Meta Platforms, Inc. (NASDAQ:META) Q1 2024 Earnings Conference Call April 24, 2024 5:00 PM ET

Meta Platforms, Inc. (NASDAQ:META) 2024 年第一季度收益电话会议 美国东部时间 2024 年 4 月 24 日下午 5:00

Company Participants 公司参与者

Kenneth Dorell - Director of Investor Relations

肯尼斯-多雷尔 - 投资者关系总监

Mark Zuckerberg - Founder, Chairman and Chief Executive Officer

马克-扎克伯格 - 创始人、董事长兼首席执行官

Susan Li - Chief Financial Officer

Susan Li - 首席财务官

Conference Call Participants

电话会议与会者

Eric Sheridan - Goldman Sachs

Eric Sheridan - 高盛集团

Brian Nowak - Morgan Stanley

Brian Nowak - 摩根士丹利

Mark Shmulik - Bernstein Research

Douglas Anmuth - JPMorgan

Douglas Anmuth - 摩根大通

Justin Post - Bank of America

Justin Post - 美国银行

Youssef Squali - Truist Securities

Ken Gawrelski - Wells Fargo Securities

Ken Gawrelski - 富国证券

Ross Sandler - Barclays 罗斯-桑德勒 - 巴克莱银行

Ronald Josey - Citi 罗纳德-乔西 - 花旗银行

Operator 操作员

Good afternoon. My name is Krista 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 speakers' remarks there will be a question-and-answer session. [Operator Instructions] This call will be recorded. Thank you very much.

下午好我叫克里斯塔，是今天的电话会议接线员。现在，我欢迎大家参加 Meta 第一季度财报电话会议。为了防止背景噪音，所有线路都已静音。发言人发言结束后，将进行问答环节。[本次电话会议将进行录音。非常感谢

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

肯-多雷尔，梅塔公司的投资者关系总监，你可以开始了。

Kenneth Dorell 肯尼斯-多雷尔

Thank you. Good afternoon and welcome to Meta Platform's first quarter 2024 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO.

谢谢大家。下午好，欢迎参加 Meta Platform 2024 年第一季度财报电话会议。今天与我一起讨论业绩的是首席执行官马克-扎克伯格（Mark Zuckerberg）和首席财务官苏珊-李（Susan Li）。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements.

在我们开始之前，我想借此机会提醒大家，我们今天的发言将包括前瞻性陈述。实际结果可能与这些前瞻性陈述所预期的结果存在实质性差异。

Factors that could cause these results to differ materially are set forth in today's earnings press release and in our annual report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.

今天的财报新闻稿和我们向美国证券交易委员会提交的 10-K 表年报中阐述了可能导致这些结果出现重大差异的因素。我们在本次电话会议上所做的任何前瞻性陈述都是基于今天的假设，我们没有义务因新信息或未来事件而更新这些陈述。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次电话会议中，我们将同时介绍美国通用会计准则和某些非美国通用会计准则财务指标。今天的财报新闻稿中包括 GAAP 与非 GAAP 指标的对账。我们的网站 investor.fb.com 上提供了财报新闻稿和随附的投资者简报。

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

现在请马克发言。

Mark Zuckerberg 马克-扎克伯格

All right. Thanks, Ken, and everyone, thanks for joining. It's been a good start to the year both in terms of product momentum and business performance. We estimate that more than 3.2 billion people use at least one of our apps each day and we're seeing healthy growth in the US.

好的谢谢你，肯，谢谢大家的加入。无论从产品势头还是业务表现来看，今年都是一个良好的开端。我们估计每天有超过 32 亿人至少使用我们的一款应用，而且我们在美国也看到了健康的增长。

And I want to call out WhatsApp specifically where the number of daily actives and message sends in the US keeps gaining momentum and I think we're on a good path there. We've also made good progress on our AI and Metaverse efforts and that's where I'm going to focus most of my comments today.

我想特别提到 WhatsApp，它在美国的日活跃用户数量和信息发送量一直保持着增长势头，我认为我们在这方面正走在一条正确的道路上。我们在人工智能和 Metaverse 方面也取得了不错的进展，这也是我今天要重点谈的。

So let's start with AI. We are building a number of different AI services from Meta AI, our AI assistant that you can ask any question across our apps and glasses, to creator AIs that help creators engage their communities and that fans can interact with, to business AIs that we think every business eventually on our platform will use to help customers buy things and get customer support, to internal coding and development AIs, to hardware like glasses for people to interact with AIs and a lot more.

让我们从人工智能开始。我们正在构建多种不同的人工智能服务，从 Meta AI（你可以在我们的应用程序和眼镜上询问任何问题的人工智能助手），到帮助创作者参与社区活动、让粉丝可以与之互动的创作者人工智能，到我们认为平台上的每个企业最终都将使用来帮助客户购买东西和获得客户支持的商业人工智能，到内部编码和开发人工智能，到供人们与人工智能互动的眼镜等硬件，还有很多。

Last week, we had the major release of our new version of Meta AI that is now powered by our latest model, Llama 3 and our goal with Meta AI is to build the world's leading AI service, both in quality and usage.

上周，我们发布了新版 Meta AI，该版本由我们的最新模型 Llama 3 支持。

The initial rollout of Meta AI is going well. Tens of millions of people have already tried it. The feedback is very positive and when I first checked in with our teams, the majority of feedback we were getting was people asking us to release Meta AI for them wherever they are.

Meta AI 的初步推广进展顺利。已有数千万人试用了它。反馈非常积极，当我第一次与我们的团队沟通时，我们收到的大多数反馈都是人们要求我们为他们发布 Meta AI，无论他们身在何处。

So we've started launching Meta AI in some English speaking countries and we'll roll out in more languages and countries over the coming months. You all know our product development playbook by this point.

因此，我们已经开始在一些英语国家推出 Meta AI，未来几个月我们还将在更多语言和国家推出。在这一点上，你们都知道我们的产品开发手册。

We release an early version of a product to a limited audience to gather feedback and start improving it. And then once we think it's ready, then we make it available to more people. That early release was last fall and with this release, we are now moving to that next growth phase of our playbook.

我们向有限的受众发布产品的早期版本，以收集反馈并开始改进。然后，一旦我们认为它已经准备就绪，就会向更多人发布。早期版本是在去年秋天发布的，随着这次版本的发布，我们将进入下一个发展阶段。

We believe that Meta AI with Llama 3 is now the most intelligent AI assistant that you can freely use and now that we have the superior quality product, we are making it easier for lots of people to use it within WhatsApp, Messenger, Instagram and Facebook.

我们相信，带有 Llama 3 的 Meta AI 是您现在可以自由使用的最智能的人工智能助手，现在我们已经拥有了质量上乘的产品，我们正在让更多的人更方便地在 WhatsApp、Messenger、Instagram 和 Facebook 中使用它。

Now in addition to answering more complex queries, a few other notable and unique features from this release. Meta AI now creates animations from still images and now generates high quality images so fast that it can create and update them as you are typing, which is pretty awesome. I've seen a lot of people commenting about that experience online and how they've never seen or experienced anything like it before.

现在，除了能回答更复杂的查询外，这个版本还有其他一些值得注意的独特功能。Meta AI 现在可以从静态图片创建动画，而且现在生成高质量图片的速度非常快，可以在您打字的同时创建和更新图片，这真是太棒了。我看到很多人在网上评论这种体验，说他们以前从未见过或体验过这样的体验。

In terms of the core AI model and intelligence that's powering Meta AI, I'm very pleased with how Llama 3 has come together so far. The 8 billion and 70 billion parameter models that we released are best-in-class for their scale. The 400 plus billion parameter model that we're still training seems on track to be industry leading on several benchmarks and I expect their models are just going to improve further from open source contributions.

在为 Meta AI 提供动力的核心 AI 模型和智能方面，我对 Llama 3 目前取得的成果非常满意。我们发布的 80 亿和 700 亿参数模型的规模在同类产品中名列前茅。我们仍在训练的 4000 多亿参数模型似乎有望在多个基准测试中处于行业领先地位，而且我预计其模型将通过开源贡献进一步改进。

Overall, I view the results our teams have achieved here as another key milestone in showing that we have the talent, data and ability to scale infrastructure to build the world's leading AI models and services and this leads me to believe that we should invest significantly more over the coming years to build even more advanced models and the largest scale AI services in the world.

总体而言，我认为我们的团队在这里取得的成果是另一个重要的里程碑，表明我们拥有人才、数据和扩展基础设施的能力，可以建立世界领先的人工智能模型和服务，这让我相信，我们应该在未来几年大幅增加投资，以建立更先进的模型和世界上最大规模的人工智能服务。

As we're scaling CapEx and energy expenses for AI, we'll continue focusing on operating the rest of our company efficiently, but realistically, even with shifting many of our existing resources to focus on AI, we'll still grow our investment envelope meaningfully before we make much revenue from some of these new products.

在我们缩减人工智能的资本支出和能源支出的同时，我们将继续关注公司其他部门的高效运营，但从现实情况来看，即使我们将许多现有资源转移到人工智能领域，在我们从一些新产品中获得大量收入之前，我们的投资规模仍将大幅增长。

I think it's worth calling that out that we've historically seen a lot of volatility in our stock during this phase of our product playbook where we're investing in scaling a new product, but aren't yet monetizing it. We saw this with reels, stories as newsfeed transitioned to mobile and more and I also expect to see a multi-year investment cycle before we fully scaled Meta AI, business AIs and more into the profitable services I expect as well.

我认为值得指出的是，在我们的产品手册的这一阶段，我们的股票历来波动很大，因为我们正在投资扩大新产品的规模，但尚未实现货币化。我们在卷轴、新闻推送过渡到移动端的故事等产品上看到过这种情况，我还预计，在我们将 Meta AI、商业 AI 等产品完全扩展到我所期望的盈利服务之前，还会有一个多年的投资周期。

Historically, investing to build these new scaled experiences in our apps has been a very good long-term investment for us and for investors who have stuck with us and the initial signs are quite positive here too. But building the leading AI will also be a larger undertaking than the other experiences we've added to our apps and this is likely going to take several years.

