2024-07-31 Meta Platforms, Inc. (META) Q2 2024 Earnings Call Transcript
Meta Platforms, Inc. (NASDAQ:META) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET
Meta Platforms, Inc. (NASDAQ:META) 2024 年第二季度财报电话会议 2024 年 7 月 31 日 下午 5:00 ET
Company Participants 公司参与者
Kenneth Dorell - Director of IR
肯尼斯·多雷尔 - 投资关系总监
Mark Zuckerberg - Founder, Chairman and CEO
马克·扎克伯格 - 创始人、董事长兼首席执行官
Susan Li - CFO 苏珊·李 - 首席财务官
Conference Call Participants
会议电话参与者
Brian Nowak - Morgan Stanley
布赖恩·诺瓦克 - 摩根士丹利
Mark Shmulik - Bernstein Research
马克·舒穆利克 - 伯恩斯坦研究
Eric Sheridan - Goldman Sachs
埃里克·谢里丹 - 高盛
Douglas Anmuth - JPMorgan
道格拉斯·安穆斯 - 摩根大通
Justin Post - Bank of America
贾斯廷·波斯特 - 美国银行
Mark Mahaney - Evercore ISI
马克·马哈尼 - Evercore ISI
Youssef Squali - Truist Securities
尤瑟夫·斯夸利 - Truist 证券
Ronald Josey - Citi 罗纳德·乔西 - 花旗
Ross Sandler - Barclays 罗斯·桑德勒 - 巴克莱
Operator 操作员
Good afternoon. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions] This call will be recorded.
下午好。我的名字是 Krista，我将是今天的会议主持人。此时，我想欢迎大家参加 Meta 第二季度财报电话会议。所有线路已被静音，以防止背景噪音。在发言者发言后，将进行问答环节。[主持人说明] 本次通话将被录音。
Thank you very much. Kenneth Dorell, Meta's Director of Investor Relations, you may begin.
非常感谢。Meta 的投资者关系总监肯尼斯·多雷尔，您可以开始了。
Kenneth Dorell 肯尼斯·多雷尔
Thank you. Good afternoon and welcome to Meta Platform's Second Quarter 2024 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO, and Susan Li, CFO.
谢谢。下午好，欢迎参加 Meta 平台 2024 年第二季度财报电话会议。今天与我一起讨论我们业绩的有首席执行官马克·扎克伯格和首席财务官苏珊·李。
Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release and in our Quarterly Report on Form 10-Q, filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.
在我们开始之前，我想借此机会提醒您，我们今天的发言将包括前瞻性声明。实际结果可能与这些前瞻性声明所设想的有重大差异。可能导致这些结果有重大差异的因素已在今天的财报新闻稿和我们提交给证券交易委员会的 10-Q 季度报告中列出。我们在此次电话会议中所做的任何前瞻性声明均基于截至今天的假设，我们没有义务因新信息或未来事件更新这些声明。
During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying Investor Presentation are available on our website at investor.fb.com.
在此次电话会议中，我们将介绍 GAAP 和某些非 GAAP 财务指标。GAAP 与非 GAAP 指标的调节已包含在今天的财报新闻稿中。财报新闻稿及相关的投资者演示文稿可在我们的网站上获取，网址为 investor.fb.com。
And now I'd like to turn the call over to Mark.
现在我想把电话交给马克。
Mark Zuckerberg 马克·扎克伯格
All right, thanks Ken. And hey everyone, thanks for joining today. This was a strong quarter for our community and business. We estimate that there are now more than 3.2 billion people using at least one of our apps each day. The growth we're seeing here in the US has especially been a bright spot. WhatsApp now serves more than 100 million monthly actives in the US, and we're seeing good year-over-year growth across Facebook, Instagram, and Threads as well, both in the US, and globally.
好的，谢谢 Ken。大家好，感谢今天的参与。这是我们社区和业务的一个强劲季度。我们估计现在每天有超过 32 亿人使用我们的至少一款应用。我们在美国看到的增长尤其是一个亮点。WhatsApp 在美国的月活跃用户超过 1 亿，我们在 Facebook、Instagram 和 Threads 上也看到了良好的同比增长，无论是在美国还是全球范围内。
I'm particularly pleased with the progress that we're making with young adults on Facebook. The numbers we are seeing, especially in the US, really go against the public narrative around who's using the app. A couple of years ago, we started focusing our apps more on 18 to 29 year olds and it's good to see that those efforts are driving good results. Another bright spot is Threads which is about to hit 200 million monthly actives. We're making steady progress towards building what looks like it's going to be another major social app. And we are seeing deeper engagement, and I'm quite pleased with the trajectory here.
我对我们在 Facebook 上与年轻人取得的进展特别满意。我们看到的数字，尤其是在美国，确实与公众对谁在使用这个应用的看法相悖。几年前，我们开始将应用的重点更多放在 18 到 29 岁的人群上，看到这些努力带来了良好的结果，令人欣慰。另一个亮点是 Threads，它即将达到 2 亿月活跃用户。我们在构建另一个主要社交应用方面稳步推进。我们看到更深层次的参与，我对这里的发展轨迹感到非常满意。
The big theme right now is, of course, AI. And I'll focus my comments today on three areas. What AI means for our family of apps and core business. What new AI experiences and opportunities we see, and how AI is shaping our metaverse work. So let's start. Across Facebook and Instagram, advances in AI continue to improve the quality of recommendations and drive engagement.
当前的大主题当然是人工智能。我今天的评论将集中在三个方面。人工智能对我们的应用程序家族和核心业务意味着什么。我们看到的新人工智能体验和机会，以及人工智能如何塑造我们的元宇宙工作。那么我们开始吧。在 Facebook 和 Instagram 上，人工智能的进步持续提高推荐质量并推动参与度。
And we keep finding that as we develop more general recommendation models, content recommendations get better. In this quarter, we rolled out our full screen video player and unified video recommendation service across Facebook, bringing Reels, longer videos, and live into a single experience. And this has allowed us to extend our unified AI systems, which had already increased engagement on Facebook Reels more than our initial move from CPUs to GPUs did. Over time I'd like to see us move towards a single unified recommendation system that powers all of the content including things like people you may know, across all of our surfaces. We're not there yet. They're still upside, and we're making good progress here.
我们不断发现，随着我们开发更通用的推荐模型，内容推荐变得更好。在本季度，我们推出了全屏视频播放器和统一的视频推荐服务，将 Reels、较长视频和直播整合到一个单一的体验中。这使我们能够扩展我们的统一 AI 系统，而这个系统已经使 Facebook Reels 的参与度比我们最初从 CPU 转向 GPU 时的提升更大。随着时间的推移，我希望我们能够朝着一个统一的推荐系统迈进，支持所有内容，包括您可能认识的人，覆盖我们所有的平台。我们还没有达到这个目标，但仍然有提升空间，我们在这方面取得了良好的进展。
张一鸣很早就在这么做了，所有内容都可以token化，所有人都看到这个事实以后会不会变成资本的坟墓？
AI is also going to significantly evolve our services for advertisers in some exciting ways. It used to be that advertisers came to us with a specific audience they wanted to reach, like a certain age group, geography, or interests. Eventually, we got to the point where our ad systems could better predict who would be interested than the advertisers could themselves. But today, advertisers still need to develop creative themselves. And in the coming years, AI will be able to generate creative for advertisers as well. And we'll also be able to personalize it as people see it.
人工智能还将以一些令人兴奋的方式显著发展我们为广告客户提供的服务。过去，广告客户会向我们提出他们想要接触的特定受众，比如某个年龄段、地理位置或兴趣。最终，我们的广告系统能够比广告客户自己更好地预测谁会感兴趣。但今天，广告客户仍然需要自己开发创意。在未来几年，人工智能也将能够为广告客户生成创意。我们还将能够在用户看到时进行个性化处理。
Over the long term, advertisers will basically just be able to tell us a business objective and a budget, and we're going to go do the rest for them. We're going to get there incrementally over time, but I think this is going to be a very big deal. Moving on to some of the brand new experiences that AI enables, last quarter we started broadly rolling out our assistant Meta AI, and it is on track to achieve our goal of becoming the most used AI assistant by the end of the year.
从长远来看，广告商基本上只需要告诉我们一个商业目标和预算，我们将为他们完成其余的工作。我们会逐步实现这一目标，但我认为这将是一个非常重要的事情。接下来谈谈人工智能带来的全新体验，上个季度我们开始广泛推出我们的助手 Meta AI，并且它正朝着在年底之前成为使用最广泛的人工智能助手的目标迈进。
We have an exciting roadmap ahead of things that we want to add, but the bottom-line here is that Meta AI feels like it is on track to be an important service and it's improving quickly both in intelligence and features. Some of the use cases are utilitarian like searching for information or role-playing difficult conversations before you have them with another person and other uses are more creative like the new imagine yourself feature that lets you create images of yourself doing whatever you want in whatever style you want and part of the beauty of AI is that it's general. So we're still uncovering the wide range of use cases that it's valuable for.
我们有一个令人兴奋的路线图，计划添加许多功能，但关键是 Meta AI 感觉正在朝着成为一项重要服务的方向发展，并且在智能和功能上都在快速提升。一些用例是实用的，比如搜索信息或在与他人进行困难对话之前进行角色扮演，其他用法则更具创意，比如新的“想象你自己”功能，让你可以以任何你想要的风格创建自己做任何事情的图像，人工智能的美在于它的通用性。因此，我们仍在发掘它的广泛应用场景。
碎片化的思维方式，腾讯反而做的不错。
An important part of our vision is that we're not just creating a single AI, but enabling lots of people to create their own AIs. And this week we launched AI Studio, which lets anyone create AIs to interact with across our apps. I think the creators are especially going to find this quite valuable. There are millions of creators across our apps, and these are people who want to engage more with their communities, and their communities want to engage more with them, but there are only so many hours in the day.
我们愿景的重要部分是，我们不仅仅是在创建一个单一的人工智能，而是让很多人能够创建自己的人工智能。本周我们推出了 AI 工作室，任何人都可以创建人工智能在我们的应用中进行互动。我认为创作者们会发现这非常有价值。我们的应用中有数百万创作者，他们希望与自己的社区更多互动，而他们的社区也希望与他们更多互动，但一天的时间是有限的。
So now they are going to be able to use AI Studio to create AI agents that can channel them to chat with their community, answer people's questions, create content and more. So I'm quite excited about this. But this goes beyond creators too. Anyone is going to be able to build their own AIs based on their interests or different topics that they are going to be able to engage with or share with their friends. Business AIs are the other big piece here. We're still in Alpha testing with more and more businesses. The feedback we're getting is positive so far. Over time, I think that just like every business has a website, a social media presence, and an email address, in the future I think that every business is also going to have an AI agent that their customers can interact with. And our goal is to make it easy for every small business, eventually every business, to pull all of their content and catalog into an AI agent that drives sales and saves them money.
