Meta Platforms Inc (META) 2021 Q2 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 the Facebook Second Quarter 2021 Earnings Conference Call. (Operator Instructions) This call will be recorded.

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 年第二季度收益電話會議。 （操作員說明）此通話將被錄音。

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 Second 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 第二季度收益電話會議。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 quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在開始之前，我想藉此機會提醒您，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-Q 表格季度報告中列出了可能導致這些結果出現重大差異的因素。我們在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。

Hi, everyone. Thanks for joining us today. This was a good quarter for our product and business. There are now more than 3.5 billion people who actively use one or more of our services. And I'm excited about our product road map ahead.

大家好。感謝您今天加入我們。對於我們的產品和業務來說，這是一個很好的季度。現在有超過 35 億人積極使用我們的一項或多項服務。我對我們未來的產品路線圖感到興奮。

I want to start today by discussing some of the themes that we're seeing in our major efforts around creators, commerce and the next computing platform. Each of these areas is important and is going to unlock a lot of value on its own, but they're also building blocks for the future of the Internet and the future vision for our company. And I'll discuss that as well.

我想從今天開始討論我們在圍繞創作者、商業和下一個計算平台的主要努力中看到的一些主題。這些領域中的每一個都很重要，並且會自行釋放很多價值，但它們也是互聯網未來和我們公司未來願景的基石。我也會討論這個問題。

So first, let's talk about creators. Now we want our platforms to be the best place for millions of creators to earn a living. And if we can do this, then our services will also have the best content across many different types of media, from text and photos to audio, gaming and video. Video, in particular, is becoming the primary way that people use our products and express themselves.

所以首先，讓我們談談創作者。現在，我們希望我們的平台成為數百萬創作者謀生的最佳場所。如果我們能做到這一點，那麼我們的服務也將在許多不同類型的媒體中擁有最好的內容，從文本和照片到音頻、遊戲和視頻。尤其是視頻，正在成為人們使用我們的產品和表達自己的主要方式。

I know this is a theme that we've been talking about for a few years now, but we've been executing on this for a while, and video has steadily become more important in our product. Video now accounts for almost half of all time spent on Facebook, and Reels is already the largest contributor to engagement growth on Instagram.

我知道這是我們幾年來一直在談論的主題，但我們已經執行了一段時間，視頻在我們的產品中逐漸變得越來越重要。視頻現在幾乎佔 Facebook 上所有時間的一半，而 Reels 已經是 Instagram 參與度增長的最大貢獻者。

Across all forms of video, short-form video like Reels is growing especially quickly. We're very focused on making it easy for anyone to create video and then for those videos to be viewed across all of our different services, starting with Facebook and Instagram first.

在所有形式的視頻中，像 Reels 這樣的短視頻正在快速增長。我們非常專注於讓任何人都可以輕鬆創建視頻，然後讓這些視頻在我們所有不同的服務中觀看，首先從 Facebook 和 Instagram 開始。

Now people like to watch videos recommended by our personalized algorithms, so this gives creators a good way to reach new people who don't follow them yet. And this is also a good complement to our social feeds, and it's an area where our progress in AI is going to make the experience a lot better in the coming months and years.

現在人們喜歡觀看我們的個性化算法推薦的視頻，因此這為創作者提供了一種接觸尚未關注他們的新人的好方法。這也是對我們的社交信息的一個很好的補充，這是我們在人工智能方面的進步將在未來幾個月和幾年內使體驗變得更好的一個領域。

On-demand video like in Facebook Watch is also growing quickly and is now growing faster than other types of video or content in News Feed. We're building a number of new video monetization tools for creators that can get compensated for making great content.

Facebook Watch 中的點播視頻也在快速增長，現在的增長速度超過了 News Feed 中其他類型的視頻或內容。我們正在為創作者構建許多新的視頻獲利工具，這些工具可以通過製作出色的內容獲得補償。

So for example, last year, people spent more than $50 million of stars to game stream creators going live on Facebook alone. And now we're extending stars so fans can send them to any creator during on-demand video as well.

例如，去年，僅在 Facebook 上直播的遊戲流創作者就花費了超過 5000 萬美元的明星。現在我們正在擴展星星，這樣粉絲們也可以在點播視頻期間將它們發送給任何創作者。

I also want to call out live video for a moment. This is a smaller percent of our overall video on our services, but it's some of the most unique content and gives creators a way to build community and engage with their followers. And we're also focused on developing monetization tools like Live Breaks for midroll ads and Live Shopping, so creators can make a living and engage their communities more deeply in commerce with their content.

我也想調出實時視頻。這是我們服務上的整體視頻的一小部分，但它是一些最獨特的內容，並為創作者提供了一種建立社區並與他們的追隨者互動的方式。我們還專注於開發諸如用於插播廣告的 Live Breaks 和 Live Shopping 之類的獲利工具，這樣創作者就可以謀生，並通過他們的內容更深入地讓他們的社區參與商業活動。

So overall, there's a lot more to do here. And as it becomes the majority of engagement across our services in the coming years, we're going to continue to focus on that.

所以總的來說，這裡還有很多事情要做。隨著它在未來幾年成為我們服務中的主要參與，我們將繼續關注這一點。

We're also focused on other types of creators beyond video. And some of the most interesting emergent behavior that we're seeing is creators using a lot of different types of content to engage their communities. So we've launched Live Audio Rooms this quarter as well as podcasts. We also launched Bulletin, our publishing and subscription service for writers and with features to help them find and grow their audiences, including integrations with Groups, Facebook Live and Live Audio Room.

我們還專注於視頻以外的其他類型的創作者。我們看到的一些最有趣的新興行為是創作者使用許多不同類型的內容來吸引他們的社區。因此，我們在本季度推出了 Live Audio Rooms 以及播客。我們還推出了 Bulletin，這是我們為作家提供的發布和訂閱服務，並具有幫助他們尋找和擴大受眾的功能，包括與群組、Facebook Live 和 Live Audio Room 的集成。

To help grow the creator economy overall, we're going to keep our creator tools free to use through 2023. And we recently announced that we are investing $1 billion in creators across Facebook and Instagram. So I'm optimistic that creators will get more opportunities to do the work that they want, and that's going to lead to people hearing lots of new voices across our different services.

為了幫助整體發展創作者經濟，我們將在 2023 年之前免費使用我們的創作者工具。我們最近宣布，我們將向 Facebook 和 Instagram 上的創作者投資 10 億美元。所以我很樂觀，創作者將有更多機會去做他們想做的工作，這將導致人們在我們不同的服務中聽到很多新的聲音。

The second area that I want to talk about today is commerce. Our goal here is to create better experiences for people interacting with businesses and to help businesses grow even more on our platform. Our approach is to work our way down the stack and build world-class services at every layer of commerce, starting from discovery at the top of the stack all the way down to payments. And just like we want to be the best place for millions of creators to make a living, we also want to be the best place for businesses to grow as well.

我今天要談的第二個領域是商業。我們的目標是為與企業互動的人們創造更好的體驗，並幫助企業在我們的平台上進一步發展。我們的方法是沿著堆棧向下工作，並在商業的每一層構建世界一流的服務，從堆棧頂部的發現一直到支付。就像我們希望成為數百萬創作者謀生的最佳場所一樣，我們也希望成為企業發展的最佳場所。

We started here by building world-class ad tools to help businesses reach potential customers and help people discover new products and services that they might like. But what we found is that when these ads link off site, you often land on a web page that's not personalized or not optimized or where you have to reenter your payment information, and that's not a good experience for people, and it doesn't lead to the best results for businesses either.

我們從構建世界一流的廣告工具開始，幫助企業吸引潛在客戶並幫助人們發現他們可能喜歡的新產品和服務。但我們發現，當這些廣告鏈接到站外時，您經常會進入一個沒有個性化或未優化的網頁，或者您必須重新輸入您的付款信息，這對人們來說不是一個很好的體驗，而且不會也可以為企業帶來最好的結果。

So our next phase here is focused on building out Shops, Marketplace, business messaging in WhatsApp and Messenger to create more native commerce experiences across our apps. There's a lot of work here to do to support all of the business tools natively that already exist for the web.

因此，我們下一階段的重點是在 WhatsApp 和 Messenger 中構建商店、市場、業務消息傳遞，以在我們的應用程序中創建更多本地商務體驗。這裡有很多工作要做，以支持所有已經存在於 Web 上的本地業務工具。

But as we bring more of this online and enable more of this, it's going to create a superior consumer experience, and it's going to convert better for businesses. This is going to lead to more businesses investing and building out their presences across our services, and that will lead to even more diversity of products for people to discover and interact with.

但是，隨著我們將更多此類內容帶到網上並啟用更多內容，它將創造出卓越的消費者體驗，並且將為企業帶來更好的轉化。這將導致更多的企業在我們的服務中投資和建立他們的存在，這將導致人們發現和互動的產品更加多樣化。

So this is a long-term strategy. It's going to take a while before it's meaningful, especially given the scale of our ads business already, but I'm confident that it's the right long-term bet and product direction.

所以這是一個長期的策略。這需要一段時間才能有意義，特別是考慮到我們的廣告業務規模已經很大，但我相信這是正確的長期賭注和產品方向。

And as we work our way down the stack from discovery and ads to native commerce store front, we're also making progress on payments at the same time. So WhatsApp Payments are now available to everyone in Brazil as well as India. Lots of people are already using this as a simple and secure way to send money to friends. We're adding new payments features in Messenger in the U.S. like QR codes. We also just announced that we're making Facebook Pay available outside of our apps for the first time, which means that you're going to start seeing it as a checkout option on the web and especially in web views that you see within our app after clicking on ads or other business content.

隨著我們從發現和廣告到本地商業店面的工作，我們也在同時在支付方面取得進展。因此，現在巴西和印度的所有人都可以使用 WhatsApp 付款。許多人已經將其用作向朋友匯款的一種簡單而安全的方式。我們正在美國的 Messenger 中添加新的支付功能，例如二維碼。我們還剛剛宣布，我們將首次在我們的應用程序之外提供 Facebook Pay，這意味著您將開始將其視為網絡上的結帳選項，尤其是在您在我們的應用程序中看到的網絡視圖中點擊廣告或其他業務內容後。

The commerce experiences are now accessible across most of our services, and we have a full road map of deeper integrations that I'm excited about in the months ahead.

現在，我們的大多數服務都可以訪問商務體驗，並且我們有一個完整的更深入集成的路線圖，我對未來幾個月感到興奮。

The third area I want to talk about is building the next computing platform. We're continuing to invest very heavily in building technology and products to deliver a full sense of presence. This is going to be critical for unlocking the next generation of social Internet services. Quest 2, in particular, continues doing well, and it keeps getting better monthly as we release regular software updates, including most recently, our pass-through APIs, so developers can start building mixed-reality experiences on Quest.

