Meta Platforms Inc (META) 2020 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 and Full Year 2020 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

下午好。我叫邁克，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Facebook 第四季度和 2020 年全年收益電話會議。 （操作員說明）此通話將被錄音。非常感謝你。

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

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

Thank you. Good afternoon, and welcome to Facebook's Fourth Quarter and Full Year 2020 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝你。下午好，歡迎來到 Facebook 的 2020 年第四季度和全年收益電話會議。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. 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。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。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。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. 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. And now I'd like to turn the call over to Mark.

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。今天的收益新聞稿中包含了 GAAP 與非 GAAP 措施的對賬。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。現在我想把電話轉給馬克。

All right. Thanks, everyone, for joining us today. I hope you are all staying healthy and well. Our community and business had a strong end of the year. As COVID continued to keep many of us apart and at home, people and businesses continue relying on our services to stay in touch and create economic opportunities. 2.6 billion people now use one or more of our apps each day, and more than 200 million businesses, mostly small businesses, use our free tools to reach customers. Those numbers give a sense of scale but some of the stories we hear show the impact.

好的。謝謝大家今天加入我們。我希望你們都保持健康。我們的社區和企業在年底表現強勁。由於 COVID 繼續讓我們中的許多人分開並呆在家裡，人們和企業繼續依靠我們的服務來保持聯繫並創造經濟機會。現在每天有 26 億人使用我們的一個或多個應用程序，超過 2 億家企業（主要是小型企業）使用我們的免費工具來接觸客戶。這些數字給人一種規模感，但我們聽到的一些故事顯示了影響。

Groups have formed where COVID long-haulers are helping each other through this scary experience where there's not much else to turn to. Teachers are sending class assignments to students through WhatsApp. Local bookstores and coffee shops are using Instagram to let customers know they're open for curbside pickup. We saw people come together to raise $1.8 billion for nonprofit and personal causes through our fundraising tools last year, including $175 million for COVID-related causes alone. I'm proud of the role that our services played in helping people support each other during what has been such a hard time.

COVID 長途運輸者正在通過這種沒有太多其他可求助的可怕經歷互相幫助，形成了團體。教師通過 WhatsApp 向學生髮送課堂作業。當地的書店和咖啡店正在使用 Instagram 讓顧客知道他們可以在路邊取貨。去年，我們看到人們聚集在一起，通過我們的籌款工具為非營利組織和個人事業籌集了 18 億美元，其中僅與 COVID 相關的事業就籌集了 1.75 億美元。我為我們的服務在如此艱難的時期幫助人們互相支持所發揮的作用感到自豪。

Now I've spent a fair amount of time on recent earnings calls talking about our election integrity efforts. So I'm not going to discuss them at length today, but I do want to call out that according to our estimates, we easily surpassed our goal to help 4 million people register to vote as part of the largest-ever effort -- largest effort to distribute authoritative voting information in recent history. And I want to thank everyone involved in our teams and outside involved with that effort.

現在，我在最近的財報電話會議上花了相當多的時間談論我們在選舉誠信方面所做的努力。所以我今天不打算詳細討論它們，但我確實想指出，根據我們的估計，我們輕鬆地超越了幫助 400 萬人登記投票的目標，這是有史以來最大的努力的一部分——最大的近期歷史上傳播權威投票信息的努力。我要感謝所有參與我們團隊和外部參與這項工作的人。

So today, I'm going to focus on our product work, and specifically, I'm going to focus on 4 themes that I'm excited about for the year ahead: communities; private messaging; commerce tools for small businesses; and building the next computing platform.

所以今天，我將專注於我們的產品工作，具體來說，我將專注於來年令我興奮的 4 個主題：社區；私人消息；小型企業的商務工具；並構建下一個計算平台。

So let's start with communities. Now I think that helping people build communities is one of the most important things that we can do. Our social fabric is made of multiple different layers through which we get our social support. First, we have friends and family, and that's the most personal layer. Then we have communities we're part of, where we feel a sense of purpose and belonging, explore interests, develop skills, grow as individuals and then meet new people. And then finally, there's the safety net that society and government provide. And in many parts of the world, there's been an unfortunate decline in community participation over the last several decades, that second layer. And this isn't something that we can solve alone but I think we can help.

因此，讓我們從社區開始。現在我認為幫助人們建立社區是我們能做的最重要的事情之一。我們的社會結構由多個不同的層次組成，我們通過這些層次獲得社會支持。首先，我們有朋友和家人，這是最私人的層面。然後，我們擁有自己參與的社區，在那裡我們感受到使命感和歸屬感，探索興趣，發展技能，成長為個人，然後結識新朋友。最後，還有社會和政府提供的安全網。在世界許多地方，不幸的是，在過去的幾十年裡，第二層的社區參與度有所下降。這不是我們可以單獨解決的問題，但我認為我們可以提供幫助。

So now that we've helped billions of people stay connected with friends and family, helping everyone find and participate in communities that are meaningful to them has been our next goal. And we even updated our mission a few years ago to reflect this, making it -- give people the power to build community and bring the world closer together. Today, more than 600 million people are now members of a group on Facebook that they consider to be meaningful in their lives. This has grown steadily over time. And I hear all the time from people who are in parenting groups that there are major resources to navigate raising kids or from people who found a group that shares the same health condition and they can lean on that community for knowledge and support, or from people who've moved to a new place and joined local groups to meet people and get situated.

因此，既然我們已經幫助數十億人與朋友和家人保持聯繫，那麼幫助每個人找到並參與對他們有意義的社區就是我們的下一個目標。我們甚至在幾年前更新了我們的使命以反映這一點，使之成為——賦予人們建立社區並使世界更加緊密的力量。如今，超過 6 億人現在是 Facebook 上一個他們認為對他們的生活有意義的群組的成員。隨著時間的推移，這一數字穩步增長。我總是從育兒小組的人那裡聽到，有很多資源可以幫助撫養孩子，或者從那些找到了一個擁有相同健康狀況的小組的人那裡聽到，他們可以依靠該社區獲得知識和支持，或者從人們那裡聽到誰已經搬到一個新地方並加入當地團體以結識新朋友並找到合適的位置。

Our product focus now is to develop this community infrastructure beyond feeds and message boards to help people build and run full, self-sustaining community institutions. So we're building tools to help groups get things done together and provide support for people that span messaging, video chat and even communities' own websites. And we're exploring different ways to raise funds, including donations, merchandise and membership fees to help group leaders support their communities' operations and hire people for different roles that are needed to build sustainable communities for the long term.

我們現在的產品重點是開發這種社區基礎設施，超越信息流和留言板，以幫助人們建立和運行完整的、自我維持的社區機構。因此，我們正在構建工具來幫助團隊一起完成工作，並為跨越消息傳遞、視頻聊天甚至社區自己的網站的人們提供支持。我們正在探索籌集資金的不同方式，包括捐贈、商品和會員費，以幫助團體領導者支持其社區的運營，並僱用人員擔任長期建設可持續社區所需的不同角色。

So as we continue to focus on this, we need to make sure that the communities that people connect with are healthy and positive. And that's something that we've been focused on for a while now. One way, of course, that we do this is by taking down groups that break our rules against things like violence or hate speech. And in September, we shared that we had removed more than 1 million groups in the last year alone. But there are also a lot of groups that we may not want to encourage people to join even if they don't violate our policies. So for example, we stopped recommending civic and political groups in the U.S. ahead of the elections. And we're continuing to fine-tune how this works, but now we plan to keep civic and political groups out of recommendations for the long term and we plan to expand that policy globally. And to be clear, this is a continuation of work we've been doing for a while to turn down the temperature and discourage divisive conversation and communities.

因此，當我們繼續關注這一點時，我們需要確保人們所聯繫的社區是健康和積極的。這是我們一段時間以來一直關注的事情。當然，我們這樣做的一種方式是取締違反我們關於暴力或仇恨言論等規則的團體。 9 月，我們分享了僅去年一年就刪除了超過 100 萬個群組的消息。但也有很多團體我們可能不想鼓勵人們加入，即使他們不違反我們的政策。因此，例如，我們在選舉前停止推薦美國的公民和政治團體。我們將繼續微調其運作方式，但現在我們計劃長期不向公民和政治團體提出建議，並且我們計劃在全球範圍內推廣該政策。需要明確的是，這是我們一段時間以來一直在做的工作的延續，目的是降低溫度並阻止分裂的對話和社區。

Now along these same lines, we're also currently considering steps that we can take to reduce the amount of political content in News Feed as well. We're still working through exactly the best ways to do this. And to be clear, of course, we're still going to enable people to engage in political groups and discussions if they want to. These can often be important and helpful, and there can be ways that people organize grassroots movements or speak out against injustice or learn from people with different perspectives. So we want these discussions to be able to keep happening, but one of the top pieces of feedback that we are hearing from our community right now is that people don't want politics and fighting to take over their experience on our services. So one theme for this year is that we're going to continue to focus on helping millions of more people participate in healthy communities, and we're going to focus even more on being a force for bringing people closer together.

現在，按照同樣的思路，我們目前也在考慮可以採取哪些措施來減少動態消息中的政治內容。我們仍在努力尋找最好的方法來做到這一點。當然，需要明確的是，如果人們願意，我們仍然會讓他們參與政治團體和討論。這些通常很重要且很有幫助，人們可以通過多種方式組織草根運動或大聲反對不公正現像或向持不同觀點的人學習。因此，我們希望這些討論能夠繼續進行，但我們現在從社區中聽到的最重要的反饋之一是，人們不希望政治和鬥爭接管他們對我們服務的體驗。因此，今年的一個主題是，我們將繼續專注於幫助更多的數百萬人參與健康社區，我們將更加專注於成為拉近人們距離的力量。

Next, let's talk about private messaging. As we've discussed before, while people enjoy connecting with friends and communities in the digital equivalent of a town square in apps like Facebook and Instagram, the fastest-growing social experiences are about connecting privately in the digital equivalent of the living room in services like WhatsApp and Messenger. So that's why we kicked off a big effort a couple of years ago to reimagine what a modern social platform would look like if you build it from the bottom-up to be privacy first.

接下來，讓我們談談私人消息傳遞。正如我們之前所討論的，雖然人們喜歡在 Facebook 和 Instagram 等應用程序中與朋友和社區在城市廣場的數字等價物中聯繫，但增長最快的社交體驗是在服務中的起居室的數字等價物中進行私密連接比如 WhatsApp 和 Messenger。因此，這就是為什麼我們在幾年前開始了一項巨大的努力，以重新構想一個現代社交平台，如果您自下而上地構建一個隱私至上的平台，它會是什麼樣子。

And we identified several core principles. A private social platform should be built around the most intimate interactions that we have, and that's one-on-one conversations. The most important aspect of privacy and security is that your conversations should stay between you. And that means that your conversations should always be end-to-end encrypted and they should disappear when you're done with them. Now safety and reducing spam matter, too, and that means that we should maintain a minimum amount of metadata to build sophisticated tools to stop bad actors using these services. And you should have choice over what services you use. So we should make messaging as interoperable as possible across our apps. And finally, no matter what, we should only store people's data in countries where we know we can keep it secure, and we should continue opposing data localization in countries with weak records on human rights or privacy.

