Microsoft Corporation (NASDAQ:MSFT) BofA Securities 2024 Global Technology Conference Call June 6, 2024 1:00 PM ET

微软公司（纳斯达克代码：MSFT）BofA 证券 2024 年全球技术会议电话 2024 年 6 月 6 日 下午 1:00 ET

Company Participants 公司参与者

Ryan Roslansky - Chief Executive Officer, LinkedIn

Ryan Roslansky - 领英首席执行官

Unidentified Analyst 未知分析师

We are fortunate to have Ryan Roslansky here, CEO of LinkedIn. Ryan, thank you for joining us.

我们很幸运能有 LinkedIn 的 CEO Ryan Roslansky 在这里。Ryan，感谢您的加入。

Ryan Roslansky

I feel like I should stand up.

我觉得我应该站起来。

Unidentified Analyst 未知分析师

Yeah. 是的。

Ryan Roslansky

Sorry. 抱歉。

Unidentified Analyst 未知分析师

Absolutely. Thanks for coming to the conference. We're looking forward to the discussion here and a lot of exciting things that LinkedIn is in the middle of. So, thanks again.

当然。感谢您参加会议。我们期待这里的讨论以及领英正在进行的许多令人兴奋的事情。再次感谢。

Ryan Roslansky

Wonderful. You bet. 太棒了。当然。

Question-and-Answer Session

问答环节

Q - Unidentified Analyst Q - 未知分析师

Great. Well, why don't we just start, Ryan, on your role? You've been CEO for four years at LinkedIn. And maybe if you want to just talk about the evolution of LinkedIn under the four years? We could just start with just your role in general and your areas of responsibility for LinkedIn and how it's been over the four years of your leadership?

很好。那我们为什么不就开始吧，Ryan，谈谈你的角色？你在领英担任 CEO 已经四年了。也许你想谈谈这四年来领英的发展？我们可以从你的角色和领英的责任领域开始，以及在你领导下的这四年里它是如何发展的？

Ryan Roslansky

That's great. Thanks, again, for having me here today. Hello, everyone. Maybe for some context, I've been at LinkedIn now for 15 years. I’ve been fortunate to literally work on every single part and component of LinkedIn. LinkedIn is a unique product. At the core, we run a social network, and then we run five distinct businesses through and around that network and have had the pleasure to both create and [Technical Difficulty] every single part of that throughout my tenure at LinkedIn.

太好了。再次感谢今天邀请我来这里。大家好。也许为了一些背景，我现在在 LinkedIn 工作已经 15 年了。我很幸运地实际上参与了 LinkedIn 的每一个部分和组成部分。LinkedIn 是一个独特的产品。在核心，我们经营一个社交网络，然后通过该网络运营五个独特的业务，并且在 LinkedIn 任职期间，我很荣幸地参与了创造和[技术困难]其中的每一个部分。

Four years ago, Satya asked me to be the CEO of LinkedIn. It's been quite a ride. We were acquired by Microsoft roughly eight years ago, and the thesis of that acquisition was to help LinkedIn grow by keeping LinkedIn completely independent. And it's a unique operating model. I'm fortunate to attend Satya's staff meetings on Fridays, et cetera, but for the most part, we operate as an independent company completely inside of Microsoft.

四年前，萨蒂亚请我担任领英的首席执行官。这段经历非常精彩。大约八年前，我们被微软收购，收购的主旨是通过保持领英完全独立来帮助领英增长。这是一种独特的运营模式。我很幸运能参加萨蒂亚每周五的员工会议等，但在大多数情况下，我们作为一个完全独立的公司在微软内部运营。

And over the past four years, we've been fortunate to -- LinkedIn is a 21-year-old company. Over the past four years though, we've more than doubled the business, size of the business. Member base is now north of 1 billion members with seven members that are joining LinkedIn every second. It's very rare for a consumer Internet company to see this level of growth after two decades. So, we're very excited about the role LinkedIn plays in the world.

在过去的四年里，我们非常幸运——LinkedIn 是一家 21 岁的公司。然而，在过去的四年里，我们的业务规模增长了一倍以上。会员基数现在超过 10 亿，每秒有七名会员加入 LinkedIn。对于一个消费者互联网公司在两十年后看到这种增长水平是非常罕见的。因此，我们对 LinkedIn 在世界上发挥的作用感到非常兴奋。

And more than anything, be it due to COVID or digital transformation or a Fourth Industrial Revolution, jobs are being created and displaced at record pace right now across the world. And to build a platform that helps people manage their career, upskill, make connections, find jobs, hire is both a really great business for us but also a really valuable thing, an exciting thing to be working on to help the world navigate, will most likely be a bit of a labor transition through this AI revolution.

无论是由于 COVID、数字化转型还是第四次工业革命，全球各地的工作岗位正在以创纪录的速度被创造和取代。建立一个帮助人们管理职业生涯、提升技能、建立联系、找工作、招聘的平台，对我们来说既是一项非常好的业务，也是一件非常有价值的事情，一件令人兴奋的事情，帮助世界导航，很可能会在这场人工智能革命中经历一些劳动力转变。

Unidentified Analyst 未知分析师

Wonderful. Thank you. $16 billion business, LinkedIn. Could you just help us break down the major lines of business within LinkedIn? And, yeah, just start there.

太棒了。谢谢。160 亿美元的业务，领英。你能帮我们分解一下领英的主要业务线吗？是的，就从那里开始。

Ryan Roslansky

Yeah. So, I think trailing 12 months, we're at that $16 billion mark. And the way that LinkedIn works is look at the core, we build a professional network where people sign up. They have a profile. They make connections. It's your digital resume online. When someone looks you up in the world, they're probably going to look at your LinkedIn profile.

