Meta Platforms Inc (META) 2023 Q2 法說會逐字稿

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

下午好。我叫戴夫，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Meta 第二季度收益電話會議。 （操作員說明）此通話將被錄音。非常感謝。

Ken Dorell, Meta's Director of Investor Relations, you may begin.

Meta 的投資者關係總監 Ken Dorell，您可以開始了。

Thank you. Good afternoon, and welcome to Meta Platforms Second Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO.

謝謝。下午好，歡迎參加 Meta Platforms 2023 年第二季度收益電話會議。今天與我一起討論我們的結果的是首席執行官馬克·扎克伯格 (Mark Zuckerberg)；和首席財務官李蘇珊。

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.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果存在重大差異。

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

今天的新聞稿和我們向 SEC 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中做出的任何前瞻性陳述均基於截至目前的假設，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 will present both GAAP and certain 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，我們將介紹 GAAP 和某些非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調節表。新聞稿和隨附的投資者演示文稿可在我們的網站 Investor.fb.com 上獲取。

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

現在我想把電話轉給馬克。

Thanks, Ken. Thanks, everyone, for joining. This was a good quarter for our business. We're seeing strong engagement trends across our apps. There are now more than 3.8 billion people who use at least one of our apps every month. Facebook now has more than 3 billion monthly actives, with daily actives continuing to grow around the world, including in the U.S. and Canada.

謝謝，肯。謝謝大家的加入。對於我們的業務來說，這是一個很好的季度。我們在我們的應用程序中看到了強勁的參與趨勢。現在有超過 38 億人每月至少使用我們的一款應用程序。 Facebook 目前的月活躍用戶數已超過 30 億，並且日活躍用戶數在全球範圍內持續增長，其中包括美國和加拿大。

In addition to our core products performing well, I think we have the most exciting road map ahead that I've seen in a while. We've got continued progress on Threads, Reels, Llama 2 and some groundbreaking AI products in the pipeline, as well as the Quest 3 launch coming up this fall. We're heads down executing on all of this right now, and it's really good to see the decisions and investments we've made start to play out.

除了我們的核心產品表現良好之外，我認為我們還有一段時間以來見過的最令人興奮的路線圖。我們在 Threads、Reels、Llama 2 和一些正在醞釀中的突破性 AI 產品以及即將於今年秋季發布的 Quest 3 方面取得了持續進展。我們現在正在埋頭執行這一切，很高興看到我們所做的決定和投資開始發揮作用。

On Threads, briefly. I'm quite optimistic about our trajectory here. We saw unprecedented growth out of the gate. And more importantly, we're seeing more people coming back daily than I'd expected. And now we're focused on retention and improving the basics.

簡單來說，關於線程。我對我們在這裡的發展軌跡非常樂觀。我們看到了前所未有的增長。更重要的是，我們每天看到回來的人比我預期的要多。現在我們的重點是保留和改進基礎知識。

And then after that, we'll focus on growing the community to the scale that we think is going to be possible. Only after that are we going to focus on monetization. We've run this playbook many times before with Facebook, Instagram, WhatsApp, Stories, Reels and more, and this is as good of a start as we could have hoped for. So I'm really happy with the path that we're on here.

之後，我們將專注於將社區發展到我們認為可能的規模。只有在那之後我們才會專注於貨幣化。我們之前已經在 Facebook、Instagram、WhatsApp、Stories、Reels 等平台上多次運行過這個劇本，這是我們所希望的一個良好的開始。所以我對我們現在所走的道路感到非常滿意。

One note I want to mention about the Threads launch related to our year of efficiency is that the product was built by a relatively small team on a tight time line. We've already seen a number of examples of how our leaner organization and some of the cultural changes that we've made can build higher-quality products faster. And this is probably the biggest example so far.

關於與我們一年的效率相關的 Threads 發布，我想提一下的是，該產品是由一個相對較小的團隊在緊迫的時間內構建的。我們已經看到了許多例子，說明我們更精簡的組織和我們所做的一些文化變革如何能夠更快地構建更高質量的產品。這可能是迄今為止最大的例子。

The year of efficiency was always about 2 different goals: becoming an even stronger technology company and improving our financial results so we can invest aggressively in our ambitious long-term road map. Now that we've gotten through the major layoffs, the rest of 2023 will be about creating stability for employees, removing barriers that slow us down, introducing new AI-powered tools to speed us up and so on.

效率之年始終圍繞著兩個不同的目標：成為一家更強大的科技公司，並改善我們的財務業績，以便我們能夠積極投資於我們雄心勃勃的長期路線圖。既然我們已經完成了大規模裁員，2023 年剩下的時間將是為員工創造穩定性、消除阻礙我們發展的障礙、引入新的人工智能工具來加速我們的發展等等。

Over the next few months, we're going to start planning for 2024, and I'm going to be focused on continuing to run the company as lean as possible for these cultural reasons, even though our financial results have improved. I expect that we're still going to hire in key areas, but newly budgeted headcount growth is going to be relatively low.

在接下來的幾個月裡，我們將開始規劃 2024 年，出於這些文化原因，我將專注於繼續盡可能精簡地運營公司，儘管我們的財務業績有所改善。我預計我們仍將在關鍵領域進行招聘，但新預算的員工人數增長將相對較低。

That said, as part of this year's layoffs, many teams chose to let people go in order to hire different people with different skills that they need, so much of that hiring is going to spill into 2024. The other major budget point that we're working through is what the right level of AI CapEx is to support our road map. Since we don't know how quickly our new AI products will grow, we may not have a clear handle on this until later in the year.

也就是說，作為今年裁員的一部分，許多團隊選擇裁員，以便僱用具有所需不同技能的不同人員，因此大部分招聘將延續到 2024 年。我們的另一個主要預算點正在研究的人工智能資本支出的正確水平是支持我們的路線圖。由於我們不知道新的人工智能產品的增長速度有多快，因此我們可能要到今年晚些時候才能清楚地掌握這一點。

Now moving on to our product road map. I've said on a number of these calls that the 2 technological waves that we're riding are AI in the near term and the metaverse over the longer term. Investments that we've made over the years in AI, including the billions of dollars we've spent on AI infrastructure, are clearly paying off across our ranking and recommendation systems and improving engagement and monetization.

現在繼續我們的產品路線圖。我在多次電話會議中說過，我們正在經歷的兩大技術浪潮是近期的人工智能和長期的虛擬宇宙。多年來我們在人工智能方面的投資，包括在人工智能基礎設施上花費的數十億美元，顯然在我們的排名和推薦系統以及提高參與度和貨幣化方面得到了回報。

AI-recommended content from accounts you don't follow is now the fastest-growing category of content on Facebook's Feed. Now since introducing these recommendations, they've driven a 7% increase in overall time spent on the platform. This improves the experience because you can now discover things that you might not have otherwise followed or come across.

來自您不關注的帳戶的人工智能推薦內容現在是 Facebook Feed 上增長最快的內容類別。自從引入這些建議以來，他們在平台上花費的總時間增加了 7%。這改善了體驗，因為您現在可以發現以前可能不會關注或遇到的事情。

Reels is a key part of this discovery engine. And Reels plays exceed 200 billion per day across Facebook and Instagram. We're seeing good progress on Reels monetization as well, with the annual revenue run rate across our apps now exceeding $10 billion, up from $3 billion last fall.

Reels 是這個發現引擎的關鍵部分。 Reels 在 Facebook 和 Instagram 上的日播放量超過 2000 億次。我們也看到 Reels 貨幣化方面取得了良好進展，我們應用程序的年收入運行率現已超過 100 億美元，高於去年秋天的 30 億美元。

Beyond Reels, AI is driving results across our monetization tools through our automated ads products, which we call Meta Advantage. Almost all our advertisers are using at least one of our AI-driven products.

除了 Reels 之外，人工智能還通過我們的自動化廣告產品（我們稱之為 Meta Advantage）推動我們的盈利工具取得成果。我們幾乎所有的廣告商都在使用至少一種我們的人工智能驅動產品。

We've also deployed Meta Lattice, a new model architecture that learns to predict an ad's performance across a variety of data sets and optimization goals. And we introduced AI Sandbox, a testing playground for generative AI-powered tools like automatic text variation, background generation and image outcropping.

我們還部署了 Meta Lattice，這是一種新的模型架構，可以學習通過各種數據集和優化目標來預測廣告的效果。我們還推出了 AI Sandbox，這是一個測試平台，用於測試人工智能驅動的生成工具，例如自動文本變化、背景生成和圖像露頭。

Business messaging is another key piece of our monetization strategy. We recently announced that the 200 million users of our WhatsApp Business app will now be able to create click-to-WhatsApp ads for Facebook and Instagram without needing a Facebook account. This is a pretty big unlock, particularly in countries where WhatsApp is often the first step to bringing a business online.

商業消息傳遞是我們盈利策略的另一個關鍵部分。我們最近宣布，WhatsApp Business 應用程序的 2 億用戶現在將能夠為 Facebook 和 Instagram 創建點擊式 WhatsApp 廣告，而無需 Facebook 帳戶。這是一個相當大的解鎖，特別是在 WhatsApp 通常是開展在線業務的第一步的國家。

Paid messaging is a bit earlier, but it's also showing good adoption. The number of businesses using our paid messaging products has doubled year-over-year. While we're on messaging, I'll mention that we started rolling out channels on WhatsApp last month. It's a simple, reliable and private way to receive important updates from people and organizations. And I'm quite excited for more people to try it as we bring the product to more countries through the rest of this year.

付費消息傳遞的出現要早一些，但也顯示出良好的採用率。使用我們的付費消息傳遞產品的企業數量同比增加了一倍。在我們討論消息傳遞時，我要提到的是，我們上個月開始在 WhatsApp 上推出頻道。這是一種從個人和組織接收重要更新的簡單、可靠和私密的方式。我很高興看到更多的人嘗試它，因為我們在今年剩下的時間裡將產品帶到了更多的國家。

Beyond the recommendations and ranking systems across our products, we're also building leading foundation models to support a new generation of AI products. We've partnered with Microsoft to open source Llama 2, the latest version of our large language model and to make it available for both research and commercial use. We have a long history of open sourcing our infrastructure and AI work from PyTorch, which is the leading machine learning framework, to models like Segment Anything, ImageBind and DINO to basic infrastructure as part of the Open Compute Project.

除了我們產品的推薦和排名系統之外，我們還在構建領先的基礎模型來支持新一代人工智能產品。我們與 Microsoft 合作開源了 Llama 2，這是我們大型語言模型的最新版本，並使其可用於研究和商業用途。作為開放計算項目的一部分，我們在開源基礎設施和人工智能工作方面有著悠久的歷史，從領先的機器學習框架 PyTorch，到 Segment Anything、ImageBind 和 DINO 等模型，再到基礎設施。

And we found that open-sourcing our work allows the industry, including us, to benefit from innovations that come from everywhere. And these are often improvements in safety and security, since open source software is more scrutinized and more people can find and identify fixes for issues.

我們發現，開源我們的工作可以讓包括我們在內的整個行業從來自世界各地的創新中受益。這些通常是安全性方面的改進，因為開源軟件受到了更嚴格的審查，更多的人可以找到並識別問題的修復方法。

The improvements also often come in the form of efficiency gains, which should hopefully allow us and others to run these models with less infrastructure investment going forward. So I'm really looking forward to seeing the improvements that the community makes to Llama 2. We are also building a number of new products ourselves using Llama that will work across our services.