从历史上看，投资在我们的应用程序中构建这些新的扩展体验，对我们和一直支持我们的投资者来说，都是一项非常好的长期投资。但是，与我们添加到应用程序中的其他体验相比，打造领先的人工智能也将是一项更艰巨的任务，很可能需要数年时间。

On the upside, once our new AI services reach scale, we have a strong track record of monetizing them effectively. There are several ways to build a massive business here, including scaling business messaging, introducing ads or paid content into AI interactions and enabling people to pay to use bigger AI models and access more compute.

从好的方面看，一旦我们的新人工智能服务达到一定规模，我们就能有效地实现货币化。有几种方法可以在这里建立大规模的业务，包括扩展业务信息、在人工智能互动中引入广告或付费内容，以及让人们能够付费使用更大的人工智能模型和访问更多的计算。

And on top of those. AI is already helping us improve app engagement, which naturally leads to seeing more ads and improving ads directly to deliver more value. So if the technology and products evolve in the way that we hope, each of those will unlock massive amounts of value for people and business for us over time.

除此之外。人工智能已经在帮助我们提高应用程序的参与度，这自然会带来更多的广告，并直接改善广告以提供更多价值。因此，如果技术和产品按照我们希望的方式发展，那么随着时间的推移，这些技术和产品都将为人们和我们的业务带来巨大的价值。

We are seeing good progress on some of these efforts already. Right now, about 30% of the posts on Facebook feed are delivered by our AI recommendation system. That's up 2x over the last couple of years and for the first time ever, more than 50% of the content that people see on Instagram is now AI recommended.

我们已经在其中一些方面取得了良好进展。现在，Facebook feed 上约有 30% 的帖子是由我们的人工智能推荐系统提供的。在过去几年中，这一比例增长了 2 倍，而现在人们在 Instagram 上看到的内容中，有 50% 以上是人工智能推荐的，这还是有史以来的第一次。

AI has also been a huge part of how we create value for advertisers by showing people more relevant ads. And if you look at our two end-to-end AI powered tools, Advantage+ shopping and Advantage+ app campaigns, revenue flowing through those has more than doubled since last year.

人工智能也是我们通过向人们展示更多相关广告为广告商创造价值的一个重要部分。如果你看一下我们的两个端到端人工智能工具，即 Advantage+ 购物和 Advantage+ 应用广告系列，通过这两个工具获得的收入自去年以来翻了一番多。

We're also going to continue to be very focused on efficiency as we scale Meta AI and other AI services. Some of this will come from improving how we train and run models. Some improvements will come from the open source community and we're improving cost efficiency as one of the main areas that I expect that open sourcing will help us improve, similar to what we saw with open compute.

随着 Meta AI 和其他 AI 服务规模的扩大，我们还将继续非常注重效率。其中一些改进将来自于我们训练和运行模型的方式。有些改进将来自开源社区，我们正在提高成本效率，这是我期望开源能帮助我们提高效率的主要领域之一，这与我们在开放计算方面看到的情况类似。

We'll also keep making progress on building more of our own silicon. Our Meta training and inference accelerator chip has successfully enabled us to run some of our recommendations related workloads on this less expensive stack. And as this program matures over the coming years, we plan to expand this to more of our workloads as well. And of course, as we ramp these investments, we will also continue to carefully manage headcount and other expense growth throughout the company.

我们还将继续在构建更多自己的芯片方面取得进展。我们的 Meta 训练和推理加速器芯片已经成功地使我们能够在这种成本较低的堆栈上运行一些与建议相关的工作负载。随着该计划在未来几年的成熟，我们计划将其扩展到更多的工作负载中。当然，在加大这些投资的同时，我们也将继续谨慎管理整个公司的员工人数和其他费用增长。

Now in addition to our work on AI, our other long-term focus is the Metaverse. It's been interesting to see how these two themes have come together. This is clearest when you look at glasses. I used to think that AR glasses wouldn't really be a mainstream product until we had full holographic displays.

现在，除了人工智能方面的工作，我们的另一个长期重点是 Metaverse。这两个主题是如何结合在一起的，这很有意思。这一点在眼镜方面体现得最为明显。我曾经认为，在我们拥有全息显示屏之前，AR 眼镜不会真正成为主流产品。

And I still think that that's going to be awesome and is the long-term mature state for the product, but now it seems pretty clear that there's also a meaningful market for fashionable AI glasses without a display. Glasses are the ideal device for an AI assistant because you can let them see what you see and hear what you hear, so they have full context on what's going on around you as they help you with whatever you're trying to do.

我仍然认为这将会很棒，也是该产品的长期成熟状态，但现在似乎很清楚，不带显示屏的时尚人工智能眼镜也有很大的市场。眼镜是人工智能助手的理想设备，因为你可以让他们看到你所看到的，听到你所听到的，这样他们就能全面了解你周围发生的事情，帮助你完成任何你想做的事情。

Our launch this week of Meta AI with vision on the glasses is a good example where you can now ask questions about things that you're looking at. Now one strategy dynamic that I've been reflecting on is that an increasing amount of our Reality Labs work is going towards serving our AI efforts.

我们本周推出的带有眼镜视觉功能的 Meta AI 就是一个很好的例子。现在，我一直在思考的一个战略动态是，我们现实实验室越来越多的工作都在为我们的人工智能工作服务。

We currently report on our financials as a Family of Apps and Reality Labs were two completely separate businesses, but strategically I think of them as fundamentally the same business with the vision of Reality Labs to build the next generation of computing platforms in large parts that way we can build the best apps and experiences on top of them.

目前，我们在财务报告中将 Family of Apps 和 Reality Labs 视为两个完全独立的业务，但从战略上讲，我认为它们从根本上说是同一个业务，Reality Labs 的愿景是构建下一代计算平台的大部分，这样我们就可以在这些平台上构建最好的应用程序和体验。

Over time, we'll need to find better ways to articulate the value that's generated here across both segments, so it doesn't just seem like our hardware costs increase as our glasses ecosystem scales, but all the value flows to a different segment. The Ray-Ban Meta glasses that we built with EssilorLuxottica continue to do well and are sold out in many styles and colors.

随着时间的推移，我们需要找到更好的方法来阐明这两个领域所产生的价值，这样就不会随着我们眼镜生态系统的扩大，我们的硬件成本似乎也在增加，但所有的价值都流向了不同的领域。我们与 EssilorLuxottica 合作推出的雷朋 Meta 眼镜继续保持良好的销售业绩，许多款式和颜色的眼镜都已售罄。

So we're working to make more and release additional styles as quickly as we can. We just released the new cat-eye Skyler design yesterday, which is more feminine and in general, I'm optimistic about our approach of starting with the classics and expanding with an increasing diversity of options over time.

因此，我们正在努力生产更多款式，并尽快推出更多款式。昨天，我们刚刚发布了新款猫眼 Skyler 设计，更加女性化。总的来说，我对我们的做法很乐观，即从经典款开始，随着时间的推移，不断增加多样化的选择。

If we want everyone to be able to use wearable AI, I think eyewear is a bit different from phones or watches and that people are going to want very different designs. So I think our approach of partnering with the leading eyewear brands will help us serve more of the market. I think a similar open ecosystem approach will help us expand the virtual and mixed reality headset market over time as well. We announced that we're opening up Meta Horizon OS, the operating system we've built to power Quest.

如果我们希望每个人都能使用可穿戴人工智能，我认为眼镜与手机或手表有些不同，人们需要的设计也大相径庭。因此，我认为我们与领先的眼镜品牌合作的方式将帮助我们服务于更多的市场。我认为，随着时间的推移，类似的开放生态系统方法也将帮助我们扩大虚拟和混合现实耳机市场。我们宣布将开放 Meta Horizon OS，这是我们为 Quest 打造的操作系统。

As the ecosystem grows, I think there will be sufficient diversity in how people use mixed reality that there will be demand for more designs than we'll be able to build, for example, a work focused headset, maybe slightly less designed for motion, but may want to be lighter by connecting to your laptop, a fitness focused headset may be lighter with sweat wicking materials.

随着生态系统的发展，我认为人们使用混合现实技术的方式将更加多样化，因此会有更多的设计需求，而不是我们所能制造的，例如，一款专注于工作的头戴式耳机，可能在运动设计上稍逊一筹，但可能希望通过连接笔记本电脑来减轻重量；一款专注于健身的头戴式耳机，可能会采用吸汗材料来减轻重量。

An entertainment focused headset may prioritize the highest resolution displays over everything else. A gaming focused headset may prioritize peripherals and haptics or a device that comes with Xbox controllers and a game pass subscription out of the box.

以娱乐为重点的耳机可能会优先考虑最高分辨率的显示器，而不是其他一切。以游戏为主的耳机可能会优先考虑外围设备和触觉，或开箱即带 Xbox 控制器和游戏通行证的设备。

Now to be clear, I think that our first party Quest devices will continue to be the most popular headsets as we see today and we'll continue focusing on advancing the state-of-the-art tech and making it accessible to everyone, but I also think that opening our ecosystem and opening our operating system will help the overall mixed reality ecosystem grow even faster.

但我也认为，开放我们的生态系统和开放我们的操作系统将有助于整个混合现实生态系统更快地发展。

Now in addition to AI and the Metaverse, we're seeing good improvements across our apps. I touched on some of the most important trends already with WhatsApp growth in the US and AI powered recommendations in our feeds and reels already, but I do want to mention that video continues to be a bright spot.

