quest hardware. And we shipped Oculus Link, so now you can run all of your Rift content from your PC on Quest.

而且體驗還在持續變得更好。上一季我們推出了手部追蹤功能，幾乎沒有人認為以 Quest 的硬體能做到。我們也推出了 Oculus Link，因此你現在可以在 Quest 上從你的 PC 執行所有 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. Artists are using this to create new face filters and other tools that are going viral across Instagram and Facebook. We're well positioned here overall, and we're going to keep developing this platform.

在 AR 方面，雖然我們正在研發長期的硬體與作業系統，但值得一提的是，我們的 Spark AR 平台是全球使用最廣泛的 AR 平台，每月有數億人與特效互動。藝術家正利用它創作新的臉部濾鏡與其他工具，並在 Instagram 與 Facebook 上廣泛爆紅。整體而言，我們在這方面具備良好優勢，並將持續開發這個平台。

So those are some of the bigger product initiatives that I'm excited about. And aside from these, we're also focused on communicating more clearly what we stand for. 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. So this led to some positive but shallow sentiment towards us and towards the company. And my goal for this next decade isn't to be liked, but to be understood. Because in order to be trusted, people need to know what you stand for.

以上是一些我特別期待的重大產品計畫。除此之外，我們也專注於更清楚地傳達我們所堅持的立場。過去十年中，外界對我們做法的一項批評是：因為我們想被喜歡，所以有時候擔心冒犯他人，而沒有把我們的觀點講得足夠清楚。因此，人們對我們以及對公司的觀感有一些正面但流於表面的情緒。而我對下一個十年的目標不是被喜歡，而是被理解。因為要獲得信任，人們必須知道你所堅持的是什麼。

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，我們將更專注於傳達我們的原則：無論是捍衛讓人們發聲、反對那些會審查不同意見者；捍衛讓人們建立自己的社群、反對那些認為社群媒體上形成的新型社群正在分裂我們的人；捍衛加密、反對那些認為隱私主要是在幫助壞人的人；捍衛——為小型企業提供更多機會與更先進的工具、反對那些認為精準投放廣告是問題的人；或捍衛服務全球每一個人、反對那些認為必須支付溢價才能真正獲得服務的人。

These positions aren't always going to be popular, but I think it's important for us to take these debates head-on. 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. So expect more of that this year.

這些立場不一定總是受歡迎，但我認為我們正面迎戰這些辯論很重要。我知道有很多人認同這些原則，也有更多人願意接受並希望看到這些論點被提出。所以今年你們會看到更多這樣的內容。

This is going to be another important year. It's going to be an intense year with the election. Some of our long-term technology bets are going to start coming to fruition. We have strong business momentum, and we have to get out there and show what we stand for. As always, I'm grateful to all of you for your support and for being on this journey with us.

這將是另一個重要的一年。由於選舉，這會是緊張的一年。我們一些長期的技術押注將開始開花結果。我們的業務動能強勁，而我們也必須走出去，展現我們所堅持的立場。一如既往，我感謝各位的支持，也感謝你們與我們一同走在這段旅程上。

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

接下來我把時間交給 Sheryl，請她談談我們的業務。

Thanks, Mark, and hi, everyone.

謝謝你，Mark，大家好。

We had a good quarter across the board and a strong end to the year. Q4 ad revenue was $20.7 billion, increasing 25% year-over-year. Full year ad revenue grew 27% compared to 2018.

我們本季整體表現良好，並以強勁的態勢結束這一年。第四季廣告營收為 207 億美元，年增 25%。全年廣告營收較 2018 年成長 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. The majority use our free tools, but there are also more than 8 million businesses who advertise with us. This is because we help businesses create a mobile presence, increase sales, build the right relationships with customers and hire people. We will continue to focus on helping businesses use our free and paid tools to reach the people who matter the most.

我們專注於為我們的社群，以及全球 1.4 億家使用我們平台與客戶連結並成長的企業，長期創造價值。其中多數使用我們的免費工具，但也有超過 800 萬家企業在我們的平台投放廣告。這是因為我們協助企業建立行動端的存在感、提升銷售、與客戶建立適切的關係並招募人才。我們將持續專注於協助企業運用我們的免費與付費工具，觸及最重要的受眾。

Throughout the holiday season, people used our apps to take advantage of the best deals and shop for the perfect gifts. We saw particular strength with e-commerce and online retailers who optimized for measurable objectives like website visits or sales. Pura Vida, a jewelry company based in San Diego, ran ads on Facebook and Instagram for a 50% off sale. In 9 days, they sold more than 300,000 bracelets, supporting more than 800 artisans around the world.

在整個假期購物季期間，人們使用我們的應用程式把握最佳優惠並選購最合適的禮物。我們在電子商務與線上零售商方面看到特別強勁的表現，這些業者針對可衡量的目標（例如網站造訪或銷售）進行最佳化。位於聖地牙哥的珠寶公司 Pura Vida 在 Facebook 和 Instagram 上投放 5 折促銷廣告。在 9 天內，他們售出超過 30 萬條手鍊，支持全球超過 800 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. Stories is a great example. We recently announced 4 million advertisers are using Stories, up from 2 million this time last year. Bombas, a sock and apparel company, used Instagram Stories to show people wearing their socks while ice-skating and gift-wrapping. As a result, they saw a 60% increase in purchases from people under 35.

人們往往比企業更早採用新技術，而我們努力讓企業能盡可能容易地跟上。限時動態（Stories）就是一個很好的例子。我們最近宣布有 400 萬名廣告主正在使用限時動態，高於去年同期的 200 萬名。襪子與服飾公司 Bombas 使用 Instagram 限時動態展示人們穿著他們的襪子溜冰與包裝禮物的情景。因此，他們看到 35 歲以下族群的購買量增加了 60%。

In addition to helping businesses shift to new formats, we're also making it easier for people to shop directly on our apps. We launched Checkout on Instagram with a small closed beta in Q1 2019. We've fully been building the experience, and now hundreds of businesses in the U.S. are experimenting with Checkout. We're taking the time to get this right and growing fully so people and advertisers can benefit over the long term.

除了協助企業轉向新格式之外，我們也讓人們能更容易直接在我們的應用程式上購物。我們在 2019 年第一季以小規模封閉測試推出 Instagram 結帳（Checkout）。我們一直在完整打造這項體驗，而現在美國已有數百家企業正在試用結帳功能。我們會花時間把它做到位，並逐步全面擴展，讓使用者與廣告主都能長期受益。

We give small and growing businesses like Pura Vida and Bombas the same tools that previously only the biggest firms could access. Large companies can buy national TV spots and large billboards, but most small businesses can't. That's why small businesses benefit the most from targeted ads. We help them reach a more focused audience with the right message, and we do it while protecting people's privacy. This really matters because as Mark said, when businesses of all sizes succeed, they hire people and invest in their communities. Last week, we released a report with Copenhagen Economics. 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. Economists say this translates to more than 3 million new jobs last year alone.

