2024-07-23 Alphabet Inc. (GOOG) Q2 2024 Earnings Call Transcript
Alphabet Inc. (NASDAQ:GOOG) Q2 2024 Earnings Conference Call July 23, 2024 4:30 PM ET
Alphabet公司（纳斯达克股票代码：GOOG）2024年第二季度收益电话会议 美国东部时间2024年7月23日下午4:30
Company Participants 公司参与者
Jim Friedland - Director of IR
吉姆-弗里德兰 - 投资关系总监
Sundar Pichai - CEO & Director
Sundar Pichai - 首席执行官兼董事
Philipp Schindler - SVP & Chief Business Officer
Philipp Schindler - 高级副总裁兼首席商务官
Ruth Porat - President, Chief Investment Officer, Senior VP & CFO
露丝-波拉特 - 总裁、首席投资官、高级副总裁兼首席财务官
Conference Call Participants
电话会议与会者
Brian Nowak - Morgan Stanley
Brian Nowak - 摩根士丹利
Doug Anmuth - JPMorgan
Doug Anmuth - 摩根大通
Michael Nathanson - MoffettNathanson
Eric Sheridan - Goldman Sachs
Eric Sheridan - 高盛集团
Ross Sandler - Barclays
罗斯-桑德勒 - 巴克莱银行
Stephen Ju - UBS
Stephen Ju - 瑞银
Justin Post - Bank of America
Justin Post - 美国银行
Operator 操作员
Welcome, everyone. Thank you for standing by for the Alphabet Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]
欢迎各位。感谢各位出席 Alphabet 2024 年第二季度收益电话会议。现在，所有与会者都处于只听模式。发言人发言结束后，将进行问答环节。[操作员指示］
I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.
现在请今天的发言人、投资者关系总监吉姆-弗里德兰（Jim Friedland）发言。请讲。
Jim Friedland 吉姆-弗里德兰
Thank you. Good afternoon everyone and welcome to Alphabet's Second Quarter 2024 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler, and Ruth Porat. Now, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties.
谢谢大家。大家下午好，欢迎收听 Alphabet 2024 年第二季度收益电话会议。今天与我们在一起的是 Sundar Pichai、Philipp Schindler 和 Ruth Porat。现在，我将快速介绍安全港。我们今天就业务、运营和财务业绩发表的一些声明可能被视为前瞻性声明。这些陈述基于当前的预期和假设，存在一定的风险和不确定性。
Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor.
实际结果可能大相径庭。请参阅我们的 10-K 表和 10-Q 表，包括风险因素。我们没有义务更新任何前瞻性声明。在本次电话会议中，我们将同时介绍美国通用会计准则和非美国通用会计准则的财务指标。非美国通用会计准则（GAAP）与美国通用会计准则（GAAP）之间的对账已包含在今天的财报新闻稿中，公众可通过我们的投资者关系网站（abc.xyz/investor）获取该新闻稿。
Our comments will be on year-over-year comparisons unless we state otherwise. And now I'll turn the call over to Sundar.
Sundar Pichai 桑达尔-皮查伊
Thank you, Jim. And hello, everyone. I'm really pleased with our results this quarter. They showed tremendous ongoing momentum in Search and great progress in Cloud with our AI initiatives driving new growth. Search had another excellent quarter. And in terms of product innovation, we are seeing great progress with AI overviews.
谢谢你，吉姆。大家好。我对本季度的业绩非常满意。结果显示，搜索业务保持了强劲的发展势头，云业务也取得了巨大进步，我们的人工智能计划推动了新的增长。搜索业务在本季度再创佳绩。在产品创新方面，我们在人工智能概述方面取得了巨大进步。
In Q2, Cloud reached some major milestones. Quarterly revenues crossed the $10 billion mark for the first time, at the same time pass the $1 billion mark in quarterly operating profit. Year-to-date, our AI infrastructure and generative AI solutions for Cloud customers have already generated billions in revenues and are being used by more than 2 million developers. As I spoke about last quarter, we are uniquely well-positioned for the AI opportunity ahead.
在第二季度，云计算实现了一些重要的里程碑。季度收入首次突破 100 亿美元大关，同时季度运营利润突破 10 亿美元大关。年初至今，我们为云客户提供的人工智能基础设施和生成式人工智能解决方案已经创造了数十亿美元的收入，并被 200 多万开发人员所使用。正如我在上一季度所说的，我们已经为未来的人工智能机遇做好了独特的准备。
Our Research and Infrastructure leadership means, we can pursue an in-house strategy that enables our product teams to move quickly. Combined with our model building expertise, we are in a strong position to control our destiny, as the technology continues to evolve. Importantly, we are innovating at every layer of the AI stack, from chips to agents and beyond, a huge strength. We are committed to this leadership long-term. This was underscored by the announcements we made at I/O, Cloud Next, and Google Marketing Live, and we'll touch on many of them here.
我们在研究和基础设施方面处于领先地位，这意味着我们可以采取内部战略，使我们的产品团队能够快速行动。结合我们在模型构建方面的专长，随着技术的不断发展，我们在掌控自己命运方面处于有利地位。重要的是，我们正在人工智能堆栈的每一层进行创新，从芯片到代理及其他，这是我们的巨大优势。我们致力于长期保持这种领先地位。我们在 I/O、Cloud Next 和 Google Marketing Live 上发布的公告都强调了这一点，我们将在这里对其中的许多内容进行介绍。
Today, I'll start with Search, then move to our AI momentum more generally, followed by Cloud, YouTube, and some closing thoughts. Let's dive in. Over the past 25 years, we have continued to reimagine and expand Google Search across many technological shifts. With AI, we are delivering better responses on more types of search queries and introducing new ways to search. We are pleased to see the positive trends from our testing continue as we roll out AI overviews, including increases in search usage, and increased user satisfaction with the results.
今天，我将从搜索说起，然后更广泛地谈谈我们的人工智能发展势头，接着是云计算、YouTube 和一些结束语。让我们深入探讨。在过去的 25 年中，我们不断重新构想和扩展谷歌搜索，经历了许多技术变革。通过人工智能，我们为更多类型的搜索查询提供了更好的响应，并引入了新的搜索方式。我们很高兴地看到，随着人工智能概述的推出，我们的测试继续呈现出积极的趋势，包括搜索使用率的提高以及用户对搜索结果满意度的提升。
People who are looking for help with complex topics are engaging more and keep coming back for AI overviews. And we see even higher engagement from younger users, aged 18 to 24, when they use search with AI overviews. As we have said, we are continuing to prioritize approaches that send traffic to sites across the web. And we are seeing that ads appearing either above or below AI overviews, continue to provide valuable options for people to take action and connect with businesses.
在复杂主题方面寻求帮助的用户参与度更高，他们会不断回来查看人工智能概述。我们发现，18 至 24 岁的年轻用户在使用带有人工智能概述的搜索时参与度更高。正如我们所说，我们将继续优先考虑向全网网站发送流量的方法。我们看到，出现在人工智能概述上方或下方的广告将继续为人们采取行动和与企业建立联系提供有价值的选择。
Beyond AI overviews, AI expands the types of queries we are able to address and opens up powerful new ways to search. Visual search via Lens is one. Soon you'll be able to ask questions by taking a video with Lens. And already we have seen that AI overviews in Lens, leads to an increase in overall visual search usage. Another example is Circle to Search, which is available today on more than 100 million Android devices. We are seeing tremendous momentum from our AI investments. More than 1.5 million developers are now using Gemini across our developer tools. And we recently unveiled new models that are more capable and efficient than ever.
除了人工智能概述之外，人工智能还扩展了我们能够处理的查询类型，并开辟了强大的新搜索方式。通过 Lens 进行视觉搜索就是其中之一。很快，您就可以通过 Lens 拍摄视频来提问。我们已经看到，Lens 中的人工智能概述提高了视觉搜索的总体使用率。另一个例子是 Circle to Search，目前已在超过 1 亿台安卓设备上使用。我们从人工智能投资中看到了巨大的发展势头。目前有 150 多万开发人员正在使用我们的开发人员工具中的 Gemini。我们最近推出的新模型比以往任何时候都更加强大和高效。
Gemini now comes in 4 sizes, with each model designed for its own set of use cases. It's a versatile model family that runs efficiently on everything from data centers to devices. At 2 million tokens, we offer the longest context window of any large-scale foundation model to-date, which powers developer use cases that no other model can handle. Gemini is making Google's own products better. All six of our products with more than 2 billion monthly users now use Gemini. This means that Google is the company that's truly bringing AI to everyone.
Gemini 现在有四种尺寸，每种型号都针对其特定的使用场景进行了设计。这是一个多功能的模型家族，它在从数据中心到设备的所有地方都能高效运行。在200万个令牌上，我们提供了迄今为止任何大规模基础模型中最长的上下文窗口，这为开发者提供了其他模型无法处理的使用案例。Gemini 正在使 Google 自己的产品变得更好。现在，我们所有月活跃用户超过20亿的产品都使用了 Gemini。这意味着 Google 是真正将人工智能带给每个人的公司。
Gemini is powering incredibly helpful features in search, workspace, Google messages, and more. At I/O, we showed new features coming soon to Gmail and to Google Photos. Soon you'll be able to ask photos questions like, what did I eat at that restaurant in Paris last year? For a glimpse of the future, I hope you saw Project Astra at I/O. It shows multimodal understanding and natural conversational capabilities. We've always wanted to build a universal agent and it's an early look at how they can be helpful in daily life.
Gemini为搜索、工作区、Google 消息等令人难以置信的有用功能提供支持。在 I/O 大会上，我们展示了即将应用于 Gmail 和 Google 照片的新功能。很快，您就可以向照片提问，例如：去年我在巴黎的那家餐厅吃了什么？我希望你能在 I/O 大会上看到 Project Astra，一睹未来的风采。它展示了多模态理解和自然对话能力。我们一直想打造一个通用代理，这也是我们对通用代理如何在日常生活中发挥作用的早期展望。
Our AI product advances come from our long-standing foundation of research leadership, as well as our global network of infrastructure. In Q2, we announced our first data center and cloud region in Malaysia, and expansion projects in Iowa, Virginia, and Ohio. Our TPUs are a key bet here, too. Trillium is the sixth generation of our custom AI accelerator, and it's our best performing and most energy efficient TPU to-date. It achieves a near 5 times increase in peak compute performance per chip and a 67% more energy efficient compared to TPU v5e. And the latest Nvidia Blackwell platform, will be coming to Google Cloud in early 2025.