我們確定了幾個核心原則。一個私人社交平台應該圍繞我們擁有的最親密的互動而建立，那就是一對一的對話。隱私和安全最重要的方面是你們之間的對話應該保持在你們之間。這意味著您的對話應始終進行端到端加密，並且在您完成對話後它們應該消失。現在安全和減少垃圾郵件也很重要，這意味著我們應該維護最少數量的元數據來構建複雜的工具來阻止不良行為者使用這些服務。你應該可以選擇你使用的服務。因此，我們應該使消息傳遞在我們的應用程序中盡可能具有互操作性。最後，無論如何，我們應該只將人們的數據存儲在我們知道可以保證其安全的國家，我們應該繼續反對在人權或隱私記錄薄弱的國家進行數據本地化。

Now I think that these are the privacy principles that matter most to people. First and foremost, people care that their conversations stay private. But after that, people also care about safety and other convenience, too. And from this perspective, WhatsApp and the direction that we're heading in with Messenger are the best private social apps available. Now we have a lot of competitors who make claims about privacy that are often misleading. Now Apple recently released so-called nutrition labels which focused largely on metadata that apps collect rather than the privacy and security of people's actual messages, but iMessage stores "non end to end encrypted" backups of your messages by default unless you disable iCloud. So Apple and governments have the ability to access most people's messages. So when it comes to what matters most, protecting people's messages, I think that WhatsApp is clearly superior.

現在我認為這些是對人們最重要的隱私原則。首先，人們關心他們的談話是否保密。但在那之後，人們也關心安全和其他便利。從這個角度來看，WhatsApp 和我們與 Messenger 一起前進的方向是最好的私人社交應用程序。現在我們有很多競爭對手提出的隱私聲明往往具有誤導性。現在 Apple 最近發布了所謂的營養標籤，主要關注應用程序收集的元數據，而不是人們實際消息的隱私和安全，但 iMessage 默認存儲消息的“非端到端加密”備份，除非你禁用 iCloud。所以 Apple 和政府有能力訪問大多數人的信息。因此，當談到最重要的事情時，即保護人們的信息，我認為 WhatsApp 顯然更勝一籌。

Now since I try to use these earnings calls to discuss aspects of business strategy that I think are important for investors to understand, I do want to highlight that we increasingly see Apple as one of our biggest competitors. iMessage is a key linchpin of their ecosystem. It comes pre-installed on every iPhone, and they preferenced it with private APIs and permissions, which is why iMessage is the most used messaging service in the U.S. And now we are also seeing Apple's business depend more and more on gaining share in apps and services against us and other developers.

現在，由於我試圖利用這些財報電話會議來討論我認為對投資者來說很重要的商業戰略方面，我想強調的是，我們越來越多地將蘋果視為我們最大的競爭對手之一。 iMessage 是他們生態系統的關鍵。它預裝在每部 iPhone 上，他們更喜歡它的私有 API 和權限，這就是為什麼 iMessage 是美國最常用的消息服務。現在我們也看到 Apple 的業務越來越依賴於獲得應用程序的份額和針對我們和其他開發商的服務。

So Apple has every incentive to use their dominant platform position to interfere with how our apps and other apps work, which they regularly do to preference their own. And this impacts the growth of millions of businesses around the world. Including -- with the upcoming iOS 14 changes, many small businesses will no longer be able to reach their customers with targeted ads. Now Apple may say that they're doing this to help people, but the moves clearly track their competitive interests. And I think that this dynamic is important for people to understand because we and others are going to be up against this for the foreseeable future.

因此，Apple 有充分的動機利用其在平台上的主導地位來干擾我們的應用程序和其他應用程序的工作方式，他們經常這樣做是為了偏愛自己的應用程序。這會影響全球數百萬企業的發展。包括——隨著即將到來的 iOS 14 變化，許多小型企業將無法再通過有針對性的廣告來吸引他們的客戶。現在蘋果可能會說他們這樣做是為了幫助人們，但這些舉動顯然是在追踪他們的競爭利益。而且我認為這種動態對於人們理解很重要，因為在可預見的未來，我們和其他人將面臨這種情況。

Now our messaging services continue growing, but it is an uphill battle and our services just need to be that much better as private social platforms to succeed. So to make sure that we remain the best, a couple of years back, we kicked off a number of long-term efforts that have started shipping recently. And more of these projects around strengthening encryption, ephemerality, interoperability and offering other tools are going to be shipping throughout this year.

現在我們的消息服務繼續增長，但這是一場艱苦的戰鬥，我們的服務需要比私人社交平台更好才能成功。因此，為了確保我們保持最好，幾年前，我們啟動了一些最近開始出貨的長期努力。更多圍繞加強加密、臨時性、互操作性和提供其他工具的項目將在今年全年交付。

All right. So now let's talk about commerce. Our goal here is to give every individual, entrepreneur and small business access to the same kinds of tools that historically only the big companies have had access to. And we've always cared about this but the pandemic has made it more urgent. So it used to be the case that only large companies could afford to have analytics or targeted advertising capacity to reach their customers. And it was expensive to build these capabilities, and it often required building teams and storing large amounts of data in-house, which most small businesses can't do.

好的。那麼現在讓我們談談商業。我們的目標是讓每個人、企業家和小企業都能使用以往只有大公司才能使用的同類工具。我們一直關心這一點，但大流行使它變得更加緊迫。因此，過去只有大公司才能負擔得起分析或有針對性的廣告能力來接觸他們的客戶。而且構建這些功能的成本很高，而且通常需要組建團隊並在內部存儲大量數據，這是大多數小型企業無法做到的。

And so one of the things that I'm most proud of is that we build the tools so we can offer these same capabilities to small businesses often for free. So when you hear people say that we hold a lot of data, that's because hundreds of millions of businesses that would have otherwise had to do this individually and would have had no easy way of doing so are now using our services to help them reach customers. And when you hear people say that we're connecting data from lots of sources, that's to help small businesses reach customers more efficiently. Now big companies often do this themselves, but small businesses can't a lot of times. So we do this for them. So when you hear people argue that we shouldn't be doing these things or that we should go back to the old days of untargeted television ads, I think that what they're really arguing for is a regression where only the largest companies have this capacity, small businesses are severely disadvantaged and competition is diminished.

因此，我最引以為豪的一件事就是我們構建了工具，因此我們可以經常免費向小型企業提供這些相同的功能。因此，當您聽到人們說我們擁有大量數據時，那是因為數以億計的企業現在不得不使用我們的服務來幫助他們接觸客戶，否則這些企業將不得不單獨執行此操作並且沒有簡單的方法.當你聽到人們說我們正在連接來自許多來源的數據時，那是為了幫助小型企業更有效地接觸客戶。現在大公司經常自己做，但很多時候小企業做不到。所以我們為他們做這件事。所以當你聽到人們爭辯說我們不應該做這些事情或者我們應該回到過去沒有針對性的電視廣告時，我認為他們真正爭論的是只有最大的公司才有這種回歸能力，小企業處於嚴重不利地位，競爭被削弱。

So with our commerce tools, we've made it so that a business can set up a shop once, and then they will have an online storefront in both Facebook and Instagram immediately and eventually on WhatsApp and Messenger as well. And we recently expanded checkout to all U.S. businesses, making the process of buying a lot more seamless. And as the lockdowns have continued, we saw more businesses, more small businesses and creators also use paid online events as a way to make money.

因此，借助我們的商務工具，我們做到了這樣，一家企業可以開設一家商店，然後他們將立即在 Facebook 和 Instagram 上擁有在線店面，並最終在 WhatsApp 和 Messenger 上擁有在線店面。我們最近將結賬擴展到所有美國企業，使購買過程更加無縫。隨著封鎖的繼續，我們看到更多的企業、更多的小企業和創作者也使用付費在線活動作為賺錢的方式。

WhatsApp is also an important part of our strategy here. More than 175 million people message a WhatsApp business account every day. And we're building new features to make it even easier to transact with businesses in the app. We introduced carts, which lets people browse catalogs, select multiple products and send the order as a message to a business. And the more people that interact with businesses, the better tools that we're going to need to provide for businesses to help them support their customers. Many businesses need more than a phone to manage their customer service. So we're building tools to let businesses store and manage their WhatsApp chats using our secure hosting infrastructure if they would like. And we're in the process of updating WhatsApp's privacy policy in terms of service to reflect these optional experiences.

WhatsApp 也是我們戰略的重要組成部分。每天有超過 1.75 億人通過 WhatsApp 企業帳戶發送消息。我們正在構建新功能，以便更輕鬆地在應用程序中與企業進行交易。我們推出了購物車，它可以讓人們瀏覽目錄、選擇多種產品並將訂單作為消息發送給企業。與企業互動的人越多，我們需要為企業提供更好的工具來幫助他們支持客戶。許多企業需要的不僅僅是一部電話來管理他們的客戶服務。因此，我們正在構建工具，讓企業可以根據需要使用我們的安全託管基礎設施來存儲和管理他們的 WhatsApp 聊天記錄。我們正在更新 WhatsApp 在服務方面的隱私政策，以反映這些可選體驗。

Now to clarify some confusion that we've seen, this update does not change the privacy of anyone's messages with friends and family. All of these messages are end-to-end encrypted, which means we can't see or hear what you say, and we never will unless the person that you message chooses to share it. And business messages will only be hosted on our infrastructure if the business chooses to do so. So we want everyone to know the lengths that we go to, to protect your private messages. So we are moving the date of this update back to give everyone time to understand what the update means.

現在澄清我們所看到的一些混淆，此更新不會更改任何人與朋友和家人的消息的隱私。所有這些消息都是端到端加密的，這意味著我們看不到或聽不到您說的話，而且我們永遠不會，除非您發送消息的人選擇分享它。如果企業選擇這樣做，企業消息只會託管在我們的基礎設施上。因此，我們希望每個人都知道我們竭盡全力保護您的私人信息。所以我們將這次更新的日期往後移，讓大家有時間了解這次更新的意義。

Finally, let's discuss our work building the next computing platform. This is one of the areas that I'm most excited about our progress heading into 2021. If you look at the history of computing, every 15 years or so, a new major platform emerges that integrate technology more naturally and ubiquitously into our lives, starting with mainframes and PCs and browser-based computing and then mobile. And I believe that the next logical step here is an immersive computing platform that just delivers this magical sense of presence that you're really there with another person or in another place. Our phones can't deliver this, and neither can any other technology that has come before it. This is going to unlock the types of social experiences that I have dreamed about building since I was a kid, and it's what we're building towards at Facebook Reality Labs.

