Meta Platforms Inc (META) 2020 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我叫邁克，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Facebook Second Quarter 2020 Earnings Conference Call.

在此，歡迎大家參加 Facebook 2020 年第二季度財報電話會議。

(Operator Instructions) This call will be recorded.

（操作員說明）此通話將被錄音。

Thanks very much.

非常感謝。

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

Facebook 投資者關係副總裁 Deborah Crawford 女士。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good afternoon, and welcome to Facebook's Second Quarter 2020 Earnings Conference Call.

下午好，歡迎來到 Facebook 的 2020 年第二季度收益電話會議。

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

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

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

在我們開始之前，我想藉此機會提醒您，我們今天的發言將包含前瞻性陳述。

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

實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。

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

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

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

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

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

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。

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

今天的收益新聞稿中包含了 GAAP 與非 GAAP 措施的對賬。

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

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

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

現在我想把電話轉給馬克。

Thanks, and thanks, everyone, for joining us today.

謝謝，也謝謝大家今天加入我們。

I hope you're all doing okay and staying healthy.

我希望你們一切都好，保持健康。

This was a strong quarter for us, especially compared to what we expected at the start.

這對我們來說是一個強勁的季度，尤其是與我們開始時的預期相比。

There are now more than 3.1 billion people using our services every month to stay connected, with -- and more than 180 million businesses who use our tools to connect with customers.

現在每個月有超過 31 億人使用我們的服務與客戶保持聯繫，超過 1.8 億家企業使用我們的工具與客戶保持聯繫。

We also had more than 9 million active advertisers across our services as many shifted their business online.

我們的服務中還有超過 900 萬活躍的廣告商，因為許多人將他們的業務轉移到了網上。

As I said yesterday, the tech industry is an American success story.

正如我昨天所說，科技行業是美國的成功故事。

Products we build have changed the world for the better and improve people's lives.

我們打造的產品讓世界變得更美好，改善了人們的生活。

Our industry is one of the ways that America shares its values with the world and one of the greatest economic and cultural exports of our country.

我們的行業是美國與世界分享其價值觀的方式之一，也是我們國家最大的經濟和文化出口之一。

Facebook is part of this story.

Facebook 是這個故事的一部分。

We started with an idea to give people the power to share and connect, and we built services that billions of people find useful.

我們的想法是讓人們能夠分享和聯繫，我們構建了數十億人認為有用的服務。

I'm proud that we have given a platform to make -- for people to make their voices heard and given small businesses access to tools that only the largest players used to have.

我感到自豪的是，我們提供了一個平台，讓人們可以表達自己的聲音，並讓小企業可以使用只有最大的參與者才能擁有的工具。

Since COVID emerged, people have used our services to stay in touch with friends and family who they can't be with in person and to keep their businesses running online even when physical stores are closed.

自 COVID 出現以來，人們已經使用我們的服務與他們無法面對面的朋友和家人保持聯繫，並在實體店關門的情況下保持他們的業務在線運行。

In many ways, amidst this very difficult period for people around the world, our services are more important now than ever before.

在許多方面，在這個對全世界人民來說都非常困難的時期，我們的服務現在比以往任何時候都更加重要。

It's worth reflecting on this for a moment because there's just fundamental difference between how the vast majority of people actually experience our services and the impression you'd get if you just read much of the commentary about Facebook.

值得反思一下這一點，因為絕大多數人實際體驗我們服務的方式與您閱讀大量有關 Facebook 的評論後的印象之間存在根本差異。

Imagine going through this pandemic 2 decades ago when the Internet was nascent.

想像一下 2 年前，當互聯網剛剛起步時經歷了這場大流行。

Facebook didn't even exist.

Facebook 甚至不存在。

Sheltering in place is incredibly disruptive now, but until recently, it would have meant almost no connection with your friends in the broader economy.

就地避難現在具有令人難以置信的破壞性，但直到最近，這還意味著與更廣泛經濟領域的朋友幾乎沒有任何联系。

Most of the small businesses whose storefronts had to close would have gone under, and there wouldn't have been another infrastructure like the Internet that they can move quickly to in order to stay afloat.

大多數不得不關閉店面的小企業都會倒閉，並且不會有另一種基礎設施，如互聯網，他們可以迅速轉移到其他基礎設施上以維持生計。

People sharing their day-to-day experiences with friends, communicating in groups with people who share interests and watching entertaining content, buying and selling things, this is how the vast majority of people use our services.

人們與朋友分享他們的日常經歷，與志同道合的人在群組中交流，觀看娛樂內容，買賣東西，這就是絕大多數人使用我們服務的方式。

Yet, some seem to wrongly assume that most of the content on our services is about politics, news, misinformation or hate.

然而，有些人似乎錯誤地認為我們服務上的大部分內容都是關於政治、新聞、錯誤信息或仇恨的。

And let me be clear, it's not.

讓我說清楚，事實並非如此。

These make up a small part of the content on our services, although they are all things that people generally tell us they'd like to see even less of.

這些構成了我們服務內容的一小部分，儘管人們通常告訴我們他們希望看到的更少。

We do not profit from misinformation or hate.

我們不會從錯誤信息或仇恨中獲利。

We do not want this content on our platforms.

我們不希望這些內容出現在我們的平台上。

People come to our services to connect with the people they care about.

人們來我們的服務是為了與他們關心的人聯繫。

That's why people are using our services at record levels now, and enabling more of those meaningful social interactions is how we succeed.

這就是為什麼人們現在以創紀錄的水平使用我們的服務，而實現更多有意義的社交互動是我們成功的原因。

And we have a plan to further reduce the amount of harmful content.

我們有進一步減少有害內容的計劃。

Our AI systems already proactively identify about 90% of the hate speech that we remove before anyone even reports it, and no other Internet service does anything remotely as sophisticated as this, and we are committed to continuing to improve.

我們的 AI 系統已經主動識別出我們刪除的大約 90% 的仇恨言論，甚至在任何人報告之前就將其刪除，沒有任何其他互聯網服務能做到如此復雜的事情，我們致力於繼續改進。

We're having an independent audit done of our community standards enforcement report, which is our transparency report on how effectively we are removing harmful content.

我們正在對我們的社區標準執行報告進行獨立審計，這是關於我們如何有效刪除有害內容的透明度報告。

We're also opening ourselves up to an audit from the Media Rating Council to look at our content monetization policies and brand safety controls.

我們還接受媒體評級委員會的審計，以查看我們的內容貨幣化政策和品牌安全控制。

And we're going to work with the Global Alliance for Responsible Media to provide greater transparency into our measurement of hate speech numbers.

我們將與全球負責任媒體聯盟合作，為我們衡量仇恨言論數量提供更大的透明度。

Now some also seem to wrongly assume that our business is dependent on a few large advertisers.

現在有些人似乎還錯誤地認為我們的業務依賴於幾個大廣告商。

Now while we value every single one of the businesses that use our platforms, the biggest part of our business is serving small businesses.

現在，雖然我們重視使用我們平台的每一家企業，但我們業務的最大部分是為小型企業提供服務。

Our advertising is one of the most effective tools that small businesses have to find customers, to grow their businesses and to create jobs.

我們的廣告是小型企業尋找客戶、發展業務和創造就業機會的最有效工具之一。

And that's why I am often troubled by the calls to go after Internet advertising, especially during a time of such economic turmoil like we face today with COVID.

這就是為什麼我經常對打擊互聯網廣告的呼籲感到困擾，尤其是在我們今天面對 COVID 的經濟動盪時期。

It's true that making it more difficult to target ads would affect the revenue of companies like Facebook, but the much bigger cost of such a move would be to reduce the effectiveness of the ads and opportunities for small businesses to grow.

誠然，讓廣告更難定位會影響像 Facebook 這樣的公司的收入，但此舉的更大成本將是降低廣告的有效性和小企業的發展機會。

This would reduce opportunities for small businesses so much that it would probably be felt at a macroeconomic level.

這將大大減少小企業的機會，以至於可能會在宏觀經濟層面感受到。

And is that really what policymakers want in the middle of a pandemic and recession?

在大流行和經濟衰退期間，這真的是政策制定者想要的嗎？

The right path, I believe, is regulation that keeps people's data safe while allowing the benefits of this kind of personalized and relevant advertising.

我認為，正確的途徑是通過監管確保人們的數據安全，同時讓這種個性化和相關的廣告受益。

Looking forward, I expect the rest of this year to continue to be unpredictable.

展望未來，我預計今年餘下時間將繼續變幻莫測。

From a health perspective, with COVID growing quickly in the U.S., there's currently no end in sight for when our teams here will be able to return to our offices.

從健康的角度來看，隨著 COVID 在美國的快速增長，目前我們這裡的團隊何時能夠返回辦公室還沒有結束的跡象。

It is incredibly disappointing because it seems like the U.S. could have avoided this current surge in cases if our government had handled this better.

這是令人難以置信的失望，因為如果我們的政府處理得更好，美國似乎本可以避免目前的病例激增。

For Facebook's part, we are continuing to show our COVID information center to share authoritative health information.

Facebook 方面，我們將繼續展示我們的 COVID 信息中心，以分享權威的健康信息。

To date, we have directed more than 2 billion people to see it in order to see important health messages, including interviews with Dr. Fauci and recently information about why wearing a mask is so important.

迄今為止，我們已引導超過 20 億人觀看它，以便看到重要的健康信息，包括對 Fauci 博士的採訪以及最近關於為什麼戴口罩如此重要的信息。

During this time, we found that most Facebook employees can productively work remotely.

在此期間，我們發現大多數 Facebook 員工都可以遠程高效工作。

Even before COVID, we had a long-term goal of enabling more remote work since the ability to feel present even when you're remote is a core aspect of our own product work on video presence, workplace and virtual and augmented reality.

甚至在 COVID 之前，我們就有了實現更多遠程工作的長期目標，因為即使您在遠程時也能感受到存在的能力是我們自己的視頻存在、工作場所以及虛擬和增強現實產品工作的核心方面。

We're using this moment to accelerate these plans.

我們正在利用這一刻來加速這些計劃。

And I expect that up to 50% of our employees will be remote long term within the next 5 to 10 years.

我預計在未來 5 到 10 年內，我們將有多達 50% 的員工長期處於遠程工作狀態。

This will enable us to attract and retain broader pools of talent regardless of where they live.

這將使我們能夠吸引和留住更廣泛的人才，無論他們身在何處。

Economically, with the initial CARES Act stimulus ending here in the U.S., it's unclear what the economic outlook will be during this next period.