我们的人工智能产品进步来自于我们长期以来的研究领导地位，以及我们全球的基础设施网络。在第二季度，我们宣布了我们在马来西亚的第一个数据中心和云区域，以及在爱荷华州、弗吉尼亚州和俄亥俄州的扩展项目。我们的TPU在这里也是一个关键的赌注。Trillium是我们定制的人工智能加速器的第六代，它是迄今为止我们性能最好、能效最高的TPU。与TPU v5e相比，它实现了每个芯片峰值计算性能近5倍的提升，能效提高了67%。而最新的Nvidia Blackwell平台，将在2025年初来到Google Cloud。
前后矛盾的话中间没有任何连接就讲出来了，没心没肺。
We continue to invest in designing and building robust and efficient infrastructure to support our efforts in AI, given the many opportunities we see ahead. Of course, as we do this, we'll continue to create capacity by allocating resources towards our highest priorities. We are relentlessly driving efficiencies in our AI models. For example, over the past quarter, we have made quality improvements that include doubling the core model size for AI overviews, while at the same time improving latency and keeping cost per AI overviews served flat. And we are focused on matching the right model size to the complexity of the query in order to minimize impact on cost and latency.
我们将继续投资设计和建设强大高效的基础设施，以支持我们在人工智能领域的努力，因为我们看到了未来的许多机遇。当然，在此过程中，我们将继续通过为最优先事项分配资源来创造能力。我们正坚持不懈地提高人工智能模型的效率。例如，在过去的一个季度里，我们提高了质量，包括将人工智能概览的核心模型规模扩大了一倍，同时改善了延迟，并使每次人工智能概览服务的成本保持不变。此外，我们还专注于根据查询的复杂程度匹配合适的模型大小，以尽量减少对成本和延迟的影响。
Separately on our real estate investments, we are taking a measured approach to match the current and future needs of our hybrid workforce, as well as our local communities. Next, Google Cloud. We continue to see strong customer interest, winning leading brands like Hitachi, Motorola Mobility, and KPMG. Our deep partnership with Oracle significantly expanded our joint offerings to the large customer base.
在我们的房地产投资方面，我们正在采取一种审慎的方法来满足我们混合劳动力的当前和未来需求，以及我们当地社区的需求。接下来是谷歌云。我们继续看到强大的客户兴趣，赢得了像日立、摩托罗拉移动和毕马威这样的领先品牌。我们与甲骨文的深度合作伙伴关系显著扩展了我们对大量客户的联合产品供应。
Our momentum begins with our AI infrastructure, which provides AI startups like Essential AI, with leading cost performance for models and high-performance computing applications. We continue to drive fundamental differentiation with new advances since Cloud Next. This includes Trillium, which I mentioned earlier, and A3 Mega powered by Nvidia H100 GPUs, which doubles the networking bandwidth of A3.
我们的发展势头始于我们的人工智能基础设施，它为 Essential AI 等人工智能初创公司提供了领先的模型和高性能计算应用的性价比。自 Cloud Next 以来，我们不断取得新进展，推动根本性的差异化。这包括我前面提到的 Trillium，以及由 Nvidia H100 GPU 支持的 A3 Mega，它将 A3 的网络带宽提高了一倍。
Our enterprise AI platform, Vertex, helps customers such as Deutsche Bank, Kingfisher, and the US Air Force build powerful AI agents. Last month, we announced a number of new advances. Uber and WPP are using Gemini Pro 1.5 and Gemini Flash 1.5 in areas like customer experience and marketing. We broaden support for third-party models, including Anthropic's Claude 3.5 Sonnet and open source models like Gemma 2, Llama and Mistral. We are the only cloud provider to offer grounding with Google Search, and we are expanding grounding capabilities with Moody's, MSCI, ZoomInfo, and more.
我们的企业人工智能平台 Vertex 可以帮助德意志银行、翠鸟公司和美国空军等客户建立强大的人工智能代理。上个月，我们宣布了一系列新进展。Uber 和 WPP 正在客户体验和营销等领域使用 Gemini Pro 1.5 和 Gemini Flash 1.5。我们扩大了对第三方模型的支持，包括 Anthropic 的 Claude 3.5 Sonnet 以及 Gemma 2、Llama 和 Mistral 等开源模型。我们是唯一一家提供谷歌搜索落地服务的云计算提供商，而且我们正在与穆迪、摩根士丹利资本国际公司（MSCI）、ZoomInfo 等公司一起扩展落地功能。
Our AI-powered applications portfolio is helping us win new customers and drive upsell. For example, our conversational AI platform is helping customers like Best Buy and Gordon Food Service. Gemini for Workspace helps click therapeutics analyze patient feedback as they build targeted digital treatments. Our AI-powered agents are also helping customers develop better quality software, find insights from their data, and protect their organization against cybersecurity threats using Gemini.
我们的人工智能应用组合正在帮助我们赢得新客户并推动追加销售。例如，我们的对话式人工智能平台正在帮助百思买和 Gordon Food Service 等客户。Gemini for Workspace 可帮助点击疗法分析患者反馈，从而建立有针对性的数字疗法。我们的人工智能代理还可以帮助客户开发更高质量的软件，从数据中寻找洞察力，并使用 Gemini 保护他们的组织免受网络安全威胁。
Software engineers at Wipro are using Gemini code assist to develop, test, and document software faster. And data analysts at Mercado Libre are using BigQuery and Looker to optimize capacity planning and fulfill shipments faster. Cyber security risks continue to accelerate and the number of breaches continue to grow, something we all see in the news every day and that our [Mandiant teams] (ph) help manage. Our strong track record of uptime, quality control and reliability made Google Cloud the trusted security choice for organizations like Fiserv and Marriott International.
Wipro 的软件工程师正在使用 Gemini 代码助手来更快地开发、测试和记录软件。Mercado Libre 的数据分析师正在使用 BigQuery 和 Looker 来优化产能规划并更快地完成发货。网络安全风险持续加速，漏洞数量不断增加，这是我们每天都能在新闻中看到的，也是我们的[Mandiant 团队]（音）所帮助管理的。我们在正常运行时间、质量控制和可靠性方面的良好记录使谷歌云成为 Fiserv 和万豪国际集团等企业值得信赖的安全选择。
In Q2, we infused AI throughout our security portfolio, helping TELUS strengthen its proactive security posture. Turning next to YouTube, YouTube is focused on a clear strategy, connecting creators with a massive audience and enabling them to build successful businesses through ads and subscriptions, while helping advertisers reach their desired audience. We had a great brand cast this quarter, and Philip will say more. I'm pleased at the progress here. YouTube has remained number one in US Streaming watch time, according to Nielsen.
在第二季度，我们在整个安全产品组合中注入了人工智能，帮助 TELUS 加强其主动安全态势。接下来谈谈 YouTube，YouTube 专注于明确的战略，将创作者与大量受众联系起来，使他们能够通过广告和订阅建立成功的业务，同时帮助广告商接触到所需的受众。本季度我们的品牌投放效果很好，菲利普会说得更多。我对这方面的进展感到高兴。根据尼尔森的数据，YouTube 在美国流媒体观看时间方面一直保持第一。
Views of YouTube shots on connected TVs more than double last year. And we are making it easier for creators to add captions and turn regular videos into shots. Next, on Android and Pixel. We joined Samsung for their Galaxy Unpacked event a few weeks ago, and we shared that Samsung's new devices will include the latest AI-powered Google updates on Android. It was a great event.
去年，联网电视上的 YouTube 视频浏览量翻了一番多。我们正在让创作者更轻松地添加字幕，并将普通视频转化为镜头。接下来是 Android 和 Pixel。几周前，我们参加了三星举办的 Galaxy Unpacked 活动，我们分享了三星的新设备将包含最新的人工智能谷歌 Android 更新。这是一次很棒的活动。
I'm looking forward to our Made by Google event happening in August. We'll have lots to share around Android and the Pixel portfolio of devices. Our Pixel line is doing well. We recently introduced the new Pixel 8a, powered by our latest Google Tensor G3 chip. It provides beautiful AI experiences like Circle to Search, Best Take, and a Gemini-powered AI assistant. In other bets, I'm really pleased with the progress Waymo's making, a real leader in the space and getting rave reviews from users.
我非常期待八月份举行的 "谷歌制造 "活动。我们将围绕 Android 和 Pixel 设备组合分享很多内容。我们的 Pixel 系列表现出色。我们最近推出了全新的 Pixel 8a，它采用了我们最新的 Google Tensor G3 芯片。它提供了精美的 AI 体验，例如 Circle to Search、Best Take 以及由 Gemini 驱动的 AI 助手。在其他方面，我对 Waymo 取得的进步感到非常高兴，它是该领域真正的领导者，并获得了用户的一致好评。
Waymo's served more than 2 million trips to-date and driven more than 20 million fully autonomous miles on public roads. Waymo's now delivering well over 50, 000 weekly paid public rides, primarily in San Francisco and Phoenix. And in June, we removed the waitlist in San Francisco, so anyone can take a ride. Fully autonomous testing is underway in other Bay Area locations without a human in the driver's seat.
迄今为止，Waymo 已提供了 200 多万次出行服务，在公共道路上完全自主行驶了 2000 多万英里。目前，Waymo 每周提供的付费公共交通服务已超过 50,000 次，主要集中在旧金山和凤凰城。今年 6 月，我们取消了旧金山的等待名单，任何人都可以搭乘。完全自动驾驶测试正在湾区其他地方进行，驾驶座上没有人类。
Before I close, I want to acknowledge that today is Ruth's final earnings call. Let me take a moment to thank her for all she has done for Google and Alphabet as our longest-serving CFO. I'm excited to continue to work with her in her new role. And I look forward to welcoming our newly appointed CFO, Anat Ashkenazi. She starts next week, and you'll hear from her on our call next quarter. Thanks as always to our employees and partners everywhere for a great Q2.
在结束发言之前，我要感谢今天是露丝的最后一次财报电话会议。请允许我用一点时间感谢她作为我们任职时间最长的首席财务官为 Google 和Alphabet所做的一切。我很高兴能在她的新岗位上继续与她共事。我期待着欢迎我们新任命的首席财务官 Anat Ashkenazi。她将于下周上任，下一季度的电话会议上你们将听到她的发言。一如既往地感谢我们的员工和各地的合作伙伴，感谢他们在第二季度的出色表现。
这段发言的总结就两个字：零碎，乔布斯的评价非常到位，Google的问题是不够聚焦，或者是个容易散开来的系统。
With that, over to you, Philip.