最後，讓我們討論一下我們構建下一個計算平台的工作。這是我對 2021 年取得的進展最感到興奮的領域之一。如果你回顧一下計算的歷史，每隔 15 年左右，就會出現一個新的主要平台，將技術更自然、更無處不在地融入我們的生活，從大型機和 PC 以及基於瀏覽器的計算開始，然後是移動設備。而且我相信這裡的下一個合乎邏輯的步驟是一個沉浸式計算平台，它可以提供這種神奇的存在感，讓您真正與另一個人在一起或在另一個地方。我們的手機無法做到這一點，之前的任何其他技術也無法做到這一點。這將解鎖我從小就夢想構建的社交體驗類型，這也是我們在 Facebook Reality Labs 構建的目標。

We launched Quest 2 in October, and it is on track to be the first mainstream virtual reality headset. We designed it so that anyone could jump in with the best and most immersive experience out there and at a price that makes it available to as many people as possible. Now I think that Facebook has done more than any other company to help bring virtual reality to the mainstream, and it has been great to see so many people embrace this, especially this year during the pandemic. We're seeing people use it to play games with friends, when they can't be together in person, to do workouts in their living room or to meet with colleagues while they're working from home. So there are a lot of reasons that Quest 2 was one of the hot holiday gifts this year. We're also seeing a growing ecosystem of developers building amazing new experiences for the platform. Right now, more than 60 Oculus developers are generating revenue in the millions, and that's nearly twice as many as a few months ago.

我們在 10 月推出了 Quest 2，它有望成為第一款主流虛擬現實耳機。我們設計它的目的是讓任何人都可以享受最好、最身臨其境的體驗，而且價格要讓盡可能多的人都能使用。現在我認為 Facebook 在幫助將虛擬現實帶入主流方面所做的比任何其他公司都多，看到這麼多人接受這一點真是太好了，尤其是今年大流行期間。我們看到人們用它來與朋友一起玩遊戲，當他們不能親自在一起時，在他們的客廳裡鍛煉身體，或者在他們在家工作時與同事會面。因此，Quest 2 成為今年最熱門的節日禮物之一的原因有很多。我們還看到越來越多的開發人員生態系統正在為該平台構建令人驚嘆的新體驗。目前，超過 60 家 Oculus 開發者創造了數百萬的收入，幾乎是幾個月前的兩倍。

In previous quarters, I've talked about our long-term future goals when it comes to virtual reality, but I think that this quarter's results show that this future is here. Augmented reality glasses are going to be a key part of this vision, too. We're still working on some of the foundational technology to underpin these and the ultimate product is still some years away, but this year, we are excited to deliver a first glimpse of what will be when we launch our first pair of smart glasses from Ray-Ban in partnership with Luxottica. And during this pandemic, we've also seen Portal has proven to be a great way for people to stay connected especially over the holidays as families had to celebrate apart. This year, we're focused on expanding the role of Portal and virtual reality presence into the workplace, bringing more features that can improve remote presence, collaboration and productivity.

在前幾個季度，我談到了我們在虛擬現實方面的長期未來目標，但我認為本季度的結果表明這個未來已經到來。增強現實眼鏡也將成為這一願景的關鍵部分。我們仍在研究一些基礎技術來支持這些技術，最終產品還需要幾年的時間，但今年，我們很高興能夠第一眼看到我們推出第一副智能眼鏡時的情況。雷朋與 Luxottica 合作。在這次大流行期間，我們還看到 Portal 已被證明是人們保持聯繫的好方法，尤其是在假期，因為家庭不得不分開慶祝。今年，我們專注於將門戶網站和虛擬現實存在的作用擴展到工作場所，帶來更多可以改善遠程存在、協作和生產力的功能。

2021 has a lot of unknowns. We don't know when vaccines are going to be widely available, when our teams will be back in the office or when our lives are going to start feeling normal again. But what I do know is that we're going to keep investing in and innovating on the big themes that I discussed here in order to put more power in the hands of people and small businesses. I personally believe that technology can unlock progress and opportunity and that the full story of the Internet has not yet been written. That's why I'm hopeful for the year ahead and grateful that you are all in this journey with us.

2021年有很多未知數。我們不知道疫苗什麼時候可以廣泛使用，我們的團隊什麼時候會回到辦公室，或者我們的生活什麼時候會開始恢復正常。但我所知道的是，我們將繼續對我在這裡討論的重大主題進行投資和創新，以便將更多權力交到人們和小企業手中。我個人認為技術可以釋放進步和機遇，互聯網的全部故事尚未被書寫。這就是為什麼我對來年充滿希望，並感謝你們與我們一起踏上這段旅程。

And now here is Sheryl to talk about our business.

現在雪莉來談談我們的業務。

Thanks, Mark, and hi, everyone. Like Mark, I hope everyone is safe and healthy. This was a strong quarter for our business as the acceleration of online commerce we've seen during the pandemic continued into the holiday season. Our total revenue for Q4 was $28.1 billion, which is a 33% year-over-year increase, our fastest growth rate in over 2 years.

謝謝，馬克，大家好。和馬克一樣，我希望每個人都安全健康。這對我們的業務來說是一個強勁的季度，因為我們在大流行期間看到的在線商務加速一直持續到假期。我們第四季度的總收入為 281 億美元，同比增長 33%，是我們兩年多來的最快增長率。

After a really difficult year for so many businesses, this holiday period was important. And while many businesses are still struggling, the good news is that Q4 was stronger than expected for retail. In the U.S., the National Retail Federation reported that sales in November and December went up 8% year-over-year and online sales were up 24%. This holiday period was also longer. Compared to previous years, advertisers started spending earlier and sustained that spend well beyond Black Friday and Cyber Monday. We saw robust performance across regions as well as an improvement in brand advertising.

在經歷了對許多企業來說非常艱難的一年之後，這個假期很重要。儘管許多企業仍在苦苦掙扎，但好消息是第四季度零售業表現強於預期。在美國，全國零售聯合會報告稱，11 月和 12 月的銷售額同比增長 8%，在線銷售額增長 24%。這個假期也更長。與往年相比，廣告商開始支出的時間更早，而且支出的持續時間遠遠超過了黑色星期五和網絡星期一。我們看到各地區的強勁表現以及品牌廣告的改善。

The strength of our Q4 performance is a result of years of investments in free and paid tools to help businesses succeed online. Even before the pandemic, businesses were going digital, but COVID made this a necessity. Almost overnight, businesses had to create digital storefronts, figure out how to take online orders and find new ways to reach their customers. For many small companies, these steps or even just setting up a website or a mobile app can be difficult and expensive. Our free and paid tools help solve these problems for businesses around the world.

我們第四季度業績的強勁表現是多年來對免費和付費工具進行投資以幫助企業在線取得成功的結果。甚至在大流行之前，企業就在走向數字化，但 COVID 使這成為必要。幾乎在一夜之間，企業不得不創建數字店面，弄清楚如何接受在線訂單並找到接觸客戶的新方法。對於許多小公司來說，這些步驟甚至只是建立網站或移動應用程序都可能很困難且成本高昂。我們的免費和付費工具可幫助全球企業解決這些問題。

With so many businesses struggling when the pandemic hit, we asked our teams what do businesses need and how can we help. First, they need the tools to get their business up and running online. So what can we do to make ours simpler and more effective? And can we build new ones to help them? Second, they need the digital skills and know-how to succeed. So how can we help more businesses with training and resources? And third, they need their voices to be heard. So can we use our scale to amplify their voices and tell their stories? We've been asking these questions throughout the last year and into Q4.

大流行來襲時有如此多的企業在苦苦掙扎，我們詢問我們的團隊企業需要什麼以及我們如何提供幫助。首先，他們需要工具來在線開展業務。那麼我們可以做些什麼來使我們的更簡單、更有效呢？我們可以建造新的來幫助他們嗎？其次，他們需要數字技能和專業知識才能取得成功。那麼我們如何才能幫助更多企業提供培訓和資源呢？第三，他們需要自己的聲音被聽到。那麼我們能否利用我們的規模來放大他們的聲音並講述他們的故事呢？從去年到第四季度，我們一直在問這些問題。

On the first, we accelerated our work on tools to make it easier for people to find brands and products they love and for businesses to manage their online presence and connect with customers. Mark talked about some of the new tools we've launched, like shops and paid online events. In the fall, we also rolled out Facebook Business Suite, a new interface to help businesses manage their pages or profiles across our apps.

首先，我們加快了工具方面的工作，讓人們更容易找到他們喜歡的品牌和產品，讓企業更容易管理他們的在線形象並與客戶建立聯繫。馬克談到了我們推出的一些新工具，例如商店和付費在線活動。秋季，我們還推出了 Facebook Business Suite，這是一個新界面，可幫助企業在我們的應用程序中管理他們的頁面或個人資料。

We also continued to invest in making our products as effective as possible so businesses can get more value for every dollar they spend. Personalized ads are privacy-safe and help businesses reach customers where they are, which has been more important than ever during the pandemic. One notable area of progress this past year was in Stories ads, which have become more effective for direct-response advertisers.

我們還繼續投資使我們的產品盡可能有效，以便企業可以從他們花費的每一美元中獲得更多價值。個性化廣告具有隱私安全性，可幫助企業觸及客戶所在的位置，這在大流行期間比以往任何時候都更加重要。過去一年取得顯著進步的領域是故事廣告，它對直接反應廣告商來說變得更加有效。

One business that used Stories ads is Carlota Flower Lab, a florist in Los Reyes, Mexico. Before COVID, they made 70% of their revenue from face-to-face workshops. So when the pandemic hit, founder Paola Mendoza had to get creative. She used personalized ads on Instagram to reach new audiences and even found her first international customers with campaigns targeting California and Texas. One campaign for Dia de los Muertos, the Day of the Dead in November, led to a 24x return on ad spend, helping Paola triple her annual revenue in 2020 despite COVID.

Carlota Flower Lab 是一家使用 Stories 廣告的公司，這是一家位於墨西哥洛斯雷耶斯的花店。在 COVID 之前，他們 70% 的收入來自面對面的研討會。因此，當大流行來襲時，創始人保拉·門多薩 (Paola Mendoza) 不得不發揮創意。她在 Instagram 上使用個性化廣告來吸引新的受眾，甚至通過針對加利福尼亞和德克薩斯的活動找到了她的第一批國際客戶。 Dia de los Muertos 的一項活動，即 11 月的亡靈節，帶來了 24 倍的廣告支出回報，幫助 Paola 在 2020 年的年收入增長了兩倍，儘管發生了新冠肺炎疫情。

On the second, resources and training, we did some big things in 2020. We created a Business Resource Hub, a one-stop shop for resources and trainings for small businesses that we've continued to build out through the end of the year. We committed to reach 1 million members of the black community and 1 million members of the Latinx and Hispanic communities in the U.S. with free digital skills training through our Elevate program by 2023. And we reimagined our Boost with Facebook events to reach businesses virtually with 100 million people tuning in throughout the year. This included our 12-week season of support to help businesses across 16 countries prepare for the holidays.