现在他们将能够使用 AI 工作室创建 AI 代理，与他们的社区聊天，回答人们的问题，创建内容等等。我对此感到非常兴奋。但这不仅限于创作者。任何人都可以根据自己的兴趣或不同主题构建自己的 AI，以便与之互动或与朋友分享。商业 AI 是另一个重要部分。我们仍在与越来越多的企业进行 Alpha 测试。到目前为止，我们收到的反馈是积极的。随着时间的推移，我认为就像每个企业都有网站、社交媒体存在和电子邮件地址一样，未来我认为每个企业也将拥有一个客户可以互动的 AI 代理。我们的目标是让每个小企业，最终是每个企业，都能轻松将其所有内容和目录整合到一个推动销售并为他们节省开支的 AI 代理中。
这个假设看上去就不成立。
When this is working at scale, I think that this is going to dramatically accelerate our business messaging revenue. There are a lot of other new opportunities here that I'm excited about too, but I'll save those for another day when we're ready to roll them out. The engine that powers all these new experiences is the Llama family of foundation models. In this quarter we released Llama 3.1 which includes the first frontier level open source model as well as new and industry leading small and medium sized models.
当这一切在大规模运作时，我认为这将大大加速我们的商业消息收入。这里还有很多其他新的机会让我感到兴奋，但我会留到另一天再分享，当我们准备好推出它们时。驱动所有这些新体验的引擎是 Llama 系列基础模型。在本季度，我们发布了 Llama 3.1，其中包括第一个前沿级别的开源模型，以及新的行业领先的小型和中型模型。
The $405 billion model has better cost performance relative to the leading closed models, and because it's open, it is immediately the best choice for fine-tuning and distilling your own custom models of whatever size you need. I think we are going to look back at Llama 3.1 as an inflection point in the industry where open source AI started to become the industry standard, just like Linux is. I often get asked why I'm so bullish on Open Source. I wrote a letter along with the Llama 3.1 release, explaining why I believe that Open Source is better for developers, for Meta app, and for the world more broadly.
这个 4050 亿的模型相对于领先的封闭模型具有更好的性价比，并且由于它是开放的，它立即成为微调和提炼您所需的任何大小自定义模型的最佳选择。我认为我们将回顾 Llama 3.1，认为这是行业的一个转折点，开源代码的人工智能开始成为行业标准，就像 Linux 一样。我经常被问到为什么我对开源如此看好。我在 Llama 3.1 发布时写了一封信，解释了我为什么相信开源对开发者、Meta 应用程序以及更广泛的世界更有利。
My view is that Open Source will be safer, will enable innovation that improves all of our lives faster, and we'll also create more shared prosperity. For Meta's own interests, we're in the business of building the best consumer and advertiser experiences. And to do that, we need to have access to the leading technology infrastructure and not get constrained by what competitors will let us do. But these models are ecosystems. They're not just isolated pieces of software that we can develop by ourselves.
我的观点是，开源将更安全，能够促进创新，使我们的生活更快地改善，同时我们也会创造更多的共享繁荣。为了 Meta 自身的利益，我们的业务是构建最佳的消费者和广告商体验。为了做到这一点，我们需要接触到领先的技术基础设施，而不是受到竞争对手的限制。但这些模型是生态系统。它们不仅仅是我们可以独立开发的孤立软件。
So if we want the most robust ecosystem of tools, efficiency improvements, silicon optimizations, and other integrations to develop around our models, then we need them to be widely used by developers across the industry. And once we know that we're going to have access to the leading models, then I'm confident that we are going to be able to build the best social and advertising experiences. Part of why I'm so optimistic about this is that we have a long track record of success with open source.
所以，如果我们希望围绕我们的模型开发出最强大的工具生态系统、效率提升、硅优化和其他集成，那么我们需要它们在整个行业的开发者中被广泛使用。一旦我们知道将能够访问领先的模型，我就有信心我们能够构建出最佳的社交和广告体验。我之所以对这一点如此乐观，是因为我们在开源方面有着悠久的成功记录。
We've saved billions of dollars with open compute project by having supply chains standardized on our infrared designs. Open sourcing tools like PyTorch and React has led to real benefits for us from all the industry's contributions. This approach has consistently worked for us and I expect it will work here too. Another major area of focus is figuring out the right level of infra capacity to support training more and more advanced models. Llama 3 is already competitive with the most advanced models, and we're already starting to work on Llama 4, which we're aiming to be the most advanced in the industry next year.
我们通过将供应链标准化为我们的红外设计，已经在开放计算项目中节省了数十亿美元。开源工具如 PyTorch 和 React 为我们带来了行业贡献的实际好处。这种方法一直对我们有效，我预计在这里也会有效。另一个主要关注点是确定支持训练越来越先进模型所需的基础设施容量的正确水平。Llama 3 已经与最先进的模型竞争，我们已经开始着手开发 Llama 4，目标是明年成为行业中最先进的模型。
We are planning for the compute clusters and data we'll need for the next several years. The amount of compute needed to train Llama 4 will likely be almost 10 times more than what we used to train Llama 3, and future models will continue to grow beyond that. It's hard to predict how this trend -- how this will trend multiple generations out into the future. But at this point, I'd rather risk building capacity before it is needed rather than too late, given the long lead times for spinning up new inference projects.
我们正在规划未来几年所需的计算集群和数据。训练 Llama 4 所需的计算量可能是训练 Llama 3 所用的近 10 倍，未来的模型将继续增长。很难预测这种趋势在未来几代中会如何发展。但在这一点上，我宁愿冒险在需要之前建立能力，而不是等到太晚，因为启动新的推理项目需要很长的准备时间。
这是大家都有疑问的地方，大力能不能出奇迹？如果能紧贴着需求走会更好。
And as we scale these investments, we're of course, going to remain committed to operational efficiency across the company. The last area that I want to discuss is how AI is shaping our metaverse work, which continues to be our other long-term focus. Last quarter, I discussed how advances in AI have pulled in the timelines for some of our products.
随着我们扩大这些投资，我们当然会继续致力于公司各方面的运营效率。我想讨论的最后一个领域是人工智能如何塑造我们的元宇宙工作，这仍然是我们另一个长期关注的重点。在上个季度，我提到人工智能的进步缩短了我们某些产品的时间表。
A few years ago, I would have predicted that holographic AR would be possible before Smart AI, but now it looks like those technologies will actually be ready in the opposite order. We're well positioned for that because of the Reality Labs investments that we've already made. Ray-Ban Meta Glasses continue to be a bigger hit sooner than we expected, thanks in part to AI. Demand is still outpacing our ability to build them, but I'm hopeful that we'll be able to meet that demand soon.
几年前，我会预测全息增强现实技术会在智能人工智能之前实现，但现在看来这些技术实际上会以相反的顺序准备好。由于我们已经在现实实验室的投资方面做好了准备，我们对此感到乐观。Ray-Ban Meta 眼镜的反响比我们预期的要好，部分原因是得益于人工智能。需求仍然超过了我们的生产能力，但我希望我们能很快满足这种需求。
EssilorLuxottica has been a great partner to work with on this, and we are excited to team up with them to build future generations of AI glasses, as we continue to build our long-term partnership. Quest 3 sales are also outpacing our expectations. And I think that's because it is not just the best MR headset for the price, but it's the best headset on the market, period. In addition to gaming, people are increasingly taking advantage of Quest's capabilities as a general computing platform, spending time watching videos, browsing websites, extending their PC via virtual desktop, and more. Horizon also continues to grow across VR, mobile, and desktop, and I expect that it will become an increasingly important part of that ecosystem as well. We're hosting our Annual Connect Conference on September 25th, and we will have lots of exciting updates around all of our AI and Metaverse work, so I encourage you to tune into that.
EssilorLuxottica 在这方面是一个很好的合作伙伴，我们很高兴能与他们合作，打造未来几代 AI 眼镜，同时继续建立我们的长期合作关系。Quest 3 的销售也超出了我们的预期。我认为这不仅是因为它是性价比最高的 MR 头显，更是因为它是市场上最好的头显。除了游戏，人们越来越多地利用 Quest 作为通用计算平台的能力，花时间观看视频、浏览网站、通过虚拟桌面扩展他们的 PC 等。Horizon 在 VR、移动和桌面领域也在持续增长，我预计它将成为该生态系统中越来越重要的一部分。我们将在 9 月 25 日举办年度 Connect 大会，届时将有许多关于我们所有 AI 和元宇宙工作的激动人心的更新，所以我鼓励大家关注。
At the end of the day, we are in the fortunate position where the strong results that we're seeing in our core products and business give us the opportunity to make deep investments for the future. And I plan to fully seize that opportunity to build some amazing things that will pay off for our community and our investors for decades to come. The progress we're making on both the foundational technology and product experiences suggests that we're on the right track. I'm proud of what our team has accomplished so far, and I'm optimistic about our ability to execute on the opportunities ahead. As always, thank you to our teams who are pushing all this important work forward, and thanks to all of you for being on this journey with us.
在一天结束时，我们处于一个幸运的位置，我们在核心产品和业务中看到的强劲业绩使我们有机会进行深度投资以迎接未来。我计划充分利用这个机会，打造一些令人惊叹的事物，这些事物将在未来几十年为我们的社区和投资者带来回报。我们在基础技术和产品体验方面取得的进展表明我们走在正确的轨道上。我为我们的团队迄今为止所取得的成就感到自豪，并对我们在未来机会上的执行能力充满信心。像往常一样，感谢我们的团队推动所有这些重要工作向前发展，也感谢你们与我们一起踏上这段旅程。
And now here is Susan.
现在这里是苏珊。
Susan Li 苏珊·李
Thanks Mark and good afternoon everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis unless otherwise noted. Q2 total revenue was $39.1 billion up 22% or 23% on a constant currency basis. Q2 total expenses were $24.2 billion, up 7% compared to last year. In terms of the specific line items, cost of revenue increased 23% driven primarily by higher infrastructure and reality labs inventory costs.
谢谢马克，大家下午好。让我们开始讨论我们的合并结果。所有比较均为同比，除非另有说明。第二季度总收入为 391 亿美元，同比增长 22%，按固定汇率计算则增长 23%。第二季度总支出为 242 亿美元，同比增长 7%。就具体项目而言，收入成本增长了 23%，主要是由于基础设施和现实实验室库存成本的上升。
R&D increased 13%, primarily driven by higher headcount-related expenses and infrastructure costs which were partially offset by lower restructuring costs. Marketing and sales decreased 14%, due mainly to lower restructuring and headcount-related costs. G&A decreased 12%, mostly due to lower legal-related expenses. We ended the first quarter with almost 70,800 employees, up 2% from Q1. Second quarter operating income was $14.8 billion, representing a 38% operating margin.