從經濟上講，隨著最初的 CARES 法案刺激措施在美國結束，目前尚不清楚下一時期的經濟前景。

I continue to believe that getting the virus under control is the most important step we can take towards economic recovery.

我仍然相信，控制住病毒是我們可以為經濟復甦邁出的最重要的一步。

For our part, we are accelerating our work to help small businesses sell online through our services.

就我們而言，我們正在加快我們的工作，以幫助小型企業通過我們的服務進行在線銷售。

We launched Facebook Shops to let businesses set up a storefront and sell across our apps, and that is scaling quickly.

我們推出了 Facebook Shops，讓企業可以建立店面並通過我們的應用程序進行銷售，並且正在迅速擴展。

We're going to have more to share there soon.

我們將很快在那里分享更多內容。

WhatsApp Business now has 50 million people using it and is growing quickly.

WhatsApp Business 現在有 5000 萬人在使用它，並且還在快速增長。

We've also granted -- we've also created grant programs to help small businesses during this period, including a $100 million program to support small businesses globally and another $100 million program specifically to support Black-owned businesses, Black creators and nonprofits that serve the Black community here in the U.S.

我們還撥款 - 我們還制定了在此期間幫助小企業的撥款計劃，其中包括一個 1 億美元的計劃，用於支持全球的小企業，另一個 1 億美元的計劃專門用於支持黑人擁有的企業、黑人創作者和非營利組織為美國這裡的黑人社區服務

Politically, COVID has added a heightened level of uncertainty to this year's elections.

在政治上，新冠疫情給今年的選舉增加了更大的不確定性。

Because of the virus, many people may not want to go to the polls in person so voting by mail will be more important than ever.

由於該病毒，許多人可能不想親自去投票站，因此郵寄投票將比以往任何時候都更加重要。

And since many people haven't voted by mail before, it's critical that we get official voting information in front of people and help people register to vote.

由於許多人以前沒有通過郵寄投票，因此我們在人們面前獲得官方投票信息並幫助人們登記投票至關重要。

We have built a voting information center, and our goal is to help 4 million Americans register to vote in this election.

我們建立了一個投票信息中心，我們的目標是幫助400萬美國人在這次選舉中登記投票。

This will be the largest voting information drive in American history and double the number of people that we helped register in 2016 and 2018.

這將是美國歷史上最大的投票信息活動，並且是我們在 2016 年和 2018 年幫助登記的人數的兩倍。

We have already started attaching links to official voting information to any post from political candidates discussing voting.

我們已經開始將官方投票信息的鏈接附加到政治候選人討論投票的任何帖子中。

And our goal is to help people register to vote regardless of what these candidates are posting or saying.

我們的目標是幫助人們登記投票，而不管這些候選人發布或說什麼。

We're also continuing to focus on stopping election interference, including removing voter suppression.

我們還將繼續專注於停止干預選舉，包括取消對選民的壓制。

We've already broadened our policies here and adopted new policies to partner with local election officials to remove false information about voting in the period leading up to the elections, and we are currently considering additional steps that we might take.

我們已經在這裡擴大了我們的政策，並採用了新政策與當地選舉官員合作，以在選舉前的一段時間內刪除有關投票的虛假信息，我們目前正在考慮我們可能採取的其他措施。

With all this going on, I've been impressed by how much progress our teams have been able to make on our proactive product priorities and around building a private messaging platform, enabling small businesses and commerce and building the future computing platforms around virtual and augmented reality.

隨著這一切的進行，我對我們的團隊在我們主動的產品優先事項以及圍繞構建私人消息平台、支持小型企業和商業以及圍繞虛擬和增強構建未來計算平台方面取得的巨大進步印象深刻現實。

We announced Messenger Rooms in April, and people around the world can now join a room from any of our apps or even if you don't have an account with us at all.

我們在 4 月份發布了 Messenger Rooms，現在世界各地的人們都可以通過我們的任何應用程序加入一個房間，即使您根本沒有我們的帳戶也是如此。

We expanded Messenger Kids this quarter to 143 new countries and territories, helping a lot of parents as they look for ways to safely preserve their children's friendships remotely.

我們在本季度將 Messenger Kids 擴展到 143 個新的國家和地區，幫助許多家長尋找遠程安全地維護孩子友誼的方法。

And our AR and VR and hardware products keep getting better.

我們的 AR 和 VR 以及硬件產品也在不斷改進。

We saw an increase in Portal sales across the whole product line this quarter.

本季度我們看到整個產品線的 Portal 銷售額都有所增長。

And Quest, which we launched last May, already has more usage than any other device in our ecosystem.

我們去年 5 月推出的 Quest 的使用率已經超過我們生態系統中的任何其他設備。

As I told Congress yesterday, I am proud of the services we build and how they improve people's lives.

正如我昨天告訴國會的那樣，我為我們建立的服務以及它們如何改善人們的生活感到自豪。

I am thankful to everyone at Facebook who is doing this important work and to all of our partners and everyone else who is on this journey with us.

我感謝 Facebook 從事這項重要工作的每個人，感謝我們所有的合作夥伴以及與我們一起踏上這段旅程的其他人。

And now I'll hand it over to Sheryl.

現在我將把它交給 Sheryl。

Thanks, Mark, and hi, everyone.

謝謝，馬克，大家好。

I want to start by building on what Mark said about hate speech.

我想從 Mark 所說的仇恨言論開始。

Facebook stands firmly against hate.

Facebook 堅決反對仇恨。

Being a platform where everyone can make their voice heard is core to our mission, but that does not mean it's acceptable for people to spread hate.

成為一個讓每個人都可以發表意見的平台是我們使命的核心，但這並不意味著人們可以傳播仇恨。

It's not.

它不是。

We don't benefit from it, and we never have.

我們沒有從中受益，而且我們從來沒有。

Our users don't want to see it, and our advertisers don't want to be associated with it.

我們的用戶不想看到它，我們的廣告商也不想與之相關聯。

For years, we spent billions of dollars on teams and technology to find remove hateful content and to protect the integrity of our platform generally.

多年來，我們在團隊和技術上花費了數十億美元，以查找刪除仇恨內容並總體上保護我們平台的完整性。

And we've become a pioneer in using artificial intelligence to remove hateful content at scale.

我們已經成為使用人工智能大規模刪除仇恨內容的先驅。

We've made real progress, and in many ways, we've led our industry in being more transparent and more proactive in enforcement.

我們取得了真正的進步，並且在很多方面，我們引領我們的行業在執法方面變得更加透明和積極主動。

A recent study from the European Commission shows that these investments are paying off and that Facebook acts faster and removes a greater percentage of the hate speech in our services than other major Internet platforms.

歐盟委員會最近的一項研究表明，這些投資正在取得回報，與其他主要互聯網平台相比，Facebook 的行動速度更快，並且在我們的服務中刪除了更大比例的仇恨言論。

We've made real progress, but this work is never finished.

我們取得了真正的進展，但這項工作從未完成。

Earlier this month, we met with the organizers of the ads boycott and other civil rights leaders to listen to their concerns, and we published our civil rights audit.

本月早些時候，我們會見了廣告抵制活動的組織者和其他民權領袖，聽取了他們的擔憂，並發布了我們的民權審計報告。

We were the first social media company to undertake an audit of this kind, an independent 2-year review of the civil rights impact of our products and practices.

我們是第一家進行此類審計的社交媒體公司，對我們的產品和做法對民權的影響進行為期 2 年的獨立審查。

It's clear we have a lot more to do, and we are working every day to meet this challenge not because of pressure from advertisers but because it is the right thing to do.

很明顯，我們還有很多工作要做，我們每天都在努力應對這一挑戰，這並不是因為來自廣告商的壓力，而是因為這是正確的做法。

We are also working every day to support people and businesses through this difficult period.

我們每天都在努力支持人們和企業度過這個困難時期。

The pandemic is not just a public health crisis but an economic crisis that has hit businesses around the world hard.

大流行不僅是一場公共衛生危機，而且是一場經濟危機，對世界各地的企業造成了沉重打擊。

I want to talk about what we're seeing in our own business and how we are supporting small businesses as they transition online in order to weather this storm.

我想談談我們在自己的業務中看到的情況，以及我們如何支持小型企業在線轉型以度過這場風暴。

After seeing flat year-over-year revenue growth in the first few weeks of April, we saw a considerable recovery in May and June.

在 4 月的前幾週收入同比增長持平後，我們在 5 月和 6 月看到了可觀的複蘇。

Our total ad revenue for Q2 was $18.3 billion, which is a 10% year-over-year increase.

我們第二季度的廣告總收入為 183 億美元，同比增長 10%。

This demonstrates not only our resilience as a company but a wider trend that has been underway for some time.

這不僅表明了我們作為一家公司的韌性，也表明了一段時間以來更廣泛的趨勢。

People are spending more and more time online so businesses need to be online, too.

人們在網上花費的時間越來越多，因此企業也需要在線。

This was true long before the pandemic, but it is especially true now that people can't always get together in person.

在大流行之前很久就是如此，但現在人們不能總是親自聚在一起就更是如此。

In the United States before the crisis, 1 in 3 companies still did not have a website.

在危機前的美國，三分之一的公司仍然沒有網站。

Now more and more businesses realize they have to be online.

現在越來越多的企業意識到他們必須在線。

This month, in partnership with the World Bank and OECD, we published our first Global State of Small Business report based on a survey of more than 30,000 small business leaders across more than 50 countries.

本月，我們與世界銀行和經合組織合作，根據對 50 多個國家/地區的 30,000 多名小企業領導者的調查，發布了第一份《全球小企業狀況》報告。

The data paints a sobering picture of the struggle businesses are facing, but it also points to the scale of the digital transformation we are witnessing.

這些數據描繪了企業所面臨的鬥爭的一幅發人深省的畫面，但它也指出了我們正在目睹的數字化轉型的規模。

In the majority of countries, at least 1/3 of SMBs reported earning a minimum of 25% of their sales from digital channels in the previous 30 days.

在大多數國家/地區，至少有 1/3 的中小型企業表示在過去 30 天內至少有 25% 的銷售額來自數字渠道。

Over the years, we've invested in free and paid tools to help businesses in this increasingly digital-first economy.

多年來，我們投資了免費和付費工具，以在這個日益數字化的經濟中幫助企業。

Anyone can set up a digital storefront on Facebook or Instagram for free in just minutes.

任何人都可以在幾分鐘內免費在 Facebook 或 Instagram 上開設數字店面。

That is why now more than 180 million businesses use our tools every month.