我們讓像 Pura Vida 和 Bombas 這樣的小型與成長型企業，使用過去只有最大型公司才能取得的同樣工具。大型公司可以購買全國性電視廣告時段與大型看板，但多數小型企業做不到。因此，小型企業最能從精準投放廣告中受益。我們協助他們以正確訊息觸及更聚焦的受眾，同時也保護人們的隱私。這點非常重要，因為如 Mark 所說，當各種規模的企業都能成功時，他們會雇用人員並投資其社區。上週，我們與 Copenhagen Economics 發布了一份報告。根據對 15 個歐盟國家 7,000 家公司所做的調查，我們的應用程式僅在去年就協助企業為歐洲經濟貢獻約 2,000 億歐元。經濟學家表示，這相當於僅去年一年就新增超過 300 萬個工作機會。

I announced these findings in London last week where I had the chance to meet with Naomi Roberts. Naomi started Flare Audio with her husband to improve the sound quality in everything from earplugs to loudspeakers. More than 75% of their sales come from Facebook and Instagram. This has enabled them to export to more than 180 countries and grow their business from 2 employees to 22.

我上週在倫敦宣布這些研究結果，並有機會與 Naomi Roberts 會面。Naomi 與丈夫共同創立 Flare Audio，致力於提升從耳塞到揚聲器等各類產品的音質。他們超過 75% 的銷售來自 Facebook 和 Instagram。這使他們得以出口到 180 多個國家，並將公司從 2 名員工成長到 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. We also have to keep people safe and give them control over their experience on our apps, and we are. 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. We also updated our ads library to make it more transparent and easier to navigate. 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.

像 Naomi 這樣的故事，是我們持續致力於協助小型企業觸及客戶並成長的原因，但我們知道這還不夠。我們也必須確保人們的安全，並讓他們能掌控在我們應用程式上的使用體驗，而我們正在這麼做。本月，我們宣布對業界領先的廣告透明度工具進行多項改進，包括一項新功能，讓人們可以選擇看到更少的政治廣告。我們也更新了廣告資料庫，使其更透明且更容易瀏覽。這些更新有助於人們了解誰正試圖觸及他們；我們相信，這種透明度對於賦權人們並確保其安全至關重要。

We also want everyone to be in control of their privacy on Facebook. As Mark said, we are rolling out our updated Privacy Checkout -- Checkup tool to nearly 2 billion people around the world. With a few taps, people can control who sees what they share and how to keep their accounts secure.

我們也希望每個人都能掌控自己在 Facebook 上的隱私。如 Mark 所說，我們正把更新後的「隱私檢查（Privacy Checkout -- Checkup）」工具推送給全球近 20 億人。只需輕點幾下，人們就能控制誰能看到他們分享的內容，以及如何確保帳戶安全。

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

最後我想說，我非常感謝全球各地的合作夥伴。他們每天都提供寶貴回饋，協助我們改進產品，讓我們能幫助他們把好點子轉化為營收、工作機會與經濟賦權。

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

我也要感謝我們遍布全球的團隊，在解決艱難挑戰的同時，仍持續打造企業用來成長、競爭與招募人才的優秀產品。因為你們持續的投入與奉獻，我們更有準備為數十億依賴我們的人提供服務。

Now here's Dave.

接下來交給 Dave。

Thanks, Sheryl, and good afternoon, everyone.

謝謝你，Sheryl，各位下午好。

Q4 was a strong quarter and ended a good year for our business. Full year 2019 revenue grew 27% to $71 billion, and we generated over $18 billion in net income.

第四季表現強勁，為我們的業務畫下良好的一年句點。2019 全年營收成長 27% 至 710 億美元，淨利超過 180 億美元。

Let's begin with our community metrics. 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. As a reminder, the family metrics are our best estimate of the deduplicated audience across Facebook, Instagram, Messenger and WhatsApp. We believe these numbers better reflect the size of our community and the fact that many people use more than one of our services. Beginning this quarter, we are including family metrics and related information in our SEC filings and the slide presentation on our investor website.

我們先從社群指標開始。就「家族」指標而言，我們估計 12 月每日約有 23 億人至少使用我們的一項服務，且每月活躍人數約為 29 億。提醒一下，家族指標是我們對 Facebook、Instagram、Messenger 與 WhatsApp 去重後受眾的最佳估計。我們認為這些數字更能反映我們社群的規模，以及許多人會使用不只一項服務的事實。自本季起，我們會在提交給美國證券交易委員會（SEC）的文件，以及投資人網站上的簡報投影片中，納入家族指標與相關資訊。

Turning now to Facebook. We are pleased with the growth of the Facebook community in all regions this quarter. Daily active users reached 1.7 billion, up 9% compared to last year, led by growth in India, Indonesia and the Philippines. DAUs represented approximately 66% of the 2.5 billion monthly active users in December. MAUs grew 178 million or 8% compared to last year. We plan to continue to disclose Facebook-only community metrics through late 2020.

接著談 Facebook。我們對本季 Facebook 社群在各地區的成長感到滿意。每日活躍用戶（DAU）達到 17 億，較去年成長 9%，主要由印度、印尼與菲律賓的成長帶動。12 月 DAU 約占 25 億每月活躍用戶（MAU）的 66%。MAU 較去年增加 1.78 億，成長 8%。我們計畫持續揭露僅 Facebook 的社群指標至 2020 年底。

Turning now to the financials. All comparisons are on a year-over-year basis unless otherwise noted.

接著看財務表現。除非另有說明，所有比較皆以年對年為基礎。

Q4 total revenue was $21.1 billion, up 25% or 26% on a constant currency basis. Had foreign exchange rates remained constant with Q4 of last year, total revenue would have been approximately $295 million higher.

第四季總營收為 211 億美元，成長 25%；以固定匯率計算成長 26%。若外匯匯率維持與去年第四季相同，總營收約會高出 2.95 億美元。

Q4 total ad revenue was $20.7 billion, up 25% or 26% on a constant currency basis. On a regional basis, ad revenue growth rates were strongest in Asia Pacific and Rest of World, which grew 33% and 28%, respectively. Europe and U.S. and Canada grew more slowly at 24% and 22%, respectively.

第四季廣告總營收為 207 億美元，成長 25%；以固定匯率計算成長 26%。以地區來看，廣告營收成長率在亞太地區與世界其他地區最強，分別成長 33% 與 28%。歐洲以及美國與加拿大的成長較慢，分別為 24% 與 22%。

In Q4, the total number of ad impressions served across our services increased 31%, and the average price per ad decreased 5%. Similar to last quarter, impression growth was driven primarily by Facebook News Feed, Instagram Stories and Instagram Feed. Facebook News Feed impression growth benefited largely from community growth and engagement trends on the Facebook app. 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.

第四季，我們各項服務投放的廣告曝光總量增加 31%，每則廣告的平均價格下降 5%。與上季類似，曝光成長主要由 Facebook 動態消息（News Feed）、Instagram 限時動態（Stories）與 Instagram 動態消息（Feed）帶動。Facebook 動態消息的曝光成長，主要受益於 Facebook 應用程式的社群成長與互動趨勢。每則廣告平均價格的年對年下滑，主要是因為廣告組合持續轉向限時動態，以及轉向變現率較低的地區。

Other revenue was $346 million, up 26%. Year-over-year growth was driven by sales of Oculus Quest.