好了，交给你了，菲利普。
Philipp Schindler 菲利普-辛德勒
Thanks, Sundar, and hello, everyone. Starting with performance, Google Services delivered revenues of $73.9 billion for the quarter, up 12% year-on-year. Search and other revenues grew 14% year-on-year, led by growth in the retail vertical, followed by financial services. YouTube ads revenues were up 13% year-on-year driven by growth and brand as well as direct response. Network revenues declined 5% year-on-year.
谢谢你，桑达尔，大家好。从业绩开始，谷歌服务本季度实现营收 739 亿美元，同比增长 12%。搜索和其他业务收入同比增长 14%，主要得益于零售业务的增长，其次是金融服务。在品牌增长和直接响应的推动下，YouTube 广告收入同比增长 13%。网络收入同比下降 5%。
In subscriptions, platforms, and devices, year-on-year revenues increased 14%, driven again by strong growth in YouTube subscriptions. For the rest of my remarks, I want to double click on two topics. First, how we're applying AI across the marketing process to deliver an even stronger ads experience. Second, YouTube's position as the leading multi-format platform. So let me start by sharing some of the ways we are applying AI to bring more performance benefits to even more businesses.
在订阅、平台和设备方面，由于 YouTube 订阅的强劲增长，收入同比增长了 14%。在接下来的发言中，我想双击两个主题。第一，我们如何在整个营销过程中应用人工智能来提供更强大的广告体验。第二，YouTube 作为领先的多格式平台的地位。因此，首先请允许我分享一些我们应用人工智能为更多企业带来更多性能优势的方法。
Q2 brought several major opportunities to meet and learn from users, developers, creators, and customers. From I/O to Brandcast, Google Marketing Live and Can, a growing number of our customers and partners are looking to understand how to successfully incorporate AI into their businesses. This quarter, we announced over 30 new ads features, and products to help advertisers leverage AI and keep pace with the evolving expectations of customers and users.
第二季度为我们带来了与用户、开发者、创作者和客户会面和学习的多个重要机会。从 I/O 到 Brandcast、Google Marketing Live 和 Can，越来越多的客户和合作伙伴希望了解如何将人工智能成功融入他们的业务。本季度，我们发布了 30 多项新的广告功能和产品，以帮助广告主利用人工智能，跟上客户和用户不断变化的期望。
Across Search, PMax, DemandGen, and Retail, we're applying AI to streamline workflows, enhance creative asset production, and provide more engaging experiences for consumers. Listening to our customers, retailers in particular have welcomed AI-powered features to help scale the depth and breadth of their assets. For example, as part of a new and easier-to-use merchant center, we've expanded Product Studio, with tools that bring the power of Google AI to every business owner. You can upload a product image from the AI with something like, feature this product with Paris skyline in the background and Product Studio will generate campaign ready assets.
在搜索、PMax、DemandGen 和零售领域，我们都在应用人工智能来简化工作流程、增强创意资产制作，并为消费者提供更具吸引力的体验。通过倾听客户的意见，零售商尤其欢迎人工智能驱动的功能，以帮助他们扩展资产的深度和广度。例如，作为全新的、更易使用的商家中心的一部分，我们扩展了产品工作室（Product Studio），为每一位企业主提供谷歌人工智能的强大工具。您可以从 AI 中上传产品图片，例如，以巴黎天际线为背景介绍该产品，Product Studio 就会生成活动准备就绪的资产。
I also hear great feedback from our customers on many of our other new AI-powered features. We're beta testing, virtual try on and shopping ads and plan to roll it out widely later this year. Feedback shows this feature gets 60% more high-quality views than other images and a higher click-out to retailer sites. Retailers love it because it drives purchasing decisions and fewer returns.
我还听到客户对我们许多其他人工智能新功能的良好反馈。我们正在测试虚拟试穿和购物广告，并计划在今年晚些时候广泛推出。反馈显示，该功能的高质量浏览量比其他图片高出 60%，点击进入零售商网站的次数也更多。零售商喜欢它，因为它能推动购买决策，减少退货。
这是早就有的想法，看上去有了Gen AI才能真正做出来。
Our AI-driven profit optimization tools have been expanded to performance max and standard shopping campaigns. Advertisers use profit optimization and smart bidding see a 15% uplift in profit on average compared to revenue-only bidding. Lastly, DemandGen is rolling out to Display in Video 360 and Search Ads 360 in the coming months with new generative image tools that create stunning high-quality image assets for social marketers.
我们的人工智能驱动的利润优化工具已扩展到最大业绩和标准购物活动。使用利润优化和智能竞价的广告主的利润平均比仅使用收入竞价的广告主提高了 15%。最后，DemandGen 将在未来几个月内推出新的生成图片工具，为社交营销人员创建令人惊叹的高质量图片资产，并将其推广到视频 360 显示和搜索广告 360。
跟数据紧密结合的会走的更快。
As we said at GML, when paired with Search or PMax, DemandGen delivers an average of 14% more conversions. The use cases we're seeing across the industry show the incredible potential of these AI-enabled products to improve performance. Let me briefly share two examples with you. Luxury jewelry retailer Tiffany leveraged DemandGen during the holiday season and saw 2.5% brand lift in consideration and actions, such as adding items to cards and booking appointments.
正如我们在 GML 上所说的那样，与搜索或 PMax 搭配使用时，DemandGen 平均可将转化率提高 14%。我们在整个行业中看到的使用案例表明，这些人工智能产品在提高业绩方面具有惊人的潜力。让我简要地与您分享两个例子。奢侈珠宝零售商蒂芙尼（Tiffany）在节日期间利用 DemandGen，在考虑和行动（如在卡片上添加商品和预约）方面实现了 2.5% 的品牌提升。
The campaign drove a 5.6 times more efficient cost per click compared to social media benchmarks. Our own Google marketing team used DemandGen to create nearly 4,500 ad variations for a Pixel 8 campaign shown across YouTube, Discover, and Gmail, delivering twice the click-through rate at nearly a quarter of the cost. In addition to strengthening our ads products for customers, we continue to evolve our existing systems and products with improved models delivering further performance gains.
与社交媒体基准相比，该活动的每次点击成本效率提高了 5.6 倍。我们自己的谷歌营销团队使用 DemandGen 为 Pixel 8 广告活动创建了近 4,500 种广告变体，在 YouTube、Discover 和 Gmail 上展示，以近四分之一的成本实现了两倍的点击率。除了加强为客户提供的广告产品外，我们还将继续发展现有的系统和产品，改进模型，进一步提高性能。
搞到极致程度的个性化，根据每个人的喜好制作广告。
In just six months, AI-driven improvements to quality, relevance, and language understanding have improved Broad Match performance by 10% for advertisers using Smart Bidding. Also, advertisers who adopt PMax to Broad Match and Smart Bidding in their Search campaigns, see an average increase of over 25% more conversions or value at a similar cost. We'll continue to listen to our customers and use their feedback to drive innovation across our products. As you can hear, I continue to be excited about the AI era for ads.
在短短六个月内，人工智能对质量、相关性和语言理解的改进使使用智能竞价的广告客户的广泛匹配性能提高了 10%。此外，在搜索营销活动中采用 PMax 到广泛匹配和智能竞价的广告客户，在成本相近的情况下，转化率或价值平均提高了 25% 以上。我们将继续倾听客户的意见，并利用他们的反馈推动我们产品的创新。正如您所听到的，我继续对广告的人工智能时代感到兴奋。
Gen AI使得推荐引擎的供应和需求都发生了变化，供应量提升了，可以创造更多的个性化的素材；需求端的细化程度也会大幅度提高。
Now let's turn to YouTube. I've talked before about our approach to making YouTube the best place to create, watch and monetize. First, the best place to create. What sets YouTube apart from every other platform are the creators and the connection they have with their fans. Audiences tuning in to watch their favorite creators continue to grow. For example, two weeks ago, Mr. Beast's channel hit more than 300 million subscribers.
现在我们来谈谈 YouTube。我之前谈到过我们的方法，即让 YouTube 成为创作、观看和盈利的最佳场所。首先是创作的最佳场所。YouTube 与其他平台的不同之处在于创作者以及他们与粉丝之间的联系。观看他们喜爱的创作者的观众不断增加。例如，两周前，野兽先生的频道订阅用户数突破了 3 亿。
Next, the best place to watch. Our long-term investment in CTV continues to deliver. Views on CTV have increased more than 130% in the last three years. According to Nielsen, YouTube is the Number #1 most watched streaming platform on TV screens in the US for the 17th consecutive month. Zooming out, when you look not just at streaming, but at all media companies and their combined TV viewership, YouTube is the second most watched after Disney. And this growth is happening in multiple verticals, including sports, which has seen CTV watch time on YouTube grow 30% year-over-year.
接下来是最佳观看地点。我们对 CTV 的长期投资继续取得成果。在过去三年中，CTV 的浏览量增长了 130% 以上。根据尼尔森的数据，YouTube 连续 17 个月成为美国电视屏幕上观看次数最多的流媒体平台。放大来看，不仅是流媒体，而是所有媒体公司及其电视收视率的总和，YouTube 是仅次于迪斯尼的第二大收视平台。这一增长发生在多个垂直领域，包括体育，YouTube 上的 CTV 观看时间同比增长了 30%。
Lastly, the best place to monetize. CTV on YouTube is continuing to benefit from a combination of strong watch time growth, viewer and advertiser innovation and a shift in brand advertising budgets from linear TV to YouTube. Our largest advertisers across verticals, including retail, entertainment, telco and home and personal care, are partnering with creators on ads and organic integrations.
最后，最佳货币化场所。YouTube 上的 CTV 持续受益于观看时间的强劲增长、观众和广告商的创新，以及品牌广告预算从线性电视向 YouTube 的转移。我们最大的垂直领域广告商，包括零售、娱乐、电信、家庭和个人护理，正在与创作者合作发布广告和进行有机整合。
Verizon, for example, worked with a YouTube creator and Verizon customer to show them many ways that plans and offerings can be customized to fit people’s lives. Using AI-powered formats, they created sketches in multiple lengths and orientations to serve the right creative to the right viewer and drive people to their site. Verizon's creator ads had a 15% lower CPA and a 38% higher conversion rate versus other ads.
例如，Verizon 与 YouTube 创作者和 Verizon 客户合作，向他们展示了可以定制计划和产品以适应人们生活的多种方式。他们使用人工智能驱动的格式，创建了多种长度和方向的草图，向合适的观众提供合适的创意，并将人们引向他们的网站。与其他广告相比，Verizon 的创作者广告的 CPA 降低了 15%，转化率提高了 38%。
Turning to Shorts. Last quarter, I shared that in the US, the monetization rate of YouTube Shorts relative to in-stream viewing is showing a healthy rate of growth. Again, this quarter, we continue to see an improvement in Shorts monetization, particularly in the US. We are also seeing a very encouraging contribution from brand advertising on Shorts, which we launched on the product in Q4 last year.
