Snap Inc (SNAP) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Snap Inc's second quarter 2026 earnings conference call. (Operator Instructions)

各位下午好，歡迎參加 Snap Inc. 2026 年第二季財報電話會議。(接線員指示)

I would now like to turn the call over to David Ometer, Head of Investor Relations.

現在我想把電話會議交給投資人關係主管 David Ometer。

Thank you, and good afternoon, everyone. Welcome to Snap's second quarter 2026 earnings conference Call. With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; and Doug Hott, Chief Financial Officer. Please refer to our Investor Relations website at investor.snap.com to find today's press release, earnings slides and investor letter. This conference call includes forward-looking statements, which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures.

謝謝，各位下午好。歡迎參加 Snap 2026 年第二季財報電話會議。今天與會者包括共同創辦人兼執行長 Evan Spiegel，以及財務長 Doug Hott。請造訪我們的投資人關係網站 investor.snap.com，以取得今日新聞稿、財報簡報投影片與投資人信函。本次電話會議包含前瞻性陳述，係基於我們截至今日的假設。實際結果可能與這些前瞻性陳述所表達者有重大差異，我們不承擔更新揭露內容之義務。

For more information about factors that may cause actual results to differ materially from these forward-looking statements, please refer to the press release we issued today as well as risks described in our most recent Form 10-K or Form 10-Q, particularly in the section titled risk factors. Today's call will include both GAAP and non-GAAP measures. Reconciliations between the two can be found in today's press release and earnings slides available on our IR website.

如需了解可能導致實際結果與這些前瞻性陳述有重大差異之因素，請參閱我們今日發布的新聞稿，以及我們最近一期 Form 10-K 或 Form 10-Q 中所描述的風險，特別是「風險因素」章節。今日電話會議將同時包含 GAAP 與非 GAAP 指標。兩者之間的調節表可於今日新聞稿與我們 IR 網站上的財報投影片中查閱。

Please note that when we discuss all of our expense figures, they will exclude stock-based compensation and related payroll taxes as well as depreciation and amortization and certain other items. Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today's call.

請注意，當我們討論所有費用數字時，將排除以股份為基礎之薪酬及相關薪資稅，亦排除折舊與攤銷以及某些其他項目。請參閱我們向 SEC 提交的文件，以了解我們如何計算今日電話會議中討論的任何指標。

With that, I'd like to turn the call over to Evan.

接下來，我想把電話會議交給 Evan。

Hi, everyone, and welcome to our call. Snapchat is now one of the largest Internet communities in the world, approaching 1 billion people using our service every month. Over the past few years, we worked intensely to rebuild our monetization platform and improve our go-to-market strategy, and those efforts are producing stronger results.

各位好，歡迎參加我們的電話會議。Snapchat 現在已是全球最大的網路社群之一，每月使用我們服務的人數正接近 10 億。過去幾年，我們全力投入重建變現平台並改善市場推進策略，而這些努力正帶來更強勁的成果。

Our objective now is to turn our scale into durable growth and stronger cash generation while demonstrating the long-term value of our investment in Specs. We are approaching this work with a more focused AI-enabled operating model. AI is helping us improve our service faster, deepening engagement and improving outcomes for advertisers. That supports revenue growth, margin expansion and free cash flow.

我們目前的目標，是將規模轉化為可持續的成長與更強的現金創造能力，同時展現我們對 Specs 投資的長期價值。我們正以更聚焦、由 AI 驅動的營運模式來推進這項工作。AI 正協助我們更快改善服務、加深互動參與，並為廣告主帶來更好的成效。這將支撐營收成長、毛利率擴張與自由現金流提升。

Free cash flow gives us the flexibility to continue investing in long-term opportunities, offset dilution and strengthen our balance sheet. That is why free cash flow per share will be our primary financial objective going forward. Our largest long-term opportunity is Specs, a new kind of computer built into see-through glasses. Specs are designed for a future in which AI does more work on our behalf and people spend less time operating screens. I believe we can pursue that future from a much stronger position by continuing to improve our core business and remaining disciplined about how we invest.

自由現金流讓我們能夠持續投資長期機會、抵銷稀釋並強化資產負債表。因此，未來我們的主要財務目標將是每股自由現金流。我們最大的長期機會是 Specs——一種嵌入透明眼鏡中的新型電腦。Specs 的設計面向一個未來：AI 會代我們完成更多工作，而人們花在操作螢幕上的時間更少。我相信，透過持續改善核心業務並在投資上保持紀律，我們能以更強的姿態追求那個未來。

Last fall, I outlined three priorities for Snap, strengthen our community and engagement, accelerate and diversify revenue growth and build a more profitable cash-generative core business. Q2 was a meaningful step forward across all three. Monthly active users grew to 971 million and daily active users reached 493 million. Revenue increased 19% year over year to $1.6 billion. Advertising revenue grew 9% to $1.28 billion, while other revenue grew 85% to $316 million. Gross margin reached 58%, net loss was $164 million and operating cash flow was $176 million.

去年秋天，我提出 Snap 的三項優先事項：強化社群與互動參與、加速並多元化營收成長，以及打造更具獲利能力、能產生現金的核心業務。第二季在這三方面都邁出了重要一步。月活躍用戶增至 9.71 億，日活躍用戶達到 4.93 億。營收年增 19% 至 16 億美元。廣告營收年增 9% 至 12.8 億美元，其他營收年增 85% 至 3.16 億美元。毛利率達到 58%，淨損為 1.64 億美元，營運現金流為 1.76 億美元。

Adjusted EBITDA was $250 million and free cash flow was $121 million. At its core, Snapchat helps close friends and families stay connected. Over time, we have built Spotlight, Snap Map and Augmented reality around that foundation, giving our community more reasons to open Snapchat, discover something new and share it with the people that they care about. I think about this as a simple flywheel that drives the growth of Snapchat. Sharing starts conversations, conversations strengthen friendships and stronger friendships lead to more sharing and creativity.