其他營收為3.46億美元，年增26%。年對年成長主要由Oculus Quest的銷售所帶動。

Turning now to expenses. Total expenses were $12.2 billion in Q4, up 34%. Cost of revenue increased 25%, and the growth was driven primarily by depreciation related to our infrastructure spend. R&D grew 36% and was driven primarily by increased investments in core product as well as our innovation efforts particularly in AR/VR. Marketing and sales grew 23% and was driven primarily by consumer and growth marketing.

接下來談費用。第四季總費用為122億美元，年增34%。營收成本增加25%，成長主要由與我們基礎設施支出相關的折舊所帶動。研發費用成長36%，主要由對核心產品的投資增加，以及我們在創新上的投入（特別是在AR/VR）所驅動。行銷與銷售費用成長23%，主要由消費者行銷與成長行銷所帶動。

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

最後，一般及行政費用（G&A）成長87%，主要由較高的法律費用與和解金所驅動。其中包含與本月我們就伊利諾伊州《生物特徵資訊隱私法》（BIPA）訴訟原則上達成的5.5億美元和解相關的費用。

We had over 9,300 net new hires in 2019 primarily in technical functions. We ended the year with approximately 45,000 full-time employees, up 26 compared to -- 26% compared to last year.

2019年我們淨新增超過9,300名員工，主要在技術職能。年底我們約有45,000名全職員工，較去年增加26%——較去年增加26%。

Operating income was $8.9 billion, representing a 42% operating margin. Our tax rate was 20%. Net income was $7.3 billion or $2.56 per share.

營業利益為89億美元，代表42%的營業利益率。我們的稅率為20%。淨利為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. In 2019, we opened data centers in Nebraska, New Mexico and Denmark. These new data centers are supported by 100% renewable energy. We are committed to doing our part to help tackle the challenge of climate change. That's why we're working to minimize our energy emissions and water impact. 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.

全年資本支出為157億美元，年增12%，主要由對資料中心、伺服器、辦公大樓與網路基礎設施的投資所帶動。2019年，我們在內布拉斯加州、新墨西哥州與丹麥啟用資料中心。這些新資料中心由100%再生能源供電。我們承諾盡一己之力協助因應氣候變遷的挑戰。因此，我們正致力於將能源排放與用水影響降至最低。在全公司範圍內，我們正按計畫達成2020年的目標：以100%再生能源支援全球營運，並將營運碳排放較2017年水準降低75%。

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

年底我們持有549億美元的現金與投資。我想指出，雖然我們已在2019年入帳該費用，但由於協議仍待法院核准，我們尚未支付今年稍早宣布的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. Today, we announced a $10 billion increase in our stock repurchase program authorization.

本季我們回購了約——我們回購了13億美元的A類普通股，截至12月31日，先前核准額度尚餘49億美元。今天，我們宣布將股票回購計畫的核准額度增加100億美元。

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

接下來談營收展望。我們預期第一季年對年總報告營收成長率，將較第四季成長率放緩低至中個位數百分點。造成放緩的因素包括我們業務的成熟度，以及全球隱私法規與其他與廣告定向相關的逆風影響日益增加。雖然迄今我們已感受到這些逆風帶來的一些溫和影響，但大部分影響仍在前方。

Turning now to expenses. We anticipate our 2020 total expenses will be in the range of $54 billion to $59 billion, unchanged from our prior outlook. 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. Lastly, we expect our 2020 effective tax rate to be in the high teens.

接下來談費用。我們預期2020年總費用將介於540億至590億美元，與先前展望一致。我們對2020年資本支出的展望亦維持不變，為170億至190億美元，主要由對資料中心、伺服器、辦公設施與網路基礎設施的投資所帶動。最後，我們預期2020年有效稅率將落在十幾%的高端。

In summary, Q4 was a strong finish to 2019. We are pleased with the growth of our community and business as we continue to focus on our mission.

總結來說，第四季為2019年畫下強勁句點。隨著我們持續聚焦使命，我們對社群與業務的成長感到滿意。

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

接下來，接線員，讓我們開放提問。

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

(接線員指示) 第一個問題來自Morgan Stanley的Brian Nowak。

I have 2. Just the first one on Instagram Checkout, 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.

我有兩個問題。第一個是關於Instagram Checkout、Instagram Commerce。我想了解你們從數百位採用者身上得到的早期學習是什麼，以及你們認為未來幾年要讓這項業務成為更大的貢獻者，最需要克服的1到2個關鍵摩擦點是什麼？

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，Dave，我想回到你提到「大部分影響仍在前方」的評論。當你在思考廣告定向與隱私法規時，能否再提供更多細節，例如你看到哪些類型的資料、或哪些類型的「破損」可能成為未來定向能力與廣告成效的潛在風險？

So I'll take the first part of the question. 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. These require full integration. So our focus is making sure we get the right partners on board and consumers have a great experience all the way through.

我先回答問題的第一部分。當你思考Instagram上的購物體驗或結帳體驗時，這些都還在非常早期的階段，我們正努力改善產品並擴展到更多商家。這些需要完整整合。因此，我們的重點是確保找到合適的合作夥伴加入，並讓消費者從頭到尾都有很好的體驗。

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

我們在第四季將購物——購物廣告擴展到全球所有廣告主，並開始測試結帳與購物廣告。你們將看到我們以非常小的步伐讓更多人加入，並在使用者的整體體驗中把這件事做得更深入。但你說得對，我們推進得非常慢、非常非常非常謹慎，因為在我們更深入、更廣泛推行之前，我們希望確保整體體驗在各方面都到位。

Yes. Thanks, Brian. Yes, we are seeing headwinds in terms of targeting and measurement. But as I noted, the majority of that impact lies in front of us. 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. 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.

是的。謝謝，Brian。是的，我們在定向與衡量方面確實看到逆風。但如我所提到的，大部分影響仍在前方。提醒一下，我們會利用使用者在第三方網站與服務上的活動訊號，來向使用者投放相關且有效的廣告。在這方面，我會指出大致三個總體因素，我在先前的電話會議也談過。

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

第一，近期的監管倡議，例如GDPR以及現在的CCPA，已經造成影響，我們也預期它們將持續影響我們使用這類訊號的能力。第二，行動作業系統與瀏覽器供應商（例如Apple與Google）已宣布產品變更與未來計畫，將限制我們使用這些訊號的能力。最後，我們也做了自己的產品變更，讓使用者能限制我們使用這類資料訊號，以改善廣告與其他體驗。在這裡我會舉例像是「Facebook站外活動」控制項的推出，而目前已達到100%覆蓋。

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

因此，這些因素都會限制我們在平台上進行定向與衡量廣告成效的能力，並可能對我們的廣告營收成長造成負面影響。Mark與Sheryl都談到廣告定向對小型企業的重要性。我認為重要的是要指出，監管與平台的變更將對小型企業運用廣告來成長與茁壯的能力造成不成比例的影響。

Your next question comes from Ross Sandler from Barclays.

