Meta (Facebook) 2023 Q1 Earnings Call

Turn it over and make a Integration And then dabbing them like this After all it takes up time that entire era doing really was a нd Always Карrom Exactly

把它翻过来，进行一次整合，然后像这样轻轻拍打。毕竟那个时代所做的事情真正占用了很多时间。总是卡隆，准确无误。

My name is Dave and I will be your conference operator today. At this time I would like to welcome everyone to the meta-first quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, please press one, then the number four on your telephone keypad. This call will be recorded. Thank you very much.

大家好，我是Dave，今天将担任您的会议操作员。现在我想欢迎大家参加Meta公司第一季度收益电话会议。为防止任何背景噪音，所有线路已经静音。发言人讲完后，将进行问答环节。如果您想提问，请按下电话键盘上的数字键一和四。此通话将被记录。非常感谢。

Mr. Ever Crawford, Meta's Vice President of Investor Relations, you may begin. Thank you. Good afternoon and welcome to Meta Platform's first quarter 2023 Earnings Conference call. Joining me today to discuss our results are Mark Zuckerberg's CEO and Susan Lee's CFO. 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 made different materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our annual report on Form 10K 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.

尊敬的Meta副总裁兼投资者关系负责人Ever Crawford先生，您可以开始了。谢谢。下午好，欢迎参加Meta平台2023年第一季度收益电话会议。今天我邀请到了CEO马克·扎克伯格和CFO Susan Lee共同讨论我们的业绩。在我们开始之前，我想借此机会提醒您，我们今天的讲话将包含前瞻性声明。实际结果可能与这些前瞻性声明所考虑的有所不同。可能导致这些结果与预期不同的因素已在今天的新闻稿和我们提交给美国证券交易委员会的10K表格的年度报告中说明。我们在本次电话会议上所做出的任何前瞻性声明都是基于今天的假设，并且我们不承担更新这些声明的义务，也不会因为新的信息或未来事件而更新这些声明。

During this call, we may present both GAP and non-GAP financial measures. A reconciliation of GAP to non-GAP 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. Now I'd like to turn the call over to Mark.

在此电话会议中，我们可能会展示GAP和非GAP财务指标。GAP和非GAP指标的对比在今天的盈利新闻发布中包含。新闻发布和相关的投资者演示文稿可在我们的网站投资者.fb.com上获取。现在我想将电话交给马克。该句话的意思是：在这个电话会议中，我们可能会介绍GAP和non-GAP的财务指标。GAP和非GAP指标的对比数据将包括在今天的盈利新闻发布中。该新闻发布及配套的投资者演示文稿可以在我们的投资者.fb.com网站上找到。现在，我想把电话交给马克。

All right. Thanks, Deborah. And thanks everyone for joining. This was a good quarter and we're seeing growing momentum in our products and business. Our community reached the milestone that now more than 3 billion people use at least one of our apps each day. Facebook also reached the milestone of 200 million daily active in the US and Canada after last quarter reaching 2 billion daily active worldwide.

好的，感谢你，德博拉。感谢大家的参与。这是一个不错的季度，我们的产品和业务正呈现不断增长的势头。我们的社区已达到一个重要的里程碑，现在每天有超过30亿人至少使用我们的一个应用程序。Facebook也达到了每天活跃用户两亿人的里程碑，在上个季度之后全球范围内达到了20亿日活跃用户。

Now, in a moment, I'll talk more about the results in our business and the opportunities that I'm excited about, but first I want to share an update on our efficiency work. The goals of our efficiency work are to make us a stronger technology company that builds better products faster and to improve our financial performance to give us the space in a difficult environment to execute our ambitious long-term vision.

接下来，我会详细谈论我们公司的业绩和我对于机遇的兴奋之处，但首先，我想分享一下我们的效率工作的最新进展。我们的效率工作的目标是使我们成为一个更强大的技术公司，更快地构建更好的产品，并改善我们的财务表现，为我们在艰难的环境下执行雄心勃勃的长期愿景提供空间。

When we started this work last year, our business wasn't performing as well as I wanted. But now we're increasingly doing this work from a position of strength. Even as our financial position improves, I continue to believe that slowing hiring, flattening our management structure, increasing the percent of our company that is technical and more rigorously prioritizing projects will improve the speed and quality of our work. I also believe that a stronger financial position will enable us to weather a volatile environment while remaining focused on our longer-term priorities.

去年我们开始这项工作时，我们的业务表现不如我所期望的好。但是现在，我们越来越从优势地位来做这项工作。尽管我们的财务状况正在改善，我仍然相信减缓招聘、扁平化管理结构、增加技术性的公司百分比并更加严格地优先考虑项目，将有助于提高我们的工作速度和质量。我也相信更强的财务状况将使我们能够在保持关注我们长期目标的同时，应对多变的环境。

So far, we've gone through two of the three waves of restructuring and layoffs that we have planned for this year in our recruiting and our technical groups. In May, we're going to carry out our third wave across our business groups. And this has been a difficult process. But after this is done, I think we're going to have a much more stable environment for our employees. And then for the rest of the year, I expect us to focus on improving our distributed work model, delivering AI tools to improve productivity, and removing unnecessary processes across the company.

到目前为止，我们已经完成了我们今年在招聘和技术团队计划的三波重组和裁员中的前两波。五月份，我们将在业务团队中进行第三波重组和裁员。这是一个困难的过程。但是在这个过程结束后，我认为我们的员工将会拥有一个更加稳定的工作环境。在接下来的一年中，我期望我们将集中精力改进我们的分布式工作模式，推出AI工具以提高生产力，并消除公司中的不必要流程。

Now moving on to our products and business, we're seeing strong engagement growth across our apps and good progress on monetization efficiency, which combine to drive good business results. Reels continues to grow quickly on both Facebook and Instagram. Reels also continue to become more social with people resharing reels more than two billion times every day, doubling over the last six months. Reels are also increasing overall app engagement. And we believe that we're gaining share in short-form video too.

现在转入我们的产品和业务方面，我们看到我们的应用程序呈现强劲的参与度增长和获得良好的盈利效率进展，这些助力良好的业务成果。Reels 在 Facebook 和 Instagram 上继续快速增长。人们也越来越愿意分享 Reels，每天超过 20 亿次分享，比过去的六个月翻倍。Reels 还提高了整体应用程序的参与度。我们相信，我们在短视频领域也在不断占据份额。

Now, a key theme that I want to discuss today is AI. I've emphasized for a number of these calls now that there are two major technological waves driving our roadmap, a huge AI wave today, and a building metaverse wave for the future.

今天我想要讨论的核心主题是人工智能。我已经多次强调我们路线图的两个主要技术浪潮，一个是当前正在发展的人工智能浪潮，另一个则是未来正在建设的元宇宙浪潮。

And our AI work comes in two main areas. First, the massive recommendations and ranking infrastructure that powers all of our products from feed to reels to our ad system to our integrity systems, and that we've been working on for many, many years.

我们的AI工作包括两个主要领域。首先，我们拥有庞大的推荐和排名基础设施，为我们所有的产品提供动力，从“Feed”到“Reels”，再到我们的广告系统和完整性系统。这是我们多年来一直在努力的领域。

And second, the new generative foundation models that are enabling entirely new classes of products and experiences. Our investment in recommendations and ranking systems has driven a lot of the results that we're seeing today across. our discovery engine, reels, and ads.

其次，新的生成基础模型为完全新的产品和体验类别提供了可能。我们在推荐和排名系统方面的投资推动了许多今天在我们的发现引擎、Reels和广告中看到的结果。

Along with surfacing content from friends and family, now more than 20% of content in your Facebook and Instagram feeds are recommended by AI from people, groups, or accounts that you don't follow. Across all of Instagram, that's about 40% of the content that you see.

随着朋友和家人发布的内容出现，Facebook和Instagram提供了超过20%的来自你不关注的人、群组或账户的智能推荐内容。在Instagram中，这大约占你看到内容的40%。

As we launched Reels, AI recommendations have driven a more than 24% increase in time spent on Instagram. Our AI work is also improving monetization. Reels monetization efficiency is up over 30% on Instagram and over 40% on Facebook quarter over quarter. Daily revenue from Advantage plus shopping campaigns is up 7x in the last six months.

自从我们推出了 “Reels” 功能以来，人工智能算法推荐使得 Instagram 的使用时间增加了超过 24%。我们的人工智能技术也在改善盈利能力。Instagram 上的 “Reels” 在上一季度内的盈利效率提高了 30%，而在 Facebook 上提高了 40%。我们的 Advantage plus 购物广告活动的日收入在过去六个月内增长了 7 倍。

Our work to build out business messaging is the next pillar of our business is making progress too. I shared last quarter that clicked message ads reached a $10 billion revenue run rate. And since then, the number of businesses using our other business messaging service paid messaging on WhatsApp has grown by 40% quarter over quarter. Our success here depends on delivering results for other businesses. And at our scale, that can have macroeconomic effects.

我们构建业务信息传递的工作是我们业务的下一个支柱，也在取得进展。我上个季度分享了点击信息广告达到了100亿美元的营收水平。自那时起，使用我们其他的业务信息传递服务，即WhatsApp的付费信息传递服务的企业数量每个季度都增长了40%。我们在这里的成功取决于为其他企业提供成果。在我们的规模下，这可能会产生宏观经济影响。

We recently did a study with economists at UC Berkeley to understand the impact that our services make. And they concluded that every dollar spent on our ads drives on average $3.31 in revenues for our advertisers in the US. That means over $400 billion in economic activity annually is linked to supply chains relying on our platforms, supporting more than 3 million jobs.

最近，我们与加州大学伯克利分校的经济学家们一起开展了一项研究，旨在了解我们的服务带来的影响。他们得出结论，每一美元用于我们的广告平台，平均能为我们的广告客户带来3.31美元的营收。这意味着，每年与我们的平台相关的供应链所支持的经济活动超过了4000亿美元，同时创造了超过300万个就业机会。

Beyond recommendations, the other major focus of our AI work is foundation models to enable a lot of new use cases, including generative AI. That's been a pretty amazing year of progress on this front. And the work happening now is going to impact every single one of our apps and services. And I'm incredibly excited to ship more of the things that we're building over the coming months.

