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.

下午好。我的名字是法國，今天我將成為你們的會議接線員。在這個時候，我想歡迎大家參加 Facebook 2021 年第一季度收益電話會議。 （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 First Quarter Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

謝謝你。下午好，歡迎參加 Facebook 第一季度收益電話會議。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；謝麗爾·桑德伯格，首席運營官；和首席財務官戴夫·韋納。

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，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所設想的結果大不相同。今天的新聞稿和我們向美國證券交易委員會提交的 10-K 表格年度報告中列出了可能導致這些結果出現重大差異的因素。我們在本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.

在本次電話會議中，我們可能會介紹 GAAP 和非 GAAP 財務指標。 GAAP 與非 GAAP 措施的對賬包含在今天的收益新聞稿中。新聞稿和隨附的投資者介紹可在我們的網站investor.fb.com 上找到。

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

現在我想把電話轉給馬克。

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.

大家好，感謝您今天加入我們。在我們開始之前，我只想花一點時間說，我們非常擔心印度和巴西的 COVID 情況。我希望我們能盡快控制這種病毒。與此同時，我們專注於我們可以做些什麼來幫助那裡。

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.

現在轉向結果。這是另一個強勁的季度。現在每天有超過 27 億人使用我們的一個或多個應用程序，超過 2 億家企業使用我們的工具來接觸客戶。這是緊張的一年，我為我們繼續為世界各地的人們和企業創造價值而感到自豪。

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.

現在在過去的幾個季度中，我們的業務表現比我們預期的要好。這讓我們有信心在一些有可能改變公司長期發展軌蹟的關鍵領域有意義地增加投資。因此，在今天的電話會議上，我將討論我們在增強現實和虛擬現實以及商業、商業消息傳遞和創作者方面所追求的機會。

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.

所以首先，讓我們談談構建下一個計算平台。現在，我相信增強現實和虛擬現實將比任何現有平台在社交聯繫中帶來更深層次的存在感。它們將成為我們未來與計算機交互方式的重要組成部分。因此，我們將在今年繼續大力投資打造最佳體驗，這占我們整體研發預算增長的主要部分。

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.

即使在假期過後，Quest 2 的表現也比我們預期的要好。我們繼續看到良好的參與度，我們不斷發布更新，使 Quest 變得越來越好，包括 Air Link，它支持從 PC 無線傳輸遊戲和內容，並支持 120 赫茲刷新率。

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.

現在，在無線外形尺寸中實現 Quest 的高質量已成為一項重大突破。將電線纏繞在您身上真的會破壞沉浸感。以無線方式提供出色體驗的技術非常先進，大多數公司都無法提供這一點。但我們認為，這是獲得高質量體驗的最低標準。

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.

本季度，我們還分享了更多關於我們未來投資的信息，包括用於與 AR 交互的神經接口。我們開始測試我們的新頭像系統，這將是人們如何表達自己和聯繫的關鍵部分。一個有趣的趨勢是，我們看到應用生態系統已經從遊戲擴展到其他類別。最常用的應用程序是社交應用程序，這符合我們最初為什麼要構建這個平台的理論。我們還看到了生產力甚至健身應用程序。例如，我們推出了一個工具，讓人們可以訂閱 FitXR 等服務，在 VR 中進行拳擊和跳舞，就像他們在 Peloton 上騎自行車一樣。我們引入了 App Lab，因此開發人員可以直接將早期版本的應用交付給消費者，而無需通過 Oculus 商店。在 App Lab 和 PC 流媒體之間，我們開創了一種比目前手機上可用的應用商店更開放的模式。

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.

現在，隨著時間的推移，我預計增強現實和虛擬現實將在人們的生活和整體經濟中釋放大量價值。這裡還有很長的路要走，我們為完成這項工作所做的大部分投資都在我們前面。但我認為，我們從產品中獲得的反饋讓我們更有信心，相信我們對未來的預測將會發生，並且我們正專注於正確的領域。

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.

現在，除了 AR 和 VR，我想指出我們真正關注的其他一些長期機會，尤其是在商業和商業消息傳遞方面。一段時間以來，商業在我們的服務中一直在增長，但隨著大流行加速了向在線業務轉移的更廣泛轉變，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.

去年，我們看到在線店面保持開放，即使實體店關閉。展望未來，在線商務將繼續提供越來越個性化和便捷的體驗。商業廣告繼續做得很好，並為我們的整體業務帶來了可觀的數量。我們將 Marketplace 打造成為供人們買賣的世界領先服務之一。今天我很高興地與大家分享，每月有超過 10 億人訪問 Marketplace。現在我們正在投資建設未來的商業，所以我們去年推出了商店。正如我最近分享的那樣，現在每月有超過 100 萬家活躍商店和超過 2.5 億家每月商店和訪客。

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.

我們還專注於在我們的應用程序中構建更多本地商務工具。我們最近更新了 WhatsApp 目錄，因此企業可以通過他們的計算機保持更新，並包括庫存商品。去年，我們在 WhatsApp 上推出了購物車，人們已經使用它們發送了超過 500 萬次訂單。

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.

我們還在構建更廣泛的基礎設施來支持商業，從支付到客戶服務和支持的方方面面。 WhatsApp Payments 現已在印度上線，我們也已在巴西獲得批准，即將推出。

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的方式發生了有意義的轉變。對於很多人來說，在線商務不是關於網站和商店，而是更多關於消息傳遞。因此，人們希望直接通過聊天獲得支持並進行購買。小型企業希望通過消息展示他們的產品並接受訂單，而大型企業則需要可靠且安全的基礎設施來與客戶進行通信。

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 業務 API 的企業每天已經發送超過 1 億條消息。在過去的一年中，在 COVID 的高峰期，人們和企業之間在 Messenger 和 Instagram 上的日常對話總量增長了 40% 以上。超過 300 萬廣告商已經在使用點擊消息廣告將人們引導至 Messenger。自從我們推出點擊 WhatsApp 廣告以來，已有近 100 萬廣告商開始使用它們。現在，下一步是我們將直接在 WhatsApp 商業應用程序中創建那些點擊到 WhatsApp 的廣告成為可能。

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，並為他們提供可以處理消息和客戶關係的工具。我們對客戶的收購正在通過監管部門的批准，我們期待為企業提供一種本地方式來管理他們在我們平台上的客戶關係。

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.