研发增加了13%，主要是由于人员相关费用和基础设施成本的增加，这部分被较低的重组成本所抵消。市场营销和销售减少了14%，主要是由于重组和人员相关成本的降低。一般管理费用减少了12%，主要是由于法律相关费用的减少。我们在第一季度末拥有近70800名员工，比第一季度增长了2%。第二季度营业收入为148亿美元，营业利润率为38%。
Our tax rate for the quarter was 11%. Net income was $13.5 billion, or $5.16 per share. Capital expenditures, including principal payments on finance leases, were $8.5 billion, driven by investments in servers, data centers, and network infrastructure. Free cash flow was $10.9 billion. We repurchased $6.3 billion of our Class A common stock and paid $1.3 billion in dividends to shareholders, ending the quarter with $58.1 billion in cash and marketable securities and $18.4 billion in debt.
我们本季度的税率为 11%。净收入为 135 亿美元，或每股 5.16 美元。资本支出，包括融资租赁的本金支付，为 85 亿美元，主要用于服务器、数据中心和网络基础设施的投资。自由现金流为 109 亿美元。我们回购了 63 亿美元的 A 类普通股，并向股东支付了 13 亿美元的股息，季度末现金和可交易证券为 581 亿美元，债务为 184 亿美元。
Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow, with approximately 3.27 billion people using at least one of our Family of Apps on a daily basis in June. Q2 total Family of Apps revenue was $38.7 billion, up 22% year-over-year. Q2 Family of Apps ads revenue was $38.3 billion, up 22% or 23% on a constant currency basis. Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth, followed by gaming and entertainment and media.
接下来是关于我们的应用家族部门的结果。我将从我们的应用家族部门开始。我们应用家族的用户群持续增长，大约有32.7亿人在6月份每天至少使用我们应用家族中的一个应用。第二季度应用家族总收入为387亿美元，同比增长22%。第二季度应用家族广告收入为383亿美元，按固定货币计算同比增长22%或23%。在广告收入中，在线商务垂直领域是同比增长的最大贡献者，其次是游戏、娱乐和媒体。
远高于Google，社交软件的交互能力更好。
On a user geography basis, ad revenue growth was strongest in rest of world and Europe at 33% and 26% respectively. Asia Pacific grew 20% and North America grew 17%. On an advertiser geography basis, total revenue growth continued to be strongest in Asia Pacific at 28%. The growth was below the first quarter rate of 41%, as we lapped a period of stronger demand from China-based advertisers.
根据用户地域，广告收入增长在其他地区和欧洲最强，分别为 33%和 26%。亚太地区增长 20%，北美增长 17%。根据广告主地域，总收入增长在亚太地区继续保持最强，达到 28%。这一增长低于第一季度的 41%，因为我们经历了来自中国广告主的更强需求的时期。
In Q2, the total number of ad impressions served across our services and the average price per ad both increased 10%. Impression growth was mainly driven by Asia Pacific and rest of world. Pricing growth was driven by increased advertiser demand in part due to improved ad performance. This was partially offset by impression growth particularly from lower monetizing regions and surfaces.
在第二季度，我们服务中投放的广告展示总数和每个广告的平均价格均增长了 10%。展示增长主要受到亚太地区和其他地区的推动。价格增长部分是由于广告主需求增加，部分原因是广告表现改善。这在一定程度上被来自低货币化地区和平台的展示增长所抵消。
Family of Apps other revenue was $389 million, up 73%, driven primarily by business messaging revenue growth from our WhatsApp business platform. We continue to direct the majority of our investments toward the development and operation of our Family of Apps. In Q2, Family of Apps expenses were $19.4 billion, representing approximately 80% of our overall expenses.
应用家族的其他收入为 3.89 亿美元，同比增长 73%，主要受益于我们 WhatsApp 商业平台的商业消息收入增长。我们继续将大部分投资用于应用家族的开发和运营。在第二季度，应用家族的支出为 194 亿美元，约占我们整体支出的 80%。
Family of Apps expenses were up 4%, mostly due to higher infrastructure and headcount related expenses, which were partially offset by lower restructuring costs. Family of Apps operating income was $19.3 billion, representing a 50% operating margin. Within our Reality Labs segment, Q2 was $353 million, up 28% driven primarily by Quest headset sales. Reality Labs expenses were $4.8 billion, up 21% year-over-year, driven mainly by higher headcount-related expenses and Reality Labs inventory costs. Reality Labs operating loss was $4.5 billion.
应用家庭的支出增长了 4%，主要是由于基础设施和人力成本的增加，部分被较低的重组成本抵消。应用家庭的营业收入为 193 亿美元，营业利润率为 50%。在我们的现实实验室部门，第二季度收入为 3.53 亿美元，同比增长 28%，主要受 Quest 头戴设备销售的推动。现实实验室的支出为 48 亿美元，同比增长 21%，主要是由于人力成本和现实实验室库存成本的增加。现实实验室的营业亏损为 45 亿美元。
Zuckerberg还很年轻，更愿意折腾。
Turning now to the business outlook. There are two primary factors that drive our revenue performance, our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time. To deliver engaging experiences, we remain focused on executing our priorities, including video and in-feed recommendations. On Instagram, Reels engagement continues to grow as we make ongoing enhancements to our recommendation systems. Part of this work has been focused on increasing the share of original posts within recommendations so people can discover the best of Instagram, including content from emerging creators.
现在转向商业前景。有两个主要因素推动我们的收入表现：我们为社区提供引人入胜的体验的能力，以及我们在时间上有效地将这种参与转化为收入的能力。为了提供引人入胜的体验，我们继续专注于执行我们的优先事项，包括视频和信息流推荐。在 Instagram 上，Reels 的参与度持续增长，因为我们不断改进我们的推荐系统。这项工作的部分重点是增加推荐中原创帖子的比例，以便人们能够发现 Instagram 的最佳内容，包括新兴创作者的作品。
Now, more than half of recommendations in the US come from original posts. On Facebook, we're seeing encouraging early results from the global rollout of our unified video player and ranking systems in June. This initiative allows us to bring all video types on Facebook into one viewing experience, which we expect will unlock additional growth opportunities for short-form video, as we increasingly mix shorter videos into the overall base of Facebook video engagement.
现在，美国超过一半的推荐来自原创帖子。在 Facebook 上，我们看到全球推出统一视频播放器和排名系统的早期结果令人鼓舞。这个举措使我们能够将 Facebook 上的所有视频类型整合到一个观看体验中，我们预计这将为短视频解锁更多增长机会，因为我们越来越多地将短视频融入 Facebook 视频互动的整体基础中。
We expect the relevance of video recommendations will continue to increase as we benefit from unifying video ranking across Facebook and integrating our next-generation recommendation systems. These have already shown promising gains since we began using the new systems to support Facebook Reels recommendations last year. We expect to expand these new systems to support more services beyond Facebook video over the course of this year and next year. We are also seeing good momentum with our longer-term engagement priorities, including Generative AI and Threads. People have used Meta AI for billions of queries since we first introduced it.
我们预计，随着我们统一 Facebook 的视频排名并整合下一代推荐系统，视频推荐的相关性将继续增加。自去年开始使用新系统支持 Facebook Reels 推荐以来，这些系统已经显示出令人鼓舞的增长。我们预计在今年和明年将这些新系统扩展到支持 Facebook 视频以外的更多服务。我们在长期参与优先事项方面也看到了良好的势头，包括生成性人工智能和 Threads。自我们首次推出 Meta AI 以来，人们已经进行了数十亿次查询。
Gen AI可能会让字节的先发优势不复存在。
We're seeing particularly promising signs on WhatsApp in terms of retention and engagement, which has coincided with India becoming our largest market for Meta AI usage. You can now use Meta AI in over 20 countries and eight languages, and in the US we are rolling out new features like Imagine Edit, which allows people to edit images they generate with Meta AI. Beyond Generative AI, the Threads community also continues to grow and deepen their engagement, as we ship new features and enhance our content recommendation systems.
我们在 WhatsApp 上看到特别有希望的留存和参与度迹象，这与印度成为我们 Meta AI 使用的最大市场相吻合。您现在可以在超过 20 个国家和 8 种语言中使用 Meta AI，在美国，我们正在推出新功能，如 Imagine Edit，允许用户编辑他们使用 Meta AI 生成的图像。除了生成性 AI，Threads 社区也在不断增长并加深他们的参与度，我们正在推出新功能并增强我们的内容推荐系统。
Now to the second driver of our revenue performance, increasing monetization efficiency. There are two parts to this work. The first is optimizing the level of ads within organic engagement. We continue to see opportunities to grow ad supply on lower monetizing surfaces like video, including within Facebook as the mix of overall video engagement shifts more to shorter videos over time, which creates more ad insertion opportunities. More broadly, we are continuing to get better at determining the best ads to show and when to show them during a person session across both Facebook and Instagram. This is enabling us to drive revenue growth and conversions without increasing the number of ads or in some cases even reducing ad load.
现在谈谈我们收入表现的第二个驱动因素：提高变现效率。这项工作的两个部分。第一是优化有机参与中的广告水平。我们继续看到在低变现表面（如视频）上增加广告供应的机会，包括在 Facebook 上，因为整体视频参与的组合随着时间的推移更多地转向短视频，这创造了更多的广告插入机会。更广泛地说，我们在确定最佳广告以及在个人会话中何时展示这些广告方面变得越来越好，这适用于 Facebook 和 Instagram。这使我们能够推动收入增长和转化，而无需增加广告数量，甚至在某些情况下减少广告负担。
这正好字节前几年做的工作，如果没有Gen AI，Meta不见得能快速跟上来。
The second part of improving monetization efficiency is enhancing marketing performance. We continue to be pleased with our progress here, with AI playing an increasingly central role. We're improving ad delivery by adopting more sophisticated modeling techniques made possible by AI advancements, including our Meta Lattice ad ranking architecture, which continued to provide ad performance and efficiency gains in the second quarter.
提高货币化效率的第二部分是增强营销表现。我们对在这方面取得的进展感到满意，人工智能在其中扮演着越来越核心的角色。我们通过采用更复杂的建模技术来改善广告投放，这些技术得益于人工智能的进步，包括我们的 Meta Lattice 广告排名架构，该架构在第二季度继续提供广告表现和效率的提升。
We're also making it easier for advertisers to maximize ad performance and automate more of their campaign setup with our Advantage+ suite of solutions. We're seeing these tools continue to unlock performance gains, with a study conducted this year demonstrating 22% higher return on ad spend for US advertisers after they adopted Advantage+ Shopping campaigns.
我们还在通过我们的 Advantage+ 解决方案套件，使广告主更容易最大化广告效果并自动化更多的活动设置。我们看到这些工具继续释放性能提升，一项今年进行的研究表明，美国广告主在采用 Advantage+ 购物活动后，广告支出的回报率提高了 22%。
Advertiser adoption of these tools continues to expand and we are adding new capabilities to make them even more useful. For example, this quarter we introduced flexible format to Advantage+ Shopping, which allows advertisers to upload multiple images and videos in a single ad that we can select from and automatically determine which format to serve in order to yield the best performance.