除了推荐系统外，我们AI工作的另一个主要重点是基础模型，以实现许多新的用例，包括生成式AI。在这方面，去年进展非常惊人。现在正在进行的工作将影响我们所有的应用和服务。我非常兴奋，期待在未来几个月内推出更多我们正在构建的东西。

Now, I want to share a little bit about our approach and what you can expect to see from us. And the specifics are going to come into focus as we ship more of these things. So these are just themes for now. But first, for our products, we're always focused on connection and expression. And I expect that our AI work will reflect that.

现在，我想分享一下我们的方法和你们可以从我们那里期待看到的东西。随着我们推出更多的产品，具体的内容会更加清晰。所以，现在这些只是主题。但是首先，对于我们的产品，我们始终专注于连接和表达。我期望我们的人工智能工作也将反映出这一点。

I think that there's an opportunity to introduce AI agents to billions of people in ways that will be useful and meaningful. We're exploring chat experiences and what's at the messenger, visual creation tools for posts and Facebook and Instagram and ads, over time video and multimodal experiences as well. I expect that these tools will be valuable for everyone from regular people to creators to businesses.

我认为现在有机会以有意义，有用的方式向数十亿人介绍人工智能代理。我们正在研究对话体验以及 Facebook、Instagram 和广告的视觉创作工具，随着时间的推移，我们也会探索视频和多模态的体验。我相信这些工具对于普通人、创作者和企业都将非常有价值。

For example, I expect that a lot of interest in AI agents for business messaging and customer support will come once we nail that experience. Now over time, this will extend to our work on the Metaverse 2 where people will much more easily be able to create avatars, objects, worlds and code to tile them together.

例如，我预计一旦我们掌握了AI代理在商业消息和客户支持方面的运用，将会引起很多关注。随着时间的推移，这将扩展到我们在“元宇宙2”方面的工作，人们将更容易地创建虚拟形象、物体、世界和代码，并将它们连接在一起。

All right, next, let's talk about the technology platform to enable this. Right now, most of the companies that are training large language models have business models that lead them to a closed approach to development. And I think that there's an important opportunity in the industry to help create an open ecosystem. And if we can help be a part of this, then much of the industry, I think, will standardize on using these open tools and help improve them further.

好的，下面让我们谈谈实现这一点的技术平台。目前，大多数训练大型语言模型的公司都有着商业模式，导致他们采取一种封闭的开发方法。我认为这是行业内重要的一个机会，可以帮助创建一个开放的生态系统。如果我们能成为其中的一部分，那么我认为整个行业都会趋向于使用这些开放的工具并进一步改进它们。

This will make it easier for other companies to integrate with our products and platforms as we enable more integrations. And that will help our product state the leading edge as well. Our approach to AI and our infrastructure has always been fairly open. We open sourced many of our state-of-the-art models so people can experiment and build with them.

这将使其他公司更容易集成我们的产品和平台，因为我们正在实现更多的整合。这也将帮助我们的产品保持领先优势。我们对AI和基础架构的处理一直比较开放。我们开源了许多最先进的模型，以便人们可以进行实验和构建。

This quarter, we released our LOM to researchers. And has 65 billion parameters, but outperforms larger models and has proven quite popular. We've also open sourced three other groundbreaking visual models along with their training data and model weights, segment anything, dyno V2, and our animated drawings tool. And we've gotten some positive feedback on all of those as well.

本季度，我们向研究人员发布了我们的LOM模型，它具有650亿个参数，但表现比更大的模型好，且受到了广泛好评。我们还开源了另外三个开创性的视觉模型，包括它们的训练数据和模型权重，分割任何东西、Dyno V2和我们的动画绘图工具。我们也收到了这些产品的积极反馈。

Now, finally, let's talk about AI infrastructure and the CAPEX. This has been a major investment for us. A couple of years ago, I asked our infertees. to put together ambitious plans to build out enough capacity to support not only our existing products, but also enough buffer capacity for major new products as well. And this has been the main driver of our increased CAPEX spending over the past couple of years.

现在，我们来谈谈人工智能基础设施和资本支出。这对我们来说是一项重大投资。几年前，我要求我们的员工制定雄心勃勃的计划，建立足够的容量，不仅支持我们现有的产品，还要为大规模新产品提供足够的缓冲容量。这一点是过去几年我们增加资本支出的主要推动力。

Now, at this point, we are no longer behind in building out our AI infrastructure. And to the contrary, we now have the capacity to do leading work in this space at scale. As these new models and use cases continue scaling, we're going to need to continue investing in infrastructure, although we'll have a better idea of the trajectory of that investment later in the year once we can gauge usage of some of the new products we'll launch.

现在，我们已经不再落后于建立AI基础设施的进程。相反，我们现在有能力在大规模上领先开展这项工作。随着这些新模型和用例不断扩展，我们将需要继续投资基础设施，尽管一旦我们能够评估我们将推出的一些新产品的使用情况，我们将更好地了解这项投资的轨迹。

Now, beyond AI, the other major technology wave that we're focused on is the metaverse. A narrative has developed that we're somehow moving away from focusing on the metaverse vision. So I just want to say up front that that's not accurate. We've been focusing on both AI and the metaverse for years now, and we will continue to focus on both.

现在除了人工智能之外，我们还专注于另一个主要的技术风潮，那就是元宇宙。有一种说法认为我们正在把重点从元宇宙愿景上移开，但我想提前声明这是不准确的。我们多年来一直关注于人工智能和元宇宙，而且我们将继续专注于这两个领域。

The two areas are also related. Breakthrough in computer vision was what enabled us to ship the first standalone VR device. Mixed reality is built on a stack of AI technologies for understanding the physical world and blending it with digital objects. Being able to procedurally generate worlds will be important for delivering compelling experiences at scale.

这两个领域也是相关的。在计算机视觉方面的突破使我们能够推出第一款独立的虚拟现实设备。混合现实建立在一系列的人工智能技术之上，可以理解物理世界并将其与数字对象融合在一起。能够程序性地生成世界将对于大规模传递引人入胜的体验非常重要。

And our vision for AR glasses involves an AI-centric operating system that we think will be the basis for the next generation of computing. Metaverse technologies will also help deliver AI as well. For example, embodying AI agents will take advantage of the deep investment that we've made in avatars over the last several years. Building the metaverse is a long-term project, but the rationale for it remains the same and we remain committed to it.

我们对增强现实眼镜的愿景是采用以人工智能为中心的操作系统，我们认为这将成为下一代计算的基础。元宇宙技术也将有助于提供人工智能。例如，具备人工智能的代理人将利用我们在过去几年中对头像的深入投资。建立元宇宙是一个长期的项目，但其合理性仍然存在，并且我们继续致力于此。

Now in the near term, we've reached a few milestones that I think are worth calling out. More than a billion meta-avatars have now been created since last year, the number of titles in the Quest Store with at least $25 million in revenue has doubled. And more than half of Quest daily active now spend more than an hour using their device. The next milestone is that we're gearing up to launch our next generation consumer virtual and mixed reality device later this year.

近期，我们实现了一些值得一提的里程碑。自去年以来，我们已经创建了超过十亿个元头像，Quest Store收入至少为2500万美元的游戏数量已经翻了一番。此外，超过一半的Quest用户每天使用设备的时间超过一小时。下一个里程碑是我们正准备在今年晚些时候推出下一代的消费级虚拟和混合现实设备。

We launched Quest 2 almost three years ago at this point. It was a very big step forward for VR and I'm really excited to show the world all of the improvements and new technology that we have developed since then at a price point that will be accessible for lots of people. All right, so that's what I wanted to cover today. We're seeing good momentum in our products and business. We have incredibly exciting opportunities ahead in our family of apps, AI and the metaverse. I'm confident that our efficiency work will improve our ability to execute on all of this.

我们在将近三年前推出了Quest 2。这对VR来说是一个非常重要的进步，我非常兴奋地向世界展示自那时以来我们在改进和开发新技术方面取得的成果，并且这个价格点将会让许多人都能承受得起。好了，那就是我今天想要涵盖的内容。我们的产品和业务正在呈现出良好的发展势头。在我们的应用程序系列、人工智能和虚拟现实互动世界中，我们面临着极为令人兴奋的机遇。我相信我们的效率工作将提高我们在所有方面的执行效率。

As always, I am grateful for our teams for all of your work. I know that this has been a challenging period, but I'm proud of the work that you're doing. And I'm also grateful for all of you for being on this journey with us.

一如既往，我非常感激我们团队所做的工作。我知道这是一个具有挑战性的时期，但我为你们所做的工作感到自豪。我也非常感激你们能与我们一起走过这段旅程。

And now over to Susan. 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. Q1 total revenue was $28.6 billion, up 3% or 6% on a constant currency basis. Had foreign exchange rates remained constant with Q1 of last year, total revenue would have been about $816 million higher.

现在轮到苏珊了。谢谢，马克。大家下午好。让我们开始看我们的综合业绩结果。除非有特别说明，否则所有的比较都是基于去年同期来进行的。Q1总收入为286亿美元，同比增长3%或不变的汇率基础上增长6%。如果外汇汇率与去年 Q1期保持不变，总收入将会增长约8.16亿美元。

Q1 total expenses were $21.4 billion, up 10% compared to last year. In terms of the specific line items, cost of revenue increased 2%, driven by infrastructure-related costs that were partially offset by lower reality labs cost of goods sold. R&D increased 22%, driven primarily by restructuring charges related to facilities consolidation and severance expenses, and headcount-related costs from our reality labs and family of ab segments.

问题1：总支出为214亿美元，比去年增长了10%。在具体项目中，收入成本增加了2%，因为基础设施相关的成本增加，部分抵消了现实实验室销售成本的降低。研发费用增加了22%，主要是由于设施整合的重组费用和离职费用以及现实实验室和家庭AB分部的员工人数相关成本所驱动。

Marketing and sales decreased 8%, due mainly to lower marketing spend and headcount-related expenses. And G&A increased 22%, due primarily to restructuring charges related to severance and facilities consolidation expenses and legal related expenses. We ended the first quarter with over 77,100 employees down 11% from the fourth quarter as our reported headcount no longer includes substantially all of the employees impacted by the November layoffs.

由于营销支出和员工相关费用的降低，营销和销售减少了8%。总务和管理费用增加了22%，主要是由于与员工裁员、设施整合和法律有关的重组费用。截至第一季度末，我们的员工人数为77100人，比第四季度减少了11%，因为我们的报告员工人数不再包括受11月裁员影响的大部分员工。

Employees that were impacted by layoffs in March are still included in the first quarter headcount. First quarter operating income was $7.2 billion, representing a 25% operating margin. Our tax rate for the quarter was 22%. Net income was $5.7 billion or $2.20 per share.