现在，除了人工智能和 Metaverse 之外，我们还看到我们的应用程序都有了很好的改进。我已经谈到了一些最重要的趋势，如 WhatsApp 在美国的增长，以及我们的 feed 和卷轴中由人工智能驱动的推荐，但我还想提一下，视频仍然是一个亮点。

This month, we launched an updated full screen video player on Facebook that brings together reels, longer videos and live content into a single experience with a unified recommendation system.

本月，我们在 Facebook 上推出了更新的全屏视频播放器，通过统一的推荐系统将卷轴、长视频和直播内容整合到一个单一的体验中。

On Instagram, reels and video continue to drive engagement with reels alone now making up 50% of the time that's spent within the app. Threads is growing well too. They're now more than 150 million monthly actives and it continues to generally be on the trajectory that I hope to see.

在 Instagram 上，卷轴和视频继续推动参与度，现在仅卷轴就占了应用内 50% 的时间。Threads也发展良好。现在，他们的月活跃用户已超过 1.5 亿，而且总体上仍在朝着我希望看到的轨迹发展。

And of course, my daughters would want me to mention that Taylor Swift is now on Threads. That one was a big deal in my house. All right, that is what I wanted to cover today. I am proud of the progress we've made so far this year. We've got a lot more execution ahead to fulfill the opportunities ahead of us. A big thank you to all of our teams who are driving all these advances and to all of you for being on this journey with us.

当然，我的女儿们也会希望我提到泰勒-斯威夫特（Taylor Swift）现在正在播出《Threads》。这在我家可是件大事。好了，这就是我今天要讲的内容。我为我们今年所取得的进步感到骄傲。我们还有更多的执行工作要做，以抓住未来的机遇。衷心感谢推动我们取得这些进步的所有团队，感谢你们和我们一起走过这段旅程。

And now here is Susan.

现在苏珊来了。

Susan Li 苏珊-李

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 $36.5 billion, up 27% on both a reported and constant currency basis. Q1 total expenses were $22.6 billion, up 6% compared to last year.

谢谢你，马克，大家下午好。让我们从综合业绩开始。除非另有说明，否则所有比较均以同比为基础。第一季度总收入为 365 亿美元，按公布值和固定汇率计算均增长 27%。第一季度总支出为 226 亿美元，同比增长 6%。

In terms of the specific line items, cost of revenue increased 9% as higher infrastructure-related costs were partially offset by lapping reality lab's inventory-related valuation adjustments. R&D increased 6% driven mostly by higher headcount related expenses and infrastructure costs, which were partially offset by lower restructuring costs.

就具体项目而言，收入成本增加了 9%，原因是基础设施相关成本的增加被现实实验室存货相关估值调整部分抵消。研发成本增加了 6%，主要原因是与裁员相关的费用和基础设施成本增加，但减少的重组成本部分抵消了增加的成本。

Marketing and sales decreased 16% due mainly to lower restructuring costs, professional services and marketing spend. G&A increased 20% as higher legal related expenses were partially offset by lower restructuring costs. We ended the first quarter with over 69,300 employees, up 3% from Q4.

营销和销售减少了 16%，主要原因是重组成本、专业服务和营销支出减少。由于较高的法律相关费用被较低的重组成本部分抵消，因此一般及行政费用增长了 20%。第一季度末，我们的员工人数超过 69,300 人，比第四季度增长了 3%。

First quarter operating income was $13.8 billion, representing a 38% operating margin. Our tax rate for the quarter was 13%. Net income was $12.4 billion or $4.71 per share. Capital expenditures including principal payments on finance leases were $6.7 billion driven by investments in servers, data centers and network infrastructure.

第一季度营业收入为 138 亿美元，营业利润率为 38%。本季度税率为 13%。净收入为 124 亿美元，每股收益 4.71 美元。资本支出（包括融资租赁的本金支付）为 67 亿美元，主要来自对服务器、数据中心和网络基础设施的投资。

Free cash flow was $12.5 billion. We repurchased $14.6 billion of our Class A common stock and paid $1.3 billion in dividends to shareholders ending the quarter with $58.1 billion in cash and marketable securities and $18.4 billion in debt.

自由现金流为 125 亿美元。本季度结束时，我们回购了 146 亿美元的 A 类普通股，并向股东支付了 13 亿美元的股息，拥有 581 亿美元的现金和有价证券，以及 184 亿美元的债务。

Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow with approximately 3.2 billion people using at least one of our Family of Apps on a daily basis in March. Q1 total Family of Apps revenue was $36 billion, up 27% year-over-year.

现在来看我们的分部业绩。我首先谈谈我们的应用程序家族业务。我们的应用软件家族社区持续增长，3 月份约有 32 亿人每天至少使用一个应用软件家族。第一季度应用软件家族总收入为 360 亿美元，同比增长 27%。

Q1 Family of Apps ad revenue was $35.6 billion, up 27% or 26% on a constant currency basis. Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth followed by gaming and entertainment and media. On a user geography basis, ad revenue growth was strongest in Rest of World and Europe at 40% and 33%, respectively.

第一季度应用程序家族的广告收入为 356 亿美元，同比增长 27%，按固定汇率计算增长 26%。在广告收入中，在线商务垂直业务对同比增长的贡献最大，其次是游戏、娱乐和媒体。从用户地域来看，世界其他地区和欧洲的广告收入增长最为强劲，分别达到 40% 和 33%。

Asia-Pacific grew 25% and North America grew 22%. In Q1, the total number of ad impressions served across our services increased 20% and the average price per ad increased 6%. Impression growth was mainly driven by Asia-Pacific and Rest of World. Pricing growth was driven by advertiser demand, which was partially offset by strong impression growth, particularly from lower monetizing regions and surfaces.

亚太地区增长 25%，北美增长 22%。第一季度，我们各项服务的广告印象总数增长了 20%，每条广告的平均价格增长了 6%。广告印象增长主要由亚太地区和世界其他地区驱动。定价增长是由广告客户需求驱动的，但强劲的广告印象增长，尤其是货币化程度较低的地区和表面的广告印象增长，部分抵消了这一增长。

Family of Apps other revenue was $380 million in Q1, up 85% driven by business messaging revenue growth from our WhatsApp Business platform. We continue to direct the majority of our investments toward the development and operation of our Family of Apps.

受 WhatsApp Business 平台业务信息收入增长的推动，第一季度应用软件家族的其他收入为 3.8 亿美元，同比增长 85%。我们继续将大部分投资用于应用程序家族的开发和运营。

In Q1, Family of Apps expenses were $18.4 billion, representing approximately 81% of our overall expenses. Family of Apps expenses were up 7% due mainly to higher legal and infrastructure costs that were partially offset by lower restructuring costs. Family of Apps operating income was $17.7 billion, representing a 49% operating margin.

第一季度，应用软件家族支出为 184 亿美元，约占总支出的 81%。应用软件家族支出增长了 7%，主要原因是法律和基础设施成本上升，但被较低的重组成本部分抵消。应用程序业务运营收入为 177 亿美元，运营利润率为 49%。

Within our Reality Labs segment, Q1 revenue was $440 million, up 30% driven by Quest headset sales. Reality Labs expenses were $4.3 billion, down 1% year-over-year as higher headcount related expenses were more than offset by lapping inventory related valuation adjustments and restructuring costs. Reality Labs operating loss was $3.8 billion.

在 Reality Labs 分部中，第一季度收入为 4.4 亿美元，在 Quest 头戴式耳机销售的带动下增长了 30%。Reality Labs 的支出为 43 亿美元，同比下降 1%，原因是与库存相关的估值调整和重组成本抵消了较高的员工相关支出。Reality Labs 的运营亏损为 38 亿美元。

Turning now to the business outlook. There are two primary factors that drive our revenue performance, our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time. On the first, we remain pleased with engagement trends and have strong momentum across our product priorities.

现在谈谈业务展望。推动我们收入表现的主要因素有两个，一是我们为社区提供吸引人的体验的能力，二是随着时间的推移，我们将这种参与货币化的效率。在第一个因素方面，我们仍然对参与趋势感到满意，并且在我们的优先产品方面势头强劲。

Our investments in developing increasingly advanced recommendation systems continue to drive incremental engagement on our platforms demonstrating that people are finding added value by discovering content from accounts they're not connected to. The level of recommended content in our apps has scaled as we've improved these systems and we see further opportunity to increase the relevance and personalization of recommendations as we advance our models.

我们在开发日益先进的推荐系统方面的投资继续推动我们平台的参与度不断提高，这表明人们通过发现与自己无关的账户中的内容而发现了附加价值。随着我们对这些系统的不断改进，我们应用程序中的推荐内容水平也在不断提高。

Video also continues to grow across our platform and it now represents more than 60% of time on both Facebook and Instagram. Reels remains the primary driver of that growth and we're progressing on our work to bring together reels longer form video and live video into one experience on Facebook.

在我们的平台上，视频也在继续增长，目前在 Facebook 和 Instagram 上视频占的时间都超过了 60%。Reels视频仍然是这一增长的主要驱动力，我们正在努力将Reels长视频和实时视频整合到 Facebook 上的一种体验中。

In April, we rolled out this unified video experience in the US and Canada, which is increasingly powered by our next generation ranking architecture that we expect will help deliver more relevant video recommendations over time. We're also introducing deeper integrations of Generative AI into our apps in the US and more than a dozen other countries.

今年 4 月，我们在美国和加拿大推出了这种统一的视频体验，它越来越多地采用我们的下一代排名架构，我们希望随着时间的推移，这将有助于提供更多相关的视频推荐。我们还在美国和其他十几个国家将生成式人工智能更深入地集成到我们的应用程序中。

Along with using Meta AI within our chat surfaces, people will now be able to use Meta AI in search within our apps as well as feed and groups on Facebook. We expect these integrations will complement our social discovery strategy as our recommendation systems help people to discover and explore their interests while Meta AI enables them to dive deeper on topics they're interested in. Threads also continues to see good traction as we continue to ship valuable features and scale the community.