這些改進通常還以效率提升的形式出現，這有望使我們和其他人能夠在未來以更少的基礎設施投資來運行這些模型。因此，我真的很期待看到社區對 Llama 2 所做的改進。我們還使用 Llama 自己構建了許多新產品，這些產品將在我們的服務中運行。

I'm going to share more details on that later this year. But you can imagine lots of ways that AI can help people connect and express themselves in our apps, creative tools that make it easier and more fun to share content, agents that act as assistance, coaches that can help you interact with businesses and creators and more. And these new products will improve everything that we do across both mobile apps and the metaverse, helping people create worlds and the avatars and objects that inhabit them as well.

我將在今年晚些時候分享更多細節。但你可以想像人工智能可以通過多種方式幫助人們在我們的應用程序中聯繫和表達自己，讓分享內容變得更容易、更有趣的創意工具，充當幫助的代理，可以幫助你與企業和創作者互動的教練，以及更多的。這些新產品將改善我們在移動應用程序和虛擬宇宙中所做的一切，幫助人們創造世界以及居住在其中的化身和物體。

Our investments in AI continue. We remain fully committed to the metaverse vision as well. We've been working on both of these 2 major priorities for many years in parallel now. And in many ways, the 2 areas are overlapping and complementary.

我們對人工智能的投資仍在繼續。我們仍然完全致力於虛擬宇宙的願景。多年來，我們一直在同時致力於這兩個主要優先事項。在很多方面，這兩個領域是重疊和互補的。

The next big thing on the Reality Labs side is the launch of our Quest 3 mixed-reality headset at Connect. It's our most powerful headset yet, with better displays and resolution and next-gen Qualcomm chipset with twice the graphics performance.

Reality Labs 方面的下一件大事是在 Connect 上推出 Quest 3 混合現實耳機。它是我們迄今為止最強大的耳機，具有更好的顯示效果和分辨率，以及具有兩倍圖形性能的下一代高通芯片組。

It will also have the best immersive content library out there, and it's 40% thinner than Quest 2. It's mixed reality, seamlessly blends your physical world and the virtual one by intelligently understanding the physical space around you.

它還將擁有最好的沉浸式內容庫，並且比 Quest 2 薄 40%。它是混合現實，通過智能地理解您周圍的物理空間，無縫地融合您的物理世界和虛擬世界。

We pioneered mixed reality with our Quest Pro headset, and Quest 3 takes that to the next level. Now others in the industry are, of course, working on bringing mixed reality to the market, too. But Quest 3 is going to be the first mainstream accessible device that we expect many millions of people will get to experience this technology with.

我們通過 Quest Pro 耳機開創了混合現實，而 Quest 3 將其提升到了一個新的水平。當然，現在業內的其他人也在致力於將混合現實推向市場。但 Quest 3 將成為第一款主流無障礙設備，我們預計數百萬人將能夠體驗到這項技術。

The metaverse content and software vision continues coming together as well. We recently announced that Roblox is coming to Quest with an open beta on AppLab. For Horizon, the team is focused on retention right now, and we're making good progress on that.

元宇宙內容和軟件願景也繼續融合在一起。我們最近宣布 Roblox 將在 AppLab 上通過 Quest 進行公開測試。對於 Horizo​​n 來說，團隊目前的重點是留住人才，我們在這方面取得了良好的進展。

We made big improvements on Avatars as well, and that's going to be a bridge between our mobile apps and our VR and mixed-reality experiences. We're going to have a lot more to share on both our metaverse and AI work coming up at our Connect Conference, which we're going to be hosting in Hacker Square at our headquarters on September 27. It's going to be a good one, so I hope you tune in.

我們還對 Avatars 進行了重大改進，這將成為我們的移動應用程序與 VR 和混合現實體驗之間的橋樑。我們將於 9 月 27 日在我們總部的 Hacker Square 舉辦的 Connect 會議上分享更多有關元宇宙和人工智能工作的內容。這將是一場精彩的會議，所以我希望你能收聽。

All right. To wrap up, I just want to say that I'm really proud of our teams for everything we've accomplished so far this year. It's been a tough year in a lot of ways, but it's also been an impactful one. I'm quite optimistic about the road ahead, and I'm grateful to all of you for being on this journey with us.

好的。最後，我只想說，我對我們的團隊今年迄今為止所取得的一切成就感到非常自豪。從很多方面來說，這是艱難的一年，但也是影響深遠的一年。我對未來的道路非常樂觀，我很感謝你們所有人與我們一起踏上這段旅程。

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

現在我要把它交給蘇珊。

Thanks, Mark, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis, unless otherwise noted.

謝謝，馬克，大家下午好。讓我們從我們的綜合結果開始。除非另有說明，所有比較均按年比較。

Q2 total revenue was $32 billion, up 11% or 12% on a constant currency basis. Q2 total expenses were $22.6 billion, up 10% compared to last year. In terms of the specific line items, cost of revenue increased 15%, driven primarily by infrastructure-related costs.

第二季度總收入為 320 億美元，按固定匯率計算增長 11% 或 12%。第二季度總支出為 226 億美元，比去年增長 10%。就具體項目而言，收入成本增長了 15%，這主要是由基礎設施相關成本推動的。

R&D increased 8%, driven mainly by headcount-related costs from our Reality Labs and Family of Apps segments as well as restructuring costs. Marketing and sales decreased 12% due mostly to lower marketing spend and payroll-related costs, and G&A increased 39% due primarily to an increase in legal accruals, which was partially offset by lower payroll-related costs.

研發增長了 8%，主要是由我們的現實實驗室和應用系列部門的人員相關成本以及重組成本推動的。營銷和銷售下降 12%，主要是由於營銷支出和工資相關成本下降；一般管理費用增長 39%，主要是由於法定應計費用增加，但部分被工資相關成本下降所抵消。

We ended the second quarter with over 71,400 employees, down 7% from the first quarter. Our second quarter headcount still included roughly half of the approximately 10,000 employees impacted by the 2023 layoffs. We expect that our third quarter headcount will no longer include the vast majority of impacted employees.

第二季度末，我們擁有超過 71,400 名員工，比第一季度下降 7%。我們第二季度的員工總數仍包括受 2023 年裁員影響的約 10,000 名員工中的約一半。我們預計第三季度的員工人數將不再包括絕大多數受影響的員工。

Second quarter operating income was $9.4 billion, representing a 29% operating margin. Our tax rate for the quarter was 16%. This is lower than our previous full year outlook as our higher share price provided a higher tax deduction and lowered our taxes. Net income was $7.8 billion or $2.98 per share. Capital expenditures, including principal payments on finance leases, were $6.4 billion, driven by investments in data centers, servers and network infrastructure.

第二季度營業收入為 94 億美元，營業利潤率為 29%。我們本季度的稅率為 16%。這低於我們之前的全年預期，因為我們較高的股價提供了更高的稅收減免並降低了我們的稅收。淨利潤為 78 億美元，即每股 2.98 美元。受數據中心、服務器和網絡基礎設施投資的推動，資本支出（包括融資租賃本金支付）為 64 億美元。

Free cash flow was $11 billion, significantly benefiting from a deferral of income taxes that we expect will be paid in the fourth quarter. We repurchased $793 million of our Class A common stock in the second quarter and ended the quarter with $53.4 billion in cash and marketable securities.

自由現金流為 110 億美元，顯著受益於我們預計將在第四季度支付的所得稅延期。我們在第二季度回購了 7.93 億美元的 A 類普通股，並在本季度末擁有 534 億美元的現金和有價證券。

Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow. We estimate that approximately 3.07 billion people used at least one of our Family of Apps on a daily basis in June and that approximately 3.88 billion people use at least 1 on a monthly basis.

現在轉向我們的細分結果。我將從我們的應用程序系列部分開始。我們的應用程序系列社區不斷發展。我們估計，6 月份大約有 30.7 億人每天至少使用我們的應用程序系列中的一款，並且大約有 38.8 億人每月至少使用 1 款。

Facebook continues to grow globally, and engagement remains strong. For the first time, we crossed 3 billion monthly active users, with Facebook MAU ending at 3.03 billion in June, up 3% or 96 million compared to last year. Facebook daily active users were 2.06 billion, up 5% or 96 million. DAUs represented approximately 68% of MAUs.

Facebook 在全球範圍內持續增長，參與度依然強勁。 Facebook 月活躍用戶數首次突破 30 億，6 月份 Facebook 月活躍用戶數達到 30.3 億，比去年增長 3%，即 9600 萬。 Facebook日活躍用戶為20.6億，增長5%，即9600萬。 DAU 約佔 MAU 的 68%。

Q2 total Family of Apps revenue was $31.7 billion, up 12% year-over-year. Q2 Family of Apps ad revenue was $31.5 billion, up 12% or 13% on a constant currency basis. Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth, followed by entertainment and media and CPG. Online commerce benefited from strong spend among advertisers in China, reaching customers in other markets.

第二季度應用系列總收入為 317 億美元，同比增長 12%。第二季度應用系列廣告收入為 315 億美元，按固定匯率計算增長 12% 或 13%。在廣告收入中，在線商務垂直領域是同比增長的最大貢獻者，其次是娛樂和媒體以及消費品。在線商務受益於中國廣告商的強勁支出，吸引了其他市場的客戶。

On a user geography basis, ad revenue growth was strongest in Rest of World at 16%, followed by Europe, North America and Asia Pacific at 14%, 11% and 10%, respectively. Foreign currency was a headwind to advertising revenue growth in all international regions.

從用戶地域來看，世界其他地區的廣告收入增長最為強勁，達到 16%，其次是歐洲、北美和亞太地區，分別增長 14%、11% 和 10%。外匯是所有國際地區廣告收入增長的阻力。

In Q2, the total number of ad impressions served across our services increased 34%, and the average price per ad decreased 16%. Impression growth was primarily driven by Asia Pacific and Rest of World. The year-over-year decline in pricing was driven by strong impression growth, especially from lower monetizing surfaces and regions. While overall pricing remains under pressure from these factors, we believe our ongoing improvements to ad targeting and measurement are continuing to drive improved results for advertisers.

第二季度，我們服務中的廣告展示總數增加了 34%，每個廣告的平均價格下降了 16%。印像數增長主要由亞太地區和世界其他地區推動。定價同比下降是由於印象增長強勁，尤其是來自較低的貨幣化表面和地區。儘管整體定價仍然面臨這些因素的壓力，但我們相信，我們對廣告定位和衡量的持續改進將繼續為廣告商帶來更好的結果。

Family of Apps other revenue was $225 million in Q2, up 3%, as strong business messaging revenue growth from our WhatsApp Business platform was partially offset by a decline in other line items. We continue to direct the majority of our investments toward the development and operation of our Family of Apps.

第二季度應用程序系列其他收入為 2.25 億美元，增長 3%，這是因為我們的 WhatsApp Business 平台商業消息收入的強勁增長被其他訂單項的下降部分抵消。我們繼續將大部分投資用於應用程序系列的開發和運營。

In Q2, Family of Apps expenses were $18.6 billion, representing approximately 82% of our overall expenses. FoA expenses were up 8% due primarily to legal-related expenses and restructuring charges, partially offset by a decrease in non-headcount-related operating expenses, including marketing. Family of Apps operating income was $13.1 billion, representing a 41% operating margin.