我想談的第三個領域是構建下一個計算平台。我們將繼續大力投資於構建技術和產品，以提供完整的存在感。這對於解鎖下一代社交互聯網服務至關重要。尤其是 Quest 2，它繼續表現良好，並且隨著我們發布定期軟件更新（包括最近的傳遞 API），它每月都在變得更好，因此開發人員可以開始在 Quest 上構建混合現實體驗。

The range of content and experiences that we're seeing keeps broadening as well to the point where there are a lot of popular virtual reality experiences beyond games at this point. The most popular apps on Quest are social, which fits our original thesis here that virtual reality will be a social platform. And that's why we're so focused on building it. But we're also seeing compelling use cases in other forms of entertainment as well as work, creativity and fitness.

我們看到的內容和體驗的範圍也在不斷擴大，以至於目前除了遊戲之外還有很多流行的虛擬現實體驗。 Quest 上最受歡迎的應用是社交應用，這符合我們最初的論點，即虛擬現實將成為一個社交平台。這就是為什麼我們如此專注於構建它。但我們也在其他形式的娛樂以及工作、創造力和健身方面看到了引人注目的用例。

Looking ahead here, the next product release will be the launch of our first smart glasses from Ray-Ban in partnership with EssilorLuxottica. The glasses have their iconic form factor, and they let you do some pretty neat things. So I'm excited to get those into people's hands and to continue to make progress on the journey towards full augmented reality glasses in the future.

展望未來，下一個產品發布將是我們與 EssilorLuxottica 合作推出的第一款 Ray-Ban 智能眼鏡。眼鏡有其標誌性的外形，它們可以讓你做一些非常整潔的事情。因此，我很高興能夠將這些東西送到人們手中，並在未來繼續在全面增強現實眼鏡的道路上取得進展。

Now the areas that I've discussed today: creators, commerce and the next computing platform, they're each important priorities for us, and they're each going to unlock a lot of value on their own. But together, these efforts are also part of a much larger goal: to help build the metaverse. And I'll be sharing a lot more about this in the months ahead. So I wanted to discuss this now so you can see the future that we're working towards and how our major initiatives across the company are going to map to that.

現在我今天討論的領域：創作者、商業和下一個計算平台，它們都是我們的重要優先事項，它們各自都會釋放出很多價值。但總的來說，這些努力也是一個更大目標的一部分：幫助建立元宇宙。在接下來的幾個月裡，我將分享更多關於這方面的信息。所以我想現在討論這個問題，這樣你就可以看到我們正在努力的未來，以及我們整個公司的主要舉措將如何映射到這一點。

So what is the metaverse? It's a virtual environment. We can be present with people in digital spaces. And you can kind of think about this as an embodied Internet that you're inside of rather than just looking at. And we believe that this is going to be the successor to the mobile Internet.

那麼元宇宙是什麼？這是一個虛擬環境。我們可以與數字空間中的人一起出現。您可以將其視為您身在其中的具體互聯網，而不僅僅是觀看。我們相信這將成為移動互聯網的繼任者。

You're going to be able to access the metaverse from all different devices and different levels of fidelity from apps on phones and PCs to immersive virtual and augmented reality devices. Within the metaverse, you're going to be able to hang out, play games with friends, work, create and more. You're basically going to be able to do everything that you can on the Internet today as well as some things that don't make sense on the Internet today, like dancing.

您將能夠從所有不同的設備以及從手機和 PC 上的應用程序到沉浸式虛擬和增強現實設備的不同保真度級別訪問元宇宙。在元宇宙中，您將能夠與朋友一起閒逛、玩遊戲、工作、創造等等。你基本上可以做你今天在互聯網上能做的所有事情，以及今天在互聯網上沒有意義的一些事情，比如跳舞。

The defining quality of the metaverse is presence, which is this feeling that you're really there with another person or in another place. Creation, avatars and digital objects are going to be central to how we express ourselves, and this is going to lead to entirely new experiences and economic opportunities.

元節的定義品質是存在感，即你真的和另一個人或另一個地方在一起的感覺。創造、化身和數字對象將成為我們表達自己的核心，這將帶來全新的體驗和經濟機會。

I think that, overall, this is one of the most exciting projects that we're going to get to work on in our lifetime. But it's going to take a lot of work. And no one company is going to be able to build this all by themselves.

我認為，總的來說，這是我們一生中最激動人心的項目之一。但這需要做很多工作。沒有任何一家公司能夠自己構建這一切。

Part of what I've learned over the last 5 years is that we can't just focus on building great experiences, we also need to make sure that we're helping to build ecosystems so millions of other people can participate in the upside and opportunity of what we're all creating. There are -- going to need to be new protocols and standards, new devices, new chips, new software from rendering engines to payment systems and everything in between. And in order for the metaverse to fill its potential, we believe that it should be built in a way that is open for everyone to participate.

在過去的 5 年中，我學到的部分內容是，我們不能只專注於打造出色的體驗，我們還需要確保我們正在幫助建立生態系統，以便數以百萬計的其他人能夠參與其中，並我們都在創造的機會。需要有新的協議和標準、新設備、新芯片、從渲染引擎到支付系統的新軟件以及介於兩者之間的一切。為了讓元宇宙發揮其潛力，我們認為應該以一種所有人都可以參與的方式來構建它。

I expect that this is going to create a lot of value for many companies up and down the stack, but it's also going to require a very significant investment over many years. I see our focus here as a continuation of our work to build technology that brings people together.

我預計這將為堆棧上下的許多公司創造很多價值，但這也需要多年來進行非常重大的投資。我認為我們在這裡的重點是我們繼續努力構建將人們聚集在一起的技術。

In many ways, the metaverse is the ultimate expression of social technology. Some of the experiences that I've dreamed of building since well before I started Facebook are only starting to become possible now. If you look at the investments that we've made over the years, you can see this vision gradually starting to come to focus. And you can see why we're so excited about it.

在許多方面，元宇宙是社交技術的終極體現。在我創辦 Facebook 之前，我一直夢想建立的一些體驗現在才開始成為可能。如果您查看我們多年來所做的投資，您會發現這一願景逐漸開始受到關注。你可以看到為什麼我們對它如此興奮。

So in addition to being the next generation of the Internet, the metaverse is also going to be the next chapter for us as a company. And in the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company. And there's a lot that we need to do to get there. And there are going to be many exciting milestones along the way, including some which we'll share in the months ahead.

因此，除了成為下一代互聯網之外，元宇宙也將成為我們公司的下一個篇章。在未來幾年，我預計人們將從主要將我們視為一家社交媒體公司轉變為將我們視為一家元宇宙公司。為了實現這一目標，我們需要做很多事情。在此過程中將會有許多令人興奮的里程碑，包括我們將在未來幾個月分享的一些里程碑。

But in the meantime, I just want to take a moment to thank everyone in our community, all of our partners and employees and everyone who has supported us so far. I continue to be grateful to be on this journey with all of you.

但與此同時，我只想花一點時間感謝我們社區中的每一個人、我們所有的合作夥伴和員工，以及迄今為止支持我們的每一個人。我一直很感激能和你們一起踏上這段旅程。

And now here is Sheryl.

現在這裡是雪莉。

[Hi], everyone. Thanks, Mark. I hope you're all safe and healthy.

[大家好。謝謝，馬克。我希望你們都平安健康。

This was a really strong quarter for our business. Our total revenue for Q2 was $29.1 billion, which is a 56% year-over-year increase. We've seen strong growth in all regions and across most verticals. Our strongest verticals are those that have performed well through the -- throughout the pandemic, including e-commerce, retail and CPG. And we're also seeing continued recovery in others like travel that were hit hard by COVID. Our performance continues to be driven by the ongoing digital transformation, which has accelerated during the pandemic and our long-term investments in tools and products to help businesses make the shift online.

這對我們的業務來說是一個非常強勁的季度。我們第二季度的總收入為 291 億美元，同比增長 56%。我們已經看到所有地區和大多數垂直領域的強勁增長。我們最強大的垂直領域是那些在整個大流行期間表現良好的垂直領域，包括電子商務、零售和 CPG。我們還看到其他受 COVID 嚴重打擊的旅行等其他方面的持續復甦。我們的業績繼續受到持續的數字化轉型的推動，這一轉型在大流行期間加速，以及我們對工具和產品的長期投資，以幫助企業實現在線轉變。

Not long ago, it was much harder and much more expensive for businesses to create a digital presence, take orders online and reach customers remotely. Our tools and products make these things easier and more accessible. Businesses and creators can set up pages, profiles and shops from Facebook and Instagram. They can engage with customers directly in groups or through Messenger and WhatsApp, and they can tell their stories in creative ways with real stories or by going live on Facebook and Instagram.

不久前，對於企業來說，創建數字化存在、在線接受訂單和遠程接觸客戶要困難得多，成本也要高得多。我們的工具和產品使這些事情變得更容易和更容易獲得。企業和創作者可以從 Facebook 和 Instagram 設置頁面、個人資料和商店。他們可以直接在群組中或通過 Messenger 和 WhatsApp 與客戶互動，他們可以通過真實故事或在 Facebook 和 Instagram 上直播以創造性的方式講述他們的故事。

With personalized ads, they can easily reach the people most likely to be interested in their products or services for just a few dollars. This has helped so many businesses, especially small businesses, find success when reaching people in person have been much harder.

通過個性化廣告，他們只需幾美元就可以輕鬆吸引最有可能對其產品或服務感興趣的人。這幫助許多企業，尤其是小型企業，在面對面接觸人變得更加困難時取得了成功。

A great example is The Pizza Cupcake, a family-owned baking business in New York City. They've been selling at pop-up shops since 2018. But when COVID hit, pop-up locations shut down and catering events canceled. So in March last year, they became an e-commerce business. In Q3, they tested their first Facebook Ad campaigns in the New York Tri-State Area. And by the following quarter, ramped up their budget to sell across 28 states. They since made 3 new hires and plan to start shipping nationwide this year. They've expanded production, which has also led to jobs being created at fulfillment centers in Maryland, Florida, Arizona and California.

一個很好的例子是 The Pizza Cupcake，這是一家位於紐約市的家族烘焙企業。自 2018 年以來，他們一直在快閃店銷售。但當 COVID 來襲時，快閃店關閉，餐飲活動取消。於是在去年3月，他們變成了一家電子商務公司。在第三季度，他們在紐約三州地區測試了他們的第一個 Facebook 廣告活動。到了下一個季度，他們增加了在 28 個州銷售的預算。此後，他們招聘了 3 名新員工，併計劃今年開始在全國范圍內發貨。他們擴大了生產，這也導致在馬里蘭州、佛羅里達州、亞利桑那州和加利福尼亞州的履行中心創造了就業機會。

We're constantly working to improve the effectiveness of our ad products to help businesses like The Pizza Cupcake reach customers and get a great return on their investment. We're doing this through investments in machine learning and monetization of newer surfaces like Stories and Reels. In all of this, we're planning for the long term.