谈谈短片。上一季度，我曾介绍过，在美国，YouTube 短片的货币化率相对于流内观看呈现出健康的增长速度。本季度，我们再次看到短片货币化率继续提高，尤其是在美国。我们还看到品牌广告对短片的贡献非常令人鼓舞，我们在去年第四季度推出了该产品。
Lastly, a few words on shopping. Last year, viewers watched 30 billion hours of shopping-related videos, and we saw a 25% increase in watch time for videos that help people shop. While it is early days, shopping remains a key area of investment. At GML, we rolled out several product updates to YouTube shopping, helping creators sell products to their viewers. These updates included; product tagging where creators can tag products in their videos for viewers to discover and purchase, product collections and a new affiliate hub, a one-stop shop for creators to find deals and promotional offers from brands and track their affiliate earnings.
最后，谈谈购物。去年，观众观看了 300 亿小时与购物相关的视频，而帮助人们购物的视频观看时间增加了 25%。虽然现在还为时尚早，但购物仍然是重点投资领域。在 GML，我们为 YouTube 购物推出了多项产品更新，帮助创作者向观众销售产品。这些更新包括：产品标签（创作者可以在视频中标记产品，供观众发现和购买）、产品系列和新的联盟中心（创作者可以在这里一站式找到来自品牌的优惠和促销信息，并跟踪他们的联盟收入）。
With that, I'll finish by saying a huge thank you to Google's everywhere for their extraordinary commitment and to our customers and partners for their continued collaboration and trust. And Ruth, thanks for your amazing leadership and partnership over all these years. Now for one last time, it's over to you.
最后，我要衷心感谢谷歌所有员工的不懈努力，感谢我们的客户和合作伙伴的持续合作与信任。还有露丝，感谢你这些年来出色的领导和合作。现在，最后一次，交给你们了。
Ruth Porat 露丝-波拉特
Thank you, Philipp, and thanks, Sundar, for those kind words. We had another strong quarter, driven in particular by performance in Search and Cloud, as well as the ongoing efforts to durably reengineer our cost base. My comments will be on year-over-year comparisons for the second quarter unless I state otherwise. I will start with results at the Alphabet level followed by segment results and conclude with our outlook.
谢谢你，Philipp，也谢谢 Sundar 的美言。我们又度过了一个强劲的季度，这主要得益于搜索和云计算业务的表现，以及我们为持久重塑成本基础所做的不懈努力。除非另有说明，否则我将对第二季度进行同比比较。我将首先介绍Alphabet层面的业绩，然后介绍分部业绩，最后介绍我们的前景。
For the second quarter, our consolidated revenues were $84.7 billion, up 14% or up 15% in constant currency. Search remained the largest contributor to revenue growth. In terms of expenses, total cost of revenues was $35.5 billion, up 11%. Other cost of revenues was $22.1 billion, up 14%, with the increase driven primarily by content acquisition costs, followed by depreciation as well as the impact of the Canadian digital services tax, which was applied retroactively.
第二季度，我们的综合收入为 847 亿美元，同比增长 14%，按固定汇率计算增长 15%。搜索业务仍然是收入增长的最大贡献者。在支出方面，总收入成本为 355 亿美元，增长了 11%。其他收入成本为 221 亿美元，增长了 14%，增长的主要原因是内容采购成本，其次是折旧以及追溯适用的加拿大数字服务税的影响。
Operating expenses were $21.8 billion up 5%, primarily reflecting an increase in R&D partially offset by a decline in G&A with sales and marketing essentially flat to the second quarter last year. The increase in R&D was driven primarily by compensation which was affected by lapping a reduction in valuation-based compensation liabilities in certain other bets in the second quarter last year followed by depreciation. The largest single factor in the year-on-year decline in G&A expenses was lower charges related to legal matters.
运营支出为 218 亿美元，同比增长 5%，主要反映了研发费用的增长，部分被一般及行政费用的下降所抵消，销售和营销费用与去年第二季度基本持平。研发费用增加的主要原因是去年第二季度某些其他投注中基于估值的薪酬负债减少，影响了薪酬的增长，其次是折旧。一般及行政费用同比下降的最大单一因素是与法律事务相关的费用减少。
Operating income was $27.4 billion, up 26% and our operating margin was 32%. Net income was $23.6 billion and EPS was $1.89. We delivered free cash flow of $13.5 billion in the second quarter and $60.8 billion for the trailing 12 months. As a reminder, last year, we had a timing benefit in the second and third quarters from a $10.5 billion deferred cash tax payment made in the fourth quarter, which depressed reported free cash flow growth this quarter, and we'll do so again next quarter. We ended the quarter with $101 billion in cash and marketable securities.
营业收入为 274 亿美元，增长了 26%，营业利润率为 32%。净收入为 236 亿美元，每股收益为 1.89 美元。我们在第二季度实现了 135 亿美元的自由现金流，在过去 12 个月中实现了 608 亿美元的自由现金流。需要提醒的是，去年第四季度支付的 105 亿美元递延现金税款使我们在第二季度和第三季度获得了时间性收益，从而抑制了本季度自由现金流的增长，下一季度我们将再次这样做。本季度结束时，我们拥有 1,010 亿美元的现金和有价证券。
Turning to segment results. Within Google Services, revenues were $73.9 billion, up 12%. Google Search and other advertising revenues of $48.5 billion in the quarter were up 14%, led again by growth in retail, followed by the financial services vertical. YouTube advertising revenues of $8.7 billion were up 13% driven by brand followed by direct response advertising. Network advertising revenues of $7.4 billion were down 5%. Subscription platforms and devices revenues were $9.3 billion up 14%, primarily reflecting growth in YouTube subscription revenues. TAC was $13.4 billion, up 7%. Google Services operating income was $29.7 billion up 27% and the operating margin was 40%.
再来看分部业绩。谷歌服务部门的收入为 739 亿美元，同比增长 12%。本季度谷歌搜索和其他广告收入为 485 亿美元，同比增长 14%，这主要得益于零售业的增长，其次是金融服务垂直行业。YouTube 广告收入为 87 亿美元，增长了 13%，主要受品牌广告和直效广告的推动。网络广告收入为 74 亿美元，下降了 5%。订阅平台和设备收入为 93 亿美元，增长 14%，主要反映了 YouTube 订阅收入的增长。TAC 为 134 亿美元，增长 7%。谷歌服务营业收入为 297 亿美元，增长 27%，营业利润率为 40%。
Turning to the Google Cloud segment. Revenues were $10.3 billion for the quarter, up 29%, reflecting first significant growth in GCP, which was above growth for cloud overall and includes an increasing contribution from AI. And second, strong Google Workspace growth, primarily driven by increases in average revenue per seat. Google Cloud delivered operating income of $1.2 billion and an operating margin of 11%. As to our Other Bets for the second quarter, revenues were $365 million and the operating loss was $1.1 billion.
下面谈谈谷歌云业务。本季度收入为 103 亿美元，同比增长 29%，这首先反映了 GCP 的显著增长，高于云计算的整体增长，其中包括人工智能带来的越来越大的贡献。其次，谷歌工作空间（Google Workspace）增长强劲，主要得益于每个座位平均收入的增长。谷歌云的营业收入为 12 亿美元，营业利润率为 11%。至于我们第二季度的其他业务，收入为 3.65 亿美元，运营亏损为 11 亿美元。
利润率太低，苹果没有这样的业务。
Turning to our outlook for the business. With respect to Google Services, First, within advertising. The strong performance of search was broad-based across verticals. In YouTube, we are pleased with the growth in the quarter. We had healthy watch time growth continued to close the monetization gap in Shorts and had continued momentum in Connected TV, with brand benefiting in part from an ongoing shift in budgets from linear television to digital. As we look forward to the third quarter, we will be lapping the increasing strength in advertising revenues in the second half of 2023, in part from APAC based retailers.
下面谈谈我们对业务的展望。关于谷歌服务，首先是广告业务。搜索业务的强劲表现在各个垂直领域都有广泛体现。在 YouTube 方面，我们对本季度的增长感到满意。我们的观看时间有了健康的增长，继续缩小了短片的货币化差距，"互联电视 "也保持了良好的发展势头，品牌广告部分受益于预算从线性电视向数字电视的持续转移。展望第三季度，我们将在 2023 年下半年看到广告收入的增长势头，其中一部分来自亚太地区的零售商。
Turning to subscriptions, platforms and devices. First, we continue to have significant growth in our subscriptions business which drives the majority of revenue growth in this line. However, there was a sequential decline in the year-on-year growth rate, as we anniversaried the impact of a price increase for YouTubeTV in the second quarter last year. The impact will persist through the balance of the year. Second, with regard to platforms.
关于订阅、平台和设备。首先，我们的订阅业务继续保持大幅增长，这也是该业务线收入增长的主要动力。不过，由于去年第二季度 YouTubeTV 价格上涨的影响，同比增长率出现了连续下降。这种影响将持续到今年年底。第二，关于平台。
We are pleased with the performance in play driven by an increase in buyers. Finally, with respect to devices. The most important point as we look forward is that our Made by Google launches have been pulled forward into the third quarter from the fourth quarter last year benefiting revenues in Q3 this year.
在买家增加的推动下，我们对市场表现感到满意。最后，关于设备。在我们展望未来时，最重要的一点是，我们的 "谷歌制造"（Made by Google）产品已从去年第四季度提前到第三季度推出，这将有利于今年第三季度的收入。
Turning to cloud, which continued to deliver very strong results. For the first time, Cloud crossed $10 billion in quarterly revenues and $1 billion in quarterly operating profit. As Sundar noted year-to-date, our AI infrastructure and generative AI solutions for cloud customers have already generated billions in revenues and are being used by more than 2 million developers. We're particularly encouraged that the majority of our top 100 customers are already using our generative AI solutions. We continue to invest aggressively in the business.