除了在我们的聊天界面中使用 Meta AI 外，人们现在还可以在我们的应用程序以及 Facebook 上的 feed 和群组中使用 Meta AI 进行搜索。我们希望这些整合能补充我们的社交发现战略，因为我们的推荐系统能帮助人们发现和探索自己的兴趣，而 Meta AI 能让他们深入了解自己感兴趣的话题。随着我们不断推出有价值的功能和扩大社区规模，Threads 也将继续保持良好的发展势头。

Now to the second driver of our revenue performance, increasing monetization efficiency. There are two parts to this work. The first is optimizing the level of ads within organic engagement. Here we continue to advance our understanding of users' preferences for viewing ads to more effectively optimize the right time, place and person to show an ad to.

现在谈谈我们收入业绩的第二个驱动因素，即提高货币化效率。这项工作分为两个部分。首先是优化有机参与中的广告水平。在这方面，我们将继续加深对用户观看广告偏好的了解，以便更有效地优化广告展示的时间、地点和对象。

For example, we are getting better at adjusting the placement and number of ads in real time based on our perception of a user's interest in ad content and to minimize disruption from ads as well as innovating on new and creative ad formats. We expect to continue that work going forward while surfaces with relatively lower levels of monetization like video and messaging will serve as additional growth opportunities.

例如，我们越来越善于根据用户对广告内容的兴趣实时调整广告的位置和数量，最大限度地减少广告的干扰，并创新新颖的广告形式。我们预计今后将继续开展这项工作，而视频和信息等货币化程度相对较低的领域将成为更多的增长机会。

The second part of improving monetization efficiency is enhancing marketing performance. Similar to our work with organic recommendations, AI is playing an increasing role in these efforts. First, we are making ongoing ads modeling improvements that are delivering better performance for advertisers.

提高货币化效率的第二部分是提高营销绩效。与我们在有机推荐方面的工作类似，人工智能在这些工作中发挥着越来越重要的作用。首先，我们正在不断改进广告建模，为广告商带来更好的表现。

One example is our new ads ranking architecture Meta Lattice, which we began rolling out more broadly last year. This new architecture allows us to run significantly larger models that generalize learnings across objectives and surfaces in place of numerous smaller ad models that have historically been optimized for individual objectives and surfaces. This is not only leading to increased efficiency as we operate fewer models, but also improving ad performance.

其中一个例子是我们的新广告排名架构 Meta Lattice，我们从去年开始更广泛地推广这一架构。这一新架构使我们能够运行更大的模型，在不同的目标和表面进行学习归纳，以取代以往针对单个目标和表面进行优化的众多较小的广告模型。由于我们运行的模型数量减少，这不仅提高了效率，还改善了广告效果。

Another way we're leveraging AI is to provide increased automation for advertisers. Through our Advantage+ portfolio, advertisers can automate one step of the campaign setup process, such as selecting which ad creative to show or automate their campaign completely using our end-to-end automation tools, Advantage+ shopping and Advantage+ app ads. We're seeing growing use of these solutions and we expect to drive further adoption over the course of the year while applying what we learned to our broader ads investments.

我们利用人工智能的另一种方式是为广告客户提供更高的自动化程度。通过我们的 Advantage+ 产品组合，广告主可以自动完成广告系列设置过程中的一个步骤，例如选择要展示的广告创意，或者使用我们的端到端自动化工具 Advantage+ 购物广告和 Advantage+ 应用广告完全自动完成广告系列。我们看到这些解决方案的使用越来越多，我们希望在今年进一步推动这些解决方案的使用，同时将我们学到的知识应用到更广泛的广告投资中。

Next, I'd like to discuss our approach to capital allocation. We continue to see compelling investment opportunities to both improve our core business in the near term and capture significant longer term opportunities in Generative AI and Reality Labs.

接下来，我想谈谈我们的资本分配方法。我们继续看到引人注目的投资机会，既能在短期内改善我们的核心业务，又能在生成式人工智能（Generative AI）和现实实验室（Reality Labs）领域抓住重要的长期机会。

As we develop more advanced and compute intensive recommendation models and scale capacity for our Generative AI training and inference needs, we expect that having sufficient infrastructure capacity will be critical to realizing many of these opportunities. As a result, we expect that we will invest significantly more in infrastructure over the coming years.

随着我们开发更先进的计算密集型推荐模型，并扩大生成式人工智能训练和推理需求的能力，我们预计，拥有足够的基础设施能力对于实现其中的许多机会至关重要。因此，我们预计未来几年将大幅增加对基础设施的投资。

Our other long-term initiative that we're continuing to make significant investments in is Reality Labs. We are also starting to see our AI initiatives increasingly overlap with our Reality Labs work. For example, with Ray-Ban Meta smart glasses, people in the US and Canada can now use our multimodal meta AI assistant for daily tasks without pulling out their phone.

我们的另一项长期计划是 "现实实验室"，我们将继续对其进行大量投资。我们也开始看到我们的人工智能计划与现实实验室的工作越来越多地重叠。例如，通过雷朋 Meta 智能眼镜，美国和加拿大的人们现在可以使用我们的多模态 Meta 人工智能助手来完成日常任务，而无需掏出手机。

Longer term, we expect Generative AI to play an increasing role in our mixed reality products making it easier to develop immersive experiences. Accelerating our AI efforts will help ensure we can provide the best version of our services as we transition to the next computing platform.

从长远来看，我们预计生成式人工智能将在我们的混合现实产品中发挥越来越大的作用，使我们更容易开发身临其境的体验。加快我们的人工智能工作将有助于确保我们在过渡到下一个计算平台时能够提供最好的服务。

We expect to pursue these opportunities while maintaining a focus on operating discipline and we believe our strong financial position will allow us to support these investments while also returning capital to shareholders through share repurchases and dividends.

我们希望在寻求这些机会的同时，继续注重运营纪律，我们相信，我们强大的财务状况将使我们能够在支持这些投资的同时，通过股票回购和分红向股东返还资本。

In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the US that could significantly impact our business and our financial results. We also have a jury trial scheduled for June in a suit brought by the State of Texas regarding our use of facial recognition technology, which could ultimately result in a material loss.

此外，我们还将继续关注活跃的监管环境，包括欧盟和美国不断增加的法律和监管障碍，这些障碍可能会严重影响我们的业务和财务业绩。德克萨斯州政府就我们使用面部识别技术提起诉讼，我们还计划于 6 月接受陪审团审判，最终可能导致重大损失。

Turning now to the revenue outlook. We expect second quarter 2024 total revenue to be in the range of $36.5 billion to $39 billon. Our guidance assumes foreign currency as a 1% headwind to year-over-year total revenue growth based on current exchange rates.

现在来谈谈收入展望。我们预计 2024 年第二季度的总收入将在 365 亿至 390 亿美元之间。根据目前的汇率，我们的指导假设外汇兑换对总收入同比增长的影响为 1%。

Turning now to the expense outlook. We expect full year 2024 total expenses to be in the range of $96 billion to $99 billion, updated from our prior outlook of $94 billion to $99 billion due to higher infrastructure and legal costs. For Reality Labs, we continue to expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and our investments to further scale our ecosystem.

现在来谈谈支出展望。由于基础设施和法律成本的增加，我们预计 2024 年全年的总支出将在 960 亿美元到 990 亿美元之间，与之前的 940 亿美元到 990 亿美元相比有所提高。就 Reality Labs 而言，由于我们正在进行的产品开发工作以及为进一步扩大生态系统规模而进行的投资，我们仍然预计运营亏损将同比大幅增加。

Turning now to the CapEx outlook. We anticipate our full year 2024 capital expenditures will be in the range of $35 billion to $40 billion, increased from our prior range of $30 billion to $37 billion as we continue to accelerate our infrastructure investments to support our AI roadmap. While we are not providing guidance for years beyond 2024, we expect CapEx will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts.

现在谈谈资本支出展望。我们预计 2024 年全年的资本支出将在 350 亿至 400 亿美元之间，高于之前的 300 亿至 370 亿美元，因为我们将继续加快基础设施投资，以支持我们的人工智能路线图。虽然我们没有提供 2024 年以后的指导，但我们预计明年的资本支出将继续增加，因为我们将积极投资，以支持我们雄心勃勃的人工智能研究和产品开发工作。

On to tax. Absent any changes to our tax landscape, we expect our full year 2024 tax rate to be in the mid-teens. In closing, Q1 was a good start to the year. We're seeing strong momentum within our Family of Apps and are making important progress on our longer term AI and Reality Labs initiatives that have the potential to transform the way people interact with our services over the coming years.

关于税收。如果税收情况没有任何变化，我们预计 2024 年全年的税率将在 10%左右。总之，今年第一季度是一个良好的开端。我们的应用程序家族势头强劲，我们的人工智能和现实实验室长期计划也取得了重要进展，这些计划有可能在未来几年改变人们与我们服务互动的方式。

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

克里斯塔，现在开始提问。

Question-and-Answer Session

问答环节

Operator 操作员

Thank you. We will now open the lines for question-and-answer session. [Operator Instructions] And your first question comes from the line of Eric Sheridan from Goldman Sachs. Please go ahead.

谢谢。现在开始问答环节。[第一个问题来自高盛集团的 Eric Sheridan。请说

Eric Sheridan 埃里克-谢里丹

Thank you so much for taking the questions. Maybe I'll ask a two-parter. Mark, you use the analogy of other investment cycles you've been through around products like stories and reels. I know you're not giving long-term guidance today, but using those analogies, how should investors think about the length and depth of this investment cycle with respect to either AI and/or Reality Labs more broadly and mixed reality? And you both talked about the impact AI is having on the advertising ecosystem. What are you watching for in terms of adoption or utility on the consumer side to know that AI adoption is tracking along with the investment cycle? Thank you.