是的。所以，我认为过去 12 个月，我们达到了 160 亿美元的标志。LinkedIn 的工作方式是看核心，我们建立了一个专业网络，人们注册。他们有个人资料。他们建立联系。这是您在线的数字简历。当有人在世界上查找您时，他们可能会查看您的 LinkedIn 个人资料。

And so, the core of what we do, the most important thing is to ensure that we have a valuable and vibrant product for people to establish their identity, make connections on LinkedIn. On top of that, we allow people to share knowledge through a feed of typical products that you'd see in other social networks. And that's kind of the core of what matters at LinkedIn.

因此，我们所做的核心工作，最重要的是确保我们拥有一个有价值且充满活力的产品，供人们在领英上建立自己的身份，建立联系。除此之外，我们还允许人们通过典型产品的信息流分享知识，这是您在其他社交网络中看到的。这就是在领英最重要的核心内容。

From that profile data, from that engagement, we're then able to drive valuable businesses on top of it. So, the first space that we look at is the broader talent space, where we sell solutions to help companies hire people or to train people. So, we call that talent. It's hiring and learning. That's north of $7 billion a year in revenue for us.

从那些个人资料数据，从那种参与度，我们就能够在此基础上推动有价值的业务。因此，我们首先关注的领域是更广泛的人才领域，我们在这里提供解决方案，帮助公司招聘人才或培训人才。所以，我们称之为人才。这包括招聘和学习。这对我们来说每年的收入超过 70 亿美元。

Then we have an advertising business on top of all that engagement and profile data as well. It's very focused on B2B. We're the definitive B2B marketing platform that exists if you want to target a set of CFOs that live in San Francisco, that are in the healthcare industry, there's no better place to do that on LinkedIn. So, we both enjoy really high ad rates as well as really high ROI from B2B customers. That's north of $5 billion business for us and growing well.

然后，除了所有这些参与和个人资料数据，我们还有一个广告业务。 这非常专注于 B2B。 如果您想针对生活在旧金山的一组首席财务官，他们从事医疗保健行业，那么在 LinkedIn 上没有比这更好的地方了。 因此，我们既享受非常高的广告费率，也从 B2B 客户那里获得了非常高的投资回报率。 对我们来说，这是一个超过 50 亿美元的业务，并且发展良好。

We have a sales insights business, so similar to our hiring solutions, a product called Sales Navigator, which allows people to better understand what's happening inside of the LinkedIn network, better understand the potential customer and existing clients. Let's say that someone you sell to at a company, they just moved jobs. We'll help you understand what's going on in that company, who you should reach out to, et cetera. That's north of $1 billion business for us right now.

我们有一个销售洞察业务，类似于我们的招聘解决方案，有一个名为 Sales Navigator 的产品，可以让人们更好地了解 LinkedIn 网络内部发生的事情，更好地了解潜在客户和现有客户。比如说，你向某家公司销售，他们刚换了工作。我们将帮助您了解该公司的情况，您应该联系谁等等。这对我们来说是一个价值超过 10 亿美元的业务。

And last but not least, we allow all consumers, the 1 billion consumers across LinkedIn, to subscribe to premium services inside of our core consumer app. Better job-seeking features, better messaging features, et cetera. And as we recently announced, that's north of a $2 billion business for us.

最后但并非最不重要的是，我们允许所有消费者，即 LinkedIn 上的 10 亿消费者，订阅我们核心消费者应用程序内的高级服务。更好的求职功能，更好的消息功能等等。正如我们最近宣布的那样，这对我们来说是一个超过 20 亿美元的业务。

So that's roughly the way that the business breaks down.

这大致是业务分解的方式。

Unidentified Analyst 未知分析师

Wonderful. Great. Thank you. And LinkedIn is kind of unique, it's a social media platform for professionals. So, who do you view as competitors to LinkedIn when you think of the landscape?

很棒。太好了。谢谢。LinkedIn 有点独特，它是一个专业人士的社交媒体平台。那么，在您看来，谁是 LinkedIn 的竞争对手，当您考虑这个领域时？

Ryan Roslansky

I mean, I guess, at our core, there's no direct competitor that's both a social network and in all the businesses that we're in. We have a ton of competition, obviously, at the individual line of business level. And as it relates to social networks in general, there's obviously a lot of competition there. We spend a ton of time and effort to really focus on making LinkedIn be the place for professionals, professional activity, focused on your job, on your career, on professional networking. So, kind of at the core, that's the most important thing that I focus on.

我想，从根本上说，没有直接竞争对手既是社交网络又涉足我们所在的所有业务。显然，在各个业务领域，我们有大量竞争对手。就社交网络而言，显然也存在大量竞争。我们花费大量时间和精力，真正专注于让领英成为专业人士、专业活动、职业、职业网络的场所。所以，从根本上说，这是我关注的最重要的事情。

I would say, the competition that I would worry about over time would be a world where people don't make a distinction between social and professional. So, for example, if you believe that you could do everything you needed to do to be successful in your career on TikTok, then I would start to see that as a competitive threat to the core of what LinkedIn is. But for the most part, even Gen Z, Gen Alpha, we continue to see them making that distinction between personal and professional. And it's even while LinkedIn is growing faster than it ever has right now, which is really great. So that's how I think about the competitive landscape.

我会说，我会随着时间担心的竞争是一个世界，在那里人们不区分社交和专业。例如，如果你相信你可以在 TikTok 上做一切你需要做的事情来成功，那么我会开始将其视为 LinkedIn 核心的竞争威胁。但大多数情况下，即使是 Z 世代、阿尔法世代，我们仍然看到他们在个人和专业之间做出区分。尽管 LinkedIn 目前的增长速度比以往任何时候都要快，这真的很棒。这就是我对竞争格局的看法。

And then, obviously, I mean in the talent space, we have -- there's a ton of companies that are selling recruiting solutions, in the learning space as well. In advertising, there's no one squarely focused on B2B like we are. But obviously, B2B advertising can exist across the entire landscape.