广告主对这些工具的采用持续扩大，我们正在增加新功能以使其更加实用。例如，在本季度，我们为 Advantage+ 购物引入了灵活格式，允许广告主在单个广告中上传多张图片和视频，我们可以从中选择并自动确定最佳展示格式，以实现最佳效果。
We have also now expanded the list of conversions that businesses can optimize for using Advantage+ shopping to include an additional 10 conversion types, including objectives like add to cart. Looking forward, we believe Generative AI will play a growing role in how businesses market and engage with customers at scale. We expect this technology will continue to make it easier for businesses to develop customized and diverse ad creatives. We've seen promising early results since introducing our first Generative AI ad features, image expansion, background generation, and text generation with more than 1 million advertisers using at least one of these solutions in the past month.
我们现在还扩展了企业可以使用 Advantage+ 购物优化的转化列表，增加了 10 种转化类型，包括像加入购物车这样的目标。展望未来，我们相信生成性人工智能将在企业如何大规模营销和与客户互动中发挥越来越重要的作用。我们预计这项技术将继续使企业更容易开发定制和多样化的广告创意。自从推出我们的首个生成性人工智能广告功能、图像扩展、背景生成和文本生成以来，我们已经看到了一些有希望的早期结果，过去一个月中有超过 100 万广告主使用了至少一种这些解决方案。
In May, we began rolling out full image generation capabilities into Advantage+ Creative, and we're already seeing improved performance from advertisers using the tool. Finally, we expect AI will help businesses communicate with customers more efficiently through messaging. We're starting by testing the ability for businesses to use AI in their chats with customers to help sell their goods and services and to generate leads. While we are in the early stages, we continue to expand the number of advertisers we are testing with and have seen good advances in the quality of responses since we began using Llama 3.
在五月，我们开始在 Advantage+ Creative 中推出完整的图像生成能力，我们已经看到使用该工具的广告客户的表现有所改善。最后，我们预计人工智能将帮助企业通过消息与客户更高效地沟通。我们首先测试企业在与客户聊天时使用人工智能的能力，以帮助销售商品和服务并生成潜在客户。虽然我们仍处于早期阶段，但我们继续扩大测试的广告客户数量，自从我们开始使用 Llama 3 以来，响应质量也有了很好的进展。
Next, I’d like to discuss our approach to capital allocation which remains unchanged. We continue to invest both in enhancing our core experiences in the near-term and developing technologies that we believe will transform how people engage with our services in the years ahead. We expect that having sufficient compute capacity will be central to many of these opportunities. So we’re investing meaningfully in infrastructure to support our core AI work in content ranking and ads, as well as our generative AI and advanced research efforts.
接下来，我想讨论我们在资本配置方面的方法，这一点没有改变。我们继续在短期内投资于增强我们的核心体验，并开发我们相信将在未来几年改变人们与我们服务互动方式的技术。我们预计，拥有足够的计算能力将是许多这些机会的核心。因此，我们正在大力投资基础设施，以支持我们在内容排名和广告方面的核心人工智能工作，以及我们的生成性人工智能和高级研究工作。
Our ongoing investment in core AI capacity is informed by the strong returns we've seen and expect to deliver in the future, as we advance the relevance of recommended content and ads on our platform. While we expect the returns from Generative AI to come in over a longer period of time, we’re mapping these investments against the significant monetization opportunities that we expect to be unlocked across customized ad creative, business messaging, a leading AI assistant and organic content generation.
我们对核心人工智能能力的持续投资是基于我们所看到的强劲回报以及我们预计未来将实现的回报，因为我们提升了平台上推荐内容和广告的相关性。虽然我们预计生成性人工智能的回报将在更长时间内实现，但我们正在将这些投资与我们预计将在定制广告创意、商业信息、领先的人工智能助手和有机内容生成中解锁的重大货币化机会进行对比。
As we scale generative AI training capacity to advance our foundation models, we’ll continue to build our infrastructure in a way that provides us with flexibility in how we use it over time. This will allow us to direct training capacity to gen AI inference or to our core ranking and recommendation work, when we expect that doing so would be more valuable. We will also continue our focus on improving the cost efficiency of our workloads over time. Reality Labs remains our other long-term initiative that we continue to invest meaningfully in.
随着我们扩大生成性人工智能训练能力以推进我们的基础模型，我们将继续以一种灵活的方式构建我们的基础设施，以便在未来的使用中提供灵活性。这将使我们能够在认为更有价值时，将训练能力用于生成性人工智能推理或我们的核心排名和推荐工作。我们还将继续关注随着时间的推移提高我们工作负载的成本效率。现实实验室仍然是我们继续进行重要投资的另一个长期计划。
Quest 3 is selling well and Ray-Ban Meta smart glasses are showing very promising traction with the early signals that we’re seeing across demand, usage and retention increasing our confidence in the long-run potential of AR glasses. Finally, as we pursue these investments across near and long-term priorities, we will remain focused on operating the business efficiently.
Quest 3 销售良好，Ray-Ban Meta 智能眼镜显示出非常有前景的吸引力，早期信号表明需求、使用和留存率的增加增强了我们对增强现实眼镜长期潜力的信心。最后，在我们追求这些短期和长期优先事项的投资时，我们将继续专注于高效运营业务。
Turning now to the revenue outlook. We expect third quarter 2024 total revenue to be in the range of $38.5 billion to $41 billion. Our guidance assumes foreign currency is a 2% headwind to year-over-year total revenue growth based on current exchange rates. Turning now to the expense outlook. We expect full year 2024 total expenses to be in the range of $96 billion to $99 billion, unchanged from our prior outlook.
现在来看收入展望。我们预计 2024 年第三季度的总收入将在 385 亿美元到 410 亿美元之间。我们的指引假设外汇对同比总收入增长造成 2%的阻力，基于当前汇率。现在来看支出展望。我们预计 2024 年全年的总支出将在 960 亿美元到 990 亿美元之间，与我们之前的展望保持不变。
For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to scale our -- to further scale our ecosystem. While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year. As we recognize depreciation and operating costs associated with our expanded infrastructure footprint.
对于现实实验室，我们继续预计 2024 年的运营亏损将同比大幅增加，这主要是由于我们持续的产品开发工作和扩大我们生态系统的投资。虽然我们不打算在第四季度电话会议之前提供 2025 年的任何定量指导，但我们预计基础设施成本将成为明年费用增长的重要驱动因素，因为我们将确认与我们扩展的基础设施规模相关的折旧和运营成本。
Turning now to the CapEx outlook. We anticipate our full year 2024 capital expenditures will be in the range of $37 billion to $40 billion, updated from our prior range of $35 billion to $40 billion. While we continue to refine our plans for next year, we currently expect significant CapEx growth in 2025 as we invest to support our AI research and our product development efforts.
现在转向资本支出展望。我们预计 2024 年全年资本支出将在 370 亿美元到 400 亿美元之间，更新自之前的 350 亿美元到 400 亿美元的范围。虽然我们继续完善明年的计划，但我们目前预计 2025 年将有显著的资本支出增长，因为我们将投资以支持我们的人工智能研究和产品开发工作。
On to tax. Absent any changes to our tax landscape, we expect our full year 2024 tax rate to be in the mid-teens. In addition we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the US that could significantly impact our business and our financial results.
关于税务。若我们的税务环境没有任何变化，我们预计 2024 年全年的税率将在中间十几的范围内。此外，我们将继续关注活跃的监管环境，包括欧盟和美国日益增加的法律和监管阻力，这可能会对我们的业务和财务结果产生重大影响。
In closing, Q2 was another good quarter. We continue to execute well across our business priorities and have exciting opportunities in front of us to deliver more value to the people and businesses using our products around the world.
最后，第二季度又是一个好季度。我们在业务优先事项上继续执行良好，并且面前有令人兴奋的机会，可以为全球使用我们产品的人和企业提供更多价值。
With that, Krista let's open up the call for questions.
那么，Krista，我们开始提问吧。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. We will now be open the line for question-and-answer session [Operator Instructions] And your first question comes from the line of Brian Nowak from Morgan Stanley. Please go ahead.
谢谢。我们现在将开放提问和回答环节 [操作员指示] 您的第一个问题来自摩根士丹利的布莱恩·诺瓦克。请继续。
Brian Nowak 布赖恩·诺瓦克
Great. Thanks for taking my questions. I have two, one for Mark, one for Susan. Mark I wanted to sort of go back to some of the new generative AI-enabled use cases for users and advertisers. You talked about Meta AI, Studio, chatbots, [foundation] (ph) models. If you could just sort of hone in on one or two of those that you are most excited about, we are seeing good signal that could be a real driver for the business in '25, '26 just so we sort of know where are you most focused on all those opportunities it would be helpful.
很好。感谢您回答我的问题。我有两个问题，一个是给马克的，一个是给苏珊的。马克，我想回到一些新的生成性人工智能支持的用户和广告商用例上。你提到了 Meta AI、Studio、聊天机器人和[基础]（音）模型。如果你能专注于其中一两个你最感兴趣的领域，我们看到的良好信号可能会成为 2025 年和 2026 年业务的真正驱动力，这样我们就能了解你在这些机会上最关注的地方，这将很有帮助。
And the second one, Susan, you have a lot of CapEx priorities from building new infrastructure for next-generation models, compute capacity. Just walk us through again on the CapEx philosophy and any guardrails you have around ensuring you generate a healthy return on invested capital for investors from all the CapEx. Thanks.
第二个问题，苏珊，您在为下一代模型建设新基础设施和计算能力方面有很多资本支出优先事项。请再次向我们阐述一下资本支出的理念，以及您在确保为投资者从所有资本支出中产生健康的投资回报方面有哪些限制。谢谢。
Mark Zuckerberg 马克·扎克伯格
I can take the first one. So I think the things that will drive the most results in 2025 and 2026 are actually the first category of things that I talked about in my comments which are the ways that AI is shaping the existing products. So the ways that it is improving recommendations and helping people find better content, as well as making the advertising experiences more effective. I think there is a lot of upside there. Those are already products that are at scale. The AI work that we are doing is going to improve that. It will improve the experience and the business results.
我可以先说第一个。所以我认为在 2025 年和 2026 年，最能带来结果的事情实际上是我在评论中提到的第一类事情，即人工智能如何塑造现有产品。因此，它改善推荐、帮助人们找到更好内容的方式，以及使广告体验更有效的方式。我认为这里有很大的潜力。这些产品已经在规模上运作。我们正在进行的人工智能工作将会改善这一点。它将提升体验和商业成果。
存量业务最先获益，微软、Google、苹果都是相同的逻辑，这个技术很大程度上会进一步放大大型科技企业的优势。
The other areas that we are working on, I mean I think you all know this from following our business for a while, but we have a relatively long business cycle of starting a new product, scaling it to something that reaches 1 billion people or more and only then really focusing on monetizing at scale. So realistically, for things like Meta AI or AI Studio, I mean these are things that I think will increase engagement in our products and have other benefits that will improve the business and engagement in the near term.