現在我想明確一點，要在我們的服務中建立一個功能齊全的商務平台，我們還有很長的路要走。這是一個多年的旅程，但我非常致力於到達那裡。這個現代商業系統將把我們已經在廣告、社區工具和消息傳遞等領域提供強大產品的許多領域與我們現在專注於增加的商店、商業消息傳遞和支付等領域結合起來。

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.

作為其中的一部分，我們還在為我們的產品建立更好的客戶支持進行更多投資。在過去的幾年裡，我們非常關注內容審核和隱私工作。我認為客戶支持是我們服務信任和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.

我今天要討論的最後一個領域是圍繞創作者。我認為對經濟未來的積極願景是讓更多人從事他們喜歡的創造性工作，而不是他們不喜歡的工作。為了實現這一目標，我們需要構建創意和貨幣化工具來支持這種創造者經濟。

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.

人們在我們的服務中創建了一組令人難以置信的多樣化內容，從長篇寫作到現場對話，再到紀錄片和增強現實過濾器。我們的目標是支持全方位的人類表達，成為數百萬創作者謀生的最佳平台。現在，其中一部分將是提供一套工具和產品，涵蓋人們想要創建和消費內容的所有方式。

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，每種媒體類型和每種受眾規模的交集，都會產生引人入勝的體驗。例如，我最近討論了我們的音頻路線圖。我們已經支持用於私人音頻通信的音頻呼叫，但現在我們也在建造現場音頻室，我們認為這對團體和社區特別有用。我們正在構建用於廣泛共享和使用短格式音頻剪輯的聲音片段，並且我們正在支持用於共享和收聽長格式音頻的播客。我們還與 Spotify 合作，在 Facebook 應用中推出音樂播放器。

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，我們還需要將這些體驗與簡單的貨幣化選項聯繫起來，無論是訂閱、小費還是讓創作者能夠提供產品推薦和支持商業。借助 Instagram 和 Facebook，我們擁有將創作者和商業結合在一起的獨特能力，我們將在今年晚些時候分享更多相關信息。

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，圍繞創作者、商業和下一個計算平台的這些努力是我們在未來加倍努力的幾個重要領域。在每一個項目中，都有一個獨特的機會來幫助人們以更深層次的方式建立聯繫，並為每個人支持更強大的經濟。我樂觀地認為，我們在所有這些領域的工作將有助於加速我們在世界上看到的一些積極的新興趨勢。

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

現在我要把它交給雪兒。

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，馬克，大家好。我希望你們都平安健康。這對我們的業務來說是一個非常強勁的季度。我們第一季度的總收入為 262 億美元，同比增長 48%。我們在所有地區都看到了良好的增長，並且我們繼續看到在大流行期間表現良好的垂直領域取得了強勁的成果，例如電子商務、零售和 CPG。隨著越來越多的企業轉向線上，我們的業績在很大程度上受到了持續數字化轉型的推動。多年來，我們一直在投資產品和工具來支持這一轉變。這些投資幫助許多企業在大流行期間重塑自我。

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.

我工作中最棒的部分之一就是我可以見到 SMB 所有者並了解他們的想法。他們中的許多人告訴我他們是如何使用 Facebook 來適應和成長的。在本季度底特律 SMB 的虛擬圓桌會議上，我採訪了 La'Asia Johnson，他經營著一家名為 Elle Jae Essentials 的全天然護膚品公司。當 COVID 來襲時，她不得不關閉商店，她創建了一個名為 The Garden 的 Facebook 群組，該群組現在擁有 1,000 多名成員。他們給她的產品創意。正如她所說，當她製作他們建議的項目時，它們的銷售速度比她將它們放在貨架上的速度更快。通過在線轉型，她能夠彌補她在商店中損失的所有收入。

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.

我還採訪了在附近安娜堡經營一家瑜伽館的伊塔·雷耶斯。她在大流行期間開始上戶外課程，需要宣傳。她無力向城裡的每個人做廣告，而且城裡也不是每個人都想做瑜伽，所以她使用個性化廣告。這使她能夠向該地區對瑜伽或冥想感興趣的人做廣告。這一切都以隱私保護的方式完成。我們向這些人展示她的廣告，我們不與她分享他們的信息，然後他們報名參加她的課程。

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，與我交談的企業主也想知道接下來會發生什麼。很多都在網上。因此，即使事情完全重新開放，他們也希望能夠在網上做比以前更多的事情。可以理解的是，他們問我們可以做些什麼來幫助他們，不僅僅是現在，而是從長遠來看。部分答案是繼續改進我們的工具和產品，並創造新的工具和產品來滿足他們的需求。其中一部分是幫助他們駕馭即將到來的逆風，無論是 iOS 14 的變化還是潛在的法規。

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.

第一部分，工具和產品。我們也都在。從 COVID 的第一天開始，我們就加快了工作進度，以幫助人們進行在線買賣。最初，我們專注於為賣家提供合適的體驗。正如 Mark 所說，我們在將近一年前推出了 Shops。我們繼續開發新功能以幫助個性化購物體驗，並與合作夥伴合作，使交易盡可能無縫。我們還創造了直播購物等新形式，將我們平台可以提供的獨特商業體驗變為現實。

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，我們同樣專注於為消費者提供合適的體驗。我們正在更多國家/地區推出“商店”標籤，並探索新的沉浸式格式，例如產品標籤和貼紙，讓更多人能夠與他們喜愛的創作者和品牌一起購物。

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.