第二，在資源和培訓方面，我們在 2020 年做了一些大事。我們創建了一個商業資源中心，這是一個為小型企業提供資源和培訓的一站式商店，我們一直持續到今年年底。我們承諾到 2023 年通過我們的 Elevate 計劃為美國 100 萬黑人社區成員和 100 萬拉丁裔和西班牙裔社區成員提供免費數字技能培訓。我們重新構想了我們的 Boost with Facebook 活動，以通過 100全年有 100 萬人收看。這包括我們為期 12 週的支持季，以幫助 16 個國家/地區的企業為假期做準備。

On the third, a great example of how we amplify the voices of our businesses in Q4 is our #BuyBlack Friday campaign, one of my favorite campaigns ever. In the U.S., black-owned businesses closed at twice the rate of others after the start of the pandemic. So we wanted to help people shop with them over the holidays. We created ways for people to find black businesses in their local area, a gift site featuring products from black businesses across the U.S. and even a #BuyBlack Friday show on Facebook Live that was seen by 15 million people.

第三，我們如何在第四季度擴大我們業務的聲音的一個很好的例子是我們的#BuyBlack Friday 活動，這是我最喜歡的活動之一。在美國，大流行開始後，黑人擁有的企業倒閉的速度是其他企業的兩倍。因此，我們想幫助人們在假期期間與他們一起購物。我們為人們創造了在當地尋找黑人企業的方式，一個禮品網站展示了美國各地黑人企業的產品，甚至還有 Facebook Live 上的#BuyBlack Friday 節目，有 1500 萬人觀看。

One of the small businesses we featured is a vegan skincare brand called Redoux from New York City. Its founder, Asia Grant, appeared on the #BuyBlack Friday show, and that became one of her most successful sales days ever. The campaign gave her record revenue and web traffic, and she was even able to hire more people, something that's so important given current unemployment rates.

我們推薦的小型企業之一是來自紐約市的名為 Redoux 的純素護膚品牌。它的創始人 Asia Grant 出現在#BuyBlack Friday 節目中，那成為她有史以來最成功的銷售日之一。競選活動為她帶來了創紀錄的收入和網絡流量，她甚至能夠僱用更多人，這在目前的失業率下非常重要。

Business owners like Asia and Paola have worked hard to adapt and grow online, but lots of businesses will continue to struggle in 2021. So we're going to keep listening to them and building on what we did last year. That means improving our products and tools to help businesses seamlessly manage their online presence, advertise across our apps and communicate with customers through business messaging. It means making more training available through programs like She Means Business for women and Elevate for diverse communities. And it means finding more ways to amplify their voices, whether it's sharing the stories of small businesses worried that Apple's iOS 14 changes will hurt their ability to reach customers or showcasing small businesses and gift guides and products like businesses nearby.

Asia 和 Paola 等企業主一直在努力適應和發展在線業務，但許多企業將在 2021 年繼續苦苦掙扎。因此，我們將繼續聽取他們的意見，並在去年所做的基礎上再接再厲。這意味著改進我們的產品和工具，以幫助企業無縫管理他們的在線形象，在我們的應用程序中做廣告，並通過企業消息傳遞與客戶溝通。這意味著通過面向女性的 She Means Business 和麵向多元化社區的 Elevate 等計劃提供更多培訓。這意味著要找到更多的方法來擴大他們的聲音，無論是分享小企業擔心 Apple 的 iOS 14 變化會損害他們接觸客戶的能力的故事，還是展示小企業和禮品指南以及附近企業等產品。

I want to close by saying how grateful I am to all the businesses around the world who work with us. Your partnership helps us build the tools you need so you can continue to grow and hire. And as always, I'm grateful to our incredible teams who have done so much to help businesses survive this difficult year, including coming up with great ideas like #BuyBlack Friday. I hope that 2021 is a better year for everyone.

最後，我想對世界各地與我們合作的所有企業表示感謝。您的合作夥伴關係有助於我們構建您需要的工具，以便您可以繼續發展和招聘。和往常一樣，我很感謝我們出色的團隊，他們為幫助企業度過這個艱難的一年做了大量工作，包括提出了#BuyBlack Friday 等好主意。我希望 2021 年對每個人來說都是更好的一年。

Now here's Dave.

現在是戴夫。

Thanks, Sheryl, and good afternoon, everyone. Q4 was a strong quarter, capping off a solid year for our business as full year 2020 revenue grew 22% to $86 billion. We have been encouraged to see improved demand for our ads during the second half of the year after facing significant headwinds at the onset of the pandemic. Our results reflect the ongoing strength in the digital economy and the value we're providing to millions of businesses who use our services to reach consumers and generate sales.

謝謝，Sheryl，大家下午好。第四季度是一個強勁的季度，2020 年全年收入增長 22% 至 860 億美元，為我們業務穩健的一年畫上了句號。在大流行開始時面臨巨大阻力後，我們很高興看到下半年對我們廣告的需求有所改善。我們的業績反映了數字經濟的持續發展以及我們為數百萬使用我們的服務接觸消費者並產生銷售的企業提供的價值。

Let's begin with our community metrics. In December, we estimate that approximately 2.6 billion people use at least one of our services on a daily basis and that approximately 3.3 billion people use at least one on a monthly basis. Facebook daily active users reached 1.84 billion, up 11% or 188 million compared to last year. DAUs represented approximately 66% of the 2.8 billion monthly active users in December. MAUs grew 299 million or 12% compared to last year. Consistent with our outlook, U.S. and Canada DAU declined 1 million sequentially as usage continued to normalize from peak COVID levels experienced earlier in the year.

讓我們從我們的社區指標開始。 12 月，我們估計約有 26 億人每天至少使用我們的一項服務，約有 33 億人每月至少使用一項服務。 Facebook 日活躍用戶達到 18.4 億，比去年增長 11% 或 1.88 億。 DAU 約佔 12 月 28 億月活躍用戶的 66%。與去年相比，MAU 增長了 2.99 億或 12%。與我們的展望一致，美國和加拿大的 DAU 連續下降了 100 萬，因為使用量從今年早些時候經歷的 COVID 峰值水平繼續正常化。

Turning to the financials. All comparisons are on a year-over-year basis unless otherwise noted. Q4 total revenue was $28.1 billion, up 33% or 32% on a constant currency basis. We benefited from a currency tailwind, and had foreign exchange rates remained constant with Q4 of last year, total revenue would have been $339 million lower.

轉向財務。除非另有說明，否則所有比較均基於同比。第四季度總收入為 281 億美元，按固定匯率計算增長 33% 或 32%。我們受益於貨幣順風，如果外匯匯率與去年第四季度保持不變，總收入將減少 3.39 億美元。

Q4 ad revenue was $27.2 billion, up 31% or 30% on a constant currency basis. The growth in advertising revenue was largely driven by a strong holiday shopping season for retail, which benefited from the ongoing shift to online commerce. On a user geography basis, ad revenue was strongest in Europe, which grew 35% and benefited from currency tailwinds; U.S. and Canada grew 31%; and Asia Pacific grew 29%. Rest of world growth improved 25% but continues to be significantly impacted by currency headwinds. In Q4, the total number of ad impressions served across our services increased 25% and the average price per ad increased 5%. Impression growth was driven by both Facebook and Instagram. The increase in average price per ad was driven primarily by Facebook mobile feed as well as pricing improvement in Instagram Stories.

第 4 季度廣告收入為 272 億美元，按固定匯率計算增長 31% 或 30%。廣告收入的增長主要是受零售業假日購物旺季的強勁推動，這得益於持續向在線商務的轉變。在用戶地理基礎上，歐洲的廣告收入增長最快，增長了 35%，並受益於貨幣順風；美國和加拿大增長了 31%；亞太地區增長 29%。世界其他地區的增長提高了 25%，但繼續受到貨幣不利因素的重大影響。在第 4 季度，通過我們的服務提供的廣告展示總數增加了 25%，每個廣告的平均價格增加了 5%。印象增長是由 Facebook 和 Instagram 共同推動的。每條廣告平均價格的上漲主要是受 Facebook 移動訂閱源以及 Instagram 快拍定價改進的推動。

Other revenue was $885 million, up 156% due to strong Quest 2 holiday sales. We've been encouraged by the positive reception of Quest 2 since its October launch.

由於 Quest 2 假日銷售強勁，其他收入為 8.85 億美元，增長 156%。自 Quest 2 於 10 月推出以來，我們一直對 Quest 2 的積極反響感到鼓舞。

Turning now to expenses. Q4 total expenses were $15.3 billion, up 25% compared to last year. In terms of specific line items, cost of revenue increased 49% driven primarily by hardware costs related to Quest 2 sales, core infrastructure investments and payments to partners. R&D increased 34% driven primarily by hiring and investments in core products as well as our consumer hardware efforts. Marketing and sales increased 8%, driven by hiring and marketing spend. Lastly, G&A expenses decreased 13% as we lapped charges related to the BIPA legal settlement recorded in the fourth quarter of 2019.

現在轉向費用。第四季度總支出為 153 億美元，比去年增長 25%。就具體項目而言，收入成本增長了 49%，主要受與 Quest 2 銷售、核心基礎設施投資和合作夥伴付款相關的硬件成本推動。研發增長了 34%，主要受核心產品的招聘和投資以及我們在消費硬件方面的努力推動。在招聘和營銷支出的推動下，營銷和銷售額增長了 8%。最後，由於我們對 2019 年第四季度記錄的與 BIPA 法律和解相關的費用進行了疊加，因此 G&A 費用下降了 13%。

In the past year, we added a record 13,600 net employees and reached our goal of adding 10,000 employees in tech and product roles. We ended the year with over 58,600 full-time employees, up 30% compared to last year. We continue to be pleased with our ability to recruit, onboard and retain talent in this environment.

在過去的一年裡，我們淨增加了創紀錄的 13,600 名員工，並實現了增加 10,000 名技術和產品員工的目標。到年底，我們擁有超過 58,600 名全職員工，比去年增長 30%。我們繼續對我們在這種環境中招聘、入職和留住人才的能力感到滿意。

Fourth quarter operating income was $12.8 billion, representing a 46% operating margin. Our tax rate was 14%. Net income was $11.2 billion or $3.88 per share. Capital expenditures were $4.8 billion, driven by investments in data centers, servers, office facilities and network infrastructure. Free cash flow was $9.2 billion, and we ended the quarter with $62 billion in cash and marketable securities.