因于三月份遭遇裁员影响的员工仍然计入第一季度的总员工数。第一季度的营业收入为72亿美元，代表着25%的营业利润率。该季度的税率为22%。净收入为57亿美元或每股2.20美元。

Capital expenditures, including principal payments on finance leases, were $7.1 billion, driven by investments in data centers, servers, and network infrastructure. We cash flow was $6.9 billion and we repurchased $9.2 billion of our class A common stock in the first quarter. We ended the quarter with $37.4 billion in cash and marketable securities.

本季度资本支出（包括对融资租赁的本金还款）共计71亿美元，主要是用于数据中心、服务器、以及网络基础设施的投资。我们的自由现金流为69亿美元，并在本季度回购了92亿美元的A类普通股。我们本季度结束时的现金和市场证券总额为374亿美元。

Moving now to our segment results. I'll begin with our family of ab segments. Our community across the family of ab's continues to grow. For the first time, we surpassed 3 billion people using at least one of our family of ab's on a daily basis in March and approximately 3.8 billion people use at least one on a monthly basis. Facebook continues to grow globally as well and engagement remains strong with DAU and MAU growing sequentially across all regions in the first quarter. Facebook daily active users were 2.04 billion, up 4% or 77 million compared to last year. DAU's represented approximately 68% of the 2.99 billion monthly active users in March. MAU's grew by 53 million or 2% compared to last year.

现在我们来看看我们的分段成果。我将从我们的AB段系列开始。我们的AB段系列的用户社群仍在不断增长。3月份，我们首次突破30亿人每日至少使用我们AB段系列之一的数字，而每月使用至少一个AB段系列的人数约为38亿。Facebook在全球范围内继续增长，DAU和MAU在第一季度中在所有地区都有顺序增长，参与度也保持强劲。Facebook每日活跃用户数为20.4亿，较去年同期增长4%或7700万。DAU在3月份的2.99亿月活跃用户中占约68%。MAU与去年同期相比增长了5300万，增长2%。

Q1 total family of ab's revenue was $28.3 billion, up 4% year over year. And Q1 family of ab's ad revenue was $28.1 billion, up 4% or 7% on a constant currency basis. Within ad revenue, the online commerce vertical was the largest contributor to year over year growth, followed by healthcare and entertainment and media. Online commerce benefited from strong spend among advertisers in China reaching customers in other markets. However, other verticals remained challenged with financial services and technology verticals being the largest negative contributors to year over year growth.

AB家族的总收入在第一季度达到了283亿美元，同比增长4%。其中，广告收入为281亿美元，同比增长4%或按照恒定货币基础下的7%增长。在广告收入中，电子商务垂直行业是同比增长最大的贡献者，其次是医疗保健和娱乐传媒行业。电子商务受益于中国广告商在其他市场中吸引客户方面的强劲支出。然而，其他行业仍存在挑战，金融服务和科技垂直行业是同比增长最大的负面贡献者。

On a user geography basis, ad revenue growth was strongest in rest of world at 9%, followed by North America and Asia Pacific at 6% and 4% respectively. Europe declined 1%. Foreign currency remained a headwind to advertising revenue growth in all international regions. In Q1, the total number of ad impressions served across our services increased 26% and the average price per ad decreased 17%. Impression growth was primarily driven by Asia Pacific and rest of world. The year over year decline in pricing was primarily driven by strong impression growth, especially from lower monetizing services and regions, foreign currency depreciation, and lower advertising demand. 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.

根据用户地理位置，广告收入增长最强的是全球其他地区，增长率为9％，其次是北美和亚太地区，增长率分别为6％和4％。欧洲下降了1％。外汇仍是国际地区广告收入增长的不利因素。在第一季度，我们服务的广告展示数量总共增长了26％，而平均广告价格下降了17％。广告展示增长主要受亚太地区和其他地区推动。年度价格下降主要是由于强劲的展示增长，尤其是来自较低获利的服务和地区，外汇贬值以及广告需求降低。尽管价格下跌受到这些因素的影响，但我们相信，我们持续改进的广告定位和测量措施正在为广告商带来更好的结果。

Family of apps other revenue was $205 million in Q1, down 5%, as strong business messaging revenue growth from our WhatsApp business platform was more than 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. In Q1, family of apps expenses were $17.1 billion, representing approximately 80% of our overall expenses. Family of apps expenses were up 9% due primarily to restructuring charges and growth in infrastructure related costs. Family of apps operating income was $11.2 billion, representing a 40% operating margin.

第一季度，我们的应用家族其他收入为2.05亿美元，同比下降5%，因为WhatsApp商业平台强劲的业务消息收入增长被其他项目的下降所抵消。我们继续将大部分投资用于应用家族的开发和运营。在第一季度，应用家族的开支为171亿美元，约占我们总开支的80%。其中，应用家族的开支增长了9%，主要是由于重组费用和基础设施相关成本增长所致。应用家族的运营收入为112亿美元，运营利润率达到40%。

In our reality lab segment, Q1 revenue was $339 million, down 51% due to lower quest two sales. Reality lab expenses were $4.3 billion, up 18% due mostly to employee related costs and restructuring charges. Reality lab's operating loss was $4 billion.

在我们的现实实验室业务部分，第一季度营收为3.39亿美元，下降了51%，主要是由于Quest 2销量下降。现实实验室的费用为43亿美元，增长了18%，主要是由于员工相关费用和重组费用。现实实验室的营运亏损为40亿美元。

Next I'll discuss our ongoing monetization work. As I mentioned last quarter, there are two primary levers to increasing monetization, growing supply and demand. On the ad supply side, our foremost focus remains on building engaging experiences for our community, and we're continuing to make encouraging progress on our product priorities. Our investments in the discovery engine are delivering results. In-feed recommendations are contributing to engagement, and we've seen real-time become more incremental to overall engagement on our services as we continue to improve our recommendation system. This is an important signal because it demonstrates that people are finding added value from the content we're helping them discover.

接下来，我将讨论我们正在进行的货币化工作。正如我上季度提到的，提高货币化的两个主要手段是增加供应和需求。在广告供应方面，我们的最主要关注点仍然是为社区构建有吸引力的体验，我们在产品优先事项方面也在继续取得鼓舞人心的进展。我们在发现引擎方面的投资正在产生成果。信息流推荐正在促进用户参与，随着我们不断改进推荐系统，实时推荐正在成为服务的整体参与度的逐渐增长的一部分。这是一个重要的信号，因为它表明人们从我们帮助他们发现的内容中获得了附加价值。

Beyond that, we continue to focus on further narrowing the gap in monetization efficiency or monetization per time between reels and our more mature surfaces feed in stories. There are structural supply constraints with the reels format as people view a reel for a longer time than a piece of feed or stories content, which results in fewer opportunities to serve ads in between posts. That will make it likely more challenging to close the monetization efficiency gap than it was with stories.

除此之外，我们继续专注于进一步缩小在卷轴和我们更成熟的故事中的进食中的资金变现效率差距或每时间的资金变现。卷轴格式存在结构性供应约束，因为人们在查看卷轴时所需的时间比在帖子或故事中的内容少，从而减少了在帖子之间投放广告的机会。这将使缩小资金变现效率差距的难度比故事更大。

However, the overall economics of reels will be determined by a combination of our ability to continue growing monetization per time on reels and our ability to drive incremental engagement from reels. As Mark noted, we have seen a 24% increase in overall time spent on Instagram from our ranking improvements since launching reels globally. We continue to expect that reels will become neutral to overall revenue by end of this year or early next year.

然而，卷轴的整体经济将由我们能否继续增加卷轴每一时间的变现能力以及我们能否驱动卷轴的增量参与度来决定。正如马克指出的那样，自从我们在全球推出卷轴以来，Instagram上总的使用时间增长了24%。我们继续预计，在今年年底或明年初，卷轴将成为整体收入中性。

The other side of monetization is growing advertiser demand. One area of focus is around driving advertiser performance. We are seeing continued strong conversion growth for advertisers, which we believe coupled with lower cost per action, is driving higher return on investment. We remain focused on continuing to improve ads ranking and measurement with our ongoing AI investments, while also leveraging AI to power increased automation for advertisers through products like Advantage Plus Shopping, which continues to gain adoption and receive positive feedback from advertisers.

广告变现的另一面是不断增长的广告主需求。一个关注点是如何促进广告主的业绩。我们看到广告主的转换率持续增长，同时我们认为低成本行动也在推动广告主的投资回报率。我们继续专注于通过AI投资来不断改进广告排名和测量，同时利用AI来推动产品的自动化，如 Advantage Plus Shopping，这个产品一直在获得广告主的采纳，并收到了积极的反馈。

These investments will help us develop and deploy privacy enhancing technologies and build new innovative tools that make it easier for businesses to not only find the right audience for their ad, but also optimize and eventually develop their ad creative. Scaling on-site conversions is another important part of our work, and click to message ads continue to grow and bring incremental demand onto our platform. This format is mostly used by smaller advertisers today in Southeast Asia and Latin America. And one of the exciting opportunities ahead is to expand adoption to larger advertisers in more markets by investing in increased automation and reporting to help businesses more easily manage messages and measure results at scale.

这些投资将帮助我们开发和部署隐私增强技术，建立新的创新工具，使企业不仅可以找到适合他们广告的目标受众，而且还可以优化和最终开发他们的广告创意。扩展网站转化是我们工作中的又一个重要部分，点击消息广告继续增长，并将增加平台上的需求。这种格式今天主要由东南亚和拉丁美洲的小型广告商使用。未来的一个令人兴奋的机会是通过投资增加自动化和报告来将其扩展到更多市场的大型广告商，以帮助企业更轻松地管理消息并在规模上测量结果。

Before turning to our revenue outlook, I'd also like to talk about our operating philosophy given the recent significant changes to our investment plans. We believe increasing our organizational efficiency is vital to our long-term success. This will increase the speed of our execution and agility to ensure that we are constantly innovating for the people who use our services. Narrowing the scope of the projects that we are working on allows us to increase our focus on the highest leverage opportunities for the company, including AI today and the metaverse longer term. It also enables us to invest in these areas while maintaining a strong financial position.

