Meta Platforms, Inc. (META) 2021 Q1 法說會逐字稿

Good afternoon. My name is France, and I will be your conference operator today. At this time, I would like to welcome everyone to Facebook First Quarter 2021 Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

各位下午好。我叫 France，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Facebook 2021 年第一季財報電話會議。（接線員指示）本次通話將被錄音。非常感謝。

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

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

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

謝謝。各位下午好，歡迎參加 Facebook 第一季財報電話會議。今天與我一同討論業績的有執行長 Mark Zuckerberg、營運長 Sheryl Sandberg，以及財務長 Dave Wehner。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our annual report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

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

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

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

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

接下來我想把電話交給 Mark。

Hey, everyone, and thanks for joining us today. Before we get started, I just want to take a moment to say that we are very worried about the COVID situation in India and also in Brazil. I'm hoping that we can get this virus under control soon. And in the meantime, we're focused on what we can do to help there.

各位好，感謝今天加入我們。在開始之前，我想先花一點時間表示，我們非常擔憂印度以及巴西的 COVID 情勢。我希望我們能盡快控制住這個病毒。同時，我們也專注於我們能做些什麼來提供協助。

Now turning to the results. This was another strong quarter. More than 2.7 billion people now use 1 or more of our apps each day, and more than 200 million businesses use our tools to reach customers. And this has been an intense year, and I am proud that we continue to deliver value for people and businesses around the world.

接著談到業績表現。本季再次表現強勁。現在每天有超過 27 億人使用我們 1 個或以上的應用程式，且有超過 2 億家企業使用我們的工具來觸及客戶。這一年非常艱辛，我很自豪我們仍持續為全球的人們與企業創造價值。

Now over the past couple of quarters, our business has been performing better than we expected. And this has given us the confidence to increase our investments meaningfully and in a few key areas that have the potential to change the trajectory of the company over the long term. So on today's call, I'm going to talk about the opportunities that we're pursuing in augmented and virtual reality and around commerce, business messaging and creators.

在過去幾個季度，我們的業務表現優於預期。這讓我們更有信心在幾個關鍵領域大幅增加投資，而這些領域有潛力在長期改變公司的發展軌跡。因此在今天的電話會議中，我將談談我們在擴增實境與虛擬實境，以及商務、企業訊息與創作者等方面所追求的機會。

So first, let's talk about building the next computing platform. Now I believe that augmented and virtual reality are going to enable a deeper sense of presence in social connection than any existing platform. They're going to be an important part of how we will interact with computers in the future. So we're going to keep investing heavily in building out the best experience this year, and this accounts for a major part of our overall R&D budget growth.

首先，談談打造下一代運算平台。我相信擴增實境與虛擬實境將能在社交連結上帶來比任何既有平台更深的臨場感。它們將成為我們未來與電腦互動方式的重要一環。因此，我們今年將持續大力投資打造最佳體驗，而這也占了我們整體研發預算成長的主要部分。

Quest 2 is doing better than we expected, even after the holiday season. We continue to see good engagement, and we keep shipping updates that make Quest better and better, including Air Link, which enables wireless streaming of games and content from PCs and support for 120 hertz refresh rates.

Quest 2 的表現優於我們的預期，即使在假期旺季之後也是如此。我們持續看到良好的使用黏著度，並不斷推出更新讓 Quest 越來越好，包括 Air Link（可讓遊戲與內容從 PC 無線串流）以及支援 120 赫茲更新率。

Now achieving Quest's high quality in a wireless form factor has been a major breakthrough. Having wires wrapped around you just really breaks the sense of presence in immersion. And the technology to deliver a great experience wirelessly is very advanced, and most companies aren't going to be able to deliver this. But we believe that it is the minimum bar for a high-quality experience.

在無線的外型規格下達成 Quest 的高品質是一項重大突破。身上纏繞著線材確實會破壞沉浸式體驗中的臨場感。而要以無線方式提供優異體驗所需的技術非常先進，多數公司無法做到。但我們相信，這是高品質體驗的最低門檻。

This quarter, we also shared more about our future investments, including neural interfaces for interacting with AR. And we started testing our new avatar system, which will be a key part of how people express themselves and connect. One interesting trend is that we're seeing the app ecosystem broaden out beyond games into other categories as well. The most used apps are social, which fits our original theory for why we wanted to build this platform in the first place. We're also seeing productivity and even fitness apps. So for example, we launched a tool so people can subscribe to services like FitXR to do boxing and dancing in VR, just like they would for biking on Peloton. We introduced App Lab so developers can ship early versions of their apps directly to consumers without having to go through the Oculus store. And between App Lab and streaming from PCs, we're pioneering a much more open model of app store than what's currently available on phones today.

本季我們也分享了更多關於未來投資的內容，包括用於與 AR 互動的神經介面。我們也開始測試新的虛擬替身（avatar）系統，這將成為人們表達自我與建立連結的關鍵部分。一個有趣的趨勢是，我們看到應用程式生態系正從遊戲擴展到其他類別。使用最多的應用程式是社交類，這符合我們當初為何要打造這個平台的原始理論。我們也看到生產力，甚至健身類應用程式。例如，我們推出了一項工具，讓人們可以訂閱 FitXR 等服務，在 VR 中進行拳擊與舞蹈，就像他們會訂閱 Peloton 來騎車一樣。我們推出了 App Lab，讓開發者能直接把應用程式的早期版本提供給消費者，而不必經過 Oculus 商店。透過 App Lab 與從 PC 串流，我們正在開創一種比目前手機上可見模式更開放的應用程式商店模式。

Now over time, I expect augmented and virtual reality to unlock a massive amount of value, both in people's lives and the economy overall. There's still a long way to go here, and most of our investments to make this work are ahead of us. But I think that the feedback that we're getting from our products is giving us more confidence that our prediction for the future here will happen and that we're focusing on the right areas.

隨著時間推進，我預期擴增實境與虛擬實境將在個人生活與整體經濟中釋放出巨大的價值。這條路仍很長，我們為了讓這一切成真所需的大部分投資仍在前方。但我認為，從產品獲得的回饋正讓我們更有信心，相信我們對未來的預測將會實現，且我們正聚焦在正確的領域。

Now beyond AR and VR, I want to call out some of the other long-term opportunities that we're really focused on, especially in commerce and business messaging. Commerce has been growing in our services for a while, but it has become a lot more important as the pandemic has accelerated a broader shift towards businesses moving online.

除了 AR 與 VR 之外，我也想特別指出一些我們高度聚焦的其他長期機會，尤其是在商務與企業訊息方面。商務在我們的服務中已成長一段時間，但隨著疫情加速企業轉向線上的更廣泛趨勢，它變得更加重要。

In the last year, we've seen online storefronts stay open, even when physical stores closed. And going forward, online commerce will continue to offer an increasingly personalized and convenient experience. Commerce ads continue to do very well and drive a meaningful amount of our overall business. We built Marketplace into one of the world's leading services for people to buy and sell. And I am pleased to share today that more than 1 billion people visit Marketplace each month. And now we're investing in building for the future of commerce, so we launched Shops last year. And as I recently shared, there are now more than 1 million monthly active shops and over 250 million monthly shops and visitors.

在過去一年，我們看到即使實體店關閉，線上店面仍能持續營運。展望未來，線上商務將持續提供更個人化且更便利的體驗。商務廣告持續表現非常好，並為我們整體業務帶來可觀貢獻。我們把 Marketplace 打造成全球領先的買賣服務之一。我也很高興在今天分享，每月有超過 10 億人造訪 Marketplace。現在我們正投資打造商務的未來，因此去年推出了 Shops。正如我最近分享的，目前每月活躍商店已超過 100 萬家，每月商店與訪客總數超過 2.5 億。

We are also focused on building more native commerce tools across our apps. We recently updated WhatsApp catalog, so businesses can keep them updated from their computers and to include what's in stock. We launched carts on WhatsApp last year, and people have used them to send orders more than 5 million times.

我們也專注於在各個應用程式中打造更多原生的商務工具。我們最近更新了 WhatsApp 目錄（catalog），讓企業可以透過電腦維護更新，並納入庫存狀態。我們去年在 WhatsApp 推出了購物車（carts），人們已使用它們傳送訂單超過 500 萬次。

We're also building a broader infrastructure to support commerce, everything from payments to customer service and support. And WhatsApp Payments is now live in India, and we have gotten approval in Brazil to launch shortly, too.

我們也在建立更廣泛的基礎設施來支援商務，涵蓋從支付到客服與支援等各方面。WhatsApp Payments 現已在印度上線，我們也已在巴西取得核准，將很快推出。

We're starting to see a meaningful shift in the way that people communicate with businesses. For a lot of people, online commerce is less about websites and shops and more about messaging. So people want to get support and make purchases right from a chat. Smaller businesses want to show their products and take orders via messages, and larger businesses want reliable and secure infrastructure to communicate with their customers.

我們開始看到人們與企業溝通方式出現顯著轉變。對許多人而言，線上商務較少是關於網站與商店，而更多是關於訊息傳遞。因此，人們希望能直接在聊天中獲得支援並完成購買。小型企業希望透過訊息展示產品並接單，而大型企業則希望擁有可靠且安全的基礎設施來與客戶溝通。

Businesses using the WhatsApp business API are already sending more than 100 million messages per day. Over the last year, during the height of COVID, total daily conversations between people and businesses on Messenger and Instagram grew by more than 40%. More than 3 million advertisers are already using click-to-message ads to direct people to Messenger. And since we introduced click-to-WhatsApp ads, nearly 1 million advertisers have already started using them, too. And now the next step here is we're going to make it possible to create those click-to-WhatsApp ads from -- directly within the WhatsApp business app.

使用 WhatsApp Business API 的企業每天已傳送超過 1 億則訊息。在過去一年、COVID 最嚴峻的期間，人們與企業在 Messenger 與 Instagram 上的每日對話總量成長超過 40%。目前已有超過 300 萬名廣告主使用「點擊傳訊」（click-to-message）廣告將人們導向 Messenger。自從我們推出「點擊傳 WhatsApp」（click-to-WhatsApp）廣告以來，也已有近 100 萬名廣告主開始使用。接下來的下一步是，我們將讓企業能夠在 WhatsApp Business 應用程式內——直接建立這些 click-to-WhatsApp 廣告。

The next step is to make it easier for businesses to adopt all these services and to give them the tools that can handle messages and customer relationships. Our acquisition of customer is going through regulatory approvals, and we're looking forward to offering businesses a native way to manage their customer relationships on our platform.