云计算继续取得非常强劲的业绩。云计算季度收入首次突破 100 亿美元，季度营业利润首次突破 10 亿美元。正如 Sundar 所说，截至目前，我们为云客户提供的人工智能基础架构和生成式人工智能解决方案已经创造了数十亿美元的收入，并被 200 多万开发人员所使用。尤其令我们感到鼓舞的是，前 100 强客户中的大多数已经在使用我们的生成式人工智能解决方案。我们将继续积极投资于这项业务。
Turning to margins. The margin expansion in Q2 versus last year reflects our ongoing efforts to durably reengineer our cost base, as well as revenue strength. Our leadership team remains focused on our efforts to moderate the pace of expense growth in order to create capacity for the increases in depreciation and expenses associated with the higher levels of investment in our technical infrastructure. Once again headcount declined quarter-on-quarter, which reflects both actions we have taken in the first half of the year and a much slower pace of hiring.
关于利润率。与去年同期相比，第二季度的利润率有所增长，这反映出我们正在努力对成本基础进行持久的再造，同时也反映出我们在收入方面的优势。我们的领导团队仍然专注于努力放缓费用增长速度，以便为与技术基础设施投资水平提高相关的折旧和费用增长创造能力。员工人数再次出现季度环比下降，这既反映了我们在上半年采取的行动，也反映了招聘速度大大放缓。
这跟股票回购很相似。
Looking ahead, we expect a slight increase in headcount in the third quarter, as we bring on new graduates. As we have discussed previously, we’re continuing to invest in top engineering and technical talent, particularly in cloud and technical infrastructure. Looking forward, we continue to expect to deliver full-year 2024 Alphabet operating margin expansion relative to 2023.
展望未来，随着新毕业生的加入，我们预计第三季度的员工人数将略有增加。正如我们之前所讨论的，我们将继续投资于顶尖的工程和技术人才，尤其是云计算和技术基础设施方面的人才。展望未来，我们仍然预计 2024 年全年Alphabet的运营利润率将比 2023 年有所增长。
没有提供具体的数值，但是比不提要好很多，大型科技企业提升利润率的能力是显而易见的。
However, in the third quarter operating margins will reflect the impact of both the increases in depreciation and expenses associated with the higher levels of investment in our technical infrastructure, as well as the increase in cost of revenues due to the pull-forward of hardware launches into Q3. With respect to CapEx, our reported CapEx in the second quarter was $13 billion, once again driven overwhelmingly by investment in our technical infrastructure with the largest component for servers followed by data centers.
不过，第三季度的运营利润率将反映出与技术基础设施投资水平提高相关的折旧和费用增加，以及由于硬件发布提前到第三季度而导致收入成本增加的影响。关于资本支出，我们第二季度报告的资本支出为 130 亿美元，再次主要由技术基础设施投资驱动，其中最大的部分是服务器，其次是数据中心。
Looking ahead, we continue to expect quarterly CapEx throughout the year to be roughly at or above the Q1 CapEx of $12 billion keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx. With regard to other bets, we continue to focus on improving overall efficiencies, as we invest for long-term returns. Waymo is an important example of this, with its technical leadership coupled with progress on operational performance. As you will see in the 10-Q, we have chosen to commit to a new multi-year investment of $5 billion. This new round of funding, which is consistent with recent annual investment levels will enable Waymo to continue to build the world's leading autonomous driving technology company.
展望未来，我们仍然预计全年的季度资本支出将大致保持在或高于第一季度的 120 亿美元，因为现金支付的时间会导致季度报告的资本支出出现变化。至于其他赌注，我们将继续专注于提高整体效率，因为我们的投资是为了长期回报。Waymo 就是一个重要的例子，它在技术上处于领先地位，同时在运营绩效方面也取得了进展。正如你们在 10-Q 报告中看到的，我们已选择投入 50 亿美元的新的多年期投资。新一轮融资与最近的年度投资水平保持一致，将使 Waymo 能够继续打造世界领先的自动驾驶技术公司。
To close, this is my 56th and last earnings call, 37 of them at Alphabet. So I have a few closing thoughts of gratitude. I've been so proud to be at Google and Alphabet as CFO and to work with some of the smartest people in the world every day. I think, we have accomplished a lot in the last nine plus years, and I am confident that progress will continue. Of course, I'm not going far and I'm honored to have my new role, which I've been slowly working my way into during the past 11 months and I look forward to continuing to work with Sundar, and our great team.
最后，这是我的第 56 次也是最后一次财报电话会议，其中 37 次是在Alphabet。最后，我想说几句感谢的话。能够在谷歌和Alphabet担任首席财务官，每天与世界上最聪明的人一起工作，我感到非常自豪。我认为，在过去的九年多时间里，我们已经取得了很大的成就，而且我相信这种进步还将继续。当然，我不会走远，我很荣幸能够担任新的职务，在过去的 11 个月里，我一直在慢慢地适应这个角色，我期待着继续与 Sundar 和我们伟大的团队合作。
Being CFO of one of the most important companies in the world has been the opportunity and responsibility of a lifetime. Google's Mission of advancing technology and bringing information to people throughout the world is as relevant today as it was when I worked on its IPO. Technology has been a catalyst for economic growth throughout human history. The people on this call know that if a technological advancement is not the focus of every business and government, they will be left behind. Underpinning this is the need for sound and responsible investment. That has never been more important than today and certainly, that is Google and Alphabet's focus.
担任世界上最重要公司之一的首席财务官，是我一生中难得的机遇和责任。谷歌的使命是推动技术进步，为全世界人民提供信息，这一使命在今天与我参与谷歌首次公开募股时一样重要。在人类历史上，技术一直是经济增长的催化剂。参加这次电话会议的人都知道，如果技术进步不是每个企业和政府关注的焦点，他们就会被抛在后面。在此基础上，需要进行稳健和负责任的投资。这一点从未像今天这样重要，当然，这也是谷歌和Alphabet的工作重点。
I want to end by thanking Googlers around the world for the innovation and commitment that has enabled us to deliver such extraordinary products and services globally. I also want to thank our investors and analysts for your long-term support and your feedback. Thank you. Sundar, Philipp and I will now take your questions.
最后，我要感谢世界各地的 Googers，是你们的创新和奉献精神让我们能够在全球范围内提供如此卓越的产品和服务。我还要感谢我们的投资者和分析师，感谢你们长期以来的支持和反馈。谢谢你们。桑达尔、菲利普和我现在将回答你们的问题。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] Your first question comes from Brian Nowak with Morgan Stanley. Your line is now open.
谢谢[第一个问题来自摩根士丹利的布莱恩-诺瓦克。您的电话现在开通
Brian Nowak 布莱恩-诺瓦克
Thanks for taking my questions. First, thank you Ruth for all the help and significant impact over the past decade. The first one, it is a little bit of a jump ball, I guess for Sundar, Philipp or Ruth. I guess we're sort of 18 months this fever pitch around the GenAI focus in the world. Maybe from any of your perspective, can you just sort of talk to us about areas where you've seen faster than expected traction or testing adoption of some of the AI, generative AI capabilities versus slower than expected traction and testing from a Google perspective. And then, Ruth I appreciate all the comments about structurally reengineering the OpEx base. Are there any more tangible examples of areas you can talk to us about where you still see further ways to drive more efficiency across the company. Thanks.
感谢您接受我的问题。首先，感谢Ruth在过去十年中的帮助和重大影响。第一个问题，我想对Sundar、Philipp或Ruth来说有点跳跃，我猜我们已经在围绕GenAI的焦点上发烧了18个月。也许从你们任何人的角度来看，你能跟我们谈谈你看到的一些领域，你看到了比预期更快的牵引力或测试采用一些AI、生成式AI能力，以及从谷歌的角度来看，比预期慢的牵引力和测试。然后，Ruth，我很感激所有关于结构性重新设计OpEx基础的评论。还有没有更具体的例子，你可以跟我们谈谈，你仍然看到在公司中推动更多效率的方式。谢谢。
Sundar Pichai 桑达尔-皮查伊
Brian, thanks. I'll take the first part. I think it's a good question. Obviously, I think there is a time curve in terms of taking the underlying technology and translating it into meaningful solutions across the Board, both on the consumer and the enterprise side. Definitely, on the consumer side, I'm pleased, as I said in my comments earlier in terms of how for a product like Search, which is used at that scale over many decades. How we've been able to introduce it in a way that it's additive and enhances the overall experience and this positively contributing there. I think across our consumer products, we've been able -- I think we are seeing progress on the organic side.
布莱恩，谢谢。我来回答第一部分。我觉得这是个好问题。很明显，我认为，无论是在消费者还是企业方面，将底层技术转化为有意义的解决方案都需要时间。肯定的是，在消费者方面，我很高兴，正如我在前面的评论中所说的，对于像搜索这样的产品，其使用规模已达数十年之久。我们如何能够以一种附加的方式引入它，并增强整体体验，这在这方面做出了积极的贡献。我认为，在我们的消费类产品中，我们已经能够 -- 我认为我们正在有机产品方面取得进展。
Gen AI如果是一项公共技术，那么存量业务会获得更大的利益，包括苹果。
Obviously monetization is something that we would have to earn on top of it. The enterprise side, I think we are at a stage where definitely there are a lot of models. I think roughly, the models are all kind of converging towards a set of base capabilities. But I think where the next wave is, working to build solutions on top of it. And I think there are pockets, be it coding, be it in customer service, et cetera, where we are seeing some of those use cases seeing traction, but I still think there is hard work there to completely unlock those.
显然，货币化是我们必须在此基础上获得的东西。在企业方面，我认为我们正处于一个肯定有很多模式的阶段。我认为，大致上，这些模式都在向一套基本功能靠拢。但我认为，下一波浪潮是在此基础上构建解决方案。我认为，在编码、客户服务等领域，我们都能看到一些这样的用例，但我仍然认为，要完全解锁这些用例，还有很多工作要做。
Ruth Porat 露丝-波拉特
And on your second question first, thank you for your comments. Look, the reason we've consistently used the term, the phrase that we're focused on durably reengineering our cost base is because these are deep work streams. They are not tactical fixes, and we continue to build on them. And so the main areas that we've talked about are around product and process prioritization around organizational efficiency and structure. Both of those are reflected in the headcount and the fact that headcount is down year-on-year. And across all of those -- as I said, across our entire leadership team, we remain focused on continuing to execute against them.
关于你的第二个问题，首先感谢你的评论。听着，我们之所以一直使用 "我们专注于持久地再造我们的成本基础 "这个词，是因为这些都是深层次的工作流。它们不是战术性的补救措施，我们将继续在此基础上开展工作。因此，我们谈到的主要领域是围绕组织效率和结构的产品和流程优先化。这两个方面都反映在员工人数上，而且员工人数同比有所下降。正如我所说的，在所有这些方面，在我们的整个领导团队中，我们仍然专注于继续执行这些目标。
Google这样的公司根本不需要什么人，BRK已经提前做到，潜力还很大。
So in terms of the most recent examples, as we talked about last quarter with the combination of the devices and services product area with the platforms and ecosystems product area, we announced that back in April. And what we discussed last quarter and what we're seeing is that unifying teams across these organizations, helps with product execution and what we're really focused on is really adding to velocity and efficiency. So kind of the gift that keeps giving. And then more broadly, all of the work streams that we've talked to you about before, we continue to remain focused on.