然后，显然，在人才领域，我们有很多公司在销售招聘解决方案，在学习领域也是如此。在广告方面，没有人像我们这样专注于 B2B。但显然，B2B 广告可以存在于整个领域。

So there's a ton of competition on the outskirts, but in the core of what we do, there's no one that kind of covers everything like that.

所以在郊区有很多竞争，但在我们所做的核心领域，没有人能像那样全面覆盖一切。

Unidentified Analyst 未知分析师

Wonderful. Great. The world of work is really transforming here with AI. Would love to get your perspective on the impact to the industry and how is LinkedIn infusing AI into the platform. Where do you see the opportunities for LinkedIn?

精彩。太棒了。AI 正在这里真正改变工作世界。很想听听您对行业影响的看法，以及 LinkedIn 如何将 AI 融入平台。您认为 LinkedIn 有哪些机会？

Ryan Roslansky

Yeah. I mean, there's a couple of really important thoughts on this one. So first, one of the things I don't know if people really understand about LinkedIn is that underneath LinkedIn is we call it the Economic Graph. There's a super vibrant network of data that's happening. So, this graph updates north of 5 million times per minute with people changing jobs, updating their profile, a new company posting a job, someone adding a skill, someone adding a learning course. There's just a ton of data that's happening underneath LinkedIn, which gives us really valuable insights into what is happening across the global labor market at any given time.

是的。我的意思是，关于这个问题有几个非常重要的想法。首先，我不知道人们是否真正了解 LinkedIn 的一个重要方面，就是 LinkedIn 下面有一个我们称之为经济图的东西。这里有一个非常活跃的数据网络。因此，这个图每分钟更新超过 500 万次，人们在更换工作，更新他们的个人资料，一个新公司发布工作，有人添加技能，有人添加学习课程。在 LinkedIn 下面发生了大量的数据，这为我们提供了对全球劳动力市场在任何时候发生的情况的非常有价值的见解。

And I mean, there's probably three things that I'm paying attention to right now. Number one, Satya Nadella and I, we were on GMA together, Good Morning America together, a few weeks ago, where we released a study that 75% of members across LinkedIn and across the Microsoft suite of tools right now say they use GenAI in their job. 75%, which is pretty remarkable.

我是说，现在我可能关注的有三件事情。首先，萨蒂亚·纳德拉和我一起出现在《早安美国》节目上，几周前我们发布了一项研究，显示目前有 75%的领英会员和微软套件中的用户表示他们在工作中使用 GenAI。75%，这相当了不起。

The majority of these people are doing this what we call like bring your own AI right now. It kind of reminds me of like early days of having a smartphone when people would bring their own smartphone into work and they'd try and hook it up to the systems inside of the company and it was a little bit chaotic. I think the next couple of years, we're going to start to see both companies embracing, obviously, AI much greater for productivity inside of the company, but really need to do it in a very secure way. So that's kind of one of the trends that I'm paying a lot of attention to.

这些人中的大多数现在正在做我们所说的自带 AI。这有点让我想起早期拥有智能手机时，人们会把自己的智能手机带到工作中，然后尝试将其连接到公司内部的系统，有点混乱。我认为在接下来的几年里，我们将开始看到公司都会更加积极地采用 AI 来提高公司内部的生产力，但真的需要以非常安全的方式来实现。这是我非常关注的趋势之一。

Number two, if you think about jobs, everyone's job in this room, your job, my job, everyone's job, fundamentally, is a set of tasks that need to be done. And when you look at the world through that lens, we can take everyone's job, break it into a set of tasks, then understand what tasks have a high likelihood of being impacted by AI, either completely automatable or not automatable at all or slightly automatable, et cetera. And when you run that math, there's two insights.

第二，如果你考虑工作，这个房间里每个人的工作，你的工作，我的工作，每个人的工作，从根本上说，都是一组需要完成的任务。当你通过这个视角看世界时，我们可以把每个人的工作拆分成一组任务，然后了解哪些任务很可能会受到人工智能的影响，无论是完全可自动化的、不可自动化的或者稍微可自动化的等等。当你进行这种数学计算时，会得出两个见解。

Number one, if your job is just a set of automatable tasks, like you should be looking for a new job. And it's our -- I feel like I have a responsibility and a duty to help the world for folks in those jobs understand like, "Hey, your job can be automated and let's help you find the skills you need to move into a different job." The majority of jobs in the world obviously are not completely automatable.

首先，如果你的工作只是一系列可自动化的任务，那么你应该考虑寻找新工作。我觉得我有责任和义务帮助那些从事这些工作的人了解，“嘿，你的工作可以被自动化，让我们帮助你找到需要转移到其他工作的技能。” 显然，世界上大多数工作并非完全可自动化。

But what we do predict is that between now and 2030, on average, 70% of the tasks or skills that you have in your job will change. So that could be as little as needing to learn how to use certain copilots, et cetera, or learning different skills in prompt engineering. But I do believe that we're going to start to see a real shift in the skills that are necessary to be successful in everyone's job between now and 2030. So, there's that happening.

但我们预测的是，在现在和 2030 年之间，平均而言，您工作中的 70%的任务或技能将会发生变化。这可能只是需要学习如何使用某些副驾驶员等，或者学习快速工程中的不同技能。但我相信我们将开始看到在现在和 2030 年之间成功所需的技能发生真正的转变。所以，这种情况正在发生。

And then maybe less AI-related but something that I know a lot of people frequently ask me about the data that we see, two things on remote jobs is really fascinating right now. So, pre-pandemic, there's -- at any given time, there's 15 million, 20 million jobs that are posted on LinkedIn actively. And pre-pandemic, it was roughly 2% of all jobs on the platform were remote jobs.