您的下一個問題來自巴克萊（Barclays）的 Ross Sandler。

Great. Dave, can we talk about the growth rate in the fourth quarter, particularly in the U.S.? Was there anything that surprised you guys or any particular cohort of advertisers that slowed down? 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. So any color on what happened in the fourth quarter, or was this in line with your plan?

很好。Dave，我們可以談談第四季的成長率，特別是在美國嗎？有沒有什麼讓你們感到意外的地方，或是有沒有某一類廣告主族群放緩了？如果我們看你們在美國從第三季到第四季的成長率，我認為那是自 2012 年以來第四季最低的一次。所以能否分享一下第四季發生了什麼事，還是這其實符合你們的規劃？

Yes, thanks. Thanks, Ross. No real surprises there. We are pleased with our Q4 results. We had a strong holiday season despite it being abbreviated. In terms of the North American numbers, we're seeing slower growth in our more mature markets. That's consistent with the outlook that we had going into the quarter. It's true in North America and our more developed markets within Europe, but I wouldn't say there's any real surprises there.

是的，謝謝。謝謝你，Ross。沒有什麼真正的意外。我們對第四季的結果感到滿意。儘管假期季縮短了，我們仍然有一個強勁的假期季。就北美的數據而言，我們在較成熟的市場看到成長放緩。這與我們進入該季度時的展望一致。這在北美以及歐洲較發達的市場都成立，但我不會說有任何真正的意外。

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

您的下一個問題來自高盛（Goldman Sachs）的 Heather Bellini。

I just wanted to follow up on the Checkout on Instagram. And obviously you guys mentioned that you're rolling it out very slowly, which is understandable. I'm just wondering how much of this is due to the integration you need to have with the businesses' inventory system. 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? 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?

我只是想追問一下 Instagram 上的 Checkout。而且你們顯然提到你們會非常緩慢地推出，這可以理解。我想知道這有多少是因為你們需要與商家的庫存系統進行整合。你們打算如何進行必要的整合工作，讓體驗更無縫，能夠把庫存水位與人們實際購買的情況對應起來？另外一個追問是：相較於你們較傳統的購物廣告，你們是否預期商家使用這種形式會獲得某些好處？

So the integrations you spoke of are the right ones we want. You want to be deeply integrated at a product level. It has to go all the way through for this to work from discovery, all the way through a pretty seamless checkout flow. And that's what we're working on, and that really takes time. 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. We had a very strong holiday season. 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.

所以你提到的那些整合，正是我們想要的方向。你希望在產品層級做到深度整合。要讓這件事運作，必須從探索（discovery）一路串到相當無縫的結帳流程。這就是我們正在做的事，而這確實需要時間。你也說得對，我們非常專注於 Facebook 上的電商廣告，絕大多數的活動都是 Facebook 上的電商廣告。我們有一個非常強勁的假期季。我們持續看到在 Facebook、在 Instagram 上，越來越多人在發現他們感興趣的產品，我們也持續在這方面投入大量投資。

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

您的下一個問題來自美國銀行美林（Bank of America Merrill Lynch）的 Justin Post。

A couple of questions, first on the privacy commentary. Dave, has anything changed since third quarter when we were looking at less deceleration this year? Has there been incremental changes since then?

有幾個問題，首先是關於隱私方面的評論。Dave，自從第三季我們在看今年減速較少以來，有沒有任何改變？此後是否有額外的變化？

And then secondly, on the expense outlook, I noticed headcount growth was around 26%. As far as getting to your headcount guide -- I mean to your expense guide, do you expect that growth to accelerate? And are there other kind of expense initiatives you'd call out for 2020?

第二個，關於費用展望，我注意到人員數（headcount）成長大約是 26%。就達到你們的人員數指引——我是說費用指引——而言，你們預期這個成長會加速嗎？另外，2020 年還有其他你們會特別點出的費用措施嗎？

Yes. Thanks, Justin. So I don't think anything has changed since Q3 in terms of our outlook on the headwinds that we have around ad signals. I think that's very consistent with what we've been talking about over the last several quarters. So I think we'll -- we continue to face those headwinds, and they will be more impactful as we move forward.

是的。謝謝你，Justin。就我們對廣告訊號（ad signals）相關逆風的展望而言，我不認為自第三季以來有任何改變。我認為這與我們過去幾個季度一直在談的內容非常一致。所以我想我們——我們仍將面臨這些逆風，而且隨著我們往前推進，它們的影響會更大。

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. 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.

就 2020 年的費用指引而言，我會說很明顯地——我們費用成長的一個很大因素是由人員數所驅動。而我們也持續在各方面投資，包括核心研發與創新工作，在那方面的人員數成長也會持續。

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

此外，基礎設施支出的成長——也就是我們過去幾年資本支出（CapEx）的大幅增加——也會透過損益表反映出來，成為推動費用成長的另一個因素。另外，我們也預期其他非人員相關費用會成長，包括行銷與內容投資。

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

您的下一個問題來自摩根大通（JPMorgan）的 Doug Anmuth。

Mark, you have multiple payment initiatives across the family. You talked about WhatsApp Payments, Facebook Pay, potentially more over time around Libra and Calibra. Can you just talk about the importance of payments across the family? And how do you tie these together as you work towards interoperability?

Mark，你們在整個產品家族中有多項支付計畫。你談到了 WhatsApp Payments、Facebook Pay，並且隨時間推進可能還會有更多與 Libra 和 Calibra 相關的內容。你能談談支付在整個產品家族中的重要性嗎？以及在你們朝向互通性（interoperability）努力時，如何把這些串聯起來？

Yes. So we're doing a lot around commerce and payments because there are lots of different segments for what people are trying to do. In terms of buying and selling things, a lot of people want to buy and sell used goods. We have Facebook Marketplace for that. A lot of small businesses want to set up storefronts. We're enabling that through Instagram and Facebook and then increasingly through messaging as well.

是的。我們在電商與支付方面做了很多事，因為人們想做的事情有很多不同的區塊。就買賣商品而言，很多人想買賣二手物品。我們有 Facebook Marketplace 來支援。很多小型企業想要建立店面。我們透過 Instagram 和 Facebook 來提供這個能力，並且也越來越多地透過訊息產品來實現。

On the payments side, WhatsApp Payments will be a part of Facebook Pay. 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. So those 2 things tie in together.

在支付方面，WhatsApp Payments 會成為 Facebook Pay 的一部分。我的意思是，我們去年宣布了這個計畫，基本上就是讓你在我們任何一個 App 內付款時，只需要輸入一次信用卡資料，之後就能在其他 App 中使用，讓結帳體驗更少摩擦、更順暢。所以這兩件事是連結在一起的。

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. 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. 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. And there aren't that many folks who have an incentive to make this work well across different places around the world. So that's some place where we thought that we could add.