第二季度，應用程序系列支出為 186 億美元，約占我們總體支出的 82%。 FoA 費用增長 8%，主要是由於法律相關費用和重組費用，但部分被包括營銷在內的非人員相關運營費用的減少所抵消。 Family of Apps 營業收入為 131 億美元，營業利潤率為 41%。

Within our Reality Labs segment, Q2 revenue was $276 million, down 39% due to lower Quest 2 sales. Reality Labs expenses were $4 billion, up 23% due to lapping a reduction in Reality Labs' loss reserves in Q2 of last year as well as growth in employee-related costs. Reality Labs operating loss was $3.7 billion.

在我們的 Reality Labs 部門中，由於 Quest 2 銷量下降，第二季度收入為 2.76 億美元，下降了 39%。 Reality Labs 支出為 40 億美元，增長 23%，原因是去年第二季度 Reality Labs 損失準備金減少以及員工相關成本增長。 Reality Labs 運營虧損為 37 億美元。

Turning now to the business outlook. There are 2 primary factors that drive our revenue performance: our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time.

現在轉向業務前景。推動我們收入表現的主要因素有兩個：我們為社區提供引人入勝的體驗的能力，以及隨著時間的推移，我們通過這種參與獲利的有效性。

On the first, overall engagement within Facebook and Instagram remains strong. Reels continues to grow and drive incremental engagement. On Facebook Feed, in particular, recommended content from accounts you don't follow has increased significantly over the past year while also becoming more incremental to engagement, demonstrating that people are getting added value from discovering content from unconnected accounts. Looking forward, we're optimistic about our ability to increase that value even further by leveraging advanced AI techniques to improve recommendations.

首先，Facebook 和 Instagram 的整體參與度仍然很高。 Reels 持續增長並推動增量參與。特別是在 Facebook Feed 上，來自您不關注的帳戶的推薦內容在過去一年中顯著增加，同時參與度也越來越高，這表明人們通過發現未連接帳戶的內容獲得了附加值。展望未來，我們對通過利用先進的人工智能技術改進推薦來進一步增加這一價值的能力感到樂觀。

In addition to improving the value people get within our Family of Apps today, we're also investing in entirely new experiences for the future. We're standing up infrastructure to support new AI-powered products across our services, which will give people more tools to express themselves and connect. And we've been pleased with the initial reception of our new stand-alone app, Threads, since its launch earlier this month. Our focus now is on further developing this into a product that will be valuable for a large set of people over time.

除了提高人們今天在我們的應用程序系列中獲得的價值外，我們還投資於面向未來的全新體驗。我們正在建立基礎設施，以支持我們服務中的新人工智能產品，這將為人們提供更多表達自我和聯繫的工具。自本月初推出以來，我們對新的獨立應用程序 Threads 的最初反響感到非常滿意。我們現在的重點是進一步將其開發成一種隨著時間的推移對很多人有價值的產品。

Moving to the other driver of revenue, improving monetization. Here, we're focused on improving monetization efficiency of products that monetize at lower rates today, like Reels and our messaging services, and more broadly, driving measurable performance and returns for our advertisers.

轉向另一個收入驅動因素，即提高貨幣化程度。在這裡，我們專注於提高當今以較低費率貨幣化的產品的貨幣化效率，例如 Reels 和我們的消息服務，更廣泛地說，為我們的廣告商帶來可衡量的績效和回報。

On Reels, we are making good progress on monetization with more than 3/4 of our advertisers now using Reels ads. We remain focused on further reducing the Reels revenue headwind and narrowing the monetization efficiency gap with our more mature surfaces. However, we continue to expect time on Reels will monetize at a lower rate than Stories and Feed for the foreseeable future since people scroll more slowly through video content.

在 Reels 上，我們在貨幣化方面取得了良好進展，超過 3/4 的廣告商現在使用 Reels 廣告。我們仍然專注於進一步減少捲軸收入阻力，並縮小與我們更成熟的表面的貨幣化效率差距。然而，我們仍然預計，在可預見的未來，Reels 上的時間貨幣化速度將低於 Stories 和 Feed，因為人們滾動瀏覽視頻內容的速度更慢。

Within messaging, billions of people and millions of businesses use our messaging services every day to connect. We see a significant opportunity to build tools and functionality for businesses to help facilitate those interactions and are seeing early but promising progress with WhatsApp's paid messaging solution today.

在消息傳遞領域，數十億人和數百萬企業每天使用我們的消息傳遞服務進行聯繫。我們看到了為企業構建工具和功能以幫助促進這些互動的重大機會，並且今天看到 WhatsApp 的付費消息解決方案取得了早期但有希望的進展。

In terms of our work to drive measurable performance for advertisers, it's concentrated in 2 primary areas: AI and on-site conversions. We're leveraging AI to move our systems towards using fewer, larger models that enable us to leverage learnings across product surfaces and deploy improvements more quickly, broadly and efficiently.

就我們為廣告商推動可衡量績效的工作而言，主要集中在兩個主要領域：人工智能和現場轉化。我們正在利用人工智能來推動我們的系統使用更少、更大的模型，使我們能夠利用跨產品表面的學習成果，並更快、更廣泛、更高效地部署改進。

We're also leveraging AI to power advanced ads products, like Advantage+ shopping, which continues to gain adoption. We're seeing this work translate into results for advertisers as conversion growth remained strong in Q2. In terms of driving on-site conversions, we continue to see strong results with click-to-messaging ads and are well positioned, given our suite of messaging applications.

我們還利用人工智能來支持先進的廣告產品，例如不斷獲得採用的 Advantage+ 購物。我們看到這項工作轉化為廣告商的成果，因為第二季度的轉化增長仍然強勁。在推動現場轉化方面，我們繼續看到點擊消息廣告的強勁成果，並且考慮到我們的消息應用程序套件，我們處於有利地位。

Daily click-to-WhatsApp ads revenue continues to grow very quickly at over 80% year-over-year. We also recently started testing the ability to buy click-to-WhatsApp ads directly from the WhatsApp Business app, which now has more than 200 million monthly users. Looking ahead, we're focused on enabling businesses to optimize for conversions further down the funnel in our messaging applications. We're also investing in scaling other on-site objectives like lead generation and shops ads.

每日點擊 WhatsApp 廣告收入持續快速增長，同比增長超過 80%。我們最近還開始測試直接從 WhatsApp Business 應用購買點擊式 WhatsApp 廣告的功能，該應用目前每月擁有超過 2 億用戶。展望未來，我們的重點是使企業能夠優化消息傳遞應用程序中漏斗中的進一步轉化。我們還投資擴大其他現場目標，例如潛在客戶開發和商店廣告。

Before turning to our revenue outlook, I'd also like to talk about our investment philosophy. We expect to bring the discipline and habits that we built during this year of efficiency with us as we plan for the future. At the same time, we remain focused on investing in the significant opportunities ahead. Part of supporting these initiatives will come from prioritizing them against other areas of work and shifting resources. However, in some cases, they will require incremental investment. This is particularly true in the areas we see the most significant opportunity, which include AI and the metaverse.

在談到我們的收入前景之前，我還想談談我們的投資理念。我們希望在規劃未來時，能夠將我們在這一年中建立的高效紀律和習慣帶入其中。與此同時，我們仍然專注於投資未來的重大機遇。對這些舉措的部分支持將來自於將其優先於其他工作領域並轉移資源。然而，在某些情況下，它們需要增量投資。在我們看到最重要機會的領域尤其如此，其中包括人工智能和虛擬宇宙。

As I mentioned last quarter, we also remain focused on modestly evolving our capital structure over time. We were pleased to execute our second bond offering in May and expect a measured pace of future debt raises as we work toward improving our overall cost of capital while maintaining a positive or neutral net cash balance.

正如我上個季度提到的，我們仍然專注於隨著時間的推移適度發展我們的資本結構。我們很高興在 5 月份執行第二次債券發行，並預計未來債務融資的步伐將保持適度，因為我們致力於改善整體資本成本，同時保持正或中性的淨現金餘額。

In addition, we continue to monitor the active regulatory landscape. With respect to EU-U.S. data transfers, we saw a positive development with the European Commission's adoption of a final adequacy decision, which allows us to continue to provide our services in Europe. This is good news, though broadly speaking, we continue to see increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.

此外，我們繼續監控活躍的監管環境。關於歐盟-美國數據傳輸方面，隨著歐盟委員會通過最終充分性決定，我們看到了積極的發展，這使我們能夠繼續在歐洲提供服務。這是個好消息，但從廣義上講，我們繼續看到歐盟和美國的法律和監管阻力不斷增加，這可能會對我們的業務和財務業績產生重大影響。

Turning now to the revenue outlook. We expect third quarter 2023 total revenue to be in the range of $32 billion to $34.5 billion. Our guidance assumes a foreign currency tailwind of approximately 3% to year-over-year total revenue growth in the third quarter based on current exchange rates.

現在轉向收入前景。我們預計 2023 年第三季度總收入將在 320 億美元至 345 億美元之間。我們的指引假設，根據當前匯率，第三季度總收入同比增長約 3%，受到外幣推動。

Turning now to the expense outlook. We anticipate that our full year 2023 total expenses will be in the range of $88 billion to $91 billion, increased from our prior range of $86 billion to $90 billion due to legal-related expenses recorded in Q2. This outlook includes approximately $4 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs. We expect Reality Labs operating losses to increase year-over-year in 2023.

現在轉向費用前景。由於第二季度記錄的法律相關費用，我們預計 2023 年全年總費用將在 880 億美元至 910 億美元之間，高於之前的 860 億美元至 900 億美元。這一前景包括與設施整合費用以及遣散費和其他人員成本相關的約 40 億美元的重組成本。我們預計 2023 年 Reality Labs 的運營虧損將同比增加。

While we are not providing a quantitative outlook beyond 2023 at this point, we expect a few factors to be drivers of total expense growth in 2024 as we continue to invest in our most compelling opportunities, including AI and the metaverse. First, we expect higher infrastructure-related costs next year. Given our increased capital investments in recent years, we expect depreciation expenses in 2024 to increase by a larger amount than in 2023. We also expect to incur higher operating costs from running a larger infrastructure footprint.

雖然我們目前沒有提供 2023 年之後的量化展望，但我們預計，隨著我們繼續投資於最引人注目的機會（包括人工智能和虛擬宇宙），一些因素將成為 2024 年總費用增長的驅動因素。首先，我們預計明年基礎設施相關成本將會上升。鑑於我們近年來增加的資本投資，我們預計 2024 年的折舊費用將比 2023 年增加更多。我們還預計，運行更大的基礎設施足跡將產生更高的運營成本。

Second, we anticipate growth in payroll expenses as we evolve our workforce composition toward higher-cost technical roles. Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in AR, VR and our investments to further scale our ecosystem.