然后也许与人工智能无关，但我知道很多人经常问我关于我们看到的数据，现在远程工作的两件事情真的很有趣。因此，在疫情之前，随时有 1500 万到 2000 万个工作在 LinkedIn 上活跃发布。在疫情之前，平台上大约有 2%的工作是远程工作。

If you go back two-and-a-half years ago, it peaked. 20%, 21% of all jobs on LinkedIn were remote jobs, which is pretty insane to see that jump from 2% to 21%. And now that number is back to 8%, so it kind of peaked up and now it's starting to come back down again. So, we pay a lot of attention to kind of how the labor market is shifting through remote work, and it seems like that trend is coming down.

如果你回到两年半前，它达到了顶峰。在 LinkedIn 上，所有工作中有 20%，21% 是远程工作，从 2% 跳到 21% 看起来相当疯狂。现在这个数字又回到了 8%，所以它似乎达到了顶峰，现在开始再次下降。因此，我们非常关注劳动力市场通过远程工作的转变，看起来这种趋势正在下降。

And the second thing I'm paying a lot of attention to right now is I watch this stat, which is the frequency with which the member base changes jobs on LinkedIn. And if you go back two-and-a-half years, we all remember, I think it was in the Great Reshuffle, Great Resignation, just a ton of movement, people changing jobs. That really leveled off the past two years. But if you look at the past maybe four months, it's really starting to pick up again.

我目前非常关注的第二件事是观察 LinkedIn 会员基地更换工作的频率。如果回顾两年半前，我们都记得，我认为是在大洗牌、大辞职时期，人们频繁换工作。过去两年这种情况真的有所平稳。但如果你看过去大概四个月，这种情况又开始加剧。

So, I'm not saying we're going into another Great Resignation or anything like that, but for the first time in two years, we are starting to see people moving jobs more frequently again. I think people were sheltering in place for a while, so we're starting to pay a lot of attention to that.

所以，我并不是说我们正在经历另一次“大辞职”或类似的情况，但是在过去两年里，我们开始看到人们再次更频繁地换工作。我认为人们之前一直在避风头，所以我们开始非常关注这一点。

Unidentified Analyst 未知分析师

Wonderful. Great. Thank you for that. And so, you identified some of the key trends in the industry from AI and just general trends. How is LinkedIn addressing some of those trends?

太棒了。很好。谢谢你。那么，你已经确定了一些关于人工智能和一般趋势的关键趋势。LinkedIn 如何应对这些趋势？

Ryan Roslansky

First and foremost, it's inside of our products. So, again, playing out Satya's thesis that LinkedIn can grow well inside of Microsoft, I think one of the most valuable things was while most companies are trying to figure out what does AI mean, if you go back a year-and-a-half ago, as part of Microsoft, we were squarely in the middle of -- on the bleeding edge actually of that trend.

首先，它在我们的产品内部。因此，再次展示萨蒂亚的论点，即领英可以在微软内部良好发展，我认为最有价值的事情之一是，当大多数公司试图弄清楚 AI 是什么意思时，如果回顾一年半前，作为微软的一部分，我们实际上正处于这一趋势的最前沿。

So, I would say a year ago, I took a pretty aggressive left turn in the roadmap for the company of LinkedIn in our products and said, "Hey, we are going to fully embrace embedding GenAI into everything that we're doing." So, we're fortunate we have access to all this stuff through Azure and all the great models through Azure. So, we have a great competitive advantage there. And then, we have to learn.

所以，我会说一年前，我在领英公司的产品路线图上做了一个相当激进的左转，我说：“嘿，我们将完全拥抱将 GenAI 嵌入到我们所做的一切中。” 所以，我们很幸运，通过 Azure 我们可以访问所有这些东西以及 Azure 中的所有优秀模型。 所以，我们在这方面拥有很大的竞争优势。 然后，我们必须学习。

So, across all of our products that I talked about, our feed to our advertising tools, to our job tools, et cetera, we took the entire R&D org and started to push GenAI through these products. And quite frankly, we failed a ton in the beginning. And -- but that was a really important means to an end to start to find some real product market fit and some real success in all the products that we're building. It's a new paradigm. It's a new technology, primitive, and I think a lot of companies are going to go through this period of like how does this work? How do I use this? But then, when you figure it out, I mean, there's real upside to it.

因此，在我谈到的所有产品中，我们将整个研发组织引入，开始通过这些产品推广 GenAI，包括我们的广告工具、招聘工具等等。坦率地说，一开始我们失败了很多次。但这是一个非常重要的手段，为了开始找到一些真正的产品市场契合度和在我们正在构建的所有产品中取得一些真正的成功。这是一个新的范式。这是一种新技术，原始的，我认为很多公司都会经历这样一个时期，就像这个如何运作？我该如何使用这个？但是，当你弄清楚了，我是说，这是真正的好处。

So, some examples that we have, the most important things that people need to do on LinkedIn is you create a profile on LinkedIn and it asks you a question, which is like, "Hey, write a summary about yourself." It's really hard. It's really hard, especially for a younger generation, for people that don't feel confident about themselves.

因此，我们有一些示例，人们在 LinkedIn 上需要做的最重要的事情是在 LinkedIn 上创建个人资料，然后它会问你一个问题，就像是，“嘿，写一个关于你自己的摘要。”这真的很难。这对于年轻一代，对于那些对自己不太自信的人来说尤其困难。

Now you can push a button and it can scan over the rest of your profile, what you've done, and help you write a really valuable summary about who you are and help to keep your profile up-to-date and help you looking good. That's so meaningful, because more valuable data in our profiles, more people engage with their profile helps our business, but also helps these people feel more comfortable about their ability to show up the right way in the workplace.