在谈到我们的收入前景之前，我还想谈谈我们的运营理念，因为我们的投资计划最近发生了重大变化。我们认为增加组织效率对我们的长期成功至关重要。这将提高我们执行速度和敏捷性，确保我们不断为使用我们服务的人群创新。缩小我们正在开展项目的范围，可以使我们更关注公司最具杠杆作用的机会，包括今天的人工智能和长期的元宇宙。它还使我们能够在保持强大财务状况的同时投资于这些领域。

As we look forward, I also expect that we will modestly evolve our capital structure over time to improve our overall cost of capital. We expect to do so through periodically accessing the debt markets to diversify our funding sources while still maintaining a positive or neutral net cash balance over time. In addition, we continue to monitor ongoing regulatory developments.

展望未来，我们计划逐步改进资本结构，以降低融资成本。我们计划通过定期进行债务市场融资，增加资金来源的多样性，并在这个过程中保持正的或中性的净现金余额。同时，我们也会持续关注监管政策的动态。

We expect the IDPC to issue a decision in May in its previously disclosed inquiry relating to Transatlantic Data Transfers of Facebook, EU, EEA user data, including a suspension order for such transfers and a fine. Our ongoing consultations with policymakers on both sides of the Atlantic continue to indicate that the proposed EU-US Data Privacy Framework will be fully implemented before the deadline for suspension of such transfers, but we cannot exclude the possibility that it will not be completed in time.

我们预计欧盟数据保护委员会将在5月份就Facebook在跨大西洋数据转移中涉及的欧盟、欧洲经济区用户数据进行调查，并发布相关决定，包括暂停此类转移和罚款。我们与大西洋两岸的政策制定者持续进行磋商显示，预计拟议中的欧盟-美国数据隐私框架将在停止此类转移的期限前得到全面实施，但是我们不能排除可能未能及时完成的情况。

We will also evaluate whether and to what extent the IDPC decision could otherwise impact our data processing operations even after a new Data Privacy Framework is enforced. Turning now to the revenue outlook. We expect second quarter 2023 total revenue to be in the range of $29.5 to $32 billion. Our guidance assumes foreign currency headwinds will be less than 1% to your year total revenue growth in the second quarter based on current exchange rates.

我们还将评估IDPC决定对我们的数据处理操作是否会产生影响，即使在新的数据隐私框架实施后也是如此。现在转向收入前景。我们预计2023年第二季度总收入将在295亿到320亿美元的范围内。我们的指导假定外汇汇率风险将不到1％，根据当前汇率，第二季度的总收入增长将会减少。

Turning now to the expense outlook. We anticipate our full year 2023 total expenses will be in the range of $86 to $90 billion updated from our prior outlook provided in March. This outlook includes $3 to $5 billion of restructuring costs related to facilities, consolidation charges, and severance and other personnel costs. We continue to expect reality labs operating losses to increase year over year in 2023.

现在转向费用展望。我们预计，截至2023年全年，我们的总支出将在860亿至900亿美元的范围内，与我们三月提供的先前展望相比进行了更新。这一展望包括30亿至50亿美元的重组成本，涉及设施、合并费用、解雇和其他人员成本等。我们仍然预计，现实实验室的运营亏损将在2023年逐年增加。

Turning now to the CAPEX outlook. We expect capital expenditures to be in the range of $30 to $33 billion unchanged from our prior estimate. This outlook reflects our ongoing buildout of AI capacity to support ads, feed, and reels along with an increased investment in capacity for our generative AI. initiatives. Onto tax. Absent any changes to US tax law. We expect our full year 2023 tax rate percentage to be around 20%.

现在转向CAPEX展望。我们预计资本支出将在300亿到330亿美元的范围内，与我们之前的估计相同。这个展望反映了我们持续推进人工智能容量的建设，以支持广告、产品提供和转轮以及增加对生成艺术的 AI 的容量投资。关于税收。如果没有美国税法的任何变化，我们预计全年2023年的税率百分比将在20%左右。

In closing, Q1 was a solid quarter for our business. Our global community continued to grow. We made important progress on our company priorities and improved the efficiency of our operations while strengthening the financial position of the company, which sets us up well to execute on the opportunities ahead.

总之，第一季度对我们的业务来说是一个稳定的季度。我们的全球社区继续增长。我们在公司优先事项方面取得了重要进展，并提高了我们的运营效率，同时加强了公司的财务状况，这为我们在未来的机遇上做好了准备。

With that, Dave, let's open up the call for questions. Thank you very much. We will now open the lines for question and answer session. To ask a question, press one, followed by the number four on your touch-tone phone. Please pick up your handset before asking your question to ensure clarity. If you're streaming today's call, please mute your computer speakers.

那么，戴夫，让我们开始提问环节。非常感谢。现在我们将开放电话线路进行问答。如果想提出问题，请在触控式电话上先按一，然后按四。请在提问前先拿起电话听筒，以确保清晰度。如果您正在通过流媒体收听今天的电话， 请关闭电脑扬声器。

Your first question comes from line of Brian Novak with Morton Stanley. Your line is open. Thanks for taking my questions. I have two, the one from Mark one for Susan. Mark, first one for you is on a generative AI. How you think about generative AI and some of the division models and your large language models potentially impacting a long-term advertising business and finding ways to deliver more value for advertisers over the next two, three, five years? How do you see GNI impacting advertising? The second one for Susan, this time as we're thinking about hiring expectations for 24 and beyond. We've been some ink in the press about potential 1 to 2% hiring going forward. Can you just talk to us about that a little bit and how does using AI internally factor in your thoughts about long-term hiring? Thanks.

你的第一个问题来自于Morton Stanley的Brian Novak的话线。请问你有什么问题。我有两个问题，一个是针对Mark，另一个是针对Susan的。Mark，我第一个问题是关于生成AI的。你如何看待生成AI以及一些分布式模型和你们的大语言模型将如何对长期广告业务产生影响，并找到途径在未来2-3年内为广告商提供更多价值？你认为GNI会对广告产生什么影响？Susan，我的第二个问题是关于未来24个月及其后的招聘预期。我们在媒体上看到了1至2％的潜在招聘。你能向我们详细介绍一下，内部使用AI如何影响你对长期招聘的想法？谢谢。

Yeah, I can start off by taking the generative AI question. Although there aren't that many details that I'm going to share at this point. More of this will come in focus as we start shipping more of these things over the coming months. But I do think that there's a big opportunity here. You ask specifically about advertisers, but I think it's going to also help create more engaging experiences, which should create more engagement. That by itself creates more opportunities for advertisers. But then I think that there's a bunch of opportunities on the visual side to help advertisers create different creative. We don't have the tools to do that over time, eventually making it. We've always strived to just have an advertiser just be able to tell us what their objective is and then have us be able to do as much of the work as possible for them.

嗯，我可以从生成型AI的问题开始谈起。虽然目前我不会分享太多细节，但在未来几个月随着我们陆续推出更多的产品，这些细节将会更加清晰。不过我认为这里面有很大的机遇。虽然你特别提到广告主，但我认为它也将帮助创造更吸引人的体验，从而创造更多的参与度。这本身就为广告主创造更多的机会。但我认为在视觉方面还有很多机会，可以帮助广告主创造不同的创意。虽然目前我们没有足够的工具来做到这一点，但最终我们会实现它。我们一直致力于让广告主告诉我们他们的目标，然后尽可能多地为他们做好一切工作。

Now, being able to do more of the creative work there and ourselves for those who want that, I think, could be a very exciting opportunity. I also think that there's going to be a very interesting convergence between some of the AI agents and business messaging. Right now, we see a lot of the places where business messaging is most successful are places where a lot of businesses can afford to basically have people answering a lot of questions for people engaging them with them in chat. Obviously, once you light up the ability for tens of millions of small businesses to have AI agents acting on their behalf, you'll have way more businesses that can afford to have someone engaging in chat with customers, I think that that could be a pretty big opportunity to. Those are just a few of the things that we're looking at. I think this is very broad. Like I said, I think this is literally going to touch every single one of our products and services in multiple ways. There's just a very big wave and new set of technologies that's available and we're working on it across the whole company.

现在，我们能够更多地参与创意工作，为那些希望这样做的人提供机会，我认为这可能是一个非常令人兴奋的机会。我也认为，在一些AI代理和商务通信之间将会有一个非常有趣的融合。现在，我们看到很多商务通信最成功的地方是很多企业可以负担起基本上为人们回答很多问题的员工。显然，一旦你让数百万小型企业拥有AI代理来代替员工与客户互动，你将会有更多企业负担得起雇用人员来与客户互动，我认为这可能是一个相当大的机会。这只是我们正在研究的一些事情。我认为这是非常广泛的。如我所说，我认为这实际上会以多种方式触及我们的每一个产品和服务。现在有一个非常大的浪潮和新的技术可用，我们正在全公司范围内开展研究。

Hi, Brian. It's Susan. Thanks for the question. You were asking about the 1 to 2% head count growth stat that's been out there. I thought it was worth clarifying. That comes from something Mark mentioned in a recent internal employee Q&A that he had expected company head count to increase only 1 to 2% year every year. I want to clarify that Mark was actually speaking to employees about head count budgets that have already been allocated.

嗨，布莱恩。我是苏珊。感谢你提出的问题。你问的是1到2%的人员增长比例，我认为有必要澄清一下。这个数据来源于马克最近在公司内部员工问答环节中提到的话。他预计公司的员工人数每年只会增加1到2%。我想澄清一下，马克实际上是在跟员工谈论已经分配好的人员预算。

What we've also said previously is we have been in a broad-based hiring freeze for the last half year. As we complete our layoffs in April and May, we will resume hiring and we would expect head count growth in excess of 1 to 2% in 2024 as a result as we ramp up those recruiting pipelines. But our long-term focus is very much on efficiency and as hiring resumes, you'll find the biggest areas that we are hiring in will be to support priority areas like generative AI, ads, infrastructure reality labs, some of the areas that we've been talking about and you also asked about using AI internally and how that factors into our thoughts on long-term hiring.

之前我们也曾表示过，我们已经在过去半年里开展了广泛的雇佣冻结。随着我们在4月和5月完成裁员，我们将恢复招聘，预计2024年我们的员工人数将增长超过1至2%。但我们的长期重点非常关注效率，随着招聘的恢复，你会发现我们最大的招聘领域将是支持重点领域，如生成AI、广告、基础设施现实实验室，以及我们一直在谈论的领域，你也问到了如何在内部使用人工智能以及它如何影响我们对长期招聘的考虑。

We certainly don't have enough visibility yet into how AI will make our workforce more productive but it's something we're excited about and I think we will have more clarity on that as more tools begin getting developed to enhance employee productivity across the industry.