第四季度營業收入為 128 億美元，營業利潤率為 46%。我們的稅率是 14%。淨收入為 112 億美元或每股 3.88 美元。受數據中心、服務器、辦公設施和網絡基礎設施投資的推動，資本支出為 48 億美元。自由現金流為 92 億美元，本季度末我們擁有 620 億美元的現金和有價證券。

For the full year, we repurchased $6.3 billion of our Class A common stock and had $8.6 billion remaining in our prior authorization as of December 31. Today, we announced a $25 billion increase in our stock repurchase authorization.

全年，我們回購了 63 億美元的 A 類普通股，截至 12 月 31 日，我們的事先授權剩餘 86 億美元。今天，我們宣布增加 250 億美元的股票回購授權。

Turning now to the outlook. We continue to face significant uncertainty as we manage through a number of crosscurrents in 2021. We believe our business has benefited from 2 broad economic trends playing out during the pandemic. The first is the ongoing shift to online commerce. The second is the shift in consumer demand towards products and away from services. We believe these shifts provided a tailwind to our advertising business in the second half of 2020, given our strength in product verticals sold via online commerce and our lower exposure to service verticals like travel. Looking forward, a moderation or reversal in one or both of these trends could serve as a headwind to our advertising revenue growth.

現在轉向前景。我們在 2021 年應對許多逆流時，繼續面臨重大不確定性。我們相信，我們的業務已受益於大流行期間出現的兩大經濟趨勢。首先是向在線商務的持續轉變。二是消費者需求從服務轉向產品。我們認為這些轉變在 2020 年下半年為我們的廣告業務提供了順風，因為我們在通過在線商務銷售的產品垂直領域具有實力，並且我們在旅遊等服務垂直領域的曝光率較低。展望未來，其中一個或兩個趨勢的緩和或逆轉可能會阻礙我們的廣告收入增長。

At the same time, in the first half of 2021, we will be lapping a period of growth that was negatively impacted by reduced advertising demand during the early stages of the pandemic. As a result, we expect year-over-year growth rates in total revenue to remain stable or modestly accelerate sequentially in the first and second quarters of 2021. In the second half of the year, we will lap periods of increasingly strong growth, which will significantly pressure year-over-year growth rates.

與此同時，在 2021 年上半年，我們將度過一段在大流行初期受到廣告需求減少的負面影響的增長期。因此，我們預計 2021 年第一季度和第二季度總收入的同比增長率將保持穩定或略有加快。下半年，我們將經歷越來越強勁的增長時期，這將對同比增長率造成顯著壓力。

We also expect to face more significant ad targeting headwinds in 2021. This includes the impact of platform changes, notably iOS 14 as well as the evolving regulatory landscape. While the timing of the iOS 14 changes remains uncertain, we would expect to see an impact beginning in the late first -- beginning late in the first quarter.

我們還預計 2021 年將面臨更重大的廣告定位逆風。這包括平台變化的影響，尤其是 iOS 14 以及不斷變化的監管環境。雖然 iOS 14 變化的時間仍不確定，但我們預計會在第一季度末開始產生影響——從第一季度末開始。

There is also continuing uncertainty around the viability of transatlantic data transfers in light of recent European regulatory developments. And like other companies in our industry, we are closely monitoring the potential impact on our European operations as these developments progress.

鑑於最近歐洲監管的發展，跨大西洋數據傳輸的可行性也存在持續的不確定性。與我們行業的其他公司一樣，隨著這些發展的進展，我們正在密切關注對我們歐洲業務的潛在影響。

Turning now to expenses. We expect 2021 total expenses to be in the range of $68 billion to $73 billion, unchanged from our prior outlook. This is driven by investments in technical and product talent as well as continued growth in infrastructure costs. We continue to expect 2021 capital expenditures to be in the range of $21 billion to $23 billion driven by data centers, servers, network infrastructure and office facilities. Our outlook includes spend that was delayed from 2020 due to the impact of the pandemic on our construction efforts.

現在轉向費用。我們預計 2021 年的總支出將在 680 億美元至 730 億美元之間，與我們之前的預期持平。這是由對技術和產品人才的投資以及基礎設施成本的持續增長推動的。我們繼續預計 2021 年的資本支出將在 210 億美元至 230 億美元之間，受數據中心、服務器、網絡基礎設施和辦公設施的推動。我們的展望包括由於大流行對我們建設工作的影響而從 2020 年推遲的支出。

Turning now to tax. We continue to expect our full year 2021 tax rates to be in the high teens.

現在轉向稅收。我們繼續預計 2021 年全年的稅率將處於高位。

In closing, 2020 was a unique operating environment that introduced a number of unforeseen challenges. We have been pleased with our team's ability to adapt in order to maintain the reliability of our services, deliver new products and experiences and support the millions of businesses who use our platforms to reach consumers.

最後，2020 年是一個獨特的運營環境，帶來了許多無法預料的挑戰。我們對我們團隊的適應能力感到滿意，以保持我們服務的可靠性，提供新產品和體驗，並支持數百萬使用我們平台接觸消費者的企業。

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

有了這個，邁克，讓我們開始提問。

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

（操作員說明）您的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one for either Mark or Sheryl. I appreciate the color on commerce. I was curious as for any encouraging, quantifiable signposts or learnings that you've seen so far in Instagram Shopping that sort of give you confidence you're making progress in building out this opportunity.

我有 2 個。第一個給 Mark 或 Sheryl。我很欣賞商業上的顏色。我很好奇你到目前為止在 Instagram 購物中看到的任何令人鼓舞的、可量化的路標或學習，它們讓你有信心在建立這個機會方面取得進展。

And then the second one, Dave, in -- appreciate the comment on the forward outlook and the outlook commentary. I guess the question is -- you sort of talk about this shift to consumer expenditure toward products away from services that could potentially be a headwind in the back half as it reverses. I think last quarter, you mentioned you had 10 million advertisers. So maybe talk to us about sort of some of the segments of advertisers you think that you're missing and what initiatives do you have in place to sort of broaden the advertiser base to bring more services on the platform.

然後是第二個，戴夫，感謝對前瞻性和前景評論的評論。我想問題是——你有點談論這種消費支出從服務轉向產品的轉變，當它逆轉時，這可能會成為後半部分的逆風。我想上個季度，你提到你有 1000 萬廣告商。因此，也許可以與我們談談您認為自己缺少的某些廣告商細分市場，以及您採取了哪些舉措來擴大廣告商基礎，從而在平台上帶來更多服務。

I can take the first. With Instagram Shopping, we launched a new Shop tab on Instagram in Q4, and this is built on other shopping efforts we've had. We see this as an overall part of our commerce effort. We've always been, I think, a great place for people to discover new products and services, but we are very interested in taking people all the way down that funnel from discovery to purchase to finding products and services to checking out as well. And our shopping efforts are part of that. We're seeing nice uptick. It's still really early days, but we think businesses are having a good experience and people are having a good experience. And as always, with our ad products and with our commerce products, we want to make sure we provide a great experience to the end user so that they can find the things they are looking for.

我可以拿第一。借助 Instagram 購物，我們在第四季度在 Instagram 上推出了一個新的“商店”選項卡，這是建立在我們已經開展的其他購物活動的基礎上的。我們將此視為我們商務工作的整體部分。我認為，我們一直是人們發現新產品和服務的好地方，但我們非常有興趣將人們從發現到購買，再到尋找產品和服務，再到結賬。我們的購物努力就是其中的一部分。我們看到了不錯的增長。現在還處於早期階段，但我們認為企業的體驗很好，人們也有很好的體驗。與往常一樣，對於我們的廣告產品和商業產品，我們希望確保為最終用戶提供出色的體驗，以便他們能夠找到他們正在尋找的東西。

Brian, it's Dave. Yes, the data that we've looked at there really is that when you look at the data from the U.S. BEA, it basically showed that in Q3, while the services consumer spend was still down year-over-year, spending on goods actually surged to record levels or the highest in like 15 years. We don't have the results for Q4, but we expect that sort of trend continued. If you look at the balance of our business, it tends to skew more towards products relative to the overall GDP and -- or the overall consumer spend in, for instance, the U.S. So we just think we're overall exposed a little bit more to products. We continue to invest to improve our exposure and travel -- sorry, in service areas like travel. But our expectation would be in 2021, we'll continue to have a similar skew towards products as we've had in the past. But we'll continue to make investments to make our ad products more relevant for services as well.

布賴恩，是戴夫。是的，我們在那裡看到的數據確實是，當你看美國 BEA 的數據時，它基本上表明，在第三季度，雖然服務消費者支出仍同比下降，但商品支出實際上飆升至創紀錄水平或 15 年來的最高水平。我們沒有第四季度的結果，但我們預計這種趨勢會持續下去。如果你看看我們的業務平衡，它往往更傾向於產品相對於整體 GDP 和 - 或者整體消費者支出，例如，美國所以我們只是認為我們整體暴露更多一點到產品。我們繼續投資以改善我們的曝光率和旅行——抱歉，在旅行等服務領域。但我們的預期是在 2021 年，我們將繼續像過去那樣偏向於產品。但我們將繼續進行投資，使我們的廣告產品也與服務更相關。

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。

For Dave and Sheryl, we know you mentioned significant ad targeting headwinds. But has your view on IDFA changed at all over the past few months? Just curious how you're thinking about Facebook's ability now to offset some of the impact just through things like limited log-in mode and new APIs and other conversion tools and data. And then if you could just talk a little bit more about how you're thinking about the impact across FAN and then the core products.

對於 Dave 和 Sheryl，我們知道您提到了廣告定位的重大不利因素。但在過去幾個月中，您對 IDFA 的看法是否發生了根本性的變化？只是好奇您如何看待 Facebook 現在僅通過有限的登錄模式和新的 API 以及其他轉換工具和數據來抵消一些影響的能力。然後，如果你能多談談你是如何考慮對 FAN 和核心產品的影響的。

Doug, I'll take that. So I don't think our outlook has changed in any significant way on iOS 14. We continue to believe that, that will be a headwind in the ads business. It's, in our view, not just limited to IDFA, but broader than that is we're going to have to be providing a prompt, asking people for permission to use third-party data to deliver personalized ads. So that's going to be true whether you're using IDFA or not. And we do expect there to be high opt-out rates related to that, and that's factored into our outlook. We expect that to roll out sometime -- we expect later in Q1. But the timing is uncertain, and Apple hasn't given clarity on that at this point. And we do expect that will have increasing impact through the year as more users adopt iOS 14 and go through those permissions.

道格，我會接受的。因此，我認為我們對 iOS 14 的展望沒有任何重大變化。我們仍然相信，這將成為廣告業務的逆風。在我們看來，它不僅限於 IDFA，而且範圍更廣，我們必須提供提示，請求人們允許使用第三方數據來投放個性化廣告。因此，無論您是否使用 IDFA，都是如此。我們確實預計與此相關的選擇退出率會很高，這已納入我們的展望。我們預計它會在某個時候推出——我們預計會在第一季度晚些時候推出。但具體時間不確定，蘋果目前尚未明確說明。我們確實預計，隨著越來越多的用戶採用 iOS 14 並獲得這些權限，這將在今年產生越來越大的影響。

When you think about what the mitigations might be, obviously, there's going to be mitigation of the impact on us, to some extent, just because this is a platform-wide change. And so it will impact everyone. And so that's going to mitigate it to some extent. And in addition, over time, we hope to help businesses by providing more on-site conversion opportunities through initiatives like shops and also click-to-messaging ads.