調整後 EBITDA 為 2.5 億美元，自由現金流為 1.21 億美元。在本質上，Snapchat 幫助親密好友與家人保持聯繫。隨著時間推移，我們在此基礎上打造了 Spotlight、Snap Map 與擴增實境，讓社群有更多理由打開 Snapchat、發現新事物，並與他們在乎的人分享。我把這視為推動 Snapchat 成長的一個簡單飛輪。分享引發對話，對話加深友誼，而更深的友誼又帶來更多分享與創意。

Spotlight is becoming a more important part of that flywheel. In the United States, the number of people posting to Spotlight grew more than 115% year over year, while Spotlight daily active users grew more than 20%. This growth was supported by our investment in creators and AI-powered recommendations. We also saw improving momentum in our advertising business. After several quarters of improving our ad products and go-to-market approach, we saw better momentum with large advertisers in North America and stronger revenue growth internationally.

Spotlight 正成為這個飛輪中更重要的一環。在美國，發佈到 Spotlight 的人數年增超過 115%，而 Spotlight 日活躍用戶年增超過 20%。這項成長得益於我們對創作者的投資以及 AI 驅動的推薦。我們也看到廣告業務動能改善。在連續幾季改善廣告產品與市場推進方式之後，我們在北美的大型廣告主方面看到更好的動能，且國際市場的營收成長更強勁。

World Cup-related spending contributed during the quarter alongside continued strength among small- and medium-sized businesses. Smart Campaign Solutions, our suite of AI-powered automation and optimization tools, is making it easier for advertisers to achieve better outcomes with less manual work. Those outcomes continue to improve. For app advertisers, cost per install declined 8% year over year. Cost per purchase declined 18% and app purchase volume increased 128%.

本季與世界盃相關的支出有所貢獻，同時中小企業客戶仍維持強勁表現。Smart Campaign Solutions（智慧行銷活動解決方案）是我們一套由 AI 驅動的自動化與最佳化工具，讓廣告主以更少的人工操作就能取得更好的成效。這些成效持續改善。對於 App 廣告主而言，每次安裝成本（CPI）年減 8%。每次購買成本年減 18%，而 App 購買量增加 128%。

Greater adoption by retailers also drove 43% growth in dynamic product ads revenue. Advertisers increased spending across native services such as sponsored Snaps, where roughly one-third of the Snapchatters reached were incremental to other services on Snapchat. These results reflect the progress we are making across automation, optimization, measurement and attribution. Our audience in the United States continues to broaden quarter-over-quarter, led by people aged 35 and older.

零售商採用度提升也帶動動態商品廣告營收成長 43%。廣告主也增加在原生服務（例如贊助 Snaps）上的支出；在贊助 Snaps 觸及的 Snapchat 用戶中，約三分之一相較於 Snapchat 上其他服務屬於增量觸及。這些成果反映我們在自動化、最佳化、衡量與歸因方面取得的進展。我們在美國的受眾持續逐季擴大，其中以 35 歲以上族群為主要帶動。

That is increasing our relevance in categories such as automotive, health care, home goods, financial services, insurance and business-to-business services, while helping us diversify our advertiser base. An independent third-party study from Measured also found that for the brands in their portfolio, Snapchat delivered approximately 19.3% higher incremental return on ad spend than the blended incremental return from their social advertising overall.

這提升了我們在汽車、醫療保健、家居用品、金融服務、保險以及企業對企業（B2B）服務等類別的相關性，同時也幫助我們多元化廣告主基礎。Measured 的一項獨立第三方研究亦發現，對其投資組合中的品牌而言，Snapchat 所帶來的增量廣告投資報酬率（ROAS）約比其整體社群廣告的加權增量報酬率高出 19.3%。

Taken together, these results give us confidence that advertisers are seeing more value on Snapchat and increasing their investment as we improve the platform across the full funnel. We have also built a meaningful second revenue stream. Snapchat+, Memory Storage and Lens+ helped drive 85% year over year growth in other revenue to $316 million in Q2. Less than 3% of our monthly active users are paying subscribers, and we see substantial room to grow direct revenue over time through premium features, AI-powered creative tools and additional subscription products.

綜合而言，這些成果讓我們有信心：隨著我們在全漏斗層面持續改善平台，廣告主正在 Snapchat 上看到更高價值，並增加其投資。我們也建立了一條具規模的第二營收來源。Snapchat+、Memory Storage 與 Lens+ 推動第二季其他營收年增 85% 至 3.16 億美元。我們的月活躍用戶中，付費訂閱者不到 3%，我們認為未來仍有相當大的空間，能透過進階功能、AI 驅動的創作工具與更多訂閱產品，逐步擴大直接營收。

AI is transforming Snapchat and the way Snap operates. It powers better recommendations, more automated and performant advertising campaigns and new creative tools for our community. Internally, it is helping our smaller, more focused team move faster and accomplish more. In Q2, code commits per engineer increased 75% year over year, while major reliability issues declined 57%. Our internal AI code reviewer now reviews 90% of pull requests across Snap and has saved an estimated 30,000 hours of code review time.

AI 正在改變 Snapchat 以及 Snap 的營運方式。它帶來更好的推薦、更自動化且效能更佳的廣告活動，以及為我們社群打造的新創作工具。在內部，它正協助我們規模更小、更加聚焦的團隊加速推進並完成更多工作。在第二季，每位工程師的程式碼提交次數較去年同期增加 75%，而重大可靠性問題則下降 57%。我們的內部 AI 程式碼審查工具目前已審查 Snap 全公司 90% 的拉取請求（pull requests），並估計節省了 30,000 小時的程式碼審查時間。

Our AI-powered support agent answers approximately 3.9 million questions from Snapchatters each month and has reduced support ticket volume by approximately 62% since the start of the year. In advertising, AI increased first pass image review automation from 40% in Q2 2025 to nearly 90% in Q2 2026, resulting in faster approvals for advertisers, stronger content safety and lower operating costs. In addition to leveraging AI to improve how we operate today, we are building toward the future of computing with Specs.

我們的 AI 驅動支援代理每月約回答 Snapchat 用戶 390 萬個問題，並自年初以來將支援工單量降低約 62%。在廣告方面，AI 將首次影像審查自動化比例從 2025 年第二季的 40% 提升至 2026 年第二季接近 90%，使廣告主核准速度更快、內容安全性更強且營運成本更低。除了運用 AI 改善我們當前的營運方式之外，我們也正透過 Specs 朝向未來的運算形態邁進。

I believe AI will fundamentally change our relationship with computers. We'll spend less time operating them and more time supervising intelligent systems that understand context and complete work on our behalf. Specs are built for that future. Unveiling Specs in June was an important milestone after more than a decade of work. Specs are a new kind of computer built into see-through glasses, more capable than today's limited AI glasses and more wearable than bulky VR headsets.