非常感谢你们接受提问。也许我会问两个问题。马克，你用你经历过的其他投资周期来比喻故事和卷轴等产品。我知道你们今天不会给出长期指导，但利用这些类比，投资者应该如何看待人工智能和/或更广泛的现实实验室以及混合现实技术的投资周期的长度和深度？你们都谈到了人工智能对广告生态系统的影响。在消费者方面，你们如何看待人工智能的应用或效用，以了解人工智能的应用是否与投资周期同步？谢谢。

Mark Zuckerberg 马克-扎克伯格

Yeah. In terms of the timing, I think it's somewhat difficult to extrapolate from previous cycles, but I guess like the main thing that we see is that we will usually take, I don't know, a couple of years. It could be a little more, could be less to focus on building out and scaling the products, and we typically don't focus that much on monetization of the new areas until they reach significant scale, because it's so much higher leverage for us just to improve monetization on other things before these new products are at scale. So you enter this period where I think kind of smart investors see that the product is scaling and that there's a clear monetizable opportunity there even before the revenue materializes. And I think we've seen that with reels and with stories and with the shift to mobile and all these things where basically we build out the inventory first for a period of time and then we monetize it. And during that time when it's scaling, sometimes it's not just the case that we're not making money from that thing. It can often actually be the case that it displaces other revenue from other things. So like you saw with reels, it scaled and there was a period where it was not profitable for us as it was scaling before it became profitable. So I think that that's more the analogy that I'm making on this, but I think what that suggests is that we should all be focused on for the next period is as the consumer products scale, Meta AI really just launched in a meaningful way. So we don't have any kind of hard stats to share on that, but I'd say that's the main thing that I'm focused on for this year and probably a lot of next year is growing that product and the other AI products and the engagement around them. And I think we should all have quite a bit of confidence that if those are on a good track to scale then they're going to end up being very large businesses. So that's the main point that I was trying to make there.

在时间安排上，我认为很难根据以往的周期进行推断，但我想我们看到的主要情况是，我们通常会花上几年时间。我们通常不会把太多精力放在新领域的货币化上，直到它们达到相当大的规模，因为在这些新产品达到规模之前，我们只需提高其他方面的货币化水平，这对我们来说杠杆作用要大得多。因此，在进入这一时期后，我认为聪明的投资者会发现，产品正在扩大规模，甚至在收入实现之前，就已经存在明显的货币化机会。我认为我们已经看到了这一点，在卷轴、故事、向移动的转变以及所有这些事情上，我们基本上都是先在一段时间内建立起库存，然后再将其货币化。在这段时间内，当它的规模不断扩大时，有时并不仅仅是我们没有从这件事上赚到钱。实际上，它往往会取代其他方面的收入。因此，就像你看到的卷轴一样，它在扩大规模的同时，也有一段时间无法盈利，因为它在扩大规模之后才开始盈利。因此，我认为这更像是我对此所做的类比，但我认为这表明我们在下一阶段应该关注的是，随着消费类产品的规模扩大，Meta 人工智能才真正以有意义的方式推出。因此，我们没有任何相关的硬性数据可以分享，但我想说的是，这是我今年的主要关注点，也许明年的大部分时间都在关注该产品和其他人工智能产品的发展，以及围绕它们的参与度。 我想我们都应该有信心，如果这些企业的规模发展顺利，那么它们最终会成为非常大的企业。这就是我想说的重点。

Operator 操作员

Your next question comes from the line of Brian Nowak from Morgan Stanley. Please go ahead.

下一个问题来自摩根士丹利的布莱恩-诺瓦克。请说。

Brian Nowak 布莱恩-诺瓦克

Great. Thanks for taking my questions. I have two. The first one is on sort of the recommendation engine improvements and even Susan when you talked about further opportunities to increase the relevance of the models. Can you just unpack that a little bit for us? Can you give us examples of where you're still running the model in a suboptimal basis or opportunities for improved signal capture use or data you're not using, where are sort of the areas of improvement you see from here? And then the second one, when you talk about driving incremental adoption of AI tools for advertisers, what are sort of some of the main gating factors you've encountered to get advertisers to test these tools and how do you think about sort of addressing that throughout '24 and '25? Thanks.

太好了。谢谢你回答我的问题。我有两个问题。第一个是关于推荐引擎的改进，甚至是苏珊，你谈到了进一步提高模型相关性的机会。你能为我们解释一下吗？你能否举例说明，你在哪些方面仍在以次优方式运行模型，或者有哪些机会改进信号捕捉的使用，或者你没有使用的数据，你认为在哪些方面可以改进？第二个问题，当你们谈到推动广告主逐步采用人工智能工具时，你们在让广告主测试这些工具时遇到了哪些主要障碍因素？谢谢。

Susan Li 苏珊-李

Thanks, Brian. So to your first question, where are there more opportunities for us to leverage and improve our recommendations models to drive engagement. One of the things I would say is historically each of our recommendation products, including reels, in-feed recommendations, et cetera, has had their own AI model. And recently, we've been developing a new model architecture with the aim for it to power multiple recommendations products. We started partially validating this model last year by using it to power Facebook reels and we saw meaningful performance gains 8% to 10% increases in watch time as a result of deploying this. This year, we're actually planning to extend the singular model architecture to recommend content across not just Facebook reels, but also Facebook's video tab as well. So while it's still too early to share specific results, we're optimistic that the new model architecture will unlock increasingly relevant video recommendations over time and if it's successful, we'll explore using it to power other recommendations. An analog exists I would say on the ad side. We've talked a little bit about the new model architecture at Meta Lattice that we deployed last year that consolidates smaller and more specialized models into larger models that can better learn what characteristics improve ad performance across multiple surfaces like feed and reels and multiple types of ads and objectives at the same time and that's driven improved ad performance over the course of 2023 as we deployed it across Facebook and Instagram to support multiple objectives. And over the course of 2024, we expect to further enhance model and performance and include support for even more objectives like web and app and ROAS. So there's a lot of work that we're investing in, in the underlying model architecture for both organic engagement and ads that we expect is going to continue to deliver increasing ads performance over time. The second question you asked was around getting advertisers to test and adopt gen AI tools. There are two flavors of this. The more near term version is around the gen AI ad creative features that we have put into our ads creation tools and it's early, but we're seeing adoption of these features across verticals and different advertiser sizes. In particular, we've seen outsized adoption of image expansion with small businesses and this will remain a big area of focus for us in 2024 and I expect that improvements to our underlying foundation models will enhance the quality of the outputs that are generated and support new features on the roadmap. But right now, we have features supporting text variations, image expansion and background generation and we're continuing to work to make those more performant for advertisers to create more personalized ads at scale. The longer term piece here is around business AIs. We have been testing the ability for businesses to set up AIs for business messaging that represent them in chats with customers starting by supporting shopping use cases such as responding to people asking for more information on a product or its availability. So this is very, very early. We've been testing this with a handful of businesses on Messenger and WhatsApp and we're hearing good feedback with businesses saying that the AIs have saved them significant time while customer -- consumers noted more timely response times. And we're also learning a lot from these tests to make these AIs more performant over time as well. So we'll be expanding these tests over the coming months and we'll continue to take our time here to get it right before we make it more broadly available.

谢谢，布莱恩。关于你的第一个问题，我们在哪些方面有更多机会利用和改进我们的推荐模型来提高参与度。我想说的其中一点是，从历史上看，我们的每个推荐产品，包括卷轴、内容推荐等，都有自己的人工智能模型。最近，我们正在开发一个新的模型架构，目的是让它为多个推荐产品提供动力。去年，我们开始对该模型进行部分验证，将其用于支持 Facebook 的卷轴，我们看到了显著的性能提升，由于部署了该模型，观看时间增加了 8%-10%。今年，我们计划将单一模型架构扩展到不仅在 Facebook reels，而且在 Facebook 的视频选项卡中推荐内容。因此，虽然现在分享具体结果还为时过早，但我们乐观地认为，随着时间的推移，新的模型架构将释放出越来越多的相关视频推荐，如果成功的话，我们将探索用它来支持其他推荐。我想说的是，在广告方面也存在类似的情况。我们去年在 Meta Lattice 部署了新的模型架构，将更小、更专业的模型整合到更大的模型中，从而可以更好地了解哪些特征可以同时在多个表面（如 feed 和 reels）以及多种类型的广告和目标中提高广告效果。在 2024 年期间，我们预计将进一步增强模型和性能，并支持更多目标，如网络、应用和 ROAS。 因此，我们在有机参与和广告的底层模型架构方面投入了大量精力，预计随着时间的推移，广告效果将不断提高。你提出的第二个问题是关于让广告商测试和采用基因人工智能工具。这有两种情况。近期的版本是我们在广告创建工具中加入的人工智能广告创意功能，虽然还为时尚早，但我们已经看到这些功能在各个垂直领域和不同规模的广告主中得到采用。特别是，我们看到小企业对图片扩展功能的采用率非常高，这仍将是我们在 2024 年重点关注的领域，我希望我们对底层基础模型的改进将提高生成输出的质量，并为路线图上的新功能提供支持。但现在，我们拥有支持文本变化、图片扩展和背景生成的功能，我们将继续努力提高这些功能的性能，以便广告商大规模创建更个性化的广告。更长期的功能是商业人工智能。我们一直在测试企业为商业信息设置人工智能的能力，这些人工智能将在与客户的聊天中代表企业，首先支持购物用例，例如响应人们询问有关产品或其可用性的更多信息。因此，这还只是非常非常早期的阶段。我们已经在 Messenger 和 WhatsApp 上对一些企业进行了测试，我们听到了很好的反馈，企业表示人工智能为他们节省了大量时间，而客户 -- 消费者也注意到了更及时的响应时间。我们也从这些测试中学到了很多东西，以便随着时间的推移，让这些人工智能的性能更强。 因此，我们将在未来几个月内扩大这些测试的范围，我们将继续慢慢来，在我们更广泛地提供这些测试之前把它做好。

Operator 操作员

Your next question comes from the line of Mark Shmulik from Bernstein Research. Please go ahead.