我们正在努力的其他领域，我想你们都知道这一点，因为你们关注我们的业务已经有一段时间了，但我们有一个相对较长的业务周期，从开始一个新产品，到将其扩展到达到 10 亿人或更多，然后才真正专注于大规模变现。因此，实际上，对于像 Meta AI 或 AI Studio 这样的项目，我认为这些将增加我们产品的参与度，并带来其他好处，从而在短期内改善业务和参与度。
But before we are really talking about monetization of any of those things by themselves, I mean I don't think that anyone should be surprised that I would expect that -- that will be years, right? It's just -- I think that that's like what we've seen with Reels, it's what we saw with all these things. But I think for those who have followed our business for a long time, you can also get a pretty good sense of when things are going to work years in advance. And I think that the people who bet on those early indicators tend to do pretty well, which is why I wanted to share in my comments the early indicator that we had on Meta AI, which is I mean look, it is early.
但在我们真正谈论这些事物的货币化之前，我的意思是，我认为没有人会对我期望这需要几年感到惊讶，对吧？这只是——我认为这就像我们在 Reels 上看到的，和我们看到的所有这些事情一样。但我认为，对于那些长期关注我们业务的人来说，你也可以在几年之前对事情何时会奏效有一个相当好的判断。我认为，押注于这些早期指标的人往往会做得很好，这就是为什么我想在我的评论中分享我们在 Meta AI 上获得的早期指标，我的意思是，看看，这确实是早期的。
Last quarter, we -- I think it just started rolling it out a week or two before our earnings call. This time we are a few months later. And what we can say is I think we are on track to achieve our goal of being the most used AI assistant by the end of this year. And I think that is a pretty big deal. Is that the only thing we want to do? No. I mean we obviously want to kind of grow that and grow the engagement on that to be a lot deeper, and then we will focus on monetizing it over time.
上个季度，我们——我想在我们财报电话会议前一两周才开始推出。这次我们晚了几个月。我们可以说的是，我认为我们正朝着在今年年底之前成为使用最广泛的人工智能助手的目标前进。我认为这是一件非常重要的事情。那是我们唯一想做的事情吗？不是。我是说，我们显然希望在这方面有所增长，并加深用户的参与度，然后我们会专注于逐步实现盈利。
But the early signals on this are good and I think that -- that's kind of all that we could reasonably have insight into at this point. But I do think that part of what's so fundamental about AI is, it is going to end up affecting almost every product that we have in some way. It will improve the existing ones and will make a whole lot of new ones possible. So it is why there are all the jokes about how all the tech CEOs get on these earnings calls and just talk about AI the whole time. It is because it is actually super exciting, and it is going to change all these different things over multiple time horizons.
但早期的信号是好的，我认为这就是我们目前能够合理洞察的全部内容。但我确实认为，人工智能的一个基本特征是，它将以某种方式影响我们几乎所有的产品。它将改善现有产品，并使许多新产品成为可能。这就是为什么有很多关于科技首席执行官在财报电话会议上整天谈论人工智能的笑话。因为这实际上是非常令人兴奋的，它将在多个时间范围内改变这些不同的事物。
很可能出现新的杀手级的应用。
Susan Li 苏珊·李
And Brian, I can take the second question. On the ROI part of your question, I’d broadly characterize our AI investments into two buckets; core AI and Gen AI. And the two are really at different stages, as it relates to driving revenue for our businesses and our ability to measure returns. On our core AI work, we continue to take a very ROI based approach to our investment here. We are still seeing strong returns as improvements to both engagement and ad performance have translated into revenue gains and it makes sense for us to continue investing here.
布赖恩，我来回答第二个问题。关于你提到的投资回报率，我可以大致将我们的人工智能投资分为两个类别：核心人工智能和生成式人工智能。这两者在推动我们业务收入和衡量回报的能力上处于不同的阶段。在我们的核心人工智能工作中，我们继续采取以投资回报为基础的方法。我们仍然看到强劲的回报，因为参与度和广告表现的改善转化为收入增长，因此继续在这里投资是合理的。
Gen AI is where we are much earlier, as Mark just mentioned in his comments. We don't expect our Gen AI products to be a meaningful driver of revenue in 2024. But we do expect that they are going to open up new revenue opportunities over time that will enable us to generate a solid return off -- of our investment while we are also open sourcing subsequent generations of Llama. And we've talked about the four primary areas that we are focused here on the Gen AI opportunities to enhance the core ads business, to help us grow in business messaging, the opportunities around Meta AI, and the opportunities to grow core engagement over time.
生成 AI 是我们目前处于的早期阶段，正如马克在他的评论中提到的。我们不期望我们的生成 AI 产品在 2024 年成为有意义的收入驱动因素。但我们确实期望它们随着时间的推移会开启新的收入机会，使我们能够在开源后续版本的 Llama 的同时，从我们的投资中获得稳定的回报。我们已经讨论了四个主要领域，我们在这些生成 AI 机会上的关注点是增强核心广告业务，帮助我们在商业消息传递中增长，围绕 Meta AI 的机会，以及随着时间的推移增加核心参与度的机会。
The other thing I’d say is, we are continuing to build our AI infrastructure with fungibility in mind, so that we can flex capacity where we think it will be put to best use. The infrastructure that we build for gen AI training can also be used for Gen AI inference. We can also use it for ranking and recommendations by making certain modifications like adding general compute and storage. And we are also employing a strategy of staging our data center sites, at various phases of development, which allows us to flex up to meet more demand and less lead time if needed while limiting how much spend we are committing to in the outer years.
我还想说的是，我们正在继续构建我们的人工智能基础设施，考虑到可替代性，以便在我们认为最有效的地方灵活调整容量。我们为生成性人工智能训练构建的基础设施也可以用于生成性人工智能推理。我们还可以通过添加通用计算和存储等某些修改来用于排名和推荐。我们还采用了分阶段建设数据中心的策略，在不同的发展阶段，这使我们能够灵活应对更多需求，并在需要时减少交付时间，同时限制我们在未来几年承诺的支出。
So while we do expect that we are going to grow CapEx significantly in 2025, we feel like we have a good framework in place in terms of thinking about where the opportunities are and making sure that we have the flexibility to deploy it, as makes the most sense.
所以虽然我们预计在 2025 年资本支出将显著增长，但我们认为我们已经建立了一个良好的框架，以思考机会所在，并确保我们有灵活性来进行部署，以便最合理地利用这些机会。
Operator 操作员
Your next question comes from the line of Mark Shmulik with Bernstein. Please go ahead.
您的下一个问题来自伯恩斯坦的马克·舒穆利克。请继续。
Mark Shmulik 马克·舒穆利克
Yes. Hi, thanks for taking my question. Just as we look at the revenue guidance and the outlook, Susan, any color you can share on just kind of the state of the overall digital ad market? And you've highlighted some areas where you are seeing strength versus kind of some of the idiosyncratic efforts you've made to kind of improve the efficacy of the ad product. Thank you.
是的。你好，谢谢你回答我的问题。苏珊，关于收入指引和前景，你能分享一下整体数字广告市场的状况吗？你提到了一些你看到强劲表现的领域，以及你为提高广告产品效果所做的一些独特努力。谢谢。
Susan Li 苏珊·李
Hi, Mark. We are continuing to see healthy global advertising demand, and we are also delivering ongoing ad performance improvements just related to all of the investments that we've continued to make over time. And improving the sort of ads, targeting ranking, delivery, all of the fundamental infrastructure there. And we expect that all of that will continue to benefit ad spend in Q3. We do expect year-over-year growth to slow in Q3, as we are lapping strong growth from China-based advertisers, as well as strong Reels impression growth from a year ago. And we also expect modestly larger FX headwinds in Q3 based on current rates.
嗨，马克。我们继续看到全球广告需求健康，并且我们也在持续提供与我们长期以来不断投资相关的广告表现改善。改善广告的投放、排名、交付以及所有基本基础设施。我们预计所有这些将继续惠及第三季度的广告支出。我们确实预计第三季度的同比增长将放缓，因为我们正在与来自中国广告商的强劲增长以及一年前强劲的短视频展示增长进行比较。我们还预计第三季度会面临适度更大的外汇逆风，基于当前汇率。
Google的报告中没有这块内容。
Operator 操作员
Your next question comes from the line of Eric Sheridan with Goldman Sachs. Please go ahead.
您的下一个问题来自高盛的埃里克·谢里丹。请继续。
Eric Sheridan 埃里克·谢里丹
Thank you so much for taking the question. I'll just ask one. You called out building community size and what's happened in the United States, as well as Threads. How are you thinking about those newer faster-growing elements of either Messaging or Threads as a platform and the mix between the potential for engagement growth and overall monetization longer term of either the messaging layer or Threads and what you are most excited about there to build to sort of capitalize on scale but bring it back towards monetization? Thank you.
非常感谢您回答这个问题。我只问一个。您提到了社区规模以及美国发生的事情，还有 Threads。您如何看待这些新兴的、快速增长的 Messaging 或 Threads 平台的元素，以及在参与增长的潜力和长期的整体货币化之间的平衡？您最期待在这些方面构建什么，以便利用规模，同时又能回归到货币化上？谢谢。
Mark Zuckerberg 马克·扎克伯格
I can start and Susan can jump in, if she has anything else that she wants to add. So the WhatsApp stat I think, is really important as a business trend just because the United States punches above its weight in terms of, it is such a large percent of our revenue. So before, WhatsApp was sort of the leading messaging app in many countries around the world but not in the US. And I think now that we're starting to make inroads into leading in the US as more and more people use the product and realize that, hey, it was a really good experience, the best experience for cross-platform communication and groups and on all these different things. I think that -- that's going to just mean that all of the work that we are doing to grow the business opportunity there over time is just going to have a big tailwind if the US ends up being a big market. So that's one reason why it's really relevant.
我可以开始，苏珊可以插话，如果她有其他想补充的内容。我认为 WhatsApp 的统计数据作为商业趋势非常重要，因为美国在收入方面的表现超出了其实际规模。之前，WhatsApp 在许多国家是领先的消息应用，但在美国并不是如此。我认为现在随着越来越多的人使用这个产品并意识到，嘿，这确实是一个很好的体验，是跨平台沟通和群组交流的最佳体验，我们开始在美国取得进展。这意味着我们为在那里的商业机会所做的所有努力，随着时间的推移，如果美国成为一个大市场，将会有很大的助力。这就是它非常相关的一个原因。
更有可能成为微信的翻版。
It is obviously also personally somewhat gratifying to see all the people around us starting to use WhatsApp, so I think that is pretty fun but maybe somewhat less relevant from a business perspective. Threads, I think it is another example of something that it got off to about as good of a start of any app that I can think of. I think, it was the fastest growing app to 100 million people. And it is a good reminder that even when you have that start, the path from there to 1 billion people using an app is still multiple years. And that's our product cycle.