我相信 AI 將從根本上改變我們與電腦的關係。我們將花更少時間操作電腦，而把更多時間用於監督能理解情境並代表我們完成工作的智慧系統。Specs 正是為那樣的未來而打造。在 6 月揭曉 Specs，是歷經十多年努力後的重要里程碑。Specs 是一種嵌入於透明眼鏡中的新型電腦，比當今功能受限的 AI 眼鏡更強大，也比笨重的 VR 頭戴裝置更易於配戴。

Specs can understand the world around you and help with work, learning, entertainment and shared experiences without pulling you away from the real world. We are excited to share much more about how Specs work and what they can do at our launch event in Los Angeles on September 16. I'll now hand it over to our Chief Financial Officer, Doug Hott, to discuss our financial results and outlook.

Specs 能理解你周遭的世界，並在不讓你脫離真實世界的情況下，協助工作、學習、娛樂與共享體驗。我們很期待在 9 月 16 日於洛杉磯舉行的發表活動中，分享更多關於 Specs 的運作方式以及它能做到的事情。接下來我將交棒給我們的財務長 Doug Hott，請他說明我們的財務結果與展望。

Doug HottExecutive

Doug HottExecutive

Thank you, Evan. In Q2, revenue increased 19% year over year to $1.6 billion, including 9% growth in advertising revenue. This growth reflected progress with large advertisers in North America, broader adoption of our AI-powered smart campaign solutions, continued SMB momentum and 85% growth in other revenue, led by Snapchat+, Memory Storage and our Lens+ subscription.

謝謝你，Evan。第二季營收較去年同期成長 19% 至 16 億美元，其中廣告營收成長 9%。此成長反映了我們在北美大型廣告主方面的進展、AI 驅動智慧投放解決方案的更廣泛採用、中小企業（SMB）動能的延續，以及其他營收成長 85%（主要由 Snapchat+、Memory Storage 與我們的 Lens+ 訂閱帶動）。

In early Q2, we restructured our cost base so Snap can scale more efficiently, and those changes are increasingly visible in our results. Our total adjusted cost structure increased just 4% year over year as operating efficiencies offset investments in long-term revenue drivers. Gross margin expanded 7 percentage-points year over year to 58%. Net loss improved by $99 million to $164 million, and adjusted EBITDA increased by $208 million year over year to $250 million.

在第二季初，我們重整了成本結構，使 Snap 能更有效率地擴張，而這些變化正愈來愈清楚地反映在我們的業績中。在營運效率抵銷對長期營收驅動因素的投資之下，我們的調整後總成本結構僅較去年同期增加 4%。毛利率較去年同期擴大 7 個百分點至 58%。淨損改善 9,900 萬美元至 1.64 億美元，調整後 EBITDA 較去年同期增加 2.08 億美元至 2.50 億美元。

Our focus is to sustain this operating leverage by maintaining disciplined cost growth as we scale revenue, expand margins and increase free cash flow. That operating leverage translates into stronger cash generation. In Q2, operating cash flow was $176 million and free cash flow was $121 million. Over the past 12 months, operating cash flow reached $919 million and free cash flow reached $706 million. We have now generated positive free cash flow for eight consecutive quarters, while limiting fully diluted share count growth to approximately 2% over the past five years through our share repurchase program.

我們的重點是在營收擴張的同時維持有紀律的成本成長，以持續這種營運槓桿、擴大利潤率並提高自由現金流。這種營運槓桿將轉化為更強的現金創造能力。第二季營運現金流為 1.76 億美元，自由現金流為 1.21 億美元。過去 12 個月，營運現金流達 9.19 億美元，自由現金流達 7.06 億美元。我們已連續八個季度產生正的自由現金流，同時透過股票回購計畫，在過去五年將完全稀釋後股數成長限制在約 2%。

Over that period, we repaid more than $2 billion of convertible notes due in 2027 and 2028 as well as the $47 million in convertible notes that were due in August 2026, reducing future debt obligations and strengthening our balance sheet. We ended Q2 with approximately $2.7 billion in cash and marketable securities, giving us the capacity to invest in our core business and long-term opportunities while maintaining a healthy cash balance.

在此期間，我們償還了 2027 年與 2028 年到期的可轉換公司債超過 20 億美元，以及於 2026 年 8 月到期的 4,700 萬美元可轉換公司債，降低未來債務義務並強化資產負債表。第二季末，我們持有約 27 億美元的現金與有價證券，使我們在維持健康現金水位的同時，具備投資核心業務與長期機會的能力。

Our planned investment in Specs is included within our existing operating expense outlook. Over time, we intend to pace that investment based on product, ecosystem and economic milestones while preserving the improving profitability and cash generation of our core business and supporting a stable share count. Going forward, our financial objective is free cash flow per share. We believe this is the right objective because it connects operating performance, disciplined capital allocation and long-term shareholder value creation.

我們對 Specs 的規劃投資已納入既有的營運費用展望之中。隨著時間推進，我們打算在維持核心業務獲利能力與現金創造改善、並支持穩定股數的前提下，依產品、生態系與經濟里程碑來調整投資節奏。展望未來，我們的財務目標是「每股自由現金流」。我們認為這是正確的目標，因為它連結了營運表現、有紀律的資本配置，以及長期股東價值的創造。

Our goal is to generate enough free cash flow to invest in Snap's long-term potential, offset stock-based compensation dilution and strengthen our balance sheet. We support these objectives by growing revenue faster than costs, investing with discipline and using our share repurchase program to offset dilution and compound per share value. As we move into Q3, we remain focused on accelerating top line growth, growing our community, deepening engagement, improving financial efficiency and advancing towards the commercial launch of Specs later this fall.