现在，您可以按下一个按钮，它可以扫描您的其余个人资料，了解您的所作所为，并帮助您撰写一个真正有价值的关于您自己的摘要，并帮助保持您的个人资料最新，并帮助您展现出色。这是非常有意义的，因为我们个人资料中有更多有价值的数据，更多人参与他们的个人资料，有助于我们的业务，也有助于这些人感到更自信地展现出正确的工作方式。

We launched an advertising tool where -- advertising on LinkedIn is pretty special. The coverage rates, the CPMs, they're really, really high, because the profile data is so valuable for B2B marketers to target against. But it's also complex. You're trying to create a marketing campaign and you're like, “Oh, I can -- wow, I can actually put an ad in front of like this cohort of people and what should I say.” It's a really complex thing to set up. We built an AI tool, it's called Accelerate, where you just put in the URL of what you're trying to market. We create the campaign for you. We create the targeting for you. We create the budgeting for you. Obviously, it's all in your control. There's a Copilot where you can measure and manage it.

我们推出了一种广告工具——在 LinkedIn 上进行广告投放非常特别。覆盖率和 CPM 都非常高，因为个人资料数据对 B2B 市场营销人员来说非常有价值。但这也很复杂。您试图创建一项营销活动，然后就会想，“哇，我实际上可以将广告放在这群人面前，我应该说些什么。”设置起来真的很复杂。我们开发了一个名为 Accelerate 的 AI 工具，您只需输入您想要营销的 URL。我们为您创建广告活动。我们为您创建定位。我们为您创建预算。显然，这一切都在您的控制之下。有一个 Copilot，您可以用来衡量和管理它。

But what typically went from a four-hour process to really set up a valuable campaign on LinkedIn now is literally like a 30-second process. Just put in the URL and we'll help you. And then, on average, folks that are using this tool are seeing a 60% increase in ROI by using that instead of setting the campaigns up manually. So, that's pretty exciting.

但通常从一个需要四个小时的过程，真正在 LinkedIn 上设置一个有价值的广告活动，现在只需要大约 30 秒的时间。只需输入 URL，我们会帮助您。平均而言，使用这个工具的人们通过使用它而不是手动设置广告活动，看到 ROI 增加了 60%。所以，这非常令人兴奋。

We set out to say, "Hey, wouldn't it be cool and aspire to give every professional in the world a career coach?" Literally, someone you could talk to that could help you navigate your career. Should I apply to this job? How do I make myself look good for this job? What are things that I should do to update my profile? And we launched a product called Coach, literally called Coach on LinkedIn. It's a premium product, part of our premium subscription, where it knows you extremely well based on your LinkedIn profile. It knows what's happening across LinkedIn Economic Graph and is there to help you navigate your career.

我们的初衷是说，“嘿，给世界上每个专业人士一个职业教练会不会很酷，会不会很有抱负？” 换句话说，有人可以帮助你规划职业生涯。 我应该申请这份工作吗？ 我怎样才能让自己在这份工作中表现出色？ 我应该做些什么来更新我的个人资料？ 我们推出了一个名为“教练”的产品，在领英上真的叫做教练。 这是我们高级订阅的一部分，它根据你的领英个人资料非常了解你。 它知道领英经济图谱中发生的事情，并且会帮助你规划职业生涯。

I talked about the fact that our premium business is now a $2 billion business, our online subscription business. A lot of that is due to the fact that people find a lot more value in these AI tools right now. So, we're seeing a lot of growing momentum there. But across the entire suite, we really lean in to ensure that we could help our members be more productive and successful through these tools. And again, like any company out there, the key is I got to figure out how to use it. And then, it's not cheap. I have to find a business model that supports it. So, I think we've really found that through our advertising platform, through our subscription products. And obviously, our recruiting tools, which will enable a recruiter to be much more effective and productive at their job to find candidates is where we see a lot of future upside as well. So, really excited about that from the product suite.

我谈到了我们的高级业务现在是一个 20 亿美元的业务，我们的在线订阅业务。很大程度上是因为人们现在发现这些人工智能工具有更多的价值。因此，我们看到了很多增长的动力。但在整个套件中，我们真的很努力确保我们能够通过这些工具帮助我们的会员更加高效和成功。而且，就像任何其他公司一样，关键是我必须弄清楚如何使用它。而且，这并不便宜。我必须找到一个支持它的商业模式。因此，我认为我们通过我们的广告平台、订阅产品真的找到了这一点。显然，我们的招聘工具也将使招聘人员在工作中更加有效和高效，以找到候选人，这也是我们看到未来潜力巨大的地方。因此，对产品套件感到非常兴奋。

And then, the last thing I will say, just because I feel really passionate about it, it's important, I alluded to it before, but we're working with governments across the world and companies, et cetera, to leverage this data that we have, which is, hey, here's how we think the labor market is going to transition and shift over the next decade, to help create training programs in countries or work with governments to ensure that they have access to the skills that are necessary for their country to be successful in an AI revolution. So, we're spending a lot of time taking the data and then using it to help the world make sense of what may be a bit of an uncertain future.

然后，我要说的最后一件事，只是因为我对此感到非常热情，这很重要，我之前提到过，但我们正在与世界各国政府和公司合作，利用我们拥有的数据，这些数据是关于未来十年劳动力市场将如何转变和转移的，以帮助在各国创建培训计划或与政府合作，确保他们能够获得必要的技能，使其国家在人工智能革命中取得成功。因此，我们花费了大量时间利用数据，然后利用它来帮助世界理解可能是一个不确定的未来。

Unidentified Analyst 未知分析师

Wonderful. Great. Thank you so much. Why don't we shift to the membership base of LinkedIn? How would you describe the health of that? And what are some initiatives underway to drive growth?

太棒了。太好了。非常感谢。我们为什么不转向 LinkedIn 的会员基础呢？您如何描述其健康状况？目前有哪些推动增长的举措？

Ryan Roslansky

So, with 1 billion members and seven members growing per second, signing up per second, a lot of that growth is happening outside of the United States. So, we have to ensure that our product works really well in other countries, that's been a large focus just foundationally to get the translation and standardization to work across all languages. It's been a big focus.