這就是為什麼現在每月有超過 1.8 億家企業使用我們的工具。

Along with our free tools, personalized advertising is a lifeline for businesses, especially small businesses who can't afford broad campaigns aimed at mass audiences.

與我們的免費工具一起，個性化廣告是企業的生命線，尤其是無力承擔針對大眾的廣泛活動的小型企業。

For just a few dollars, now more than 9 million advertisers use our platforms to reach audiences interested in their products, and we enable this in a way that protects people's privacy and produces measurable results.

只需幾美元，現在就有超過 900 萬廣告商使用我們的平台來吸引對其產品感興趣的受眾，我們以保護人們隱私並產生可衡量結果的方式實現這一點。

In today's economy, when businesses are struggling and customers aren't physically walking into their stores or restaurants, this is more important than ever.

在當今的經濟環境下，當企業舉步維艱並且顧客沒有親自走進他們的商店或餐館時，這比以往任何時候都更加重要。

Due to social distancing restrictions, Italian coffee shop owner, [Nicolo Toronto], had to get creative and reimagine what a virtual coffee experience could look like.

由於社交距離限制，意大利咖啡店老闆 [Nicolo Toronto] 不得不發揮創意，重新構想虛擬咖啡體驗的樣子。

With the help of Facebook, Instagram and WhatsApp, he promoted online sales and free home delivery to people interested in coffee within 10 to 12 miles of his store, and he saw a 20x return on ad spend.

在 Facebook、Instagram 和 WhatsApp 的幫助下，他向商店 10 到 12 英里範圍內對咖啡感興趣的人推廣在線銷售和免費送貨上門服務，他看到了 20 倍的廣告支出回報。

And it's not just small businesses that have used personalized ads to help them pivot.

使用個性化廣告來幫助他們轉變的不僅僅是小型企業。

At the onset of the pandemic, Kirkland's, a home furnishing retailer in the U.S., shifted its focus online and used Facebook ads targeted at adults within 10 to 15 miles of their stores to drive sales with curbside pickup.

在大流行開始時，美國的家居零售商柯克蘭將重點轉移到網上，並使用 Facebook 廣告針對距離商店 10 至 15 英里範圍內的成年人，通過路邊取貨來推動銷售。

This is the type of customer acquisition that is only possible with personalized ads.

這是只有個性化廣告才能實現的客戶獲取類型。

And as a result, they saw a 24x return on ad spend and a 3x increase in these sales directly attributable to Facebook.

結果，他們看到了 24 倍的廣告支出回報率，以及直接歸因於 Facebook 的銷售額增長了 3 倍。

As Mark discussed, regulatory and platform challenges threaten this lifeline for businesses, but we remain committed to doing everything we can to help them adapt so they can survive and thrive in the online economy.

正如 Mark 所討論的那樣，監管和平台挑戰威脅著企業的這條生命線，但我們仍然致力於盡我們所能幫助他們適應，以便他們能夠在在線經濟中生存和發展。

We recently launched a business nearby tool to help people find businesses in their neighborhoods, and we continue to develop shops to make selling online quick and easy.

我們最近推出了一個商業附近的工具來幫助人們在他們的社區找到商業，我們繼續開發商店，使在線銷售變得快速和容易。

We know making tools available is not enough.

我們知道僅提供工具是不夠的。

We also need to ensure business owners have the digital skills to use these tools effectively.

我們還需要確保企業主擁有有效使用這些工具的數字技能。

In March, we launched our business resource hub to share free training and resources.

3 月，我們啟動了業務資源中心，以共享免費培訓和資源。

And since then, over 20 million people have visited.

從那時起，已有超過 2000 萬人參觀。

We then launched our summer of support program in June to share even more advice for businesses, whether or not they use our services.

然後，我們在 6 月啟動了夏季支持計劃，為企業分享更多建議，無論他們是否使用我們的服務。

Since launch, more than 15 million people have tuned in to hear practical tips for rebuilding and strengthening their business.

自發布以來，已有超過 1500 萬人收聽了有關重建和加強業務的實用技巧。

In addition to tools and training, businesses have told us they need direct financial help.

除了工具和培訓，企業還告訴我們他們需要直接的財務幫助。

In mid-March, we announced a $100 million grant program to help small businesses around the world.

3 月中旬，我們宣布了一項 1 億美元的贈款計劃，以幫助世界各地的小型企業。

And since we opened applications for the program, we've seen a huge amount of interest from Black-owned businesses so we know they are facing enormous challenges.

自從我們開放該計劃的申請以來，我們已經看到黑人擁有的企業表現出極大的興趣，因此我們知道他們面臨著巨大的挑戰。

Black businesses have faced systemic barriers for generations, and they have also been hit hardest by the economic impact of the pandemic.

幾代人以來，黑人企業都面臨著系統性障礙，他們也受到了大流行病經濟影響的最嚴重打擊。

Last month, we announced an additional $100 million investment in Black-owned small businesses, Black creators and nonprofits that serve the Black community in the U.S. Our grant program is on top of a goal we set previously to spend at least $1 billion with diverse suppliers next year and every year thereafter.

上個月，我們宣布向黑人擁有的小型企業、黑人創作者和為美國黑人社區服務的非營利組織額外投資 1 億美元。我們的贈款計劃是在我們之前設定的目標之上的，即至少向多元化供應商投入 10 億美元明年和以後的每一年。

As part of this, we'll spend at least $100 million annually with Black-owned suppliers from facilities to construction to marketing agencies and more.

作為其中的一部分，我們每年將至少花費 1 億美元與黑人擁有的供應商合作，從設施到建築再到營銷機構等等。

The COVID crisis is lasting longer than anyone hoped and expected.

COVID 危機持續的時間比任何人所希望和預期的都要長。

We are acutely aware of the responsibility we have to keep people connected during this turbulent time and to help businesses weather the storm and transition to the digital economy.

我們敏銳地意識到，在這個動蕩的時期，我們有責任讓人們保持聯繫，並幫助企業渡過難關並過渡到數字經濟。

I want to close by saying how grateful I am to our partners around the world who continue to give us valuable feedback and hold us accountable, and to our incredible teams who are deeply committed to making progress on the issues that matter most and launching new products that continue to make a real difference in people's lives.

最後，我想說我非常感謝我們在世界各地的合作夥伴，他們繼續為我們提供寶貴的反饋並讓我們承擔責任，也感謝我們出色的團隊，他們堅定地致力於在最重要的問題上取得進展並推出新產品繼續真正改變人們的生活。

Now here's Dave.

現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

We continue to operate in an uncertain and challenging environment around the world.

我們繼續在全球充滿不確定性和挑戰性的環境中開展業務。

At the same time, we are seeing accelerated participation in the digital economy, and Facebook is helping alleviate the economic challenges associated with COVID-19.

與此同時，我們看到人們正在加速參與數字經濟，而 Facebook 正在幫助緩解與 COVID-19 相關的經濟挑戰。

We are pleased to support people and businesses through these very trying times.

我們很高興在這些非常艱難的時期為人們和企業提供支持。

Turning now to our results.

現在轉向我們的結果。

Our Q2 growth and engagement metrics reflected increased engagement due to the impact of the pandemic.

我們的第二季度增長和參與度指標反映了由於大流行的影響而增加的參與度。

However, as expected, we are seeing signs of normalization as shelter-in-place measures have eased around the world.

然而，正如預期的那樣，隨著世界各地的就地避難措施有所放鬆，我們看到了正常化的跡象。

I will provide more detail in the outlook.

我將在展望中提供更多細節。

In June, we estimate that approximately 2.5 billion people used at least one of our services on a daily basis and that approximately 3.1 billion people use at least one of our services on a monthly basis.

6 月，我們估計約有 25 億人每天至少使用我們的一項服務，約有 31 億人每月至少使用我們的一項服務。

Note that these Q2 family metrics reflect new data from a recent user survey and certain methodology improvements.

請注意，這些 Q2 系列指標反映了來自最近用戶調查和某些方法改進的新數據。

Further details are included in the earnings slides on our IR website.

更多詳細信息包含在我們 IR 網站上的收益幻燈片中。

Facebook itself continued to grow with daily active users reaching 1.79 billion, up 12% compared to last year.

Facebook 本身繼續增長，日活躍用戶達到 17.9 億，比去年增長 12%。

DAUs represented approximately 66% of the 2.7 billion monthly active users in June.

DAU 約佔 6 月 27 億月活躍用戶的 66%。

MAUs grew by 287 million or 12% compared to last year.

與去年相比，MAU 增長了 2.87 億，增幅為 12%。

Turning now to the financials.

現在轉向財務。

Q2 total revenue was $18.7 billion, up 11% or 12% on a constant currency basis.

第二季度總收入為 187 億美元，按固定匯率計算增長 11% 或 12%。

Had foreign exchange rates remained constant with Q2 of last year, total revenue would have been $297 million higher.

如果外匯匯率與去年第二季度保持不變，總收入將增加 2.97 億美元。

Q2 ad revenue was $18.3 billion, up 10% or 12% on a constant currency basis.

第二季度廣告收入為 183 億美元，按固定匯率計算增長 10% 或 12%。

As Sheryl mentioned, ad revenue growth in the quarter was stronger in May and June relative to April.

正如 Sheryl 所提到的，與 4 月份相比，5 月份和 6 月份該季度的廣告收入增長更為強勁。

In terms of verticals, we saw particular strength from both new and existing online commerce and service advertisers who primarily leverage our direct response ad formats.

在垂直領域，我們看到了新的和現有的在線商務和服務廣告商的特別優勢，他們主要利用我們的直接響應廣告格式。

Facebook has been a lifeline of economic activity during a time when off-line activity has been curtailed.

在線下活動受到限制的時期，Facebook 一直是經濟活動的生命線。

Our growth was primarily driven by small and medium-sized businesses around the world who leveraged our advertising platforms to connect with customers.

我們的增長主要是由世界各地的中小型企業推動的，他們利用我們的廣告平台與客戶建立聯繫。

As a result, we continue to see increased diversification among our advertiser base.

因此，我們繼續看到我們的廣告客戶群越來越多樣化。

In Q2, our top 100 advertisers represented 16% of our ad revenue which is a lower percentage than a year ago.

在第二季度，我們排名前 100 位的廣告商占我們廣告收入的 16%，比一年前有所下降。

On a user regional basis, ad revenue growth was strongest in U.S. and Canada, Asia Pacific and Europe, which grew 14%, 11% and 9%, respectively.