我們一直在努力提高廣告產品的有效性，以幫助 The Pizza Cupcake 等企業吸引客戶並獲得豐厚的投資回報。我們通過投資機器學習和新表面（如 Stories 和 Reels）的貨幣化來實現這一目標。在所有這一切中，我們都在進行長期規劃。

Mark talked about some of the key elements of our strategy going forward. So I'll focus on the strategy for the ads business. If you think about the journey we've been on over the past decade or so, we started with desktop ads on the right-hand side of people's feeds. Then consumers shifted to mobile, and we put ads in News Feed. And quarter after quarter, year after year, as we've created great new consumer products like Stories or Reels, we found the right way for advertisers to reach consumers within these products. And we're constantly working to make our ads deliver more for businesses and be more relevant for people.

馬克談到了我們未來戰略的一些關鍵要素。因此，我將專注於廣告業務的策略。如果您考慮一下我們在過去十年左右的歷程，我們會從用戶信息流右側的桌面廣告開始。然後消費者轉向移動設備，我們在 News Feed 中投放廣告。年復一年，隨著我們創造了像 Stories 或 Reels 這樣出色的新消費產品，我們為廣告商找到了在這些產品中接觸消費者的正確方式。我們一直在努力使我們的廣告為企業提供更多內容，並與人們更相關。

To support the growth of our ads business over the next 10 years, it's going to take a similar effort. We need to build on our success by developing innovative new products and discovery experiences while giving everyone more control over their personal information.

為了支持我們的廣告業務在未來 10 年的增長，我們需要做出類似的努力。我們需要通過開發創新的新產品和發現體驗來鞏固我們的成功，同時讓每個人都能更好地控制他們的個人信息。

To build the next era of personalized experiences, we're focused on product innovations in 4 areas. The first is discovery. We want to keep making our app the best places to discover products and businesses you'll love. For example, we're testing a new experience in News Feed where you can tap to browse content from businesses on topics like beauty, fitness or clothing. And we're using context to make smarter recommendations about which ads to show. So if you're watching a travel video, we could show ads for hotels and flights.

為了打造下一個個性化體驗時代，我們專注於 4 個領域的產品創新。首先是發現。我們希望繼續使我們的應用程序成為發現您喜愛的產品和業務的最佳場所。例如，我們正在測試動態消息中的新體驗，您可以在其中點按以瀏覽有關美容、健身或服裝等主題的企業內容。我們正在使用上下文對要展示的廣告提出更明智的建議。因此，如果您正在觀看旅遊視頻，我們可以展示酒店和航班的廣告。

The second area is commerce, which Mark touched on a moment ago. We're building a modern commerce system across ads, community tools, messaging, shops and payments. It's all about creating a personalized, seamless customer journey where it's easier to discover products, buy it, pay for it and have it delivered to your doorstep.

第二個領域是商業，Mark 剛才談到了這個領域。我們正在構建一個涵蓋廣告、社區工具、消息傳遞、商店和支付的現代商業系統。這一切都是為了創建一個個性化、無縫的客戶旅程，讓您更容易發現產品、購買產品、付款並將產品送到您家門口。

The third area is privacy-enhancing technologies. We know businesses are experiencing challenges because of platform changes. We want to make sure they can continue getting great results through privacy-safe, personalized ads long into the future. So we're collaborating across the industry to develop new technologies to help minimize the amount of personal information we process while still allowing us to show relevant ads and measure their effectiveness.

第三個領域是隱私增強技術。我們知道，由於平台變化，企業正面臨挑戰。我們希望確保他們能夠在未來很長一段時間內通過隱私安全的個性化廣告繼續獲得出色的成果。因此，我們正在整個行業合作開發新技術，以幫助最大限度地減少我們處理的個人信息量，同時仍然允許我們展示相關廣告並衡量其有效性。

The fourth is building tools that help businesses beyond marketing. We want to help solve all kinds of business needs, whether it's customer relationship management, business messaging tools or hiring through Facebook jobs.

第四是構建工具，幫助企業超越營銷。我們希望幫助解決各種業務需求，無論是客戶關係管理、業務消息傳遞工具還是通過 Facebook 職位招聘。

We're helping people run their business across our apps easily with Facebook Business Suite. We're making it easier to message customers across our apps from a single interface. And we're expanding our Messenger API for Instagram as customers increasingly rely on messaging instead of phone calls.

我們正在幫助人們使用 Facebook Business Suite 輕鬆地在我們的應用中開展業務。我們讓通過單一界面通過我們的應用程序向客戶發送消息變得更加容易。我們正在擴展我們的 Instagram Messenger API，因為客戶越來越依賴消息而不是電話。

The digital transformation is a long-term trend that isn't going away. By focusing on innovation in these 4 areas, we will continue to help businesses of all sizes make the shift online and reach customers with privacy-safe, personalized advertising.

數字化轉型是一個不會消失的長期趨勢。通過專注於這 4 個領域的創新，我們將繼續幫助各種規模的企業實現在線轉型，並通過隱私安全的個性化廣告吸引客戶。

As ever, I'm grateful to all the businesses who work with us, and I continue to be amazed by our teams all over the world. Throughout this period, we've been really lucky to have so many brilliant people working hard to keep people connected and help businesses survive and thrive online.

一如既往，我感謝所有與我們合作的企業，我繼續對我們在世界各地的團隊感到驚訝。在此期間，我們真的很幸運有這麼多優秀的人努力保持人們的聯繫並幫助企業在網上生存和發展。

Now over to Dave.

現在輪到戴夫了。

Thanks, Sheryl, and good afternoon, everyone.

謝謝，Sheryl，大家下午好。

We delivered strong results in the second quarter as our services continue to help millions of businesses reach customers around the world. Let's begin with our community metrics.

我們在第二季度取得了強勁的業績，因為我們的服務繼續幫助數百萬企業接觸全球客戶。讓我們從我們的社區指標開始。

We estimate that approximately 2.8 billion people used at least 1 of our services on a daily basis in June and that approximately 3.5 billion people used at least 1 on a monthly basis. Our global community continue to grow even as we lapped elevated user growth in the second quarter of last year related to the pandemic.

我們估計，6 月份大約有 28 億人每天至少使用我們的一項服務，大約 35 億人每月至少使用一項服務。儘管我們在去年第二季度與大流行相關的用戶增長有所提高，但我們的全球社區仍在繼續增長。

Facebook daily active users reached 1.91 billion, up 7% or 123 million compared to last year. DAUs represented approximately 66% of the 2.9 billion monthly active users in June. MAUs grew by 194 million or 7% compared to last year.

Facebook 日活躍用戶達到 19.1 億，比去年增長 7% 或 1.23 億。 DAU 約佔 6 月 29 億月活躍用戶的 66%。與去年相比，MAU 增加了 1.94 億或 7%。

Turning to the financials. All comparisons are on a year-over-year basis unless otherwise noted. Q2 total revenue was $29.1 billion, up 56% or 50% on a constant currency basis. We benefited from a currency tailwind. And had foreign exchange rates remained constant with Q2 of last year, total revenue would have been $982 million lower. On a 2-year basis, Q2 total revenue growth decelerated to 72% from 74% in the first quarter.

轉向財務。除非另有說明，否則所有比較均按年進行。第二季度總收入為 291 億美元，按固定匯率計算增長 56% 或 50%。我們受益於貨幣順風。如果匯率與去年第二季度保持不變，總收入將減少 9.82 億美元。在 2 年的基礎上，第二季度的總收入增長從第一季度的 74% 放緩至 72%。

Q2 ad revenue was $28.6 billion, up 56% or 51% on a constant currency basis. The macroeconomic environment for online advertising remains very strong. As Sheryl noted, the growth in the advertising revenue was largely driven by verticals that have performed well during the pandemic such as online commerce and consumer packaged goods. In addition, we have -- we saw improved growth trends in verticals that were particularly challenged during the pandemic, such as travel, entertainment and media.

第二季度廣告收入為 286 億美元，按固定匯率計算增長 56% 或 51%。在線廣告的宏觀經濟環境仍然非常強勁。正如 Sheryl 指出的那樣，廣告收入的增長主要是由在大流行期間表現良好的垂直行業推動的，例如在線商務和消費品。此外，我們看到在大流行期間受到特別挑戰的垂直行業的增長趨勢有所改善，例如旅遊、娛樂和媒體。

On a user geography basis, ad revenue growth accelerated in all regions as we lapped the strongest quarter of last year, this is the second quarter of last year, which was the period hardest hit by the pandemic. Growth was strongest in the Rest of World at 86%. Europe, Asia Pacific and the U.S. and Canada grew 63%, 56% and 48%, respectively. Europe, Asia Pacific and Rest of World, all benefited from currency tailwinds.

從用戶地域來看，所有地區的廣告收入增長都在加速，因為我們經歷了去年最強勁的一個季度，這是去年第二季度，也是受疫情影響最嚴重的時期。世界其他地區的增長最為強勁，達到 86%。歐洲、亞太地區以及美國和加拿大分別增長了 63%、56% 和 48%。歐洲、亞太地區和世界其他地區都受益於貨幣順風。

In Q2, the total number of ad impressions served across our services increased 6% and the average price per ad increased 47%. Impression growth was primarily driven by developing markets, especially in Asia Pacific, while pricing growth benefited from broad-based strength in advertiser demand. Recall that in the second quarter of 2020, the effects of the pandemic contributed to elevated impressions and depressed prices, which we are now lapping.

在第二季度，通過我們的服務投放的廣告總展示次數增加了 6%，每個廣告的平均價格增加了 47%。印象增長主要由發展中市場推動，尤其是在亞太地區，而定價增長得益於廣告客戶需求的廣泛增長。回想一下，在 2020 年第二季度，大流行的影響導致印象增加和價格下跌，我們現在正在處理這些問題。

Other revenue was $497 million, up 36%. Other revenue growth continues to be driven by Quest 2 sales, though the rate of growth slowed in the second quarter as we entered a seasonally slower sales period. We also recorded a revenue adjustment for returns related to the Quest 2 foam facial interface recall.

其他收入為 4.97 億美元，增長 36%。 Quest 2 銷售繼續推動其他收入增長，儘管隨著我們進入季節性放緩的銷售期，第二季度的增長率有所放緩。我們還記錄了與 Quest 2 泡沫面部界面召回相關的退貨收入調整。

Turning now to expenses. Q2 total expenses were $16.7 billion, up 31% compared to last year. In terms of the specific line items: cost of revenue increased 41% driven by consumer hardware costs, payments partners and core infrastructure investments. R&D increased 37%, driven primarily by hiring to support our core products and consumer hardware efforts. Marketing and sales increased 15%, mainly driven by hiring and marketing spend. Lastly, G&A expenses increased 23% driven mostly by employee-related costs and legal expenses.

現在轉向開支。第二季度總支出為 167 億美元，比去年增長 31%。在具體項目方面：在消費硬件成本、支付合作夥伴和核心基礎設施投資的推動下，收入成本增加了 41%。研發增長 37%，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 15%，主要受招聘和營銷支出的推動。最後，G&A 費用增長了 23%，主要受員工相關成本和法律費用的推動。

We added over 2,700 net new hires in Q2, primarily in technical functions. We ended the quarter with over 63,400 full-time employees, up 21% compared to last year. Second quarter operating income was $12.4 billion, representing a 43% operating margin. Our tax rate was 17%. Net income was $10.4 billion or $3.61 per share. Capital expenditures, including capital leases, were $4.7 billion, driven by investments in data centers, servers, network infrastructure and office facilities. Free cash flow was $8.5 billion. We repurchased $7.1 billion of our Class A common stock in the second quarter, and we ended the quarter with $64.1 billion in cash and marketable securities.