我们当然还没有足够的了解，了解人工智能如何提高我们的员工生产力，但这是一件令人兴奋的事情，随着更多的工具被开发出来，以增强行业内员工生产力，我认为我们将会更加清楚。

Our next question comes from Lynavarek Sheridan with Goldman Sachs. Your line is open. Thanks so much for taking the questions.

我们的下一个提问来自高盛的Lynavarek Sheridan。请发问。非常感谢您回答问题。

Maybe two if I can. Mark, I was intrigued by your comment about open source and open systems with respect to AI. Obviously we're coming off of Web 2 and mobile where there are a lot more world gardens and ecosystems. Can you talk a little bit about what you might want to try to do either from a priority or an investment standpoint to be a driver of more open-ended systems in AI, commit what we saw with Web 2 and then maybe for Susan you introduced the concept last quarter about revisiting your data center architecture over the medium to long term.

如果我能的话，可能会有两个。马克，我被你在关于人工智能方面的开源和开放系统的评论所吸引。很明显，我们正在从“Web 2”和移动领域过渡，这里有更多的园区和生态系统。你能谈谈你可能想要尝试从优先或投资的角度来推动更为开放的人工智能系统的做法吗？就像Web 2一样承诺的那样。对于苏珊，您在上一季度介绍了重新审视您的数据中心架构的概念，这是中长期计划。

Is there any update there for us in terms of how to think about AI as a driver of data center architecture medium to long term or what that might mean for capital intensity? Thanks so much. Yeah, I can take the first one.

有没有关于人工智能在数据中心架构中作为驱动因素的中长期思考方向的更新，或者这可能对资本密集度意味着什么的消息？非常感谢。是的，我可以回答第一个问题。

I think that there's an important distinction between the products we offer and a lot of the technical infrastructure, especially the software that we write to support that. And historically, whether it's the open compute project that we've done or just open sourcing a lot of the infrastructure that we've built, we've historically opened sourced a lot of that infrastructure even though the product themselves are obviously, we're not, we have an open source code for our core products or anything like that. And the reason why I think what we do this is that unlike some of the other companies in the space, we're not selling a cloud computing service where we try to keep the different software infrastructure that we're building proprietary.

我认为我们所提供的产品和技术基础设施之间有一个重要的区别，尤其是我们编写的支持软件。历史上，无论是我们所做的开放计算项目还是我们构建的许多基础架构的开放源代码，我们都在历史上开放源代码了大量的基础架构，尽管产品本身显然不是开源代码的核心产品或其他任何内容。我认为我们这样做的原因是，与该领域的其他公司不同，我们没有销售云计算服务，我们尝试让我们正在构建的不同软件基础设施保密。

For us, it's way better if the industry standardizes on the basic tools that we're using and therefore we can benefit from the improvements that others make and others use of those tools can in some cases like open compute drive down the cost of those things which make our business more efficient too. So I think to some degree, we're just playing a different game on the infrastructure than companies like Google or Microsoft or Amazon that creates different incentives for us.

对于我们来说，如果整个行业能够采用我们所使用的基本工具来标准化，那将极为有利，因为我们能够从其它公司所做的改进中受益，而这些工具的使用也有可能像开源计算那样降低成本，提高我们的业务效率。因此，我认为我们在基础设施方面所面临的挑战和谷歌、微软或亚马逊等公司是不同的，这给我们带来了不同的激励。

So overall, I think that's going to lead us to do more work in terms of open sourcing some of the lower level models and tools but of course a lot of the product work itself is going to be specific and integrated with the things that we do. So it's not that everything we do is going to be open. Obviously a bunch of this needs to be developed in a way that creates unique value for our products but I think in terms of the basic models, I would expect us to be pushing and helping to build out. an open ecosystem here which I think is something that's going to be important.

总的来说，我认为这将促使我们在公开源化一些低层级模型和工具方面做更多的工作，但当然，大量的产品工作本身将会是具体的，并与我们所做的事情相集成。所以并不是我们所做的一切都会是开放的。显然，其中一些需要以创造我们产品的独特价值为考虑而发展，但我认为在基本模型方面，我期望我们推动并帮助建立一个开放的生态系统，这是一件重要的事情。

Hi, Eric. So I think your question had two parts. The first was an update on the data center architecture that we announced last quarter and you know we're progressing with construction there but the new data centers that we're building are intended really for future year capacity so they won't come online for a few years so we don't have too much more to share there except that that work is ongoing. And the second part of your question was really I think about how AI might drive capital intensity over the next few years.

嗨，埃里克。我认为你的问题有两个部分。第一部分是关于我们上个季度宣布的数据中心架构的更新，你知道我们正在推进那里的建设，但我们正在建造的新的数据中心实际上是为未来的年份容量而建的，因此它们不会在几年内在线上，所以我们没有太多的信息可以分享，除了正在进行的工作。你的问题的第二部分实际上是关于AI在未来几年可能如何推动资本强度的问题。

So you know you can really think about our CAPEX investment as having three broad buckets. The first we've talked about before non-AI compute needs you know we do have ongoing general compute and storage needs to support the existing business but this is an area where we've become much more efficient in terms of capital intensity and our very much focused on continuing to do so over time. The second area is in our core AI investments which is really most of our AI investment today and that's supporting the you know building of the discovery engine, ranking unconnected organic content, ranking ads and we're focused on measuring the return of those investments and making sure that we feel good about the ROI of our spend there and that really will drive our future plans in terms of that core AI spend. And then the third bucket is really around CAPEX investments now to support Gen AI and this is an emerging opportunity for us. We're still in the beginning of stages of understanding the various applications and possible use cases and I do think this may represent a significant investment opportunity for us that is earlier on the return curve relative to some of the other AI work that we've done and it's a little too early to say how this is going to impact our overall capital intensity in the near term.

你知道我们的CAPEX投资可以分为三个大类。我们之前已经谈过的第一类是非人工智能计算需求。我们需要持续维护现有业务所需的通用计算和存储需求，但是在资本密度方面我们变得更加高效。而我们非常注重在未来继续这样做。第二类是我们核心的人工智能投资，目前我们绝大部分人工智能都是在这方面进行的。这方面的投资主要用于建设发现引擎、对非连接有机内容进行排名，以及对广告进行排名。我们还在关注这些投资的回报率，并且确保我们对这些支出的投资回报感到满意。这将主导我们在核心人工智能方面的未来计划。第三类是为了支持Gen AI进行CAPEX投资的。这对我们来说是一个新兴的机会。我们还在初步了解各种应用和可能的用例，我认为这可能是一个相对于我们之前的其他人工智能工作而言回报周期较早的重要投资机会。目前为止，这对我们的总体资本密度的影响还言之过早。

So to the extent that we spend more on CAPEX in the near future I expect it mostly to be to power this work but I want to emphasize that we remain focused overall on striking the right balance between building out the AI capacity we need and being efficient with our CAPEX spend.

因此，在不久的将来，如果我们在资本支出方面的投入增加，我认为这大部分是用于推动这项工作，但我想强调的是，我们始终专注于在AI容量的建设与资本支出效率之间取得合适的平衡。

Your next question comes from line of Mark Schmellick with Bernstein. Your line is open. Yes I a couple questions Mark this one's a bit more philosophical but you know if we compare where meta is today kind of pre-idea-fa cookie deprecations type of world how do you see the relative competitive position in digital advertising in light of all of these technical innovations and AI tools because I think the prevailing view is that privacy level the playing field but it certainly doesn't seem that way. And then second for season you know I certainly appreciate the outlook on the revenue guidance but in light of some of the commentary we've been hearing about US consumer training down is there any additional color you can share about kind of where you're seeing strengths and weaknesses effectively quartered at and beyond thank you.

你的下一个问题来自Bernstein的Mark Schmellick。请提问。是的，我有几个问题，Mark。这个问题有点哲学，但如果我们比较一下meta今天这个pre-idea-fa cookie deprecations类型的世界，你认为在所有这些技术创新和人工智能工具的情况下，数字广告的相对竞争地位如何？因为我认为普遍的观点是隐私水平会平衡竞争，但实际上似乎并非如此。其次，就本季度而言，我确实欣赏营收指导方针的展望，但考虑到我们听到的有关美国消费者减少的评论，您能否分享一些有关您在哪些方面看到实际强项和弱点的额外信息。谢谢。

Thanks Mark I can go ahead and take both of those. So your first question was about the post ATT landscape and you know how we're positioned in terms of our ads business you know we've talked really you know a great deal of course about this over the last few years you know we're making progress certainly in mitigating the direct impact from ATT's platform changes. But this is really I think just the reality of the online advertising environment that we're in now and we've invested across not only sort of the direct mitigation that we've talked about in the past including things like conversions API but really I think now we're focused on improving ad performance in the current signals landscape with our investments both in increasing the volume of ads with on-site objectives and then second of all with our AI investments that have really I think enhanced the performance of our ads as well as enable us to introduce new tools and features for advertisers.

谢谢，马克。我可以继续处理这两个问题。你的第一个问题涉及“ ATT 后”的形势，以及我们在广告业务上的定位。我们多年来一直在谈论这个话题，并且取得了很大的进展，特别是在减轻 ATT 平台变化的直接影响方面。但这其实反映了我们现在所处的在线广告环境的实际情况。我们已经通过多种方式进行了大量投资，不仅包括过去提到过的直接减缓措施（例如转换 API），还专注于通过增加具有网站目标的广告的数量和 AI 投资来提高广告绩效，这实际上已经大大增强了我们广告的表现，同时还能够推出广告商的新工具和功能。

So I think we're quite well positioned here in terms of on-site conversions we have a lot of offerings that have been growing very well for us I think we've talked a lot about click to messaging ads and what that has meant in terms of driving growth for our business and new business opportunities.

我认为我们在现场转化方面的位置相当优越。我们有很多提供的选择，并且这些选择一直在为我们保持不断增长。 我认为我们已经谈论了很多“点击信息广告”的内容，这对于我们的业务增长和新业务机会起到了巨大的推动作用。

There are formats that have been I think performing well in terms of on-site conversions are lead ads, shop sad so they're you know they're different ad formats that we're working on there. and then we've just really been investing in using AI for a long time to improve our ad systems including ranking to improve our modeling and measurement and to again support the introduction of new AI powered tools and products.