但我們在支付上採取多種做法：像是我們在 WhatsApp 的 Payments 或整體 Facebook Pay 所做的事情，是建立在傳統支付基礎設施之上；而我們先前提出、較長期的 Libra 相關工作，現在由獨立的 Libra Foundation 負責推進，我們則在開發一個可搭配 Libra 使用的錢包。那更像是一個提案，目的是讓全球某些支付基礎設施能更有效率，特別是像跨境匯款這類情境。如果你想想看，今天很多做支付等服務的公司，多半是以單一國家為主、或只在某一個國家運作。而且並沒有那麼多人有誘因去把這件事在全球不同地區之間做得很好。所以那是我們認為可以有所貢獻的地方。

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. Bigger companies are going to find ways to sell their things and measure the effectiveness of their ads and all that. 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. And that's a lot of what we're focused on, and you've heard Wehner talk about this a bit. 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.

但整體而言，我們的一個重要重點是確保個人與小型企業能取得過去只有大型公司才有的那類工具。大型公司總會找到方法去銷售商品、衡量廣告成效等等。我們最後做的很多工作，都是為了讓小型企業更容易做到——即使沒有龐大的技術團隊——也能使用同樣的工具、取得支付能力、輕鬆建立店面、並能衡量廣告成效。這是我們關注的很大一部分，你也聽過 Wehner 稍微談到這點。我們對生態系可能出現的一些變化所擔心的地方在於，我們認為這些變化會不成比例地傷害小型企業與大型公司競爭的能力。

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

您的下一個問題來自 UBS 的 Eric Sheridan。

Maybe 2, if I can. Mark, you had talked previously about trying to more tightly integrate the applications in the family under the Facebook umbrella. 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.

如果可以的話，可能有兩個問題。Mark，你先前談到希望把 Facebook 旗下這個產品家族中的各個應用程式更緊密地整合在 Facebook 的傘下。我想請你更新一下：在未來幾年，你們對於面向消費者的應用程式品牌呈現方式，以及在技術後端的整合方面，現在的思考方向是什麼？

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.

另外延續你剛才對訊息傳遞（messaging）的評論，我也想請你更新一下：團隊在訊息產品的變現面向上是如何思考的？以及在未來幾年，你們可能會用哪些更有意思的產品來讓訊息應用程式變現，包括 Facebook Messenger 和 WhatsApp？

Sure. So on integration, overall here's how I think about it. We're going to keep the brands, right, from all the apps. Of course, right, I mean these are large communities that people love and strongly associate with a specific app. So that's clearly going to stay.

當然。關於整合，整體而言我這樣看待。我們會保留所有應用程式各自的品牌，對吧。當然，這些都是人們喜愛、且強烈與某個特定 App 連結在一起的大型社群。所以這點顯然會維持不變。

In terms of integration, all the apps are already very integrated today. We all run off of common infrastructure. 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. That way, an engineer improving the efficiency of one system makes all of the apps better. 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. 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.

就整合而言，今天所有 App 其實已經高度整合。我們都運行在共同的基礎設施之上。我們一直嘗試以這樣的方式經營公司：我們建立基礎設施，也建立商業模式。如此一來，工程師只要提升某個系統的效率，就能讓所有 App 都變得更好。而且——在表面之下，一切其實已經非常緊密地整合；使用這些 App 的人可能感受不到。但我認為未來幾年的推進方向是：在經營公司時，我希望不只是後端工程師改善某些東西時才會讓所有產品一起受益。

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

我們希望做到：在 Instagram、Facebook 或 WhatsApp 上打造出的功能，當人們在那些地方互動時，也能讓你在同一產品家族的其他 App 上的體驗變得更好。這就是我們做很多事情背後的理念。

Some of it is just we built up multiple technical stacks in some places that didn't need to exist. The voice calling stack on WhatsApp and Messenger, there's not a real reason why those need to be different. 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. If we got that to be integrated, then the same engineering effort could just make it better across everything at a faster rate.

其中一部分只是：我們在某些地方建立了多套其實不需要存在的技術堆疊。WhatsApp 和 Messenger 的語音通話堆疊，沒有真正的理由必須不同。但我們過去並沒有把那一層標準化，這代表現在我們得投入雙倍的工作，才能把它做好。如果把它整合起來，那同樣的工程投入就能以更快的速度讓所有產品一起變得更好。

So there's going to be more work like that. I think some of it will start to be more visible across the apps. 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.

所以接下來會有更多這類工作。我認為其中一些會開始在各個 App 之間變得更可見。各個 App 仍會持續保有自己的識別與品牌，因為——人們使用它們的目的多少不同，而這點非常重要。

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. Great. I actually just have one question. Could you guys provide us any update around Facebook Dating? That is not one product that, Mark, you talked about. Any stats that you can share with us? Any plans to push into other geos? And would you bring it to Instagram as well?

好的。太好了。我其實只有一個問題。你們能否提供任何關於 Facebook Dating 的最新進展？這不是 Mark 你剛才提到的一個產品。有沒有任何可以分享的數據？是否計畫推進到其他地理市場？以及你們也會把它帶到 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.

在回答之前，如果可以的話，我想先回頭回答上一題後半段關於訊息變現的問題，然後我們再回答這一題。

On messaging, we are still really focused on this. 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. In terms of direct ads in messaging, we're taking that very slowly. We have a very slow rollout in Messenger. We don't have that rolled out in WhatsApp.

關於訊息，我們仍然非常專注在這件事上。而且我們認為，從很多方面來看，在長期而言，針對企業與消費者透過訊息連結這個機會，我們比產業中任何其他公司都更有利於參與其中。就訊息中的直接廣告而言，我們推進得非常謹慎。我們在 Messenger 上採取非常緩慢的推出節奏。在 WhatsApp 上則尚未推出。

Where we are seeing a lot of growth and really exciting metrics right now are click-to-messaging ads. These are one of the fastest-growing ad formats in our family, especially with SMBs in markets like APAC, but really across the board. 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. It's a really good way to drive engagement. 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. We also think the ROI is very high here.

我們目前看到大量成長、而且指標非常令人振奮的是「點擊進入訊息」（click-to-messaging）廣告。這是我們產品家族中成長最快的廣告格式之一，特別是在亞太（APAC）等市場的中小企業（SMBs）中，但其實整體都在成長。其運作方式是：從 Facebook 或 Instagram 動態消息（Feed），或從 Facebook、Instagram 或 Messenger 的限時動態（Stories），你可以點擊後在 Messenger 或 WhatsApp 上向某家企業發送訊息。這是一個非常好的方式來帶動互動。它也能讓人們在漏斗中走得更深：從看到廣告到與企業建立直接連結；消費者喜歡，企業也喜歡。我們也認為這裡的投資報酬率（ROI）非常高。

So I'll share an example. Manulife from Vietnam is an insurance company. They use click-to-messaging ads to generate and qualify leads. 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. 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.