下一个问题来自伯恩斯坦研究公司的马克-施穆利克（Mark Shmulik）。请说。

Mark Shmulik 马克-施穆利克

Yes. Hi. Thanks for taking the question. I guess back to that product playbook that we've talked about a few times. With kind of reels now such a large share of kind of time spent on Instagram and Facebook, how do we think about the next leg of kind of monetization growth from here in particular as we kind of get back to kind of shopping on platform or other ways to monetize? Any color there on the roadmap kind of just beyond ad insertion from here? And then, Susan, just on the ad market in particular, previously we heard a lot about kind of Chinese based advertiser contribution. Any color you could share there on kind of how that spend is trending? Thank you.

是的，你好谢谢你接受我的提问。我想还是回到我们已经讨论过几次的产品玩法。现在，Instagram 和 Facebook 上的卷轴花了这么多时间，我们如何看待下一步的货币化增长，特别是当我们回到平台购物或其他货币化方式时？除了广告插入之外，路线图上还有什么其他颜色吗？苏珊，关于广告市场，之前我们听到了很多关于中国广告商贡献的信息。你能分享一下这方面的支出趋势吗？谢谢。

Susan Li 苏珊-李

Sure. Thanks, Mark. So reels revenue continued to grow across Instagram and Facebook in Q1 and that's driven both by higher engagement and increased monetization efficiency through our ads ranking and delivery improvements. And we -- as we mentioned -- we've mentioned before, we don't plan on quantifying the impact from reels going forward, but it remains a positive contributor to overall revenue and we expect that there are going to be opportunities for us to continue improving performance and growing supply. So on the performance improvements, we are investing in ongoing ranking improvements. We're continuing to make ads easier and more intuitive to interact with through work like optimizing call to actions and post click experiences, which are especially important for DR performance. And we're also optimizing ads to feel more native to reels. In Q1, we rolled out our Gen AI image expansion tools across Facebook and Instagram reels after having introduced it to Instagram feeding Q4 and we're seeing again outsized adoption with small businesses. So we're excited about the opportunities to continue making these ads more performant. And even though ads, the reels ad load, sorry, has increased over the last year, it remains lower on a per time basis than both feed and stories. So we're going to continue to look for opportunities to thoughtfully grow it in the future and invest in creative ways to address the structural supply constraints of the reels format being more video heavy, including higher density experiences and formats and increasingly personalizing ad loads, which we think will make sure that we're really putting ads in front of people when they're most likely to be interested and engage with them. The second question you asked was around China. Growth in spend from China advertisers remained strong in Q1. This was driven by online commerce and gaming and it's reflected in our Asia-Pacific advertiser segment, which remained the fastest growing region at 41% year-over-year in Q1. Now we did see strength across other geographies as well, including a six point acceleration in total revenue growth from North America advertisers. So I would say that we aren't quantifying the Q1 contribution from China and we don't have forward-looking expectations to share on quarterly China based ad revenue. But I will say that we are lapping periods of increasingly strong demand over the course of 2024 given the recovery of China based advertisers in 2023 from their prior pandemic driven headwinds.

谢谢，马克。第一季度，Instagram 和 Facebook 的卷轴广告收入继续增长，这得益于参与度的提高，以及通过广告排名和交付改进提高的货币化效率。正如我们之前提到的，我们不打算量化卷轴广告对未来的影响，但它仍然是整体收入的积极贡献者，我们希望有机会继续提高性能和增加供应。因此，在性能改进方面，我们正在投资于持续的排名改进。我们将继续通过优化呼叫操作和点击后体验等工作，使广告更容易、更直观地与用户互动，这对 DR 性能尤为重要。我们还在优化广告，使其在卷轴中更有原生感。继第四季度在 Instagram 上推出 Gen AI 图像扩展工具后，我们在第一季度又在 Facebook 和 Instagram 上推出了 Gen AI 图像扩展工具。因此，我们很高兴有机会继续提高这些广告的性能。尽管在过去的一年里，广告、卷轴广告的负载量（抱歉）有所增加，但按时间计算，它仍然低于 feed 和故事。因此，我们将继续寻找机会，在未来深思熟虑地增加广告量，并投资于创造性的方式，以解决卷轴格式更重视频的结构性供应限制，包括更高密度的体验和格式，以及日益个性化的广告负载，我们认为这将确保我们真正在人们最有可能感兴趣和参与的时候将广告放在他们面前。你提出的第二个问题是关于中国的。 第一季度，中国广告主的支出增长依然强劲。这主要是由在线商务和游戏驱动的，这也反映在我们的亚太地区广告主部分，该部分在第一季度仍然是增长最快的地区，同比增长 41%。现在，我们也看到了其他地区的优势，包括北美广告客户的总收入增长加快了 6 个百分点。因此，我想说的是，我们没有量化第一季度中国市场的贡献，也没有对中国市场广告收入的前瞻性预期。但我想说的是，鉴于中国广告客户在 2023 年从之前大流行病带来的不利因素中恢复过来，我们将在 2024 年迎来需求日益强劲的时期。

Operator 操作员

Our next question comes from the line of Doug Anmuth from JPMorgan. Please go ahead.

下一个问题来自摩根大通的 Doug Anmuth。请说。

Douglas Anmuth 道格拉斯-安穆斯

Thanks for taking the questions. Can you just talk about what's changed most in your view in the business and the opportunity now versus three months ago? And is there anything you're more cautious about in revenue in the ad market and is the AI opportunity just even bigger and therefore requiring more investment than expected? And then, Susan, can you also just comment on how you're thinking about that ability to sustain growth rates over the next few quarters as you face tougher comps off of big base of ad dollars? Thanks.

感谢您接受提问。你能谈谈与三个月前相比，你认为现在的业务和机会有哪些最大的变化吗？在广告市场的收入方面，有没有什么是你们更加谨慎的？人工智能的机会是否更大，因此需要比预期更多的投资？然后，苏珊，你能不能也谈谈你是如何考虑在未来几个季度内保持增长速度的，因为你面临着更大的广告费用基数的艰难比较？谢谢。

Mark Zuckerberg 马克-扎克伯格

Yeah. I can speak to the first one. I think we've gotten more optimistic and ambitious on AI. So previously I think that our work in this, I mean, when you were looking at last year, we released Llama 2, we were very excited about the model and thought that, that was going to be the basis to be able to build a number of things that were valuable that integrated into our social products. But now I think we're in a pretty different place. So with the latest models, we're not just building good AI models that are going to be capable of building some new good social and commerce products. I actually think we're in a place where we've shown that we can build leading models and be the leading AI company in the world and that opens up a lot of additional opportunities beyond just ones that are the most obvious ones for us. So this is what I was trying to refer to in my opening remarks where I just view the success that we've seen with the way that Llama 2 and Meta AI have come together as a real validation technically that we have the talent, the data and the ability to scale infrastructure to do leading work here. And with Meta AI, I think that we are on our path to having Meta AI be the most used and best AI assistant in the world, which I think is going to be enormously valuable. So all of that basically encourages me to make sure that we're investing to stay at the leading edge of this and we're doing that at the time when we're also scaling the product before it is making money. So that's the analogy that I was making before which is we've gone through some of those cycles before. But fundamentally I think if you look at the facts of what our team is able to produce, I think our optimism and ambition have just grown quite a bit and I think that this is just going to end up being quite an important set of products for us. It was already going to be. Now I think it has the potential to be even more important.

是的，我可以谈谈第一个问题。我认为我们在人工智能方面变得更加乐观和雄心勃勃。所以以前我认为我们在这方面的工作，我的意思是，当你看到去年我们发布的 Llama 2 时，我们对这个模型感到非常兴奋，并认为这将是我们能够构建许多有价值的东西，并将其整合到我们的社交产品中的基础。但现在，我认为我们的情况已经大不相同了。因此，有了最新的模型，我们不只是在建立优秀的人工智能模型，这些模型将能够建立一些新的优秀社交和商务产品。实际上，我认为我们已经证明，我们可以建立领先的模型，并成为世界领先的人工智能公司，这为我们带来了很多额外的机会，而不仅仅是那些最显而易见的机会。因此，这就是我在开场白中想要提到的，我只是把我们看到的 Llama 2 和 Meta AI 的成功结合在一起，从技术上真正验证了我们拥有人才、数据和扩展基础设施的能力，可以在这里开展领先的工作。有了 Meta AI，我认为我们正走在让 Meta AI 成为世界上最常用、最好的人工智能助手的道路上，我认为这将具有巨大的价值。因此，所有这些基本上都鼓励我确保我们的投资保持领先地位，而且我们在投资的同时也在扩大产品规模，然后再赚钱。这就是我之前的比喻，我们之前也经历过一些这样的周期。 但从根本上说，我认为，如果你看看我们团队所能生产的产品，我认为我们的乐观精神和雄心壮志都有了很大的提高，我认为这将最终成为我们的一套重要产品。本来就是这样。现在，我认为它有可能变得更加重要。

Susan Li 苏珊-李

And I can take that second question, Doug. So we aren't giving full year 2024 guidance and obviously our revenue for the full year will be influenced by many factors, including macro conditions and things that are harder to predict the further out you go. And of course, over the course of 2024, we will also be lapping periods of increasingly strong demand. With that said, we expect to see good opportunities to continue growing engagement across our products driven by the investments we made in AI based content recommendations, our ongoing video work and we also expect that we will continue to drive ads performance gains and continue to make our ads sort of more effective and deliver increasing value to advertisers. One thing I'd share, for example, is that we actually grew conversions at a faster rate than we grew impressions over the course of this quarter. So we're expecting to -- which basically suggests that our conversion rate is growing and is one of the ways in which our ads are becoming more performant. So I feel like there's a lot of opportunity for us both with our organic engagement growth and with continuing to make the ads better and to continue driving more results for advertisers.