我們的目標是產生足夠的自由現金流，以投資 Snap 的長期潛力、抵銷以股票為基礎的薪酬所造成的稀釋，並強化資產負債表。我們透過讓營收成長快於成本、以紀律進行投資，以及運用股票回購計畫抵銷稀釋並提升每股價值，來支持這些目標。進入第三季之際，我們仍專注於加速營收成長、擴大社群規模、深化互動、提升財務效率，並推進今年秋季稍晚 Specs 的商業化上市。

Our guidance range for Q3 revenue is $1.70 billion to $1.74 billion. We expect infrastructure costs to grow modestly year over year in Q3 and now anticipate full year infrastructure costs of $1.65 billion to $1.70 billion, compared with our prior guidance of $1.60 billion to $1.65 billion. The increase primarily reflects additional investment in the AI and machine learning infrastructure needed to support revenue growth. We continue to expect all other cost of revenue, excluding infrastructure costs, to represent 16% to 17% of revenue for the full year.

我們對第三季營收的指引區間為 17.0 億至 17.4 億美元。我們預期第三季基礎設施成本將較去年同期小幅成長，並將全年基礎設施成本預估調整為 16.5 億至 17.0 億美元，先前指引為 16.0 億至 16.5 億美元。此增加主要反映為支援營收成長所需的 AI 與機器學習基礎設施之額外投資。我們仍預期全年除基礎設施成本外的其他營收成本，將占營收的 16% 至 17%。

We also continue to expect full year adjusted operating expenses of approximately $2.75 billion and stock-based compensation of approximately $1.05 billion. The personnel cost savings associated with our recently announced restructuring are expected to be more fully reflected in Q3 and beyond. As a result, we estimate that adjusted EBITDA will be between $300 million and $350 million in Q3. Following the expected completion of our current repurchase program in Q4, we expect to implement a new multiyear dilution management program designed to help offset future dilution and support a stable fully diluted share count in 2027.

我們也仍預期全年調整後營運費用約為 27.5 億美元，且以股票為基礎的薪酬約為 10.5 億美元。與我們近期宣布的重整相關的人事成本節省，預期將在第三季及之後更完整地反映出來。因此，我們估計第三季調整後 EBITDA 將介於 3.00 億至 3.50 億美元之間。在預期於第四季完成目前回購計畫後，我們預期將推出新的多年期稀釋管理計畫，旨在協助抵銷未來稀釋，並在 2027 年支持穩定的完全稀釋後股數。

The program will be funded primarily through free cash flow while maintaining a healthy cash balance and continuing to invest in our long-term growth. Looking beyond 2026, we believe the stronger near-term outlook reflects durable improvements in the business. We expect direct revenue to continue growing materially faster than the overall business while maintaining disciplined growth in our non-GAAP operating expense base over the medium term. As we scale, the financial benefits of these trends should become increasingly meaningful with continued gross margin improvement supporting further adjusted EBITDA margin expansion and sustained positive net income beginning in 2027.

該計畫將主要以自由現金流提供資金，同時維持健康的現金水位並持續投資於我們的長期成長。展望 2026 年之後，我們認為較強的短期展望反映了業務的持久性改善。我們預期直接營收將在維持中期非 GAAP 營運費用基礎有紀律成長的同時，持續以顯著快於整體業務的速度成長。隨著規模擴大，這些趨勢帶來的財務效益應會愈發顯著；在毛利率持續改善的支持下，將進一步推動調整後 EBITDA 利潤率擴張，並自 2027 年起維持正的淨利。

Lastly, we continue to monitor the evolving legal and regulatory landscape in the United States and internationally that could materially impact our business and financial results, including increased regulatory scrutiny on youth-related issues and several trials scheduled in the United States later this year. While outcomes remain uncertain, they may result in significant changes to our products and business practices, increased compliance requirements and legal costs, increased payments for legal judgments and settlements and negative impacts to user growth and engagement.

最後，我們將持續關注美國及國際間不斷演變的法律與監管環境，該等變化可能對我們的業務與財務結果造成重大影響，包括針對青少年相關議題日益加強的監管審查，以及今年稍晚在美國預定進行的數起審判。雖然結果仍不確定，但可能導致我們的產品與業務作法出現重大變更、合規要求與法律成本增加、因法律判決與和解而增加的支付，以及對用戶成長與參與度造成負面影響。

Thank you, and we will now take your questions.

謝謝，接下來我們將開始回答各位的提問。

(Operator Instructions)

(接線員指示)

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

It seems like you think 2Q was the quarter where you're seeing the work of the last few years paying off. I just wanted to kind of hear more about what gives you the confidence that this kind of growth and performance is really durable going forward?

看起來你們認為第二季是過去幾年努力開始收穫成果的一季。我想再多聽一些，是什麼讓你們有信心，認為這種成長與表現往後真的具有可持續性？

Doug, thanks for the question. The improvement in Q2 really reflects progress across both the advertising platform and the go-to-market execution, which is something we've really been working hard on. We're delivering stronger performance, especially for app, e-commerce and other lower funnel advertisers, and we're making campaigns easier to manage with better automation, optimization, measurement and attribution.

Doug，謝謝你的提問。第二季的改善確實反映了我們在廣告平台與市場推進（go-to-market）執行兩方面的進展，這也是我們一直非常努力的方向。我們帶來了更強的成效，特別是對於App、電商以及其他偏向漏斗下層的廣告主；同時也透過更好的自動化、最佳化、衡量與歸因，讓活動更容易管理。

One of the things I'm particularly excited about is that all these improvements resulted in a 56% year over year increase in conversions across the platform, including app and pixel purchase goals. And we also saw increased spending from existing advertisers alongside broader adoption of newer formats like sponsored Snaps and our smart campaign solutions. So we know we still have more work to do, but the breadth of the improvement here is what gives us confidence that it's being supported by stronger fundamentals.

其中一點讓我特別振奮的是，這些改善使整個平台的轉換量年增56%，包含App與像素（pixel）的購買目標。我們也看到既有廣告主增加投放，同時更廣泛採用如贊助 Snaps 以及我們的智慧型活動解決方案等較新的格式。因此我們知道仍有更多工作要做，但這次改善的廣度，讓我們有信心其背後有更強的基本面支撐。

Ross Sandler, Barclays.