我分享一個例子。越南的 Manulife 是一家保險公司。他們使用點擊進入訊息廣告來產生並篩選潛在客戶（leads）。與原本表現已經很好的 Facebook 潛在客戶廣告（lead ads）相比，這些廣告帶來的合格潛在客戶多了 2.4 倍，銷售也提升了 4 倍。因此我們認為，我們能做的探索型廣告（discovery ads）再加上目前點擊進入 Messenger 的流程，已經展現出訊息對企業可能有多重要的潛力。

Yes. And I could talk a little bit about the Dating experience. It's going well. I don't think we have any specific stats to share on this, but it's going well. And we -- I think we're already one of the top dating services, and we expect to continue growing.

是的。我也可以談一下 Dating 的體驗。進展得很順利。我想我們沒有任何特定數據可以分享，但進展確實很好。而且我們——我認為我們已經是頂尖的交友服務之一，並且預期會持續成長。

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. We try to test things before we launch them. But then there are some things that you can't learn until you have it out. 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. And then we rolled it out to more countries. So we did that over the last year. 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.

就我們推出的地區而言，我們在引進到美國之前，先在多個國家上線。我們的產品開發方式是：先推出，然後收集回饋。我們會在正式推出前盡量測試。但有些事情在真正上線之前是學不到的。接著我們會持續迭代，直到——在多個國家中，使用者真的很喜歡並持續使用。然後我們再推廣到更多國家。我們在過去一年就是這樣做的。

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. But there are different social utilities that even if not everyone wants to use them, hundreds of millions of people might find value in. So whether that's Marketplace for buying and selling things. Groups and communities, we think, is increasingly ubiquitous, but the tab there isn't going to be used by everyone. It's going to be used by hundreds of millions of people. Things like Watch or the News tab that we have started rolling out are not things that we expect everyone to use. 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.

整體而言，Dating 在這裡的策略定位是：在 Facebook App 內，我們認為動態消息（News Feed）非常核心，而且是我們認為每位使用者幾乎每天都會使用的少數功能之一。但也有不同的社交工具（social utilities），即使不是每個人都想用，仍可能有數億人會覺得有價值。例如 Marketplace，用於買賣物品。我們認為社團與社群（Groups and communities）正變得愈來愈普及，但那個分頁不會被所有人使用。它會被數億人使用。像 Watch 或我們已開始逐步推出的 News 分頁，也不是我們預期每個人都會使用的功能。但即使只有數千萬或數億人使用，我們也在增加其他人可能無法打造的獨特價值，並讓這個 App 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. 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.

所以我大概預期在 1 到 2 年內，我們所處的世界會是：人們會使用 Facebook、會使用動態消息（News Feed），然後他們很可能各自還會有 2 到 3 個他們覺得有價值的其他社交工具。而當我們開始打造這些工具時，我認為你最近看到 Facebook App 互動強勁的原因之一就是——特別是當我們打造更多這類東西時，這確實會反映在人們使用 App 的方式上。

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

下一個問題來自 RBC 的 Mark Mahaney。

Okay. Two things, one, congrats on the carbon reduction goal, love that. I posted about it. Mark, you'd be happy to know that. But love to see more companies do that.

好的。兩件事，第一，恭喜你們的減碳目標，我很喜歡。我也發文談到這件事。Mark，你會很高興知道這點。也很樂見更多公司這麼做。

The real question I have to do -- have has to do with the security of the platform in this election year. And so can you just talk about the confidence you have? 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. There may well be bad actor interference as there was 4 years ago. 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? Just how you were trying to hedge that risk, which I think is going to be a material risk this year.

我真正的問題是——是關於在這個選舉年平台的安全性。所以你能談談你們有多大信心嗎？我知道有很多事情你們無法控制，但我確信選舉期間會有很多爭議，或者我假設會是如此。也很可能會像 4 年前那樣出現不良行為者的干預。在你認為 Facebook 及其平台已準備好、能更妥善應對這些情況的前提下，你是否能多談一些、量化也好，任何你能分享的都可以？你們如何試圖對沖這個風險？我認為這會是今年一個重大的風險。

Yes. This is certainly something that we're extremely focused on. And I do think that there is going to be a lot that we need to be watching out for this year. 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.

是的。這當然是我們極度關注的事情。我也確實認為今年有很多我們需要留意的地方。因為——在 2016 年，我認為很公平地說，我們落後於應有的水準，整個產業以及政府也一樣，當時並沒有預期到我們如今已經看到的那種資訊作戰行動。

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. There have been major elections across the world, and each time, we're able to see the tactics of the foreign adversaries evolve. 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. 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. So I think the systems are much more robust.

不過好消息是，自那之後，這並不是我們第一次在總統大選中扮演捍衛選舉完整性的角色。全球各地都有重大選舉，而每一次我們都能看到外國對手的手法如何演變。由於我們和其他人 2016 年時並沒有那麼聚焦在這件事上，因此我們得以以相當快的速度改善。現在也已建立良好的合作夥伴關係，涵蓋整個產業、執法機關、情報社群，不僅在美國，也包括其他國家。所以我認為整體系統已經強健得多。

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

你也可以看看世界其他選舉的結果，例如去年歐盟選舉，當時很多人非常擔心會出現這類外國干預。我其實曾到歐洲議會作證，說明我們將採取哪些措施。之後我記得歐洲議會議長還發布聲明表示，我們履行了承諾、做到了我們說會做的事，那次選舉相對乾淨。

So it's -- we're going to continue seeing the adversaries get more advanced. And I think certainly because this got a lot of attention, it's not just Russia at this point. We've seen similar types of attempts from Iran, China and some places, others as well. So there's more to kind of look out for there. But overall, I do feel confident about where we are.

所以——我們會持續看到對手變得更先進。而且我認為，因為這件事受到很多關注，現在不只是俄羅斯。我們也看到伊朗、中國以及其他一些地方出現類似的嘗試。因此需要留意的面向更多。但整體而言，我對我們目前的狀況有信心。

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. 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. So we're very focused on this and making sure that people know what we're doing, so that they can have confidence. And this is just -- this is really a top priority for us.

我認為我們需要留意的一件事——情報社群也曾警告我們——是某些民族國家行為者的目標未必是直接干預，而是要散播對選舉正當性的懷疑。所以即便我們未必看到具體攻擊，但如果出現一個大型迷因（meme）宣稱存在廣泛干預，其效果同樣是散播疑慮。因此我們非常專注於此，並確保人們知道我們在做什麼，讓他們能有信心。而這——這真的是我們的最高優先事項。

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

下一個問題來自 Baird 的 Colin Sebastian。

Great. Two for me as well. 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. 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? And are these features that ultimately fit within existing apps or also might be distinct from the current services?

很好。我也有兩個問題。延續購物電商的問題，我想知道這裡的重點是否包括把 Marketplace 擴展到多個服務中，或是它作為一個獨立應用程式會更好？另外，也想請教一些較新的視覺類 App，例如 Threads 和 Lasso，你們在使用量或互動上看到了什麼？這些功能最終會更適合放進既有 App 之中，還是也可能會與目前服務區隔、成為獨立產品？

I can talk about Marketplace. Marketplace is growing nicely. It's now used by hundreds of millions of people every month. We also rolled out ads in Marketplace, which are available in 94 markets, which means advertisers can extend their News Feed ads to Marketplace. We're seeing a lot of interest, especially with retail and auto advertisers. It's very early, but we're seeing good results. So we believe this is a good opportunity we're going to continue to invest. But for the foreseeable future, even within this, ads remains the great focus.