當您考慮緩解措施可能是什麼時，顯然，在某種程度上會減輕對我們的影響，只是因為這是一個平台範圍的變化。所以它會影響每個人。所以這會在一定程度上減輕它。此外，隨著時間的推移，我們希望通過商店和點擊消息廣告等舉措提供更多現場轉化機會，從而幫助企業。

As it relates to specifically the Audience Network products, obviously, that's going to have a significant impact on Audience Network on iOS, as we've explained in the past. But it's -- but the broader impact given the size of that business is really to our -- to the core advertising business on iOS.

由於它與 Audience Network 產品特別相關，顯然，這將對 iOS 上的 Audience Network 產生重大影響，正如我們過去所解釋的那樣。但它 - 但考慮到該業務的規模，更廣泛的影響確實是我們 - 對 iOS 上的核心廣告業務。

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

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can. Mark, just coming back to your comment, what do you see as some of the key investments either on the hardware side or the content and application side to unlock the opportunity based on what you recently saw with the success of Oculus in the holiday period where there's piece of hardware, obviously, that sold through quite well? And how do you think about aligning investments against the opportunity in the coming years?

也許 2，如果可以的話。馬克，回到你的評論，根據你最近看到的 Oculus 在假期期間的成功，你認為硬件方面或內容和應用程序方面的一些關鍵投資是什麼來釋放機會顯然，有一件硬件賣得很好？您如何看待未來幾年根據機遇調整投資？

And then maybe -- I don't know if it's for Sheryl or Dave, but maybe if I could just follow up a little bit on Doug's question. When you think out to the language you're using about the back half of the year, is there any sense you can give us quantitatively about how to think about some of the tougher comps you'll see as we move through '21 versus identifying the degree or the severity of different outcomes from some of the headwind?

然後也許——我不知道是給 Sheryl 還是給 Dave，但也許我可以跟進一下 Doug 的問題。當你考慮到你在今年下半年使用的語言時，你是否可以定量地告訴我們如何思考一些你會看到的更艱難的組合，因為我們通過 '21 與識別某些不利因素導致的不同結果的程度或嚴重性？

I can take the first one. So when we started working on virtual and augmented reality, we basically laid out a path where we knew that virtual reality would be practical to build first. And we view that it's kind of all part of one continuous ecosystem for spatial, immersive computing and presence, so the key things that we're trying to do with VR now.

我可以拿第一個。因此，當我們開始研究虛擬現實和增強現實時，我們基本上鋪設了一條路徑，我們知道首先構建虛擬現實是可行的。我們認為它是一個連續生態系統的一部分，用於空間、沉浸式計算和存在，所以我們現在正在嘗試用 VR 做的關鍵事情。

I do believe that Quest 2 is the first mainstream virtual reality product that is doing quite well, and I'm really proud of what we've been able to do there. The goal there is we keep on shipping content and titles and working with developers and shipping new capabilities to the device. Like last year, we shipped the ability to do -- now hand-tracking, which no one expected to be possible yet, but the team working on that did some really great work. And it just made the device better and increased the value.

我確實相信 Quest 2 是第一個做得很好的主流虛擬現實產品，我為我們在那裡所做的一切感到非常自豪。我們的目標是繼續交付內容和標題，並與開發人員合作並為設備提供新功能。和去年一樣，我們發布了這項功能——現在是手部追踪，當時還沒有人預料到這是可能的，但從事這項工作的團隊做了一些非常出色的工作。它只是讓設備變得更好並增加了價值。

So the -- we're continuing to work on new hardware as well. The new hardware will kind of fit the same platform. So the content that works on Quest 2 should be forward-compatible. And so that way, we're going to build one kind of larger installed base around the virtual reality headsets that we have. And at the same time, we're building towards a future with some of this -- the fundamental technology investments that we're making to be able to provide augmented reality glasses that hopefully will be able to support a lot of the same content in this ecosystem over time and take advantage of a lot of these foundational investments that we've made.

所以——我們也在繼續開發新硬件。新硬件將適合相同的平台。因此，適用於 Quest 2 的內容應該是向前兼容的。這樣一來，我們將圍繞我們擁有的虛擬現實耳機建立一種更大的安裝基礎。與此同時，我們正在建設一個未來——我們正在進行基礎技術投資，以便能夠提供增強現實眼鏡，希望能夠支持許多相同的內容隨著時間的推移這個生態系統，並利用我們所做的許多這些基礎投資。

So this is -- this continues to be a long-term investment. I think it's very important both for the vision of what we want to do. Like I said in my script before -- earlier, it's just some of the things that we're going to be able to build with VR and AR are the types of social experiences that I wanted us to -- I wanted to build since I was a kid, and I'm excited to be able to unlock that. And I also think strategically, it's important for us to have a little more control of our own destiny in terms of the operating systems and platforms that all of our services operate on, so continue to be very focused on this and optimistic about what we're seeing.

所以這是 - 這仍然是一項長期投資。我認為這對於我們想要做的事情的願景都非常重要。就像我之前在我的劇本中所說的那樣——早些時候，我們將能夠用 VR 和 AR 構建的一些東西是我希望我們能夠構建的社交體驗類型——我想構建自從我還是個孩子，我很高興能夠解鎖它。而且我還認為，從戰略上講，在我們所有服務運行的操作系統和平台方面，我們對自己的命運有更多的控制權是很重要的，所以繼續非常關注這一點並對我們的事情持樂觀態度。重新看到。

Yes. Eric, it's Dave. Just coming back to your question. I think the context is we have this -- we've had a tremendously strong quarter, Q4 of this year. A number of factors, we talked about, driving that. A couple of are pandemic-related, which is just the shift to online commerce as well as the ongoing -- the shift to more spend on products versus services. In Q4, we also saw strength with sort of our full range of advertisers. We have seen sort of small- and medium-sized businesses come back and start getting strength in Q2 and Q3 or Q3 specifically. And then Q4, we also saw strength from some of our largest advertisers as well.

是的。埃里克，是戴夫。只是回到你的問題。我認為背景是我們有這個 - 我們有一個非常強勁的季度，今年第四季度。我們談到了推動這一點的許多因素。其中有幾個與大流行有關，這只是向在線商務的轉變以及正在進行的——向產品而非服務的更多支出的轉變。在第四季度，我們還看到了我們全方位廣告商的實力。我們已經看到一些中小型企業回歸併開始在第二季度和第三季度或第三季度獲得實力。然後是第四季度，我們也看到了一些最大的廣告商的實力。

So as you look out in 2021, I think we're just going to be facing tougher comps in the back half of the year. Some of those things related to the pandemic had the potential to revert, whether it's more consumer expenditure shifting towards services away from products. So that will make it a little bit of a tougher comp. And then you layer on top of that headwind to growth related to privacy-related headwinds. The biggest factor there is iOS 14. So we certainly anticipate growth, but we're just looking at tougher comps as we hit the back half of the year given really, most importantly, the strength that we saw this year and then, on top of that, the headwinds that we're seeing from some of the privacy changes.

因此，當你展望 2021 年時，我認為我們將在下半年面臨更艱難的競爭。其中一些與大流行有關的事情有可能恢復，無論是更多的消費者支出從產品轉向服務。所以這將使它變得更難一些。然後你在與隱私相關的逆風相關的增長逆風之上分層。最大的因素是 iOS 14。所以我們當然預計會增長，但我們只是在考慮今年下半年的更強勁表現，因為最重要的是，我們今年看到的實力，然後，最重要的是其中，我們從一些隱私變化中看到了不利因素。

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

你的下一個問題來自美國銀行的 Justin Post。

Great. I guess I'll ask about regulation. I know it's a tough topic. First, Mark, in your prepared remarks, you elevated a little bit competition with Apple. Is there anything going on with iOS 14 besides IDFA that maybe puts you in more direct competition with Apple?

偉大的。我想我會問監管。我知道這是一個棘手的話題。首先，馬克，在你準備好的發言中，你提升了與蘋果的一點競爭。除了 IDFA 之外，iOS 14 是否還有其他變化可能會讓您與 Apple 展開更直接的競爭？

And then secondly, obviously, the FTC filed their case since the last earnings call. Maybe just open forum, any thoughts on that, that you're able to share.

其次，很明顯，聯邦貿易委員會自上次財報電話會議以來提起了訴訟。也許只是開放論壇，您可以分享對此的任何想法。

Well, in terms of the competition with Apple specifically, I laid out 3 or 4 product focus areas. And with the exception of the work that we're doing on communities, which I think is quite separate from the work that they do, the other 3 areas, I think, are going to have very significant competitive overlap with Apple. In messaging, certainly iMessage is the most popular service in the U.S., I think, because of the fact that they pre-install it and give their app several advantages that other apps don't have. In commerce and supporting small businesses, I think there, you have some of the iOS 14 changes that we think are going to be very problematic especially for small businesses. And then longer term, as we move towards building the next computing platform, I think we would expect to see them as more of a competitor there as well. So I do think that this is sort of shaping up that -- we face many competitors, right? There are a lot of competitors in the core social app work that we do.

好吧，就具體與蘋果的競爭而言，我列出了 3 或 4 個產品重點領域。除了我們在社區上所做的工作之外，我認為這與他們所做的工作完全不同，我認為其他 3 個領域將與 Apple 有非常重要的競爭重疊。在消息傳遞方面，我認為 iMessage 無疑是美國最受歡迎的服務，因為他們預裝了 iMessage 並為他們的應用程序提供了其他應用程序所沒有的多項優勢。在商業和支持小企業方面，我認為，iOS 14 的一些變化我們認為會帶來很大的問題，尤其是對小企業而言。然後從長遠來看，隨著我們朝著構建下一個計算平台的方向發展，我認為我們也希望將它們視為那裡的競爭對手。所以我確實認為這正在形成——我們面臨許多競爭對手，對吧？我們所做的核心社交應用程序工作中有很多競爭對手。

(technical difficulty)

（技術難度）

Excuse me. This is the operator. I apologize but there will be a slight delay in today's conference. Please hold and the conference will resume shortly. Thank you for your patience.

打擾一下。這是運營商。很抱歉，今天的會議會稍有延遲。請稍等，會議將很快恢復。感謝您的耐心等待。

Was there another question on that last one that I was supposed to answer?

關於最後一個問題，我應該回答另一個問題嗎？

Well, there's a question about the FTC. All right. Are we on now through this line?

好吧，有一個關於 FTC 的問題。好的。我們現在通過這條線嗎？

Yes, you are connected.