Ross Sandler，巴克萊。

So there was some language in the letter about Specs and the launch date and your kind of planned pacing of investment. So could you just elaborate a little bit on what we should expect in the second half and into '27 for Specs investment? And then is the idea of setting up Specs as a company outside of Snapchat off the table? Or is that still something that you guys would consider in the future?

信中提到了一些關於 Specs 的措辭，包括上市日期以及你們規劃的投資節奏。能否再多說明一下，我們在下半年以及到 2027 年對 Specs 投資應該期待什麼？另外，把 Specs 設立為 Snapchat 之外的一家公司，這個想法是否已經不再考慮？還是你們未來仍可能會考慮？

Ross, thanks for the question. I think big picture, what we were really trying to outline was that given the real inflection in free cash flow generation in the business that we have the ability to simultaneously invest in the future of Specs, offset dilution, and strengthen our balance sheet. So as we look at Specs specifically, we're very focused right now on product quality, on the customer experience and really the ecosystem development.

Ross，謝謝你的提問。從大方向來看，我們想要說明的是：鑑於公司自由現金流產生能力出現真正的拐點，我們有能力同時投資 Specs 的未來、抵銷稀釋，並強化資產負債表。就 Specs 而言，我們目前非常專注於產品品質、客戶體驗，以及整體生態系的發展。

And we've gotten some great feedback from developers and businesses after the announcement at AWE in June. I think looking forward, on September 16, we'll be sharing a lot more about all the different ways people can use Specs, how they fit into people's lives. And we're just really excited to get Specs into folks' hands later this year.

在六月 AWE 的發布之後，我們從開發者與企業端收到了非常好的回饋。展望未來，9 月 16 日我們將分享更多內容，涵蓋人們可以如何以各種不同方式使用 Specs，以及它們如何融入人們的生活。我們也非常期待在今年稍晚把 Specs 交到大家手上。

Dan Salmon, New Street Research.

Dan Salmon，New Street Research。

Evan, I'd just like to hear a little bit more on the North America DAU outlook for the rest of the year after it stabilized at 92 million this quarter. You mentioned more usership -- healthier usership in the 35 and older age group in the letter. Could you expand on that? And maybe also give us a little color on users under 35 and whether that figure grew sequentially this quarter.

Evan，我想再多了解一些北美 DAU 在今年剩餘時間的展望，因為本季穩定在 9,200 萬。你在信中提到 35 歲以上族群的使用情況更健康——用戶使用更健康。能否再延伸說明？另外也想請你補充一下 35 歲以下用戶的情況，以及這個數字本季是否較上季成長。

Thanks, Dan. Yes, we're definitely encouraged by the stabilization in North America DAU on a quarter-over-quarter basis. And we made some progress in strengthening the core communication experience and also giving Snapchatters more reasons to engage with Spotlight and the Snap Map and augmented reality. I would say, in particular, Spotlight is becoming a more important part of that flywheel.

謝謝，Dan。是的，我們確實對北美 DAU 在季對季基礎上趨於穩定感到鼓舞。我們在強化核心溝通體驗方面取得了一些進展，同時也讓 Snapchat 用戶有更多理由去參與 Spotlight、Snap Map 與擴增實境。我會說，尤其是 Spotlight，正成為這個飛輪中更重要的一環。

So in the United States, the number of people posting grew more than 115% year over year and daily active viewers of Spotlight increased by more than 20%. So I think going forward, we're just very focused on improving activation, retention and engagement. I would say we are closely monitoring the regulatory environment, including age assurance, privacy and online safety requirements, which may affect the product experiences or user growth and engagement over time.

因此在美國，發文人數年增超過 115%，而 Spotlight 的每日活躍觀看者增加超過 20%。展望未來，我們將非常專注於提升啟用、留存與參與度。我也要說，我們正密切關注監管環境，包括年齡驗證、隱私與線上安全要求；這些因素可能隨時間影響產品體驗或用戶成長與參與度。

Rich Greenfield, LightShed Partners.

Rich Greenfield，LightShed Partners。

First of all, thanks for the shorter prepared remarks. That was really helpful. I appreciate getting questions quickly. Evan, it's been like seven weeks since you started taking preorders for Specs. Any sense of -- you could give us any sense of like what preorder volumes look like and what that's telling you about demand heading into the launch event in September.

首先，謝謝你們縮短了事先準備的發言。這真的很有幫助。我很感謝能更快進入提問。Evan，你們開始接受 Specs 預購到現在大概七週了。你能否分享一下預購量大概是什麼情況，以及這對 9 月發表會前的需求意味著什麼？

And then two, Doug, you called out in the prepared remarks that there was a Q2 tailwind from the World Cup as well as the large advertiser performance. I would assume the World Cup is carried over at least a little bit into Q3, but any commentary on sort of -- could you size for us like what the World Cup means?

第二，Doug，你在準備發言中提到第二季受世界盃以及大型廣告主表現帶來的順風。我猜世界盃至少會有一部分延續到第三季，但你們能否評論一下——能否幫我們量化世界盃的影響大概有多大？

And obviously, you did more -- your revenue growth in Q2 was faster than your guide for Q3. Is that the difference is not having the World Cup or just less World Cup? Just trying to understand what the organic number might look like from that change or that improvement in the large advertiser number that you called out.

而且很明顯，你們第二季的營收成長快於你們對第三季的指引。這個差異是因為第三季沒有世界盃，還是只是世界盃效應較小？我想了解，若把這些因素拆開看，從這個變化、或你提到的大型廣告主數據改善來看，有機成長的數字可能會是什麼樣子。

Rich, thanks so much for the question. Yes, on Specs, we've been overwhelmed at the extent to which I think our announcement really broke through. And there's just a huge amount of interest. What we're hearing from folks is really that they want to try Specs. It's obviously a high consideration purchase at $2,195. And obviously, developers and folks who are familiar with the platform really understand it and understand the technical leaps we've made with this generation.

Rich，非常感謝你的提問。是的，關於 Specs，我們對於這次發布能夠引起如此大的關注感到非常驚喜。大家的興趣非常高。我們從各方聽到的是，他們真的想試用 Specs。以 2,195 美元的價格來看，這顯然是一項需要高度考量的購買。而且很明顯，開發者以及熟悉平台的人，確實理解它，也理解我們這一代產品在技術上的躍進。

I think for the broader public and consumers, it's going to be really important for folks to go hands-on. I think September 16, our upcoming launch event will be an important sort of starting point for that consumer-oriented journey. So certainly, a lot of exciting momentum around Specs, and we're really looking forward to getting these in folks' hands and really so that they can experience the platform for themselves.