我們在第二季度增加了 2,700 多名淨新員工，主要是在技術部門。我們在本季度末擁有超過 63,400 名全職員工，與去年相比增長了 21%。第二季度營業收入為 124 億美元，營業利潤率為 43%。我們的稅率是 17%。淨收入為 104 億美元或每股 3.61 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 47 億美元。自由現金流為 85 億美元。我們在第二季度回購了 71 億美元的 A 類普通股，並以 641 億美元的現金和有價證券結束了本季度。

In terms of our sustainability efforts, we remain focused on achieving our goal to reach net zero emissions for our entire value chain in 2030. In June, we released our second annual sustainability report, which details our work towards achieving our objectives.

在我們的可持續發展努力方面，我們仍然專注於實現我們在 2030 年實現整個價值鏈淨零排放的目標。6 月，我們發布了第二份年度可持續發展報告，詳細介紹了我們為實現目標所做的工作。

Turning now to the outlook. Similar to the second quarter, we expect that advertising revenue growth will be primarily driven by year-over-year advertising price increases during the rest of 2021. In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth. When viewing growth on a 2-year basis to exclude the impacts from lapping the COVID recovery, we expect [year -- over 2-year] total revenue growth rates to decelerate modestly in the second half compared to the second quarter rate.

現在轉向展望。與第二季度類似，我們預計廣告收入增長將主要受到 2021 年剩餘時間廣告價格同比上漲的推動。在 2021 年第三和第四季度，我們預計總收入將同比增長隨著我們經歷越來越強勁的增長時期，利率將連續顯著減速。當以 2 年為基礎查看增長以排除 COVID 復甦的影響時，我們預計 [年 - 超過 2 年] 總收入增長率將在下半年與第二季度相比溫和減速。

We continue to expect increasing ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates, which we expect to have a more significant impact in the third quarter compared to the second quarter. As noted in recent earnings calls, we continue to monitor developments related -- regarding the viability of transatlantic data transfers and their potential impact on our European operations.

我們繼續預計 2021 年由於監管和平台變化，尤其是最近的 iOS 更新，廣告定位阻力會增加，與第二季度相比，我們預計第三季度的影響會更大。正如最近的財報電話會議所指出的，我們將繼續監測相關的發展——關於跨大西洋數據傳輸的可行性及其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, unchanged from our prior outlook. The year-over-year growth in expenses is driven primarily by investments in technical and product talent, infrastructure and consumer hardware-related costs. Our expenses -- our expense outlook reflects our commitment to invest ahead of the compelling long-term growth opportunities we see across our product portfolio.

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，與我們之前的預期持平。費用的同比增長主要是由對技術和產品人才、基礎設施和消費硬件相關成本的投資推動的。我們的費用——我們的費用前景反映了我們在產品組合中看到的引人注目的長期增長機會之前進行投資的承諾。

We expect 2021 capital expenditures to be in the range of $19 billion to $21 billion, unchanged from our prior estimate. Our capital expenditures are driven primarily by our investments in data centers, servers, network infrastructure and office facilities. We expect our full year 2021 tax rate to be in the high teens.

我們預計 2021 年的資本支出將在 190 億美元至 210 億美元之間，與我們之前的估計持平。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。我們預計我們的 2021 年全年稅率將處於高位。

In closing, we are pleased with the strong performance of our business and remain committed to innovating on behalf of the people and businesses who use our services around the world.

最後，我們對我們業務的強勁表現感到高興，並繼續致力於代表世界各地使用我們服務的個人和企業進行創新。

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 is 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 on shopping and sort of all the Instagram and Facebook shopping efforts. You've been sort of at this for over a year now. And Mark, I thought your comments about, "It's going to take a before it's meaningful," tonight were somewhat meaningful. Talk to us about sort of what are 1 or 2 of the key execution areas you really need to overcome to make the shopping opportunity really be larger for the company over the next few years.

我有 2 個。第一個關於購物以及所有 Instagram 和 Facebook 購物工作。你已經有一年多了。馬克，我認為你今晚的評論“它需要一段時間才會有意義”是有意義的。與我們討論一下您真正需要克服的 1 或 2 個關鍵執行領域，以便在未來幾年內為公司帶來更大的購物機會。

And then secondly, on the creator economy, there's a lot of different platforms with reach and algorithms sort of attacking this creator economy. Maybe just help us better understand a little bit the way you intend to really compete for creators to bring more exclusive content to your platform.

其次，在創作者經濟中，有很多不同的平台具有影響力和算法，有點攻擊這個創作者經濟。也許只是幫助我們更好地了解您打算真正與創作者競爭以將更多獨家內容帶到您的平台的方式。

Sure. I think I can probably take both of those. On commerce, I think the main thing to keep in mind is just the ads business is so large that it's going to take a long time before anything that we do with commerce is going to be particularly meaningful at scale. But I think overall, the strategy is really to work our way down the funnel from discovery and all the things that were already world-class that -- with ads to making it so that those ads increasingly point to shops across our different services. In order to do that, each layer of the funnel that we're working on, we want to be world class on its own, which means that basically, there's this whole long tail of functionality that businesses have come to expect on the web and from other tools, and we need to make sure that, that's available for shops and business messaging and all the tools, whether we do that through partnerships with other e-commerce companies or building it up ourselves.

當然。我想我可能可以同時接受這兩個。在商業方面，我認為要記住的主要事情是廣告業務是如此之大，以至於我們對商業所做的任何事情都需要很長時間才能在規模上特別有意義。但我認為總體而言，該策略實際上是從發現和所有已經是世界一流的東西的漏斗中走下去——從廣告到製作它，以便這些廣告越來越多地指向我們不同服務中的商店。為了做到這一點，我們正在處理的漏斗的每一層，我們都希望自己成為世界級的，這意味著基本上，有整個長尾的功能，企業已經開始期望在網絡上和來自其他工具，我們需要確保這可用於商店和商業消息傳遞以及所有工具，無論我們是通過與其他電子商務公司合作還是自己建立它。

So it's -- we're seeing meaningful improvements every quarter in this in terms of how effective these are. There are already a pretty meaningful number of merchants and people who are using Shops, and we expect this to compound over the coming years. But I just think in terms of the scale of the ads business that we're starting at, I just think realistically, we shouldn't expect that this is going to be a meaningful driver of our business or profitability in the near term. It's just going to take a while for that compounding to become meaningful numbers.

因此，就這些措施的有效性而言，我們每個季度都看到了有意義的改進。已經有相當多的商家和人在使用 Shops，我們預計這將在未來幾年變得更加複雜。但我只是認為，就我們開始的廣告業務規模而言，我只是現實地認為，我們不應該指望這將在短期內成為我們業務或盈利能力的有意義的驅動力。這種複合需要一段時間才能成為有意義的數字。

But I think the strategy is the right one. It's creating a better product experience for people. When you click on an ad or when you engage with a business, it's just going to be much better to do that natively, whether you're in Instagram or Facebook or WhatsApp or whatever you're using, than go to a website that doesn't have your payment information and it isn't personalized. So I think we're on the right path here, and we're focused on compounding this as quickly as we can.

但我認為策略是正確的。它正在為人們創造更好的產品體驗。當您點擊廣告或與企業互動時，無論您是在 Instagram、Facebook 或 WhatsApp 還是您使用的任何網站，都比訪問不支持的網站要好得多'沒有您的付款信息，也不是個性化的。所以我認為我們在這裡走的是正確的道路，我們專注於盡快複合。

I guess for the second question on the creator economy, I mean, yes, there are a number of different companies that are focused on this. I'd say there are a couple of things here that are interesting properties of this. One is that if you're a creator and you're trying to get your content out there and you're trying to make a living, you want to be in all these different platforms. So I think a lot of what we're trying to do is it's not necessarily the case that people are going to be on one platform versus another. We just want to make it so that the creators have their best content here and that we can help them make a living better than other platforms. And we think that if we do, we'll have an advantage on content over the long term. But it's not like we fundamentally have to win creators over from another place.

我想關於創造者經濟的第二個問題，我的意思是，是的，有很多不同的公司都在關注這個問題。我想說這裡有幾件事很有趣。一個是，如果你是一個創作者，你想把你的內容髮佈出去，你想謀生，你想在所有這些不同的平台上工作。所以我認為我們正在嘗試做的很多事情是，人們不一定會在一個平台上而不是另一個平台上。我們只是想讓創作者在這裡擁有他們最好的內容，並且我們可以幫助他們比其他平台過得更好。我們認為，如果我們這樣做，從長遠來看，我們將在內容方面擁有優勢。但這並不是說我們從根本上必須從另一個地方贏得創作者的支持。

Our monetization tools, I think, are a pretty big advantage that we bring to the table. Our advertising is world-class. So the ability to basically help creators make more money from the work that they're already doing, I think it's something that we should really be able to bring those set of tools to the table. We also have a lot of distribution that -- and ability to -- for people to find their communities and help personalize recommendations to help connect people with the people who are going to be interested in their content.

我認為，我們的貨幣化工具是我們帶來的一個相當大的優勢。我們的廣告是世界一流的。因此，基本上幫助創作者從他們已經在做的工作中賺更多錢的能力，我認為我們應該真正能夠將這些工具帶到桌面上。我們也有很多分發——並且有能力——讓人們找到他們的社區並幫助個性化推薦，以幫助人們與將對他們的內容感興趣的人聯繫起來。

So I bet that is -- that's some of what we're seeing and why a lot of creators are excited about the work that we're doing. And over the long term, I think if we're able to make it so that millions of creators are able to make a living across our platforms, I think that that's just going to mean that there's going to be a long-term breadth and healthy set of content across the systems that I think is going to be increasingly important, especially as video becomes more important on our platforms, like what we're seeing both with Watch and Reels now.

所以我敢打賭——這就是我們所看到的，也是為什麼很多創作者對我們正在做的工作感到興奮的原因。從長遠來看，我認為如果我們能夠讓數以百萬計的創作者能夠在我們的平台上謀生，我認為這只是意味著會有一個長期的廣度和我認為跨系統的健康內容集將變得越來越重要，尤其是隨著視頻在我們的平台上變得越來越重要，就像我們現在在 Watch 和 Reels 上看到的一樣。

And France, we can go ahead and take the next question.

法國，我們可以繼續回答下一個問題。

Our next question is from 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 Dave and one for Mark. First on the DAUs, you're kind of back where you were in Q1 last year for U.S. and Europe. How do you feel about how reopening is affecting activity? And penetration levels today, where could they go from here?