下一步是讓企業更容易採用所有這些服務，並提供能夠處理訊息與客戶關係的工具。我們對 customer 的收購案正在進行監管核准程序，我們期待能為企業提供一種在我們平台上以原生方式管理客戶關係的方法。

Now I want to be clear that we have a long way to go to build out a full-featured commerce platform across our services. And this is a multiyear journey, but I am very committed to getting there. This modern commerce system is going to bring together a number of areas where we either already have strong offerings like in ads, community tools and messaging, with areas like shops and business messaging and payments that we are focused on ramping up now.

我想清楚說明的是，我們距離在各項服務中打造功能完整的商務平台仍有很長的路要走。這是一段跨多年的旅程，但我非常致力於達成目標。這套現代商務系統將整合多個領域：一方面是我們已具備強大產品力的領域，例如廣告、社群工具與訊息；另一方面則是我們目前正著力加速發展的領域，例如商店、企業訊息與支付。

As part of this, we're also investing more in building out better customer support for our products. For the last several years, we focused a lot on content moderation and privacy work. And I view customer support as the next pillar of the trust and safety work for our services.

作為其中一部分，我們也正在加大投資，為我們的產品建立更完善的客戶支援。在過去幾年裡，我們把大量重心放在內容審查與隱私相關工作上。而我將客戶支援視為我們服務信任與安全工作的下一個支柱。

The last area that I want to discuss today is around creators. I think that a positive vision for the future of the economy is one where more people get to do creative work that they enjoy rather than jobs that they don't. And to get there, we need to build out the creative and monetization tools to support this creator economy.

我今天想討論的最後一個領域是創作者。我認為，對未來經濟的正向願景，是讓更多人能從事他們喜歡的創作工作，而不是不喜歡的工作。為了達成這點，我們需要建立創作與變現工具，以支援這個創作者經濟。

People create an incredibly diverse set of content across our services from long-form writing to live conversations to documentaries and augmented reality filters. And our goal is to support the full range of human expression and to be the best platform for millions of creators to make a living. Now part of this is going to be delivering a suite of tools and products that span all of the ways that people want to create and consume content.

人們在我們的各項服務上創作極其多元的內容，從長篇寫作到即時對話、紀錄片以及擴增實境濾鏡。我們的目標是支持完整的人類表達光譜，並成為數百萬創作者賴以維生的最佳平台。現在，其中一部分將是提供一整套工具與產品，涵蓋人們想要創作與消費內容的各種方式。

I believe that the intersection of every media type and every audience size, there is a compelling experience to build. For example, I recently discussed our audio road map. And we already support audio calls for private audio communication, but now we're also building out live audio rooms, which we think will be especially useful for groups and communities. We're building sound bites for sharing and consuming short-form audio clips broadly, and we are supporting podcasts for sharing and listening to long-form audio. And we're also partnering with Spotify to launch a music player in the Facebook app.

我相信，在每一種媒體類型與每一種受眾規模的交會點上，都有值得打造的引人入勝體驗。舉例來說，我最近談到我們的音訊路線圖。我們已經支援用於私人音訊溝通的語音通話，但現在我們也正在打造即時音訊房間，我們認為這對群組與社群將特別有用。我們正在打造 Sound Bites，用於廣泛分享與消費短音訊片段，並支援 Podcast，用於分享與收聽長篇音訊。我們也正與 Spotify 合作，在 Facebook 應用程式中推出音樂播放器。

So we also need to connect these experiences with easy options for monetization, whether that's subscriptions, tipping or enabling creators to give product recommendations and enable commerce. And with Instagram and Facebook, we have a unique ability to bring creators and commerce together, and we will share more on that later this year.

因此，我們也需要以簡單的變現選項把這些體驗串連起來，無論是訂閱、打賞，或是讓創作者提供產品推薦並促進商務。透過 Instagram 與 Facebook，我們具備將創作者與商務結合的獨特能力，我們將在今年稍晚分享更多相關內容。

Now together, these efforts around creators, commerce and the next computing platform are a few of the big areas that we were doubling down on going forward. And in each of these, there is a unique opportunity to help people connect in deeper ways and to support a stronger economy for everyone. I'm optimistic that our work in all of these areas will help accelerate some of the positive emerging trends that we are seeing in the world.

現在，綜合來看，圍繞創作者、商務以及下一代運算平台的這些努力，是我們未來將加倍投入的幾個重大領域。而在每一個領域中，都有獨特機會幫助人們以更深層的方式連結，並支持一個對所有人都更強健的經濟。我對我們在所有這些領域的工作感到樂觀，因為它們將有助於加速我們在世界上看到的一些正向新興趨勢。

And now I'm going to hand it over to Sheryl.

現在我把時間交給 Sheryl。

Thanks, Mark, and hi, everyone. I hope you're all safe and healthy. This was a really strong quarter for our business. Our total revenue for Q1 was $26.2 billion, which is a 48% year-over-year increase. We've seen good growth in all regions, and we continue to see strong results in verticals that have performed well during the pandemic, like e-commerce, retail and CPG. Our performance has been driven, in large part, by the continued digital transformation as more and more businesses shift online. For years, we've invested in products and tools to support this shift. And these investments have helped many businesses reinvent themselves during the pandemic.

謝謝你，Mark，大家好。希望你們都平安健康。這一季對我們的業務而言表現非常強勁。我們第一季的總營收為 262 億美元，年增 48%。我們在所有地區都看到良好成長，並且在疫情期間表現良好的垂直產業中持續看到強勁成果，例如電子商務、零售與民生消費品（CPG）。我們的表現很大程度上是由持續的數位轉型所驅動，因為越來越多企業轉向線上。多年來，我們投資於產品與工具以支持這一轉變，而這些投資也幫助許多企業在疫情期間重塑自身。

One of the best parts of my job is I get to meet SMB owners and hear what's on their minds. Many of them tell me how they've used Facebook to adapt and grow. At a virtual roundtable with SMBs from Detroit this quarter, I spoke to La'Asia Johnson, who runs an all-natural skin care company called Elle Jae Essentials. When COVID hit and she had to close her store, she started a Facebook group called The Garden, which now has more than 1,000 members. They give her product ideas. And when she makes the projects they suggest, as she says it, they sell quicker than she can keep them on the shelves. By pivoting online, she's been able to replace all of the income she lost from her store.

我工作中最棒的一部分，是能見到中小企業（SMB）業主並聽聽他們在想什麼。許多人告訴我，他們如何使用 Facebook 來調整並成長。本季在一場與底特律中小企業的線上圓桌會議中，我與 La'Asia Johnson 交談，她經營一家名為 Elle Jae Essentials 的全天然護膚公司。COVID 爆發、她不得不關閉店面後，她成立了一個名為 The Garden 的 Facebook 社團，現在已有超過 1,000 名成員。他們提供她產品點子。而當她製作他們建議的產品時，正如她所說，產品賣得比她補貨上架的速度還快。透過轉向線上，她已能補回因店面關閉而失去的全部收入。

I also spoke to Ita Reyes, who runs a yoga studio in nearby Ann Arbor. She started doing outdoor classes during the pandemic and needed to get the word out. She couldn't afford to advertise to everyone in the city, and not everyone in the city wants to do yoga so she uses personalized ads. This enables her to advertise to people in the area who are interested in yoga or meditation. It's all done in a privacy protected way. We show her ad to those people, and we don't share their information with her, and then they sign up for her classes.

我也與 Ita Reyes 交談，她在附近的安娜堡經營一間瑜伽教室。她在疫情期間開始開設戶外課程，並需要讓更多人知道。她無法負擔向全市所有人投放廣告，而且也不是全市每個人都想做瑜伽，因此她使用個人化廣告。這讓她能向該地區對瑜伽或冥想感興趣的人投放廣告。整個流程都以隱私保護的方式進行。我們把她的廣告展示給那些人，但不會把他們的資訊分享給她，之後他們再報名她的課程。

Like everyone else, the business owners I talk to want to know what will happen next. Many are all in online. So even when things fully reopen, they want to be able to do more online than they did before. So understandably, they're asking us what we can do to help them, not just now, but over the long run. Part of the answer is continuing to improve our tools and products and creating new ones to suit their needs. And part of it is helping them navigate the headwinds that are coming down the line, whether it's the iOS 14 changes or potential regulations.

和其他人一樣，我所接觸的企業主都想知道接下來會發生什麼。許多人已全面轉向線上。因此，即使一切完全重新開放，他們也希望能比以前做更多線上業務。所以可以理解的是，他們在問我們能如何幫助他們，不只是現在，也包括長期。答案的一部分是持續改進我們的工具與產品，並打造新的工具以符合他們的需求；另一部分則是協助他們因應未來的逆風，無論是 iOS 14 的變更或潛在的監管。

On the first part, tools and products. We are all in, too. From day 1 of COVID, we fast-tracked our work to help people buy and sell online. Initially, we focused on getting the experience right for sellers. As Mark said, we launched Shops nearly a year ago. We've continued to develop new features to help personalize the shopping experience and worked with partners to make transactions as seamless as possible. And we've created new formats like live shopping, which bring to life the unique commerce experiences our platforms can offer.

先談第一部分：工具與產品。我們也全力投入。自 COVID 爆發的第一天起，我們就加速推進相關工作，協助人們在線上買賣。起初，我們專注於把賣家的體驗做到位。正如 Mark 所說，我們在將近一年前推出了 Shops。我們持續開發新功能以協助個人化購物體驗，並與合作夥伴合作，讓交易流程盡可能順暢。我們也創造了像直播購物這樣的新形式，將我們平台能提供的獨特商務體驗具體呈現出來。

Now we're equally focused on getting the experience right for consumers. We're rolling out the Shop tab in more countries and exploring new immersive formats like product tags and drop stickers that enable more people to shop with creators and brands they love.

現在，我們也同樣專注於把消費者體驗做到位。我們正在更多國家推出 Shop 分頁，並探索新的沉浸式形式，例如產品標籤與限時上架貼紙（drop stickers），讓更多人能與他們喜愛的創作者與品牌一起購物。

We're also constantly developing and improving our ad products to help businesses reach people where they are and get the best possible return on investment. We continue to see strong growth in Stories ads and video ads, which we've invested in heavily. We've also seen strong growth across ads in Facebook Watch, which now has more than 1.25 billion people visiting every month. As the number of people watching video grows, we're developing more opportunities for businesses and creators to reach them.

我們也持續開發並改進廣告產品，協助企業在受眾所在之處觸及他們，並取得最佳的投資報酬率。我們持續看到限時動態（Stories）廣告與影片廣告的強勁成長，而我們在這些領域投入了大量資源。我們也看到 Facebook Watch 的廣告整體呈現強勁成長；目前每月造訪人數已超過 12.5 億。隨著觀看影片的人數增加，我們正在開發更多機會，讓企業與創作者能觸及他們。

We're expanding paid online events to more countries. We're enabling more people to run in stream ads, including in live videos. And we're developing ads in short-form videos, where we're testing the ability for content creators to monetize their Facebook Stories with ads that look like stickers.