對更廣泛的大眾與消費者而言，讓大家親自上手體驗將非常重要。我認為 9 月 16 日即將到來的發表會，會是這段面向消費者旅程的重要起點。因此，Specs 的動能確實令人振奮；我們也非常期待把產品交到大家手上，讓他們能親自體驗這個平台。

This is Doug. Let me take the second part of your question. Yes, definitely, the World Cup provided a benefit during the quarter, but it wasn't the only improvement we saw -- our guidance reflects the expected normalization of World Cup-related spending and a more difficult year-over-year comparison in Q3 following the easier comps we had in Q2 as our ad platform stabilized last year at the end of Q2 2025.

我是 Doug。我來回答你問題的第二部分。是的，毫無疑問，世界盃在本季帶來了助益，但這並不是我們看到的唯一改善——我們的指引反映了與世界盃相關支出預期將回歸常態，以及在 Q2 因我們的廣告平台於 2025 年 Q2 底趨於穩定而形成較容易的比較基期之後，Q3 將面臨更具挑戰的年對年比較。

In Q2 this year, we continue to see constructive trends across the platform, including large advertiser momentum in North America, strength among the small and medium business -- small-sized businesses and really the broader adoption of our smart campaign solutions and the lower funnel products like app purchase and dynamic product ads really added to our overall year-over-year growth. So we're very pleased by that.

在今年 Q2，我們持續看到平台各面向出現正向趨勢，包括北美大型廣告主動能、在中小企業——小型企業族群中的強勁表現，以及我們智慧型廣告活動解決方案更廣泛的採用；而像是 App 購買與動態商品廣告等偏下漏斗的產品，也確實推升了我們整體的年對年成長。所以我們對此非常滿意。

Michael Nathanson, MoffettNathanson.

Michael Nathanson，MoffettNathanson。

Can I just double-click back on Specs for a second? I guess going to Ross' question, I understand why you're doing it, but the question, I think, is the financial sense of why this will work for a company your size. So walk us through why financially the structure you have here makes sense versus working with a partner? And then what gives you confidence given that Apple, Meta, Alphabet are all trying to build over time competitive products, what gives you the confidence that you actually can win at this game versus some bigger resource companies?

我可以再針對 Specs 追問一下嗎？我想回到 Ross 的問題，我理解你們為什麼要做，但我認為問題在於，從財務角度來看，對你們這種規模的公司，為什麼這會行得通。所以請帶我們走一遍：就財務面而言，你們現在的架構為何比起與合作夥伴合作更合理？另外，考量到 Apple、Meta、Alphabet 都在嘗試長期打造具競爭力的產品，你們憑什麼有信心能在這場競賽中勝出，而不是被資源更雄厚的公司壓過？

Michael, thanks so much for the question. I think what is very clear to us is that the long-term opportunity to develop the next computing platform is absolutely enormous. If you look at what laptops and desktops did to desk jobs, the transformations in productivity and what that enabled for the world over the last couple of decades has just been extraordinary.

Michael，非常感謝你的提問。我們非常清楚的一點是，開發下一代運算平台的長期機會絕對非常巨大。如果你回顧筆電與桌機對辦公室工作帶來的影響，過去幾十年在生產力上的轉變，以及它為世界所帶來的可能性，確實非常驚人。

And I think what's so unique about Specs is that they bring computing to the real world to real-world jobs and allow you to work hands-free with AI assistance and really the incredible power of computing in the world around you. And I think that opportunity is just enormous, even at single-digit percentages of smartphone volumes.

而我認為 Specs 最獨特之處在於，它把運算帶到真實世界、帶到真實世界的工作場景，讓你能在 AI 協助下免手操作地工作，並把強大的運算能力帶到你周遭的世界。我認為這個機會非常巨大，即使只達到智慧型手機出貨量的個位數百分比也是如此。

I think what some folks maybe don't understand yet, especially because Specs are so new and we're really the first mover in this category is how difficult the product is to execute from a technical perspective, which is why that full stack integration, everything from our developer platform and tools to our Lens Core rendering engine to our operating system to the optical engine itself, all of those things have to work perfectly together to deliver the customer experience that we've provided with Specs.

我想有些人可能還不太理解的一點是——特別是因為 Specs 非常新，而我們基本上是這個類別的先行者——從技術角度來看，這個產品的落地執行有多困難；也正因如此，才需要全棧整合：從我們的開發者平台與工具、到 Lens Core 渲染引擎、到作業系統、再到光學引擎本身，所有這些都必須完美協同運作，才能交付我們透過 Specs 所提供的客戶體驗。

And I think one thing that's a bit different this time around, when we started innovating in the social space, we were a late entrant. So most of the apps at the time, whether it was Facebook or Instagram or Twitter, were already in existence, and we had to really innovate to continue to grow. And obviously, now we're approaching 1 billion monthly active users.

而我認為這次有一點不同：當我們開始在社交領域創新時，我們其實是後進者。所以當時不論是 Facebook、Instagram 或 Twitter，大多數 App 都已經存在，我們必須真正持續創新才能繼續成長。而顯然地，現在我們正接近每月活躍用戶 10 億。

What's so unique about this opportunity for us is really that we're a first mover, and that really placed to our strengths as an innovator. It's why we've been able to lead in this category and leverage our incredible augmented reality platform to win over the long term.

對我們而言，這個機會最獨特之處在於我們是先行者，而這也非常符合我們作為創新者的強項。這也是為什麼我們能在這個類別中領先，並運用我們卓越的擴增實境平台，在長期競爭中勝出。

James Heaney, Jefferies.

James Heaney，Jefferies。

Could you just talk about what's driving the decision to raise the full year infrastructure cost outlook? Just how should we be thinking about the return on that investment, particularly as it relates to the direct response kind of lower funnel advertising business? I appreciate it.