我认为目前网站转化效果良好的广告格式包括引导式广告和商城广告，它们是我们正在努力发展的不同广告格式。我们一直在投资使用人工智能，以改善我们的广告系统，包括排名、建模和测量，并支持引入新的人工智能工具和产品。

So you know I think we feel quite good about our relative position again this is just some work that we've been doing for a long time that I think in conjunction with seeing some stabilization in the macro environment has enabled us to see that work pay off.

我认为我们相对位置感觉很好。这是我们做了很长时间的工作，并与宏观环境的稳定相结合，使我们看到这项工作得到了回报。

And then your second question was about strengths and weaknesses in sort of the Q1 revenue performance as well as in our outlook. In terms of you know the Q1 revenue performance and the acceleration relative to Q4 you know we certainly saw stronger demand including the impact of lapping the Ukraine war which began in Q1 of 2022 and in particular we saw acceleration among advertisers in China targeting users in other markets which we believe we do in part to dropping shipping costs and using COVID lockdowns for those advertisers and then you've seen FX play a part there as well.

你的第二个问题涉及Q1收入表现和我们的前景中的优势和劣势。就Q1收入表现和相对于Q4的加速情况而言，我们确实看到了更强的需求，包括在2022年Q1开始的乌克兰战争的影响，尤其是我们看到了针对其他市场的用户的广告主中国加速，我们相信这部分是由于运输成本的下降以及这些广告主利用COVID封锁。同时外汇变动也在其中起到了一定作用。

Getting forward to Q2 and the back half of the year it's certainly an easier compare there as there are tailwinds to your year growth coming from lapping a weaker demand period and then moving into the first full quarter in Q2 without Russia revenue in terms of the comparison relative to Q2 2022 and we certainly expect that currency is also going to be less of a headwind than it was in the first quarter.

进入第二季度和下半年，相比较起来要容易些，因为你们今年的增长有助于追溯到需求较弱的周期，并在第二季度进入第一个完整的季度，而没有俄罗斯收入，相对于2022年第二季度进行比较。我们确信，货币也将比第一季度更少地成为阻碍。

With that said you know there's a broad range of expectations captured in our Q2 outlook and it reflects that we feel it remains a volatile macro environment the market has absorbed a lot of new developments over the last year with inflation higher interest rates banking instability etc and it's you know it's hard to have perfect visibility on how those dynamics will impact the broader economy and specifically the advertising markets you know for Q2 and for the rest of the year it also continues to be a challenging regulatory environment so that's something that we're continuing to monitor closely but on the other hand you know we've been pleased with the performance we're delivering for advertisers and how those investments have paid off core engagement trends remain strong and reals is a revenue headwind today that we expect will become revenue neutral by the end of the year early next year again we expect effects will be a tailwind and again you know we're last laughing relatively softer comp so lots of puts and takes as we look beyond as we look into Q2 and beyond.

话虽如此，我们的 Q2 前景展望涵盖了广泛的预期，反映出我们认为宏观环境仍然不稳定，市场在过去一年中经历了通胀加剧、利率上涨和银行不稳定等诸多新情况，对于这些动态将如何影响整个经济和特别是广告市场，我们难以完全预见。同时，监管环境仍然具有挑战性，我们将继续密切关注。然而，我们在广告客户的表现以及这些投资的回报方面感到满意，核心参与趋势仍然强劲，而 Reals 目前是营收阻力，预计到年底或明年初将变为营收中立，而我们预计效应将成为另一种推动力量。除此之外，在我们展望 Q2 及其后时，我们面临着许多上升和下降的因素，由此而看，我们认为这是一种相对较为温和的对比。

Your next question comes from line of Doug Anmias with JP Morgan your line is open. Thanks for having a question Susan you talked about the goal of building the muscle for long term financial discipline just given the restructuring that we've seen across the business so far how far along are you in building this muscle and what gives you the confidence that it's durable and sustainable long term even in a better macro environment especially given all the work ahead on AI and the metaverse.

您的下一个问题来自JP摩根的道格·阿尼米亚斯，您的问题已开放。感谢您提出问题，苏珊，您谈到了为长期财务纪律建立肌肉的目标，鉴于我们目前在业务方面已经见证了重组，您在建立这种肌肉方面已经取得了多大进展？是什么让您有信心它是持久和可持续的长期，即使在更好的宏观环境中，特别是考虑到AI和元宇宙前进的所有工作。

Thanks Doug I think there are a couple components to this you know a lot of this efficiency work that we've been undertaking and especially this year is driven not sort of by solely financial imperative but really with the focus of increasing operation operational efficiency. So that's been I think one of the foremost goals and a lot of the work has been architected around that and that really includes more carefully scrutinizing roadmaps winding down projects that are no longer you know at the top of our priority list reprioritizing investments that's really a muscle that I think we have spent a lot of time building over the last you know half year and I expect that we will be carrying that discipline into the way that we assess our product roadmaps going forward.

道格，谢谢。我认为这里有几个方面，我们一直在进行效率工作，特别是今年，这并不仅仅是出于财务需要，而是着眼于提高运营效率。所以我认为这是我们的主要目标之一，很多工作都是为此而设计的，包括更仔细地审查路线图，关闭不再是我们优先考虑的项目，重新安排投资计划。我认为我们已经花了很多时间锻炼这一能力，我期待我们将继续在评估产品路线图的方式上保持这种纪律性。

Similarly, I think a lot of the work that we've done around increasing operational efficiency, around making sure that we feel good about management spans and layers and all, you know, that work, I think, is also in service of making us a company that can build more and ship faster, and we would expect to sort of continue to make sure that we think our organizational posture is really, you know, in service again of building and shipping product, and you know as we move forward, including out of the sort of the layoffs that we've been implementing in the direct restructuring work, we're going to continue focusing on efficiency work, including in other areas like helping investors to be sorry, helping developers build and ship quality products faster.

同样地，我认为我们在提高运营效率方面所做的很多工作，包括确保我们对管理跨度和层级感到满意等工作，都是为了让我们成为一个更能快速构建和出货的公司。我们期望继续确保我们的组织架构真正为构建和运输产品服务。随着我们继续前进，包括在直接重组工作中实施裁员后，我们将继续关注效率工作，包括在其他领域，如帮助投资者和开发人员更快地构建和出货高质量产品。

We're going to be investing in tooling where we can to increase the velocity of product development, and we'll continue streamlining, you know, cross-functional or processes that you know might tax the development process or slow us down and make sure that we're really focused on also increasing the quality and frequency of collaborative and in-person time to build, you know, relationships across the organization and get things done faster, so you know this is all, I think, I expect this to all be very much ongoing for us in the years to come.

我们将在支持产品开发的工具上进行投资，提高生产速度。同时，我们还将继续简化跨职能流程，避免对开发流程造成负担或减缓速度，并确保我们专注于提高协作和亲自交流的质量和频率，以便在整个组织中建立关系并更快地完成工作。我认为这些都将持续进行，并成为我们今后几年的重要工作。

Your next question comes from line of Justin Post with Bank of America Mirror Lynch, your line is up. I think this could be for Shizu and Omar, I think really interesting to add on on Instagram time you gave, but just wondering how you characterize the help of the Facebook user base and usage on the site, obviously DAU's went up to 68% this quarter, I think Asia was really strong, but what are you seeing there, and is there kind of a catch up here where the reals content could start really helping Facebook time spent as well as you saw with Instagram, but just stepping out, I think there's an area that usage could be flatter down, just wondering what your thoughts are and what you're seeing on the on the core face but thank you.

下一个问题来自美国银行美林的Justin Post，您可以发言了。我认为这个问题可以针对Shizu和Omar，我认为添加Instagram上的时间非常有趣，但是想知道您如何评价Facebook用户群和网站使用的帮助，显然本季度活跃用户数量（DAU）上升了68％，我认为亚洲地区非常强劲，但您在那里看到了什么？是否有一种追赶的趋势，使得真正的内容可以真正帮助Facebook的使用时间，就像您在Instagram上看到的那样？但是，我认为在某些时间内使用会下降，只是想知道您的想法以及在核心Facebook上看到的情况，谢谢。

Thanks, Justin. In terms of core Facebook, you know, user growth, we've been pleased with growth of the community and the engagement trends that we've been seeing, you know, in particular I think in Q1 DAU growth benefited from strong product execution, but I should also note that Q1 is a seasonally strong engagement quarter for us, so that you know has some benefit in terms of quarter-over-quarter growth. You mentioned sort of whether the work in reels is driving incremental or is driving engagement in Facebook, and what I would say there is that more broadly sort of the discovery engine work for us and the investments we've made ranking unconnected content, you know, is expansive beyond Instagram and I think is certainly a part of what is also driving growth on Facebook as well.

谢谢，Justin。就Facebook核心部分，也就是用户增长方面，我们对社区的增长和用户参与度趋势感到满意。特别是在第一季度，DAU增长得益于强大的产品执行力，但我也要指出，第一季度对我们来说是一个季节性强的参与度季度，这对季度之间的增长有一定的好处。你提到了影片中的工作是否推动了Facebook的增量或参与度，我的回答是，我们的发现引擎工作和我们在不相关内容排名方面所做的投资更广泛，不仅限于Instagram，我认为这也是推动Facebook增长的一部分。

Your next question comes from the line of Use of Squally with true security, your line is open. Great, thank you. I have two questions, I guess relative to OPEX guides from Q3 of last year, the UGuide at the midpoint you apply something like $10 to 15 billion lower adjusted for the restructuring cost.

您的下一个问题来自“使用风暴带来真正的安全”的领域，您可以发言了。非常好，谢谢。我有两个问题，可能与去年第三季度的OPEX指南有关，UGuide在中点处应用了像10至15亿美元的费用，经过重组成本调整后会降低。 （翻译尽量保持原意，同时加入了易读的表达）

How does this impact your expectations for growth well beyond 2020, and I thought about this year, I'm talking about the next say two to three years, is it trying to get a sense of is it all about efficiency or with potentially cutting into the bone, and then on the regulatory front can you just help explain how changes to the transatlantic data transfer rules?