我們還不斷開發和改進我們的廣告產品，以幫助企業接觸到他們所在的地方並獲得最佳的投資回報。我們繼續看到故事廣告和視頻廣告的強勁增長，我們已經投入巨資。我們還看到 Facebook Watch 廣告的強勁增長，現在每月有超過 12.5 億人訪問。隨著觀看視頻的人數增加，我們正在為企業和創作者開發更多接觸他們的機會。

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.

我們正在將付費在線活動擴展到更多國家/地區。我們正在讓更多的人在流媒體廣告中投放，包括在直播視頻中。我們正在開發短視頻廣告，我們正在測試內容創作者通過看起來像貼紙的廣告從他們的 Facebook 故事中獲利的能力。

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.

在第二部分，逆風。是的，個性化廣告面臨挑戰，我們對此持開放態度。我們正在做大量的準備工作。我們正在與客戶合作實施 Apple 的 API 和我們自己的聚合事件測量 API，以減輕 iOS 14 更改的影響。我們正在重建我們的廣告技術中有意義的元素，以便我們的系統在未來訪問較少數據時繼續運行。我們參與了與 W3C 等行業機構在隱私增強技術等舉措上的長期合作，這些技術提供個性化體驗，同時限制對人們信息的訪問。

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.

我們還需要繼續證明個性化廣告對個人和企業都有好處，並更好地解釋它的工作原理，以便人們意識到個性化廣告是受隱私保護的。小型企業不必了解他們需要遵守的首字母縮寫詞湯，但他們確實需要有信心，他們仍然可以使用我們的工具來接觸想要購買他們所售商品的人隱私安全的方式。我們相信他們可以，並且隨著數字廣告的發展，他們可以繼續取得出色的成果。

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.

隨著疫苗的推出，我們有理由充滿希望。但這場大流行病仍然給許多國家的人們帶來了真正的心碎和困難。特別是，像馬克一樣，我現在與我們在印度和巴西的朋友和同事同在。如果說去年教會了我們什麼，那就是不要做出假設，不要指望事情會同時對每個人都變得更好。無論發生什麼，我們都將繼續讓人們保持聯繫，支持公共衛生應對措施，並投資於現在和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，我想感謝所有與我們合作的企業，無論大小，我們每天都向他們學習，感謝我們令人難以置信的團隊，他們在這個動蕩的時期支持了數百萬企業，並為他們做好了準備現在和未來的成功。

Now over to Dave.

現在輪到戴夫了。

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，Sheryl，大家下午好。在數字經濟的持續增長以及我們在幫助企業通過我們的服務與消費者互動方面取得的持續成功的推動下，第一季度對我們的業務來說是一個強勁的季度。

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.

讓我們從我們的社區指標開始。我們估計，3 月份大約有 27 億人每天至少使用我們的一項服務，大約 34 億人每月至少使用一項服務。請注意，這些 Q1 系列指標反映了最近用戶調查的新數據。有關我們家庭指標的更多詳細信息，請參見我們 IR 網站上的收益幻燈片。

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.

我們的全球社區繼續增長，儘管我們在去年第一季度與大流行有關的用戶增長有所提高。 Facebook 日活躍用戶達到 18.8 億，比去年增長 8% 或 1.44 億。 DAU 約佔 3 月份 28.5 億月活躍用戶的 66%。與去年相比，MAU 增加了 2.5 億或 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.

轉向財務。除非另有說明，否則所有比較均按年進行。第一季度總收入為 262 億美元，按固定匯率計算增長 48% 或 44%。我們受益於貨幣順風。如果匯率與去年第一季度保持不變，總收入將減少 7.06 億美元。第一季度廣告收入為 254 億美元，按固定匯率計算增長 46% 或 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.

廣告收入的增長主要是由在線商務等垂直產品的持續增長推動的。所有廣告客戶規模的增長都是廣泛的，尤其是中小型廣告客戶的增長。我們的廣告收入同比增長也得益於去年 3 月經歷的與大流行相關的需求逆風。

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.

從用戶地域來看，所有地區的廣告收入增長都加快了。歐洲的增長最為強勁，達到 53%。世界其他地區、亞太地區以及美國和加拿大分別增長了 47%、46% 和 42%。歐洲和亞太地區受益於貨幣逆風，而世界其他地區繼續面臨貨幣逆風。

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.

在第一季度，通過我們的服務投放的廣告總展示次數增加了 12%，每個廣告的平均價格增加了 30%。印象增長是由 Instagram 和 Facebook 共同推動的。每個廣告的平均價格上漲主要是由於 1 年前的低價格水平以及強勁的廣告客戶需求推動的。

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.

在 Quest 2 持續強勁銷售的推動下，其他收入為 7.32 億美元，增長 146%。自 10 月推出以來，我們看到 Quest 2 的銷售持續強勁，我們對此感到鼓舞。

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.

現在轉向開支。第一季度總支出為 148 億美元，比去年增長 25%。就具體項目而言，收入成本增長了 48%，主要受核心基礎設施投資、與 Quest 2 銷售相關的硬件成本和向合作夥伴付款的推動。研發增長 29%，主要是通過招聘來支持我們的核心產品和消費硬件工作。營銷和銷售增長了 2%，招聘的增長部分被營銷支出的下降所抵消。最後，G&A 費用增長了 2%，員工相關費用的增長部分被去年第一季度與 COVID 相關的壞賬費用增加所抵消。

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.