是的，您已連接。

Okay.

好的。

All right. So where did I lose you?

好的。那我哪裡丟了你？

I think you had covered the question of the dynamics related to the competitive landscape, and then there was a follow-on question around the FTC case and any thoughts that we have on that. I don't think we have anything we necessarily are commenting on at this point.

我想你已經討論了與競爭格局相關的動態問題，然後是關於 FTC 案件的後續問題以及我們對此的任何想法。我認為此時我們沒有必要評論的任何內容。

Yes. Nothing on the case. I mean on regulation overall because I think some of the question was focused on that, the point that I would highlight is I actually think it would be very helpful to us and the Internet sector overall for there to be clearer rules and expectations on some of these social issues around how content should be handled or how elections should be handled, around what privacy norms governments want to see in place because these questions all have trade-offs, right? All the content and elections content and elections questions have trade-offs between giving people free expression and a voice. But some, there are trade-offs again, safety and privacy and other social equities. They're all very important. And it's, I think, very difficult for a private company to balance those, and I think it would be much better to have just a clearer guidance and clearer rules for the Internet. So that's going to be something that we continue to advocate for.

是的。案子上什麼都沒有。我指的是整體監管，因為我認為有些問題集中在這一點上，我要強調的一點是，我實際上認為這對我們和整個互聯網行業非常有幫助，因為在某些方面有更明確的規則和期望這些社會問題圍繞著應該如何處理內容或應該如何處理選舉，圍繞著政府希望看到什麼樣的隱私規範，因為這些問題都需要權衡，對吧？所有內容、選舉內容和選舉問題都在給予人們自由表達和發言權之間進行權衡。但有些人又需要權衡取捨，安全和隱私以及其他社會權益。它們都非常重要。我認為，私營公司很難平衡這些，我認為如果互聯網有更明確的指導和更明確的規則會好得多。所以這將是我們繼續提倡的事情。

Your next question comes from the line of Ross Sandler from Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

A question about the price/volume metrics that you disclosed -- can you hear me?

關於您披露的價格/數量指標的問題——您能聽到我的聲音嗎？

Yes. I can hear you, yes.

是的。我能聽到你，是的。

A question about the price versus volume metrics, Dave, that you just mentioned. The first quarter in a long time that price, I think, was up year-on-year. I know there's a lot of factors that go into that. But you also mentioned that you're seeing strong traction from DR advertisers around the Stories format. So maybe just a little bit more color on where we are in the Stories versus feed price dynamic and what kinds of DR advertisers are seeing the most traction around these Stories ads.

戴夫，你剛才提到的關於價格與數量指標的問題。很長一段時間以來，第一季度的價格，我認為，同比上漲。我知道其中有很多因素。但您還提到，您看到 DR 廣告商對故事格式有很強的吸引力。因此，關於我們在故事中的位置與提要價格動態以及哪些類型的 DR 廣告商看到這些故事廣告最受關注，可能只是多了一點顏色。

Yes. Sure, Ross. So I mean, as you know, with the auction dynamic, the growth in pricing is -- does really depend on impression growth. And we saw impression growth slowed this quarter to 25% from the Q3 rate of 35%. And some of that is just due to lapping product optimizations on Instagram during Q4 of '19 as well as just the normalization of engagement trends on Facebook. And so we would expect that sort of overall story to continue into Q1 with those trends.

是的。當然，羅斯。所以我的意思是，正如你所知，隨著拍賣的動態，定價的增長確實取決於印象的增長。我們看到本季度的印象增長率從第三季度的 35% 放緩至 25%。其中一些只是由於 19 年第四季度 Instagram 上的產品優化以及 Facebook 上參與趨勢的正常化。因此，我們預計這種總體情況會隨著這些趨勢持續到第一季度。

And then we're also continuing to make iterative improvements that enhance the performance and benefit pricing over time. And the one example that we give there is Instagram Stories that, as you know, it's been an area we've been focused on to try and make DR performance through better ads in our activity work better on Stories, and we've been seeing some good progress there. So we called that out as well as being a driver of price improvement. There's still a gap with Stories ads and feed ads, but we've been pleased with the progress we've been making on that front.

然後我們還將繼續進行迭代改進，以隨著時間的推移提高性能和收益定價。我們舉的一個例子是 Instagram 快拍，如您所知，這是我們一直關注的一個領域，試圖通過我們活動中更好的廣告在快拍上更好地發揮 DR 性能，我們一直看到那裡有一些好的進展。因此，我們提出了這一點，同時也是推動價格上漲的因素。故事廣告和信息流廣告仍然存在差距，但我們對在這方面取得的進展感到滿意。

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

您的下一個問題來自 Baird 的 Colin Sebastian。

Great. Two quick ones from me. I guess given the ongoing efforts in private messaging, I'm curious ultimately what will differentiate Messenger from WhatsApp other than branding or geography, if there's an inevitable consolidation of functionality there.

偉大的。我的兩個快速的。我想鑑於私人消息傳遞方面的持續努力，我很好奇除了品牌或地理之外，Messenger 與 WhatsApp 的最終區別是什麼，如果那裡的功能不可避免地整合的話。

And then secondly, on Reels, I know it's still early, but any update on performance or uptake as well as the road map for monetization, I think, would be helpful.

其次，在 Reels 上，我知道現在還為時過早，但我認為任何有關性能或吸收的更新以及貨幣化路線圖都會有所幫助。

Mark, do you want to take this?

馬克，你要拿這個嗎？

Yes, I can take the first one. I mean the biggest connection for -- the biggest difference between Messenger and WhatsApp is, obviously, the connection to Facebook. And the kind of same identity and graph that you use on Facebook comes with you to Messenger. So even if you can send messages across the different apps and there's more interoperability and we bring the same world-class privacy features to both, I think that, that will still make the apps feel fairly distinct.

是的，我可以拿第一個。我的意思是最大的連接 - Messenger 和 WhatsApp 之間的最大區別顯然是與 Facebook 的連接。您在 Facebook 上使用的那種身份和圖形會伴隨您進入 Messenger。因此，即使您可以在不同的應用程序之間發送消息並且具有更多的互操作性，並且我們為兩者帶來了相同的世界級隱私功能，我認為，這仍然會讓應用程序感覺相當不同。

I also think the kind of aesthetic and focus of the apps on how much different functionality they include will vary. I think WhatsApp has always had -- we've always focused a lot on making it a very utilitarian experience and place more of a premium on simplicity there. So we'll continue adding new functionality, but we're more focused on keeping that minimal. Whereas in Messenger, we have a lot more tools and features for expression, and I would expect that we'll continue adding more there as well.

我還認為應用程序的審美類型和對它們包含多少不同功能的關注會有所不同。我認為 WhatsApp 一直都有——我們一直非常注重使其成為一種非常實用的體驗，並更加重視簡單性。所以我們將繼續添加新功能，但我們更專注於保持最小化。而在 Messenger 中，我們有更多的表達工具和功能，我希望我們也能繼續添加更多。

On the second, with Reels, we're really pleased with the early data on consumption, and we have a bunch of work ahead of us to make it easier for people to create and discover content. We've now rolled out the product into over 50 countries.

其次，對於 Reels，我們對早期的消費數據非常滿意，我們還有很多工作要做，讓人們更容易創建和發現內容。我們現已將該產品推廣到 50 多個國家/地區。

In monetization of it, we've launched branded content tag in Reels. So that helps creators share the content and monetize. We launched shopping in Reels. And we've said that we will launch ads. The timing is to be determined. And we're going to follow the same pattern we followed on other things like Stories. We launch a consumer product. We make sure there's product market fit and people are using it. Then we launch an ad product and we make sure that it's beneficial for consumers. And as David answered in, I think, the last question, we work very diligently quarter-by-quarter on the basis point improvements that help us scale a product. So we will do things to make it easier for people to create the right businesses to create the right ad format. We will do things to make those ads get to the person who might be looking for that product or service.

在貨幣化方面，我們在 Reels 中推出了品牌內容標籤。這有助於創作者分享內容並從中獲利。我們推出了 Reels 購物功能。我們已經說過我們將投放廣告。時機待定。我們將遵循與 Stories 等其他內容相同的模式。我們推出消費產品。我們確保產品適合市場並且人們正在使用它。然後我們推出一個廣告產品，我們確保它對消費者有利。正如 David 在我認為的最後一個問題中回答的那樣，我們每個季度都非常勤奮地工作，以幫助我們擴展產品的基點改進。因此，我們將做一些事情，讓人們更容易創建合適的企業來創建合適的廣告格式。我們將採取措施使這些廣告到達可能正在尋找該產品或服務的人手中。

Your next question comes from the line of Youssef Squali from Truist Securities.

你的下一個問題來自 Truist Securities 的 Youssef Squali。

I have 2 questions, please. Mark, I want to go back to the first theme that you discussed of communities and how you're looking to potentially deemphasize civic and political groups. How important -- or how large is civic and political content on the site? Is there a way to quantify it or quantify the engagement with it to see if this is one of the headwinds that you guys talk about in terms of potentially emerging in 2021?

我有 2 個問題，請。馬克，我想回到你討論的關於社區的第一個主題，以及你希望如何潛在地淡化公民和政治團體。網站上的公民和政治內容有多重要或有多大？有沒有辦法量化它或量化與它的參與度，看看這是否是你們談論的 2021 年可能出現的不利因素之一？

And second, on the regulatory headwinds, there is just increasing talk of about Section 220 protection. I know it's a thorny subject. But from where you stand, how do you see Facebook -- and not just really Facebook, but other social media platforms dealing with it and if it was either to be narrowed or even completely eliminated?

其次，在監管逆風方面，關於 220 條款保護的討論越來越多。我知道這是一個棘手的話題。但從你的立場來看，你如何看待 Facebook —— 不僅僅是真正的 Facebook，還有處理它的其他社交媒體平台，以及它是否要縮小甚至完全消除？

Sure. I can probably take both of those. Yes. I don't know if we have any stats to share on the size of civic and political content, but it's a pretty small minority of the content, right? And it's -- and all the feedback that we have from our communities suggest that the vast majority of people would like to -- would like it to stay that way. And I think there has been this trend, I think, across society where a lot of things have become politicized and politics has kind of had a way of creeping into everything. And I think a lot of the work that we're -- a lot of the feedback that we see from our communities is that people don't want that in their experience. They come to our services to connect with friends and family, to connect to communities that they care about. And I think that we can potentially do a better job of those core jobs that we have and do a better job of helping to bring people together and helping to promote healthier communities if we can reduce the amount of politics on our services.