我們正在把付費線上活動擴展到更多國家。我們讓更多人能投放串流內廣告（in-stream ads），包括在直播影片中。我們也正在開發短影音中的廣告，並測試讓內容創作者能以看起來像貼紙的廣告，將他們的 Facebook 限時動態變現的能力。

On the second part, headwinds. Yes, there are challenges coming to personalized advertising, and we've been pretty open about that. We're doing a huge amount of work to prepare. We're working with our customers to implement Apple's API and our own aggregated events measurement API to mitigate the impact of the iOS 14 changes. We're rebuilding meaningful elements of our ad tech so that our system continues to perform when we have access to less data in the future. And we're part of long-term collaborations with industry bodies like the W3C on initiatives like privacy enhancing technologies that provide personalized experiences while limiting access to people's information.

再談第二部分：逆風。是的，個人化廣告將面臨挑戰，而我們也一直相當坦率地談論這點。我們正在做大量準備工作。我們正與客戶合作，導入 Apple 的 API 以及我們自家的彙總事件衡量 API（aggregated events measurement API），以減輕 iOS 14 變更的影響。我們正在重建廣告技術中具關鍵意義的要素，讓我們的系統在未來可取得的資料更少時仍能持續良好運作。我們也與 W3C 等產業組織進行長期合作，推動如隱私增強技術（privacy enhancing technologies）等倡議，在限制存取個人資訊的同時，仍能提供個人化體驗。

It's also on us to keep making the case that personalized advertising is good for people and businesses and to better explain how it works so that people realize that personalized ads are privacy protected. Small businesses don't have to understand the alphabet soup of acronyms they'll need to comply with, but they do need to have confidence that they can still use our tools to reach the people who want to buy what they're selling in a privacy-safe way. We're confident they can and that they can continue to get great results as digital advertising evolves.

我們也有責任持續提出論點，說明個人化廣告對人們與企業都有益，並更清楚地解釋其運作方式，讓人們了解個人化廣告是受到隱私保護的。小型企業不必理解為了合規所需面對的一堆縮寫「字母湯」，但他們確實需要有信心：他們仍能以隱私安全的方式，使用我們的工具觸及那些想購買他們所販售商品的人。我們有信心他們可以做到，並且隨著數位廣告演進，他們仍能持續取得很好的成果。

With the rollout of vaccines, there's reason to be hopeful. But the pandemic is still causing real heartbreak and hardship for people in many countries. And in particular, like Mark, my thoughts are with our friends and colleagues in India and Brazil right now. If the last year has taught us anything, it's to not make assumptions and to not expect things to get better for everyone at the same time. Whatever happens, we'll continue to keep people connected, support the public health response and invest in ways to support businesses now and in the long term.

隨著疫苗的推廣，確實有理由抱持希望。但疫情仍在許多國家為人們帶來真實的心碎與艱難。尤其是，和 Mark 一樣，我此刻的心與我們在印度與巴西的朋友與同事同在。如果過去一年教會了我們任何事，那就是不要做假設，也不要期待事情會在同一時間對所有人變好。無論接下來發生什麼，我們都將持續讓人們保持連結、支持公共衛生應對，並投資於能在當下與長期支持企業的方式。

I want to close by saying how grateful I am to all the businesses who work with us, big and small, who we learn from every day, and to our incredible teams who have supported millions of businesses through this turbulent time and set them up for success now and in the future.

最後我想以一句話作結，向所有與我們合作的企業—無論規模大小—表達我由衷的感謝；我們每天都從你們身上學習。同時也要感謝我們令人敬佩的團隊，在這段動盪期間支持了數以百萬計的企業，並協助他們在當下及未來都能邁向成功。

Now over to Dave.

接下來交給 Dave。

Thanks, Sheryl, and good afternoon, everyone. Q1 was a strong quarter for our business, driven by sustained growth in the digital economy and our continued success in helping businesses engage with consumers across our services.

謝謝你，Sheryl，各位下午好。第一季對我們的業務而言是強勁的一季，主要受惠於數位經濟的持續成長，以及我們持續成功協助企業透過我們的各項服務與消費者互動。

Let's begin with our community metrics. We estimate that approximately 2.7 billion people used at least one of our services on a daily basis in March and that approximately 3.4 billion people used at least one on a monthly basis. Note that these Q1 family metrics reflect new data from recent user surveys. Further details on our family metrics are included in the earnings slides on our IR website.

我們先從社群指標開始。我們估計，3 月每日約有 27 億人使用我們至少一項服務，且每月約有 34 億人使用我們至少一項服務。請注意，第一季的「家族」指標反映了近期使用者調查的新數據。關於家族指標的更多細節，已收錄於我們 IR 網站的財報簡報中。

Our global community continued to grow, even as we lapped elevated user growth in the first quarter of last year related to the pandemic. Facebook daily active users reached 1.88 billion, up 8% or 144 million compared to last year. DAUs represented approximately 66% of the 2.85 billion monthly active users in March. MAUs grew by 250 million or 10% compared to last year.

我們的全球社群持續成長，儘管我們已進入去年第一季因疫情帶動而出現較高使用者成長的比較基期。Facebook 每日活躍用戶（DAU）達到 18.8 億，較去年增加 8%，或增加 1.44 億人。3 月 DAU 約占 28.5 億月活躍用戶（MAU）的 66%。MAU 較去年增加 2.5 億，或成長 10%。

Turning to the financials. All comparisons are on a year-over-year basis, unless otherwise noted. Q1 total revenue was $26.2 billion, up 48% or 44% on a constant currency basis. We benefited from a currency tailwind. And had foreign exchange rates remained constant with Q1 of last year, total revenue would have been $706 million lower. Q1 ad revenue was $25.4 billion, up 46% or 42% on a constant currency basis.

接著看財務表現。除非另有說明，所有比較皆為年對年。第一季總營收為 262 億美元，年增 48%；以固定匯率計則年增 44%。我們受惠於匯率順風。若外匯匯率維持與去年第一季相同，總營收將會少 7.06 億美元。第一季廣告營收為 254 億美元，年增 46%；以固定匯率計則年增 42%。

The growth in advertising revenue was largely driven by continued strength in product verticals such as online commerce. Growth was broad-based across all advertiser sizes, with particular strength from small- and medium-sized advertisers. Our year-over-year ad revenue growth also benefited from lapping pandemic-related demand headwinds experienced during March of last year.

廣告營收的成長主要來自線上商務等產品垂直領域的持續強勁表現。成長動能涵蓋各種規模的廣告主，其中以中小型廣告主表現尤為突出。我們的年對年廣告營收成長也受惠於去年 3 月疫情相關需求逆風所形成的較低比較基期。

On a user geography basis, ad revenue growth accelerated in all regions. Growth was strongest in Europe at 53%. Rest of World, Asia Pacific and the U.S. and Canada grew 47%, 46% and 42%, respectively. Europe and Asia Pacific benefited from currency tailwinds, while Rest of World continued to face currency headwinds.

以使用者地理區域來看，所有地區的廣告營收成長皆加速。其中以歐洲最強，成長 53%。世界其他地區、亞太地區，以及美國與加拿大分別成長 47%、46% 與 42%。歐洲與亞太地區受惠於匯率順風，而世界其他地區仍持續面臨匯率逆風。

In Q1, the total number of ad impressions served across our services increased 12%, and the average price per ad increased 30%. Impression growth was driven by both Instagram and Facebook. The increase in average price per ad was driven primarily by lapping depressed pricing levels from 1 year ago as well as strong advertiser demand.

第一季，我們各項服務投放的廣告曝光次數總量增加 12%，每則廣告平均價格上升 30%。曝光次數的成長同時由 Instagram 與 Facebook 帶動。每則廣告平均價格的上升，主要來自去年同期較低的定價水準所形成的比較基期，以及廣告主需求強勁。

Other revenue was $732 million, up 146%, driven by continued strong Quest 2 sales. We've been encouraged by the sustained strength we're seeing with sales of Quest 2 since its October launch.

其他營收為 7.32 億美元，年增 146%，主要由 Quest 2 持續強勁的銷售所帶動。自 10 月上市以來，我們看到 Quest 2 銷售維持強勢，這讓我們備受鼓舞。

Turning now to expenses. Q1 total expenses were $14.8 billion, up 25% compared to last year. In terms of the specific line items, cost of revenue increased 48%, driven mostly by core infrastructure investments, hardware costs related to Quest 2 sales and payments to partners. R&D increased 29%, driven mostly by hiring to support our core products and consumer hardware efforts. Marketing and sales increased 2% with growth in hiring partially offset by lower marketing spend. Lastly, G&A expenses increased 2% with growth in employee-related costs partially offset by lapping higher bad debt expenses related to COVID in the first quarter of last year.

接著看費用。第一季總費用為 148 億美元，較去年增加 25%。就各項明細而言，營收成本增加 48%，主要由核心基礎設施投資、與 Quest 2 銷售相關的硬體成本，以及支付給合作夥伴的款項所驅動。研發費用增加 29%，主要因招募人力以支援核心產品與消費者硬體業務。行銷與銷售費用增加 2%，其中人力招募增加的影響部分被較低的行銷支出所抵銷。最後，一般及行政費用增加 2%，員工相關成本增加的影響，部分被去年第一季與 COVID 相關較高的壞帳費用比較基期所抵銷。

We added over 2,000 net new hires in Q1, primarily in technical functions. We ended the quarter with over 60,600 full-time employees, up 26% compared to last year. First quarter operating income was $11.4 billion, representing a 43% operating margin. Our tax rate was 17%. Net income was $9.5 billion or $3.30 per share. Capital expenditures, including capital leases, were $4.4 billion, driven by investments in data centers, servers, network infrastructure and office facilities. Free cash flow was $7.8 billion. We repurchased $4.1 billion of our Class A common stock in the first quarter, and we ended the quarter with $64.2 billion in cash and marketable securities.