從用戶區域來看，美國和加拿大、亞太地區和歐洲的廣告收入增長最為強勁，分別增長了 14%、11% 和 9%。

Rest of world declined 6% and was impacted by challenging macroeconomic conditions as well as foreign currency headwinds.

世界其他地區下降了 6%，並受到具有挑戰性的宏觀經濟條件以及外匯逆風的影響。

Turning now to our price and volume metrics.

現在轉向我們的價格和數量指標。

In Q2, the total number of ad impressions served across our services increased 40% and the average price per ad decreased 21%.

在第二季度，通過我們的服務投放的廣告總展示次數增加了 40%，每條廣告的平均價格下降了 21%。

Similar to last quarter, the growth in impressions was primarily driven by Facebook mobile News Feed due to product changes and increased engagement compared to last year.

與上一季度類似，由於產品變化和與去年相比增加的參與度，印象的增長主要由 Facebook 移動動態消息推動。

The decline in average price per ad was largely attributable to the economic impact of the pandemic, although we saw year-over-year pricing trends improve in the latter half of the quarter.

每條廣告平均價格的下降主要歸因於大流行的經濟影響，儘管我們看到本季度後半段的同比定價趨勢有所改善。

Other revenue was $366 million, up 40% driven primarily by sales of Oculus and Portal products.

其他收入為 3.66 億美元，增長 40%，主要受 Oculus 和 Portal 產品銷售的推動。

Turning now to expenses.

現在轉向費用。

Q2 total expenses were $12.7 billion, up 4% on a reported basis.

第二季度總支出為 127 億美元，按報告基礎增長 4%。

Excluding the $2 billion expense that we recorded in Q2 of last year related to our settlement with the FTC, total expenses were up 24% year-over-year, an 11 percentage point deceleration compared to Q1.

不包括我們在去年第二季度記錄的與 FTC 和解相關的 20 億美元費用，總費用同比增長 24%，比第一季度減少 11 個百分點。

The biggest factor in the deceleration of expense growth from the first quarter was a decline in people-related costs like travel, events and amenities as our employees worked almost entirely from home.

由於我們的員工幾乎完全在家工作，因此與第一季度相比費用增長放緩的最大因素是差旅、活動和便利設施等與人相關的成本下降。

By line item, the trends were as follows: cost of revenue increased 16% driven primarily by depreciation related to our data center spend; R&D grew 35% driven primarily by investments in core products as well as our innovation efforts, notably in AR and VR; marketing and sales grew 18% driven primarily by consumer and growth marketing; and finally, excluding the FTC expense from Q2 of 2019, G&A expenses grew 30% driven primarily by higher legal expenses.

按項目分列，趨勢如下：收入成本增長 16%，主要是由於與我們的數據中心支出相關的折舊；研發增長 35%，主要受核心產品投資以及我們的創新努力推動，尤其是在 AR 和 VR 領域；營銷和銷售增長 18%，主要受消費者和增長營銷的推動；最後，不包括 2019 年第二季度的 FTC 費用，G&A 費用增長了 30%，這主要是由於法律費用增加所致。

As Mark mentioned, we continue to invest throughout the economic downturn in order to build products and services for the future.

正如馬克所提到的，我們在整個經濟低迷時期繼續投資，以便為未來打造產品和服務。

We had our strongest hiring quarter ever in Q2, adding over 4,200 net new hires, primarily in technical functions.

我們在第二季度迎來了有史以來最強勁的招聘季度，新增 4,200 多名新員工，主要是技術職能部門。

We ended the quarter with over 52,500 full-time employees, up 32% year-over-year.

本季度末，我們擁有超過 52,500 名全職員工，同比增長 32%。

We are pleased with our ability to recruit, onboard and retain talent in this environment.

我們很高興能夠在這種環境中招聘、入職和留住人才。

Operating income was $6 billion, representing a 32% operating margin.

營業收入為 60 億美元，營業利潤率為 32%。

Our tax rate was 16%.

我們的稅率是 16%。

Net income was $5.2 billion or $1.80 per share.

淨收入為 52 億美元或每股 1.80 美元。

Capital expenditures were $3.4 billion driven by investments in data centers, servers, office buildings and network infrastructure.

資本支出為 34 億美元，主要受數據中心、服務器、辦公樓和網絡基礎設施投資的推動。

Note that this is a decline of 11% compared to last year, primarily due to a pause in the data center construction for roughly half the quarter due to the shelter-in-place measures.

請注意，與去年相比下降了 11%，這主要是由於就地避難措施導致數據中心建設暫停了大約一半的季度。

We have since resumed our data center construction efforts with proper safety precautions in place.

此後，我們在採取適當的安全預防措施的情況下恢復了數據中心的建設工作。

In Q2, we announced a new data center in Illinois which will be supported by 100% renewable energy.

在第二季度，我們宣佈在伊利諾伊州新建一個數據中心，該數據中心將由 100% 可再生能源提供支持。

We remain committed to minimizing our environmental impact.

我們仍然致力於盡量減少我們對環境的影響。

And earlier this month, we published our inaugural sustainability report, which is available on Facebook's sustainability website.

本月早些時候，我們發布了首份可持續發展報告，可在 Facebook 的可持續發展網站上獲取。

Free cash flow was $514 million.

自由現金流為 5.14 億美元。

And as a reminder, this is net of the $5 billion FTC settlement that was paid in Q2 but, as previously noted, was expensed in 2019.

提醒一下，這是扣除了第二季度支付的 50 億美元 FTC 和解金，但如前所述，該和解金已在 2019 年計入費用。

We purchased $1.4 billion of our Class A common stock and ended the quarter with $58.2 billion in cash and investments.

我們購買了 14 億美元的 A 類普通股，並在本季度末以 582 億美元的現金和投資結束。

In July, we closed our investment in Jio Platforms Limited and paid approximately $5.8 billion in cash.

7 月，我們完成了對 Jio Platforms Limited 的投資，並支付了約 58 億美元的現金。

Turning now to the outlook.

現在轉向前景。

As I mentioned earlier, we are seeing signs of normalization in user growth and engagement as shelter-in-place measures have eased around the world, particularly in developed markets where Facebook's penetration is higher.

正如我之前提到的，我們看到用戶增長和參與度正常化的跡象，因為全球範圍內的就地避難措施有所放鬆，尤其是在 Facebook 滲透率較高的發達市場。

Looking forward, as shelter-in-place restrictions continue to ease, we expect the number of Facebook DAUs and MAUs to be flat or slightly down in most regions in Q3 compared to Q2.

展望未來，隨著就地避難所限制的繼續放寬，我們預計 Facebook DAU 和 MAU 的數量在大多數地區與第二季度相比將持平或略有下降。

In the first 3 weeks of July, our year-over-year ad revenue growth rate was approximately in line with our Q2 ad revenue growth rate of 10%.

在 7 月的前 3 週，我們的廣告收入同比增長率與我們第二季度 10% 的廣告收入增長率大致一致。

We expect our full quarter Q3 year-over-year ad revenue growth rate to be roughly similar to this July performance.

我們預計我們整個季度的第三季度廣告收入增長率將與今年 7 月的表現大致相似。

There are several factors contributing to this: first, continued macroeconomic uncertainty including the pace of recovery and the prospects for additional economic stimulus; second, the expectation that some of the recent surge in community engagement will normalize as regions reopen; third, the impact from certain advertisers pausing spend on our platforms related to the current boycott which is reflected in our July trends; and lastly, headwinds related to ad targeting and measurement including the impact of regulations, such as the California Consumer Privacy Act, as well as headwinds from expected changes to mobile operating platforms, which we anticipate will be increasingly significant as the year progresses.

造成這種情況的因素有幾個：首先，宏觀經濟持續存在不確定性，包括復甦步伐和額外經濟刺激措施的前景；其次，期望隨著地區重新開放，最近社區參與的一些激增將正常化；第三，某些廣告商暫停在我們平台上支出的影響與當前的抵制有關，這反映在我們 7 月份的趨勢中；最後，與廣告定位和衡量相關的不利因素包括加州消費者隱私法等法規的影響，以及移動操作平台預期變化帶來的不利因素，我們預計隨著時間的推移，這些因素將變得越來越重要。

Turning now to expenses.

現在轉向費用。

We expect total expenses in 2020 to be in the range of $52 billion to $55 billion, narrowed slightly from our prior range of $52 billion to $56 billion.

我們預計 2020 年的總支出將在 520 億美元至 550 億美元之間，略低於我們之前 520 億美元至 560 億美元的範圍。

We expect capital expenditures to be approximately $16 billion, at the high end of our previous $15 billion to $16 billion range, as we have resumed data center construction efforts earlier than expected.

我們預計資本支出約為 160 億美元，處於我們之前 150 億至 160 億美元範圍的高端，因為我們比預期更早地恢復了數據中心建設工作。

However, a great deal of uncertainty remains in our outlook, and our full year capital expenditures will depend on how the pandemic impacts our ability to construct data centers and refresh equipment.

然而，我們的前景仍然存在很大的不確定性，我們全年的資本支出將取決於大流行如何影響我們建設數據中心和更新設備的能力。

Turning now to tax.

現在轉向稅收。

We expect our full year 2020 tax rate to be in the mid-teens, although we may see fluctuations in our quarterly rate depending on our financial results.

我們預計我們 2020 年全年的稅率將在十幾歲左右，儘管我們的季度稅率可能會根據我們的財務業績出現波動。

We are proud of the role Facebook has played in keeping people connected during the COVID crisis and the role that we have played in helping businesses reach consumers online during these challenging times.

我們為 Facebook 在 COVID 危機期間在保持人們聯繫方面所發揮的作用以及我們在這些充滿挑戰的時期幫助企業在線吸引消費者方面所發揮的作用感到自豪。

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

有了這個，邁克，讓我們開始提問。

(Operator Instructions)

（操作員說明）

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

你的第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。

In terms of what you want to accomplish on e-commerce for the platform broadly over the medium to long term, what are the key investments and sort of launch initiatives we should be looking for from the outside in that are still part of the building blocks to accomplish sort of the announcement around Facebook Shops, all the excitement about bringing more and more merchants and sellers on the platform globally?

就您希望在中長期內為該平台在電子商務方面取得的廣泛成就而言，我們應該從外部尋找哪些關鍵投資和啟動計劃，因為它們仍然是構建模塊的一部分完成關於 Facebook Shops 的公告，為在全球平台上吸引越來越多的商家和賣家而興奮不已？

Just want to understand sort of the pathway forward in terms of either the initiatives or maybe even the numbers.

只是想從倡議或什至數字方面了解前進的道路。

And then maybe one quick one on the advertising side, how much of a headwind is the current brand advertising environment.