显然，看到我们周围的人开始使用 WhatsApp，这让我个人感到有些欣慰，所以我认为这很有趣，但从商业角度来看可能相关性稍低。Threads，我认为这是一个例子，它的起步几乎是我能想到的任何应用中最好的。我认为，它是最快达到 1 亿用户的应用。这也提醒我们，即使有这样的开局，从那里到 1 亿用户的道路仍然需要好几年。这就是我们的产品周期。
And I think that -- that's something that is a little bit different about Meta in the way we build consumer products and the business around them than a lot of other companies that ship something and start selling it and making revenue from it immediately. So I think that's something that our investors and folks thinking about analyzing the business, if needed to always grapple with, is all these new products, we ship them and then there is a multiyear time horizon between scaling them and then scaling them into not just consumer experiences but very large businesses.
我认为，这一点与许多其他公司有所不同，Meta 在构建消费产品及其周边业务的方式上，与那些立即发货并开始销售、迅速盈利的公司不同。因此，我认为这是我们的投资者和那些考虑分析业务的人需要始终面对的一个问题，那就是所有这些新产品，我们发货后，通常需要经历多年的时间才能将它们扩展，不仅仅是消费体验，而是扩展成非常大的业务。
But the thing that I think is just super exciting about Threads is that we've been building this company for 20 years, and there are just not that many opportunities that come around to grow 1 billion person app. I mean, there are -- I don't know, maybe a dozen of them in the world or something, right? I mean, there are certainly more of them outside the company than inside the company, but we do pretty well and being able to add another one to the portfolio if we execute really well on this is just really exciting to have that potential.
但我认为关于 Threads 最令人兴奋的事情是，我们已经建立了这家公司 20 年，而能够发展出一个拥有 10 亿用户的应用程序的机会并不多。我是说，世界上可能只有十几个这样的机会，对吧？当然，外部的机会比内部的多，但如果我们能在这方面执行得很好，能够将另一个应用加入我们的投资组合，这种潜力真的让人感到非常兴奋。
世界正在变得越来越收敛，大型科技企业掌控世界的能力越来越强。
Now obviously, there is a ton of work between now and there. I mean, we are almost at 200 million. So it is a really good milestone, I'm excited about that. A lot of work between this and it being a large part of the business. But I do think that these kind of opportunities are pretty rare and that's something that we are just really excited about. I think the team is doing great work on it.
现在显然，从现在到那里还有很多工作要做。我的意思是，我们快要达到 2 亿了。所以这是一个非常好的里程碑，我对此感到兴奋。在这之间还有很多工作要做，使其成为业务的重要组成部分。但我确实认为，这种机会是相当稀有的，这也是我们非常兴奋的原因。我认为团队在这方面做得很好。
跟Musk更扯淡，Threads的成功是有可能的。
Susan Li 苏珊·李
Eric, I would just add to that in terms of [nearer-term] (ph) sources of impression growth, we really expect that video is going to remain a source of impression growth for us in the second half. On Instagram, we expect Reels to continue to drive growth, while on Facebook, we expect to grow overall video time, while increasing the mix of short-form video, which creates more impression growth opportunities. And generally we expect continued community growth foracross our apps.
埃里克，我想补充一下关于[近期]（发音）印象增长来源的看法，我们确实预计视频将在下半年继续成为我们印象增长的来源。在 Instagram 上，我们预计 Reels 将继续推动增长，而在 Facebook 上，我们预计整体视频观看时间将增长，同时增加短视频的比例，这将创造更多的印象增长机会。总体而言，我们预计我们的应用程序将继续实现社区增长。
Operator 操作员
Your next question comes from the line of Doug Anmuth with JPMorgan. Please go ahead.
您的下一个问题来自摩根大通的道格·安穆斯。请继续。
Douglas Anmuth 道格拉斯·安穆斯
Hi, thanks for taking my questions. One for Mark, one for Susan. Mark just in terms of infrastructure and CapEx, you've talked about currently building out not just for Llama 3 and 4 but really out to 7 perhaps and then Llama 4, 10x the compute required versus Llama 3. Just given how much you are building ahead, how does that influence the shape of the CapEx curve over a multiyear period? And then Susan, if you could talk a little bit more about the 3Q outlook. I know you are talking about tougher comps, but at the same time, it really suggests only 1 point of FX neutral [decel] (ph) at the high end. So just curious if there's anything else you can point to more specifically that's driving the expected strength here. Thanks.
嗨，谢谢你回答我的问题。一个给马克，一个给苏珊。马克，关于基础设施和资本支出，你提到目前不仅在为 Llama 3 和 4 建设，实际上可能还要扩展到 7，而 Llama 4 所需的计算能力是 Llama 3 的 10 倍。考虑到你们提前建设的规模，这将如何影响多年度期间资本支出曲线的形状？苏珊，如果你能多谈谈第三季度的展望就好了。我知道你提到比较基数会更艰难，但同时，这实际上只暗示在高端的外汇中性[减速]（音）只有 1 个百分点。所以我很好奇是否还有其他具体因素推动这里预期的强劲表现。谢谢。
Susan Li 苏珊·李
Thanks, Doug. I can go ahead and talk about both of those. So your first question was sort of about the longer-term CapEx outlook. We haven't really shared an outlook sort of on the longer-term CapEx trajectory. In part infrastructure is an extraordinarily dynamic planning area for us right now. We are continuing to work through what the scope of the Gen AI road maps will look like over that time. Our expectation obviously again, is that we are going to significantly increase our investments in AI infrastructure next year, and we'll give further guidance as appropriate.
谢谢，道格。我可以继续谈谈这两个问题。你第一个问题是关于长期资本支出的展望。我们实际上还没有分享长期资本支出轨迹的展望。部分原因是基础设施目前对我们来说是一个极其动态的规划领域。我们正在继续研究在这段时间内生成 AI 路线图的范围。显然，我们的预期是明年我们将显著增加对 AI 基础设施的投资，并将在适当的时候提供进一步的指导。
But we are building all of that CapEx, again with the factors in mind that I talked about previously thinking about both how to build it flexibly, so we can deploy to core AI and Gen AI use cases as needed. And making sure that we both feel good about the returns that we're seeing on the core AI investments, which we are able to measure more immediately. And then we feel good about the opportunities in the gen AI efforts.
但我们正在构建所有这些资本支出，再次考虑我之前提到的因素，思考如何灵活地构建，以便根据需要部署到核心人工智能和生成式人工智能的用例。同时，我们确保对核心人工智能投资的回报感到满意，这些回报我们能够更快地衡量。然后，我们对生成式人工智能项目中的机会感到满意。
Your second question was about the Q3 revenue outlook. Again I mentioned this earlier. We have seen healthy global advertising demand on our platform. We are delivering ongoing ad performance improvements, which again we feel like is a result of many, many quarters of effort that have accrued and will continue to accrue value to our platform. And we saw basically in Q2 where revenue grew 22% that there was broad-based strength across regions and verticals including particular strength among smaller advertisers, and we expect that generally to continue into Q3.
您的第二个问题是关于第三季度的收入展望。我之前提到过这一点。我们在平台上看到了健康的全球广告需求。我们正在持续提升广告表现，我们认为这得益于许多个季度的努力，这些努力将继续为我们的平台带来价值。在第二季度，我们看到收入增长了 22%，各个地区和行业的表现都很强劲，尤其是小型广告客户的表现特别强劲，我们预计这种趋势将在第三季度继续。
Operator 操作员
Your next question comes from the line of Justin Post with Bank of America. Please go ahead.
您的下一个问题来自美国银行的贾斯廷·波斯特。请继续。
Justin Post 贾斯廷·波斯特
Great. Thank you. I just want to get back to the comment on US young adult user growth, especially maybe on Facebook and Instagram. I know you made a big change with Reels a couple of years ago. But what are those users doing on Facebook and Instagram? And can you give us any quantification of the usage growth? Thank you.
很好。谢谢你。我想回到关于美国年轻用户增长的评论，特别是在 Facebook 和 Instagram 上。我知道你们几年前对 Reels 做了重大改变。但是这些用户在 Facebook 和 Instagram 上做些什么？你能给我们提供一些使用增长的量化数据吗？谢谢。
Susan Li 苏珊·李
Thanks, Justin. So building products with young adults in mind has been a core priority area for the Facebook team in recent years, and we've been very encouraged to see these efforts translate into engagement growth with this cohort. We have seen healthy growth in young adult app usage in the US and Canada for the past several quarters. And we have seen that products like Groups and Marketplace have seen particular traction with young adults.
谢谢，贾斯廷。因此，近年来，Facebook 团队将以年轻成年人为目标的产品建设作为核心优先领域，我们很高兴看到这些努力转化为与这一群体的互动增长。在过去几个季度中，我们在美国和加拿大的年轻成年人应用使用方面看到了健康的增长。而且，我们发现像群组和市场这样的产品在年轻成年人中尤其受欢迎。
Posting to groups in the US and Canada has been growing. That's been boosted mainly by young adults. And we also see that they are active users of Marketplace, which has benefited from product improvements and strong demand for second-hand products in the US.
在美国和加拿大，发布到群组的数量正在增长。这主要得益于年轻人。此外，我们还看到他们是 Marketplace 的活跃用户，该平台受益于产品改进和美国对二手产品的强劲需求。
Operator 操作员
Your next question comes from the line of Mark Mahaney with Evercore ISI. Please go ahead.
您的下一个问题来自 Evercore ISI 的 Mark Mahaney。请继续。
Mark Mahaney 马克·马哈尼
I was going to ask about Marketplace so that's a nice segue. It is a great, somewhat under-monetized or arguably very under-monetized asset. I know you indirectly monetize it and it's a very large marketplace. It may even be bigger than eBay. Your thoughts on what you may want to do in the future in terms of monetizing it, in part maybe even improve the quality of the Marketplace.
我本来想问关于市场的事情，所以这是一个很好的引入。它是一个很棒的、在某种程度上未充分货币化或可以说非常未充分货币化的资产。我知道你间接地对其进行货币化，而且这是一个非常大的市场。它甚至可能比 eBay 还要大。你对未来在货币化方面可能想做的事情有什么看法，或许还可以改善市场的质量。
And then secondly, I just want to ask you about headcount. It is down about 1% year-over-year. You are pretty much back at par with where the employee headcount was prior to significant reduction. How should we think about headcount growth going forward? Did you talk about a significant growth in CapEx? Should we expect a moderate growth in headcount significant? Any thoughts on that would be helpful. Thank you.
然后第二，我想问一下关于员工人数的问题。与去年相比，员工人数下降了大约 1%。你们的员工人数几乎回到了大幅减少之前的水平。我们应该如何看待未来的员工增长？你们是否谈到了资本支出的显著增长？我们应该期待员工人数的适度增长吗？对此有什么看法会很有帮助。谢谢。
Susan Li 苏珊·李
Thanks Mark. On your first question about Marketplace, again we are obviously excited that it's been one of the drivers of strength in young adults. I would probably just say that more generally, Marketplace is one prong in a broader commerce strategy that we have which continues to be focused on basically creating the best shopping experience on our platform. Marketplace is obviously consumer oriented. The broader part of the commerce strategy is about making it easier for businesses to advertise their products, for buyers to find and purchase relevant items on our platform.