第一季我們淨新增超過 2,000 名員工，主要集中在技術職能。季度末全職員工超過 60,600 人，較去年增加 26%。第一季營業利益為 114 億美元，營業利益率為 43%。稅率為 17%。淨利為 95 億美元，或每股 3.30 美元。資本支出（含資本租賃）為 44 億美元，主要用於資料中心、伺服器、網路基礎設施與辦公設施的投資。自由現金流為 78 億美元。我們在第一季回購 41 億美元的 A 類普通股，季度末持有的現金與有價證券為 642 億美元。

In terms of sustainability, I'm pleased to report that Facebook's global operations have now reached net zero emissions and are 100% supported by renewable energy. This is an important milestone for our business, but we also recognize there's more work to do in the years ahead. And we remain committed to our next goal of decarbonizing our entire value chain in 2030. Additional information on our ongoing efforts across environmental, social and governance areas can be found in our recently filed proxy statement.

在永續發展方面，我很高興報告 Facebook 的全球營運現已達成淨零排放，並且 100% 由再生能源支持。這是我們業務的重要里程碑，但我們也明白未來幾年仍有更多工作要做。我們仍致力於下一個目標：在 2030 年讓整個價值鏈去碳化。關於我們在環境、社會與公司治理（ESG）領域的持續努力，更多資訊可參閱我們近期提交的委託書聲明（proxy statement）。

Turning now to the outlook. We are pleased with the strength of our advertising revenue growth in the first quarter of 2021, which was driven by a 30% year-over-year increase in the average price per ad and a 12% increase in the number of ads delivered. We expect that advertising revenue growth will continue to be primarily driven by price during the rest of 2021.

接著談展望。我們對 2021 年第一季廣告營收成長的強勁表現感到滿意，主要由每則廣告平均價格年增 30%，以及投放廣告數量增加 12% 所帶動。我們預期在 2021 年剩餘期間，廣告營收成長仍將主要由價格因素驅動。

We expect second quarter 2021 year-over-year total revenue growth to remain stable or modestly accelerate relative to the growth rate in the first quarter of 2021 as we lap slower growth related to the pandemic during the second quarter of 2020. In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to significantly decelerate sequentially as we lap periods of increasingly strong growth.

我們預期 2021 年第二季總營收年對年成長率，將相較於 2021 年第一季維持穩定或小幅加速，因為我們將進入 2020 年第二季疫情期間較慢成長的比較基期。到了 2021 年第三與第四季，我們預期總營收年對年成長率將在序列上顯著放緩，因為比較基期將是成長愈來愈強勁的期間。

We continue to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recently launched iOS 14.5 update, which we expect to begin having an impact in the second quarter. This is factored into our outlook.

我們仍預期 2021 年因監管與平台變動而導致的廣告定向逆風將加劇，特別是近期推出的 iOS 14.5 更新；我們預期其影響將自第二季開始顯現。這已納入我們的展望之中。

There is also continuing uncertainty around the viability of transatlantic data transfers in light of recent European regulatory developments, and like companies across a wide range of industries, we are closely monitoring the potential impact on our European operations as these developments progress.

此外，鑑於近期歐洲監管發展，跨大西洋資料傳輸的可行性仍存在持續不確定性；如同各行各業的公司一樣，隨著相關發展推進，我們正密切關注其對我們歐洲營運可能造成的影響。

Turning now to expenses. We expect 2021 total expenses to be in the range of $70 billion to $73 billion, updated from our prior outlook of $68 billion to $73 billion. The year-over-year growth in expenses is driven by investments in technical and product talent, infrastructure and consumer-related costs. We remain committed to investing for long-term growth, and our expense outlook reflects the underlying strength of our business and the compelling investment opportunities we see across our products, including consumer hardware.

接著談費用。我們預期 2021 年總費用將落在 700 億至 730 億美元區間，較先前 680 億至 730 億美元的展望上修。費用的年對年成長主要由對技術與產品人才、基礎設施，以及消費者相關成本的投資所驅動。我們仍致力於為長期成長進行投資，而我們的費用展望反映了業務的基本面強勁，以及我們在各項產品（包含消費者硬體）上所看到的具吸引力投資機會。

We expect 2021 capital expenditures to be in the range of $19 billion to $21 billion, down from our prior estimate of $21 billion to $23 billion. Our capital expenditures are driven primarily by our investments in data centers, servers, network infrastructure and office facilities.

我們預期 2021 年資本支出將落在 190 億至 210 億美元區間，低於先前估計的 210 億至 230 億美元。我們的資本支出主要由對資料中心、伺服器、網路基礎設施與辦公設施的投資所驅動。

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

接著談稅務。我們仍預期 2021 全年稅率將落在 10% 後段（high teens）。

In closing, the pandemic during the past year has presented some incredible challenges to our global community. During this time, we have worked to help both businesses and consumers stay connected. We remain focused on helping people and businesses navigate the transition out of the pandemic as more regions reopen.

最後，過去一年疫情為我們的全球社群帶來了極大的挑戰。在此期間，我們致力於協助企業與消費者保持連結。隨著更多地區重新開放，我們仍將專注於協助人們與企業順利度過走出疫情的轉換期。

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

接下來，France，我們開放提問。

(Operator Instructions) Our first question will be from the line of Brian Nowak with Morgan Stanley.

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

I have 2. The first one, just curious for a little self report card, if you will, around commerce. You made a lot of progress, around 1 million shops, 250 million shop visitors. Where would you say you've made the most progress for advertisers and merchants so far? And then as you sort of look into the back half and into '22, what are the biggest areas of innovation that you're really focused on to continue to grow that number? Maybe talk about nonadvertising monetization optionality.

我有兩個問題。第一個是關於商務方面，想請你們做一個小小的自我評量。你們已取得很大進展，例如約 100 萬家商店、2.5 億名商店訪客。到目前為止，你們認為在哪些方面對廣告主與商家帶來的進展最大？另外，展望下半年以及 2022 年，你們最聚焦、用以持續擴大這些數字的最大創新領域是什麼？也請談談非廣告變現的選項空間。

And the second one I had is around as we -- I know it's early in the reopening, but would be curious just to hear about what you're seeing from an engagement or time spent perspective of your user base in the areas of the world that are a little more reopened and how you're thinking about that in the back half.

第二個問題是，關於我們—我知道重新開放還在早期—但我想了解，在全球那些開放程度較高的地區，你們從使用者互動或使用時間的角度觀察到什麼變化？以及你們如何在下半年看待這件事。

I can start on the first. So there's a lot of commerce activity on our platform already. People really discover lots of products through our Feed and ad Stories -- through our Feed and Stories ads. It's been our largest ad vertical. COVID really accelerated it, but it's been one of the fastest-growing verticals we've had over the last 5 years. And we believe that Facebook drives hundreds of billions of dollars of off-site e-commerce GMV today through our ads business.

我可以先回答第一個。所以我們的平台上已經有大量的商務活動。人們確實透過我們的動態消息（Feed）和廣告限時動態（Stories）——透過我們的動態消息與限時動態廣告——發掘許多產品。這一直是我們最大的廣告垂直領域。COVID 確實加速了這一趨勢，但在過去 5 年裡，這也是我們成長最快的垂直領域之一。我們相信，Facebook 目前透過我們的廣告業務，推動了數千億美元的站外電商 GMV（商品交易總額）。

So we've certainly made a ton of progress there. And our goals going forward are, we want to continue to be the very best place to advertise. We're going to have to do work to do that, as I mentioned in my remarks, that we can still use data in a privacy-safe way, get the right ads to the right person at the right time, but we think we are market leaders here.

因此我們在這方面確實取得了大量進展。展望未來，我們的目標是持續成為最好的廣告投放平台。正如我在發言中提到的，我們必須做一些工作，確保仍能以隱私安全的方式使用資料，在正確的時間把正確的廣告投放給正確的人；但我們認為我們在這方面是市場領導者。

The other work we're doing, and Mark talked about it in his remarks and I did as well, is to make it easier to sell on our platform. Now the shopping experience is really well-defined in other places, and we are later to that than we were to ads. So we know we have a lot of work to do. We're working with partners to build some of the parts of the experience that we're not as expert in, and we're integrating products like shops. We have more than 1 million active shops and more than 250 million people interacting with merchandise per month. So we've made some good progress. But we recognize that getting to a really seamless transaction experience is going to take work on our side, and we're going to continue to invest there.

我們正在做的另一項工作——Mark 在他的發言中提到過，我也提到過——是讓在我們平台上銷售變得更容易。現在在其他地方，購物體驗已經非常成熟，而我們在這方面的起步比廣告更晚，所以我們知道還有很多工作要做。我們正與合作夥伴一起打造一些我們不那麼擅長的體驗環節，並整合像 Shops 這樣的產品。我們有超過 100 萬家活躍商店，每月有超過 2.5 億人與商品互動。因此我們已取得一些不錯的進展。但我們也認知到，要達到真正無縫的交易體驗，仍需要我們投入努力，我們也會持續在這方面投資。

I think another area where we do have to do more is we have to improve the consumer experience to help people transact on the platform. We've done, I think, more work on the business side, on the integration side. And now we are focused on continuing to build that and continuing to build out the consumer experience.

我認為另一個我們確實需要做得更多的領域，是我們必須改善消費者體驗，幫助人們在平台上完成交易。我們在商家端、整合端做了更多工作。而現在我們的重點是持續建設這些能力，並持續完善消費者端的體驗。

For the foreseeable future, as are going to be the vast majority of our revenue in this area and that commerce vertical is so important to us, we don't need commerce itself or fees to become a big part of what happens in order to make the investment worthwhile, but we really have to focus on helping more businesses move online and have a great experience on our platform. And that, along with that, makes this a very worthwhile investment for us.

在可預見的未來，這個領域的絕大多數收入仍將來自廣告，而商務這個垂直領域對我們非常重要。為了讓投資值得，我們不需要商務本身或手續費成為很大的一部分；但我們確實必須專注於幫助更多企業上線，並在我們的平台上獲得很好的體驗。而這一點也使得這對我們而言是一項非常值得的投資。

Brian, it's Dave. I'll take the second question. So I think broadly, what we're seeing is just engagement trends that are going back to a more normalized level. So if you think about the past year, it's been pretty noisy because of COVID. In the first quarter of 2020, we saw a significant increase in engagement as a result of the pandemic. And we've seen some of those trends subside as the year progressed, and we saw gradual phase down of lockdowns. I don't think anything hugely dramatic, but it's certainly something that we're seeing in the engagement trends. And that's one of the factors that's playing into price being a bigger driver of growth on the revenue side because of the impression growth being lower. And I'd say COVID is certainly a factor in that.

Brian，我是 Dave。我來回答第二個問題。整體而言，我們看到的只是互動趨勢回到較為正常化的水準。如果你回顧過去一年，因為 COVID 的關係，數據相當嘈雜。2020 年第一季，我們因疫情而看到互動顯著增加。隨著一年推進、封鎖措施逐步解除，我們也看到其中一些趨勢回落。我不認為有什麼非常戲劇性的變化，但這確實是我們在互動趨勢中看到的現象。這也是為什麼在營收端，價格成為更大的成長驅動因素之一，因為曝光量（impression）成長較低。我會說 COVID 肯定是其中一個因素。

On the revenue front, I think, there, we're seeing continued strong demand with products and even -- and then we're seeing services spend come back. So I think that's kind of a quick landscape of what we're seeing with the COVID impacts.