然後可能是廣告方面的一個快速問題，當前的品牌廣告環境有多大的阻力。

We continue to hear about direct response advertising trends improving quickly and maybe even in some verticals back to existing pre-COVID levels.

我們繼續聽說直接反應廣告趨勢正在迅速改善，甚至可能在某些垂直領域回到現有的 COVID 之前的水平。

How should we think about the recovery in brand advertising and what headwind that might be for the platform as you look out to the second half?

展望下半年，我們應該如何看待品牌廣告的複蘇以及該平台可能遇到的不利因素？

Sure.

當然。

I can take the second -- the first part, and then Sheryl can probably take the second one.

我可以參加第二部分——第一部分，然後 Sheryl 可能可以參加第二部分。

In terms of the big milestones for small businesses and commerce, we're mostly focused on 2 types of products.

就小型企業和商業的重大里程碑而言，我們主要關注兩種類型的產品。

The first is Shops, which we started rolling out a lot more broadly this year.

第一個是商店，我們今年開始更廣泛地推出它。

And what that basically allows is any small business to put in a catalog and then have a shop across Instagram and Facebook to start.

這基本上允許任何小企業放入目錄，然後在 Instagram 和 Facebook 上開店。

Eventually, across all of the apps, you'll be able to bring up a shop, and you'll be able to transact across all of them.

最終，在所有應用程序中，您將能夠開設一家商店，並且能夠在所有應用程序之間進行交易。

And it's -- we're building out Facebook Pay to make it so that when you buy something in one place, your credit card is stored.

它是——我們正在構建 Facebook Pay，以便當你在一個地方購買東西時，你的信用卡會被存儲。

It's easier to do follow-on transactions in any of the apps.

在任何應用程序中進行後續交易都更容易。

It will be a better consumer experience, and sales will convert better.

這將是更好的消費者體驗，銷售也會更好地轉化。

There will also be a natural value for small businesses of being able to connect the advertising that they're doing across their services with their shops, to be able to go from inspiring someone at the top of the funnel all the way down through driving sales.

對於小企業來說，能夠將他們在服務中所做的廣告與他們的商店聯繫起來，能夠從激勵漏斗頂部的人一直到推動銷售，這也將具有自然價值.

So that's going to continue scaling, and we'll have more to share there on metrics in that soon.

所以這將繼續擴展，我們很快就會有更多關於指標的分享。

The other area that I'm quite excited about is messaging commerce.

另一個讓我非常興奮的領域是消息商務。

And what we're seeing there is it's particularly important especially in developing countries.

我們在那裡看到的是它特別重要，尤其是在發展中國家。

But we're seeing a lot of small businesses just conduct a significant portion of their business over Messenger or over WhatsApp.

但我們看到許多小型企業只是通過 Messenger 或 WhatsApp 開展大部分業務。

And in the medium term, I think the way that we're probably going to build a business around that, we already offer the business API, and that will be meaningful.

從中期來看，我認為我們可能會圍繞它建立業務，我們已經提供了業務 API，這將是有意義的。

But there are also these clicks-to-messaging ads, which have been more successful than I think we'd even hoped, that basically allow people to get customers' attention in especially Facebook and Instagram and direct them to a thread where they can do commerce and messaging.

但也有這些點擊消息廣告，它們比我認為我們甚至希望的更成功，基本上可以讓人們在 Facebook 和 Instagram 上引起客戶的注意，並將他們引導到他們可以做的話題商務和消息傳遞。

Messenger to start, and we're really working on ramping that up in WhatsApp as well.

首先是 Messenger，我們也在努力在 WhatsApp 中提升它。

But as payments grow across Messenger and WhatsApp and as we're able to roll that out in more places, I think that, that will only grow as a trend.

但隨著 Messenger 和 WhatsApp 支付的增長，以及我們能夠在更多地方推出它，我認為，這只會成為一種趨勢。

So those are the 2 areas that we're really focused on in commerce.

所以這些是我們在商業中真正關注的兩個領域。

It's worth noting, like I said in my opening remarks, this really is primarily focused on small businesses, individual entrepreneurs.

值得注意的是，就像我在開場白中所說的那樣，這確實主要針對小型企業和個體企業家。

Small businesses are the biggest part of our business, not the large businesses.

小型企業是我們業務的最大部分，而不是大型企業。

Of course, we want them to be using our platform, too.

當然，我們希望他們也能使用我們的平台。

We want to serve everyone.

我們想為每個人服務。

But if you, as investors or as analysts or anyone who's thinking about our business, really the accurate way to think about what we do is that we are in the business of serving small businesses, and all these different things that we're doing are going to be geared towards enabling those folks to grow, reach customers and create jobs around the world.

但是，如果你，作為投資者或分析師或任何正在考慮我們業務的人，真正準確地思考我們所做的事情的方式是，我們從事為小企業服務的業務，而我們正在做的所有這些不同的事情都是將致力於使這些人能夠在全球範圍內成長、接觸客戶並創造就業機會。

I can talk about the trends in brand advertising.

我可以談談品牌廣告的趨勢。

I think what we've seen not just this quarter but for many years is that advertisers, large and small, are really interested in measurable results.

我認為我們不僅在本季度而且多年來都看到的是，大大小小的廣告商都對可衡量的結果非常感興趣。

I think that's the best thing we offer, and that's why people come to us.

我認為這是我們提供的最好的東西，這就是人們來找我們的原因。

I think sometimes think of brand advertisers as large advertisers, and certainly large advertisers often do brand campaigns.

我想有時會把品牌廣告商想像成大廣告商，當然大廣告商經常做品牌活動。

But both large and small advertisers we see on our platform are increasingly interested in measurable results.

但我們在平台上看到的大小廣告商都對可衡量的結果越來越感興趣。

We also believe that we provide a better advertising experience for both the marketer in terms of ROI and the end user in terms of seeing something that they're more interested in when the ads are more personalized.

我們還相信，我們在投資回報率方面為營銷人員和最終用戶提供了更好的廣告體驗，因為當廣告更加個性化時，他們會看到他們更感興趣的東西。

And the more they're driving to a measurable result, the more they tend to be targeted to a specific audience, and I think the better they work.

他們越是努力取得可衡量的結果，他們就越傾向於針對特定的受眾，我認為他們的工作就越好。

And so we're definitely seeing a trend towards what you said in this question as direct response, but it's not just direct response anymore.

因此，我們肯定會看到一種趨勢，即您在這個問題中所說的是直接回應，但它不再只是直接回應了。

It's any kind of measurable result.

這是任何一種可衡量的結果。

And we offer a lot of different actions you might want someone to take, and that is definitely much more important than brand in driving our business, has been for a while and that trend continues.

我們提供了許多您可能希望某人採取的不同行動，這在推動我們的業務方面絕對比品牌重要得多，已經有一段時間了，而且這種趨勢還在繼續。

Your next question comes from the line of Brian Nowak from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Brian Nowak。

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

我有 2 個：馬克一個，戴夫一個。

Mark, the first one's on India.

馬克，第一個是關於印度的。

You've made a series of investments the last couple of years there.

在過去的幾年裡，你在那裡進行了一系列投資。

Maybe talk to us about sort of your vision for the product offering and the consumer and the SMB pain points you're most focused on solving and the investments that you need to really make there to create that into a real business for Facebook.

也許與我們談談您對產品供應和消費者的願景，以及您最關註解決的 SMB 痛點，以及您真正需要在那裡進行的投資，以將其打造為 Facebook 的真正業務。

And then secondly, Dave, it seems like you're talking about more than 50% of the employee base potentially working remote the next 5 to 10 years.

其次，戴夫，你似乎在談論未來 5 到 10 年內超過 50% 的員工可能會遠程工作。

Understand you're not going to give us sort of math or quantify it.

明白你不會給我們某種數學或量化它。

But maybe just talk to us about some of the puts and takes in areas where you could see long-term efficiency internally for more people working remote as well as potential higher costs from a larger remote workforce.

但也許只是與我們談談在您可以在內部看到更多遠程工作人員的長期效率以及更多遠程勞動力可能帶來的更高成本的領域中的一些投入和投入。

Sure.

當然。

I can take the India question.

我可以回答印度問題。

It's very connected to what I was just talking about around messaging commerce.

它與我剛才談論的消息傳遞商務密切相關。

A lot of people use WhatsApp, especially in India.

很多人使用 WhatsApp，尤其是在印度。

There's a huge opportunity to enable small businesses and individuals in India to buy and sell things through WhatsApp.

讓印度的小企業和個人能夠通過 WhatsApp 買賣東西是一個巨大的機會。

We want to enable that.

我們想啟用它。

That starts with enabling payments.

這從啟用支付開始。

A big part of the partnership that we have with Jio will be to wire up and get thousands of kiranas, small businesses across India onboarded onto WhatsApp to do commerce there.

我們與 Jio 的合作夥伴關係的很大一部分將是連接並讓印度各地的數千家 kiranas 小企業加入 WhatsApp 以在那裡開展業務。

And we're really excited about the opportunity there.

我們對那裡的機會感到非常興奮。

And once we prove that out with Jio in India, we're planning on expanding it to more folks in India and to other countries as well.

一旦我們通過 Jio 在印度證明了這一點，我們就計劃將其擴展到印度和其他國家的更多人。

But there's no doubt that India is a huge opportunity.

但毫無疑問，印度是一個巨大的機會。

It is the largest country by the size of our community that we're serving already, and it should be one of the faster-growing business opportunities as well to help businesses grow there, and we're very excited about that.

它是我們已經服務的社區規模最大的國家，它應該是增長更快的商業機會之一，並幫助那裡的企業發展，我們對此感到非常興奮。

Before I hand it over to Dave to talk about the remote work, I'll just add that on principle, the reason why we're shifting to more remote work is that we think that culturally, it will allow us to attract more talented people.

在我交給戴夫談論遠程工作之前，我只想補充一點，原則上，我們轉向更遠程工作的原因是我們認為從文化上講，這將使我們能夠吸引更多有才華的人.

We're not doing this primarily as a cost-saving measure.

我們這樣做主要不是為了節省成本。

So Dave can talk a bit about his analysis there, but I don't think we really have a clear picture of how that might play out, but I can tell you that that's not the primary goal of how we're approaching this.

所以戴夫可以在那裡談談他的分析，但我不認為我們真的清楚這可能會如何發揮作用，但我可以告訴你這不是我們處理這個問題的主要目標。

Yes, Mark, that's consistent with what I was going to say to Brian.