其次，隨著我們的勞動力結構向成本更高的技術角色發展，我們預計工資支出將會增長。最後，對於 Reality Labs 來說，由於我們在 AR、VR 方面持續進行產品開發工作以及為進一步擴大生態系統而進行的投資，我們預計運營虧損將同比大幅增加。

Turning now to the CapEx outlook. We expect capital expenditures to be in the range of $27 billion to $30 billion, lowered from our prior estimate of $30 billion to $33 billion. The reduced forecast is due to both cost savings, particularly on non-AI servers, as well as shifts in CapEx into 2024 from delays in projects and equipment deliveries rather than a reduction in overall investment plans. Looking ahead, while we continue to refine our plans as we progress throughout the year, we currently expect total capital expenditures to grow in 2024, driven by our investments across both data centers and servers, particularly in support of our AI work.

現在轉向資本支出前景。我們預計資本支出將在 270 億美元至 300 億美元之間，低於我們之前估計的 300 億美元至 330 億美元。預測下調的原因包括成本節約（尤其是非人工智能服務器），以及資本支出因項目和設備交付延遲而轉移至 2024 年，而不是總體投資計劃的減少。展望未來，雖然我們隨著全年的進展繼續完善我們的計劃，但目前預計在我們對數據中心和服務器的投資（特別是支持我們的人工智能工作）的推動下，2024 年總資本支出將增長。

On to tax. Absent any changes to U.S. tax law, we expect the tax rate for the rest of the year to be similar to Q2 2023. In closing, Q2 was a good quarter for our business. We're executing well across our core priorities and are continuing to make progress on delivering exciting new experiences for our community.

到稅收。如果美國稅法沒有任何變化，我們預計今年剩餘時間的稅率將與 2023 年第二季度類似。總之，第二季度對我們的業務來說是一個不錯的季度。我們在核心優先事項上執行得很好，並在為社區提供令人興奮的新體驗方面繼續取得進展。

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

戴夫，現在讓我們開始提問。

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

（操作員說明）您的第一個問題來自摩根士丹利的布萊恩·諾瓦克（Brian Nowak）。

Maybe a 2-parter for Mark. Mark, you've spoken a few times over the last few months on AI agents and sort of building different types of assistance through the Llama. I guess the 2-part question is, can you sort of talk to us a little bit about some of the use cases or consumer advertiser offerings you're most excited about enabling for some of these AI agents?

也許是馬克的兩人伴侶。馬克，過去幾個月你多次談到人工智能代理以及通過 Llama 構建不同類型的幫助。我想這個由兩部分組成的問題是，您能否與我們談談您最感興趣的一些人工智能代理的用例或消費者廣告商產品？

And then the second one, just to sort of level set on timing a bit. Can you just help us understand some of the larger technological barriers in your mind the teams will need to overcome to really scale these types of agent products across the ecosystem?

然後是第二個，只是為了在時間上設置一點水平。您能否幫助我們了解您認為團隊需要克服的一些較大的技術障礙，才能真正在整個生態系統中擴展這些類型的代理產品？

Sure. So I think the main thing that I'll say on this for now is tune into Connect coming up in September. We're going to have a lot more to talk about on the road map and products that we're launching. We wanted to get the Llama 2 model out now. That's going to be -- that's going to underpin a lot of the new things that we're building. And now we're nailing down a bunch of these additional products, and this is going to be stuff that we're working on for years. But I think a lot of the journey will kind of start later this year when we start rolling out some of these things.

當然。因此，我認為我現在要說的主要內容是關注 9 月份即將推出的 Connect。我們將有更多關於我們即將推出的路線圖和產品的內容。我們現在就想推出 Llama 2 模型。這將是——這將支撐我們正在構建的許多新事物。現在我們正在敲定一系列附加產品，這將是我們多年來致力於的事情。但我認為，當我們開始推出其中一些東西時，很多旅程將在今年晚些時候開始。

But overall, I think that there are 3 basic categories of products or technologies that we're planning on building with generative AI. One are around different kinds of agents, which I'll talk about in a second. Two are just kind of generative AI-powered features.

但總的來說，我認為我們計劃用生成式人工智能構建 3 類基本的產品或技術。其中一個是圍繞不同類型的代理，我稍後會討論。其中兩個只是一種由人工智能驅動的生成功能。

So some of the canonical examples of that are things like in advertising, helping advertisers basically run ads without needing to supply as much creative or, say, if they have an image but it doesn't fit the format, be able to fill in the image for them. So I talked about that a little bit upfront in my comments. But there's stuff like that across every app.

因此，一些典型的例子就像在廣告中一樣，幫助廣告商基本上運行廣告，而無需提供盡可能多的創意，或者，如果他們有圖像但不符合格式，則能夠填寫他們的形象。所以我在評論中提前談到了這一點。但每個應用程序中都有類似的東西。

And then the third category of things, I'd say, are broadly focused on productivity and efficiency internally. So everything from helping engineers write code faster to helping people internally understand the overall knowledge base at the company and things like that. So there's a lot to do on each of those zones.

我想說，第三類事情廣泛關注內部生產力和效率。因此，從幫助工程師更快地編寫代碼到幫助人們在內部了解公司的整體知識庫等等。因此，每個區域都有很多工作要做。

For AI agents, specifically, I guess what I'd say is, and one of the things that's different about how we think about this compared to some others in the industry is we don't think that there's going to be one single AI that people interact with, just because there are all these different entities on a day-to-day basis that people come across, whether they're different creators or different businesses or different apps or things that you use.

具體來說，對於人工智能代理，我想我想說的是，與業內其他一些人相比，我們對此的看法不同的一件事是，我們認為不會有一個人工智能可以人們與之互動，只是因為人們每天都會遇到所有這些不同的實體，無論他們是不同的創作者、不同的企業、不同的應用程序或您使用的東西。

So I think that there are going to be a handful of things that are just sort of focused on helping people connect around expression and creativity and facilitating connections. I think there are going to be a handful of experiences around helping people connect to the creators who they care about and helping creators foster their communities. And then the one that I think is going to have the fastest direct business loop is going to be around helping people interact with businesses.

因此，我認為將會有一些事情專注於幫助人們圍繞表達和創造力建立聯繫並促進聯繫。我認為將會有一些經驗可以幫助人們與他們關心的創作者建立聯繫並幫助創作者培育他們的社區。然後我認為將擁有最快的直接業務循環將圍繞幫助人們與企業互動。

And you can imagine a world on this, where, over time, every business has as an AI agent that basically people can message and interact with. And it's going to take some time to get there, right? I mean, this is going to be a long road to build that out. But I think that, that's going to improve a lot of the interactions that people have with businesses, as well as if that does work, it should alleviate one of the biggest issues that we're currently having around messaging monetization is that in order to -- for a person to interact with a business.

你可以想像這樣一個世界，隨著時間的推移，每個企業都擁有一個人工智能代理，基本上人們可以與它發送消息和互動。到達那裡需要一些時間，對吧？我的意思是，實現這一目標將是一條漫長的道路。但我認為，這將改善人們與企業之間的很多互動，如果這確實有效，它應該會緩解我們目前在消息貨幣化方面遇到的最大問題之一，那就是為了——人與企業互動。

It's quite human labor-intensive for a person to be on the other side of that interaction, which is one of the reasons why we've seen this take off in some countries where the cost of labor is relatively low. But you can imagine in a world where every business has an AI agent, that we can see the kind of success that we're seeing in Thailand or Vietnam with business messaging could kind of spread everywhere. And I think that's quite exciting.

對於一個人來說，處於這種互動的另一邊是相當人力密集的，這也是我們在一些勞動力成本相對較低的國家看到這種情況起飛的原因之一。但你可以想像，在每個企業都有人工智能代理的世界裡，我們可以看到我們在泰國或越南看到的那種成功，商業消息傳遞可以傳播到世界各地。我認為這非常令人興奮。

But overall, I think we're going to follow a playbook that's similar to what we normally do on products. In terms of how quickly some of these new products scale, that's one of the big unknowns for the business. And one of the things that we're debating heavily when thinking through the amount of AI CapEx to bring online. Because the reality is we just don't know how quickly these will scale. And we want to have the capacity in place in case they scale very quickly. But because they're kind of brand-new things, there aren't that many precedents for things like this, it's actually quite hard to forecast.

但總的來說，我認為我們將遵循一個與我們通常在產品上所做的類似的劇本。就這些新產品的擴展速度而言，這是企業面臨的一大未知數。在考慮要投入多少人工智能資本支出時，我們正在激烈爭論的事情之一。因為現實是我們不知道這些規模的擴展速度有多快。我們希望擁有適當的容量，以防它們快速擴展。但由於它們是一種全新的事物，這樣的先例並不多，所以實際上很難預測。

So I don't know, Susan, if there's anything on that last point that you want to jump in on. But I think that's probably all I'll say on this for now. But I'm really excited about the segment. This is just going to be -- it fits into all the different products that we're building really well. I think that this is going to both complement and touch and transform every single thing that we're doing, and I'm really excited for it. So tune in to Connect.

所以我不知道，蘇珊，你是否想談談最後一點。但我想這可能就是我現在要說的全部內容。但我對這個部分感到非常興奮。這將非常適合我們正在構建的所有不同產品。我認為這將補充、影響和改變我們正在做的每一件事，我對此感到非常興奮。因此，請收聽 Connect。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題來自高盛的埃里克·謝里丹（Eric Sheridan）。

Maybe one for Mark, one for Susan. Mark, just following up on Brian's question. I did want to ask just to draw that out a little bit more, how you think about the extensions of the developer community sort of growing up around a platform like Llama 2. And we were intrigued by the Microsoft announcement.

也許一份給馬克，一份給蘇珊。馬克，我正在跟進布萊恩的問題。我確實想問一下，只是想進一步說明一下，您如何看待圍繞 Llama 2 這樣的平台發展起來的開發者社區的擴展。我們對 Microsoft 的公告很感興趣。

You traditionally have been more of a consumer-facing company with product. Could this provide you an avenue to be more of an enterprise-facing company over the long term? And is there a strategy there that maybe we haven't seen from you in the past? I'd love to flesh that out a little bit.

傳統上，您的產品更多是面向消費者的公司。從長遠來看，這是否可以為您提供一條成為更多面向企業的公司的途徑？您是否有我們過去未曾見過的策略？我很想充實一點。

And Susan, just one for you. The VRL losses just continue to build. And I think we continue to struggle a little bit of what drivers of those losses are and how should we think about some of the components driving the losses versus elements of earning a return on those losses over the medium to long term, as Mark sort of framed the time frame around metaverse. So any color there about sort of rate of change or components of the losses in VRL, I think, would be super helpful.

蘇珊，只為你準備一份。 VRL 的損失還在繼續增加。我認為我們仍然在努力解決這些損失的驅動因素是什麼，以及我們應該如何考慮導致損失的一些因素與從中長期來看從這些損失中獲得回報的因素，正如馬克所說的那樣圍繞元宇宙制定了時間框架。因此，我認為，關於 VRL 中的變化率或損失組成部分的任何顏色都會非常有幫助。

Yes, sure. I'll take a cut at both of those, and Susan can jump into the second one if there's anything that she wants to add there as well. All right. So Llama is an open source project, which is a little bit different from building out a developer platform, although there will be an ecosystem around this.