在營收方面，我認為我們看到產品類別的需求持續強勁，並且——同時我們也看到服務類支出正在回升。所以這大致就是我們所看到的 COVID 影響的快速概覽。

Our next question is from the line of Justin Post with Bank of America.

我們的下一個問題來自美國銀行（Bank of America）的 Justin Post。

Maybe one for Mark and one for Dave. I think there's been some questions on engagement just because you see the strong growth of things like TikTok or maybe Snap, but you've built some super platforms within Facebook with the Watch usage and Marketplaces. Could you comment on what you're seeing with overall engagement? And as people use these over -- new platforms, is it growing, time spent and other factors?

可能一題問 Mark、一題問 Dave。我想外界對互動度有一些疑問，因為你看到像 TikTok 或可能 Snap 這類平台的強勁成長，但你們在 Facebook 內也建立了一些超級平台，例如 Watch 的使用量和 Marketplace。你們能否評論一下整體互動度的情況？以及當人們使用這些——新平台時，使用量是否在成長、使用時間（time spent）和其他因素的變化如何？

And then the second question, maybe to Dave, any surprises with the iOS 14-5 (sic) [14.5] update? And any comments on what you've seen with users who have already opted out of tracking before this update?

第二個問題可能給 Dave：對 iOS 14-5（原文如此）[14.5] 更新有任何意外嗎？另外，對於在這次更新之前就已經選擇退出追蹤（opted out of tracking）的使用者，你們觀察到什麼情況？

Justin, it's Dave. Yes, I can take -- I can take both of those. So yes, on the impression growth front, I think we're seeing a couple of factors. We talked about the COVID impact and the return to more normal levels, and that's affecting some of the impression growth.

Justin，我是 Dave。是的，我可以——我可以兩題都回答。關於曝光量成長（impression growth），我認為我們看到幾個因素。我們談到 COVID 的影響以及回到較正常水準，這正在影響部分曝光量成長。

The second factor that we're seeing, and it kind of gets at some of your question, which is we're seeing really strong engagement on video, particularly internationally. And that's -- we're pleased with that. I'd point to a couple of examples there. I'd say Facebook Watch, we talked about the 1.25 billion users. Also, Reels is starting to get traction on -- and doing well on Instagram. Now video currently has relatively fewer impressions on a time spent basis. So that's playing into the engagement trends as well.

我們看到的第二個因素，也呼應你問題的一部分，是我們在影片上的互動非常強勁，尤其是在國際市場。對此我們很高興。我可以舉幾個例子：例如 Facebook Watch，我們提到有 12.5 億用戶。另外，Reels 也開始在——並且在 Instagram 上逐漸獲得動能、表現不錯。目前影片在以使用時間為基礎的情況下，相對帶來的曝光量較少，因此這也影響了互動趨勢。

And then finally, I would say, we are seeing competition in News Feed from both our own video products and also other's products as well. So that's factoring into it.

最後我會說，我們也看到動態消息（News Feed）中存在競爭，既來自我們自己的影片產品，也來自其他公司的產品。因此這也在其中發揮作用。

And then your second question was regarding any surprises with iOS 14.5. Look, I think it's really early. They just began rolling out the update. So it's sort of very, very low kind of penetration rates of the new OS at this point.

你的第二個問題是關於 iOS 14.5 是否有任何意外。坦白說，我認為現在還太早。他們才剛開始推送更新。因此目前新作業系統的滲透率仍然非常、非常低。

But a couple of things. I'd say we continue to be concerned about the impact that this update is going to have on the ability of small businesses to use their advertising budgets effectively. That said, the impact on our own business, we think, will be manageable. We continue to expect it will be a headwind for the remainder of the year, but we're making encouraging progress, as Sheryl mentioned, on our own solutions to help advertisers navigate these changes. And that includes helping advertisers work with the Apple API as well as our own approach to using aggregated data for targeting and measurement that we call Aggregated Events Management. So the goal there is really to maintain it in the long run, even improve performance with less data.

但有幾點。我會說我們仍然擔心這次更新將對小型企業有效運用其廣告預算的能力造成影響。話雖如此，我們認為對我們自身業務的影響是可控的。我們仍預期這會在今年剩餘時間形成逆風，但正如 Sheryl 提到的，我們在自有解決方案方面取得了令人鼓舞的進展，以協助廣告主因應這些變化。其中包括協助廣告主使用 Apple 的 API，以及我們自身以彙總資料進行定向與衡量的方法，我們稱之為 Aggregated Events Management（彙總事件管理）。其目標是在長期維持，甚至在資料更少的情況下提升成效。

So -- and then I'd also add that just in addition to these mitigations, we're also just seeing very strong overall ad demand, which is contributing to a more positive outlook for 2021. And I would say, just overall, the impact of these -- the specific iOS 14 changes are 1 element of some of the challenges with Apple. But we think the impact of the Apple approach is really much bigger than this particular update around third-party data usage. Apple has a number of private APIs on hardware and software that advantage their own products and services in ways that are challenging, and we face that issue with -- in places like our messaging products and even with the hardware products we're launching. So we generally don't think that this closed approach is the best one for the industry from an innovation perspective.

另外我也想補充，除了這些緩解措施之外，我們也看到整體廣告需求非常強勁，這也促成了對 2021 年更正面的展望。我會說，整體而言，這些——特定的 iOS 14 變更只是我們與 Apple 之間一些挑戰的其中一個面向。但我們認為 Apple 的做法所帶來的影響其實遠大於這次針對第三方資料使用的特定更新。Apple 在硬體與軟體上有許多私有 API，會以對其自身產品與服務有利的方式運作，這帶來不少挑戰；我們在——例如我們的訊息產品，甚至我們正在推出的硬體產品上，都會面臨這個問題。因此從創新角度來看，我們普遍不認為這種封閉式做法對產業是最好的。

Our next question from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通（JPMorgan）的 Doug Anmuth。

One for Mark. Mark, you highlighted the 3 areas where you're doubling down across AR and VR, commerce and then the creator economy. Hoping you could talk about whether you view these efforts as helping Facebook, control its destiny more as a platform, perhaps giving you more first-party data and whether they insulate you from other ecosystems over time?

一題給 Mark。Mark，你強調了你們在 AR 與 VR、商務，以及創作者經濟這三個領域加倍投入。希望你能談談，你是否認為這些努力能幫助 Facebook 作為平台更能掌握自身命運，例如可能帶來更多第一方資料（first-party data），並且隨著時間推移讓你們更能抵禦其他生態系的影響？

Sure. I can talk about that. I think we mostly think about these things from the perspective of improving the experiences that we can build. So augmented and virtual reality, I have thought about for a long time because I think that it's sort of the holy grail of delivering a sense of presence and the type of social experiences that you would want to build.

當然。我可以談談。我認為我們多半是從改善我們能打造的體驗這個角度來思考這些事情。擴增實境與虛擬實境，我已經思考很久了，因為我認為這有點像是實現臨場感（presence）以及你想打造的那種社交體驗的聖杯。

So right now, and I guess for the whole history of the company, we've been constrained to a web browser. And now, in some cases, this increasingly restrictive mobile app rules. But I think that this future environment where you're going to be able to feel like you're really present with someone else, that's going to be really powerful. And it's going to unlock a bunch of experiences that we wanted to build for a long time, and that's what I'm really excited about.

所以目前，以及我想在公司整個歷史中，我們一直受限於網頁瀏覽器。而現在在某些情況下，還要受限於越來越嚴格的行動 App 規則。但我認為在未來的環境中，你將能感覺自己真的與另一個人同在，這會非常強大。它將解鎖一大堆我們長期以來想打造的體驗，而這正是我真正感到興奮的地方。

Similarly, on the commerce side, I mean, part of this is motivated by wanting to help out small businesses and different businesses sell more across our platform. And a lot of it is also just about making the consumer experience better, right? So right now, a lot of times, you'll click on an ad, you'll see an interesting ad, and it'll take you to a website, and the website won't necessarily have full context on who you are. The payment experience will be clunky in doing that. And there's just an opportunity, I think, to make that all a lot more seamless.

同樣地，在商務端，我的意思是，其中一部分動機是希望能幫助小型企業以及各類企業在我們的平台上賣得更多。而其中很大一部分也只是為了讓消費者體驗更好，對吧？所以現在很多時候，你會點擊一則廣告，看到一則有趣的廣告，然後它會把你帶到一個網站，而該網站未必能完整掌握你是誰的背景資訊。付款體驗也會很卡、不順。我的看法是，這裡其實有機會把整個流程做得更無縫。

And when it is seamless, it (inaudible) a better experience for the people using it, but then it also converts better for the businesses and performs better. So I think the way we're going to approach this is largely from starting with having built out this very robust ad system and then just basically working our way down the experience from there. So making it so businesses and creators can have shops and -- but the ads can then link into shops and have a native shopping experience. And then over time, we will also increasingly -- as our payment systems get better and better and more people have credentials on file, I would imagine that going all the way through the funnel will become an increasing part of what people do, and that will both be a better experience for consumers and convert better for businesses.

而當它變得無縫時，它（聽不清）會為使用者帶來更好的體驗，但同時也能讓企業的轉換率更好、成效更佳。所以我認為我們的做法，將主要是從我們已經建立起來、非常強健的廣告系統開始，然後基本上沿著體驗一路往下把它打通。也就是讓企業與創作者可以開設商店——而廣告則可以連結到商店，並提供原生的購物體驗。接著隨著時間推進，當我們的支付系統越來越好、越來越多人把憑證資料存檔，我想一路走完整個漏斗流程會成為人們越來越常做的事；這對消費者而言會是更好的體驗，對企業而言也會帶來更好的轉換。

Similar story on the creator side here. Our main goal is not necessarily that the creator economy is a major business by itself. But if we become the best place for creators to make a living, then I think that's going to mean that there's better content across the services and better opportunities for community building and engaging people, and that's what we care about. But of course, if there's more engagement and if creators are finding that there are good opportunities to monetize, then they'll engage more with our business products, too, and there will be some opportunity there.