因此，就最近的例子而言，正如我们上个季度谈到的设备和服务产品领域与平台和生态系统产品领域的合并，我们早在四月份就宣布了这一消息。我们在上个季度讨论过，我们也看到，将这些组织的团队统一起来，有助于产品的执行，我们真正关注的是提高速度和效率。因此，这也算是一份持续不断的礼物。更广泛地说，我们之前与大家讨论过的所有工作流，我们都会继续关注。
A big one, very important one, is all of the efficiency efforts, the work streams around technical infrastructure and improving efficiency there. We are also working on the use of AI across Alphabet. We are working on continuing to build on what we've done with our centralized procurement organization. We are continuing to optimize our real estate portfolio. And so again this is across our leadership team. These are efforts that all build to this phrase durably reengineering our cost base.
其中非常重要的一项工作是提高效率，围绕技术基础设施和提高效率开展工作流。我们还致力于在Alphabet中使用人工智能。我们正在努力继续加强我们在集中采购组织方面所做的工作。我们还在继续优化我们的房地产投资组合。我们的领导团队也是如此。这些努力都是为了实现 "持久再造我们的成本基础 "这句话。
很明确，减员等同于股票回购。
Brian Nowak 布莱恩-诺瓦克
Great. Thank you both.
太好了谢谢两位。
Operator 操作员
Our next question comes from Doug Anmuth with JPMorgan. Your line is now open.
下一个问题来自摩根大通的 Doug Anmuth。您的电话现在开通。
Doug Anmuth 道格-安穆斯
Thanks for taking my questions. One for Ruth and one for Sundar. Ruth you've now had Google Services operating margins roughly 40% for the past two quarters. Just as you create more capacity to help offset the future investments, is it reasonable to think that you could sustain at those kind of levels going forward? And then, Sundar just as it relates to AI overviews, you talked about the positive trends there. Can you just help us understand where you are, how far along in rolling-out AI overviews and then any more color around kind of click-through rates and monetization levels relative to your traditional searches. Thanks.
谢谢你回答我的问题。一个问 Ruth，一个问 Sundar。露丝：在过去的两个季度里，谷歌服务的运营利润率一直保持在 40% 左右。你们创造了更多的能力，以帮助抵消未来的投资，那么你们认为今后能保持这样的水平是否合理？然后，桑达尔，就人工智能概述而言，你谈到了这方面的积极趋势。你能不能帮助我们了解一下，你们在推出人工智能概览方面的进展情况，以及相对于传统搜索的点击率和货币化水平。谢谢。
Ruth Porat 露丝-波拉特
So in terms of the Google services operating margin, it did reflect all the work that we are doing on durably reengineering the cost base. It also reflected the benefit of strong revenue performance in search. And so what I tried to lay out in the comments, as we look forward to the third quarter is operating margins will reflect the increases in depreciation and expenses associated with higher levels of our investment in technical infrastructure. It will also reflect higher expenses associated with the Pixel launch, due to the pull forward. So those are important factors.
因此，就谷歌服务的运营利润率而言，它确实反映了我们在持久重塑成本基础方面所做的所有工作。这也反映了搜索业务强劲的收入表现带来的好处。因此，我在评论中试图说明的是，在我们展望第三季度时，运营利润率将反映折旧和与技术基础设施投资水平提高相关的支出的增长。此外，还将反映出与 Pixel 发布相关的更高支出，这是由于向前拉动所致。因此，这些都是重要因素。
I would say, overall company-wide, it is important to note that we do expect to continue to deliver full year '24 Alphabet operating margin expansion relative to 2023, but I did want to highlight those important points as we look forward to Q3.
我想说的是，就整个公司而言，重要的是要注意到，我们确实希望 24 年全年Alphabet的营业利润率能继续比 2023 年有所增长，但在展望第三季度时，我确实想强调这些要点。
前面不敢提具体的数字，原因在这里，还不够强壮，但是看着最终还是能做到的。
Sundar Pichai 桑达尔-皮查伊
And Doug, thanks. On the AI overview, we are -- we have rolled it out in the US and we are -- will be through the course of the year, definitely scaling it up both to more countries. And also, we have taken a conservative start focused on quality, making sure the metrics are healthy and so on, but you will see us expand the use cases around it, and we'll touch definitely more queries. All the feedbacks we have seen are positive. And on the monetization side, I think Philipp has touched upon it. Maybe Philipp, anything more you want to add there?
道格，谢谢。关于人工智能的概述，我们已经在美国推出了人工智能，我们将在今年内将其推广到更多国家。此外，我们在开始时采取了保守的做法，专注于质量，确保指标健康等等，但你会看到我们扩大了相关的使用案例，我们肯定会接触到更多的查询。我们看到的所有反馈都是积极的。在货币化方面，我想菲利普已经谈到了。菲利普，你还有什么要补充的吗？
Philipp Schindler 菲利普-辛德勒
Yes, look, innovation and improvements to the user experience on search have historically opened up new opportunities for advertisers. We talked about this before we saw this when we navigated from desktop to mobile for example. And we can see GenAI obviously expand the types of questions we can help people with, as Sundar mentioned. And as we said before, people are finding ads either above or below AI overviews helpful. We have a solid baseline here from which we can innovate and as you have probably noticed at GML, we announced that soon we'll actually start testing Search and Shopping ads in AI overviews for users in the US, and they will have the opportunity to actually appear within the overview in a section clearly labeled as sponsored, when they're relevant to both the query and the information in the AI overview, really giving us the ability to innovate here and take this to the next level.
是的，听着，搜索用户体验的创新和改进历来为广告商带来了新的机遇。例如，当我们从台式机导航到移动设备时，我们之前就讨论过这个问题。正如 Sundar 提到的，我们可以看到 GenAI 显然扩大了我们可以帮助人们解决的问题类型。正如我们之前所说，人们发现人工智能概述上方或下方的广告都很有帮助。我们已经有了一个坚实的基础，我们可以在此基础上进行创新。你们可能已经注意到，在 GML 大会上，我们宣布将很快开始为美国用户测试人工智能概览中的搜索和购物广告，当这些广告与查询和人工智能概览中的信息相关时，它们将有机会出现在概览中明确标注为赞助商的部分，真正让我们有能力在此进行创新，并将其提升到一个新的水平。
Doug Anmuth 道格-安穆斯
Thank you. Best of luck, Ruth, in your new role.
谢谢。祝你好运，露丝，在你的新岗位上。
Ruth Porat 露丝-波拉特
Thank you. 谢谢。
Operator 操作员
Our next question comes from Michael Nathanson with Moffett. Please go ahead.
下一个问题来自莫菲特公司的迈克尔-纳坦森（Michael Nathanson）。请说。
Michael Nathanson 迈克尔-纳坦森
Thanks. I have two, one for Sundar and one for Philipp. Sundar, on decision this week to not deprecate cookies. I know it's been a long journey. Can you talk a bit about what we should expect in terms of new experience in Chrome and why the company makes a decision not to go down the path on deprecating cookies.
谢谢。我有两份，一份给 Sundar，一份给 Philipp。桑达尔，关于本周决定不废弃 cookie 的事。我知道这是一个漫长的过程。你能谈谈我们对 Chrome 浏览器新体验的期待吗？
And then Philipp, I know it's only one quarter, but it's interesting that Search is growing faster than YouTube, which surprised some of us. But can you talk about what factors you think are kind of differences in growth rates between these markets? And is there anything on the AI front that you could see maybe reaccelerating YouTube growth, as you've seen happen with Search. Thanks so much.
然后是 Philipp，我知道这只是一个季度，但有趣的是，搜索的增长速度超过了 YouTube，这让我们中的一些人感到惊讶。但你能谈谈你认为这些市场之间的增长率差异是由哪些因素造成的吗？在人工智能方面，你是否能看到YouTube的增长可能会重新加速，就像你在搜索方面看到的那样？非常感谢。
Sundar Pichai 桑达尔-皮查伊
And Michael on cookies, Look I think, obviously we are super committed to improving privacy for users in chrome and there was the whole focus around privacy sandbox and we remain committed on the journey, but on third-party cookies, given the implications across the ecosystems and considerations and feedback across so many stakeholders. We now believe user choice is the best path forward there and we'll both improve privacy by giving users choice and we'll continue our investments in privacy enhancing technologies, but it is obviously an area we will be taking feedback from the players in the ecosystem and we are committed to being privacy first as well.
关于cookie，迈克尔说："很显然，我们致力于改善chrome浏览器用户的隐私，我们一直关注隐私沙盒，并将继续致力于这一进程，但在第三方cookie方面，考虑到对整个生态系统的影响，以及众多利益相关者的考虑和反馈，我们认为用户选择是最好的出路。我们现在相信，用户选择是最好的前进道路，我们将通过为用户提供选择来改善隐私，并将继续投资于隐私增强技术，但很明显，我们将从生态系统中的参与者那里获得反馈，我们也将致力于隐私第一。
显然做不到苹果能做到的程度。
Philipp Schindler 菲利普-辛德勒
And on the second part of your question, maybe Ruth, you want to jump in first and then I take the rest if needed.
关于你问题的第二部分，也许露丝，你想先说，如果需要的话，剩下的由我来回答。
Ruth Porat 露丝-波拉特
Absolutely. So Look, as we both noted, search revenues really reflected broad based growth across verticals. That was led by retail followed by financial services. I think your question really goes to the heart of the year-on-year growth comparison. And as both Philipp and I noted, we are really pleased with YouTube, the YouTube team all that was done, it was driven by brand followed by direct response, and they have very strong ongoing operating metrics, which Philipp will comment on.
当然。听着，正如我们都注意到的，搜索收入确实反映了各垂直行业的广泛增长。这主要是由零售业带动的，其次是金融服务业。我认为你的问题真正触及了同比增长比较的核心。正如菲利普和我所指出的，我们对 YouTube 感到非常满意，YouTube 团队所做的一切，都是由品牌驱动的，其次是直接响应，他们拥有非常强劲的持续运营指标，菲利普将对此发表评论。
I think the important point to note, and I tried to tease out in opening comments, was that the deceleration in this year-on-year revenue growth for the second quarter versus the first quarter, primarily reflected the tougher comparison versus the first quarter because at that point, as you probably recall, YouTube was lapping negative year-on-year growth in Q1 last year. And then also Q1 benefited from the extra from leap year. And so what you are also seeing here is with YouTube, we were [anniversaring] (ph) the ramp in APAC based retailers that began in the second quarter last year and foreign exchange headwinds as well that we noted. And so it's -- there are some timing issues going on. And what we are trying to highlight is the underlying operating strength. Back to you, Philipp.