是的，當然。我會對這兩個問題有所了解，如果蘇珊還想在其中添加任何內容，她可以跳到第二個。好的。所以 Llama 是一個開源項目，它與構建開發者平台有點不同，儘管圍繞它會有一個生態系統。

What we've seen around open source work that we've done, which we've done a lot of in our core infrastructure work, design of servers and data centers and basic infrastructure as well as in AI. And I pointed out some of these in my remarks upfront, like PyTorch, and just a bunch of other models that we've released recently.

我們所看到的圍繞我們所做的開源工作，我們在核心基礎設施工作、服務器和數據中心的設計以及基礎設施以及人工智能方面做了很多工作。我在前面的評論中指出了其中的一些，例如 PyTorch，以及我們最近發布的一些其他模型。

One of the things that we've seen is that when you release these projects publicly and in open source, there tend to be a few categories of innovations that the community makes. So on the one hand, I think it's just good to get the community standardized on the work that we're doing. That helps with recruiting because a lot of the best people want to come and work at the place that is building the things that everyone else uses.

我們看到的一件事是，當您公開和開源地發布這些項目時，社區往往會做出幾類創新。因此，一方面，我認為讓社區對我們正在做的工作進行標準化是件好事。這有助於招聘，因為許多最優秀的人才都想來到正在構建其他人都使用的東西的地方工作。

It makes sense that people are used to these tools from wherever else they're working. They can come here and build here. But in terms of improvements that we expect to see from the community, there are really a few different types. One is specifically around safety and security. That's a very important issue in AI. In open source software overall, we've just seen through the history here that open source software gets scrutinized more, and therefore, ends up being more secure and safer. And we think that there's a very good chance that's the likely outcome here.

人們無論在哪里工作都習慣於使用這些工具，這是有道理的。他們可以來這裡建造。但就我們期望從社區看到的改進而言，確實有幾種不同的類型。一是專門圍繞安全和保障。這是人工智能中一個非常重要的問題。總體而言，在開源軟件中，我們剛剛看到了開源軟件的歷史，開源軟件受到了更多的審查，因此最終變得更加安全。我們認為很有可能出現這種結果。

And whatever improvements that people make to harden it in the community, we'll be able to roll that into our work, both for the first-party products that we'll launch as well as making it easy to propagate that across the industry and make the AI that everyone uses safer. I would also hope to see efficiency improvements. I mean even from the initial Llama that was just released as a research project, some of the improvements are around things like quantization and being able to run the model way more efficiently.

無論人們為在社區中強化它而做出什麼改進，我們都將能夠將其融入到我們的工作中，無論是對於我們將推出的第一方產品，還是使其能夠輕鬆地在整個行業中傳播，讓每個人使用的人工智能更安全。我也希望看到效率的提高。我的意思是，即使從剛剛作為研究項目發布的最初的 Llama 開始，一些改進也圍繞著量化和能夠更有效地運行模型等方面。

Now we're spending so much on AI CapEx that all the help that we can get from the community to make this stuff more efficient to run will be helpful not just for individuals to be able to run powerful models on their laptop or locally or without a huge amount of compute, so individuals can afford it. But that should hopefully translate over time into just a more efficient infrastructure for us, which hopefully could be quite a big savings. So that's more what we're seeing there.

現在，我們在人工智能資本支出上投入瞭如此多的資金，以至於我們可以從社區獲得的所有幫助，使這些東西運行起來更高效，這不僅有助於個人在筆記本電腦上或在本地或在沒有其他設備的情況下運行強大的模型大量的計算，因此個人可以負擔得起。但隨著時間的推移，這有望轉化為我們更高效的基礎設施，這有望節省相當大的開支。這就是我們在那裡看到的更多內容。

We partnered with Microsoft specifically because we don't have a public cloud offering. So this isn't about us getting into that. It's actually the opposite. We want to work with them because they have that and others have that, and that was the thing that we aren't planning on building out.

我們專門與微軟合作，因為我們沒有公共雲產品。所以這不是我們要介入的問題。事實上恰恰相反。我們想與他們合作，因為他們有這個，其他人也有，而這是我們不打算建立的東西。

But one of the things that you might have noticed is, in addition to making this open through the open source license, we did include a term that for the largest companies, specifically ones that are going to have public cloud offerings, that they don't just get a free license to use this. They'll need to come and make a business arrangement with us.

但您可能已經註意到的一件事是，除了通過開源許可證開放之外，我們還添加了一個術語，對於最大的公司，特別是那些將擁有公共雲產品的公司，他們不這樣做只需獲得免費許可證即可使用它。他們需要來與我們達成業務安排。

And our intent there is we want everyone to be using this. We want this to be open. But if you're someone like Microsoft or Amazon or Google, and you're going to basically be reselling these services, that's something that we think we should get some portion of the revenue for.

我們的目的是希望每個人都使用它。我們希望這是開放的。但如果你是像微軟、亞馬遜或谷歌這樣的公司，並且你基本上會轉售這些服務，那麼我們認為我們應該從中獲得一部分收入。

So those are the deals that we intend to be making, and we've started doing that a little bit. I don't think that, that's going to be a large amount of revenue in the near term. But over the long term, hopefully, that can be something.

這些就是我們打算進行的交易，並且我們已經開始這樣做了。我認為短期內不會有大量收入。但從長遠來看，希望這能有所作為。

Not sure if there's anything else to add on that, but Susan, you can jump in if you want. On RL, let me just jump over to that for a second. I don't think we're going to break out numbers right now but I'll defer to Susan on that. I mean one big thing for the next year is the launch of Quest 3, right?

不確定是否還有其他內容需要補充，但蘇珊，如果您願意，可以加入。關於強化學習，讓我先跳到這個話題。我認為我們現在不會公佈具體數字，但我會聽從蘇珊的意見。我的意思是明年的一件大事就是 Quest 3 的發布，對吧？

And basically, this is going to be the biggest headset that we've released since 2020 when we came out with Quest 2. And there are just a lot of expenses related to bringing that to market. And I think that's, at least in the near term, going to be one of the major drivers of this.

基本上，這將是我們自 2020 年推出 Quest 2 以來發布的最大的耳機。將其推向市場需要大量費用。我認為，至少在短期內，這將成為這一趨勢的主要驅動力之一。

So I think that that's probably the main thing that I would point to there. We're continuing to -- I continue to think, looking at the VR work that we're doing and the AR work, some of the neural interfaces work, I think we're leading in these areas. It's been good to see what others in the industry have done because, to some degree, it gives us more confidence that we're on the right track.

所以我認為這可能是我要指出的主要內容。我們將繼續——我繼續認為，看看我們正在做的 VR 工作和 AR 工作，以及一些神經接口的工作，我認為我們在這些領域處於領先地位。很高興看到業內其他人所做的事情，因為在某種程度上，這讓我們更有信心我們走在正確的軌道上。

And even though I know from an investor standpoint, most people aren't investing on quite as long of a time horizon as we are here, so I kind of get that, a lot of investors might want to see us spending less here in the near term. My view is that we are leading in these areas. I believe that they're going to be big over time.

儘管我從投資者的角度知道，大多數人的投資期限並不像我們現在這麼長，所以我有點明白，很多投資者可能希望看到我們在這方面的支出更少。短期。我的觀點是我們在這些領域處於領先地位。我相信隨著時間的推移，它們會變得越來越大。

I think we've shown that we can deliver good business results in the near term while investing ambitiously in the long term. So I'm planning on continuing to do that, and I do continue to believe that, over time, we will be happy that we did that. So I don't know if Susan if there's anything you wanted to add there.

我認為我們已經證明，我們可以在短期內取得良好的業務成果，同時在長期內進行雄心勃勃的投資。所以我計劃繼續這樣做，而且我仍然相信，隨著時間的推移，我們會很高興我們做到了這一點。我不知道蘇珊您是否還有什麼要補充的。

Sure. Let me just add a couple of things. Very quickly on the first question, I just want to clarify that we don't expect that Llama is going to result in a separate top line enterprise revenue line, so just making sure we're totally clear. On the second question about the growth in Reality Labs' operating losses in 2024, Mark alluded to the fact that this is an ambitious long-term horizon, multifaceted road map.

當然。讓我補充幾件事。關於第一個問題，我只想澄清一下，我們並不期望 Llama 會產生單獨的頂線企業收入線，所以只是確保我們完全清楚。關於第二個問題，即 2024 年 Reality Labs 運營虧損的增長情況，Mark 提到這是一個雄心勃勃的長期、多方面的路線圖。

There are lots of components to the Reality Labs portfolio across VR, AR, metaverse social platforms, neural interfaces. And we really have a long-term time horizon for evaluating the return on our investments here. So in the near term, we're focused on growing adoption of the existing products, and we're constantly learning more about demand and use cases that inform our future plans.

Reality Labs 產品組合中有許多組件，涵蓋 VR、AR、元宇宙社交平台、神經接口。我們確實有一個長期的時間範圍來評估我們在這裡的投資回報。因此，在短期內，我們的重點是提高現有產品的採用率，並且我們不斷了解更多有關需求和用例的信息，為我們的未來計劃提供信息。

But a lot of the investment that's driving the growth here is around conducting the fundamental R&D to solve hard technology problems that are going to enable our vision care. A lot of it is around clearing technical hurdles that will make subsequent devices smaller, cost less, weigh less, et cetera. So that's really on the Reality Labs side.

但推動增長的大量投資是圍繞進行基礎研發來解決硬技術問題，從而實現我們的視力保健。其中很大一部分是圍繞清除技術障礙，使後續設備變得更小、成本更低、重量更輕等等。所以這確實是現實實驗室方面的事情。

Again, as we said, we expect operating losses to increase meaningfully year-over-year in 2024. In 2024, specifically, I think that will be driven by a combination of both headcount-related and operating costs. But again, our ambitions in Reality Labs haven't changed, and it continues to be a significant long-term opportunity for us.

同樣，正如我們所說，我們預計 2024 年運營虧損將同比大幅增加。具體來說，我認為 2024 年這將由員工數量相關和運營成本共同推動。但同樣，我們對現實實驗室的雄心沒有改變，這對我們來說仍然是一個重要的長期機會。

Your next question comes from the line of Mark Shmulik with Bernstein.

你的下一個問題來自馬克·什穆里克（Mark Shmulik）和伯恩斯坦（Bernstein）的對話。

Mark, things move quickly. Like a month ago, we weren't talking about Reels. A quarter ago, we weren't talking about Llama. And start of the year, we were barely talking about AI. If you think back to kind of just how you were prioritizing your time at the start of the year to kind of where you are today and how that's kind of changed, would love to just get some color on kind of the changing priorities and really where you're spending your time.

馬克，事情進展得很快。就像一個月前，我們不是在談論 Reels。四分之一之前，我們還沒有談論 Llama。今年年初，我們幾乎沒有談論人工智能。如果你回想一下你在年初是如何優先安排你的時間到今天的情況以及這是如何改變的，你會很想了解一些變化的優先事項以及真正的變化你正在花費你的時間。

And then the second question, really impressive, obviously, acceleration of growth in kind of the core ad business. Would love to just get some color kind of beyond the vertical contribution. What are you seeing in terms of kind of adoption of Advantage+ products really driving some of that improved growth, especially what we've seen relative to the rest of the sector?