因此，拥有 10 亿会员，每秒增加七名会员注册，其中很大一部分增长发生在美国以外。因此，我们必须确保我们的产品在其他国家运行良好，这一直是一个重点，基础工作是确保翻译和标准化在所有语言中运行良好。这一直是一个重点。

I would say, one of the most important things we've been focusing on is just creating a very high-quality content creation and consumption experience. We actually very purposely call it -- we build the knowledge marketplace, which is how do we help 1 billion members on LinkedIn take the knowledge that's inside of their head. All of you in this room have so awesome knowledge that you've learned like through your careers and what you know. And how do we take that and help you look better and establish your reputation on LinkedIn by sharing content and then match it to people who could find a lot of value in knowing and learning what you know and doing that at massive scale. That creates the feed that we have, even leaning more heavily into short-form video is a medium in that feed. But both -- professionals need to stay up to speed on what's going on in their industry and their network on a daily basis.

我会说，我们一直专注的其中一件最重要的事情就是创造一个非常高质量的内容创作和消费体验。我们实际上非常有意识地称之为——我们建立了知识市场，这是我们如何帮助 LinkedIn 上的 10 亿会员利用他们头脑中的知识。在座的各位都拥有自己通过职业生涯和所学到的知识，这些知识都非常棒。我们如何利用这些知识帮助您在 LinkedIn 上展现更好的形象，树立声誉，通过分享内容并将其与那些可能会从您所知道的内容中获益的人匹配，以大规模地实现这一目标。这就创造了我们现在拥有的信息流，甚至更加倾向于在信息流中加入短视频。但是，专业人士需要每天及时了解自己所在行业和网络中发生的事情。

And then more importantly, I fundamentally believe that the world needs to have a high-value feed product that they can turn to where it's not vitriol, it's not hate speech, it's valuable content that relates to you and your job and your professional network. So, when we get that product right, the feed product, everything else starts to work well. All of our -- when people use LinkedIn more frequently, they're more likely to keep their profile up-to-date. They're more likely to subscribe to a premium service. They're more likely to apply for a job. They're more likely to click on an ad. So, getting that core quality feed experience right has been a lot of the focus that we use. And then, the value I talked about in some of the job-seeking products or the job coach product is a lot of the focus as well that leads towards just higher usage and retention.

然后更重要的是，我基本上相信世界需要有一个高价值的信息流产品，他们可以依赖，这不是刻薄，不是仇恨言论，而是与您、您的工作和您的专业网络相关的有价值的内容。因此，当我们把这个产品做对了，信息流产品，其他一切开始运作良好。当人们更频繁地使用 LinkedIn 时，他们更有可能保持其个人资料最新。他们更有可能订阅高级服务。他们更有可能申请工作。他们更有可能点击广告。因此，确保核心质量信息流体验正确已经成为我们关注的重点之一。然后，我谈到的价值在一些求职产品或求职教练产品中也是关注的重点，这导致了更高的使用率和留存率。

And I mean, I think if you were to compare like the member base size and the usage rates of LinkedIn compared to other networks, you'll see that people use LinkedIn more frequently because it's not as exciting to like push the LinkedIn button versus like push the TikTok button sometimes. But our ability to monetize that in a variety of forms is obviously super high. So, the more we can just create a more compelling engagement experience through LinkedIn, all boats rise on top of that.

我是说，我认为如果你比较 LinkedIn 的会员基数和使用率与其他社交网络相比，你会发现人们更频繁地使用 LinkedIn，因为按 LinkedIn 按钮并不像有时按 TikTok 按钮那样令人兴奋。但我们以各种形式实现利润的能力显然非常高。因此，我们能够通过 LinkedIn 创造更具吸引力的参与体验，所有的船只都会在此基础上升起。

Unidentified Analyst 未知分析师

Wonderful. Since you mentioned monetization, would love to get some color from you on some of the initiatives to monetize that user base that you described, please.

很棒。既然您提到了货币化，希望您能就您描述的货币化用户群体的一些举措给出一些具体信息。

Ryan Roslansky

48 people will get a job every minute right now through LinkedIn, will start a new job, not apply to a job, literally start a new job. We are running the definitive talent marketplace globally, but we're only scratching the surface in terms of how many people get a job on a daily basis versus how many of them do it on LinkedIn. So, there's a lot of opportunity for us to expand. We've really focused a lot in our talent marketplace on kind of the core, technology, North America, finance, and that's been a strength for us. And we've spent a lot of time and effort now to expand to other geographies, other industries. The healthcare industry is hiring like crazy right now. Historically, they didn't use LinkedIn for that. We've put a lot of effort into being -- LinkedIn be the place where you can help hire into the healthcare industry. So, a lot of our -- in our talent marketplace, it's about expanding beyond the core that we've been in for a long time and also making those products much more effective, making a recruiter much more effective. I think that it's early days, but when you can get some of these AI tools right, it starts to change the ability for what the commercial model looks like inside of some of these spaces that we play. So, I think that's a big one.

目前每分钟有 48 人通过 LinkedIn 找到工作，将开始新工作，而不是申请工作，实际上开始新工作。我们正在全球运营明确的人才市场，但与每天在 LinkedIn 上找到工作的人数相比，我们只是触及了表面。因此，我们有很多机会可以扩展。我们在人才市场上真正专注于核心领域，技术、北美、金融，这对我们来说是一个优势。我们现在花了很多时间和精力来扩展到其他地理位置、其他行业。目前，医疗保健行业的招聘活动异常活跃。历史上，他们并不使用 LinkedIn 进行招聘。我们付出了很多努力，让 LinkedIn 成为您可以帮助招聘医疗保健行业的地方。因此，在我们的人才市场中，重点是扩展到我们长期以来所在的核心领域之外，并使这些产品更加有效，使招聘人员更加有效。 我认为现在还为时过早，但当你能够正确使用一些人工智能工具时，它开始改变我们所涉及领域内商业模式的能力。所以，我认为这是一个重要的方面。

And then secondly, on the advertising side, there is no shortage of dollars for advertisers looking to market on LinkedIn. The key for us is the other side of the equation, which is just to get me to get more people using LinkedIn more frequently and continuing to improve those AI tools through Marketing Solutions to help drive that business as well.