是的，馬克，這與我要對布賴恩說的話是一致的。

The main thing we're trying to do is access a greater talent pool, which ultimately might give us more opportunity to grow head count.

我們正在努力做的主要事情是獲得更大的人才庫，這最終可能會給我們更多增加員工人數的機會。

So I think there's an effect there that's, I think, in addition to cost in the sense that we would have a greater pool of people that we could recruit from.

所以我認為，除了成本之外，我認為還有一個影響，即我們可以從中招募更多的人。

So I think that's one thing to think about.

所以我認為這是一回事。

And then, yes, there might be some savings on office and amenities and the like, but that's potentially offset by more travel to do -- to be able to bring people into offices and for off-sites and other things to be able to collaborate effectively.

然後，是的，可能會在辦公室和便利設施等方面節省一些費用，但這可能會被更多的旅行所抵消——能夠將人們帶到辦公室，以及在異地和其他事情上進行協作有效地。

So we don't know exactly where the puts and takes are going to come out on that.

因此，我們不確切地知道看跌期權和需求會在哪裡出現。

Your next question comes from Justin Post from Bank of America.

你的下一個問題來自美國銀行的 Justin Post。

Great.

偉大的。

Maybe I can ask one shorter term and one longer term.

也許我可以問一個較短的期限和一個較長的期限。

You've guided to 10% in July and so the quarter about the same for ad revenues.

你在 7 月份指導了 10%，所以這個季度的廣告收入大致相同。

Could you talk about some of the potential headwinds in the second half, a little more detail, especially any Apple IDFA changes or how that could impact your business?

您能否談談下半年的一些潛在不利因素，更詳細一點，尤其是 Apple IDFA 的任何變化，或者這將如何影響您的業務？

And then on the longer term, Mark, I believe 4 or 5 years ago, you talked about messaging, and you're aware of the Asia comps.

然後從長遠來看，馬克，我相信 4 或 5 年前，你談到了消息傳遞，並且你知道亞洲公司。

Do you feel like that business is really starting to gel and materialize?

您是否覺得該業務真的開始凝固並具體化？

You obviously had some positive comments.

你顯然有一些積極的評論。

And can that be something that starts to contribute in 2 or 3 years?

這會在 2 或 3 年內開始有所貢獻嗎？

Okay.

好的。

I'll take the first one there, Justin.

我會拿第一個，賈斯汀。

So I mean there's going to be a few factors that are obviously important in the second half.

所以我的意思是，下半場將有一些明顯重要的因素。

One of the things that we called out was the macro side of things, which we don't know precisely how the overall economic climate is going to develop, but we do know that stimulus is probably playing to some extent through to our business.

我們提到的其中一件事是宏觀方面，我們不確切知道整體經濟環境將如何發展，但我們知道刺激可能在某種程度上對我們的業務產生影響。

And the current CARES Act for instance is expiring at the end of July, and we don't know what the subsequent economic stimulus will look like.

並且目前的 CARES 法案將在 7 月底到期，我們不知道後續的經濟刺激措施會是什麼樣子。

And to the extent that stimulus decreases in the future and recession lingers, that could impact consumer purchasing power for advertisers in areas like e-commerce.

就未來刺激減少和經濟衰退持續的程度而言，這可能會影響消費者在電子商務等領域對廣告商的購買力。

So that -- we'll have to see how that plays out.

所以——我們必須看看結果如何。

In addition, we did specifically call out changes on mobile operating platforms.

此外，我們確實特別呼籲移動操作平台的變化。

And that, as you correctly identified, was specifically with the Apple latest announcement regarding iOS 14 in mind.

而且，正如您正確識別的那樣，這是專門考慮了 Apple 關於 iOS 14 的最新公告。

So this is one of the factors that has -- that is included in our outlook for Q3, but it really will have more of a pronounced impact in Q4 and beyond given the rollout begins late in Q3.

所以這是我們對第三季度展望中包含的因素之一，但考慮到第三季度末開始推出，它確實會對第四季度及以後產生更顯著的影響。

We're still trying to understand what these changes will look like and how they will impact us and the rest of the industry.

我們仍在努力了解這些變化會是什麼樣子，以及它們將如何影響我們和整個行業。

But at the very least, it's going to make it harder for app developers and others to grow using ads on Facebook and elsewhere.

但至少，這將使應用程序開發人員和其他人更難在 Facebook 和其他地方使用廣告來實現增長。

So advertising clients are asking us how to maintain their performance, and we're working on it.

所以廣告客戶問我們如何保持他們的表現，我們正在努力解決這個問題。

But our view is that Facebook and targeted ads are a lifeline for small businesses, especially in the time of COVID.

但我們的觀點是，Facebook 和定向廣告是小型企業的生命線，尤其是在 COVID 時代。

And we are concerned that aggressive platform policies will cut at that lifeline at a time when it is so essential for small businesses' growth and recovery.

我們擔心，在小企業的增長和復蘇至關重要的時候，激進的平台政策會切斷這條生命線。

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。

Okay.

好的。

I guess I can talk about the messaging business.

我想我可以談談消息傳遞業務。

It's -- overall here, it's basically the levers that I've talked about so far on this call.

總的來說，這基本上是我到目前為止在這次電話會議上談到的槓桿。

I think it's taken us a little longer than I would have hoped for payments to get released on WhatsApp in a number of countries.

我認為我們花了比我希望的時間更長的時間才能在許多國家/地區的 WhatsApp 上發布付款。

That's certainly a building block.

這當然是一個基石。

The WhatsApp Business app, it is growing incredibly quickly, though, in terms of number of business who are signed up for that.

WhatsApp Business 應用程序的增長速度令人難以置信，不過，就註冊該應用程序的企業數量而言。

So that part of the ecosystem, I think, is going quite well.

因此，我認為生態系統的這一部分進展順利。

API adoption is growing reasonably well as well for businesses.

對於企業而言，API 的採用率也在合理增長。

The click-to-messaging ads are valuable for businesses, but we're seeing them more used -- that shows up more in kind of the revenue and the ads that we're seeing on the Facebook and Instagram side than registering as direct commerce that's happening inside the messaging apps.

點擊消息廣告對企業很有價值，但我們看到它們被更多地使用——這更多地體現在我們在 Facebook 和 Instagram 上看到的收入和廣告上，而不是註冊為直接商業這發生在消息傳遞應用程序內部。

But it's useful nonetheless.

但它仍然有用。

I mean I think we're pretty open to where the revenue comes to us.

我的意思是我認為我們對收入來源持開放態度。

But we're pretty focused just on making sure that we can help small businesses grow and find customers and connect and helping people interact with all of the individuals, all the friends that they want and then all the businesses that they interact with.

但我們非常專注於確保我們能夠幫助小型企業發展和尋找客戶，並幫助人們與所有個人、他們想要的所有朋友以及他們與之互動的所有企業進行聯繫和互動。

Increasingly, I think that there's -- that's becoming part of one broader platform.

我越來越認為，它正在成為一個更廣泛平台的一部分。

And I certainly think that's happening in messaging.

我當然認為消息傳遞正在發生這種情況。

We continue to be very excited about that.

我們仍然對此感到非常興奮。

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。

Just to follow-up on the SMB commentary.

只是為了跟進 SMB 的評論。

So Dave, you mentioned that, that was the primary driver of growth, and we appreciate the top 100 mix down to 16% versus, I think, 20% 4 years ago.

所以戴夫，你提到過，這是增長的主要驅動力，我們讚賞前 100 名的組合下降到 16%，而我認為 4 年前是 20%。

So it seems like that's been coming down steadily.

所以它似乎一直在穩步下降。

I guess the SMB side, it's a little counterintuitive with so many business failures going on with COVID.

我想在 SMB 方面，由於 COVID 導致如此多的企業失敗，這有點違反直覺。

So can you guys just talk about is it the penetration of the 60 million SMBs already on Facebook in terms of the buyer -- ad buyer penetration that's going up?

那麼你們能不能談談 Facebook 上已經有 6000 萬中小企業在買家方面的滲透率 - 廣告買家滲透率正在上升？

Or what's driving that resurgence in growth from SMBs in the current environment?

或者是什麼推動了 SMB 在當前環境中的複蘇？

Any color there would be helpful.

那裡的任何顏色都會有所幫助。

Yes.

是的。

I think it's both.

我認為兩者都是。

Yes.

是的。

It's -- when you think about SMBs, you're certainly right that a lot of businesses are struggling, but at the same time, businesses have to pivot online.

它是——當你想到中小企業時，你肯定是對的，很多企業都在苦苦掙扎，但與此同時，企業必須轉向在線。

And so on this call, we updated our overall numbers.

因此，在這次電話會議上，我們更新了總體數字。

We now have over 180 million businesses using our free tools, and we now have over 9 million advertisers.

我們現在有超過 1.8 億家企業使用我們的免費工具，我們現在有超過 900 萬廣告商。

So what we're seeing is that increasingly businesses of all sizes, but including small businesses, have to find their customers online, people aren't walking into stores as much, have to find new ways to deliver products like curbside pickup, like shipping.

所以我們看到的是，越來越多的各種規模的企業，包括小型企業，都必須在網上找到他們的客戶，人們不再那麼頻繁地走進商店，必須找到新的方式來交付產品，比如路邊取貨，比如運輸.

So they are increasingly moving online.

因此，他們越來越多地轉向在線。

And you see a lot of businesses around the world, but even in very developed markets like the United States, before this, not even having a website of any kind.

你會在世界各地看到很多企業，但即使在像美國這樣非常發達的市場，在此之前，甚至都沒有任何類型的網站。

So we become a place you can set up a website, set up a digital storefront.

因此，我們成為您可以建立網站、建立數字店面的地方。

It's free.

免費。

It just takes minutes.

只需幾分鐘。

You know how to do it because you've already used Facebook or Instagram as a consumer.

您知道該怎麼做，因為您已經作為消費者使用過 Facebook 或 Instagram。

So we're just seeing more and more businesses migrate online, and we're seeing more and more businesses become advertisers.

所以我們看到越來越多的企業在線遷移，我們看到越來越多的企業成為廣告商。

This acceleration of e-commerce, you're seeing it not just with us, but if you look at all the verticals out there, things that can be done online are obviously doing better in this time than things that rely completely on things that are off-line.

電子商務的這種加速，你不僅在我們身上看到，而且如果你看看那裡的所有垂直行業，在這個時候可以在線完成的事情顯然比完全依賴於在線的事情做得更好離線。

But it really is just an acceleration of a trend we've all seen for a very long time.