我們在第一季度淨增加了 2,000 多名新員工，主要是在技術部門。我們在本季度末擁有超過 60,600 名全職員工，與去年相比增長了 26%。第一季度營業收入為 114 億美元，營業利潤率為 43%。我們的稅率是 17%。淨收入為 95 億美元或每股 3.30 美元。受數據中心、服務器、網絡基礎設施和辦公設施投資的推動，包括資本租賃在內的資本支出為 44 億美元。自由現金流為 78 億美元。我們在第一季度回購了 41 億美元的 A 類普通股，並以 642 億美元的現金和有價證券結束了本季度。

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.

在可持續性方面，我很高興地報告，Facebook 的全球業務現已實現淨零排放，並且 100% 由可再生能源提供支持。這是我們業務的一個重要里程碑，但我們也認識到未來幾年還有更多工作要做。我們仍然致力於在 2030 年實現整個價值鏈脫碳的下一個目標。有關我們在環境、社會和治理領域持續努力的更多信息，請參閱我們最近提交的代理聲明。

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.

現在轉向展望。我們對 2021 年第一季度廣告收入的強勁增長感到高興，這得益於每條廣告的平均價格同比增長 30% 和投放的廣告數量增加了 12%。我們預計，在 2021 年剩餘時間內，廣告收入增長將繼續主要由價格驅動。

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.

我們預計 2021 年第二季度的總收入同比增長將相對於 2021 年第一季度的增長率保持穩定或適度加速，因為我們在 2020 年第二季度與大流行相關的增長放緩。在第三和第三季度和到 2021 年第四季度，我們預計總收入同比增長率將連續顯著放緩，因為我們經歷了越來越強勁的增長時期。

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.

我們繼續預計 2021 年監管和平台變化帶來的廣告定位逆風會增加，尤其是最近推出的 iOS 14.5 更新，我們預計該更新將在第二季度開始產生影響。這已納入我們的展望。

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.

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，並且與各行各業的公司一樣，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 $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.

現在轉向開支。我們預計 2021 年的總支出將在 700 億美元至 730 億美元之間，高於我們之前預期的 680 億美元至 730 億美元。費用的同比增長是由對技術和產品人才、基礎設施和消費者相關成本的投資推動的。我們仍然致力於為長期增長進行投資，我們的支出前景反映了我們業務的潛在實力以及我們在包括消費硬件在內的產品中看到的引人注目的投資機會。

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.

我們預計 2021 年的資本支出將在 190 億美元至 210 億美元之間，低於我們之前估計的 210 億美元至 230 億美元。我們的資本支出主要來自我們對數據中心、服務器、網絡基礎設施和辦公設施的投資。

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

現在轉向稅收。我們繼續預計我們的 2021 年全年稅率將處於高位。

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，過去一年的大流行給我們的全球社會帶來了一些難以置信的挑戰。在此期間，我們一直致力於幫助企業和消費者保持聯繫。隨著更多地區的重新開放，我們將繼續專注於幫助人們和企業走出大流行。

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

有了這個，法國，讓我們開始提問。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 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 2 個。第一個，如果你願意的話，只是對商業方面的一點自我報告卡感到好奇。你們取得了很大進步，大約 100 萬家商店，2.5 億商店訪客。到目前為止，您認為您在哪些方面為廣告商和商家取得了最大的進步？然後，當您查看後半部分和 22 年時，您真正關注的最大創新領域是什麼，以繼續增加這一數字？也許談談非廣告貨幣化的選擇性。

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.

我擁有的第二個就在我們身邊——我知道現在是重新開放的早期，但我很想知道你從世界各地用戶群的參與度或所花費時間的角度來看你所看到的重新開放了一點，你在後半部分是如何考慮的。

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.

我可以從第一個開始。所以我們的平台上已經有很多商業活動。人們確實通過我們的 Feed 和廣告故事發現了很多產品——通過我們的 Feed 和故事廣告。這是我們最大的廣告行業。 COVID 確實加速了它，但它是我們在過去 5 年中發展最快的垂直行業之一。我們相信，今天 Facebook 通過我們的廣告業務推動了數千億美元的非現場電子商務 GMV。

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，我們確實在這方面取得了很大進展。我們未來的目標是，我們希望繼續成為最好的廣告場所。正如我在講話中提到的那樣，我們必須努力做到這一點，我們仍然可以以一種隱私安全的方式使用數據，在正確的時間向正確的人提供正確的廣告，但我們認為我們是這裡的市場領導者。

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，馬克在他的講話中談到了這一點，我也做了，就是讓在我們的平台上銷售更容易。現在，購物體驗在其他地方的定義非常明確，而且我們比廣告來得晚。所以我們知道我們有很多工作要做。我們正在與合作夥伴合作，構建我們不擅長的部分體驗，並且我們正在整合商店等產品。我們每月有超過 100 萬家活躍商店和超過 2.5 億人與商品互動。所以我們取得了一些不錯的進展。但我們認識到，獲得真正無縫的交易體驗將需要我們的工作，我們將繼續在那裡投資。

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.

我認為我們必須做的另一個領域是我們必須改善消費者體驗，以幫助人們在平台上進行交易。我認為，我們在業務方面和集成方面做了更多的工作。現在我們專注於繼續構建它並繼續構建消費者體驗。

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，由於這將是我們在這一領域的絕大部分收入，而且垂直商業對我們如此重要，我們不需要商業本身或費用來成為發生的事情的重要組成部分，以使這筆投資是值得的，但我們確實必須專注於幫助更多的企業上線並在我們的平台上擁有豐富的體驗。再加上這一點，這對我們來說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.