道格，我可以回答第二个问题。因此，我们没有给出 2024 年全年的指导目标，很明显，我们全年的收入将受到很多因素的影响，包括宏观条件和越往后越难预测的因素。当然，在 2024 年期间，我们还将经历需求日益强劲的时期。尽管如此，我们希望看到良好的机会，在我们对基于人工智能的内容推荐的投资、我们正在进行的视频工作的推动下，继续提高我们产品的参与度，我们还希望我们将继续推动广告性能的提升，继续使我们的广告更加有效，为广告商带来更多价值。举例来说，我想分享的一件事是，在本季度，我们的转化率增长速度实际上超过了印象增长速度。因此，我们预计 -- 这基本上表明，我们的转化率正在增长，这也是我们的广告变得更有效的方式之一。因此，我觉得我们还有很多机会，无论是有机参与度的增长，还是继续改进广告，以及继续为广告商带来更多成果。

Operator 操作员

Your next question comes from the line of Justin Post from Bank of America. Please go ahead.

下一个问题来自美国银行的 Justin Post。请说

Justin Post 贾斯汀-波斯特

Great. Thank you. First, on the CapEx, mostly you're kind of talking about an investment cycle here. Is there any way you could kind of use some of the Metaverse spend over into AI? Are they converging and kind of use some of the money from the other areas to kind of fund the AI? And then second, longer term, investors are very focused on returns on capital. Obviously, great returns on CapEx in the past with your margins today. How do we think about the returns on the capital you're spending? How are you thinking about it, I guess, going forward two, three years out? Thank you.

太好了谢谢。首先，关于资本支出，你们主要在谈论投资周期。你们是否有办法将 Metaverse 的部分支出用于人工智能？它们是否正在融合，并利用其他领域的资金为人工智能提供资金？其次，从长远来看，投资者非常注重资本回报。很明显，过去的资本支出回报率很高，如今的利润率也很高。我们如何看待你们的资本回报？我想，在未来两三年内，你们是如何考虑的？谢谢。

Susan Li 苏珊-李

So I would say, well, I can start with the second part and then I'll defer to Mark on the first one. In terms of measuring the ROI on our CapEx investments, we've broadly categorized our AI investments into two buckets. I think of them as sort of core AI work and then strategic bets, which would include Gen AI and the advanced research efforts to support that. And those are just really at different stages as it relates to being able to measure the return and drive revenue for our business. So with our core AI work, we continue to have a very ROI driven approach to investment and we're still seeing strong returns as improvements to both engagement and ad performance have translated into revenue gains. Now the second area, strategic bets is where we are much earlier, Mark has talked about the potential that we believe we have to create significant value for our business in a number of areas, including opportunities to build businesses that don't exist on us today. But we'll need to invest ahead of that opportunity to develop more advanced models and to grow the usage of our products before they drive meaningful revenue. So while there is tremendous long-term potential, we're just much earlier on the return curve than with our core AI work. What I'll say, though, is we're also building our systems in a way that gives us fungibility in how we use our capacity, so we can flex it across different use cases as we identify what are the best opportunities to put that infrastructure toward.

Mark Zuckerberg 马克-扎克伯格

Sure. And then on the question of shifting resources from other parts of the company, I would say broadly we actually are doing that in a lot of places in terms of shifting resources from other areas, whether it's compute resources or different things in order to advance the AI efforts. For Reality Labs specifically, I mean, I'm still really optimistic about building these new computing platforms long-term. I mentioned in my remarks upfront that one of the bigger areas that we're investing in, in Reality Labs is glasses. We think that that's going to be a really important platform for the future. Our outlook for that I think has improved quite a bit because previously we thought that, that would need to wait until we had these full holographic displays to be a large market. And now we're a lot more focused on the glasses that we're delivering in partnership with Ray-Ban, which I think are going really well. And so that I think has the ability to be a pretty meaningful and growing platform sooner than I would have expected. So it is true that more of the Reality Labs work like I said is sort of focused on the AI goals as well, but I still think that we should focus on building these long term platforms too.

当然，关于从公司其他部门转移资源的问题，我想说的是，实际上我们在很多地方都在这样做，从其他领域转移资源，无论是计算资源还是其他方面，以推进人工智能的发展。具体到现实实验室，我的意思是，我仍然非常看好建立这些新计算平台的长期前景。我在前面的发言中提到，在现实实验室中，我们正在投资的一个更大的领域是眼镜。我们认为，这将是未来一个非常重要的平台。我认为我们的前景已经有了很大的改善，因为以前我们认为，这需要等到我们有了这些全息显示器才能成为一个大市场。而现在，我们更专注于与雷朋合作推出的眼镜，我认为进展非常顺利。因此，我认为它有能力比我预期的更快成为一个非常有意义且不断增长的平台。诚然，现实实验室的更多工作就像我说的那样，也侧重于人工智能目标，但我仍然认为，我们也应该把重点放在建立这些长期平台上。

Operator 操作员

Your next question comes from the line of Youssef Squali from Truist Securities. Please go ahead.

下一个问题来自 Truist Securities 的 Youssef Squali。请说。

Youssef Squali 优素福-斯夸利

Great. Thank you very much. Mark with the upcoming ban or sale of TikTok ending to a lot earlier today, how do you think that will impact the US social media landscape in that in particular? And what do you say to people who believe that this is potentially a slippery slope in terms of the government picking up winners and losers? And Susan, how big is Advantage+ in terms of the spend on the platform and just in terms of its impact on overall CPM stabilizing? Thank you very much.

太好了非常感谢。马克，今天早些时候，TikTok 即将被禁止或出售，你认为这将对美国社交媒体格局产生怎样的影响？有些人认为，这有可能成为政府挑选赢家和输家的滑坡，对此你怎么看？苏珊，就平台支出而言，Advantage+ 的规模有多大，就其对整体 CPM 稳定的影响而言，又有多大呢？非常感谢。

Susan Li 苏珊-李

Thanks, Youssef. We've obviously been following the events related to TikTok closely, but at this stage, it is just too early I think to assess its impact or what it would mean for our business. To your second question on Advantage+, we're continuing to see good traction across our Advantage+ portfolio, including both with solutions I mentioned this that automate individual steps of a campaign creation set up as well as ones that automate the full end-to-end process. So on the single step automation, Advantage+ audience, for example, has seen significant growth in adoption since we made it the default audience creation experience for most advertisers in Q4 and that enables advertisers to increase campaign performance by just using audience inputs as a suggestion rather than a hard constraint. And based on tests that we've ran, campaigns using Advantage+ audience targeting saw on average, a 28% decrease in cost per click or per objective compared to using our regular targeting. On the end-to-end automation products like Advantage+ shopping and Advantage+ app campaigns, we're also seeing very strong growth. Mark mentioned the combined revenue flowing through those two has more than doubled since last year and we think there's still significant runway to broaden adoption. So we're trying to enable more conversion types for Advantage+ shopping. In Q1, we began expanding the list of conversions that businesses could optimize for. So previously it only supported purchase events and now we've added 10 additional conversion types and we're continuing to see strong adoption now across verticals. So generally, I would say, we are building a lot more functionality into the Advantage+ tools over time. It's also where a lot of our Gen AI ads creative features have been introduced and where advertisers have the opportunity to experiment with those and we'll keep looking to apply what we learn from these products more broadly to our ads investments over the course of the year.

谢谢，优素福。显然，我们一直在密切关注与 TikTok 有关的事件，但在现阶段，我认为要评估其影响或对我们业务的意义还为时尚早。关于你提出的第二个有关 Advantage+ 的问题，我们的 Advantage+ 产品组合继续保持良好的发展势头，其中包括我刚才提到的可实现营销活动创建设置的各个步骤自动化的解决方案，以及可实现整个端到端流程自动化的解决方案。在单步自动化方面，以 Advantage+ audience 为例，自从我们在第四季度将其作为大多数广告主的默认受众创建体验以来，其采用率出现了显著增长。根据我们进行的测试，使用 Advantage+ 受众定向的营销活动与使用普通定向相比，每次点击或每个目标的成本平均降低了 28%。在 "优势+"购物和 "优势+"应用营销活动等端到端自动化产品方面，我们也看到了非常强劲的增长。马克提到，自去年以来，通过这两种产品实现的总收入增长了一倍多，我们认为仍有很大的发展空间来扩大采用范围。因此，我们正在努力为 Advantage+ 购物提供更多的转换类型。第一季度，我们开始扩大企业可以优化的转换列表。因此，以前它只支持购买事件，现在我们又增加了 10 种转换类型，而且我们继续看到各垂直行业都在大力采用。因此，总的来说，随着时间的推移，我们会在 Advantage+ 工具中加入更多的功能。 这也是我们推出 Gen AI 广告创意功能的地方，广告客户有机会在这里进行尝试，我们将继续寻求将从这些产品中学到的东西更广泛地应用到我们今年的广告投资中。

Operator 操作员

Your next question comes from the line of Ken Gawrelski from Wells Fargo. Please go ahead.

下一个问题来自富国银行的 Ken Gawrelski。请说

Ken Gawrelski

Thank you very much. As you look out through the coming period of product investment, how should we think about the relationship between Family of Apps revenue and cost growth? Is there any insight you can give us there? And then maybe just one that's a little bit more specific to the G&A growth in 1Q. You called out legal expenses. Just wanted to see if there's anything one time in there that would cause the elevated growth in 1Q. Thank you.