但這實際上只是我們在很長一段時間內都看到的趨勢的加速。

The coronavirus crisis is making this happen more quickly, but the migration online, the migration to using very personalized ads to find people who are interested in your products, it's something that we've, I think, helped drive and are continuing to help drive.

冠狀病毒危機使這種情況發生得更快，但是在線遷移，遷移到使用非常個性化的廣告來尋找對您的產品感興趣的人，我認為這是我們已經幫助推動並將繼續幫助推動的事情.

And we're proud of the role we play on this.

我們為我們在這方面發揮的作用感到自豪。

It's really important for job growth around the world and for the health of small businesses.

這對於全球的就業增長和小型企業的健康發展非常重要。

And 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。

I just wanted to dig a little deeper on some of the e-commerce topics.

我只是想更深入地了解一些電子商務主題。

Sheryl, I know it's still early obviously with Facebook Shops.

Sheryl，我知道 Facebook 商店顯然還為時過早。

But I was hoping you could help us understand the feedback and traction you're seeing there.

但我希望您能幫助我們了解您在那裡看到的反饋和牽引力。

And then just when you think about monetization over time, do you expect more of that through incremental advertising dollars or through commission fees if sellers use Checkout?

然後，當您考慮隨著時間的推移貨幣化時，如果賣家使用 Checkout，您是否期望通過增量廣告收入或通過佣金獲得更多收益？

And then second, Mark, can you comment on your efforts with WhatsApp Pay in India and Brazil?

其次，馬克，你能評論一下你在印度和巴西使用 WhatsApp Pay 所做的努力嗎？

And I know you've met some resistance there.

我知道你在那裡遇到了一些阻力。

How does that get resolved in those markets?

這些市場如何解決這個問題？

So we launched Shops in May, as you know, and Shops give a really immersive full-screen storefront, so it enables businesses to build their brand and drive product discovery.

所以我們在 5 月份推出了 Shops，正如你所知，Shops 提供了一個真正身臨其境的全屏店面，因此它使企業能夠建立自己的品牌並推動產品發現。

If you think about what we've done for a really long time, we exist, in many ways, at the top of the funnel, and we help drive people down.

如果你想一想我們很長一段時間以來所做的事情，我們在很多方面都處於漏斗的頂端，我們幫助將人們壓低。

But we are a great place on Facebook and Instagram for discovery.

但我們是 Facebook 和 Instagram 上發現的好地方。

And then increasingly, we're able to drive people down the funnel all the way through to purchase.

然後越來越多地，我們能夠推動人們一直沿著漏斗進行購買。

So Shops help do that on the advertiser side, but they also help small businesses with free online tools.

所以商店在廣告商方面幫助做到這一點，但他們也通過免費的在線工具幫助小型企業。

We're very committed to this.

我們非常致力於此。

But in terms of how it's going, it's very early.

但就進展情況而言，現在還為時過早。

We are seeing nice results from businesses and the people who are using these shops.

我們從企業和使用這些商店的人那裡看到了不錯的結果。

Our focus is getting the product experience right.

我們的重點是獲得正確的產品體驗。

And as we do, we're going to make it available to more and more businesses.

正如我們所做的那樣，我們將使越來越多的企業可以使用它。

If you look into the foreseeable future, the several years future, advertising is such a high-margin business that obviously, it contributes much more to the bottom line than any other fees we might charge.

如果你展望可預見的未來，幾年的未來，廣告是一項利潤如此之高的業務，顯然，它對利潤的貢獻遠遠超過我們可能收取的任何其他費用。

And I think we see this as really focused on increasing the experience people can have, going all the way through the funnel to purchase on Facebook, and the experience businesses can have closing that loop and selling online and migrating online, that's more important than the actual incremental dollars we would get from any fees charged by these services.

而且我認為我們認為這真正專注於增加人們可以擁有的體驗，一直通過渠道在 Facebook 上購買，以及企業可以關閉該循環並在線銷售和在線遷移的體驗，這比我們將從這些服務收取的任何費用中獲得的實際增量美元。

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。

And on payments in other countries, we're working...

在其他國家/地區的付款方面，我們正在努力......

Sorry, we still had a second part of that question.

抱歉，我們還有該問題的第二部分。

Okay.

好的。

Yes.

是的。

I mean there wasn't much of an update here.

我的意思是這裡沒有太多更新。

And I was just saying that we're working with regulators in those countries and are optimistic that we'll be able to move forward, although it's taking longer than we would ideally like.

我只是說我們正在與這些國家的監管機構合作，並且樂觀地認為我們能夠向前邁進，儘管這比我們理想的時間要長。

Your next question comes from Youssef Squali from SunTrust.

您的下一個問題來自 SunTrust 的 Youssef Squali。

Switching topics a little bit.

稍微轉移話題。

Mark, one area where we're seeing just incredible growth and engagement is online gaming and streaming, in particular, you guys recently got Mixer for Microsoft.

馬克，我們看到令人難以置信的增長和參與的一個領域是在線遊戲和流媒體，特別是你們最近獲得了 Microsoft 的 Mixer。

It looks like Facebook is now firmly in third place in that market.

看起來 Facebook 現在穩居該市場的第三位。

What is your value opposition to gamers relative to the big competitors, basically Twitch and YouTube?

相對於主要競爭對手（主要是 Twitch 和 YouTube），您對遊戲玩家的價值反對是什麼？

How do you monetize it over time?

隨著時間的推移，你如何將其貨幣化？

Is it, as Sheryl just talked about on a different topic, mostly advertising?

是不是像 Sheryl 剛才談到的另一個話題，主要是廣告？

And is it conceivable that Gaming may become kind of the third leg of that stool, your third largest revenue source over time after Facebook and Instagram?

是否可以想像，遊戲可能會成為那個凳子的第三條腿，隨著時間的推移，你的第三大收入來源僅次於 Facebook 和 Instagram？

So the value proposition is community.

所以價值主張是社區。

And that's true for all kinds of creators who are posting content and video like what we're doing in Watch as well.

對於發佈內容和視頻的各種創作者來說都是如此，就像我們在 Watch 中所做的那樣。

Our channels are ones where you're not just distributing content but you're building up a community and able to communicate with people in a number of ways, which is something that is just a lot harder to do on a YouTube or a Twitch or other products like that, even though those are also great products for streaming.

在我們的頻道中，您不僅可以分發內容，還可以建立社區並能夠以多種方式與人們交流，這在 YouTube 或 Twitch 上很難做到，或者其他類似的產品，儘管它們也是流媒體的絕佳產品。

So we're seeing that on Gaming.

所以我們在遊戲上看到了這一點。

A lot of people appreciate that.

很多人對此表示讚賞。

We're also able to distribute the video and get it to a lot of people.

我們還能夠分發視頻並將其提供給很多人。

So that part is working well, too.

所以那部分也運作良好。

I agree with you overall that Gaming is going to be increasingly important in the future.

我總體上同意你的觀點，即遊戲在未來將變得越來越重要。

The other area, of course, where we have a very large investment in Gaming is the area around virtual and augmented reality, where that's a big part of the use there.

當然，我們在遊戲方面投入大量資金的另一個領域是虛擬現實和增強現實領域，這是其中很大一部分用途。

And we're seeing exciting work, both from independent developers and large AAA developers and increasingly some of the in-house studios that we've acquired as well.

我們看到了令人興奮的作品，既有來自獨立開發商和大型 AAA 開發商，也有越來越多的我們收購的內部工作室。

So we're going to continue focusing on Gaming.

所以我們將繼續專注於遊戲。

I agree that that's a big area.

我同意這是一個很大的領域。

Yes.

是的。

And I would just add, Youssef, that gaming continues to be a top 5 vertical for us in terms of advertising.

Youssef，我只想補充一點，就廣告而言，遊戲仍然是我們排名前 5 的垂直行業。

And we saw strong growth in the second quarter, especially in the beginning of the quarter when prices were lower in the auction, we saw a lot of demand from our Gaming advertisers.

我們在第二季度看到了強勁的增長，尤其是在本季度初拍賣價格較低的時候，我們看到了來自遊戲廣告商的大量需求。

And so it was, I think, a good example of where the auction is very effective at filling in.

因此，我認為這是一個很好的例子，說明拍賣在填充方面非常有效。

So we continue to be an important top of the funnel discovery for game developers around the world.

因此，我們將繼續成為全球遊戲開發者發現渠道的重要頂端。

And 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。

Most of them have been answered but just a couple of quick ones.

他們中的大多數都得到了回答，但只有幾個快速的。

Dave, I was wondering if you could just -- you gave us some great commentary to think about Q3, so thank you for that.

戴夫，我想知道你是否可以 - 你給了我們一些很好的評論來思考第三季度，所以謝謝你。

Just wondering if you could share with us kind of pricing trends at the end of the quarter and into July.

只是想知道您是否可以與我們分享本季度末和 7 月的定價趨勢。

And also, just given the uncertainty on the second half of the year, for all the reasons you mentioned, any comments you want to share with us on kind of how to think about even qualitatively seasonality in Q4?

而且，考慮到下半年的不確定性，出於您提到的所有原因，您想與我們分享關於如何考慮第四季度甚至定性季節性的任何評論？

Heather, yes.

希瑟，是的。

I mean I think -- to get to the second part of your question, I think it's going to be really hard to look into Q4 with any certainty here given we just don't know what the macroeconomic situation is going to look like.

我的意思是我認為 - 進入你問題的第二部分，我認為這裡很難確定地研究第四季度，因為我們只是不知道宏觀經濟形勢會是什麼樣子。

It's hard to predict August and September, much less looking that far into the future.

很難預測 8 月和 9 月，更不用說展望未來了。

And I think that's going to be a big thing to think about.

我認為這將是一件需要考慮的大事。

I think clearly e-commerce will continue to be really important as we go into Q4, given that a big macro theme for us in the whole industry has been the strength of e-commerce through the second quarter.

我認為，隨著我們進入第四季度，電子商務顯然將繼續發揮重要作用，因為整個行業的一個宏觀主題一直是整個第二季度電子商務的實力。

So I would expect that will play into the fourth quarter as well to some extent with the holiday season.

所以我預計這將在第四季度以及在某種程度上與假期一起發揮作用。

In terms of pricing trends, we did see pricing improve through the quarter.

在定價趨勢方面，我們確實看到整個季度的定價有所改善。

So early in the quarter, demand was much weaker.

所以在本季度初，需求要弱得多。

So we saw pricing depressed throughout the world.

因此，我們看到全球定價低迷。

And we saw, as I mentioned just before to Youssef, we saw backfill with some advertisers coming in and taking advantage of low prices for like games, e-commerce providers as well.