布萊恩，我是戴夫。我會回答第二個問題。所以我認為，從廣義上講，我們所看到的只是參與趨勢，這些趨勢正在回到更正常的水平。因此，如果您回想過去的一年，您會發現因為 COVID 而變得非常嘈雜。在 2020 年第一季度，由於大流行，我們看到參與度顯著增加。隨著時間的推移，我們已經看到其中一些趨勢消退了，我們看到了封鎖的逐步減少。我認為沒有什麼太大的戲劇性，但這肯定是我們在參與趨勢中看到的。這是影響價格成為收入增長的更大推動力的因素之一，因為印象增長較低。我會說COVID肯定是其中的一個因素。

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.

我認為在收入方面，我們看到產品需求持續強勁，甚至 - 然後我們看到服務支出回升。所以我認為這是我們在 COVID 影響下所看到的情況的一種快速景觀。

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?

也許一個給馬克，一個給戴夫。我認為在參與度方面存在一些問題，只是因為你看到了 TikTok 或 Snap 之類的東西的強勁增長，但你已經在 Facebook 內建立了一些超級平台，包括 Watch 使用和 Marketplaces。您能否評論一下您對整體參與度的看法？隨著人們過度使用這些新平台，它是否在增長、花費的時間和其他因素？

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?

然後是第二個問題，也許是對 Dave，iOS 14-5 (sic) [14.5] 更新有什麼驚喜嗎？以及您對在此更新之前已經選擇退出跟踪的用戶所看到的內容有何評論？

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.

賈斯汀，是戴夫。是的，我可以接受——我可以接受這兩個。所以是的，在印象增長方面，我認為我們看到了幾個因素。我們談到了 COVID 的影響和恢復到更正常的水平，這影響了一些印象增長。

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，它有點回答你的一些問題，那就是我們看到視頻的參與度非常高，尤其是在國際上。那就是 - 我們對此感到滿意。我會在那裡舉幾個例子。我會說 Facebook Watch，我們談到了 12.5 億用戶。此外，Reels 開始受到關注——並且在 Instagram 上表現良好。現在，視頻目前在所花費的時間基礎上的展示次數相對較少。因此，這也影響了參與趨勢。

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，我想說的是，我們看到了來自我們自己的視頻產品和其他產品的 News Feed 的競爭。所以這是考慮因素。

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.

然後你的第二個問題是關於 iOS 14.5 的任何驚喜。看，我覺得現在還早。他們剛剛開始推出更新。所以在這一點上，新操作系統的滲透率非常非常低。

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.

但是有幾件事。我想說，我們仍然擔心此更新將對小型企業有效使用其廣告預算的能力產生影響。也就是說，我們認為對我們自己業務的影響是可控的。我們繼續預計這將是今年剩餘時間的逆風，但正如 Sheryl 所提到的，我們正在在我們自己的解決方案上取得令人鼓舞的進展，以幫助廣告商應對這些變化。這包括幫助廣告商使用 Apple API 以及我們自己使用聚合數據進行定位和衡量的方法，我們稱之為聚合事件管理。所以從長遠來看，真正的目標是維護它，甚至用更少的數據提高性能。

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.

所以——然後我還要補充一點，除了這些緩解措施之外，我們還看到了非常強勁的整體廣告需求，這有助於對 2021 年的前景更加樂觀。我想說，總的來說，這些影響——具體的 iOS 14 變化是 Apple 面臨的一些挑戰的其中一個要素。但我們認為 Apple 方法的影響確實比這次圍繞第三方數據使用的特定更新要大得多。 Apple 在硬件和軟件上擁有許多私有 API，它們以具有挑戰性的方式利用他們自己的產品和服務，我們面臨著這個問題——在我們的消息傳遞產品等領域，甚至在我們推出的硬件產品中。因此，從創新的角度來看，我們通常不認為這種封閉式方法對行業來說是最好的方法。

Our next question from Doug Anmuth with JPMorgan.

Doug Anmuth 與摩根大通的下一個問題。

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?

一個給馬克。馬克，你強調了你在 AR 和 VR、商業和創造者經濟方面加倍投入的 3 個領域。希望您能談談您是否將這些努力視為幫助 Facebook，更多地作為一個平台來控制其命運，也許會為您提供更多的第一方數據，以及它們是否會隨著時間的推移將您與其他生態系統隔離開來？

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。我可以談談那個。我認為我們主要從改善我們可以建立的體驗的角度來考慮這些事情。增強現實和虛擬現實，我考慮了很長時間，因為我認為它是提供一種存在感和你想要建立的社交體驗類型的聖杯。

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.

所以現在，我猜在公司的整個歷史上，我們一直被限制在一個網絡瀏覽器上。而現在，在某些情況下，這種越來越嚴格的移動應用規則。但我認為，在這個未來的環境中，你將能夠感覺到你真的和其他人在一起，這將是非常強大的。它將釋放我們長期以來想要建立的一系列體驗，這就是我真正興奮的地方。

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，在商業方面，我的意思是，部分原因是希望幫助小企業和不同的企業在我們的平台上銷售更多產品。其中很多也只是為了讓消費者體驗更好，對吧？所以現在，很多時候，你會點擊一個廣告，你會看到一個有趣的廣告，它會把你帶到一個網站，而這個網站不一定有關於你是誰的完整背景。這樣做的支付體驗會很笨拙。我認為，這只是一個機會，可以讓這一切變得更加無縫。

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.

當它是無縫的時，它（聽不清）為使用它的人提供了更好的體驗，但它也為企業帶來了更好的轉化，表現更好。所以我認為我們解決這個問題的方式主要是從建立這個非常強大的廣告系統開始，然後基本上從那裡開始我們的體驗。因此，讓企業和創作者可以擁有商店，並且廣告可以鏈接到商店並擁有原生購物體驗。然後隨著時間的推移，我們也將越來越多——隨著我們的支付系統變得越來越好，越來越多的人擁有憑證，我想一直通過渠道將成為人們所做的越來越多的一部分，而且既能為消費者帶來更好的體驗，又能為企業帶來更好的轉化。

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.