我可以談談 Marketplace。Marketplace 成長得不錯。現在每月有數億人使用。我們也在 Marketplace 推出了廣告，目前已在 94 個市場提供，這代表廣告主可以把他們的動態消息（News Feed）廣告延伸到 Marketplace。我們看到很高的興趣，特別是零售與汽車類廣告主。現在還很早，但我們看到不錯的成效。所以我們相信這是一個很好的機會，會持續投資。但在可預見的未來，即便在這裡，廣告仍然是最主要的重點。

Yes. And I think you mentioned Threads and Reels and a couple of the apps that we've launched within Instagram. It's still early. I think there are some promising signs. 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. 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.

是的。我想你提到了 Threads、Reels，以及我們在 Instagram 內推出的幾個 App。現在還早。我認為有一些令人鼓舞的跡象。我們正在釐清，這些產品是否應該隨時間成長為大型的獨立 App，或是應該整合進 Instagram 服務核心，或我們其他的訊息 App。所以我們會隨時間做出判斷，但這兩個領域都很重要：視覺化訊息，以及某種以興趣為基礎、展現才華的類 Stories 功能。

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

下一個問題來自 Evercore ISI 的 Kevin Rippey。

Mark, this is really one for you. You described the new experiences that could be rolling out in the back half of the year. Could you just maybe provide a little more color on that and kind of what you're envisioning? It would be great to hear.

Mark，這題主要是問你。你描述了今年下半年可能推出的新體驗。你能否再多補充一些細節與你所設想的方向？很期待聽聽。

Yes. I've been talking a lot about how we're trying to build out our private messaging apps into richer, private social platforms. And the idea there is that people want to interact in lots of different ways. 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.

是的。我一直在談我們如何嘗試把私密訊息 App 打造成更豐富的、私密的社交平台。其背後的想法是，人們希望用很多不同方式互動。而在 Facebook 和 Instagram 上，你可以用多種不同方式，與許多你認識的人或你有興趣建立連結的人互動。

But our texting apps today are primarily still texting. 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. 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.

但我們今天的傳訊應用主要仍然是在傳訊。因此，我們一直在努力做的很多事情，是建立相關的基礎設施，讓 WhatsApp、Messenger 以及 Instagram Direct 能夠演進，而不只是人們互相傳訊的地方。它們可以成為你能與人相聚、感覺更有臨場感的地方；也可以讓你以不同方式連結到不同群組、與企業互動，並進行支付與商務。

And when we kicked off this big initiative, a lot of the stuff was long-term infrastructure that we needed to get started building. So we've now been -- we're now a year or so into -- starting to build out a lot of that. So I guess what I'm saying is I just expect some of this to land in this year. Not all of it, some of the stuff is longer term. For example, the work that we're doing on full end-to-end encryption, that's just -- that's a long-term project. We want to make sure we get the safety implications of that right. Already fully rolled out around WhatsApp. 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. 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.

當我們啟動這項大型計畫時，許多工作都是我們需要開始建置的長期基礎設施。因此我們現在——大約已經進行了一年左右——開始建置其中相當多的部分。所以我想我在說的是，我預期其中一些會在今年落地。不會全部，有些事情是更長期的。例如，我們正在做的端到端完整加密，這——是一個長期專案。我們希望確保其安全層面的影響都處理得當。在 WhatsApp 上已經全面推出。我們非常致力於在 Messenger 和 Instagram 也全面推出之前，先把安全相關的部分做到位。因此其中一些部分不會在今年落地，但我預期圍繞著打造私密社交平台這個願景，很多內容會在今年開始落地。

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

下一個問題來自德意志銀行（Deutsche Bank）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. 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.

這已經是連續第二個季度，你們指出核心 Facebook 是曝光量成長的關鍵驅動因素。想請你們再多談一些，是什麼在推動核心藍色（core blue）的互動強勁，以及你們是否預期這種趨勢會持續。

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. So any updates on engagement around Groups or how the strength there is impacting the ad business? Any color you could share would be great.

另外作為相關的追問，媒體有報導你們計畫投放一支針對 Facebook Groups 產品的超級盃廣告。所以在 Groups 的互動方面有任何更新嗎？或那裡的強勁表現如何影響廣告業務？如果能分享一些細節會很有幫助。

Yes. Okay. So I'll take that, Lloyd. Yes. I mean we have -- we are pleased with the engagement that we're seeing on the Facebook app broadly. And as you'd mentioned, this has been a pretty consistent story over the last several quarters. So I don't think it's particularly a new story, but we're seeing that across the globe in all regions. And I'd say the character of the engagement growth is a little bit different by region. In the U.S. and Canada on Facebook, we're seeing strength in sort of nonvideo feed engagement. In other regions, we're seeing good strength in video. 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. But specific to core Facebook, I think those are some of the drivers that I'd call out.

是的。好的。Lloyd，我來回答。是的。我的意思是，我們——我們對在 Facebook 應用整體上看到的互動表現感到滿意。如你所提，這在過去幾個季度一直是相當一致的趨勢。所以我不認為這特別是新的故事，但我們在全球各地、所有地區都看到了這種情況。我會說，各地區的互動成長特性略有不同。在美國與加拿大的 Facebook 上，我們看到的是偏向非影片動態消息（feed）的互動表現強勁。在其他地區，我們看到影片表現很強。此外，在我們所有應用上，我們看到 Stories 的採用很強勁，WhatsApp Status 產品在全球也一樣，這持續提供人們另一種連結與分享的方式。但就核心 Facebook 而言，我認為以上是我會點出的幾個驅動因素。

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

下一個問題來自 Cowen 的 John Blackledge。

Two questions. How should we think about the video strategy on core Facebook? And any update on Watch users and engagement?

兩個問題。我們應該如何看待核心 Facebook 的影片策略？以及 Watch 的用戶與互動有任何更新嗎？

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

另外在 Instagram 上，廣告圈內有一些討論認為 Explore 是擴大廣告庫存的領域。能否分享一下 Explore 分頁上的廣告趨勢？

Yes. The video strategy is -- has been pretty consistent. 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. People watch a lot of video as part of News Feed. 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.

是的。影片策略——一直相當一致。我們——而且它也與我們在建立其他分頁與社交工具的整體方向一致。人們在動態消息（News Feed）中會觀看大量影片。但我們也發現，在 News Feed 裡單純大量消費影片，會排擠一些社交互動與與人連結，而那才是人們使用我們服務的真正核心。

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. 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. It's -- we're not building out a subscription service or anything like that around this. So that's more just some good examples of content and anchor content to help create the community and get people into that experience.