我认为值得注意的一点是，第二季度与第一季度相比，收入的同比增长有所放缓，这主要反映了与第一季度的比较更为艰难，因为当时，你们可能还记得，YouTube 在去年第一季度出现了同比负增长。此外，第一季度还受益于闰年带来的额外增长。因此，你在这里看到的也是 YouTube 的情况，我们从去年第二季度开始在亚太地区零售商的增长，以及我们注意到的外汇逆风。因此，现在出现了一些时机问题。我们想强调的是基本运营实力。回到你身边，Philipp。
Philipp Schindler 菲利普-辛德勒
Yes, that was very comprehensive. Nothing really to add from my side here.
是的，非常全面。我这边没什么要补充的。
Sundar Pichai 桑达尔-皮查伊
The only thing I would say, adding to Brian's first question on areas where things are maybe taking longer. I think, look we are all building multimodal models. At least Gemini has been natively multimodal from the ground up. But most of the use cases today that have been unlocked have been around the tech side. So in terms of getting real generative audio, video experience is working well. I think there is still – it is going to take some time. But over time, obviously it will be deeply relevant to YouTube and so it's an area I'm excited about in the future.
我唯一想说的是，在布莱恩提出的第一个问题基础上，再补充一个可能需要更长时间的问题。我认为，我们都在构建多模态模型。至少 Gemini 从一开始就具有原生的多模态功能。但是，目前已解锁的大多数用例都是围绕技术方面展开的。因此，在获得真正的生成音频和视频体验方面，我们的工作进展顺利。我认为这还需要一些时间。但随着时间的推移，它显然会与 YouTube 密切相关，所以这是我对未来感到兴奋的一个领域。
存量业务的先发优势能不能拿在手里？不担心苹果，Google的不确定要大一些。
Michael Nathanson 迈克尔-纳坦森
Okay. Thanks a lot. And best to you. Thanks.
好的非常感谢祝你好运谢谢。
Operator 操作员
Your next question comes from Eric Sheridan with Goldman Sachs. Your line is now open.
下一个问题来自高盛集团的 Eric Sheridan。您的电话现在开通。
Eric Sheridan 埃里克-谢里丹
Thanks so much. And I'll echo the thanks for Ruth, for all the insights and partnership over the years on these earnings calls. Sundar maybe first for you, in terms of Cloud and bringing AI to the enterprise, I wanted to know if you go a little bit deeper in terms of how you are seeing AI actually get adopted implemented, what it potentially could mean for the strategic positioning of the cloud business and the potential for AI workloads to be a stimulant to revenue growth for Cloud first. And then following up the last set of questions on YouTube are really about the macro or the ad environment. What do you guys, as a team, continue to learn about the subscription side of YouTube and the appetite for consumers to engage with a broader array of media products at the subscription layer. Thanks.
非常感谢。我也要感谢露丝，感谢她多年来在财报电话会议上提出的真知灼见和与我们的合作。桑达尔（Sundar），也许首先是关于云计算和将人工智能引入企业的问题，我想知道你是否能更深入地谈谈你是如何看到人工智能被实际采用的，它对云计算业务的战略定位可能意味着什么，以及人工智能工作负载对云计算收入增长的潜在推动作用。最后一组关于 YouTube 的问题是关于宏观或广告环境的。作为一个团队，你们如何继续了解 YouTube 的订阅方面，以及消费者在订阅层参与更广泛的媒体产品的愿望。谢谢。
Sundar Pichai 桑达尔-皮查伊
Thanks Eric. Look, on the Cloud and AI stuff, obviously, it is something which I think will end up being a big driver over time. I mentioned in my opening remarks, already if you take a look at our AI infrastructure and generative AI solutions for cloud across everything we do, be it compute on the AI side, the products we have through Vertex AI, Gemini for Workspace and Gemini for Google Cloud, et cetera, we definitely are seeing traction. People are deeply engaging with Gemini models across Vertex and AI studio. We now have over 2 million developers playing around with these things, and you are definitely seeing early use cases. But I think we are in this phase, where we have to deeply work and make sure on these use cases, on these workflows.
谢谢埃里克。听着，关于云和人工智能，很明显，我认为这将是未来的一大驱动力。我在开场白中提到，如果你看看我们的人工智能基础架构和面向云的生成式人工智能解决方案，无论是人工智能方面的计算，还是我们通过 Vertex AI、Gemini for Workspace 和 Gemini for Google Cloud 等产品所做的一切，我们肯定会看到牵引力。人们正在深入参与顶点和 AI studio 的 Gemini 模型。我们现在有超过 200 万名开发人员在使用这些东西，您肯定会看到早期的使用案例。但我认为我们正处于这样一个阶段，我们必须深入研究并确保这些使用案例和工作流程。
We are driving deeper progress on unlocking value, which I'm very bullish will happen, but these things take time. So -- but if I were to take a longer-term outlook, I definitely see a big opportunity here. And I think particularly for us, given the extent to which we are investing in AI, our research infrastructure leadership, all of that translates directly. And so I'm pretty excited about the opportunity space ahead.
我们正在推动价值释放方面取得更深层次的进展，我非常看好这种进展，但这些都需要时间。因此，但如果从更长远的角度来看，我肯定会看到巨大的机遇。我认为，特别是对我们来说，鉴于我们在人工智能领域的投资程度、我们在研究基础设施方面的领先地位，所有这些都可以直接转化为机遇。因此，我对未来的机遇空间感到非常兴奋。
Ruth Porat 露丝-波拉特
And then on your second question with respect to subscriptions, I am implicit in your question, how strong is it, as I noted in opening comments, that overall line subscriptions platforms and devices delivered healthy growth and that was led by subscriptions. And as we've said on many calls here in a row, the subscription revenue growth continued to be quite strong. It was driven by subscriber growth in both YouTube TV and YouTube Music premium. And then the other component within that line is Google One that also delivered strong subscriber and revenue growth. I think the heart of your question is really around YouTube and that is the heart of the revenues in that line. So it continues to be very strong. We see a lot of take up in it, strong subscriber growth, really pleased with it. We did note that growth on that line decelerated due to anniversarying the YouTube TV price increase. But at the heart of it, our people interested in the subscription offerings and it’s the take of significant. We're really pleased with it.
你的第二个问题是关于订阅的，正如我在开场白中提到的，整体订阅平台和设备实现了健康的增长，而这主要是由订阅带动的。正如我们在连续多次电话会议上所说的那样，订阅收入的增长依然相当强劲。这主要得益于 YouTube TV 和 YouTube Music premium 订阅用户的增长。此外，谷歌一号（Google One）也实现了强劲的用户和收入增长。我认为你问题的核心其实是围绕 YouTube 的，而这正是该业务线收入的核心。因此，它将继续保持强劲的增长势头。我们看到它有很多用户，用户增长强劲，我们对此非常满意。我们确实注意到，由于 YouTube TV 周年涨价，该业务线的增长速度有所放缓。但最重要的是，我们的用户对订阅产品很感兴趣，而且订阅率很高。我们对此非常满意。
Eric Sheridan 埃里克-谢里丹
Thank you. 谢谢。
Operator 操作员
Our next question comes from Ross Sandler with Barclays. Your line is now open.
下一个问题来自巴克莱银行的罗斯-桑德勒（Ross Sandler）。您的电话现在开通。
Ross Sandler 罗斯-桑德勒
Hi, everybody. Just two questions on the AI CapEx. So it looks like from the outside at least, the hyperscaler industry is going from kind of an under bill situation this time last year to better meeting the demand with capacity right now to potentially being overbuilt next year if these CapEx growth rates keep up. So do you think that's a fair characterization? And how are we thinking about the return on invested capital with this AI CapEx cycle. And then related to that, do you think that the AI industry is close to or far away from hitting some kind of wall on foundation model improvement in AI training, based on like lack of availability of new data to train on. Just your thoughts on that would be great. Thank you.
大家好。我只想问两个关于人工智能资本支出的问题。至少从外部看来，超级分销商行业正从去年这个时候的账单不足，到现在的产能更好地满足需求，再到明年如果这些资本支出的增长率保持下去，可能会出现过剩。你认为这样的描述合理吗？我们如何看待人工智能资本支出周期下的投资资本回报？与此相关的是，您认为人工智能行业在人工智能训练中的基础模型改进方面，是否会因为缺乏可用于训练的新数据而碰壁？如果能谈谈你的看法就更好了。谢谢。
Sundar Pichai 桑达尔-皮查伊
Thanks Ross. I think great questions. Look, I -- obviously, we are at an early stage of what I view as a very transformative area and in technology when you are going through these transitions, aggressively investing upfront in a defining category, particularly in an area in which in a leveraged way cuts across all our core areas our products, including Search, YouTube and other services, as well as fuels growth in Cloud and supports the innovative long-term Bets and Other Bets is definitely something for us makes sense to lean in.
谢谢你，罗斯。我觉得问题提得很好。听着，很明显，我们正处于一个我认为非常具有变革性的技术领域的早期阶段，当你经历这些转变时，积极地对一个决定性的类别进行前期投资，特别是在一个以杠杆方式横跨我们所有核心产品领域的领域，包括搜索、YouTube 和其他服务，以及促进云计算的增长和支持创新的长期投注和其他投注，这对我们来说绝对是有意义的。
I think the one way I think about it is when we go through a curve like this, the risk of under-investing is dramatically greater than the risk of over-investing for us here, even in scenarios where if it turns out that we are over investing. We clearly -- these are infrastructure, which are widely useful for us. They have long useful lives and we can apply it across, and we can work through that. But I think not investing to be at the frontier, I think definitely has much more significant downside. Having said that, we obsess around every dollar we put in. Our teams are -- work super hard, I'm proud of the efficiency work, be it optimization of hardware, software, model deployment across our fleet. All of that is something we spend a lot of time on, and that's how we think about it.