創作者這邊也有類似的故事。我們的主要目標不一定是創造者經濟本身就是一項主要業務。但如果我們成為創作者謀生的最佳場所，那麼我認為這將意味著跨服務有更好的內容，以及更好的社區建設和吸引人們的機會，這就是我們關心的。但是，當然，如果有更多的參與，並且如果創作者發現有很好的獲利機會，那麼他們也會更多地參與我們的商業產品，並且那裡會有一些機會。

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.

但是——所以我有點從改進產品的角度來考慮所有這些東西。我認為，這將在未來幾年為所有利益相關者帶來很多好處。

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

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

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.

馬克的問題。所以這個 - 我認為最近本週，國會就算法放大的概念或 Facebook 或 Instagram 上的算法如何展示內容以最大限度地提高參與度舉行了聽證會。有時這意味著一些更具爭議性的內容會浮出水面。

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，這是一個公平的描述嗎？如果你們被迫改變所有這些算法的工作方式，這會對參與度產生什麼樣的影響？我認為 10 年前，新聞提要是整個故事的一部分，但現在我們正在討論應用程序中的許多不同領域。那麼，這種算法驅動的內容與進入 Messenger 或進入 Marketplace 或只是一種日常行為的工具式參與相比，有多少呢？

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。我可以開始服用一些，然後 Wehner，如果您想添加任何內容，您可以加入。總的來說，我認為你所指的敘述被評論家誇大了。我們不會優化我們的系統來增加在新聞提要中花費的時間。我明確不給我們的新聞提要團隊或 Instagram 提要團隊花費時間的目標。我們的信念是，如果我們開發出更有價值的產品，那麼人們的參與度就會更高。但是你應該從嘗試構建更有價值的東西開始，而不是試圖增加人們花費的時間。所以我們多年來一直這樣做，我認為它產生了很好的結果。

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，我知道你所說的是一些人喜歡亂說的東西。但我實際上認為，不同的監管機構或其他人對此進行的深入研究越多，我實際上認為我們在這裡的做法非常穩健。我們不希望極端——極端主義內容或我們服務中的任何內容。因此，如果有的話，與試圖促進這一點相反，我們會竭盡全力試圖減少這一點。

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，與許多其他人所說的相反，因為人們不喜歡它而減少它實際上符合我們的商業利益，對吧？我的意思是，消費者不喜歡它。廣告商不想靠近它。所以我實際上並不認為這種關於公司的敘述是準確的。我們已經努力消除它。我不認為我們在這方面非常成功。我們將繼續努力解決這個問題。但只是為了清楚我如何看待事物，這是基本的下載。

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.

我認為新聞提要仍然是 Instagram 產品和主頁提要的重要組成部分。但故事在 Instagram 中越來越重要。很多人都在使用 Explore 和 IGTV。 Facebook 上的視頻和觀看非常大。正如你所說，很多人也將大量時間和精力花在消息傳遞應用程序和類似的私人界面上。所以我認為人們在跨服務領域做了很多不同的事情。但是 Wehner 可以加入任何他想要添加的顏色。

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，馬克，我唯一要補充的是，我認為比業內其他任何人都多，我們在安全和安保方面進行投資，以便在不良內容被排名和發布之前將其排除在網站之外進入人們所看到的。

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.

所以我們在安全和安保方面有 35,000 - 超過 35,000 人。我們有一套最強大的內容政策。我們會圍繞我們的內容審查、流程和程序進行季度電話會議和公開電話會議。

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.

所以我認為在前面，甚至在它進入算法之前，我認為我們在安全和安保方面確實比業內其他任何人都做得更多，以防止錯誤信息和不良內容首先進入系統地方。

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

我們的下一個問題來自 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 的兩部分問題，請教 Mark。馬克，你已經談論 VR 很長時間了，每個 - 基本上每個季度。我只是想知道，在這個特定的季度發生了什麼讓你想要在虛擬現實上加倍努力？本季度的什麼認識可能讓您想要這樣做？而且我想更重要和相關的是，Facebook 是否需要擁有一個工作室或一系列工作室來加速內容的推出，這應該有助於推動採用？因為另一個摩擦點是價格，而您已經將該單位降低到 299 美元，這是一個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.

我可以從這個開始，然後如果你想添加任何內容，Wehner 可以進入第二點。就變化而言，我認為這裡的重要部分是 Quest 2 做得很好。我不想誇大它，因為我認為與今天取得巨大成功的平台相比，它顯然仍然處於小範圍內。但是，我們在 Quest 2 中看到的採用和參與度發生了非常真實的變化。

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.

感覺就像我們達到的質量標準和我們達到的價格以及我們能夠以無線形式做到這一點的事實。但我認為這只是 - 首先，我認為其他任何人都很難滿足這些不同的屬性。其他一些人可能會嘗試運送他們聲稱質量更高但有電線的東西。而且我只是不認為消費者會想要這樣做。因此，我們將看到所有這些是如何發揮作用的。

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.

但我也只是看看團隊的執行情況以及我們正在開發的產品。我想確保我們真的可以全力以赴並實現這一目標。但我確實承認，就我們所看到的進展而言，Quest 2 是 Quest 1 的一個有意義的進步。

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.

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——我想這就是第一方、第二方和第三方內容，並與工作室建立合作夥伴關係。這當然是其中很大一部分。我認為 Quest 擁有迄今為止最好的 VR 內容陣容。而且我認為未來的路線圖更加令人興奮，其中一些東西將在未來幾年內出現。

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，馬克，除了說我們一再呼籲對 FRL 進行投資外，我沒有什麼要補充的。 Facebook Reality Labs 是我們支出前景的主要投資驅動因素之一。所以這不是我們第一次把焦點放在這上面。這是一個持續的投資領域。正如馬克所說，工作室和內容是其中的重要組成部分。

Our next question is from John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen。

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?