我們看到，正如我之前向 Youssef 提到的那樣，我們看到一些廣告商進入並利用遊戲、電子商務提供商的低價優勢進行回填。

And then as prices improve throughout the quarter, we saw some of those advertisers pull back as others came into the auction and began winning more.

然後隨著整個季度價格的上漲，我們看到其中一些廣告商撤回，因為其他人進入拍賣並開始贏得更多。

But it continues to be -- as noted from the price/volume metrics in the script, it continues to be a depressed environment.

但它仍然是——正如腳本中的價格/數量指標所指出的那樣，它仍然是一個低迷的環境。

And so we're obviously, just from a macroeconomic perspective, concerned about that.

因此，從宏觀經濟的角度來看，我們顯然對此感到擔憂。

As we get further into the year as well, I would -- I do want to point out we've got targeting -- advertising targeting and measurement headwinds.

隨著我們進入這一年，我會 - 我確實想指出我們有目標 - 廣告目標和衡量逆風。

That will affect pricing as well.

這也會影響定價。

That will be, we believe, more pronounced in Q4, given some of the -- for instance, the Apple IDFA changes, which I think could prove to be a challenging headwind.

我們相信，考慮到一些變化，例如 Apple IDFA 的變化，我們認為這在第四季度會更加明顯，我認為這可能會成為一個具有挑戰性的逆風。

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。

I wanted to ask about the -- addressing the boycott issues.

我想問的是解決抵制問題。

And Mark, I particularly want to ask whether you think there's a reasonable, efficient solution in here.

馬克，我特別想問問你是否認為這裡有一個合理、有效的解決方案。

I know how you come out, and you've been pretty clear about your thoughts on trying not to moderate too much content, trying not to be in that role.

我知道你是怎麼出來的，而且你已經很清楚地表達了自己的想法，即盡量不要調節過多的內容，盡量不要扮演那個角色。

But are there -- the solutions that you've talked about and introduced things like labeling, is that not addressing the issues, the concerns of some of the boycott participants?

但是，您所討論的解決方案和引入的諸如標籤之類的解決方案是否沒有解決問題，一些抵制參與者的擔憂？

How hard do you think it will be to address their concerns?

您認為解決他們的擔憂有多難？

And then if I could stick on this, with political advertising.

然後，如果我能堅持下去，那就是政治廣告。

I know you've said in the past you didn't think it was that material, but the numbers are relatively sizable.

我知道你過去說過你不認為它是那種材料，但數字相對可觀。

We're talking about a couple of billion that should be online.

我們談論的是應該在線的數十億。

And I think as far as I can tell, Facebook offers just about the best way to do political ad targeting, different districts, et cetera.

而且我認為，據我所知，Facebook 提供了進行政治廣告定位、不同地區等的最佳方式。

Why wouldn't you see a reasonable boost to ad revenue in the back part of the year from political ad campaigns?

為什麼你看不到今年下半年政治廣告活動對廣告收入的合理提振？

I can talk about the ads boycott.

我可以談談廣告抵制。

So it's an interesting situation we find ourselves in because I think oftentimes when companies are boycotted, it's because they don't agree with what the boycotters want.

所以我們發現自己處於一個有趣的境地，因為我認為公司經常遭到抵制，是因為他們不同意抵制者的要求。

And that's not true at all here.

這根本不是真的。

We completely agree that we don't want hate on our platforms, and we stand firmly against it.

我們完全同意，我們不想在我們的平台上出現仇恨，我們堅決反對。

We don't benefit from hate speech.

我們不會從仇恨言論中獲益。

We never have.

我們從來沒有。

Users don't want to see it.

用戶不想看到它。

Advertisers don't want to be associated with it.

廣告商不想與之相關聯。

And we've been working for a really long time to get better at this, to finding it.

我們已經努力了很長時間才能在這方面做得更好，找到它。

And as I said in my remarks, I think, in many ways, we lead our industry in transparency and execution.

正如我在發言中所說，我認為，在很多方面，我們在透明度和執行力方面領先於我們的行業。

We're going to keep working really hard at this, not for financial reasons or advertiser pressure, because it's the right thing to do.

我們將繼續為此努力工作，而不是出於財務原因或廣告商壓力，因為這是正確的做法。

In terms of how we resolve it, we work across the board.

就我們如何解決它而言，我們是全面工作的。

We have worked with and continue to talk to the civil rights organizations that are boycotting us.

我們已經與抵制我們的民權組織合作，並繼續與之交談。

We had a meeting with them and Mark a few weeks ago.

幾週前我們與他們和馬克會面。

We continue to work really closely with other civil rights organizations as well as our civil rights auditor on the many improvements we're trying to make.

我們將繼續與其他民權組織以及我們的民權審計員密切合作，努力做出許多改進。

But we're also working with industry groups that I think can be really helpful, GARM and MRC particularly.

但我們也在與我認為真正有幫助的行業團體合作，尤其是 GARM 和 MRC。

GARM is working with us to partner on brand safety standards to help us come to definitions and independent oversight for the industry.

GARM 正與我們合作制定品牌安全標準，以幫助我們對行業進行定義和獨立監督。

And we're optimistic that we'll be able to work with them to address advertiser concerns.

我們樂觀地認為，我們將能夠與他們合作解決廣告商的擔憂。

We're also working with the Media Rating Council, the MRC, and undertaking an independent brand safety audit, and we'll be able to share the scope of that by the end of Q3.

我們還與媒體評級委員會 (MRC) 合作，並進行獨立的品牌安全審計，我們將能夠在第三季度末分享審計範圍。

And Mark, just -- it's Dave on political ads.

馬克，只是——政治廣告上的戴夫。

I mean I think the fact is we just have such a large and diversified advertising business, and political ads are just a small part of the overall advertising landscape even in election years.

我的意思是我認為事實是我們有如此龐大和多元化的廣告業務，即使在選舉年，政治廣告也只是整體廣告版圖的一小部分。

So we factored in the 2020 political advertising spend as part of our Q3 commentary.

因此，我們將 2020 年的政治廣告支出作為我們第三季度評論的一部分。

And again, I would just point to the backdrop factors that I outlined in my comments in terms of things out there, including macroeconomic headwinds, a normalization of engagement trends as COVID restrictions ease, the boycott and then headwinds on targeting and measurement.

再一次，我只想指出我在評論中概述的背景因素，包括宏觀經濟逆風、隨著 COVID 限制放鬆而參與趨勢正常化、抵制以及目標和衡量方面的逆風。

Your last question comes from the line of Mark Shmulik from Bernstein.

你的最後一個問題來自 Bernstein 的 Mark Shmulik。

So the first one, I know we've talked about this a little bit, but with the WhatsApp Business growing to 50 million users, and I think the last number there was 5 million.

所以第一個，我知道我們已經討論了一點，但是隨著 WhatsApp 業務增長到 5000 萬用戶，我認為最後一個數字是 500 萬。

That's a pretty astounding growth.

這是一個相當驚人的增長。

Any color you can share on what drove that growth?

您可以分享推動這種增長的任何顏色嗎？

And then secondly, as we just think about the growth kind of quarter-to-date in July, and I know you called out the rest of the world was the one that declined due to structural headwinds, any incremental color you can share if some of that's been resolved or what that looks like?

然後其次，正如我們剛剛考慮的 7 月份季度至今的增長，我知道你說世界其他地區是由於結構性逆風而下降的，如果有一些你可以分享的任何增量顏色已經解決了或者看起來像什麼？

I can take the second part, I guess, first on the rest of world.

我想我可以做第二部分，首先是關於世界其他地方。

So I think what you've got going on in terms of rest of world weakness, there's probably a few factors.

所以我認為你在世界其他地區的疲軟方面所發生的事情，可能有幾個因素。

First, you've just got foreign currency headwinds, particularly in places like Brazil.

首先，你剛剛遇到了外匯逆風，尤其是在巴西這樣的地方。

And so that played a role in the year-over-year decline in rest of world.

因此，這在世界其他地區的同比下降中發揮了作用。

Secondly, rest of world has a lower exposure to what I'd call sort of online verticals, things like e-commerce and games, and it's more exposed to things like traditional retail and brand.

其次，世界其他地區對我所謂的在線垂直領域（如電子商務和遊戲）的接觸程度較低，而對傳統零售和品牌等領域的接觸程度較高。

And with COVID, the online verticals performed well.

借助 COVID，在線垂直領域表現良好。

And those dependent ultimately like on in-person conversions and interactions, less so.

而那些最終依賴於面對面的轉換和互動的人則不太喜歡。

So I think that impacted rest of world as well.

所以我認為這也影響了世界其他地區。

And then finally, it's not clear whether stimulus in the developed world also played into it and gave more strength in those markets as opposed to rest of world, but that could also be part of the relative strength in more the developed world rather than the developing world.

最後，目前尚不清楚發達國家的刺激措施是否也發揮了作用，並在這些市場上提供了比世界其他地區更多的實力，但這也可能是發達國家而非發展中國家相對實力的一部分世界。

And on what's driving the growth in WhatsApp Business, I mean I really just think it's a good, simple product execution.

關於推動 WhatsApp Business 增長的因素，我的意思是我真的只是認為這是一個很好、簡單的產品執行。

And there's a ton of organic demand for people to interact with businesses and I think for small business owners, in particular, to have some separation between their personal WhatsApp account and their business account and some of the additional features and tools that you get through WhatsApp Business to be able to connect with people and manage that a bit better.

人們與企業互動有大量的有機需求，我認為對於小企業主來說，尤其是在他們的個人 WhatsApp 帳戶和他們的企業帳戶以及您通過 WhatsApp 獲得的一些額外功能和工具之間有一些分離企業能夠與人建立聯繫並更好地管理它。

So I think that, that will continue growing quite well.

所以我認為，這將繼續很好地增長。

And we have a long road map ahead to build up all the different commerce features that we talked about on this call but also have been talking about for a while now.

我們還有很長的路要走，以構建我們在本次電話會議上討論過但現在也討論了一段時間的所有不同的商業功能。

And I think that that's one of the exciting opportunities ahead of us that we're going to be focused on building for the next few years but which we think is pretty fundamental for serving people and enabling small businesses and entrepreneurs around the world.

我認為這是擺在我們面前的激動人心的機會之一，我們將在未來幾年專注於建設它，但我們認為這對於為世界各地的人們提供服務以及為小型企業和企業家提供支持是非常重要的。

We're excited to get at it.

我們很高興能得到它。

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。