然后，其次，在广告方面，广告商在 LinkedIn 上市场时并不缺乏资金。对我们来说，关键在于方程式的另一边，即让更多的人更频繁地使用 LinkedIn，并继续改进那些通过营销解决方案来帮助推动业务的人工智能工具。

And then, I'm pretty bullish about our online subscription business also where it's a 15-year-old business. It's one of the things that Reid Hoffman started as a -- to give us optionality when he started the company a long time ago, but we've never really cracked the nut on true value that will lead to strong retention. I think that this AI Coach stuff that we're doing, I think that a lot of the new premium creation features, et cetera, like that's going to be a real strength for us definitely in terms of the retention of our premium business moving forward. So, I see some good strength across all of those.

然后，我对我们的在线订阅业务也非常乐观，这是一个有 15 年历史的业务。这是 Reid Hoffman 在很久以前创办的一个项目，为我们提供了选择的机会，但我们从未真正找到真正价值的突破口，这将导致强大的留存率。我认为我们正在进行的这种 AI 教练项目，以及许多新的高级创作功能等等，将成为我们的真正优势，绝对会对我们的高级业务留存率产生积极影响。所以，我看到这些方面都有一些很好的优势。

And then, the last thing that's newer for us is we launched a verified identity product on LinkedIn about a year-and-a-half ago, where through LinkedIn, you can verify who you are either by leveraging your passport, partnerships with companies like CLEAR, through your corporate e-mail address, et cetera. You'll get a little verified check next to you at LinkedIn.

然后，对我们来说最新的一件事是大约一年半前我们在 LinkedIn 上推出了一个经过验证的身份产品，通过 LinkedIn，您可以通过护照、与 CLEAR 等公司的合作伙伴关系、通过您的公司电子邮件地址等方式验证您的身份。您在 LinkedIn 上会看到一个小小的验证标记。

What's surprising to me is that we built that just to ensure that we can help LinkedIn become a really trusted platform when you're -- you get a message from someone, it's like, oh, they're verified. This is really that person, et cetera. What's been surprising to me is how many companies outside of LinkedIn are asking us, "Hey, how can we use that verified identity concept inside of our products? Do you think that ID -- verified identification, trusting who someone is, is going to become more and more important over the next decade, especially in an AI-enabled world?" So, I do think there's some great opportunities for us to expand into new areas through things like identification moving forward.

我感到惊讶的是，我们建立这个只是为了确保我们可以帮助 LinkedIn 成为一个真正值得信赖的平台，当你收到某人的消息时，就像，哦，他们已经通过验证了。这确实是那个人，等等。让我感到惊讶的是，LinkedIn 之外有多少公司在问我们，“嘿，我们如何在我们的产品中使用那个经过验证的身份概念？你认为那个身份证明 - 经过验证的身份，信任某人是谁，会在未来十年变得越来越重要，特别是在一个 AI 启用的世界中吗？”所以，我认为我们有一些很好的机会通过诸如身份验证等事物向新领域拓展。

Unidentified Analyst 未知分析师

Wonderful. Great. You talked about some share gains that you're driving in the hiring end market through LinkedIn Talent Solutions. Can you talk about some of the growth initiatives there in that business, please?

很棒。太好了。您谈到了通过 LinkedIn 人才解决方案在招聘市场上取得的一些份额增长。请问您能谈谈在这个业务中的一些增长举措吗？

Ryan Roslansky

Yeah. I mean, the interesting thing is, I think one of the smartest moves that we made was years ago, getting into the kind of the learning and development space, not just for learning and development, but I think that companies hire, they split on hiring, et cetera. We've been able to kind of go in there and say, "Hey, whether you're hiring new people or looking to upskill or train your existing workforce, like we have the solution for you." So, I think it's been a really smart move to help us penetrate the talent space greater.

是的。我的意思是，有趣的是，我认为我们多年前做出的最明智的举措之一是进入学习和发展领域，不仅仅是为了学习和发展，而且我认为公司在招聘方面也很重要。我们已经能够进入并说：“嘿，无论您是在招聘新人还是想提升技能或培训现有员工，我们都有适合您的解决方案。”因此，我认为这是一个非常明智的举措，有助于我们更好地渗透人才领域。

Then, moving forward, here's the math that every CHRO and CIO is about to start doing in their company, which is, there's going to start to be more of an overlap between tools and humans. So, a lot of what's going to happen through AI, again, if you break down everyone's job into a set of tasks, it's like, oh, I can create a more productive workforce by leveraging a variety of these AI tools. So, then the question is, how do you retrain, upskill, and first, make sense of that dynamic for your company? And that's where a lot of our emphasis right now inside of our talent development products are moving. How do we first help you understand what your workforce looks like? What are the skills that exist inside of your company? Where do we think that's going to need to go? And then, how do we help you get there through training or internal movement, internal hiring, et cetera? So, a lot of great momentum we have there right now.