2個問題。一個關於 AR/VR。馬克，當您正在構建和投資該平台時，您認為 AR 和 VR 會被更廣泛地採用嗎？什麼樣的最終推動了快速加速消費者採用？

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?

然後是 Dave 的第二個問題。一季度成本增長低於預期。你在中點略微提高了全年。有什麼可以說的嗎？

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.

所以我可以用第一塊和你談談，然後，戴夫，也許你可以拿第二塊。至於何時會更多地採用這些平台，我認為很多都是關於外形尺寸和用例。我的意思是，我認為，Quest 2 是——我們有點達到了一個關鍵點，但我認為他們仍然更進一步，我們想要繼續這種形式的因素。但我認為無線部分是關鍵。所以我再說一遍。因此，我認為在獲得可能具有更好圖形或其他東西的產品方面，您可以做很多事情。但是用一根電線，它真的會傷害沉浸感，因為你不想在做所有這些事情的時候喜歡有一根電線纏繞在你的脖子上。

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

但另一個重要的部分是用例，這就是為什麼我在一開始的講話中指出，我們看到的一個有希望的跡像是它正在擴展到遊戲之外。現在它仍然主要是遊戲。但是，當我們開始這段旅程時，我之所以說我認為我們對此進行投資是有意義的，很大程度上是因為我希望虛擬現實和增強現實成為一些最具社交性的平台。我認為，當今平台上一些最引人入勝的體驗都是社交的，而且很多頂級遊戲都是社交的，這一事實確實很有希望。但也從生產力和

(technical difficulty)

（技術難度）

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，真的很有希望你看到這成為一個更廣泛的平台的早期跡象。所以有 - 再次，我不想誇大這些，因為一切都還很早，所有這些事情都需要發展，但從我的角度來看，這些都是非常有希望的跡象。隨著這些平台的不斷發展，我認為這些平台將廣泛適用於更多人。

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.

然後我要說的另一件事是，我們甚至還沒有真正實現 AR，對吧？我認為虛擬現實，形式因素限制，我認為，比你將擁有的增強現實少一點，在虛擬現實中，我認為你需要獲得高質量的無線體驗。在增強現實中，你真的需要一副看起來像普通眼鏡的眼鏡才能讓它成為主流。我認為，這將是十年來最艱鉅的技術挑戰之一。它基本上是在眼鏡框架中安裝一台超級計算機。所以我 - 我發現這不是一個非常令人興奮的問題。而且我認為，一旦可以實現，其潛力將非常大。

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.

然後，約翰，是戴夫。就第一季度的總費用而言，我在評論中列出了一些項目。但我認為你有幾個因素。一是營銷支出與去年第一季度相比增長較低。然後，你 - 我們有一筆壞賬費用，我認為這不是 Facebook 獨有的。我認為您在其他一些公司中也看到了這一點，我們在去年第一季度接受了這與我們對 COVID 的可收集性的期望有關。因此，這也是對增長率的一些比較的考慮因素。

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.

然後，當您查看今年剩餘的時間時，有幾件事。一是企業的實力，總的來說，給了我們信心，我們正在尋找更多投資的領域。因此，我們將繼續投資於馬克在評論中概述的優先事項的研發。然後，我們將在今年餘下時間看到營銷等方面的回升。因此，正如您所期待的那樣，這就是推動費用增長加速的原因。

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.

然後 COVID 比較有點——COVID 影響的只是不同的費用線。所以它也有點吵。

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

下一個問題是——我們來自德意志銀行的 Lloyd Walmsley 的下一個問題。

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.

2個問題。首先，Sheryl，在過去，您曾談到廣告是一種相對的 ROI 收益。因此，當您考慮從 iOS 的轉變時，可能會從運營上的短期逆風轉變為潛在的順風，因為其他廣告渠道相對而言會損失 ROI，就像在幾個月、幾個季度、一個季度內發生的事情一樣年？比如談論你如何看待這種潛在的發展。

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?

然後第二個，Sheryl，你還談到開始更多地投資於建立購物方面的消費者體驗。因此，也許您可以向我們介紹一些您認為 Facebook 可以獨特地為電子商務帶來的東西，這些東西可能會帶來更新、更好的用戶體驗。那是AR/VR嗎？那是什麼 - 有哪些東西可以真正讓 Facebook 在電子商務中脫穎而出？

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.

所以在第一方面，相對投資回報率，你是完全正確的。人們要去打廣告。他們將在電視、廣播、廣告牌、不同的在線平台上做廣告，他們正在尋找相對的投資回報率。這意味著信號下降，並且在我們以不同方式競爭的任何地方都會下降。

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可以製作個性化廣告。我們確實認為我們的相對競爭優勢在於我們的廣告更加個性化。這真的很重要，因為在我分享的一些例子中，大多數小企業，底特律的瑜伽工作室無法向底特律的每個人做廣告，更不用說密歇根的每個人，更不用說美國的每個人了。所以廣告使用誰住在那裡，誰可能對瑜伽和冥想感興趣，這真的很重要。

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.

我們相信我們仍將處於相對較好的位置。虛擬 - 基於 - 不是所有玩家，對，因為我們沒有運行平台，但基於許多平台，我們仍然會比許多數字玩家做得更好。在這方面，我們仍然會比電視或廣播做得更好。但是當信號下降時，我們將不得不重建這種能力，這就是我所說的。

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.

至於你具體問的時間，我們真的不知道。 iOS 14 的變化真的很新。可能在州一級或全球或地區一級或國家一級發生的監管變化尚未發生。所以我們得看看。我不知道這些變化會是什麼，它們現在會產生什麼影響。但我們非常專注於爭奪這些廣告收入，並儘我們所能做到這一點。

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.