这对您未来增长的期望产生了怎样的影响，远远超出了2020年，我想到了今年，我在谈论接下来的两三年，它是关于效率还是可能会对公司产生伤害的问题，而在监管方面，您能帮忙解释一下跨大西洋数据传输规则的变化吗？

May impact your European business as it goes into effect just trying to get a sense if you'd have a potentially an idea-fax situation with a signal loss here again thank you. Yeah you have thank you so for your first question you know how how much sort of has the op-ag the total expense guidance coming down especially since we sort of issued our first pass of guidance in Q3 last year how has that downward sort of trend impacted our expectations beyond 2022 in the next two or three years so you know we certainly haven't shared expense guidance for the out years and frankly that's something that you know we are ourselves working on internally as we lay our long term as we undergo our long-term planning exercise but I do think that a lot of the muscle that we're building with regard to efficiency is going to translate into the longer run roadmap and so I expect that you know we have really improved our cost structure over the last six months and that's going to form the basis along with increased focus on operating efficiency going forward I think that's going to form the basis for sort of our our future outlook and making sure that we are kind of constantly evaluating our investment roadmap to make sure that we are investing against the highest priority work and deprioritizing and winding down investments again where we don't see where we don't see the ROI or we don't see a compelling opportunity so again we don't have guidance to share yet on the out years but I do expect the overall efficiency ethos very much to be a part of of the coming years on your second question on what the potential impact to our European business is of the transatlantic data transfer rule so first I want to emphasize we continue to be hopeful that the new EUUS privacy framework will be implemented before I deadline for for suspension but if it comes to that there's a lot that we don't know in terms of the specifics of a final order and how long is suspension order would last which would be important variables in determining the determining the overall impact what we do know is that roughly 10% of worldwide ad revenue comes from ads delivered to Facebook users in EU countries but there are more details that we would need to understand including the impact on advertisers in EU countries before we'd be able to really provide a more accurate or full-sem estimate of that impact.

这可能会影响到你们在欧洲的业务，因为一旦生效，我们需要了解是否可能存在信号损失的情况。谢谢。对于你的第一个问题，我们的总支出指导方针下降了多少，特别是自去年第三季度发布指导方针后，这种下降趋势对我们未来两到三年的预期产生了什么影响。我们当然没有分享外来支出指导方针，实际上我们正在内部进行长期规划，因此我们将进行长期规划，但我认为，我们正在建立的很多成本效益将转化为更长久的路线图，我期望，在增加对操作效率的关注的情况下，这将形成我们未来展望的基础，并确保我们不断评估我们的投资路线图，以确保我们投资最重要的工作，并减少和停止投资，在那里我们看不到回报，或者我们看不到一个引人注目的机会。再次强调，我们还没有关于未来几年的指导方针，但我确实期望总体效率思想将成为未来的一部分。对于你的第二个问题，关于跨大西洋数据传输规则对我们在欧洲的业务的潜在影响是什么？我们首先要强调的是，我们仍然希望在暂停期限之前实施新的欧盟隐私框架，但如果需要，我们需要了解最终有关命令的具体细节以及这种悬挂命令会持续多久，这些都是确定总体影响的重要变量。我们知道，大约10％的全球广告收入来自于向欧盟国家的Facebook用户交付的广告，但在能够提供更准确或更全面的估计之前，我们需要了解更多细节，包括对欧盟国家广告商的影响。

Your next question comes from line of Mark Mahaney with Evercore ISI your line is open. Okay thanks two questions are there any restructuring targets still to be had? Susan you know in Q2 or beyond that three to five billion that you talked about we pretty much see all of that in Q1 and then secondly I wonder if I could just go back to the broader opportunity around click to message you know you've had Facebook has had these two wonderful assets are just three now messaging assets but really leading off with with WhatsApp for quite some time it's always sort of undermonetized versus some of the other leading assets but that seems to have really started to change the numbers of becoming material you mentioned that you know the there's a real power alley in terms of marketers and Latin American Southeast Asia how can you take what is really a differentiated product and really kind of I'm gonna blow it out more how do you is there anything you other steps you can take to really get more advertisers to realize the opportunity just given that cultural shifts if you will towards embracing messaging thank you very much.

下一个问题来自Evercore ISI的Mark Mahaney，请发言。好的，谢谢。我的两个问题是：是否还有重组目标未达成？Susan，在第二季度或之后你提到的三到五十亿，我们几乎都在第一季度看到了。其次，我想回到“点击即可发消息”的更广泛机会上来，你知道，Facebook拥有这两个美好的资产，现在是三个，但一直以来以WhatsApp为主要资产，与其他主要资产相比，在广告上利用较少，但似乎情况已经开始改变了，数字变得比较实质，你提到在拉丁美洲和东南亚的营销商中有一个真正的优势地带，你如何将这个独特的产品再次推广，还能采取什么步骤让更多的广告商意识到这个机会，考虑到文化转变，人们越来越接受使用消息通讯等。非常感谢。

Thanks Mark so on your first question about restructuring charges Q1 restructuring charges are in the range of 1.1 billion dollars and then we gave a range of three to five billion dollars for the full year so we do expect that we will be recognizing for their restructuring charges throughout the year and then the second question about the sort of opportunity in click to messaging ads and particularly in WhatsApp you know what what does the opportunity look like there um this is an area that we I mean we're very excited about we've invested a lot we see continued opportunity to scale click to message particularly in WhatsApp and the click to Instagram direct area both of those are earlier on the growth curve and we're investing in you know a few areas to continue making it easier for people and businesses. to connect um you know first we're really investing in trying to make it easier to create ads so in the last year we've invested in a revamped experience in ads manager native ad creation experiences directly in WhatsApp we're also scaling partners so with the cloud hosted API we now have hosted API solutions across WhatsApp Messenger and Instagram um so that our ecosystem of developers can help build good um best-in-class experiences for businesses and then we're also working on making these ads more performant by driving more action further down funnel so we're um you know working on ranking and optimization to yield better conversion from these ads and introduce new ways to drive outcomes you know we've introduced new features like um in thread payments and other commerce tools so we think that there's a big opportunity here we're trying to make every part of the you know every part of the experience for advertisers easier better and more performant um and we're excited to also um see growth beyond you know the core markets here in Southeast Asia and Latin America where messaging is already common as a way for businesses to engage with customers um and for businesses to engage with customers and their um customer prospects but you know we're hopeful that we'll see this also take off in other markets we're seeing strong growth in the US and Canada but it's just earlier there today

谢谢马克对于你第一个关于重组费用的问题，Q1的重组费用在11亿美元左右，我们为全年提供了三到五十亿美元的范围，因此我们预计我们将在整个年度识别出重组费用。至于第二个问题，关于点击消息广告的机会，尤其是在WhatsApp中，你知道机会看起来像什么。这是一个非常令人兴奋的领域，我们已经投入了大量的投资，我们看到了继续扩大点击消息的机会，尤其是在WhatsApp和Instagram直接领域。这两个领域的增长曲线都还很早，我们正在投资于一些领域，以继续使人们和企业之间的连接更加容易。首先，我们真正投资于试图使广告创作更容易，因此在过去的一年中，我们投资于重新制定广告经理的经验，直接在WhatsApp中建立本地广告创作经验。我们还扩大了合作伙伴的规模，因此我们现在拥有跨WhatsApp Messenger和Instagram的云托管API解决方案，以便我们的开发人员生态系统可以帮助企业构建最佳的经验。然后，我们还在努力使这些广告更具执行力，通过在下游产生更多的行动，因此我们正在进行排名和优化，以从这些广告中获得更好的转化率，并引入推动结果的新方法。我们推出了新功能，如主题付款和其他商务工具，因此我们认为这里存在巨大的机会，我们正在尝试使广告主的每个体验部分更加容易，更好和更具执行力，我们也很高兴看到成长超越东南亚和拉丁美洲这样的核心市场，在那里，消息已经成为企业与客户互动的一种方式，并与客户和他们的客户潜在客户联系，但是我们希望看到这在其他市场上也能起飞，我们在美国和加拿大看到了强劲的增长，但今天仅仅是早期。

your next question comes from line of Ross Sandler with Barclays your line is open um hey one more for Mark on the open sourcing of the models and infrastructure for generative AI so do you view that as kind of a opportunity for developers to plug in to help ultimately improve engagement revenue on your family of apps or do you think there could be other kind of business models that come out of that like APIs and other types of partnerships just any thoughts on that and then second question is the uh back to the 24% increase in times spent on Instagram uh from from Reels and content ranking pretty incredible so how much of that was like lost engagement from folks like TikTok that you're now recouping and and how do you think about how much more runway you have to increase that or you know when you layer in um the discovery engine across blue and and other apps as you're doing right now is there is there some kind of benchmark you look at for increasing time spent is a 20% 30% and he felt on that thank you

下一个问题来自巴克莱银行的Ross Sandler。请问您看待开放生成式AI模型和基础架构的机会，您是否认为这是开发者接入帮助最终提高您家族应用的用户参与度和收入的机会，或者您认为可能会出现其他类型的商业模式，例如API和其他类型的伙伴关系？请分享您对此的任何想法。第二个问题是关于Instagram用户时长增长24％的问题，这是否是因为从TikTok等应用中错失的用户互动性而回流过来的，您认为还有多少增长空间，在您目前正在实施蓝色和其他应用的发现引擎时，您是否考虑增加用户时长的某种标准像20％，30％？感谢。