非常感谢。展望未来的产品投资期，我们应该如何看待应用程序家族收入和成本增长之间的关系？你能给我们提供一些见解吗？也许还有一个问题与第一季度的 G&A 增长有点关系。你提到了法律费用。我想了解一下，是否有什么因素导致了第一季度的增长。谢谢。

Susan Li 苏珊-李

Yeah. On the second part of your question first, so on the G&A side that was really driven by legal expenses. We recognized some accruals in Q1 related to ongoing legal matters and you'll see more detail on that in the 10-Q. On the first part of your question, which is really about sort of the kind of long-term margin profile of Family of Apps, we aren't giving guidance on that per se. But one of the things that we really have been very disciplined about over the course of 2023 and continuing is really operating the business in a very efficiency oriented way. So we're being very disciplined with allocation of new resources. This is a muscle that we really built over 2023 that we believe is important for us to keep carrying forward and I think you'll see us continue to emphasize that especially with the Family of Apps business being at the scale that it is.

是的。首先回答你问题的第二部分，在一般及行政费用方面，真正的驱动因素是法律费用。我们在第一季度确认了一些与正在进行的法律事务相关的应计费用，你会在 10-Q 报告中看到更多相关细节。关于你问题的第一部分，也就是应用软件家族的长期利润情况，我们没有给出指导意见。但在 2023 年及以后，我们一直非常严谨地对待一件事，那就是以非常高效的方式运营业务。因此，我们对新资源的分配非常严格。这是我们在 2023 年真正建立起来的力量，我们相信它对我们继续向前发展非常重要，我想你会看到我们继续强调这一点，特别是在家庭应用业务达到如此规模的情况下。

Operator 操作员

Your next question comes from the line of Ross Sandler from Barclays. Please go ahead.

下一个问题来自巴克莱银行的罗斯-桑德勒（Ross Sandler）。请说。

Ross Sandler 罗斯-桑德勒

Great. Mark, you partnered with Google and Bing for Meta AI organic search citations. So I guess, stepping back, do you think that Meta AI longer term could bring in search advertising dollars at some point or do you view this as what others are doing where you kind of attach a premium subscription tier once people kind of get going on it? And then the second question is you mentioned that you guys are working on building AI tools for businesses and creators. So just, I guess, how do you see the business model evolving when we all get to this stage of interacting with something like Taylor Swift's custom AI for merchandiser tickets or something like that? How's that going to play out? Thank you.

太好了。马克，你与谷歌和必应合作推出了 Meta AI 有机搜索引文。所以我想，退一步说，你是否认为 Meta AI 从长远来看可以在某些时候带来搜索广告费用，还是说你认为这就像其他人正在做的那样，一旦人们开始使用它，你就会附加一个高级订阅层级？第二个问题是，你们提到正在为企业和创作者开发人工智能工具。那么，我想，当我们都进入到与泰勒-斯威夫特（Taylor Swift）的定制人工智能进行互动的阶段时，你们如何看待商业模式的演变？这将如何发展？谢谢。

Mark Zuckerberg 马克-扎克伯格

All right. So yeah, on the Google and Microsoft partnerships, yeah, I mean, we work with them to have real time information in Meta AI. It's useful. I think it's pretty different from search. We're not working on search ads or anything like that. I think this will end up being a pretty different business. I do think that there will be an ability to have ads and paid content in Meta AI interactions over time as well as people being able to pay for whether it's bigger models or more compute or some of the premium features and things like that, but that's all very early in flushing out. The thing that I actually think is probably the biggest clear opportunity is all the work around business messaging. That's in addition to the stuff that we're already doing, just generate, to increase engagement and ads quality in the apps. But the business messaging thing, I mean, whether it's a creator or one of the 100 plus million businesses on our platform. We basically want to make it very easy for all of these folks to set up an AI to engage with their community for a business that's going to be to be able to do sales and commerce and customer support. And I think it will be similar for creators, although there will be more of a kind of just fun engaging part there. But a lot of creators are on the platform because they see this as a business too, whether they're trying to sell concert tickets or products or whatever it is that their business goal is. And a lot of these folks either aren't advertising as much as they could or in business the business messaging parts I think are still relatively under monetized compared to where they will be. And I think a lot of that is because the cost of engaging with people in messaging is still very high, but AI should bring that down just dramatically for businesses and creators and I think that, that has the potential, that's probably the -- beyond just increasing engagement and increasing the quality of the ads. I think that that's probably one of the nearer term opportunities even though that will -- it's not like a next quarter, the quarter after that scaling thing. But that's not like a five year opportunity either. So I think that is one that I think is going to be pretty exciting to look at. But yeah I mean as Meta AI scales too, I think that that will have its own opportunities to monetize and we'll build that out over time. But like I tried to emphasize, we're in the phase of this where the main goal is getting many hundreds of millions or billions of people to use Meta AI as a core part of what they do. That's the kind of next goal building something that is super valuable. We think this has the potential to be at a very large scale and that's sort of the next step on the journey.

好的是的，关于谷歌和微软的合作伙伴关系，我是说，我们与他们合作，在元人工智能中提供实时信息。这很有用。我认为这与搜索非常不同。我们不做搜索广告之类的东西。我认为这将是一个非常不同的业务。我确实认为，随着时间的推移，元人工智能互动中将会出现广告和付费内容，人们也可以为更大的模型、更多的计算或一些高级功能等付费，但这一切都还处于早期阶段。实际上，我认为最大的机会可能是围绕业务信息的所有工作。这是我们已经在做的事情之外的事情，只是为了提高应用程序的参与度和广告质量。但我的意思是，无论是创作者还是我们平台上的 1 亿多家企业中的一家，都可以发送商业信息。我们基本上想让所有这些人都能非常容易地设置一个人工智能，与他们的社区进行业务互动，从而能够进行销售、商务和客户支持。我认为，对于创作者来说，情况也会类似，虽然会有更多有趣的参与部分。但很多创作者之所以在这个平台上，也是因为他们把这当成了一门生意，不管他们是想卖演唱会门票还是产品，也不管他们的商业目标是什么。而这些人中的很多人要么没有尽可能多地投放广告，要么在商业信息发布部分，我认为与他们的未来相比，货币化程度仍然相对较低。 我认为这很大程度上是因为在信息流中与人互动的成本仍然很高，但人工智能应该会大幅降低企业和创作者的成本，我认为这很有潜力，这可能是 -- 除了提高互动性和广告质量之外。我认为这可能是近期的机遇之一，尽管这不是下一季度、后一季度的事情。但这也不是一个五年的机会。因此，我认为这是一个令人兴奋的机会。是的，我的意思是，随着 Meta AI 规模的扩大，我认为它也会有自己的货币化机会，我们会随着时间的推移建立起这种机会。但就像我想强调的，我们正处于这样一个阶段，主要目标是让数亿或数十亿人使用 Meta AI 作为他们工作的核心部分。这才是我们的下一个目标，也是建立一个超级有价值的东西。我们认为这有可能成为一个非常大的规模，这也是下一步的目标。

Kenneth Dorell 肯尼斯-多雷尔

Krista, we have time for one last question.

克里斯塔，我们还有时间问最后一个问题。

Operator 操作员

And that question comes from the line of Ron Josey from Citi. Please go ahead.

问题来自花旗银行的罗恩-乔西。请说

Ronald Josey 罗纳德-乔西

Great. Thanks for taking the question. Mark, I wanted to follow up on a prior question that you mentioned optimism has grown internally quite a bit just with all the improvements and investments and innovations you're making. And we're seeing that in the experience just for the few days of Meta AI. So can you just talk to us maybe how the 400 billion parameter model just might evolve the experience on Meta or how you think things might change over the next, call it, months, years, et cetera, as maybe messaging becomes a greater focus and things along those lines? So just a vision longer term. Thank you.

太好了。感谢您接受提问。马克，我想跟进之前的一个问题，你提到乐观主义在内部有了很大的发展，你们正在进行所有的改进、投资和创新。我们在 Meta AI 的几天体验中也看到了这一点。那么，你能不能跟我们谈谈，4000 亿参数模型可能会让 Meta 的体验发生怎样的变化，或者你认为在接下来的几个月、几年等时间里，随着消息传递成为更多关注的焦点，事情会发生怎样的变化？所以，只是一个更长远的愿景。谢谢。

Mark Zuckerberg 马克-扎克伯格

Yeah. I mean, I think that the next phase for a lot of these things are handling more complex tasks and becoming more like agents rather than just chat bots, right? So when I say chat bot, what I mean is, you send it a message and it replies to your message, right? So it's almost like almost a one to one correspondence. Whereas what an agent is going to do is you give it an intent or a goal, then it goes off and probably actually performs many queries on its own in the background in order to help accomplish your goal, whether that goal is researching something online or eventually finding the right thing that you're looking to buy. There's a lot of complexity and sort of different things that I think people don't even realize that they will be able to ask computers to do for them. And I think basically the larger models and then the more advanced future versions that will be smaller as well are just going to enable much more interesting interactions like that. I mean, if you think about this, I mean, even some of the business use cases that we talked about, you don't really just want like a sales or customer support chat bot that can just respond to what you say. If you're a business, you have a goal, right? You're trying to support your customers well and you're trying to position your products in a certain way and encourage people to buy certain things that map to their interests and would they be interested in. And that's more of like a multi-turn interaction, right? So the type of business agent that you're going to be able to enable with just a chat bot is going to be very naive compared to what we're going to have in a year even. But beyond that too is just the reasoning and planning abilities of these things grow to be able to just help guide people through the business process of engaging with whatever your goals are as a creator or a business. So I think that that's going to be extremely powerful. And I think the opportunity is really big. So and on top of that, I think what we've shown now is that we have the ability to build leading models in our company. So I think it makes sense to go for it and we're going to and I think it's going to be a really good long-term investment. But I did just want to spell out on this call today the extent to which we're focusing on this and investing in this for the long-term because that's what we do.

Kenneth Dorell 肯尼斯-多雷尔

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

太好了感谢您参加今天的会议。感谢您抽出宝贵的时间，我们期待与您再次交谈。

Operator 操作员

This concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的电话会议到此结束。感谢各位的参与，现在可以挂断电话。