谢谢马克。关于你第一个问题，关于市场，我们显然很高兴它成为年轻人强劲增长的驱动力之一。我可能会更一般地说，市场是我们更广泛的商业战略中的一个方面，我们的战略继续专注于基本上在我们的平台上创造最佳购物体验。市场显然是以消费者为导向的。商业战略的更广泛部分是让企业更容易宣传他们的产品，让买家在我们的平台上找到并购买相关商品。
零售是个充满竞争的领域，这在中国市场表现的十分充分。
And to that end, I’d say that we feel quite happy with also the investments we've been making in Shops ads. Shops ads revenue is growing at a strong year-over-year pace. We are seeing Shops ads drive incremental performance for advertisers, and it's also working well in combination with some of our other products like Advantage+ shopping.
为了这个目标，我想说我们对在商店广告上的投资感到非常满意。商店广告的收入以强劲的年增长率增长。我们看到商店广告为广告客户带来了增量表现，并且与我们其他一些产品（如 Advantage+ 购物）结合得也很好。
Your second question was about headcount. We continue to be disciplined about where we are allocating new headcount to ensure that it's really focused on our core company priorities, but we are also working down a prior hiring underrun. And as we further close that hiring underrun over the course of this year, I do expect that we will end 2024 with in-seat reported headcount that is meaningfully higher than where we ended 2023. We aren't providing sort of 2025 headcount growth expectations yet as we haven't started our budgeting process yet. But again, I expect that we’ll primarily target our hiring to focus on priority areas, and we will be running a very disciplined headcount process.
您的第二个问题是关于员工人数的。我们在分配新员工时继续保持严谨，以确保真正集中在我们公司的核心优先事项上，但我们也在解决之前的招聘不足。随着我们在今年进一步缩小这一招聘不足，我预计到 2024 年底，我们的在职报告员工人数将显著高于 2023 年底的水平。我们尚未提供 2025 年员工增长预期，因为我们还没有开始预算过程。但我再次预计，我们将主要将招聘目标集中在优先领域，并将进行非常严谨的员工人数管理。
Operator 操作员
Your next question comes from the line of Youssef Squali with Truist Securities. Please go ahead.
您的下一个问题来自 Truist Securities 的 Youssef Squali。请继续。
Youssef Squali 优素福·斯夸利
Great. Thank you very much. So the AI system using Llama 3.1 has been incorporated in different variations and looks really impressive and seems to be getting closer to becoming a full search engine for virtually everything except for commercial queries so far. So are there any plans to open it up to the broader web? Kind of like what may be OpenAI is off to testing, maybe link it to third-party marketplaces for commercial search, et cetera.
很好，非常感谢。所以使用 Llama 3.1 的 AI 系统已经被纳入不同的变体，看起来非常令人印象深刻，并且似乎越来越接近于成为一个几乎可以搜索所有内容的完整搜索引擎，除了到目前为止的商业查询。那么有没有计划将其开放给更广泛的网络？有点像 OpenAI 正在进行的测试，也许将其链接到第三方市场进行商业搜索等等。
And then on Ray-Ban, can you maybe talk a little bit more about the opportunity to deepen your relationship with EssilorLuxottica? What would that look like? What kind of areas are the most exciting to you, Mark in that relationship? Thank you.
然后关于 Ray-Ban，你能否多谈谈与 EssilorLuxottica 加深关系的机会？那会是什么样子？在这种关系中，哪些领域对你来说最令人兴奋，马克？谢谢。
Mark Zuckerberg 马克·扎克伯格
Yes. I'm very excited with how Llama 3.1 landed. I think the team there is doing really great work going from the first version of Llama, the Llama 2 last year that was a generation behind the frontier and now Llama 3.1, which is basically competitive and in some ways, leading the other top-closed models. Meta AI uses a version of Llama 3.1 as well as a bunch of other services that we've built to kind of build a cohesive product. And when I was talking before about we have the initial usage trends around Meta AI but there is a lot more that we want to add. Things like commerce and you can just go vertical by vertical and build out specific functionality to make it useful in all these different areas are eventually, I think what we're going to need to do to make this just as -- to fulfill the potential around just being the ideal AI assistant for people.
是的。我对 Llama 3.1 的发布感到非常兴奋。我认为那里的团队做得非常出色，从 Llama 的第一个版本，到去年的 Llama 2，那时它在前沿技术上落后了一代，而现在的 Llama 3.1 基本上是具有竞争力的，在某些方面甚至领先于其他顶尖的封闭模型。Meta AI 使用了 Llama 3.1 的一个版本，以及我们构建的其他一系列服务，以打造一个统一的产品。当我之前谈到我们在 Meta AI 周围的初步使用趋势时，还有很多我们想要添加的内容。像商业这样的领域，我们可以逐个垂直领域去构建特定的功能，以便在这些不同的领域中使其变得有用，我认为这最终是我们需要做的，以实现成为人们理想 AI 助手的潜力。
So it is a long road map. I don't think, that this stuff is going to get finished in the next couple of quarters or anything like that. But this is part of what's going to happen over the next few years as we build something that will I think, just be a very widely used service. So I'm quite excited about that. And we are going to continue working on Llama 2. So I mean, you mentioned Llama, and I think the question was a little more about Meta AI but they are both -- I mean, they're related Llama is sort of like the engine that powers the product and it's open source, and I'm just excited about the progress that we are making on both of those.
这是一条漫长的路线图。我认为这些东西在接下来的几个季度内不会完成。但这是我们在未来几年内将要发生的一部分，因为我们正在构建一些我认为将会是一个非常广泛使用的服务。因此，我对此感到非常兴奋。我们将继续致力于 Llama 2。你提到了 Llama，我认为问题更多是关于 Meta AI，但它们都是相关的——Llama 就像是驱动产品的引擎，它是开源的，我对我们在这两方面取得的进展感到兴奋。
这种表述比较清晰。
On the smart glasses, EssilorLuxottica is a great partner. We are now in the second generation of the Ray-Ban Meta glasses. They are doing well, better than I think we had expected, and we expected them to grow meaningfully from the first generation so that's been a very positive surprise. And I think part of that is that it is just well-positioned to dovetail well with the AI revolution that we are seeing and offering all kinds of new functionality there. So that was great.
在智能眼镜方面，EssilorLuxottica 是一个很好的合作伙伴。我们现在已经进入了 Ray-Ban Meta 眼镜的第二代。它们表现良好，超出了我们的预期，我们原本预计它们会比第一代有显著增长，因此这是一个非常积极的惊喜。我认为部分原因在于它与我们所看到的人工智能革命非常契合，并提供了各种新的功能。所以这非常好。
苹果的文化是尽可能少的外部合作，如果这是非常重要的产品，为什么会有这样的外部合作？
But EssilorLuxottica is a great company that has a lot of different products that we hope to be able to partner with to just continue building new generations of the glasses and deepen the AI product and make it better and better. I think there is a lot more to go from here. And compared to what we thought at this point, it's doing quite well compared to, I think what it needs to be, to be like a really leading piece of consumer electronics, I think we are still early but all the signs are good.
但EssilorLuxottica是一家伟大的公司，拥有许多不同的产品，我们希望能够与之合作，继续打造新一代眼镜，深化人工智能产品，使其越来越好。我认为从这里出发还有很多路要走。与我们在这一点上所想的相比，它的表现相当不错，我认为它需要达到的水平，才能成为真正领先的消费电子产品，我认为我们仍然处于早期阶段，但所有迹象都很好。
Operator 操作员
Your next question comes from the line of Ron Josey with Citi. Please go ahead.
您的下一个问题来自花旗的 Ron Josey。请继续。
Ronald Josey 罗纳德·乔西
Great. Thanks for taking the question. I want to get back, Mark, to the commentary on open source and Llama 3. Totally understand that Meta is not offering a public cloud, and so what I wanted to hear from you is maybe a little bit more on the product vision of products that come out of Llama 3. And meaning potentially offering some of these products to other companies, call it for customer service or call center offerings or other verticals. And so any insights on just how you envision maybe the open source and Llama 3.1, can sort of offer greater enterprise services for others to benefit from? Thank you.
很好。感谢你回答这个问题。我想回到马克关于开源和 Llama 3 的评论。我完全理解 Meta 并没有提供公共云，所以我想听听你对 Llama 3 所推出的产品愿景的更多看法。也就是说，可能会将这些产品提供给其他公司，比如用于客户服务或呼叫中心的产品，或者其他垂直行业。因此，关于你如何设想开源和 Llama 3.1 能够为其他企业提供更大服务的任何见解，感谢你。
Mark Zuckerberg 马克·扎克伯格
So Llama is the foundation model that people can shape into all kind of different products. So whether it's Meta AI for ourselves or the AI Studio or the business agents or like the assistant that's in the Ray-Ban glasses, like all these different things are basically products that have been built with Llama. And similarly, any developer out there is going to be able to take it and build a whole greater diversity of different things as well.
所以 Llama 是一个基础模型，人们可以将其塑造成各种不同的产品。因此，无论是我们自己的 Meta AI，还是 AI Studio，或者商业代理，或者像 Ray-Ban 眼镜中的助手，这些不同的东西基本上都是用 Llama 构建的产品。同样，任何开发者都能够利用它构建出更丰富多样的东西。
Like I talked about, I think -- the reason why open sourcing this is so valuable for us is that we want to make sure that we have the leading infrastructure to power the consumer and business experiences that we are building. But the infrastructure, it's not just a piece of software that we can build in isolation. It really is an ecosystem with a lot of different capabilities that other developers and people are adding to the mix, whether that's new tools to distill the models into the size that you want for a custom model, or ways to fine-tune things better or make inference more efficient or all different other kinds of methods that we haven't even thought of yet, the silicon optimizations that the silicon companies are doing, all the stuff. It is an ecosystem.
我认为开放源代码对我们来说非常有价值，原因在于我们希望确保我们拥有领先的基础设施来支持我们正在构建的消费者和商业体验。但基础设施不仅仅是我们可以孤立构建的软件片段。它实际上是一个生态系统，许多不同的开发者和人员都在为这个生态系统增加不同的能力，无论是新工具将模型蒸馏成您想要的自定义模型大小，还是更好地微调事物的方法，或者使推理更高效，或者我们甚至还没有想到的所有不同类型的方法，芯片公司的硅优化，所有这些东西。它是一个生态系统。
So we can't do all that ourselves. And if we built Llama and just kind of kept it within our walls, then it wouldn't actually be as valuable for us to build all the products that we are building as it is going to end up being. So that's the business strategy around that. And that's why we don't feel like we need to necessarily build a cloud and sell it directly in order for it to be a really positive business strategy for us. And part of what we are doing is working closely with AWS, I think, especially did great work for this release.