在購物方面的消費者體驗方面，我們現在的情況是我們推出了商店——很多購物工具，我們已經廣泛採用業務，這很好。我們不提供許多其他地方提供的全套工具。但是，我們越來越多地擁有人們正在採用的商店功能。我們真的需要在體驗的消費者方面工作。

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。你再次問，我們的 - 我認為 - 這是我的語言，而不是你的，但我認為你問的是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。我們越來越多的人在尋找產品。所以我們一直在漏斗的頂端很強大。我們可以將人們移到漏斗中嗎？我們認為我們可以。但這需要工作，而且人們也需要一些時間來適應它。

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，並繼續尋找他們真正喜歡的東西。所以我對我們在這裡的機會非常樂觀，但這需要真正的工作。

Our next question is from Colin Sebastian with Baird.

我們的下一個問題來自 Colin Sebastian 和 Baird。

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，馬克，也許是關於 VR 和 AR 以及你看到的 Reality Labs 與你提到的圍繞商業、通信和創造的其他優先事項之間的聯繫或協同作用的另一個後續行動。我很好奇這些是否是內部的協作舉措。還是就產品計劃和開發而言，它們仍然有些孤立？

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，我認為結締組織領域也是統一支付。我只是好奇這對於在平台上進行購物和交易有多麼重要，以及 Diem 和其他數字貨幣可能在這方面發揮什麼作用？

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，它們是很好的問題。我認為現在，我認為這的軌跡是，當你在平台的早期階段，將一堆開發集中在組織中是有幫助的。但是隨著事情開始發展，並且您希望獲得參與構建的不同應用程序團隊的全部精力，那麼您希望更加分散它。所以 - 所以現在，它仍然更多地集中在中心化方面。但我想說的是，在接下來的一兩年內，我們肯定會在整個公司內 [生成] 更多的工作，並且我們正在為這些不同的平台構建更多的工作。

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.

關於其他對商業、支付很重要的服務，比如 Facebook Pay，以及最終，希望我們將推出 Novi，而且——抱歉，很快，我認為，這將是也是一件大事。出於您所說的所有原因，這非常重要。跨所有這些平台的商業將非常重要。當然，在我們正在構建的這樣一個平台中，我們希望能夠非常輕鬆地實現支付 - 經濟性對開發人員來說都是可行的。

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

我們的最後一個問題來自 Michael Nathanson 和 MoffettNathanson 的發言。

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?

我有一份給馬克，一份給戴夫。所以馬克，關於創作者經濟的評論，我很感興趣，考慮到有多少人專注於你的創意經濟的不同部分，你認為機會在哪裡？你認為你可以成為什麼——你可以為創作者增加最大的附加值，而今天還沒有做到這一點？

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，戴夫，關於拍賣的定價，我知道它上漲了，因為去年的比較容易。如果你看一下 2 年堆棧的定價，它實際上已經很好了。多年來，您一直告訴我們，由於產品和地區的混合變化，價格正在下降。那麼，您能否提供有關實際推動定價可能在 2 年的基礎上比趨勢好得多的最新情況？

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.

我可以先談談創造者經濟部分。我知道這裡有一些創作者需要的重要組件。一種是能夠分享全方位表達的創意工具，對吧？所以從任何類型的寫作到音頻，到視頻，再到所有這些不同的媒體。第二個是將這項工作與大量觀眾聯繫起來，幫助人們找到他們的觀眾和社區。第三個是貨幣化。

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.

我想說我們今天可能在第二個 2 上最強。而且我認為我們有創造性的工具，我們將在構建這些工具上投入更多。但在幫助人們接觸到最大的受眾或找到他們的特定受眾方面，我認為我們在這方面是世界一流的。我認為我們在這方面是最好的。然後在貨幣化方面，我也認為正如我們的業務結果所顯示的那樣，我們在這方面非常有效。如果我們可以將其用於創作者，幫助他們從作品中賺錢，那麼就可以幫助實現讓數百萬人通過這種創造性工作謀生的目標。

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.

所以我認為在這兩方面，特別是在貨幣化方面，以及幫助人們與他們的特定社區建立聯繫並獲得盡可能多的分發方面，我認為我們將做一些非常偉大和獨特的工作來幫助很多的創作者。然後我們還將構建更廣泛的工具套件，但我認為這兩個地方確實是我們從中輸入的地方。

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.

邁克爾，我將回答關於定價的第二個問題。我認為關於定價的一個非常簡單的故事是需求剛剛高於我們對廣告的預期。我認為是——如果你必須選擇 1 個垂直領域，那將是商業表現出色。但這是一個 - 顯然，這與我們的商業努力很好地吻合。但這確實是一個比這更廣泛的故事。真的，幾乎每個垂直領域都非常強大。我認為我們仍然在某種程度上——我們仍然看到一些因 COVID 影響較弱的垂直行業（如旅行）正在復蘇。但我認為，我們開始在其他一些受到 COVID 負面影響的垂直領域看到一些生命跡象。但是——但實際上只是對廣告的全面強勁需求一直是我們的驅動力。

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.

我認為你談到的 2 年比較是一個有用的比較，因為當你只看 2020 年與 2021 年相比時，我們的收入同比增長率有很多噪音。如果你做一個 2-與去年同期相比，我認為 - 並按季度查看同比增長率，我認為我們預計增長減速率會更加正常化，而不僅僅是我們從疲軟季度反彈的所有因素將有，然後我認為隨著一年從比較基礎進入 2020 年，相應的季度會更強勁。但是，是的，簡單的故事，廣告客戶的需求，比我們預期的要好。

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

偉大的。再次感謝您今天加入我們。感謝您的寶貴時間，我們期待再次與您交談。

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。感謝您加入我們。您現在可以斷開線路。