然後是第二個問題，顯然，核心廣告業務的增長確實令人印象深刻。希望獲得一些超出垂直貢獻的顏色。您認為 Advantage+ 產品的採用真正推動了增長的增長，特別是相對於該行業的其他產品，我們看到了什麼？

Yes. I can start with the first and then Susan can take the second. I actually think our priorities have been pretty consistent for a few years now. I think the way that people hear them might be different.

是的。我可以從第一個開始，然後蘇珊可以開始第二個。事實上，我認為我們的優先事項幾年來一直非常一致。我認為人們聽到它們的方式可能會有所不同。

But for example, last year, I think we were getting quite a bit of critique for the volume of AI CapEx spending that we were doing. And now, obviously, people want to understand where that's going and where we think that trajectory is going and want to make it as efficient as possible. But I think, at this point, it's more well understood that I think that was a good investment, and it's driving results in the near term and enabling us to build some of the new experiences that I think we all think are pretty fundamental.

但例如，去年，我認為我們對人工智能資本支出的支出規模受到了相當多的批評。現在，顯然，人們想要了解事情的發展方向以及我們認為軌蹟的走向，並希望使其盡可能高效。但我認為，在這一點上，人們更容易理解，我認為這是一項很好的投資，它在短期內推動了成果，並使我們能夠建立一些我認為我們都認為非常重要的新體驗。

I don't think Reels is new, although maybe you meant Threads when you said that. Threads, I would say, it's not that -- Threads is like -- it's not a massive project. It was -- I've thought for a while that the opportunity around public conversations and in kind of a text-based product was bigger than what had been executed yet in the market. So we had a relatively small team work on that.

我不認為 Reels 是新的，儘管你說的時候可能指的是 Threads。我想說，線程並不是這樣的——線程就像——它不是一個龐大的項目。我有一段時間認為，圍繞公共對話和基於文本的產品的機會比市場上已經執行的產品更大。因此，我們在這方面的團隊規模相對較小。

And this year, I think there have been 2 things that have been -- that have just vastly exceeded my expectations. One was Llama, the initial model, we thought it was interesting. But the scale of adoption, even just for the research version, really spurred us to go do Llama 2, and that was vastly more than we expected.

今年，我認為有兩件事遠遠超出了我的預期。其中一個是 Llama，最初的模型，我們認為它很有趣。但採用的規模，即使只是研究版本，也確實促使我們去做 Llama 2，這遠遠超出了我們的預期。

And the second is Threads has been dramatically more than we expected in terms of the adoption and the rate of that. We thought this was going to be kind of a project that we just -- we had a small team working on for a while, but it really kind of blew up and created a big opportunity immediately.

其次，Threads 的採用率和使用率遠遠超出了我們的預期。我們認為這將是一個我們只是——我們有一個小團隊工作了一段時間的項目，但它確實爆炸了，並立即創造了一個巨大的機會。

But no, I mean, I think over time, you should expect that we're going to focus on AI and the metaverse. AI includes both all of the ranking and recommendation systems that power the core apps, so all the content that you're seeing in Facebook and Instagram, all the ads content that you're seeing. It also underpins all the safety systems that we build.

但不，我的意思是，我認為隨著時間的推移，你應該期望我們將專注於人工智能和虛擬宇宙。人工智能包括為核心應用程序提供支持的所有排名和推薦系統，因此您在 Facebook 和 Instagram 中看到的所有內容以及您看到的所有廣告內容。它還支撐我們構建的所有安全系統。

And increasingly, it's all the generative AI stuff. So all the agents, all the generative features that we're going to be rolling out and a lot of the other work that's going to underlie some of the efficiency stuff that we're doing internally. And then the metaverse stuff, I think we've talked about for a while. So I don't think that there's much change there, except that I'd say the signals that we're getting from the market are -- it's certainly not getting adopted a lot faster than we expected. So that's sort of the somewhat sobering signal.

而且越來越多的都是生成人工智能的東西。因此，我們將推出的所有代理、所有生成功能以及許多其他工作將成為我們內部所做的一些效率工作的基礎。然後是虛擬宇宙的事情，我想我們已經討論了一段時間了。因此，我認為那裡沒有太大變化，但我想說的是，我們從市場得到的信號是——它的採用速度肯定不會比我們預期的快很多。這是一個有點發人深省的信號。

But on the other side, I think a lot of companies that otherwise are doing, we respect and do great work, we don't necessarily view as building things that are ahead of where we are, which gives us confidence that we think that the long-term thesis still will hold there. We think that we're going to be the leaders in it. And nothing that we're seeing from the market makes us rethink that in a fundamental way. So I think we're going to continue focusing on AI and the metaverse as the 2 big thrusts of what we're doing, and all the other things kind of fall out of that.

但另一方面，我認為很多公司在其他方面正在做的事情，我們尊重並做了出色的工作，我們不一定認為他們正在構建領先於我們現有水平的東西，這讓我們有信心，我們認為長期的論點仍然成立。我們認為我們將成為其中的領導者。我們從市場上看到的一切都沒有讓我們從根本上重新思考這一點。因此，我認為我們將繼續關注人工智能和虛擬宇宙，將其作為我們正在做的事情的兩大推動力，而所有其他事情都會隨之而來。

And Mark, I'll take the second question that you asked around the Q2 revenue acceleration. So I think there were a couple of parts. One was around the acceleration in the core ads business. The second was on the Advantage+ products. In terms of the Q2 revenue acceleration, I'd highlight there are a few factors driving that. The first is, frankly, we're lapping a weaker demand period, including the first full quarter of the war in Ukraine and the suspension of our services in Russia.

馬克，我將回答您關於第二季度收入加速提出的第二個問題。所以我認為有幾個部分。其中之一是圍繞核心廣告業務的加速發展。第二個是關於 Advantage+ 產品。就第二季度收入加速而言，我想強調有幾個因素推動了這一增長。首先，坦率地說，我們正在經歷需求疲軟的時期，包括烏克蘭戰爭的第一個完整季度以及我們在俄羅斯的服務暫停。

Second, we saw increased supply and improvements to ad performance, including improved Reels monetization as we continue to work down the Reels revenue headwind. And third, there were lower FX headwinds for us this quarter. So those were all 3 things that helped drive the revenue acceleration in Q2.

其次，我們看到了供應量的增加和廣告效果的改善，包括隨著我們繼續應對 Reels 收入逆風而改善的 Reels 貨幣化。第三，本季度我們面臨的外匯阻力較小。這些都是有助於推動第二季度收入加速增長的三件事。

In terms of the question about Advantage+ specifically, Advantage+ is one of multiple AI-powered ad products that we have right now in the market. With Advantage+ specifically, we're seeing strong adoption and particular success with the e-commerce and retail verticals, and we've seen good traction with other verticals like CPG, especially DTC brands.

具體就有關 Advantage+ 的問題而言，Advantage+ 是我們目前市場上擁有的多種人工智能廣告產品之一。特別是 Advantage+，我們在電子商務和零售垂直領域看到了廣泛的採用和特別成功，並且我們看到了 CPG 等其他垂直領域的良好吸引力，尤其是 DTC 品牌。

And we're continuing to launch features to unlock use cases for advertisers and make it easier for them to adopt Advantage+ campaigns and measure their performance gains. So we've got a lot in the pipeline there that we're excited about for both the Advantage+ shopping campaigns specifically, which were our first sort of foray into this area, but then the Advantage+ portfolio more broadly.

我們將繼續推出功能，為廣告商解鎖用例，讓他們更輕鬆地採用 Advantage+ 廣告系列並衡量其效果提升。因此，我們正在醞釀很多讓我們感到興奮的 Advantage+ 購物活動，這是我們首次涉足這一領域，然後是更廣泛的 Advantage+ 產品組合。

That basically enables us to take that same playbook of helping advertisers iterate and test very quickly and apply it to many different steps of the end-to-end ad buying experience. So the feedback and results that we've seen from advertisers is good, and we think it's a really promising area that we're continuing to invest in. But it's one of many ways that we're using AI to continue to sort of help make our ads systems and recommendations and ranking engines more performance to deliver better measurement and results to advertisers.

這基本上使我們能夠採用相同的策略來幫助廣告商快速迭代和測試，並將其應用於端到端廣告購買體驗的許多不同步驟。因此，我們從廣告商那裡看到的反饋和結果都很好，我們認為這是一個非常有前途的領域，我們將繼續投資。但這只是我們使用人工智能繼續提供幫助的多種方式之一使我們的廣告系統、推薦和排名引擎具有更高的性能，以便為廣告商提供更好的衡量和結果。

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

您的下一個問題來自美國銀行美林銀行的賈斯汀·波斯特 (Justin Post)。

I guess I want to follow up on Reality Labs passing $40 billion in losses and increasing annually next year. Just think about -- maybe help us understand the ROI on the business, how you're thinking about that investment, either on a stand-alone basis or as a complement to the Family of Apps, if you're thinking about it from an investor perspective.

我想我想跟進 Reality Labs 明年虧損超過 400 億美元並逐年增加的情況。想一想——也許可以幫助我們了解業務的投資回報率，您如何考慮這項投資，無論是獨立的還是作為應用程序系列的補充，如果您是從一個角度來考慮的投資者視角。

Well, I think it's both over time. The primary way that I think about this is that we've been able to show that we can -- we've been quite successful at building large-scale social experiences within the constraints of platforms that, often, our competitors are defining. I think we're going to be able to do even better work. And there's a lot of things that I would like to see us build that we just can't because we're -- of the ways that we're constrained by the competitors who build these platforms.

嗯，我認為這都是隨著時間的推移而發生的。我思考這個問題的主要方式是，我們已經能夠證明我們可以——我們在我們的競爭對手通常定義的平台的限制內構建大規模的社交體驗方面非常成功。我認為我們能夠做得更好。我希望看到我們構建很多我們無法構建的東西，因為我們受到構建這些平台的競爭對手的限制。

And over time, the main way that I think about this is from a product and mission perspective is we're here to build awesome experiences that help people connect. I think helping to shape the next platform is going to unlock that in a profound way for decades to come. And that's what I'm here to do and I think what a lot of people are here to do. So that's kind of the first principles part of this.

隨著時間的推移，我思考這個問題的主要方式是從產品和使命的角度來看，我們在這裡是為了打造幫助人們建立聯繫的出色體驗。我認為幫助塑造下一個平台將在未來幾十年內以深遠的方式解鎖這一點。這就是我來這裡要做的事情，我想很多人來這裡也是為了做這件事。這就是其中的首要原則部分。

From a business perspective, I think that there's going to end up being a large business component of this that is Reality Labs-specific. Directly, the products that we're building there and having that be a good business, but I also think that a lot of this is going to be that it unlocks a lot of value for the other experiences, the current apps that we have.

從商業角度來看，我認為最終將有一個大型的商業組成部分，這是現實實驗室特有的。直接來說，我們在那裡構建的產品並使其成為一項良好的業務，但我也認為其中很大一部分將是它為其他體驗和我們當前擁有的應用程序釋放了很多價值。

When you think of it as the Family of Apps, where we currently, just a lot of the potential value, whether it's just engagement that could be created, features that we would love to build that we're not allowed to because Apple or others just don't allow us to build those things. And I think that, that's really unfortunate for the industry.