能否談談是什麼驅動你們決定上調全年基礎設施成本展望？我們應該如何看待這項投資的報酬，特別是它與直接回應（DR）這類偏下漏斗的廣告業務之間的關聯？謝謝。

Thanks, James. Yes, this is Doug. Look, I think this is an opportunity for us as we've seen the advertising revenue growth over this quarter and our guide for Q3. One of the things that we want to make sure that we're doing is continue to invest in our -- especially our DR and our ad platform in general.

謝謝，James。是的，我是 Doug。我想這對我們而言是一個機會，因為我們看到本季的廣告營收成長，以及我們對 Q3 的指引。我們想確保的一件事是，持續投資於我們的——特別是 DR 以及整體廣告平台。

And so this gives us a little bit of flexibility to make those investments as we see fit through the back half of the year. It doesn't mean we'll have to do that, but we wanted to make sure that we gave full year guidance to reflect the opportunity that we could make those investments and really drive those meaningful short- and medium- and long-term investments in our ad platform.

因此，這讓我們在今年下半年能更有彈性地視情況進行這些投資。這不代表我們一定會這麼做，但我們希望確保全年指引能反映我們有機會進行這些投資，並真正推動我們在廣告平台上具意義的短期、中期與長期投入。

Mark Shmulik, Bernstein.

Mark Shmulik，Bernstein。

Doug, both you and Evan kind of mentioned prioritizing free cash flow per share in kind of the prepared remarks. And just kind of wondering what's different kind of as you've kind of ramped up in the seat? And kind of how is your philosophy evolving and you're deploying it across the organization? And if there's any kind of colorful examples in the early days of kind of things you've done around restructuring the cost base would be very helpful.

Doug，你和 Evan 在事先準備的發言中都提到，會優先考量每股自由現金流。我想了解的是，隨著你上任並逐步進入狀況，有哪些地方變得不一樣？你的理念如何演進，並如何在整個組織中落實？如果能分享一些早期在重整成本結構方面所做的具體例子，會很有幫助。

Thank you, Mark. Appreciate it. Yes, I mean, I think really free cash flow per share connects to three things that we believe are really essential to our long-term shareholder value. So number one, improving the operating performance of the business; number two, investing our capital with discipline and lastly, managing our dilution.

謝謝你，Mark。感謝。是的，我認為每股自由現金流與三件我們相信對長期股東價值至關重要的事情相連結。第一，提升企業的營運表現；第二，以紀律方式投資資本；最後，管理稀釋。

Our first priority is really to grow free cash flow, if you think about the numerator of this, and we really want to grow revenue faster than cost. And if you think about what we did in Q2, we grew revenue 19% year-over-year, and we only grew costs 4%. And that's we're really proud of that, and I think it comes a lot from the restructuring that we did at the beginning of the quarter and can continue forward as we look to continue to drive that flow-through. Then after that flow-through to cash, we want to allocate that cash in a really balanced way.

我們的首要任務是成長自由現金流——如果你把它想成分子——我們確實希望營收成長快於成本成長。以 Q2 來看，我們的營收年對年成長 19%，而成本只成長 4%。我們對此非常自豪，我認為這很大一部分來自我們在本季初所做的重整，並且在我們持續推動這種轉化率（flow-through）時，能延續下去。接著，在現金轉化之後，我們希望以非常平衡的方式配置這些現金。

So investing in our highest return opportunities, maintaining a healthy cash balance and strengthening the balance sheet. And then finally, repurchasing shares to help offset that dilution. As Evan mentioned in his prepared remarks, following the expected completion of our current authorization in Q4, we expect to implement a multiyear program beginning in 2027. And I expect that any new program will be funded primarily through free cash flow and designed to support our stable share count over time.

也就是投資於我們報酬率最高的機會、維持健康的現金水位並強化資產負債表。最後，回購股票以協助抵銷稀釋。如 Evan 在事先準備的發言中提到，在我們目前的授權預計於 Q4 完成之後，我們預期將自 2027 年起啟動一項多年期計畫。我預期任何新的計畫將主要以自由現金流作為資金來源，並以長期支持我們穩定的流通股數為設計目標。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，Goldman Sachs。

Maybe broadening out the conversation on monetization, just understand better how you're thinking about the evolution of the mix of revenue in the business and some of the signals you're getting from Snap+ as a subscription? And how do you even think about Specs as an opportunity both across hardware and subscriptions to possibly also diversify the revenue stream as you look out not just through the end of this year, but out over 2027 and beyond.

或許把變現的討論拉大一些：想更了解你們如何看待公司營收組合的演進，以及你們從 Snap+ 作為訂閱服務所看到的一些訊號。另外，你們如何看待 Specs 作為一個機會——不論是硬體或訂閱——在你們展望不只是今年底、而是到 2027 年及更長期時，是否也可能用來分散營收來源？

Eric, thanks so much for the question. I think big picture, it's really exciting that we're becoming a multi-engine revenue business here. I think that does expand the total opportunity for us overall. And I think it also provides a lot more resilience, frankly, as we look at our long-term growth. I think one of the real bright spots for us has been other revenue growing 85% year over year.

Eric，非常感謝你的提問。我認為從大方向來看，我們正在成為一個多引擎的營收型企業，這真的令人振奮。我認為這確實擴大了我們整體的總機會。而且坦白說，當我們著眼於長期成長時，這也提供了更強的韌性。我認為我們的一個真正亮點是其他營收年增85%。

That's been primarily driven by Snapchat+, memory storage and then a new subscription product we have called Lens+, which is really connected to new AI creative tools. And that's sort of at a higher price point for our community. So we've seen some really nice and exciting growth there, and we believe that continuing to develop new premium features and creative tools will drive growth into the future.

這主要是由 Snapchat+、記憶體儲存，以及我們稱為 Lens+ 的新訂閱產品所帶動，而 Lens+ 與新的 AI 創意工具緊密相連。而且這對我們社群而言屬於較高的定價區間。因此我們在那裡看到了相當不錯且令人興奮的成長，我們也相信持續開發新的高級功能與創意工具，將推動未來的成長。

I think, as I noted in my remarks, less than 3% of our monthly active users are paying subscribers today. So we do think there's substantial room to increase penetration over time. Looking to Specs as well, that is a longer opportunity -- longer-term opportunity for us, but it is absolutely massive if we can really help people make this shift to computing based on screens -- from computing based on screens to computing in the real world.