我认为，当我们经历这样一条曲线时，对我们来说，投资不足的风险远远大于投资过度的风险，即使在事实证明我们投资过度的情况下也是如此。很明显，这些基础设施对我们非常有用。它们有很长的使用寿命，我们可以将其应用于各个领域，我们可以解决这个问题。但我认为，如果不投资于前沿领域，我认为肯定会有更大的负面影响。话虽如此，我们对投入的每一分钱都锱铢必较。我们的团队工作非常努力，我为我们的效率工作感到自豪，无论是硬件、软件的优化，还是整个机队的机型部署。所有这些我们都花了很多时间，我们就是这样考虑的。
有一点很肯定，传统企业的空间会进一步收缩，这些故事跟传统企业没有半毛钱的关系。
To your second question on whether -- how do the scaling loss hold. Are we hitting on some kind of wall or something? Look, I think we are all pushing very hard, and there is going to be a few efforts, which will scale up on the compute side and push the boundaries of these models. What I would tell is regardless of how that plays out, you still think there is enough optimizations we are all doing, which is driving constant progress in terms of the capabilities of the models. And more importantly, taking them and translating into real use cases across the consumer and enterprise side, I think on that frontier. I think there is still a lot of progress to be had. And so we are pretty focused on that as well.
至于你的第二个问题，即缩放损失是否成立？我们是否遇到了某种障碍？听着，我认为我们都在非常努力地推进，而且会有一些努力，这些努力会在计算方面扩大规模，并推动这些模型的发展。我想说的是，无论结果如何，你仍然认为我们都在做足够多的优化工作，这将推动模型能力的不断进步。更重要的是，将它们转化为消费者和企业方面的实际用例，我认为这才是最前沿的。我认为还有很多工作要做。因此，我们也非常关注这一点。
Ross Sandler 罗斯-桑德勒
Thank you. 谢谢。
Operator 操作员
Our next question comes from Stephen Ju with UBS. Your line is now open.
下一个问题来自瑞银集团的 Stephen Ju。您的电话现在开通。
Stephen Ju 朱棣文
Okay. Thank you so much. So Sundar, I guess to ask the AI question a different way. As we talk to some of the model builders out there, it looks like the initial use cases are more on the cost savings or efficiency side. But when do we -- when do you think we'll start thinking about products that can help revenue generation for the Fortune 500, Fortune 1000 companies, which is probably something that can hopefully create greater value over time versus just cutting costs? And Philipp, listening to what will be, I guess Ruth's final comments on Q2 on these public calls. And thank you, by the way Ruth, for all the help.
好的 非常感谢 Okay.非常感谢桑达尔，我想换个问人工智能问题的方式。在我们与一些模型构建者交谈时，他们似乎更倾向于节约成本或提高效率方面的初始用例。但是，你认为我们什么时候会开始考虑能帮助财富 500 强、财富 1000 强公司创收的产品？我想这将是露丝在这些公开电话中对第二季度的最后评论。顺便谢谢露丝的帮助。
I couldn't help but notice that the bigger factors were brand followed by direct response. And if we continue to think that the one you bring up first is the larger factor and tying this into your prior commentary about shopping being an important consideration. When do you think we'll start talking about direct response being a much bigger contributor to YouTube's growth versus brand? Thank you.
我注意到更大的因素是品牌，其次是直接响应。如果我们继续认为你首先提出的是更大的因素，并且将这与您之前关于购物是重要考虑因素的评论联系起来。你认为我们什么时候会开始讨论直接响应成为YouTube增长的更重要贡献者，而不是品牌？谢谢。
Sundar Pichai 桑达尔-皮查伊
On the first part of the question look I think the technology's horizontal enough, it can apply on both sides. If you take a use case like improving the customer service experience, it is part of it which is driving efficiencies, and you can look at it from a cost standpoint, but you could also be overall improving the experience, improving conversion, driving the funnel better. And so increasing basket size if you are a retail e-commerce player, et cetera. So we are seeing people experiment across both sides. And so I think, you will see it played across both sides. Philipp, on the second one?
关于问题的第一部分，我认为这项技术足够横向，可以应用于两方面。如果以改善客户服务体验为例，它是提高效率的一部分，你可以从成本的角度来看待它，但你也可以从整体上改善体验、提高转化率、改善漏斗。如果你是零售电商，还可以增加购物篮规模，等等。因此，我们看到人们在这两方面都进行了尝试。所以我认为，你会看到这两方面都在发挥作用。菲利普，关于第二个问题？
供应和需求都在增加。
Philipp Schindler 菲利普-辛德勒
Yes. On the second one, look on the direct response side, as you know it is about driving and converting commercial intent and customers are obviously benefiting from including video in their AI-powered campaigns, it could be PMax, it could be DemandGen and obviously using our automated tools to enhance and create video creatives. And we are very, very optimistic about this path. On average advertisers who run both image and video ads with DemandGen campaigns see 6% more conversions per dollar than those running image only ads and discovery. And this is just one little example of how this can obviously boost your performance business. So that's a big part.
是的。其次，从直接响应方面来看，正如你所知道的，它是关于推动和转换商业意图的，客户显然受益于在其人工智能驱动的营销活动中加入视频，这可能是 PMax，也可能是 DemandGen，而且显然是使用我们的自动化工具来增强和创建视频创意。我们非常非常看好这条道路。使用 DemandGen 同时投放图片和视频广告的广告主，平均每美元的转化率比仅投放图片广告和发现广告的广告主高出 6%。这只是一个小例子，就能说明它如何明显提升您的业绩业务。因此，这是一个重要部分。
The brand side, as you know Google AI continues to make it easier for brands to show up next to the content where viewers are obviously the most engaged. And they're finding it, as you can see from the numbers, a very effective way to drive awareness and consideration. And we are also quite excited about some of the recent launches on YouTube shopping side, if you want to put that into the direct response bucket.
在品牌方面，正如大家所知，谷歌人工智能将继续使品牌更容易出现在观众参与度最高的内容旁边。从数据中可以看出，他们发现这是提高知名度和关注度的有效方式。如果你想将其归入直接响应的范畴，我们对最近在 YouTube 购物方面推出的一些产品也感到非常兴奋。
Stephen Ju 朱棣文
Okay. Thank you. 好的 谢谢 Okay.谢谢
Operator 操作员
And our last question comes from Justin Post with Bank of America. Your line is now open.
最后一个问题来自美国银行的贾斯汀-波斯特。您的电话现在开通
Justin Post 贾斯汀-波斯特
Great. I'll ask a couple of areas. First on the cloud acceleration, would you characterize that as new AI demand helping drive that year-to-date? Or is that more of a rebound in just general compute and other demand or is AI really moving this forward and helping drive acceleration. And then I wanted to ask about your internal cost savings which has been really strong. How are you using AI internally to help cut costs? Are you seeing better efficiencies with your engineers? And just would love to hear about how you are applying AI to cut your own costs? Thank you.
很好。我想问几个方面。首先，关于云计算的加速，你认为是新的人工智能需求帮助推动了今年迄今为止的加速？或者说，这更多是一般计算和其他需求的反弹，还是人工智能真正推动了这一进程并帮助推动了加速？然后，我想问一下你们的内部成本节约情况，你们的内部成本节约一直非常强劲。你们是如何在内部使用人工智能来帮助削减成本的？你们的工程师是否提高了效率？我只是想听听你们是如何应用人工智能来削减自己的成本的？谢谢。
Ruth Porat 露丝-波拉特
Great. Thank you for that. So overall we are -- as both Sundar and I said, we are very pleased with the results in Cloud. And there is clearly a benefit as the Cloud team is engaging broadly with customers around the globe with AI related solutions, AI infrastructure solutions and the generative-AI solutions. I think we noted that we're particularly encouraged that the majority of our top 100 customers are already using our generative AI solution. So it is clearly adding to strength of the business on top of all that they are doing. And just to be really clear, the results for GCP, the growth rate for GCP is above the growth for cloud overall.
太好了。谢谢。总的来说，正如桑达尔和我所说，我们对云业务的成果非常满意。云计算团队正在与全球客户广泛接触，提供人工智能相关解决方案、人工智能基础设施解决方案和生成式人工智能解决方案，这显然会带来好处。我想我们注意到，我们前 100 强客户中的大多数已经在使用我们的生成式人工智能解决方案，这尤其令我们感到鼓舞。因此，在他们正在做的所有工作的基础上，这显然增加了业务实力。而且要明确的是，GCP 的业绩，GCP 的增长率高于云计算的整体增长率。
And then I'll turn it to Sundar on the cost saving point, but just one point we are really pleased as well that Cloud's margin improved as it did. And in part, that reflects the revenue strength that they delivered and all of the efficiency efforts that I've already spoken about. But looking ahead in Q3, we do expect the same seasonal pattern that you saw last year with respect to margin and we are continuing to invest in the business.
然后，我将把节约成本这一点交给桑达尔，但有一点我们也非常高兴，那就是云计算的利润率有所提高。这在一定程度上反映了他们的收入优势，以及我已经谈到的所有提高效率的努力。但展望第三季度，我们预计利润率会出现与去年相同的季节性模式，我们将继续投资于业务。
Sundar Pichai 桑达尔-皮查伊
Look, I think specifically, if the question is about engineers and coding, et cetera, we definitely want to be on the cutting edge there. I think, we are making these tools available to some of the most [line of] (ph) productive engineers and demanding engineers out there, and they are definitely kicking the tires hard. And -- but I would say, it's still all in very early stages. I think particularly when it comes to writing high-quality secure code, but I think all the learnings what we are gaining here will translate into our models and products, and that's the virtuous cycle, which I'm excited by. So there's a lot more to come.
听着，我认为，具体来说，如果问题是关于工程师和编码等，我们肯定希望走在最前沿。我认为，我们正在向一些最有生产力的工程师和要求最苛刻的工程师提供这些工具，他们肯定正在努力尝试。但我要说的是，这一切都还处于早期阶段。我认为，尤其是在编写高质量的安全代码方面，但我认为，我们在这里获得的所有知识都将转化为我们的模型和产品，这就是良性循环，我对此感到非常兴奋。所以，未来还有很多事情要做。
Justin Post
Great, thank you. 太好了，谢谢。
Operator 操作员
Thank you. And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Jim Friedland for any further remarks.
谢谢。今天的问答环节到此结束。下面请吉姆-弗里德兰继续发言。
Jim Friedland 吉姆-弗里德兰
Thanks everyone for joining us today. We look forward to speaking with you again on our third quarter 2024 call. Thank you and have a good evening.
感谢大家参加今天的会议。我们期待在 2024 年第三季度的电话会议上再次与大家交流。谢谢大家，祝大家晚上愉快。
Operator 操作员
Thank you everyone. This concludes today's conference call. Thank you for participating. You may now disconnect.
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