然后，继续前进，每位首席人力资源官和首席信息官即将在公司开始进行的数学计算是，工具和人类之间的重叠将开始增多。因此，通过人工智能将发生很多事情，如果你将每个人的工作分解为一系列任务，就像，哦，我可以通过利用各种人工智能工具来创建一个更高效的劳动力。那么，问题就是，你如何重新培训、提升技能，并首先为你的公司理解这种动态？这就是我们目前在人才发展产品内部所关注的重点。我们首先如何帮助您了解您的劳动力是什么样子的？您公司内部存在哪些技能？我们认为这将需要发展到何种程度？然后，我们如何通过培训或内部调动、内部招聘等方式帮助您实现这一目标？目前我们在这方面有很大的动力。

Unidentified Analyst 未知分析师

Great. I guess, we're in a challenging hiring environment. With some of those initiatives described here, do you feel like you can still grow the business with that environment as a backdrop?

很好。我猜，我们处在一个具有挑战性的招聘环境中。有了这里描述的一些倡议，您觉得在这样的背景下，您还能发展业务吗？

Ryan Roslansky

I think, I mean, one of the things that I've alluded to before was the leading signal on talent is really members moving around and moving jobs. And I think that that's come down a lot. Now we're seeing it start to spike again. So, it may not even be companies adding net new headcount, but attrition rates are starting to climb, so they're going to need to replace that headcount. So, any time there's movement in the labor market, LinkedIn is the solution of choice for all these companies.

我认为，我的意思是，我之前提到的一件事是，人才的主要信号实际上是成员们在不断变动和换工作。我认为这种情况已经大大减少了。现在我们看到这种情况开始再次上升。因此，可能甚至不是公司在增加净新人数，而是离职率开始上升，因此他们将需要替换这些人数。因此，每当劳动力市场出现变动时，LinkedIn 都是所有这些公司的首选解决方案。

The talent development side is also where a lot of companies will focus on internal movement and development. And there's -- I think we are also quickly becoming the definitive internal talent movement product through LinkedIn Learning and a lot of our Talent Solutions products. And then, we have barely even scratched the surface on the amount of people who actually end up getting jobs in the world through LinkedIn. I think there's a lot of opportunity for us to expand our TAM there.

人才发展方面也是许多公司将专注于内部流动和发展的地方。我认为，通过 LinkedIn Learning 和我们许多的人才解决方案产品，我们也迅速成为了明确的内部人才流动产品。然后，我们甚至还没有真正触及通过 LinkedIn 在世界上实际获得工作的人数。我认为在那方面我们有很多扩大我们的 TAM 的机会。

And then, a little bit like I alluded to before, I do think there's going to be an evolution in commercial models, which is if we can create these AI recruiting tools to be as productive as I know they can be, the decision moving forward maybe is if you're a CHRO, hey, maybe I used to say I needed to add another 50 additional recruiters every year to my company. And the productivity through LinkedIn's recruiter tool is so great that maybe next year, I'll only need to add 40 people to my recruiting team. And then, when that math starts to happen, it opens up the equation for us to start to evolve the commercial model of how we charge for these products and what they look like. So, I think there's a lot of excitement for me in the talent space.

然后，有点像我之前暗示的，我确实认为商业模式会发生演变，如果我们能够创造出这些人工智能招聘工具像我知道的那样高效，那么未来的决定可能是，如果你是首席人力资源官，也许我曾经说过我每年需要再增加 50 名招聘人员到我的公司。通过 LinkedIn 的招聘工具的生产力如此之高，也许明年，我只需要再增加 40 人到我的招聘团队。当这种数学开始发生时，这就为我们开始演变如何收费这些产品以及它们的形式打开了方程式。所以，我认为在人才领域对我来说有很多兴奋。

Unidentified Analyst 未知分析师

Wonderful. And why don't we just shift to key growth drivers in the Marketing Solutions business, your digital B2B advertising?

很棒。我们为什么不转向营销解决方案业务中的关键增长驱动因素，您的数字化 B2B 广告呢？

Ryan Roslansky

More people using LinkedIn more frequently, better AI, campaign creation and targeting and a better ability to develop and maintain ROI, so ROI reporting tool is really important. B2B is a really different world than B2C. B2B sales cycles are typically nine months. So, you may have seen an ad on LinkedIn and then us connecting the dots through Sales Navigator or usage to someone actually buying the product is a lot of the stuff that we're working on to ensure people understand how valuable the ROI is on LinkedIn.

越来越多的人更频繁地使用 LinkedIn，更好的人工智能，活动创建和定位以及更好地开发和维护投资回报率的能力，因此投资回报率报告工具非常重要。B2B 是一个与 B2C 非常不同的世界。B2B 销售周期通常为九个月。因此，您可能在 LinkedIn 上看到广告，然后我们通过 Sales Navigator 或使用情况将点连接到实际购买产品的人，这是我们正在努力确保人们了解 LinkedIn 上投资回报率有多有价值的工作。

Unidentified Analyst 未知分析师

Wonderful. And when you think about differentiators for LinkedIn in that end market, what would you say those are in the advertising?

很棒。当你考虑到 LinkedIn 在那个终端市场的差异化因素时，你会说广告方面的是什么？

Ryan Roslansky

The ability to target a B2B audience in a trusted space and a trusted environment kind of through the LinkedIn feed are really the two biggest differentiators that we have. The more and more that we're pushing into video being the medium of choice on LinkedIn, I think a lot of folks are going to be able to move B2B dollars into video advertising, which hasn't really happened a lot yet. So, we're focused a lot on that also.

通过 LinkedIn 动态消息流在受信任的空间和受信任的环境中针对 B2B 受众的能力确实是我们拥有的两个最大的差异化因素。随着我们越来越倾向于视频成为 LinkedIn 上的首选媒介，我认为很多人将能够将 B2B 资金投入视频广告，这在很大程度上尚未发生。因此，我们也非常专注于这一点。

Unidentified Analyst 未知分析师

Wonderful. Well, Ryan, we're out of time. Great having you here. Thanks so much for joining us.

太棒了。瑞安，我们时间到了。很高兴你来这里。非常感谢你的加入。

Ryan Roslansky

Thank you. Appreciate it. Thanks.

谢谢。感激。谢谢。