因此基本上，為了——充分滿足人們對影片的需求，我們開始建立一個獨立的分頁 Watch，而它也在快速成長。你可以把我們在那裡做的內容採購，視為更偏向行銷，或是把新的人帶進這個體驗。我們——並不是要圍繞這個建立訂閱服務或類似的東西。所以那更像是一些好的內容範例與主打內容（anchor content），用來協助建立社群並讓人們進入那個體驗。

I can share a little bit about the Explore opportunity. So more than 50% of accounts on Instagram are using Explore every month. And as of Q3, ads were available to 100% of advertisers. We think it's a great opportunity to reach customers who are already in a discovery mindset. 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.

我可以分享一些關於 Explore 機會的情況。Instagram 上每月有超過 50% 的帳號會使用 Explore。截至第三季，廣告已對 100% 的廣告主開放。我們認為這是觸及已處於探索心態之客戶的絕佳機會。其運作方式是：當你在 Explore 網格中點擊一則貼文後，你會進入類似動態消息（Feed-like）的體驗，廣告會在其中出現。

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

下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I have 2, one for Dave and one for 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. I wonder when you look at the opportunity to try to drive market -- drive pricing in other markets, what are those gating factors? 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?

我有兩個問題，一個給 Dave，一個給 Mark。先給 Dave：如果你看你們的簡報投影片第 4 頁，你會看到美國的 ARPU 成長非常驚人。而且美國的 ARPU 規模遠高於其他所有市場，包括歐洲。我想請問，當你們看待在其他市場推動——推動定價的機會時，有哪些限制因素？你們在尋找什麼——或者我們應該觀察什麼，才能讓定價提升到更接近、我想是讓 ARPU 更接近美國數字所走向的水準？

And then for Mark, on payments, what are your initial markets that you're trying to target? And what impact do you all expect? And if you get payments right, what impact would that have on your other parts of the advertising business?

再來給 Mark：在支付方面，你們最初鎖定的市場有哪些？你們預期會帶來什麼影響？如果你們把支付做對了，會對你們廣告業務的其他部分產生什麼影響？

Sure, Michael. I'll take the first one. So this has been a pretty consistent question that's come up over the years. 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. Europe is a broader mix of countries. So you've got Eastern Europe, and you've got Turkey in there. So you've got just lower ad market per capita countries that are included in that segment. It's a much closer number if you were to look just pure-play at Western Europe. And then there's obviously different engagement levels, maturity of Instagram in those markets that also plays into it. I guess not for the Facebook-only stats, but I think you just get different dynamics based on the, really, characteristics of those countries.

當然，Michael。我先回答第一個。這些年來這一直是個相當常見的問題。我認為答案大致上與我在先前電話會議中給出的相同：美國與加拿大這個分部基本上是純粹的已開發市場，因為該分部只有美國與加拿大兩個國家。歐洲則是更廣泛的國家組合。所以其中包含東歐，也包含土耳其。因此該分部納入了一些人均廣告市場較低的國家。如果你只看純粹的西歐，數字會更接近。此外，不同的互動程度、Instagram 在那些市場的成熟度等因素也會影響。我想這對僅 Facebook 的統計可能不適用，但我認為你會因為那些國家的特性，而看到不同的動態。

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. 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.

所以，這確實是推動 ARPU 差異的原因；而且你也看到在歐洲內部以及亞太地區內部，那些 ARPU 較低的國家整體成長更快。因此，隨著使用者在那些 ARPU 較低的國家更快速成長，因為組合（mix）更偏向這些低 ARPU 國家，這也往往會對 ARPU 產生一定的緩和影響。

Sure. And on payments, we're focused in different places with different products. For things like Instagram and even a lot of what we're doing on Facebook, it's a lot more developed countries. For WhatsApp, it's the biggest countries on WhatsApp. So that's countries like India and Mexico and Brazil and Indonesia, which will make up a large part of the community on WhatsApp.

當然。至於支付（payments），我們在不同產品上會聚焦於不同的地區。像 Instagram，甚至我們在 Facebook 上做的很多事情，主要是在較成熟的國家。至於 WhatsApp，則是聚焦在 WhatsApp 上最大的那些國家。也就是像印度、墨西哥、巴西和印尼這些國家，它們將構成 WhatsApp 社群中很大的一部分。

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. 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. 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. 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. 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.

我們預期這會如何運作，基本上對人們而言，這就是——這是一項重要功能，能夠讓你轉移資金、支付給朋友與個人，以及小型企業。從小型企業的角度來看，我們認為能把廣告與交易形成閉環（close the loop），將使得在我們的服務上建立存在感更有價值，而購買廣告也會更有價值。因此，點擊進入訊息（click-to-messaging）廣告——也就是廣告投放在 Facebook 和 Instagram 上，但會把你連到 WhatsApp 或 Messenger——是一個成長良好的產品。隨著你能在 WhatsApp 和 Messenger 完成更多支付，你會預期企業會覺得在那裡出更高的價（bid）更值得；這也是為什麼到目前為止我們專注於讓支付可以免費，或至少盡可能便宜。因為我們認為，從企業角度，我們將能透過讓服務對企業更有價值，以及他們在拍賣中願意出價的廣告價格，來取得部分價值。

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

您的最後一個問題來自富國銀行（Wells Fargo）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. So we want to hear a little bit more about Facebook Gaming and the opportunities there and maybe the strategic overlap with Oculus.

在過去幾週內，你們簽下了幾位遊戲實況主，包括 Disguised Toast、Corinna Kopf、ZeRo；而在 12 月，你們收購了 Play Giga。因此我們想多聽一些關於 Facebook Gaming 以及那裡的機會，並且也許談談與 Oculus 的策略重疊之處。

Yes. I mean there are a couple of different things here. 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. But right now we're developing them somewhat independently. 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. We've talked about Watch. We've talked about Groups, News tab. Certainly, the Facebook Gaming effort for the people who are engaged in that. I mean there are a lot of communities that can get that -- of people who really care about gaming. It has connections to the video and kind of live content services that we're building out. 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. We're not just trying to build things that everyone is going to want to use. We think something like gaming, hundreds of millions of people are going to want to use it, and that's great.

是的。我的意思是，這裡有幾個不同的面向。從長期來看，當然會——我們在 Facebook 應用程式上所做的工作與 Oculus 之間，肯定會有連結，或是會有相關機會。但目前我們在某種程度上是分開、相對獨立地在發展它們。我認為在 Facebook 應用程式內，你可以把這看作是一種連結——作為我們所談到的社交效用（social utility）策略的延伸；我們在這通電話中談到了交友（Dating）。我們談到了 Watch。我們談到了社團（Groups）、新聞分頁（News tab）。當然也包括 Facebook Gaming 的投入，對於那些參與其中的人而言。我的意思是，有很多社群——由那些非常在意遊戲的人所組成的社群。它也與我們正在建構的影片以及某種直播內容服務有連結。因此，這將會成為我們日益聚焦的方向之一，或者說，是人們想要互動並建立社群的不同方式之一。我們並不只是想打造每個人都會想用的東西。我們認為像遊戲這樣的領域，將會有數以億計的人想要使用，而這很棒。

Great. Thank you for joining us today. We appreciate your time, and we look forward to speaking with you again.

很好。感謝您今天加入我們。我們感謝您撥冗，也期待再次與您交流。

Ladies and gentlemen, this concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。