也許一個給戴夫，一個給馬克。首先在 DAU 上，你有點回到去年第一季度美國和歐洲的水平。您如何看待重新開放對活動的影響？而今天的滲透水平，他們能從這裡走向何方？

And then, Mark, really appreciate all the commentary on meta universe. I think some companies would build them private. I appreciate the thoughts around that. Maybe first, what's kind of the business model on a very high level? And second, what kind of disclosures could we see on expenses around AR, VR? It looks like maybe up to 20% of job openings are Oculus. So it looks like the investments already started. I was wondering if you might be able to -- how you're thinking about giving us updates around that.

然後，馬克，非常感謝所有關於元宇宙的評論。我認為有些公司會將它們私有化。我很欣賞周圍的想法。也許首先，非常高層次的商業模式是什麼樣的？其次，我們可以看到哪些關於 AR、VR 費用的披露？看起來可能高達 20% 的職位空缺是 Oculus。所以看起來投資已經開始了。我想知道您是否能夠——您如何考慮向我們提供有關這方面的最新信息。

Yes. Thanks, Justin. On the DAU front, we are seeing those trends being impacted by COVID. That's especially noticeable in some of the larger markets where we have high levels of penetration like North America and Europe.

是的。謝謝，賈斯汀。在 DAU 方面，我們看到這些趨勢受到 COVID 的影響。這在我們擁有高滲透率的一些較大市場（如北美和歐洲）中尤其明顯。

And I'd say in North America, given our high level of penetration, we do expect sort of MAU and DAU levels to sort of bounce around from quarter-to-quarter given kind of how significantly penetrated we are in that market.

我想說的是，在北美，鑑於我們的高滲透率，考慮到我們在該市場的滲透率有多高，我們確實預計 MAU 和 DAU 水平會從一個季度到另一個季度反彈。

And then in Europe, we're seeing a combination of seasonal slowness as well as COVID-related softness when we saw restriction ease -- restrictions ease. Obviously, with Delta, we might see other trends. It's hard to predict how that's going to play out in this cycle. But that's kind of the best read on it I can give you at this point.

然後在歐洲，當我們看到限制放鬆時，我們看到了季節性放緩以及與 COVID 相關的疲軟——限制放鬆。顯然，有了 Delta，我們可能會看到其他趨勢。很難預測這將如何在這個週期中發揮作用。但這是我目前能給你的最好的讀物。

Sure. And on the metaverse point, what we're primarily focused on here, before I get into the business model, our basic playbook as a company is build products that get to scale, especially social products. It's important that the people you want to interact with are there. So we're going to focus on having hundreds of millions of people use the metaverse and the new platforms that we're building before we really turn this into what I expect to be a very important and big part of the business.

當然。在元節這一點上，我們主要關注的是，在我進入商業模式之前，我們作為一家公司的基本劇本是構建可擴展的產品，尤其是社交產品。重要的是你想與之互動的人在那裡。因此，我們將專注於讓數億人使用我們正在構建的元宇宙和新平台，然後才能真正將其變成我期望的業務中非常重要和重要的部分。

But overall -- and I think that there's -- as we embark on this next chapter, ads are going to continue being an important part of the strategy across the social media parts of what we do, and it will probably be a meaningful part of the metaverse, too. I think commerce is going to be increasingly important, which is why we're -- one of the reasons why we're focused on this across our current apps and the current economy. But I think digital goods and creators are just going to be huge, right, in terms of people expressing themselves through their avatars, through digital clothing, through digital goods, the apps that they have, that they bring with them from place to place. A lot of the metaverse experience is going to be around being able to teleport from one experience to another. So being able to basically have your digital goods and your inventory and bring them from place to place, I think that's going to be a big investment that people make.

但總的來說 - 我認為有 - 當我們開始下一章時，廣告將繼續成為我們所做的社交媒體部分戰略的重要組成部分，它可能會成為一個有意義的部分元節也是。我認為商業將變得越來越重要，這就是為什麼我們在當前的應用程序和當前的經濟中專注於這一點的原因之一。但我認為，數字商品和創作者將變得巨大，對，就人們通過他們的化身、數字服裝、數字商品、他們擁有的應用程序、他們從一個地方帶到另一個地方來表達自己而言。很多元宇宙體驗將圍繞著能夠從一種體驗傳送到另一種體驗。因此，基本上能夠擁有您的數字商品和庫存並將它們從一個地方帶到另一個地方，我認為這將是人們進行的一項重大投資。

And our focus for now is really on helping to develop the community, helping to develop the number of people who -- and grow the number of people who can be in these metaverse experiences and can experience in these next computing platforms like virtual and augmented reality. And that's, I think, what you should expect us to focus on over the next period. But over the long term, I think that there's going to be a very big digital economy around this. And that's what we're primarily going to be shooting for.

我們現在的重點實際上是幫助開發社區，幫助開發人數 - 並增加可以在這些虛擬世界體驗中並可以在虛擬和增強現實等下一代計算平台中體驗的人數.我認為，這就是您應該期望我們在下一個時期關注的重點。但從長遠來看，我認為圍繞這一點將會有一個非常大的數字經濟。這就是我們主要的目標。

Our business model isn't going to primarily be around trying to sell devices at a large premium or anything like that because our mission is around serving as many people as possible. So we want to make everything that we do as affordable as possible, so as many people as possible can get into it and then compounds the size of the digital economy inside it.

我們的商業模式不會主要是試圖以高價銷售設備或類似的東西，因為我們的使命是為盡可能多的人服務。所以我們想讓我們所做的一切盡可能地負擔得起，以便盡可能多的人能夠參與其中，然後在其中擴大數字經濟的規模。

So that's kind of at a high level how I'm thinking about this. And I'm happy to talk about this more as we continue to evolve the investment. And Dave can speak about the expenses and disclosures and all that. But I will note that I appreciate the ingenuity and cleverness of looking to our job descriptions to -- just to see where we're investing. This is a big focus, as I called out in my comments at the beginning.

這就是我對這個問題的看法。隨著我們繼續發展投資，我很高興能更多地談論這一點。戴夫可以談論費用和披露以及所有這些。但我會指出，我欣賞我們的工作描述的獨創性和聰明才智——只是為了看看我們在哪裡投資。這是一個很大的焦點，正如我在一開始的評論中所說的那樣。

Yes. And Justin, I mean, obviously, from a capital allocation perspective, our overall focus is on growth. And we've repeatedly called out that as it relates to our investments in innovation, FRL is a big focus area for us and a major investment driver in our expense outlook. So we have mentioned that we're investing billions of dollars annually, and we expect to invest in this area for the foreseeable future. As we make progress towards building this next computing platform, there's a lot of hard work that needs to be done, but it is a big focus, but we haven't provided any more granularity on it.

是的。賈斯汀，我的意思是，顯然，從資本配置的角度來看，我們的整體重點是增長。我們一再呼籲，由於它與我們對創新的投資有關，FRL 是我們的一個重點領域，也是我們支出前景的主要投資驅動力。所以我們已經提到我們每年投資數十億美元，我們希望在可預見的未來投資這個領域。隨著我們在構建下一個計算平台方面取得進展，需要做很多艱苦的工作，但這是一個很大的重點，但我們還沒有提供更多的粒度。

Okay, France, the -- you can go ahead and go to the next question, please.

好的，法國，請您繼續進行下一個問題。

Our next question is from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I'm going to go 2 for Dave. Just first on the mix of slower impression growth and then with price as the driver here for the year, is there anything else that we should be thinking about beyond the comps from last year? And how do you think about expanding surfaces to create more ad inventory going forward?

我要為戴夫去2。首先是印象增長放緩，然後是價格作為今年的驅動因素，除了去年的比較之外，我們還應該考慮其他什麼嗎？您如何看待擴展表面以創建更多廣告庫存？

And then secondly, just curious if your view on ATT has changed over the past 3 months at all? And if you could comment at all just early on, on some of your mitigation efforts and what you're seeing there.

其次，只是好奇您對 ATT 的看法在過去 3 個月中是否發生了變化？如果您可以在早期就您的一些緩解工作以及您在那裡看到的情況發表評論。

Yes. Sure, Doug. In terms of impression growth, we had called out last quarter that we would expect for the remainder of 2021 for pricing to be a bigger driver of growth. So -- and mentioned at that time, there were a few factors driving it. The biggest factor is lapping the COVID engagement that we saw that was particularly pronounced in North America where we saw more engagement related to the lockdowns and higher impression growth last year. So that is one of the big factors.

是的。當然，道格。就印象增長而言，我們在上個季度曾呼籲，我們預計在 2021 年剩餘時間內，定價將成為增長的更大推動力。所以——當時提到，有幾個因素在推動它。最大的因素是我們看到的 COVID 參與度在北美尤為明顯，我們看到去年與鎖定和更高的印象增長相關的參與度更高。所以這是重要的因素之一。

The other factor that we're seeing is a shift towards video, both for our products and other products. And that's just generally a big trend in the market, and that tends to have a -- lower impressions per the amount of engagement than things like News Feed. So kind of both those things are factors, but the COVID factor is the one that I would call out.

我們看到的另一個因素是我們的產品和其他產品都轉向視頻。這通常是市場上的一個大趨勢，而且與新聞提要之類的東西相比，每參與量的印象往往更低。這兩件事都是因素，但我要提到的是 COVID 因素。

And when you think about how we're expanding services to create more ad inventory, I would say that we've got a number of impression growth opportunities. We've seen growing impression contributions from new services like Instagram Explore broadly within video, Marketplace. And then when we look forward, I think Reels is a really significant future opportunity. We've only just really begun to make ads available globally on Reels.

當您考慮我們如何擴展服務以創建更多廣告庫存時，我會說我們有許多印象增長機會。我們已經看到來自 Instagram 等新服務的印象貢獻在視頻、市場中廣泛探索。然後當我們展望未來時，我認為 Reels 是一個非常重要的未來機會。我們才剛剛真正開始在 Reels 上面向全球投放廣告。

So when you kind of look at all of these different services, we think there are a lot of good growth opportunities. They're still small in absolute size compared to things like Feed and Stories, but big opportunities for growth.

因此，當您查看所有這些不同的服務時，我們認為有很多良好的增長機會。與 Feed 和 Stories 等內容相比，它們的絕對規模仍然很小，但有很大的增長機會。

In terms of your question on ATT, so the impact from the ATT changes has really generally been in line with our expectation. We're obviously benefiting, as others are, from a very strong macro environment for advertising. But look, this has been very challenging for advertisers to navigate, and we're working with them to help them navigate these changes. And we've introduced solutions to help them do that through approaches like our Aggregated Events Management API, which is aggregated data for targeting and measurement. Obviously, we're doing a lot of work on using machine learning and AI to help rank apps and make them more valuable. But overall, we do think there are opportunities to continue to improve our capabilities through investments in areas like machine learning and AI to make ads more effective. And if we can get advertisers to get the same number of conversions from fewer ads, that's great. That works for them, and it creates more value for the ads for us.