在創作者端也是類似的故事。我們的主要目標不一定是讓創作者經濟本身成為一門很大的生意。但如果我們成為創作者最適合謀生的地方，那我認為這將意味著在各項服務上會有更好的內容，也會有更好的社群建立與互動機會，而這才是我們在意的。不過當然，如果互動更多、而且創作者發現有很好的變現機會，那他們也會更多地使用我們的商業產品，這裡也會有一些機會。

But -- so I kind of think about all this stuff from the perspective of improving the products. And I think that, that's going to lead to a lot of benefits for all of the stakeholders over the next several years.

不過——所以我看待這些事情時，更多是從改善產品的角度出發。我認為這將在未來幾年為所有利害關係人帶來很多好處。

Our next question is from the line of Ross Sandler with Barclays.

下一個問題來自 Barclays 的 Ross Sandler。

A question for Mark. So this -- I think recently this week, there were congressional hearings on this concept of algorithmic amplification or how algorithms on Facebook or Instagram surface content to kind of maximize engagement. And sometimes that means some of the more controversial content is what gets surfaced.

給 Mark 的一個問題。這——我想最近這週，國會就所謂的「演算法放大」概念舉行了聽證會，也就是 Facebook 或 Instagram 上的演算法如何呈現內容，以某種方式最大化互動。而有時候，這意味著一些更具爭議的內容會被推送出來。

So first off, is that a fair characterization? And if you guys were forced to maybe change up the way all these algorithms work, what kind of impact will that actually have on engagement? I think 10 years ago, the News Feed was kind of the whole story, but now we're talking about many different areas within the app. So how much is from this algorithmic-driven content versus utility-style engagement like going into Messenger or going into Marketplace or something that's just kind of an everyday behavior?

所以首先，這樣的描述公平嗎？如果你們被迫可能要改變這些演算法的運作方式，對互動實際上會造成什麼影響？我想 10 年前，動態消息（News Feed）幾乎就是全部，但現在我們談的是 App 內很多不同的區域。所以這種由演算法驅動的內容，與像是進入 Messenger、進入 Marketplace，或其他只是日常行為的工具型互動相比，各自占比有多少？

Sure. I can start taking this some, and then Wehner, you can jump in if you want to add anything. Overall, I think that the narrative that you are pointing to is dramatically overstated by critics. We do not optimize our systems to increase the amount of time spent in News Feed. I explicitly do not give our News Feed team or the Instagram feed team goals around time spent. Our belief is that if we build a product that is more valuable, then people will engage more. But you should start by trying to build something that's more valuable, not by trying to increase the time that people are spending. So we've done that for years, and I think it's yielded good results.

當然。我可以先回答一部分，然後 Wehner，如果你想補充也可以加入。整體而言，我認為你所指的那種敘事被批評者大幅誇大了。我們並不會把系統最佳化成增加人們在動態消息上花的時間。我明確不會給我們的動態消息團隊或 Instagram 動態團隊設定以使用時長為目標。我們的信念是：如果我們打造出更有價值的產品，人們自然會更投入。但你應該先從打造更有價值的東西開始，而不是先試著增加人們花在上面的時間。我們多年來一直這麼做，我認為也帶來了不錯的結果。

So from that perspective, yes, I know that what you're saying is something that some folks like to throw around and say. But I actually think that the more that different regulators or other folks dig into this, I actually think that our practices here are quite robust. And we don't want extreme -- extremist content or any of that stuff on our services. So if anything, to the contrary of trying to promote that, we go out of our way to try to reduce that.

所以從這個角度來看，是的，我知道你說的是一些人喜歡拿來講的說法。但我其實認為，當不同的監管機構或其他人更深入研究這件事時，他們會發現我們在這方面的做法相當健全。我們不希望極端——極端主義內容或任何那類東西出現在我們的服務上。所以如果說有什麼相反的話，與其試圖推廣那些內容，我們反而會特別努力去降低它們。

And I think that, that -- contrary to what a lot of these other folks say is it is actually in our business interest to reduce it because people don't like it, right? I mean, consumers don't like it. Advertisers don't want to be near it. So I don't actually think that this kind of narrative about the company is accurate. And we've tried hard to dispel it. I don't think we've been super successful of that. We will continue trying to work on that. But just to kind of be clear about how I see things, that's the basic download.

而且我認為——與很多其他人所說相反，降低這些內容其實符合我們的商業利益，因為人們不喜歡它，對吧？我是說，消費者不喜歡。廣告主也不想出現在它旁邊。所以我並不認為這種關於公司的敘事是準確的。我們也一直努力澄清它。我不覺得我們在這方面非常成功。我們會繼續努力。但只是想清楚說明我看待事情的方式，這就是基本的說法。

I think News Feed is still a huge part of the products and the home feed in Instagram. But increasingly, Stories is a big deal in Instagram. A lot of people are using Explore and IGTV. Video and Watch on Facebook are quite big. And as you say, a lot of people spend a lot of their time and attention in messaging apps and private interfaces like that as well. So I think that there are a lot of different things that people are doing across the services. But Wehner can jump in with any more color on that, that he wants to add.

我認為動態消息仍然是產品中的很大一部分，Instagram 的主動態也是。但在 Instagram 上，限時動態（Stories）正變得越來越重要。很多人也在使用探索（Explore）和 IGTV。Facebook 上的影片與 Watch 也相當大。正如你所說，很多人也把大量時間與注意力花在訊息 App 與這類私密介面上。所以我認為人們在各項服務上做的事情很多元。不過 Wehner 也可以就他想補充的部分再多提供一些觀點。

I mean, the only thing I'd add to yours, Mark, is that I think more than anyone else in the industry, we invest on the safety and security side to sort of keep bad content off the site before it gets ranked and put into what people see.

我的意思是，我唯一想補充的，Mark，就是我認為相較於產業內任何其他公司，我們在安全與資安方面投入更多，盡可能在不良內容被排序、被放進人們看到的內容之前，就把它擋在站外。

So we've got 35,000 -- over 35,000 people on the safety and security side. We've got the most robust set of content policies out there. We do a quarterly call, public call around our content review, process and procedures.

所以我們在安全與資安方面有 35,000 人——超過 35,000 人。我們也有目前最健全的一套內容政策。我們每季都會就內容審查、流程與程序舉行一次公開的電話會議。

So I think that on the front, before it even gets into the algorithm, I think we really do more than anyone else in the industry on the safety and security front to prevent things like misinformation and a bad content going into the system in the first place.

所以我認為在最前端、甚至在進入演算法之前，我們在安全與資安面向所做的工作，確實比產業內任何人都更多，以防止像是假訊息與不良內容一開始就進入系統。

Our next question is from the line of Youssef Squali with Truist Securities.

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

I have a 2-part question on VR for Mark. Mark, you've been talking about VR for a long time now, every -- basically every quarter. I was just wondering, what happened this particular quarter that's compelling you to want to double down on virtual reality? What was the realization this quarter that maybe made you want to do that? And I guess more importantly and related, is there a need for Facebook to perhaps want to own a studio or maybe a series of studios to accelerate the rollout of content, which should help drive adoption? Because the other friction point is price, and you've already lowered the unit to $299, which is a very compelling price.

我有一個關於 VR、給 Mark 的兩部分問題。Mark，你談 VR 已經談了很久了，幾乎——基本上每一季都在談。我只是想知道，這一季到底發生了什麼，讓你覺得特別有說服力、想要在虛擬實境上加倍投入？這一季有什麼體悟讓你想這麼做？另外更重要、也相關的是，Facebook 是否需要考慮擁有一家工作室，或許是一系列工作室，以加速內容推出，這應該有助於推動採用？因為另一個摩擦點是價格，而你們已經把單機降到 299 美元，這是非常有吸引力的價格。

I can start with this, and then Wehner can jump in on the second point, if you want to add anything. In terms of what changed, I think the big piece here is that Quest 2 is doing quite well. I don't want to overstate it because I think compared to platforms that are kind of large, massive successes today, it's still, obviously, on the small end. But there's been a very real inflection in terms of adoption and engagement that we're seeing with Quest 2.

我可以先回答這個，然後第二點 Wehner 也可以加入，如果你想補充的話。就變化而言，我認為最大的關鍵是 Quest 2 的表現相當不錯。我不想誇大，因為我認為相較於今天那些規模很大、非常成功的平台，它顯然仍然偏小。但我們確實看到 Quest 2 在採用與互動方面出現非常真實的拐點。

It feels like there's something about the quality bar that we hit and the price that we hit and the fact that we're able to do that in a wireless form factor. But I think it's just -- first of all, it's going to be really hard for anyone else, I think, to meet those different attributes. Some other folks might try to ship something that they claim is higher quality but has a wire. And I just don't think that consumers are going to want to go for that. So we'll see how all of that plays out.

感覺像是我們達到的品質門檻、達到的價格點，以及我們能以無線的外形規格做到這件事，這幾點結合在一起帶來了效果。但我認為——首先，我覺得對其他任何人來說，要同時達到這些不同的特性會非常困難。有些人可能會嘗試推出他們宣稱品質更高、但需要連線的產品。而我就是不認為消費者會想選那種。所以我們再看看後續會怎麼發展。

But I also just look at how the team is executing and the products that we have in the pipeline. And I want to make sure that we can really go all in and deliver this. But I do admit Quest 2 has been a meaningful step-up from Quest 1 in terms of the progress that we're seeing.

但我也只是看著團隊的執行狀況，以及我們產品管線中的產品。我想確保我們真的能全力投入並把它交付出來。不過我也承認，與 Quest 1 相比，Quest 2 在我們看到的進展上確實是一次有意義的躍升。

And content is definitely a part of this. And we have a team internally that's focused on both first party -- I guess it's all, first-party, second-party and third-party content and making partnerships with studios. And that certainly is a big part of this. I think Quest has, I think, by far, the best lineup of VR content. And I think the road map of what's ahead is even more exciting, some of the stuff that's coming over the next few years.

而內容絕對是其中的一部分。我們內部有一個團隊專注於第一方——我想其實涵蓋第一方、第二方與第三方內容——並與各家工作室建立合作夥伴關係。而這當然是其中很重要的一環。我認為 Quest 擁有——我想——迄今為止最強的 VR 內容陣容。而且我認為接下來的產品路線圖更令人興奮，未來幾年將推出的一些內容都非常值得期待。

Yes, Mark, I wouldn't have much else to add other than to just say that we've repeatedly called out investments in FRL. Facebook Reality Labs is one of the major investment drivers in our expense outlook. So it's not the first time that we sort of put a spotlight on that. It's been an ongoing investment area. And studios, as Mark said, and content is an important part of that.

是的，Mark，我沒有太多要補充的，除了再強調我們已多次提到對 FRL 的投資。Facebook Reality Labs 是我們費用展望中主要的投資驅動因素之一。所以這不是我們第一次特別聚焦在這上面；這一直都是持續投入的領域。正如 Mark 所說，工作室與內容也是其中的重要部分。

Our next question is from John Blackledge with Cowen.