所以我们不能自己完成所有这些。如果我们构建了 Llama 并将其限制在我们的墙内，那么它实际上对我们构建所有产品的价值就不会像最终会变得那样高。因此，这就是我们的商业策略。这也是为什么我们觉得不一定需要构建一个云并直接销售，以便它对我们来说成为一个真正积极的商业策略。我们所做的一部分是与 AWS 密切合作，我认为，特别是在这次发布中做得非常出色。
Other companies like Databricks, Nvidia, of course, other big players like Microsoft with Azure, and Google Cloud, they are all supporting this. And we want developers to be able to get it anywhere. I think that's one of the advantages of an open source model like Llama is – it is not like you're locked into one cloud that offers that model, whether it's Microsoft with OpenAI or Google with Gemini or whatever it is, you can take this and use it everywhere and we want to encourage that. So I'm quite excited about that.
其他公司如 Databricks、Nvidia，当然还有像微软的 Azure 和谷歌云这样的其他大玩家，他们都在支持这一点。我们希望开发者能够在任何地方获取它。我认为这就是像 Llama 这样的开源模型的一个优势——你并不是被锁定在一个提供该模型的云服务上，无论是微软的 OpenAI 还是谷歌的Gemini，你都可以将其带走并在任何地方使用，我们希望鼓励这一点。所以我对此感到非常兴奋。
The enterprise and business applications that we are going to be most focused on, though, in addition to just optimizing the advertiser experience like I talked about in my comments earlier, it is the business agent piece. I just think that there is a huge potential like I said earlier. I think pretty much every business today, it has an e-mail address. They have a website. They have social media accounts. I think in the future, they are going to have at least one, if not multiple business agents that can do the whole range of things from interacting to help people buy things to helping support the sales that they've done, if they have issues with the product, if they need to get in touch with you for something.
我们将最关注的企业和商业应用，除了优化广告客户体验之外，还是商业代理部分。我认为这有巨大的潜力。正如我之前所说，几乎每个企业今天都有电子邮件地址、网站和社交媒体账户。我认为在未来，他们将至少拥有一个，如果不是多个商业代理，能够完成从与人互动、帮助人们购买商品到支持他们的销售等一系列工作，如果他们在产品上遇到问题，或者需要联系你处理某些事情。
And we already see people interacting with businesses over messaging working quite well in countries that have low cost of labor. But the thing is that in order to have someone answering everyone's questions is quite expensive in a lot of countries. And I think that this is like a thing that AI, I think is just going to be very well suited towards doing. And when we can make that easy for the hundreds of millions of businesses that use our platforms to pull in all their information and their catalogs, and the history and all the content that they've shared and really just quickly stand up an agent, I think that's going to be awesome.
我们已经看到，在劳动力成本较低的国家，人们通过消息与企业互动的效果很好。但问题是，在很多国家，雇佣人来回答每个人的问题是相当昂贵的。我认为这正是人工智能非常适合做的事情。当我们能够为数亿使用我们平台的企业轻松整合他们的所有信息、目录、历史和共享的内容，并快速建立一个代理时，我认为这将是非常棒的。
So we can combine Llama with a lot of custom work that we're doing in our business teams and couple that with all the other investment that the rest of the ecosystem is doing to make Llama good. And I think that's going to be huge, but that's just one area. I mean, this really goes across all of the different products that we are building, both consumer and business. So it is a lot of exciting stuff.
所以我们可以将 Llama 与我们业务团队正在进行的大量定制工作结合起来，并与生态系统其他部分的投资相结合，以使 Llama 变得更好。我认为这将是巨大的，但这只是一个领域。我的意思是，这实际上涵盖了我们正在构建的所有不同产品，包括消费者和商业。因此，这有很多令人兴奋的内容。
企业微信确实是一个很好的领域，但是这个工作需要结合帮助中心，帮助中心掌握在CRM的相关企业，包括微软，做这些办公软件的没有社交软件，有社交软件的没有办公软件，相互打通是早晚的事，两边都会受益。
Kenneth Dorell 肯尼斯·多雷尔
Krista, we have time for one last question.
克里斯塔，我们还有时间问最后一个问题。
Operator 操作员
Thank you. That question will come from the line of Ross Sandler with Barclays. Please go ahead.
谢谢。这个问题来自巴克莱的罗斯·桑德勒。请继续。
Ross Sandler 罗斯·桑德勒
Great. Mark, so on Monday in your interview with Jensen, you said something along the lines of if scaling ended up stopping one day, you'd have five years of product work to do and ahead of you. So outside of agents or AI assistants, what other areas in AI are you thinking about or looking at in that five-year road map? And then the second question is maybe one more stab at the capacity question.
Mark，在周一你与Jensen的访谈中，你说过如果扩展最终有一天停止了，你将有五年的产品工作要做。那么除了代理或人工智能助手之外，你在那个五年路线图中还在考虑或查看哪些人工智能的其他领域？第二个问题是也许再次尝试回答容量问题。
You guys said that Llama 3.1 was trained on 16,000 H100s. You've also said that you're going to have 600,000 available by year-end. So even if we kind of go up to 160,000 GPUs for Llama 4, we have plenty of extra capacity for inference and future products. I guess how are you guys modeling out this entire kind of CapEx road map between training, inference, and future things? That's all. Thanks a lot.
你们说 Llama 3.1 是在 16,000 个 H100 上训练的。你们还说到年底会有 600,000 个可用的。所以即使我们将 Llama 4 的 GPU 数量提高到 160,000，我们仍然有足够的额外容量用于推理和未来的产品。我想知道你们是如何规划训练、推理和未来项目之间的资本支出路线图的？就这些。非常感谢。
Mark Zuckerberg 马克·扎克伯格
I can start with the first one, and then I'll let Susan answer the second one. It is an interesting question. It is a little hypothetical because I mean, I do think it's true that if, let's say, there were no future foundation models. I think there would just be a huge amount of product innovation that the industry would bring to bear, and that just takes time. But then at the same time there are going to be future foundation models, and they are going to be awesome and unlock new capabilities and we are planning our products around those.
我可以先回答第一个问题，然后让苏珊回答第二个问题。这是一个有趣的问题。这个问题有点假设性，因为我认为，如果假设没有未来的基础模型，我认为行业将会带来大量的产品创新，而这需要时间。但与此同时，未来会有基础模型，它们将会很棒，解锁新的能力，我们正在围绕这些进行产品规划。
So I'm not really planning our product road map assuming that there isn't future innovation. On the contrary, we are planning what's going to be in Llama 4 and Llama 5 and beyond based on what capabilities we think are going to be most important for the road map that I just laid out for having the breadth of utility that you're going to need in something like Meta AI, making it set businesses and creators and individuals can stand up any kind of AI agents that they want, that you are going to have these kind of real-time, multimodal glasses with you all the time that will just be increasingly useful for all the things that you're doing.
所以我并不打算在我们的产品路线图中假设未来没有创新。相反，我们正在规划 Llama 4 和 Llama 5 及更远的未来，基于我们认为对我刚刚列出的路线图最重要的能力，以便在像 Meta AI 这样的产品中提供所需的广泛实用性，使企业、创作者和个人能够建立他们想要的任何类型的 AI 代理，您将始终拥有这些实时的多模态眼镜，它们将对您所做的所有事情变得越来越有用。
And that -- I guess this kind of dovetails what I'd expect Susan to talk about next. And we do have this huge set of use cases already about people wanting to discover content and interact with their friends and businesses reaching people, and all that stuff is getting better with this, too. So there is -- I guess my point there was its just – there is some lag between the technology becoming available and the products becoming kind of fully explored in the space. And I just think that -- that was kind of my way of saying that I think that this is just a very exciting area where there's just going to be a lot of innovation for a long time to come. I'll let Susan take a stab at the numbers around the GPUs and all that.
而这——我想这与我期待苏珊接下来要谈的内容有些契合。我们已经有了一大堆关于人们希望发现内容、与朋友互动以及企业接触用户的用例，而所有这些也在不断改善。所以，我想我想表达的观点是，技术可用与产品在这个领域被充分探索之间确实存在一些滞后。我认为——这就是我想说的，我认为这是一个非常令人兴奋的领域，在这里将会有很多创新持续很长一段时间。我会让苏珊来谈谈关于 GPU 和其他相关数字的内容。
Susan Li 苏珊·李
Thank you. We are clearly in the process of building out a lot of capacity, and Mark has alluded to that in his comments about what we have needed to train prior generations and the next generation of Llama. And we are -- and that's driving sort of what we've talked about in terms of the significant growth in CapEx in 2025. And we aren't really in the position now to share a longer-term outlook.
谢谢你。我们显然正在建立大量的能力，马克在他关于我们需要培训前几代和下一代 Llama 的评论中提到了这一点。我们正在进行中，这推动了我们所谈论的 2025 年资本支出显著增长的情况。我们现在并不处于分享长期展望的状态。
When we think about sort of any given new data center project that we are constructing, we think about how we will use it over the life of the data center. We think about the amount of capacity we would use in terms of training whatever the subsequent generations of Llama are and it is architected around that. But then we also look at how we might use it several years into its lifetime towards other use cases across our core business, across what we think might be future needs for inference, for generative AI-based products.
当我们考虑任何正在建设的新数据中心项目时，我们会思考在数据中心的整个生命周期内如何使用它。我们会考虑在训练后续版本的 Llama 时所需的容量，并围绕这一点进行架构设计。但我们也会考虑在其生命周期的几年后，如何将其用于我们核心业务的其他用例，以及我们认为未来在推理和基于生成式 AI 产品方面的需求。
So there is sort of a whole host of use cases for the life of any individual data center ranging from gen AI training at its outset to potentially supporting gen AI inference to being used for core ads and content ranking and recommendation and also thinking through the implications, too, of what kinds of servers we might use to support those different types of use cases.
所以，对于任何单个数据中心的生命周期，有一系列的使用案例，从最初的生成 AI 训练，到可能支持生成 AI 推理，再到用于核心广告和内容排名与推荐，同时也要考虑我们可能使用什么样的服务器来支持这些不同类型的使用案例。
So we are really mapping across a wide range of potential use cases when we undertake any given project. And we are really doing that with both a long time horizon in mind, again, because of the long lead times in spinning up data centers, but also recognizing that there are multiple decision points in the lifetime of each data center in terms of thinking through when to order servers and what servers to order and what you will put them towards. And that gives us flexibility to make the sort of the best decisions based on the information we have in the future.
所以当我们进行任何项目时，实际上是在广泛的潜在用例中进行映射。我们确实是考虑了较长的时间跨度，这主要是因为建立数据中心的时间周期较长，同时也意识到在每个数据中心的生命周期中，有多个决策点需要考虑，比如何时订购服务器、订购什么服务器以及将它们用于什么。这使我们能够灵活地根据未来掌握的信息做出最佳决策。
Kenneth Dorell 肯尼斯·多雷尔
Great. Thank you all for joining us today. We appreciate your time, and we look forward to speaking with you again soon.
很好。感谢大家今天的参与。我们很感激你们的时间，期待不久后再次与大家交谈。
Operator 操作员
This concludes today's conference call. Thank you for your participation, and you may now disconnect.
今天的电话会议到此结束。感谢您的参与，您现在可以挂断电话。
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