關於您對 ATT 的問題，因此 ATT 變化的影響確實總體上符合我們的預期。與其他人一樣，我們顯然從非常強大的廣告宏觀環境中受益。但是看，這對廣告商來說非常具有挑戰性，我們正在與他們合作，幫助他們應對這些變化。我們引入了解決方案，通過我們的聚合事件管理 API 等方法幫助他們做到這一點，聚合事件管理 API 是用於定位和衡量的聚合數據。顯然，我們在使用機器學習和人工智能來幫助對應用程序進行排名並使它們更有價值方面做了大量工作。但總的來說，我們確實認為有機會通過對機器學習和人工智能等領域的投資來繼續提高我們的能力，以使廣告更有效。如果我們能讓廣告商從更少的廣告中獲得相同數量的轉化，那就太好了。這對他們有用，它為我們的廣告創造了更多價值。

Okay, France, we can go to the next question.

好的，法國，我們可以進入下一個問題。

Our next question is from Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. Two questions, please. Back on the metaverse investments, Dave, will you take a swing at that question about how much expense associated with building out the metaverse that investors should expect? We came up with our own crude numbers of maybe $5 billion a year. Are we anywhere, ballpark, close on that?

好的。請教兩個問題。回到元節投資，戴夫，你是否會回答這個問題，即投資者應該期望與構建元節相關的費用是多少？我們自己計算出每年大約 50 億美元的粗略數據。我們在任何地方，球場，接近那個嗎？

And then given the rise in pricing, just to address the issue. I know you've done it in the past, the extent to which that's had a material impact on ROI for marketers. I know it's an auction-based system. But as prices rise, is there -- should -- is there any reason to be concerned about whether there will be some marketers that would be priced out because of that and create less optimal outcomes for your platform?

然後考慮到價格上漲，只是為了解決這個問題。我知道你過去做過，這對營銷人員的投資回報率產生了多大的影響。我知道這是一個基於拍賣的系統。但是隨著價格上漲，是否有——應該——是否有任何理由擔心是否會有一些營銷人員因此而被定價並為您的平台創造不太理想的結果？

Yes. Sure, Mark. And I can certainly hit this with Justin's earlier question. We haven't given a specific breakout on what we're investing in FRL. It's obviously a significant investment. We've categorized it as billions and so your number is billions. So it's consistent with us saying billions. But beyond that, we don't have any more specificity to give, but it is certainly a significant investment. And I would say that is inclusive, obviously, of all of the efforts we're making across FRL, not just the metaverse.

是的。當然，馬克。我當然可以用賈斯汀之前的問題來解決這個問題。我們還沒有具體說明我們對 FRL 的投資。這顯然是一項重大投資。我們已將其歸類為數十億，因此您的數字是數十億。所以這與我們所說的數十億是一致的。但除此之外，我們沒有更多的具體說明，但這無疑是一項重大投資。我想說的是，顯然，這包括了我們在 FRL 中所做的所有努力，而不僅僅是元宇宙。

And then on pricing and ROI, Sheryl, you might be able to give some color on that as well. You're muted, Sheryl.

然後在定價和投資回報率方面，Sheryl，您也許也可以對此進行一些說明。你沉默了，雪兒。

Hang on a second.

稍等一下。

Sorry. On pricing and ROI, the beauty of an auction is that people can see the prices they're paying. They're able to measure the results, and then bid appropriately. As people get more specific, more personalized, more targeted in what they're doing, even if prices are rising, they can find the buys within the system network for them. And the good news is that's good pressure in the system because it makes the ads more relevant for the people who are seeing them.

對不起。在定價和投資回報率方面，拍賣的美妙之處在於人們可以看到他們支付的價格。他們能夠衡量結果，然後適當出價。隨著人們對他們所做的事情變得更加具體、更加個性化、更有針對性，即使價格上漲，他們也可以在系統網絡中為他們找到購買的東西。好消息是系統中的壓力很大，因為它使廣告與看到它們的人更相關。

Once you are really incentivized within an auction to find the thing that is returning for you, that's actually almost always the thing that is the most relevant for people who are seeing the ads. And I think that's been a good system and good pressure within the system going forward.

一旦您在拍賣中真正受到激勵以找到為您返回的東西，那實際上幾乎總是與看到廣告的人最相關的東西。而且我認為這是一個很好的系統，並且系統內的未來壓力很大。

We're certainly seeing our large brand advertisers continue to spend and get better at using personalization in our ad formats. And we're seeing small advertisers be able to compete very effectively. Doesn't mean that rising prices aren't an issue sometimes. But I think overall, this is where the auction system serves us well and most importantly, serves consumers well.

我們肯定會看到我們的大品牌廣告商繼續花錢並在我們的廣告格式中使用個性化方面做得更好。而且我們看到小型廣告商能夠非常有效地競爭。並不意味著價格上漲有時不是問題。但我認為總體而言，這是拍賣系統為我們提供良好服務的地方，最重要的是，它為消費者提供了良好的服務。

Great, France, we can go to the next question.

太好了，法國，我們可以進入下一個問題。

Our next question is from Youssef Squali with Truist.

我們的下一個問題來自 Youssef Squali 和 Truist。

Two questions, please. First, with Mark -- for Mark, maybe going back to the metaverse vision. How much of the building blocks that you need to basically build this future is within your control versus maybe pieces that other areas need to build, I'm thinking particularly around the hardware side because just listening to you, it seems like this is more of a communal thing that many, many, many people, many parties, even maybe some walled gardens would need to kind of open up to embrace this. Just wondering how you kind of look at that.

請教兩個問題。首先，與馬克——馬克，也許回到元宇宙的願景。基本上構建這個未來所需的構建塊有多少在您的控制範圍內，而不是其他領域需要構建的部分，我特別在硬件方面考慮，因為只是聽你說，似乎這更像是許多、許多、許多人、許多派對，甚至可能是一些有圍牆的花園都需要開放才能接受這一點。只是想知道你是怎麼看的。

And then maybe Dave or maybe Sheryl, I was -- I want to go back to the impact of iOS 14.5 on target in general, but maybe DR in particular. We heard from several marketers throughout the quarter that they had pulled back, not just on Facebook, but really across the board on some ad formats like app-installed ads because of ATT. I was wondering if you can maybe speak to DR versus brand.

然後可能是 Dave 或 Sheryl，我想回到 iOS 14.5 對總體目標的影響，但尤其是 DR。我們從整個季度的幾位營銷人員那裡得知，他們已經撤回了，不僅在 Facebook，而且因為 ATT 而在一些廣告格式（如應用安裝廣告）上全面撤出。我想知道您是否可以與 DR 與品牌交談。

I can start off with the metaverse question. I do think that this is going to be a macro wave overall that a lot of companies are going to be able to ride and benefit from. So whether that's companies like NVIDIA that are building a lot of the graphics chips that are going to be really important for a lot of the content that I think is going to be increasingly graphically intense, that's -- certainly, building those kind of graphics chips is not a thing that we're intending to get into. So we're certainly counting on companies like that in the industry to kind of continue improving and compounding overall.

我可以從元節問題開始。我確實認為這將是一個整體的宏觀浪潮，許多公司將能夠從中受益。因此，無論是像 NVIDIA 這樣的公司正在構建大量圖形芯片，這些圖形芯片對於我認為圖形越來越密集的許多內容來說都非常重要，那就是——當然，構建這類圖形芯片不是我們打算進入的事情。因此，我們當然指望行業中的此類公司能夠繼續改進和整體複合。

But on the hardware side, I would say that we have a pretty big program on building virtual and augmented reality devices. And I mean sure, a lot of people are still going to be using phones and computers for a long time. But I think when it gets to what are the devices that are going to deliver the deepest sense of presence and that are going to be increasingly important over the next decade, we're certainly investing in that because we want to make sure that those develop in a way that's in line with the vision of these platforms helping people to interact with each other and socialize. And that means prioritizing certain feature development or certain sensors in the devices that we want to make sure that we can help push that in a direction that will help leave these to become a very social platform.

但在硬件方面，我想說我們有一個相當大的項目來構建虛擬和增強現實設備。我的意思是，很多人仍然會在很長一段時間內使用手機和電腦。但我認為，當談到哪些設備將提供最深刻的存在感並且在未來十年將變得越來越重要時，我們肯定會在這方面進行投資，因為我們希望確保這些設備的發展以符合這些平台的願景的方式幫助人們相互互動和社交。這意味著我們要優先考慮設備中的某些功能開發或某些傳感器，以確保我們可以幫助將其推向一個有助於使這些成為一個非常社交的平台的方向。

So overall, I do think this is going to be a big space. The point that I was making is that I think there are going to be a lot of winners. And there's -- and this is going to be not something that one company builds alone, but I think it is going to be a whole ecosystem that needs to develop. But we're certainly making a lot of the key investments that we need to make in the foundational technology to be able to deliver the parts that we want to.

所以總的來說，我確實認為這將是一個很大的空間。我想說的是，我認為會有很多贏家。還有——這不會是一家公司單獨建立的東西，但我認為這將是一個需要發展的整個生態系統。但我們肯定會在基礎技術方面進行大量關鍵投資，以便能夠交付我們想要的部件。

Why don't -- Youssef, why don't I start off on it and then if Sheryl wants to add any color, she can jump in and add that. So in terms of Facebook Ads performing well in both direct response and brand this quarter, we continue to see solid growth across both direct response and brand. And direct response continues to be the bulk of our business and the primary driver of growth, but we did see a nice rebound consistent with others in the market of brand spend back on platform. And brand obviously took a big hit on a year-ago basis. Really saw a bigger pullback in brand. And so brand came back more strongly than DR.

為什麼不——優素福，我為什麼不從它開始，然後如果雪莉想添加任何顏色，她可以加入並添加。因此，就本季度 Facebook 廣告在直接響應和品牌方面的表現而言，我們繼續看到直接響應和品牌方面的穩健增長。直接響應仍然是我們業務的主體和增長的主要驅動力，但我們確實看到了與平台上品牌支出市場上其他市場一致的良好反彈。品牌顯然在一年前受到了很大的打擊。確實看到了更大的品牌回調。因此品牌比 DR 更強勢地回歸。

But DR is still doing quite well. We're seeing a lot of the categories that led during the pandemic continue to do well, and those are all highly DR-centric verticals like commerce. So continuing to see good performance there.

但是DR仍然做得很好。我們看到在大流行期間領先的許多類別繼續表現良好，而且這些都是高度以災難恢復為中心的垂直行業，例如商業。所以繼續在那裡看到良好的表現。

The only thing I'll add is that increasingly, the brand/DR distinction is less and less traditional. Large brand advertisers that have done brand advertising for a very long time, are increasingly learning to do direct response ads and use our different formats and use our different measurement tools.

我唯一要補充的是，品牌/DR 的區別越來越不傳統。長期從事品牌廣告的大型品牌廣告商越來越多地學習製作直接反應廣告，並使用我們不同的格式和不同的衡量工具。

So even the categories that people are used to thinking about, I think it's more the buy than the advertiser. As our largest brand advertisers, I think many of them are becoming increasingly proficient and effective in what would traditionally be considered DR advertising.

所以即使是人們習慣考慮的類別，我認為它更多的是購買而不是廣告商。作為我們最大的品牌廣告商，我認為他們中的許多人在傳統上被認為是 DR 廣告方面變得越來越精通和有效。

France, you can go ahead and go to the next question, please.