下一個問題來自 Cowen 的 John Blackledge。

2 questions. One on the AR/VR. Mark, as you're building and investing in the platform, kind of what do you expect AR and VR to be more widely adopted? What kind of ultimately drives the fast pace accelerating consumer adoption?

兩個問題。第一個關於 AR/VR。Mark，當你在建構並投資這個平台時，你預期 AR 和 VR 何時會被更廣泛採用？最終是什麼因素驅動消費者採用加速、並以更快的速度成長？

And then the second question for Dave. Cost growth was lower than expected in 1Q. You slightly raised full year at the midpoint. Anything there that you could call out?

第二個問題給 Dave。第一季成本成長低於預期。你們把全年指引的中位數小幅上調。這裡面有什麼可以特別說明的嗎？

So I can talk to you with the first piece, and then, Dave, maybe you can take the second piece. In terms of when these platforms will be more adopted, I think a lot of it is about form factor and use cases. I mean, Quest 2, I think, is -- we kind of hit a key point, but I think that they're still further that we want to go on the form factor of that. But I think the wireless part is key. So I'll just say that again. So I think that there's a lot that you can do in terms of getting products that might have better graphics or something. But with a wire, it really hurts the sense of immersion because you don't want to like have a wire wrapped around your neck while you're doing all this stuff.

我先回答第一部分，然後 Dave 也許可以回答第二部分。就這些平台何時會更普及而言，我認為很大一部分取決於外形設計（form factor）與使用情境（use cases）。我的意思是，Quest 2 我認為——我們算是達到了一個關鍵點，但我覺得在外形設計上仍有我們想要繼續前進的空間。不過我認為無線這一點是關鍵。所以我再說一次：我認為無線非常關鍵。我覺得你可以在產品上做很多事，例如提供更好的圖形效果之類的；但只要有線纜，就會嚴重破壞沉浸感，因為你不會想在做這些事情時，脖子上還纏著一條線。

But the other big piece is the use cases, which is why I called out in my remarks in the beginning that one of the promising signs that we're seeing is that it is expanding out beyond games. Now it's still primarily games. But when we started on this journey, a lot of the reason why I said that I thought it made sense for us to invest in this is because I expect virtual and augmented reality to be some of the most social platforms that get built. And the fact that a number of the most engaging experiences on the platforms today are social and a lot of the top games are social, I think, is really promising. But also seeing things in terms of productivity and

但另一個很大的部分是使用情境，這也是為什麼我在一開始的發言中特別提到，我們看到的一個正面訊號是它正在從遊戲以外的領域擴展。現在仍然主要是遊戲。但當我們開始這段旅程時，我之所以說我認為我們投資這件事是合理的，很大原因是我預期虛擬與擴增實境會成為未來被打造出來、最具社交性的幾個平台之一。而目前平台上最具黏著度的一些體驗是社交型的，許多熱門遊戲也具有社交性，我認為這非常令人振奮。同時也看到在生產力以及

(technical difficulty)

（技術困難）

like I mentioned, is just really promising that you're seeing the early signs of this becoming a broader platform. So there's -- again, I don't want to overstate any of this because it's all quite early still, and all these things need to develop out, but those are very promising signs from my perspective. And as those keep on developing out, then I think the platforms will be broadly applicable to more people.

就像我提到的那樣，看到這些早期跡象顯示它正在成為更廣泛的平台，真的很令人鼓舞。所以——再次強調，我不想把任何事情說得太滿，因為現在仍然非常早期，這些事情都還需要持續發展，但從我的角度來看，這些都是非常正面的訊號。隨著這些持續發展，我認為這些平台將能更廣泛地適用於更多人。

And then the other thing I'd say is that we haven't really even gotten there on AR yet, right? I think virtual reality, the form factor constraints, I think, are a little less than what you're going to have an augmented reality, where in virtual reality, I think you need to get to a high-quality wireless experience. In augmented reality, you're going to really need a pair of glasses that look like normal-looking glasses in order for that to hit a mainstream acceptance. And that, I think, is going to be one of the hardest technical challenges of the decade. It's basically fitting a supercomputer in the frame of glasses. So I'm -- I find not a very exciting problem to work on. And I think that once that's achievable, the potential on that is going to be quite big.

另外我還想說的是，我們在 AR 上其實還沒真正走到那一步，對吧？我認為在 VR 上，外形設計的限制相對而言比 AR 少一些；在 VR 中，我認為你需要達到高品質的無線體驗。而在 AR 中，你真的需要一副看起來像一般眼鏡的眼鏡，才能獲得主流市場的接受。我認為這將是本十年最困難的技術挑戰之一：基本上是把一台超級電腦塞進眼鏡的鏡框裡。所以——我覺得這不是一個很令人興奮的問題可以去做。但我也認為，一旦這變得可行，它的潛力會非常大。

And then, John, it's Dave. Just on the Q1 total expenses, I called out some of the items in my comments. But I think you've got a couple of factors. One was marketing spend was relatively lower compared to Q1 of last year where growth was lower. And then also, you -- we had a bad debt expense that, I think, was not unique for Facebook. I think you see this in some other companies as well that we took in Q1 of last year related to our expectations on collectibility around COVID. So that's factoring in to some of the compares on the growth rates as well.

John，我是 Dave。關於第一季總費用，我在評論中提到了一些項目。我認為主要有幾個因素。第一，行銷支出相對較低，因為去年第一季的成長較低。第二，你們——我們在去年第一季提列了壞帳費用；我認為這不只 Facebook 才有，其他一些公司也有類似情況，主要是與 COVID 期間我們對可收回性（collectibility）的預期有關。因此，這也影響了成長率的同比比較。

And then as you look at the remainder of the year, a couple of things. One is the strength of the business, in general, is giving us confidence, and we're looking for areas to invest more. So we're continuing to invest in research and development across the priorities that Mark outlined in his comments. And then as well, we'll see a pickup in things like marketing in the remainder of the year. So that's what's driving the acceleration of expense growth as you look forward.

再看今年剩餘期間，有幾件事。第一，整體業務的強勁表現讓我們更有信心，也讓我們在尋找可以加大投資的領域。因此，我們會持續在 Mark 在發言中概述的各項優先事項上加碼研發投入。另外，我們也會在今年剩餘期間看到像行銷等支出回升。所以，這就是你往前看時，費用成長加速的主要原因。

And then the COVID compares are a little bit -- there's just different expense lines that COVID impacts. So it's a little noisy from that as well.

此外，COVID 的同比比較也有點——因為 COVID 會影響不同的費用科目，所以也會帶來一些雜訊。

The next question is -- our next question from Lloyd Walmsley with Deutsche Bank.

下一個問題——我們的下一個問題來自德意志銀行（Deutsche Bank）的 Lloyd Walmsley。

2 questions. First, Sheryl, in the past, you've talked about advertising being kind of a relative ROI gain. So when you think about the shift from iOS changes perhaps going from like an operational short-term headwind to potentially a tailwind as other outlets for advertising lose ROI on a relative basis, like is that something that happens in months, in quarters, in a year? Like talk about how you see that potentially evolving.

兩個問題。第一個，Sheryl，過去你談到廣告在某種程度上是一種相對的 ROI 收益。那麼當你思考 iOS 變更所帶來的轉變，可能從短期的營運逆風，變成因為其他廣告管道的相對 ROI 下降而對你們形成順風——這種情況會在幾個月、幾個季度，還是一年內發生？請談談你如何看待這可能的演變。

And then second one, Sheryl, you also talked about starting to invest more in building out the consumer experience on the shopping side. So maybe you can just walk us through some of the things you think Facebook can uniquely bring into e-commerce that might make for a newer, better user experience. Is that AR/VR? Is that -- what are some of the things that could really make Facebook stand out for consumers on e-commerce?

第二個問題，Sheryl，你也提到開始加大投資來打造購物端的消費者體驗。你能否帶我們了解一下，你認為 Facebook 在電商上能獨特帶來哪些東西，讓使用者體驗變得更新、更好？那會是 AR/VR 嗎？還是——有哪些事情能真正讓 Facebook 在電商的消費者端脫穎而出？

So on the first, the relative ROI, you're exactly right. People are going to advertise. They're going to advertise on TV, on radio, on billboards, on different online platforms, and they're looking for relative ROI. That means a signal goes down and it goes down everywhere we're competing differently.

先談第一個，相對 ROI，你說得完全正確。人們會投放廣告。他們會在電視、廣播、看板，以及不同的線上平台投放，而他們在尋找的是相對 ROI。這代表當某個訊號下降時，它在我們競爭的各個地方都會下降，只是我們的競爭方式不同。

Our goal is to make sure that we can still do personalized ads. We do think that our relative competitive advantage has been that our ads are more personalized. And that's really important because as in some of the examples I shared, most small businesses, the yoga studio in Detroit can't afford to advertise to everyone in Detroit, much less everyone in Michigan, much less everyone in the U.S. And so advertising using who lives there and who's likely to be interested in yoga and meditation is really important.

我們的目標是確保我們仍然能做個人化廣告。我們確實認為，我們相對的競爭優勢在於我們的廣告更個人化。而這非常重要，因為就像我分享的一些例子，大多數小型企業——例如底特律的一家瑜伽工作室——無法負擔對底特律的每個人投放廣告，更不用說密西根州的每個人，更不用說全美每個人。因此，利用「誰住在那裡」以及「誰可能對瑜伽與冥想感興趣」來投放廣告就非常重要。

We believe we will still be relatively better positioned. Virtual -- based to -- not all players, right, because we're not running the platforms, but based on many, we're still going to do better at that than a lot of digital players. We're still going to do better at that than TV or radio. But when signal goes down, we're going to have to rebuild that capability, and that's what I talked about.

我們相信我們在相對上仍會處於更有利的位置。虛擬——基於——不是所有參與者都一樣，對吧，因為我們並不營運那些平台——但相較於許多參與者，我們在這方面仍會比很多數位業者做得更好。我們仍會比電視或廣播做得更好。但當訊號下降時，我們就必須重建這項能力，這就是我所談到的。

In terms of the timing you asked specifically, we really don't know. The iOS 14 changes are really new. Regulatory changes that might happen at a state level or a global or a regional level or a national level haven't happened yet. So we'll have to see. And I don't have a real sense of what those changes will be, what their impact will be right now. But we are very focused on competing for those ad dollars and doing it as well as we can.