我認為，正如我在發言中提到的，目前我們的月活躍用戶中，付費訂閱者不到3%。因此我們確實認為，隨著時間推移，提高滲透率仍有相當大的空間。再看 Specs，這對我們而言是更長期的機會——長期機會，但如果我們真的能幫助人們完成這個轉變：從以螢幕為基礎的運算，轉向在真實世界中的運算，那將是極其龐大的機會。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

I had one on subscribers. So in the letter and in your prepared remarks, you mentioned less than 3% of MAUs is where you are at. Could you please talk about how you view the runway for that 3% to grow? And where do you think that could grow to, call it, in the near to midterm? And what kind of opportunity you see there? And what gets you there? What are some of the drivers that you feel confident gets you to that penetration level?

我有一個關於訂閱者的問題。所以在股東信以及你事先準備的發言中，你提到目前 MAU 的付費滲透率不到3%。你能否談談你如何看待這個3%繼續成長的跑道？以及你認為在短中期內，這個比例可能成長到什麼程度？你在那裡看到什麼樣的機會？以及要如何達成？有哪些驅動因素讓你有信心能達到那樣的滲透率水準？

Yeah. Thanks so much for the question. It's still early days for us on the subscription products. So it's hard to say specifically. One of the things we did do is just take a look across the industry and other app-based subscription products. And it seems like penetration is typically around 7% to, let's call it, 12% over the long term.

好的。非常感謝你的提問。就訂閱產品而言，我們仍處於早期階段。所以很難做出具體的判斷。我們做的一件事是，檢視整個產業以及其他以 App 為基礎的訂閱產品。看起來長期而言，滲透率通常約在7%到——我們姑且說——12%之間。

So I do think if we just look across the competitive set, there is certainly headroom to continue growing subscribers from here. I think what we've seen work historically is just continuing to add value to our subscription products. And I think Lens+ is going to be an exciting new driver of growth for us there as it allows us to expand into some really powerful AI tools that people have really demonstrated a willingness to pay for.

因此我確實認為，如果我們放眼競爭同業組合，從目前水準繼續成長訂閱者，顯然仍有上行空間。我認為我們過去看到有效的方法，就是持續為我們的訂閱產品增加價值。而我認為 Lens+ 將會成為一個令人興奮的新成長驅動因素，因為它讓我們能擴展到一些非常強大的 AI 工具，而人們已經明確展現出願意為此付費。

Lloyd Walmsley, Mizuho.

Lloyd Walmsley，Mizuho。

Two, if I can. First one, maybe for Evan. Can you just help us understand how you think about the trade-off between growing the profitability and free cash flow of the company overall and then investing in the future of Specs? And sort of are there any guardrails to think about in terms of how much you might invest -- and sort of any sense for how the product road map looks in terms of when we might really get to see a broader mass market product market fit?

如果可以的話，我有兩個問題。第一個可能是問 Evan。你能否幫我們理解，你如何看待在提升公司整體獲利能力與自由現金流，與投資 Specs 的未來之間的取捨？以及在你可能投入多少資金方面，是否有任何可參考的界線——另外也想請你談談產品路線圖大致會是什麼樣子：我們大概何時能真正看到更廣泛、面向大眾市場的產品市場契合（product-market fit）？

And then I guess the second one, shareholder letter talked about just the strong incremental reach in sponsored Snaps. So wondering if you can give us an update on like how meaningful is that ad unit today in the ad mix? And sort of how could that become a significantly larger portion of the ad mix over time? Anything you could share there would be great.

然後我想第二個問題是，股東信提到贊助 Snaps 的增量觸及表現很強。所以想請你更新一下：這種廣告單元在目前的廣告組合中有多重要？以及隨著時間推移，它如何可能成為廣告組合中顯著更大的一部分？你能分享的任何資訊都會很有幫助。

Thanks so much for the question. As I mentioned, I do think that the real inflection in free cash flow generation is going to allow us to invest in Specs and offset dilution while simultaneously strengthening our balance sheet. I think Specs are just so important because they support our mission of making computing more human.

非常感謝你的提問。如我所提到的，我確實認為，自由現金流產生能力的真正拐點，將使我們能夠投資 Specs、抵消稀釋，同時強化我們的資產負債表。我認為 Specs 非常重要，因為它們支持我們「讓運算更有人性」的使命。

And we really believe that this next generation of computers is going to be more contextual, more intelligent and far less dependent on people operating screens. And I think really that see-through glasses are a natural form factor for the future because they allow technology to understand the world around you and assist you without pulling you away from it. I think right now, we are really approaching this investment with a lot of discipline. And as I mentioned, in the near term, our focus really is on that the customer experience, the product quality and the ecosystem development.

我們確實相信，下一代電腦將更具情境感知、更智慧，且對人們操作螢幕的依賴會大幅降低。我認為，透明式眼鏡是未來很自然的外形規格，因為它們能讓科技理解你周遭的世界，並在不把你從現實中抽離的情況下協助你。我認為目前我們在進行這項投資時非常有紀律。而且如我所提到的，短期內我們的重點確實在於客戶體驗、產品品質以及生態系的發展。

I think it will be towards the end of the decade before we see mass market consumer adoption. And I think things, for example, like weight and costs are going to have to come down to see unit volumes really meaningfully pick up. But we do have, I think, a real advantage here in that developers have been building on the Specs platform now for several years. They're very familiar with our tools, and we're just so excited to share more on September 16 when folks can see all the amazing experiences that are possible with Specs.

我認為要到本十年末，我們才會看到大眾市場的消費者採用。我認為例如重量與成本等因素必須下降，出貨量才會真正顯著提升。但我認為我們在這裡確實有一個優勢：開發者已經在 Specs 平台上開發了好幾年。他們非常熟悉我們的工具，而我們也非常期待在9月16日分享更多內容，屆時大家可以看到 Specs 能帶來的所有令人驚豔的體驗。

This concludes our question-and-answer session as well as Snap Inc's second quarter 2026 earnings conference call. Thank you for attending today's session. You may now disconnect.

以上為我們的問答環節，以及 Snap Inc 2026 年第二季財報電話會議的全部內容。感謝各位參與今天的會議。您現在可以掛線。