法國，請您繼續下一個問題。

Our next question is from 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。

Just one question for Mark or Dave, I guess, a follow-up on the creator economy topic. So YouTube pays $0.50 on every dollar to the creator, about $15 billion or so this year. So I guess, Dave, what's the view on the financial model and how that might change as you guys lean in, in this area? I know that influencers are getting paid maybe not directly by Facebook today, but by other folks to post things on Facebook. So I guess in the new world, are we looking at lower margins and other things that might offset that, like higher engagement? And then is the creator content going to be on just the new surfaces like Reels? Or is it likely to proliferate everywhere, including like the News Feeds on [blue] and Instagram?

馬克或戴夫的一個問題，我猜，是關於創造者經濟話題的後續報導。因此，YouTube 向創作者支付每一美元 0.50 美元，今年約為 150 億美元。所以我想，戴夫，對財務模型的看法是什麼？隨著你們在這個領域的傾斜，這可能會如何改變？我知道有影響力的人今天可能不是直接通過 Facebook 獲得報酬，而是通過其他人在 Facebook 上發佈內容。所以我想在新世界中，我們是否正在考慮更低的利潤率和其他可能抵消這一點的東西，比如更高的參與度？那麼創作者的內容是否會出現在像 Reels 這樣的新平台上？還是它可能會在任何地方擴散，包括像 [blue] 和 Instagram 上的新聞提要？

Yes, Ross, I can take that. I think it's a question of definition as well. I mean we already, like YouTube, pay a lot out to the creative industry more broadly as opposed to specific individual creators. So for instance, we pay to -- on the music licensing front, we do a fair amount of that. There's significant payments we make there above and beyond what we're talking about with the $1 billion commitment to creators that Mark outlined.

是的，羅斯，我可以接受。我認為這也是一個定義問題。我的意思是，我們已經像 YouTube 一樣，為更廣泛的創意產業付出了很多，而不是特定的個人創作者。因此，例如，我們支付 - 在音樂許可方面，我們做了相當多的事情。我們在那裡支付了大量款項，超出了我們所說的馬克概述的對創作者的 10 億美元承諾。

This is obviously something that is part of the cost structure, but it's something that we've long had in our outlook. So I don't think it's a meaningful change in the business model or outlook, but it is something that we're committed to helping people continue to build vibrant communities and businesses on our platform just like we have with advertising.

這顯然是成本結構的一部分，但這是我們長期以來一直在展望的東西。因此，我認為這不會對商業模式或前景產生有意義的變化，但我們致力於幫助人們繼續在我們的平台上建立充滿活力的社區和業務，就像我們在廣告方面所做的那樣。

So France, you can go ahead and go to the next question, please. Thank you.

所以法國，請你繼續下一個問題。謝謝你。

Our next question is from Mark Shmulik with Alliance Bernstein (sic) [Sanford C. Bernstein & Co., LLC].

我們的下一個問題來自 Alliance Bernstein (sic) [Sanford C. Bernstein & Co., LLC] 的 Mark Shmulik。

A couple for Sheryl or Dave. The first on Reels ads, a lot of talk around kind of the upgrade cycle to video and any color you can share around the engagement, traction or effectiveness of kind of video ads on that type of a platform?

雪莉或戴夫的一對。第一個關於 Reels 廣告的討論，很多關於視頻升級週期的討論，以及你可以分享的關於該類型平台上的視頻廣告的參與度、吸引力或有效性的任何顏色？

And secondly, with 1.2 million stores now on Shop, specifically those selling on Facebook, are there any learnings or noticeable differences in the effectiveness of the ad -- of their advertising or conversion rates?

其次，現在 Shop 上有 120 萬家商店，特別是那些在 Facebook 上銷售的商店，在廣告的有效性（廣告或轉化率）方面是否有任何經驗或明顯差異？

I can start by talking about Reels ads. Our process has been -- as I talked about, we roll out consumer products and then we find the right ad format, so that businesses can take those opportunities as well. And I think that's what we're seeing.

我可以先談談 Reels 廣告。我們的流程是——正如我所說，我們推出消費產品，然後我們找到合適的廣告格式，這樣企業也可以抓住這些機會。我認為這就是我們所看到的。

We now have Reels ads available to advertisers in almost all markets where Reels is live. It's a pretty similar format to Stories. It's full screen and in between Reels videos up to 30 seconds. We think it's a pretty natural fit in Reels. It's a really great discovery surface. And we're seeing engagements and effectiveness parallel to some of our other products. And we're really pleased with that. It's still early, but we think this has a lot of potential.

現在，Reels 所在的幾乎所有市場的廣告商都可以使用 Reels 廣告。這是與故事非常相似的格式。它是全屏的，在 Reels 視頻之間最長可達 30 秒。我們認為它非常適合 Reels。這是一個非常棒的發現表面。我們看到與我們的其他一些產品平行的參與度和有效性。我們對此非常滿意。現在還為時尚早，但我們認為這有很大的潛力。

Do you want me to take the second question?

你要我回答第二個問題嗎？

Either way, Sheryl. I'd take it, if you want.

不管怎樣，雪莉。如果你願意，我會接受。

Go ahead, Dave. Yes.

去吧，戴夫。是的。

Yes. So Mark, on the second question, we're obviously very focused on making sure that our ads are effective, and we've got good conversion rates for our advertising partners. So part of what we're doing there, and Mark talked about this in the Q1 call, is making sure that the ad units optimize for whichever experience is converting the best.

是的。所以馬克，關於第二個問題，我們顯然非常專注於確保我們的廣告是有效的，並且我們為我們的廣告合作夥伴獲得了良好的轉化率。因此，我們在那裡所做的部分工作（Mark 在第一季度電話會議中談到了這一點）是確保廣告單元針對轉化率最佳的體驗進行優化。

So if you've got a store, a shop on Facebook or Instagram, is that converting better? Or is your own web store converting better? And then that allows us to also just get better at making our Shops more effective. And so we want to do what's best for the advertiser and also continue to make our online and our own Shops more effective. So no specific numbers to share there, but we're continuing to work to make our Shops convert better.

所以，如果你有一家商店，一家在 Facebook 或 Instagram 上的商店，那轉化率會更好嗎？還是您自己的網上商店轉換得更好？然後這使我們也可以更好地使我們的商店更有效。因此，我們希望為廣告商做最好的事情，並繼續讓我們的在線商店和我們自己的商店更有效。所以沒有具體的數字可以分享，但我們會繼續努力讓我們的商店轉換得更好。

And France, we can go ahead and go to the next question, please.

法國，我們可以繼續討論下一個問題。

Our next question is from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Dave, just the modest deceleration to your stack, there are a lot of investor questions. Do you mean more 2 or 3 points or -- decel? Or is it more 5 to 7? Any more granularity you can add to what that modest decel looks like would be extremely helpful.

戴夫，你的籌碼只是適度減速，有很多投資者的問題。你的意思是更多的 2 或 3 點或 - 減速？還是更多的5到7？您可以在適度減速的外觀上添加更多粒度，這將非常有幫助。

Thanks, Brent. We didn't provide specific guidance on it. We obviously saw a deceleration from Q1 to Q2 from 74% to 72%. And we expect modest deceleration in the second half of the year, but we haven't put a specific number on that.

謝謝，布倫特。我們沒有提供具體的指導。從第一季度到第二季度，我們顯然看到了從 74% 到 72% 的減速。我們預計下半年會適度減速，但我們沒有給出具體數字。

And France, you can go ahead and go to the next question.

法國，你可以繼續討論下一個問題。

Our next question is from John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen。

Two questions. On the iOS changes, any color on the opt-in rates for Facebook and Instagram? Are they kind of in line, better or worse than your expectations at this point?

兩個問題。在 iOS 的變化中，Facebook 和 Instagram 的選擇加入率有什麼顏色嗎？在這一點上，它們是否比您的預期更好或更差？

And then on OpEx at the midpoint of the guide implies 39% growth in second half versus 28% in the first half. Just any color on key drivers of the accelerating OpEx growth in the back half of the year.

然後在指南中點的 OpEx 意味著下半年增長 39%，而上半年增長 28%。在今年下半年加速運營支出增長的關鍵驅動因素的任何顏色。

Yes, yes. Thanks, John. On the iOS changes, really very much in line with expectations on things like opt-in rates. So I would say, overall, the impact has been in line with our expectations. So not a huge surprise there. We're not fully rolled out with those changes, but Q3 will have the impact, more or less, of those being fully rolled out.

是的是的。謝謝，約翰。在 iOS 的變化上，真的非常符合對選擇加入率等方面的預期。所以我想說，總的來說，影響符合我們的預期。所以那裡沒有什麼大驚喜。我們還沒有完全推出這些變化，但第三季度或多或少會對那些完全推出的變化產生影響。

And then in terms of the OpEx guide, yes, we do expect accelerating expense growth in the back half of 2021, and we're going to see that in areas like consumer marketing. So some of the nonheadcount-related spend we expect to accelerate in the back half of the year. So that's the expectation on that front.

然後就運營支出指南而言，是的，我們確實預計 2021 年下半年的費用增長會加速，我們將在消費者營銷等領域看到這一點。因此，我們預計一些與員工人數無關的支出將在今年下半年加速。這就是這方面的期望。

And France, we can go to the next question, please.

法國，我們可以進入下一個問題。

Our next question is from Colin Sebastian with Baird.

我們的下一個問題來自 Colin Sebastian 和 Baird。

Great. Maybe a couple of higher-level questions, really coming out of F8 refresh. First off, can you talk about the integration of messaging across the family of apps and how the opening of messaging APIs is adding functionality to apps and if this is contributing incrementally to more business activity through messaging?

偉大的。也許是幾個更高級別的問題，真正來自 F8 刷新。首先，您能否談談跨應用程序家族的消息傳遞集成以及消息傳遞 API 的開放如何為應用程序添加功能，以及這是否通過消息傳遞逐漸促進更多業務活動？

And then with advanced AI and machine learning now seemingly table stakes for most platform companies, Mark, I'm just kind of curious if this is still a significant competitive advantage for you, in your view. And based on what you heard at F8, I wonder how important a product like PyTorch is in terms of moving faster and new product development, things like that.

然後，隨著先進的人工智能和機器學習現在似乎對大多數平台公司來說都是賭注，馬克，我只是有點好奇，在你看來，這對你來說是否仍然是一個重要的競爭優勢。根據你在 F8 上聽到的消息，我想知道 PyTorch 這樣的產品在加快新產品開發等方面的重要性。

Sure. I can take both of those. So in terms of messaging, we're working on cross-app communication between them, business messaging APIs. I mean a lot of this is very much -- the business messaging, I think, is going to be an important part of commerce and helping people interact with businesses in a way that is natural to them. The cross-app communication in terms of helping people reach people wherever they are, it kind of fits into this vision that we have for the future of people being able to easily teleport between experiences that I think is going to be increasingly important as we move towards the metaverse. People are going to need messaging services, they're -- that's going to continue to be a core way that people communicate. People are going to want to reach the people they care about no matter what service they're on and be able to move between these.