當你將其視為應用程序家族時，我們目前的應用程序家族有很多潛在價值，無論是可以創建的參與度，還是我們希望構建但由於蘋果或其他公司而不允許我們構建的功能只是不允許我們建造那些東西。我認為這對這個行業來說確實是不幸的。

I think that there's a lot of lost engagement that would have happened, a lot of the monetization and value that gets created. I mean just look at what happened with app tracking transparency, the massive value destruction for small businesses because of the rules that were set by another platform.

我認為，這會導致很多人失去參與度，也會失去很多創造的貨幣化和價值。我的意思是看看應用程序跟踪透明度發生了什麼，由於另一個平台製定的規則而對小企業造成了巨大的價值破壞。

And that's not -- in a future version of the world, it's not -- that would be recognized not by device sales or some new, like, experience that we're building in Reality Labs. You would basically see that accrue through more efficient monetization of the apps and experiences that we're building in other places. So I think it's going to be both.

在未來的世界中，這不會被設備銷售或我們在現實實驗室中構建的一些新的體驗所認可。您基本上會看到，這是通過我們在其他地方構建的應用程序和體驗更有效的貨幣化而產生的。所以我認為兩者都會。

But I think this is just a very fundamental thing. This is a very long-term bet. At a deep level, I understand the discomfort that a lot of investors have with it because it's just outside of the model of, I think, even most long-term investors, how you would think about this.

但我認為這只是一個非常基本的事情。這是一個非常長期的賭注。從深層次上講，我理解許多投資者對此感到不安，因為我認為，即使是大多數長期投資者，這也超出了你的思考模式。

And look, I mean, I can't guarantee you that I'm going to be right about this bet. I do think that this is the direction that the world is going in. There are 1 billion or 2 billion people who have glasses today. I think, in the future, they're all going to be smart glasses.

聽著，我的意思是，我不能向你保證我的賭注是正確的。我確實認為這就是世界正在走向的方向。今天有 10 億或 20 億人戴著眼鏡。我認為，未來，它們都會是智能眼鏡。

And all the time that we spend on TVs and computers, I think that's going to get more immersive and look something more like VR in the future. And I think that what we're seeing is richer ways for people to communicate across even the mobile apps that we have, going from text to photos to videos, just a continual trend towards being more immersive.

我們花在電視和電腦上的所有時間，我認為未來會變得更加身臨其境，看起來更像 VR。我認為我們看到的是人們甚至可以通過我們擁有的移動應用程序進行交流的更豐富的方式，從文本到照片再到視頻，這只是一種更加身臨其境的持續趨勢。

So like all of these trends line up to make me think that this is the right thing, I think we're going to be happy that we did this. So that's kind of how I think about it, both from kind of a mission and product perspective, a business perspective, an investment time frame perspective. But I also understand the discomfort that some folks have with something that I can't put exact numbers on a near-term time horizon around.

因此，就像所有這些趨勢都讓我認為這是正確的事情一樣，我認為我們會很高興我們這樣做了。這就是我的想法，無論是從使命和產品的角度，還是從業務的角度，還是從投資時間框架的角度。但我也理解有些人對我無法在近期時間範圍內給出確切數字的事情感到不安。

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

One for Mark, one for Susan. Mark, you touched on it a bit, but can you just talk a little bit more about what you've learned from Threads early on, not just for that product specifically but also as you look to leverage the Family of Apps platform to launch additional products over time. .

一份給馬克，一份給蘇珊。馬克，您稍微談到了這一點，但是您能否多談談您早期從 Threads 中學到的東西，不僅是針對該產品，而且是當您希望利用應用程序系列平台推出更多產品時隨著時間的推移產品。 。

And then, Susan, you lowered the CapEx outlook this year by $3 billion. Can you just provide more color on the delays in projects and equipment in '23? And is there any way to frame how meaningful the CapEx increase could be in '24?

然後，Susan，您將今年的資本支出預期下調了 30 億美元。您能否提供更多關於 23 年項目和設備延誤的信息？有沒有什麼方法可以說明 24 年資本支出增加的意義有多大？

Yes. On Threads, it's maybe too early to do this kind of analysis. I mean, I'm -- on the one hand, we've tried a bunch of stand-alone experiences over time. And in general, we haven't had a lot of success with building kind of stand-alone apps.

是的。在線程上，現在進行這種分析可能還為時過早。我的意思是，我——一方面，隨著時間的推移，我們嘗試了很多獨立的體驗。總的來說，我們在構建獨立應用程序方面並沒有取得很大成功。

The biggest exception to that, of course, is Messenger, but that started off as functionality inside Facebook and was spun out. So part of me wonders if this is just a kind of classic venture capital portfolio question, where you try a bunch of things and a bunch of them don't work. And then every once in a while, 1 hits and is a much bigger success. It could be that.

當然，最大的例外是 Messenger，但它最初是 Facebook 內部的功能，後來被剝離出來。所以我的一部分想知道這是否只是一種經典的風險投資投資組合問題，你嘗試了很多東西，但其中一些不起作用。然後每隔一段時間，1 就會成功，並且會取得更大的成功。可能是這樣。

Or it could just be that this is such an idiosyncratic case because of all of the factors that are happening around Twitter or X, I guess, it's called now. So it's hard to say. I mean, but I think when something works or doesn't, you can often point to the reason why it did or didn't. And I think it is an interesting question of whether you could have known that a priori, that, that was actually going to be the case.

或者這可能只是因為 Twitter 或 X 周圍發生的所有因素，這是一個如此特殊的案例，我猜，它現在被稱為“現在”。所以很難說。我的意思是，但我認為當某件事起作用或不起作用時，你通常可以指出它起作用或不起作用的原因。我認為這是一個有趣的問題，你是否可以先驗地知道情況實際上會是這樣。

But -- so I'm not sure. But also, rather than trying to kind of analyze that, I'd say we have a lot of work to do to really make Threads reach its full potential. That's not a foregone conclusion yet, even though I think we're off to a great start. And I'm optimistic that, over time, this could be a fifth great app in the Family of Apps.

但是——所以我不確定。而且，我想說的是，我們還有很多工作要做才能真正使線程充分發揮其潛力，而不是試圖對此進行分析。儘管我認為我們已經有了一個良好的開端，但這還不是定局。我樂觀地認為，隨著時間的推移，這可能會成為應用程序家族中的第五個出色的應用程序。

But we have a lot of basic work to do. And we have a basic playbook here, which is build an experience. It's got to be something that people like so it has to have product market fit. Once you get that, it's not always retentive. So a lot of people might like an experience but you need to kind of tune it so with the numbers works that people who use it are continuing. We feel like we're getting to a good place on that with Threads. There's still a lot of basic functionality to build.

但我們還有很多基礎工作要做。我們這裡有一個基本的劇本，那就是構建體驗。它必須是人們喜歡的東西，因此它必須具有適合市場的產品。一旦你明白了這一點，它並不總是可以記住的。因此，很多人可能喜歡某種體驗，但你需要對其進行調整，以便使用它的人能夠繼續使用數字。我們覺得我們在 Threads 方面已經取得了不錯的成績。仍有許多基本功能需要構建。

Once we feel like we're in a very good place on that, then I'm highly confident that we're going to be able to pour enough gasoline on this to help it grow once we get to the point where we feel good that everyone who's using it is going to continue using it at a high rate. And then a few years, once we get to the point where it's at hundreds of millions of people, assuming we can get there, then we'll worry about monetization. But I mean, that's basically the playbook that we're focused on.

一旦我們感覺我們在這方面處於非常好的位置，那麼我非常有信心，一旦我們達到我們感覺良好的程度，我們將能夠為此註入足夠的汽油，以幫助它成長。每個使用它的人都會繼續以很高的頻率使用它。然後幾年後，一旦我們達到了數億人的水平，假設我們能夠到達那裡，那麼我們就會擔心貨幣化。但我的意思是，這基本上就是我們關注的劇本。

And so rather than thinking about right now, like what does this mean for other things like it that we can build? I'd say we're really just focused on taking this opportunity, which is an awesome one that we didn't expect to this scale and making sure we make the most of this and execute it. But I do think it has been sort of this weird anomalous thing in the tech industry that there hasn't been an app for public discussions like this that has reached 1 billion people.

因此，不要現在就思考，這對於我們可以構建的其他類似事物意味著什麼？我想說，我們真的只是專注於抓住這個機會，這是一個很棒的機會，我們沒有想到會達到如此規模，並確保我們充分利用這個機會並執行它。但我確實認為，在科技行業中，還沒有一款能夠吸引 10 億人參與的公共討論應用程序，這確實是一種奇怪的反常現象。

When I look at all the different social experiences, it just seems like there should be 1 like this. I think there are a lot of reasons that you can point to why that might have not been the case historically. But it's awesome that we get a chance to work on this, and I'm really optimistic about where we are. But it's going to be a long road ahead.

當我審視所有不同的社交體驗時，似乎應該有這樣的一種。我認為有很多原因可以解釋為什麼歷史上情況並非如此。但我們有機會從事這方面的工作真是太棒了，我對我們的現狀非常樂觀。但這還有很長的路要走。

And Doug, on your second question about our 2023 CapEx forecast and the impact on '24, so I'll start with 2023. The reduced forecast that we gave for '23, I mentioned on the call, is driven both by some cost savings, particularly on non-AI servers, where we're -- we previously had some underutilized capacity.

道格，關於你關於我們 2023 年資本支出預測以及對 24 年的影響的第二個問題，所以我將從 2023 年開始。我在電話會議上提到，我們對 23 年的預測下調是由一些成本節約推動的，特別是在非人工智能服務器上，我們之前有一些未充分利用的容量。

And we've been identifying ways to be more efficient in the way that we allocate that capacity towards all of our various needs, as well as shifts in CapEx into 2024 that's coming from delays in data center projects and server deliveries. And that will just push that associated CapEx, which we were planning for in '23 into '24.

我們一直在尋找更高效的方法，根據我們的各種需求分配容量，並將由於數據中心項目和服務器交付延遲而導致的資本支出轉移到 2024 年。這只會將我們在 23 年計劃的相關資本支出推至 24 年。

We're still working on our '24 CapEx plans. We haven't yet finalized that, and we'll be working on that through the course of this year. But I mentioned that we expect that CapEx in '24 will be higher than in '23. We expect both data center spend to grow in '24 as we ramp up construction on sites with the new data center architecture that we announced late last year.

我們仍在製定 24 年資本支出計劃。我們還沒有最終確定這一點，我們將在今年努力實現這一目標。但我提到我們預計 24 年的資本支出將高於 23 年。我們預計，隨著我們利用去年年底宣布的新數據中心架構加大站點建設力度，兩個數據中心支出將在 24 年增長。

And then we certainly also expect to invest more in servers in 2024 for both AI workloads to support all of the AI work that we've talked about across the core AI ranking, recommendation work, along with the next-gen AI efforts. And then, of course, also our non-AI workloads, as we refresh some of our servers and add capacity just to support continued growth across the site.