Charles take the first one and then Susan can can take the second one on on the AI tools and we we have a bunch of history here right so if you if you look at what we've done with PyTorch for example which is has generally become the standard in the industry as a tool that a lot of folks who were um you know building AI models and and different things in that space use it's um it's generally been very valuable for us to provide that because now all of the best developers across the industry are using tools that we're also using internally so the tool chain is the same so when they create some innovation we can easily integrate it into the things that we're doing when we improve something um it improves other products too because it's integrated with our technology stack when there are opportunities to make integrations with products it's much easier to make sure that developers and other folks are compatible with the things that we need in the way that our systems work um so there are a lot of advantages but i'd view this more as a kind of back end infrastructure advantage with potential integrations on the product side but one that should hopefully enable us to stay at the the leading edge um and integrate more broadly with the community and also make um the way we run all this infrastructure more efficient over time um there are a number of models i just gave PyTorch as an example open compute as another model that that has worked really well for us in this way both to incorporate both innovation and um scale efficiency into our our own infrastructure so i mean there's our incentives i think are basically aligned towards moving in this direction now that said there's a lot to figure out right so when you're asked if there are going to be other opportunities i hope so i can't i can't speak to what all those things might be now this is all quite early in getting developed the better we do with the foundational work the more opportunities i think that we'll we'll come and present themselves so i i think that that's all all stuff that we need to to to figure out but um but at least at the base level i think where we're generally incentivized to move in this direction and we also need to figure out how to how to go in that direction over time i mean i mentioned um lama before and i also want to be clear that while i'm talking about helping contribute to an open ecosystem you know lama is a model that we only really made available to researchers and there's a lot of really good stuff that's happening there but um but a lot of the work that we're doing i think we we would aspire to and hope to make even more open than that so we'll we'll need to figure out a way to do that and ross i'll do your question oh sorry i think there was a second part of the question which is really about um real driving an increase in time spent on instagram and how much runway we see so you know we we certainly aren't quantifying you know the um kind of the expected engagement growth but we're very pleased with what we've seen reels drive in terms of incremental engagement to the platform so far you know and we've talked about how the incrementality uh is has grown over time and that's important you know as we've um continue to improve ranking because we're very focused not only on the absolute growth of reels but on increasing the incremental engagement and that's something where we're very pleased with the trends that we've been seeing you know as it comes to the plays watch time reshairs reactions all of the metrics that you know we keep an eye on we're seeing meaningful growth in reels it's clear that people value short form video and recommendations it's also unlocking an entirely new content pool which we think creates an engagement opportunity as we help people discover more interesting posts and then that's really valuable on top of the social graph and we're seeing the sharing flywheel takeoff with the growth of reels um reels reshairs you know which has has doubled over the last six months um and then more broadly in terms of how the discovery engine is driving incremental engagement across you know across the platform you know our infeed recommendations certainly go well beyond reels they cover all types of content including text images links group content etc and you know on Facebook we see that AI driven recommendations are continuing to grow and contribute to increasing engagement you know on the app so again we're not quantifying this but um it's a place where I think we are both pleased with our progress and see significant opportunity for us to do better operator we have time for one last question certainly thank you that will come from line of Michael Nacencin with Moffat Nacencin your line is open thank you so much I have two you can hear me on the first day Susan I appreciate the confidence about reels monetization going forward but keep sure that what's giving you that confidence that it goes from I had to go into

Charles先选第一个，然后Susan可以选AI工具上的第二个。我们有大量的历史记录，如果你看看我们在PyTorch上所做的工作，例如PyTorch已经成为该行业的标准工具，许多从事AI模型和其他相关领域的人都使用它。我们能够提供这个工具对我们非常有价值，因为现在整个行业中最好的开发人员都在使用我们内部使用的工具链。因此，当他们创造一些创新时，我们可以很容易地将其集成到我们正在做的事情中，当我们改进某些东西时，也会改进其他产品，因为它与我们的技术堆栈集成。有很多优势，但我认为这更像是后端基础设施优势，具有潜在的产品集成优势，但是这将帮助我们保持在领先的边缘，并与社区更广泛的集成，同时使我们运行所有这些基础设施的方式更加高效。有很多模型，我刚刚举了PyTorch和Open Compute作为另一个模型，这对我们的基础设施和效率的扩展都非常有效。我们的激励是朝这个方向前进的。至少在这个基础层面上，我认为我们通常会受到激励向这个方向发展，但同时也需要找出如何随着时间的推移朝着这个方向发展。我之前提到过Lama，我还想明确一点，虽然我在谈论帮助向开放生态系统做出贡献，但Lama是一个我们只提供给研究人员的模型，并且有很多很好的东西正在发生，但我们认为我们正在做的很多工作，我们会希望并希望比这更加开放。因此，我们需要找出一种方法来做到这一点。至于问题的第二部分，它主要是关于reels推动Instagram使用时间的增加以及我们看到的增长潜力。我们非常满意reels迄今为止对平台增量参与的推动作用，我们已经谈过增量性的重要性，并且这点越来越重要，因为随着我们继续改进排名，我们不仅关注reels的绝对增长，还关注增加增量参与，并且在这方面我们看到了一个积极的趋势。人们显然重视短视频和推荐，这也打开了一个全新的内容池，我们认为这创造了一个参与机会，因为我们帮助人们发现更多有趣的帖子，这对社交图谱非常有价值，我们看到了reels转发的飞轮起飞和增长，过去六个月里翻了一倍，而在更广泛的范围内，关于发现引擎如何推动整个平台的增量参与，我们的进料推荐当然不仅涵盖reels，它们涵盖所有类型的内容，包括文本图片，链接组内容等等，并且在Facebook上，我们看到基于人工智能的推荐持续增长，并促进了应用内的增长。因此，我们没有量化这些，但我们对我们的进展感到满意，并认为我们有很大的机会做得更好。

Paragraph 1: Introduction of AI tools and their historical importance to the company.

第一段：AI工具的介绍及其在公司历史中的重要性。 AI工具指人工智能相关的软件和技术，可以通过学习和自我调整不断地提高性能，从而为公司带来重要的益处。在公司的历史上，AI工具已经成为了一种不可或缺的技术，帮助公司提高效率、降低成本、提供更精准的数据和决策支持，从而在市场竞争中占据优势地位。因此，AI工具的开发和应用已经成为了公司的一个重要战略方向。

Paragraph 2: Advantages of using standardized tools which we also use internally, easy integration, and improvements in other products.

使用标准化工具的优点是，我们内部也使用这些工具，易于集成，并且可以改善其他产品。

Paragraph 3: Incentives to move towards an open ecosystem and figuring out ways to contribute to it. Mention of model LAMA.

第三段：开放生态系统的移向激励和找到为其做出贡献的方法。提到LAMA模型。 为了鼓励移向开放生态系统并找到为其做出贡献的方法，我们需要一些激励机制。这些机制可以是财务上的，也可以是面向专业人员的认可。此外，一个好的例子是LAMA模型，它是一种开放的方法论，鼓励人们通过开源协作来推进项目的发展。这种方法提供了一种低成本、高速度的方法来有效地开展工作，并且激励个人和组织来共享知识和创新。LAMA模型鼓励人们互相学习、交流最佳实践，并对参与者的工作给予认可和奖励。

Paragraph 4: Second part of the question about real driving an increase in time spent on Instagram and how engagement growth and incrementality have been positive.

问题的第二部分是关于实际驾驶是否增加了在Instagram上花费的时间以及参与度增长和增量性是否呈现积极态势。

Paragraph 5: Value of short-form videos and unlocking new content pool, creating engagement opportunity.

短视频的价值在于释放新颖的内容，创造参与机会。

Paragraph 6: Broadening infeed recommendations and AI-driven recommendations that contribute to engagement growth.

第6段：扩大推荐范围，提供人工智能推荐，并促进参与度的增长。

Final question from Michael Nacencin about reels monetization confidence. Neutral to a tailwind demo lies anything you share in data points about row-as or adoption, and then it's just quickly all the updates and messenger are really you know we're great to hear. Do you think the adoption is also being driven by maybe loss of signal and how does messaging improve marker's ability to basically retarget on post-idea space anything on signal loss and how messaging helps you markers retain that thanks thanks Michael?

迈克尔·纳森辛最后一个关于卷轴盈利信心的问题。关于尾风演示中立的任何东西，在行为或采用方面分享的数据点，然后仅仅是快速更新和信使，你知道我们很高兴听到。您是否认为采用也受到信号丢失的推动，以及消息传递如何改进标记的能力，从而在后期空间上重新定位信号丢失和消息如何帮助您保留标记者的感谢感谢迈克尔？

So on reels, you know we have shared for I think a while now that we're working through, we're working down the headwind to revenue from um from the growth of reels cannibalizing sometime that is spent on our more mature ad services feed and stories, and you know basically we have been balancing the two factors here which is the degree to which reels is priming incremental engagement on the platform versus the lower monetization efficiency of reels relative to you know the feed-in stories engagement that that it cannibalizes.

关于 Instagram 的“Reels”功能，我们已经分享了一段时间，我们正在努力克服一个难题，那就是“Reels”的增长会有可能取代我们早期广告服务“Feed”和“Stories”获得的收益。我们一直在权衡这两个因素：一方面，Reels增加了平台的用户互动，而另一方面，相较于“Feed”和“Stories”，Reels的盈利效率较低，可能降低我们的广告投放效果。

And ultimately, you know the overall economics of reels is really going to be determined by the combination of those two things um. The thing that I would you know so while we're we're on track to reels becoming neutral to um to revenue by you know end of year early next year but I do you know I do think it's important to call out that reels is structurally different from feed-in stories and so you know we don't have line of sight of getting reels to monetization parity per time with feeder stories anytime soon because of those structural differences but because it drives incremental engagement you know we expect that it what we will continue and we expect we will continue to improve its monetization from current level so we expect the combination of those things you know we'll get us to revenue neutral by end of this year early next um and positive to revenue beyond that despite that it doesn't monetize as efficiently um.

最终，您知道卷轴的整体经济情况实际上将由这两个因素的组合决定。我想说的是，虽然我们正在迈向卷轴在年底或明年年初实现收益中性，但由于卷轴与动态邮件和故事的结构不同，我们并没有看到在短期内实现与动态邮件和故事相同的货币化平等的希望，但因为它会增加用户的互动，我们预计我们将继续改善其货币化水平，因此我们预计这些因素的组合将使我们在年底或明年年初实现收益中性，并在此之后实现正收益，尽管它的货币化效率并不高。

The second part of your question was um updates on messaging and how does messaging improve you know marketer ability to retarget and face a signal loss so click the messaging ads are a really important part of our overall ad strategy in terms of on-site objectives um and so it is a big part of these sort of first party data playbook um, and so I think you know from that perspective it really has uh is both sort of a first party data ads format which I think um in a signal challenge landscape is important for us and then of course it's a way for us to both monetize messaging behavior that's happening on our platform and create you know robust avenues of communication for businesses um directly with their consumers which we hope to broaden you know with broader business messaging offerings over time so we're very excited um you know we're really excited with the progress um that click to messaging ads have shown and you know the business opportunity that we have going forward there great thank you for joining us today we appreciate your time and we look forward to speaking with you again.

你问题的第二部分是关于消息更新以及如何通过消息改善广告营销人员的能力以重新定位和面对信号损失。消息广告是我们整体广告策略中非常重要的一部分，对于网站目标而言也是很大的一部分。因此，它是“第一方数据手册”的重要组成部分。在信号挑战的形势下，它对我们来说是非常重要的第一方数据广告格式。同时，通过它我们也可以将发生在我们平台上的消息行为变现，并且创造直接与消费者进行交流的强大通路，我们期望未来扩大其商业消息服务的范围。我们非常兴奋地看到点击消息广告所展现的进展和商业机会。谢谢你今天的参与，我们感激你的时间，并期待再次与你交流。

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

今天的电话会议到此结束。感谢您参加。您现在可以断开电话线。Ann Bolte。