當然。這兩個我都可以。因此，在消息傳遞方面，我們正在研究它們之間的跨應用通信，即業務消息傳遞 API。我的意思是，其中很多都是非常重要的——我認為，商業信息將成為商業的重要組成部分，並幫助人們以一種對他們來說很自然的方式與企業互動。跨應用程序通信可以幫助人們無論身在何處都能接觸到人們，這符合我們對未來人們能夠輕鬆地在體驗之間進行傳送的願景，我認為隨著我們的移動，這將變得越來越重要走向元宇宙。人們將需要消息服務，他們將繼續成為人們交流的核心方式。無論他們使用什麼服務，人們都希望接觸到他們關心的人，並且能夠在這些人之間移動。

So when I talk about kind of interoperability and moving more there in the future, we're trying to get our core experiences today aligned with that as well. The other thing I'd say on messaging is -- the connect to the business today is that click-to-messaging ads are one of the parts of the ad business that is growing quickly and doing quite well. And part of that is because even if we're not charging a lot directly for the messaging APIs for businesses that if the interactions between people and businesses end up helping businesses convert better and drive more sales, then business is naturally going to want to pay to have their ads point towards that rather than other services that we may not control or that may be a worse experience. So that's on the messaging side.

因此，當我談到某種互操作性並在未來更多地移動時，我們正試圖讓我們今天的核心體驗也與此保持一致。關於消息傳遞，我要說的另一件事是——與當今業務的聯繫是點擊消息傳遞廣告是廣告業務的一部分，它正在快速增長並且做得很好。部分原因是即使我們沒有直接為企業的消息傳遞 API 收取很多費用，如果人和企業之間的交互最終幫助企業更好地轉化並推動更多銷售，那麼企業自然會想要付費讓他們的廣告指向這一點，而不是我們可能無法控製或可能會帶來更糟糕體驗的其他服務。所以這是在消息傳遞方面。

On the AI side, I think this is a really good question. It's probably something that doesn't come up as much on these earnings calls is it probably should for how important of a driver of the progress in AI is for our overall results. One of the things that I've observed in just running the business over the last couple of years is there's a lot of focus on kind of different headwinds that we may face, whether it's from other platforms or regulation or different things.

在人工智能方面，我認為這是一個非常好的問題。在這些財報電話會議上，這可能不會出現太多，因為它可能應該說明人工智能進步的驅動因素對我們的整體結果有多重要。在過去幾年中，我在經營業務時觀察到的一件事是，我們非常關注我們可能面臨的各種不同的逆風，無論是來自其他平台、監管還是不同的事物。

But one of the areas that I think has routinely outperformed our expectations is progress on AI. And we don't have a single product, which is like an AI product that's sort of the embodiment of all the AI work. That's not something that we've done yet. But we basically -- we have a very large investment in AI and we build out this platform that then all of our products use. So when we make foundational improvements, it makes ranking better in News Feed and in Reels and in ads, and it makes our spam detection and our integrity systems more effective at identifying stuff. Everything just gets better. And this has really been one of the big tailwinds or waves that we've been riding.

但我認為經常超出我們預期的領域之一是人工智能的進步。而且我們沒有單一的產品，它就像一個人工智能產品，它是所有人工智能工作的體現。這還不是我們已經做過的事情。但我們基本上——我們在人工智能方面進行了大量投資，我們構建了這個平台，然後我們所有的產品都使用它。因此，當我們進行基礎性改進時，它會提高在 News Feed、Reels 和廣告中的排名，並使我們的垃圾郵件檢測和我們的完整性系統更有效地識別內容。一切都會變得更好。這確實是我們一直在騎的大順風或浪潮之一。

And just from what I can see technologically on the horizon, it really doesn't seem like this is going to be slowing down anytime soon. And I don't think that this is a Facebook-specific thing. I think that this is probably across the whole industry or maybe even across the whole economy more broadly. But I do think that the progress that's being made at the fundamental levels with AI is driving a lot of progress and is one of the important macro effects that we're seeing.

從我所看到的技術上來看，這似乎不會很快放緩。而且我不認為這是 Facebook 特有的事情。我認為這可能涉及整個行業，甚至可能更廣泛地涉及整個經濟。但我確實認為，人工智能在基礎層面所取得的進步正在推動很多進步，並且是我們所看到的重要宏觀影響之一。

For PyTorch specifically, I mean it certainly helps that the framework that we use to develop our AI work is one that's embraced by the community. So a lot of times when we go to spin up a new project, it's -- there will already have been some team that contributed an open-source library to it, and that makes it easy. So I think that there certainly are dividends that we get from having developed or helped develop PyTorch to become an increasing standard, especially among researchers. And it's certainly an area that we're going to focus on, on investing more in. I think that the core AI platform is just an important part of the progress that we're seeing overall.

具體來說，對於 PyTorch，我的意思是，我們用於開發 AI 工作的框架是社區所接受的框架，這肯定會有所幫助。所以很多時候，當我們啟動一個新項目時，已經有一些團隊為其貢獻了一個開源庫，這很容易。所以我認為，我們開發或幫助開發 PyTorch 以成為越來越高的標準肯定會帶來好處，尤其是在研究人員中。這當然是我們將重點關注的一個領域，加大投資力度。我認為核心 AI 平台只是我們所看到的整體進展的重要組成部分。

And France, I think we have time for one last question.

法國，我想我們有時間來回答最後一個問題。

Very good. Then our last question will be from the line of Michael Nathanson with MoffettNathanson.

很好。那麼我們的最後一個問題將來自 Michael Nathanson 和 MoffettNathanson 的發言。

One for Sheryl and one for Dave. Sheryl, in the past, I've asked this question, but now we're seeing it. So postpandemic, there's been a real weakness in TV impressions. And those TV dollars are going, it looks like, to AVOD and YouTube. So can you talk a bit about your vision for video and how they may sink with the opportunity to maybe grab some of those TV dollars? And would you expand the definition of creators to include premium video content or sports?

一份給雪兒，一份給戴夫。雪兒，過去我問過這個問題，但現在我們看到了。因此，在大流行之後，電視印象確實存在弱點。看起來，這些電視收入正在流向 AVOD 和 YouTube。那麼，您能否談談您對視頻的願景，以及他們可能會因抓住一些電視收入的機會而陷入困境？您是否會將創作者的定義擴大到包括優質視頻內容或體育運動？

And then for you, Dave, following up on Doug's question, can you talk a bit -- I know it's early about the learnings from your Aggregated Event Measurement, what has been the impact on things like signal loss, ROI or spending from those who've used it in the early days?

然後對於你，Dave，跟進 Doug 的問題，你能談談嗎？早期用過嗎？

So I can talk about video ads. So we're seeing very strong growth in video monetization across Watch, Feed, Reels. And we think we're continually getting better at monetizing video, but they are still monetizing at lower rates versus Feed, Stories, but we have a lot here. We have 2 billion people watching in-stream ad eligible videos per month.

所以我可以談談視頻廣告。因此，我們看到 Watch、Feed、Reels 的視頻貨幣化增長非常強勁。我們認為我們在通過視頻獲利方面不斷變得更好，但與 Feed、Stories 相比，它們的獲利率仍然較低，但我們在這裡有很多。我們每月有 20 億人觀看符合視頻插播條件的視頻。

Mobile-first video is increasing, meaning even brand advertisers are getting better at doing mobile-first video. And certainly, we think advertisers are looking for the best place to reach audiences, and we compare very favorably across the board.

移動優先視頻正在增加，這意味著即使是品牌廣告商也越來越擅長製作移動優先視頻。當然，我們認為廣告商正在尋找接觸受眾的最佳場所，而且我們在所有方面的比較都非常有利。

I'll share really, I think, a cool recent example. Walmart, a very -- a large advertiser, engaged Ree Drummond, who's The Pioneer Woman cooking show host, to host their first Live Shopping event. And the event was to launch her Walmart exclusive line of home and fashion products. And they used a mix of our personal ads to drive awareness to a Live Shopping event and then reengaged with viewers after the purchase, and they had really great results across the board. They ran part of that live as video ads and resulted in thousands of engagements, a lot of engagement with people and sales.

我想，我真的會分享一個很酷的最近的例子。沃爾瑪，一個非常大的廣告商，聘請了先鋒女性烹飪節目主持人 Ree Drummond 來舉辦他們的第一次現場購物活動。這次活動是為了推出她在沃爾瑪的獨家家居和時尚產品系列。他們使用了我們的個人廣告組合來提高對直播購物活動的認識，然後在購買後重新與觀眾互動，他們在各個方面都取得了非常好的結果。他們將部分現場直播作為視頻廣告投放，並產生了數千次參與，大量參與人員和銷售。

And so I think that's a good example of our products like Live, combined with the use of video on our platform, combined with people taking an opportunity for video ads and putting it all together in ways I think will compete very favorably with older formats like TV.

因此，我認為這是我們產品（如 Live）的一個很好的例子，結合我們平台上視頻的使用，結合人們利用視頻廣告的機會，並以我認為將非常有利地與舊格式競爭的方式整合在一起，例如電視。

And Michael, I'll take the second question. I don't have specific data to share, but I mean I -- just contextually, the work that we're doing with the Aggregated Events Management API is part of the broader work that we're doing to rebuild meaningful elements of our ad tech so that our system can continue to perform while having access to less data in the future. And it really dovetails into some of the work that Mark was talking about with machine learning and AI because that's going to be an important part of being able to make better use of less data. And so again, why having access to the ML and AI capabilities that we have with Facebook are -- is going to be so important to the future and maintaining and growing the efficacy of ads.

邁克爾，我會回答第二個問題。我沒有要分享的具體數據，但我的意思是——就上下文而言，我們使用聚合事件管理 API 所做的工作是我們為重建廣告中有意義的元素所做的更廣泛工作的一部分技術，以便我們的系統可以繼續執行，同時在未來訪問更少的數據。它確實與 Mark 談到的機器學習和人工智能的一些工作相吻合，因為這將成為能夠更好地利用更少數據的重要部分。再說一次，為什麼能夠訪問我們在 Facebook 上擁有的 ML 和 AI 功能——對於未來以及保持和提高廣告的功效如此重要。

So I think broadly, we're pleased with the progress we're making on this. It is disruptive for advertisers to have to go through the process of also learning how to retool. So I don't want to lessen the impact this is having on our advertisers. I think it is a challenging period for them, and we're trying to help them work through it as effectively as we can.

所以我認為從廣義上講，我們對我們在這方面取得的進展感到滿意。廣告商必須經歷學習如何重新裝備的過程是一種破壞性的行為。所以我不想減輕這對我們的廣告商的影響。我認為這對他們來說是一個充滿挑戰的時期，我們正在努力幫助他們盡可能有效地度過難關。

So with that, I think we are done. So thank you, everybody, for joining us on the call today, and hope everybody stays safe.

因此，我認為我們已經完成了。因此，感謝大家今天加入我們的電話會議，並希望每個人都保持安全。

And 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。