然後，我們當然也希望在 2024 年對人工智能工作負載的服務器進行更多投資，以支持我們在核心人工智能排名、推薦工作以及下一代人工智能工作中討論的所有人工智能工作。當然，還有我們的非人工智能工作負載，因為我們更新了一些服務器並增加了容量，以支持整個站點的持續增長。

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

你的下一個問題來自 Youssef Squali 和 Truist 的對話。

One for Mark and one for Susan maybe. Mark, you touched on this a little earlier, but there is this open source versus closed source debate going on with Meta as one of the companies on 1 side of it with Llama and Llama 2. How do you see this market evolving over time? Do you see one approach as being potentially superior to the other, and therefore, would be likely to garner greater adoption? Or is this really a win-win situation, just considering how early we are in this process and how large the potential TAM is?

一份給馬克，一份給蘇珊。 Mark，您早些時候談到過這個問題，但是 Meta 是與 Llama 和 Llama 2 站在一邊的公司之一，正在進行開源與閉源爭論。您如何看待這個市場隨著時間的推移而演變？您是否認為一種方法可能優於另一種方法，因此可能會獲得更多采用？或者考慮到我們處於這個過程的早期階段以及潛在的 TAM 有多大，這真的是一個雙贏的局面嗎？

And then Susan, your guidance for Q3 implies at the midpoint about a 20% growth, which is a pretty steep acceleration from Q2 at 11% or 12%. Could you maybe just help us understand the drivers of that acceleration? And as we look into Q4, the comps remain pretty easy. Is that sustainable until year-end?

然後蘇珊，你對第三季度的指導意味著中點增長約為 20%，這比第二季度 11% 或 12% 的增速相當陡峭。您能否幫助我們了解這種加速的驅動因素？當我們觀察第四季度時，比較仍然非常簡單。這種情況能持續到年底嗎？

Yes, I can speak briefly to the first one. I do think that there will continue to be both open and closed AI models. I think there are a bunch of reasons for this. There are obviously a lot of companies that their business model is to build a model and then sell access to it. So for them, making it open would undermine their business model. That is not our business model.

是的，我可以簡單地談談第一個問題。我確實認為開放和封閉的人工智能模型將繼續存在。我認為這有很多原因。顯然有很多公司的商業模式是建立一個模型，然後出售該模型的使用權。因此對他們來說，開放會破壞他們的商業模式。那不是我們的商業模式。

We want to have the -- like we view the model that we're building as sort of the foundation for building products. So if by sharing it, we can improve the quality of the model and improve the quality of the team that we have that is working on that, that's a win for our business of basically building better products. So I think you'll see both of those models.

我們希望擁有——就像我們將正在構建的模型視為構建產品的基礎一樣。因此，如果通過共享它，我們可以提高模型的質量並提高我們正在研究的團隊的質量，這對我們的業務來說是一個勝利，基本上可以構建更好的產品。所以我想你會看到這兩個模型。

There are also some important safety questions that I think we'll need to continue thinking about over time. There are a number of people who are out there saying that once the AI models get past a certain level of capability, it can become dangerous for them to become just in the hands of everyone openly. I think -- what I think is pretty clear is that we're not at that point today. I think that there's consensus generally among people who are working on this in the industry and policy folks that we're not at that point today.

我認為隨著時間的推移，我們還需要繼續思考一些重要的安全問題。有很多人表示，一旦人工智能模型的能力達到一定水平，它們公開地掌握在每個人的手中可能會變得危險。我認為——我認為很清楚的是，我們今天還沒有到那個地步。我認為，從事這一工作的行業人士和政策制定者普遍認為，我們今天還沒有達到這一點。

And it's not exactly clear at what point you reach that. So I think there are people who are kind of making that argument in good faith, who are actually concerned about the safety risk. So I think that there are probably some businesses that are out there making that argument because they want it to be more closed, because that's their business, so I think we need to be wary of that.

目前尚不清楚您何時達到這一目標。所以我認為有些人是善意地提出這一論點，他們實際上擔心安全風險。所以我認為可能有一些企業提出這樣的論點，因為他們希望它更加封閉，因為那是他們的事，所以我認為我們需要對此保持警惕。

But I think for both of those reasons, the business reasons and the safety reasons, I think there will continue to be a mix of open and closed models. And it's not just going to be like 1 thing is what everyone uses. I think different businesses will use different things for different reasons.

但我認為，出於商業原因和安全原因這兩個原因，我認為開放和封閉模式將繼續混合。而且這不僅僅是一件東西是每個人都使用的。我認為不同的企業會出於不同的原因使用不同的東西。

And by open sourcing Llama now, we're not -- on the second question around safety, we intentionally did not go out there and say we're going to open source every single thing in the future because we do want to have the space to be able to look at how the safety landscape evolves. And if we think that we do cross some kind of critical threshold in the future, it may not be the right thing to open source it in the future.

現在，通過開源 Llama，我們不是——在關於安全的第二個問題上，我們故意沒有出去說我們將在未來開源所有東西，因為我們確實希望擁有空間能夠了解安全形勢如何演變。如果我們認為未來確實跨越了某種關鍵門檻，那麼將來開源可能不是正確的事情。

But for our business model, at least, since we're not selling access to this stuff, it's a lot easier for us to share this with the community because it just makes our products better and other people's. And that, I think, is a really healthy dynamic for the industry.

但至少對於我們的商業模式來說，由於我們不出售這些東西的訪問權限，因此我們與社區分享這些東西要容易得多，因為它只會使我們的產品和其他人的產品變得更好。我認為，這對該行業來說是一個非常健康的動力。

And thanks, Youssef, for your second question, which I'll take. You asked about our Q3 revenue outlook and maybe also what that implies looking forward into Q4. So on the further acceleration that we've guided to in Q3, first of all, I'd just point out that Q3 '22 revenue declined 4.5% year-over-year.

感謝優素福提出的第二個問題，我將回答這個問題。您詢問了我們第三季度的收入前景，也許還詢問了第四季度的前景。因此，關於我們在第三季度指導的進一步加速，首先，我只想指出，22 年第三季度的收入同比下降了 4.5%。

So we're really lapping a much weaker demand period a year ago, and we've certainly seen demand this year stabilize, and so it's really a much easier compare. We also are expecting that currency is going to flip to a 3-point tailwind from a 1-point headwind last quarter.

因此，我們確實經歷了一年前的需求疲軟時期，而且我們肯定看到今年的需求穩定下來，所以這確實是一個更容易比較的事情。我們還預計貨幣將從上季度的 1 點逆風轉向 3 點順風。

And finally, as I've mentioned earlier on this call, we've been investing for a long time and I think executing really well across our core monetization work and continuing to grow engagement. And I think we're going to benefit from all of the investments that we've made in those historical and key priorities for us.

最後，正如我之前在這次電話會議中提到的，我們已經進行了很長時間的投資，我認為我們的核心貨幣化工作執行得非常好，並繼續提高參與度。我認為我們將從我們在這些歷史性和關鍵優先事項中所做的所有投資中受益。

In terms of what this means for Q4, we're not sharing a Q4 revenue outlook yet. There are obviously some tailwinds to year-over-year growth in Q4. Again, the same point about a weaker compare applies.

就這對第四季度意味著什麼而言，我們尚未分享第四季度的收入前景。第四季度的同比增長顯然有一些推動因素。同樣，關於較弱比較的同樣的觀點也適用。

And at current rates, FX would be a larger tailwind in Q4 than we're expecting it to be in Q3. But we've had sizable fluctuations in advertiser demand over the last year. It's been a pretty volatile period. So while we're seeing strong advertiser demand now, and that's certainly informing our outlook, it's harder to predict as we look further forward, and there are a wide range of possible outcomes in Q4.

按照目前的匯率，第四季度外彙的推動力將比我們預期的第三季度更大。但去年我們的廣告客戶需求出現了相當大的波動。這是一個相當不穩定的時期。因此，雖然我們現在看到廣告商的需求強勁，這肯定會影響我們的前景，但隨著我們進一步展望未來，預測會變得更加困難，並且第四季度可能出現多種結果。

Dave, we have time for 1 last question.

戴夫，我們有時間回答最後一個問題。

That will come from the line of Brad Erickson with RBC Capital Markets.

這將來自加拿大皇家銀行資本市場的布拉德·埃里克森(Brad Erickson)。

Just had a follow-up, I guess, on the CapEx. Just in that planning process you keep alluding to for the '24 CapEx outlook, I think a lot of your commentary here implies that new products, it sounds like you're going to be really central to instructing that number. Just curious how dependent it also is based on just views of revenue growth in '24 and the relationship there.

我想，剛剛對資本支出進行了跟進。就在您不斷提到 24 年資本支出前景的規劃過程中，我認為您在這裡的很多評論都暗示著新產品，聽起來您將成為指導該數字的真正核心。只是好奇它在多大程度上也依賴於對 24 年收入增長及其關係的看法。

Yes. Thank you, Brad. I can go ahead and take that one. So our growth in AI investments is really the thing that is driving the growth in our 2024 CapEx outlook. And I think there are a couple of components to that. There is both the core AI work, which powers our ranking and recommendation systems, which underpins both a lot of our content ranking and engagement growth as well as the monetization work.

是的。謝謝你，布拉德。我可以繼續接受那個。因此，我們人工智能投資的增長確實是推動我們 2024 年資本支出前景增長的因素。我認為這有幾個組成部分。核心人工智能工作為我們的排名和推薦系統提供動力，支撐著我們的許多內容排名和參與度增長以及貨幣化工作。

And that's an area where we're able to measure the ROI of our investments there, and we feel good about the ROI of those investments. And we want to continue investing appropriately to drive revenue growth, at the same time being mindful of our desire to, over the long term, decrease capital intensity.

這是我們能夠衡量投資回報率的領域，而且我們對這些投資的投資回報率感到滿意。我們希望繼續適當投資以推動收入增長，同時牢記我們從長遠來看降低資本密集度的願望。

There's also another component, which is the next-generation AI efforts that we've talked about around advanced research and gen AI, and that's a place where we're already standing up training clusters and inference capacity. But we don't know exactly what we'll need in 2024 since we don't have any at-scale deployments yet of consumer business-facing features. And the scale of the adoption of those products is ultimately going to inform how much capacity we need.

還有另一個組成部分，即我們圍繞高級研究和一代人工智能討論的下一代人工智能工作，我們已經在這方面建立了訓練集群和推理能力。但我們並不確切知道 2024 年我們需要什麼，因為我們還沒有任何面向消費者業務的功能的大規模部署。這些產品的採用規模最終將決定我們需要多少容量。

We think these are both going to be compelling investment opportunities. And some of the AI capacity is fungible, so if we don't need -- end up needing some of the some of the capacity for our gen AI work, we'll be able to allocate it to our core AI work, supporting ads and engagement. But we're really still working on our '24 plans. We will have a clearer and more quantitative outlook as those plans shape up. But we are mindful of our intention to reduce the capital intensity of these investments over time.

我們認為這些都將是引人注目的投資機會。一些人工智能能力是可替代的，所以如果我們不需要——最終需要我們的一代人工智能工作的一些能力，我們將能夠將其分配給我們的核心人工智能工作，支持廣告和參與度。但我們確實仍在製定 24 小時計劃。隨著這些計劃的製定，我們將擁有更清晰、更量化的前景。但我們注意到我們打算隨著時間的推移降低這些投資的資本密集度。

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

偉大的。感謝您今天加入我們。感謝您抽出寶貴的時間，我們期待很快再次發言。

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。