當然。我可能可以同時接受這兩個。是的。我不知道我們是否有任何關於公民和政治內容規模的統計數據可以分享，但它只佔內容的一小部分，對吧？它——以及我們從社區獲得的所有反饋表明，絕大多數人都希望——希望它保持這種狀態。而且我認為整個社會都有這種趨勢，很多事情都變得政治化了，政治已經以某種方式滲透到一切事物中。我認為我們所做的很多工作——我們從社區看到的很多反饋是人們不希望在他們的體驗中出現這種情況。他們來我們的服務是為了與朋友和家人聯繫，聯繫他們關心的社區。我認為，如果我們能夠減少服務中的政治因素，我們就有可能更好地完成我們現有的核心工作，更好地幫助人們團結起來，幫助促進更健康的社區。

Now I mean it's -- we'll have to balance this carefully because we have a deep commitment to free expression. So I believe that if people want to be able to discuss the stuff or join groups there, they should certainly be able to do that. But I just don't think that it's serving the community particularly well to be recommending that content right now.

現在我的意思是——我們必須謹慎地平衡這一點，因為我們對言論自由有著堅定的承諾。所以我相信，如果人們想在那裡討論這些東西或加入小組，他們當然應該能夠做到。但我只是認為現在推薦該內容並不能特別好地為社區服務。

But one thing to mention just because you were asking about the headwinds and all that is I don't think that this is a factor in any of that. And Wehner can jump in if there's any more that you want to add on that. But I don't think that that's what he had in mind in any way there. Wehner, I'll skip a beat for you to jump in if you want before going to the next question.

但有一件事要提，因為你問的是逆風，我認為這不是其中任何一個因素。如果您想添加更多內容，Wehner 可以加入。但我不認為那是他在那裡的任何方式的想法。 Wehner，如果你願意，我會跳過一個節拍讓你跳進去，然後再進入下一個問題。

Yes. No. I was just going to say that exact thing, Youssef. This is not something that's factoring into our outlook. It's not a headwind that is a factor in our 2021 outlook. And certainly, on the ads front as well, political is extremely small. It's low single-digit revenue even in an active political quarter like we had. So no, it's not factoring in on either the ad side or the engagement side in our outlook.

是的。不，我只是想說那件事，優素福。這不是影響我們前景的因素。這不是我們 2021 年展望的一個因素。當然，在廣告方面，政治也非常小。即使在像我們這樣活躍的政治季度，它的收入也很低。所以不，它沒有考慮到我們展望中的廣告方面或參與方面。

Yes. And now going to your 230 question, I do think -- and I testified this -- about this in Congress. I do think that Congress should update Section 230 to make sure that it's working the way that people intend, right? And it's after, I think, being in place for almost 25 years. And the Section 230 has been very important. It's helped give rise to the Internet as we know it today, and it's given Internet platforms tools to be able to balance free expression and safety. And I think it's also gone pretty far in terms of helping to ensure that values like free expression are built into the Internet's DNA. So I think that any changes should be thought through very carefully and should be thought through not just from the perspective of what a larger company like Facebook or Google or Twitter could handle in terms of updating their content moderation policies but also from the perspective of making sure that new companies can continue to emerge. I think that's very important as well.

是的。現在轉到你的 230 問題，我確實認為——而且我證明了這一點——國會中的這個問題。我確實認為國會應該更新第 230 條以確保它按照人們預期的方式運作，對嗎？我認為，它已經存在了將近 25 年。第 230 條非常重要。它幫助催生了我們今天所知道的互聯網，並為互聯網平台提供了能夠平衡言論自由和安全的工具。我認為它在幫助確保將自由表達等價值觀植入互聯網 DNA 方面也取得了很大進展。所以我認為任何變化都應該非常仔細地考慮，不僅應該從像 Facebook 或谷歌或 Twitter 這樣的大公司在更新他們的內容審核政策方面可以處理的角度來考慮，而且應該從製作的角度來考慮。確保新公司能夠不斷湧現。我認為這也很重要。

So we've supported changes in this for a while. Back in 2018, we supported a change to prevent sex trafficking. And we'll support similar efforts to tackle harms like child exploitation, imagery and material and opioids. And we'll also support a new push to make content moderation systems more transparent. The details on all this, of course, matter, but we hope to be able to work with the new Congress on this.

因此，我們支持這方面的更改已有一段時間了。早在 2018 年，我們就支持一項旨在防止性交易的變革。我們將支持類似的努力來解決諸如兒童剝削、圖像和材料以及阿片類藥物等危害。我們還將支持一項新舉措，使內容審核系統更加透明。所有這一切的細節當然很重要，但我們希望能夠就此與新國會合作。

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

你的最後一個問題來自 Cowen 的 John Blackledge。

Great. Two questions. Mark, on community, could you just provide further details on layering more services for Facebook groups and expectation for uptake of those new services? And could community evolve as a meaningful monetization driver in the coming years?

偉大的。兩個問題。馬克，關於社區，你能否提供更多關於為 Facebook 群組提供更多服務的細節，以及對這些新服務的期望？社區能否在未來幾年發展成為有意義的貨幣化驅動力？

And then on IDFA, maybe for Dave or Sheryl, how do you think advertisers are prepared for the changes? And will the long-tail advertisers be more impacted than the larger, more sophisticated advertisers?

然後在 IDFA 上，也許是 Dave 或 Sheryl，您認為廣告商如何為這些變化做好準備？長尾廣告商是否會比規模更大、更老練的廣告商受到更大的影響？

I can speak to the first point. First, for the business -- and I don't think we've looked at communities separately from friends and family. They're both different types of content that show up in News Feed that people interact with, but my guess is that it's probably already a pretty meaningful driver of the business and the value that people get from the services today. So absolutely, I think as this continues to grow, it should be in the future.

我可以談談第一點。首先，對於業務——我認為我們沒有將社區與朋友和家人分開看待。它們都是不同類型的內容，顯示在人們與之互動的新聞提要中，但我的猜測是，它可能已經成為一種非常有意義的業務驅動力和人們從今天的服務中獲得的價值。所以絕對，我認為隨著它的繼續增長，它應該在未來。

The big trend that we're looking at now and that I tried to call out in my remarks earlier is that right now, there's a spectrum of different kinds of groups and communities on Facebook, everything from meme groups that people find very entertaining and fun to groups that people really turn to for support when they have kind of serious issues in their lives. And I think that right now though, most of these communities, they have this backbone of -- there's a feed. There are ways to message people.

我們現在看到的大趨勢以及我在之前的發言中試圖指出的是，現在 Facebook 上有各種不同類型的團體和社區，從 meme 團體到人們覺得非常有趣的一切人們在生活中遇到嚴重問題時真正尋求支持的團體。而且我認為現在，雖然大多數這些社區，他們都有這樣的骨幹 - 有一個提要。有多種方法可以向人們發送消息。

But when I think about the physical communities that I'm a part of, in my life, they often have more of an institutional structure, right? There are subcommunities. There are people who -- it's their full-time job to basically help people engage and basically help people navigate them. I'm thinking about things like the synagogue that I'm a member of, right? I mean there are people there whose job is to help engage the congregation and help them get basically the most out of everything that the institution has to offer, and that's a very important kind of community organization. And I would love for more institutions like that to be able to organize and build community more effectively online.

但是當我想到我在生活中所處的物理社區時，他們通常具有更多的製度結構，對嗎？有子社區。有些人 - 他們的全職工作基本上是幫助人們參與並基本上幫助人們駕馭他們。我正在考慮諸如我所屬的猶太教堂之類的事情，對嗎？我的意思是那裡有些人的工作是幫助會眾參與進來，幫助他們基本上從機構提供的一切中獲得最大收益，這是一種非常重要的社區組織。我希望有更多這樣的機構能夠更有效地組織和建立在線社區。

So there are lots of just different tools that I think that if we provide, spanning messaging, spanning video chat, these organizations' own websites and other things that they do that if we can help in a lot of those areas, then we can make it so that groups on Facebook are not just a feed and a place where you post some content and maybe engage on a post, but that we can really help more organizations build up community institutions like that. And I think that, that could be a very big contribution and something that I'm excited about taking on.

所以我認為有很多不同的工具，如果我們提供，跨越消息，跨越視頻聊天，這些組織自己的網站和他們做的其他事情，如果我們可以在很多這些領域提供幫助，那麼我們可以這樣 Facebook 上的群組就不僅僅是一個供稿和您發布一些內容並可能參與帖子的地方，而且我們可以真正幫助更多組織建立這樣的社區機構。而且我認為，這可能是一個非常大的貢獻，也是我很高興接受的事情。

To your second question, we think it's a really important question and one that we take very seriously. So small businesses are very reliant on personalized ads, the ability to use data in a very privacy-safe way to get the customers who are interested in their products and services. And that makes sense. Big businesses, we can buy an ad to the whole country. We can buy an ad to a whole region. Small businesses can't. They have to find the precise audiences they want. And I think one of the mainstays of our business is we've enabled that targeting in a very privacy-safe way without giving information without permission to advertisers.

關於你的第二個問題，我們認為這是一個非常重要的問題，我們非常重視這個問題。因此，小型企業非常依賴個性化廣告，能夠以非常隱私安全的方式使用數據來吸引對其產品和服務感興趣的客戶。這是有道理的。大企業，我們可以買一個廣告到全國。我們可以向整個地區購買廣告。小企業不行。他們必須找到他們想要的精確受眾。而且我認為我們業務的支柱之一是我們已經以一種非常隱私安全的方式實現了目標定位，而無需在未經廣告商許可的情況下提供信息。

And what's happening with IDFA is that small businesses are really concerned because they're worried that they're not going to be able to buy effective advertising. If all personalized ads went away, small businesses would see a 60% cut in website sales. Now we don't think Apple's contemplating going that far that quickly, but that is the general direction of what would happen. And you can see that, that would be very detrimental to their business. It's also very detrimental to economic growth because so much of our job growth comes from small businesses.

IDFA 的情況是小企業真的很擔心，因為他們擔心他們無法購買有效的廣告。如果所有個性化廣告都消失，小型企業的網站銷售額將減少 60%。現在我們認為 Apple 不會考慮那麼快地走那麼遠，但這是將要發生的事情的總體方向。你可以看到，這對他們的業務非常不利。這對經濟增長也非常不利，因為我們的就業增長有很大一部分來自小企業。

I think it's worth noting it's not just about advertisers. Some of these changes also impact developers and other forms of businesses. We are starting to hear from creators and developers who are worried that some of their free services will have to start charging or shut down, force them into subscriptions or other in-payments for revenue. Now not all small businesses are aware of these challenges, but we are hearing from more and more of them. So we're very concerned.

我認為值得注意的不僅僅是廣告商。其中一些變化還會影響開發商和其他形式的企業。我們開始聽到創作者和開發者擔心他們的一些免費服務將不得不開始收費或關閉，迫使他們進行訂閱或其他收入支付。現在並不是所有的小企業都意識到這些挑戰，但我們聽到越來越多的小企業的聲音。所以我們非常擔心。

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

偉大的。謝謝大家今天加入我們。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. Thank you for joining us. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您加入我們。您現在可以斷開線路。