至於你特別問到的時間點，我們其實真的不知道。iOS 14 的變更才剛發生。可能在州層級、全球或區域層級、或國家層級發生的監管變化也都還沒發生。所以我們必須再觀察。而我目前也沒有很明確的感覺，這些變化會是什麼、它們的影響會是什麼。但我們非常專注於爭取這些廣告預算，並盡我們所能把它做好。

In the consumer experience on the shopping side, where we are right now is we launched the shop -- a lot of the shopping tools, and we've had broad business adoption, and that's been good. We don't offer the full suite of tools that a lot of other places do. But more and more, we have shops functionality that people are adopting. We really need to work on the consumer side of the experience.

在購物端的消費者體驗方面，我們目前所處的位置是：我們推出了商店——以及許多購物工具，並且獲得了廣泛的商家採用，這是好的。我們並沒有提供其他許多平台所具備的完整工具套件。但越來越多地，我們的商店功能正被人們採用。我們確實需要在消費者端的體驗上多下功夫。

I do think we have a unique opportunity there. You asked again, like what is our -- I think -- this is my language, not yours, but I think you were asking like what is our sustainable competitive advantage here. We have a lot of people doing a lot of activity. We increasingly have people looking for products. We increasingly have people finding products. And so we've always been strong at the top of the funnel. Can we move people down the funnel? We think we can. But that's going to take work, and it's also going to take some time for people to get used to that.

我確實認為我們在那裡有一個獨特的機會。你又問了一次，例如我們的——我想——這是我的用語，不是你的，但我想你是在問我們在這裡的可持續競爭優勢是什麼。我們有很多人在做很多活動。我們越來越多的人在尋找產品。我們也越來越多的人在找到產品。因此，我們一直在漏斗頂端表現很強。我們能否把人們往漏斗下方推進？我們認為可以。但這需要努力，也需要一些時間讓人們習慣這件事。

But in terms of the long-run competitive advantage, we have a lot of people looking for a lot of things, sharing a lot of things and continuing to find things they really like. And so I'm very optimistic about our opportunity here, but it's going to take real work.

但就長期競爭優勢而言，我們有很多人在尋找很多東西、分享很多東西，並持續找到他們真正喜歡的東西。因此，我對我們在這裡的機會非常樂觀，但這將需要真正的努力。

Our next question is from Colin Sebastian with Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

All right. First, Mark, maybe as another follow-up on VR and AR and the connection or synergies you see between Reality Labs and the other priorities you mentioned around commerce, communications and creation. I'm curious if those are collaborative initiatives internally. Or are they still somewhat siloed as far as product plans and development is concerned?

好的。首先，Mark，或許再追問一下關於 VR 和 AR，以及你所看到的 Reality Labs 與你提到的其他優先事項（商務、通訊與創作）之間的連結或協同效應。我很好奇，這些在內部是否是協作型的計畫？還是就產品規劃與開發而言，仍然在某種程度上各自為政？

And then secondly, an area of connective tissue as well, I think, is unified payments. I'm just curious how important that will be to enable the shopping and transactions on the platform and what role that diem and other digital currencies may play in that effort?

其次，我認為另一個連結點是統一支付。我想了解這對於促進平台上的購物與交易有多重要，以及 Diem 和其他數位貨幣在這項努力中可能扮演什麼角色？

Yes, they're good questions. I think right now, I think the trajectory of this is that when you're very early on in the platform, it's helpful to centralize a bunch of that development close together in the organization. But then as things start to build out and you want to get the full energy of the different app teams involved in building for this, then you want to decentralize it more. So -- so right now, it's still more on the centralized side. But I'd say that over the next year or 2, we're certainly going to [generate] more of that work out across the company and have more of the work that we do be building towards these different platforms.

是的，這些都是好問題。我認為目前這條路徑是：當你處於平台非常早期的階段時，把一大部分開發集中在組織內相近的位置是有幫助的。但當事情開始擴展、而你希望不同 App 團隊都能投入全部能量來為此建設時，你就會希望更去中心化一些。所以——所以現在仍偏向集中。但我會說，在接下來 1 到 2 年內，我們肯定會把更多這類工作在全公司範圍內鋪開，讓我們做的更多工作都朝著這些不同的平台建設。

And to your point on the other kinds of services that are important for commerce, payments, both things like Facebook Pay and eventually, hopefully, we'll be launching Novi and -- sorry, diem soon, that, I think, is going to be a pretty big thing, too. And that's very important for all the reasons that you're saying. Commerce, across all these platforms, is going to be very important. And certainly in a platform that we're building like this, we want to enable payments very easily to make it to that -- the economics all work out for developers.

至於你提到的、對商務很重要的其他服務——支付，包括像 Facebook Pay 這類，以及最終希望我們能推出 Novi，並且——抱歉——很快推出 Diem——我認為那也會是一件相當大的事。而且這對你所說的所有原因都非常重要。跨所有這些平台的商務都會非常重要。當然，在我們正在打造的這樣一個平台上，我們希望能非常容易地啟用支付，讓開發者的經濟模型都能順利運作。

Our last question will be from the line of Michael Nathanson with MoffettNathanson.

我們最後一個問題將來自 MoffettNathanson 的 Michael Nathanson。

I have one for Mark and one for Dave. So Mark, on the comments about the creator economy, I'm interested, given how many people are focusing on different parts of your creative economy, where do you see the opportunity? And what do you think you can be -- you could add as the biggest value add for creators that's not being done today?

我有一個問題問 Mark，一個問題問 Dave。Mark，關於你對創作者經濟的評論，鑑於有這麼多人在關注你創作經濟的不同部分，你認為機會在哪裡？以及你覺得你們可以為創作者提供的、目前還沒有人在做的最大價值增量是什麼？

And then, Dave, on pricing in the auction, I know that it's up because of the easy comparison last year. If you look at pricing on a 2-year stack, it's actually up nicely. And over the years, you've been telling us pricing is going down because of mix shift by product and geographies. So can you give an update on what actually drove pricing maybe on a 2-year basis to be that much better than it's been on trend?

然後 Dave，關於拍賣中的定價，我知道它因為去年基期容易比較而上升。如果看兩年疊加（2-year stack）的定價，其實上升得不錯。多年來你一直告訴我們，因為產品與地理組合轉移，定價在下降。所以你能否更新一下，究竟是什麼因素在兩年口徑上推動定價表現明顯好於趨勢？

I can start off by talking about the creator economy piece. I know there are a few important components here that creators need. One are the creative tools to be able to share the full range of expression, right? So from any kind of writing to audio, to video, to all these different mediums. Then the second is connecting that work with a large audience of people and helping people find their audience and community. And then the third is monetization.

我可以先談談創作者經濟這一塊。我知道創作者在這裡有幾個重要需求。第一是創作工具，能夠分享完整的表達範圍，對吧？從各種寫作到音訊、到影片，以及所有這些不同媒介。第二是把這些作品與大量受眾連結起來，幫助人們找到他們的受眾與社群。第三是變現。

And I'd say that we're probably strongest on the second 2 of those today. And I think we have creative tools, and we will invest more in building those. But when it comes to helping people reach the largest audience or finding their specific audience, I think we are world-class at that. I think we're the best at that. And then in terms of monetization, I also think that as our business results show, we are very efficient at that. And if we can put that to work for creators to help them make money from their work, then that can help achieve this goal of enabling millions of people to make a living through this kind of creative work.

我會說，我們目前在後面兩項可能最強。我們也有創作工具，而且會加大投資來打造它們。但在幫助人們觸及最大受眾，或找到他們特定受眾方面，我認為我們是世界級的；我認為我們是最好的。至於變現，我也認為從我們的業務結果可以看出，我們在這方面非常高效。如果我們能把這套能力用在創作者身上，幫助他們從作品中賺錢，那就能幫助達成這個目標：讓數百萬人能透過這類創作工作維生。

So I think on those 2 pieces, especially on the monetization side and on the helping people connect with their specific community and getting as much distribution as possible, I think that we're going to do some really great and unique work to help a lot of creators out. And then we'll build out the broader suite of tools, too, but I think that those 2 places are really where we enter this from.

所以我認為在這兩個部分，特別是在變現，以及幫助人們連結到他們特定社群並獲得盡可能多的分發方面，我們將做出一些非常出色且獨特的工作來幫助許多創作者。然後我們也會擴充更廣泛的工具套件，但我認為我們主要就是從這兩個切入點進入的。

And Michael, I'll take the second question about pricing. I think the really simple story on pricing is that demand has just been higher than we expected for ads. And I think it's -- if you had to pick 1 vertical, it would be commerce that outperformed. But it's a -- and that dovetails nicely, obviously, with our commerce efforts. But it's really been a broader story than that. Really, almost every vertical was very strong. I think we're still kind of -- we're still seeing recovery in some of the verticals that were weaker from COVID like travel. But we're starting to see, I think, some signs of life there in some other verticals that were negatively impacted by COVID. But the -- but really just strong across-the-board demand for ads has been what's driven it for us.

Michael，我來回答第二個關於定價的問題。我認為關於定價最簡單的故事是：廣告需求就是比我們預期更高。我想——如果一定要挑一個垂直領域，那就是商務表現超出預期。而這也很自然地與我們的商務努力相互呼應。但這其實是一個比那更廣泛的故事。幾乎每個垂直領域都非常強勁。我們仍然——仍在看到一些因 COVID 而較弱的垂直領域（例如旅遊）的復甦。但我認為我們開始在其他一些受 COVID 負面影響的垂直領域看到一些復甦跡象。不過——真正推動我們的是全面強勁的廣告需求。

I think the 2-year compare that you talked about is a helpful compare because there's a lot of noise in our year-over-year revenue growth rates when you look just at 2020 compared to 2021. And if you do sort of a 2-year compare, I think -- and looked at the year-over-year growth rates by quarter, I think we'd expect a more normalized rate of deceleration of growth, not just all of the bouncing around from the weak quarters that we're going to have and then I think correspondingly stronger quarters as the year progresses from a compare basis into 2020. But yes, the simple story, advertiser demand, better than we expected.

我認為你提到的兩年比較是一個有幫助的比較方式，因為當你只看 2020 對 2021 時，我們的年對年營收成長率裡有很多雜訊。如果你做一個兩年比較——並按季度看年對年成長率——我想我們會預期看到更正常化的成長減速幅度，而不只是因為比較基期落在 2020 年而出現的那些弱季度所造成的上下波動，並且隨著年度推進，在比較基期的角度上出現相對更強的季度。但沒錯，簡單的故事就是：廣告主需求比我們預期更好。

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

很好。再次感謝今天加入我們。我們感謝你們的時間，並期待再次與你們交流。

This concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位加入。你們現在可以掛斷電話線。