2024-10-29 Alphabet Inc. (GOOG) Q3 2024 Earnings Call Transcript
Alphabet Inc. (NASDAQ:GOOG) Q3 2024 Earnings Conference Call October 29, 2024 4:30 PM ET
Alphabet 公司 (NASDAQ:GOOG) 2024 年第三季度收益电话会议 2024 年 10 月 29 日 下午 4:30 ET
Company Participants 公司参与者
Jim Friedland - Senior Director, Investor Relations
吉姆·弗里德兰 - 高级总监，投资者关系
Sundar Pichai - Chief Executive Officer
桑达尔·皮查伊 - 首席执行官
Philipp Schindler - Senior Vice President & Chief Business Officer
菲利普·辛德勒 - 高级副总裁兼首席商务官
Anat Ashkenazi - Chief Financial Officer
阿纳特·阿什肯纳齐 - 首席财务官
Conference Call Participants
电话会议参与者
Brian Nowak - Morgan Stanley
布莱恩·诺瓦克 - 摩根士丹利
Doug Anmuth - JPMorgan 道格·安穆斯 - 摩根大通
Eric Sheridan - Goldman Sachs
埃里克·谢里丹 - 高盛
Ross Sandler - Barclays 罗斯·桑德勒 - 巴克莱
Justin Post - BAML 贾斯汀·波斯特 - 美银美林
Michael Nathanson - MoffettNathanson
迈克尔·纳森森 - MoffettNathanson
Mark Mahaney - Evercore 马克·马哈尼 - 永康公司
Ken Gawrelski - Wells Fargo
肯·加雷尔斯基 - 富国银行
Stephen Ju - UBS 斯蒂芬·朱 - 瑞银
Operator 操作员
Welcome, everyone. Thank you for standing by for the Alphabet Third 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]
欢迎大家。感谢各位参加Alphabet 2024 年第三季度收益电话会议。目前，所有参与者都处于只听模式。在演讲者演示之后，将进行问答环节。[操作员说明]
I would now like to hand the conference over to your speaker today, Jim Friedland, Senior Director of Investor Relations. Please go ahead.
我现在想把会议交给今天的发言人，投资者关系高级总监吉姆·弗里德兰。请继续。
Jim Friedland 吉姆·弗里德兰
Thank you. Good afternoon, everyone, and welcome to Alphabet's third quarter 2024 earnings conference call. With us today are Sundar Pichai, Philipp Schindler and Anat Ashkenazi.
谢谢。大家下午好，欢迎参加Alphabet 2024 年第三季度财报电话会议。今天与我们一起的有 Sundar Pichai、Philipp Schindler 和 Anat Ashkenazi。
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. 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.
现在我将快速介绍安全港。我们今天关于业务、运营和财务表现的一些陈述可能被视为前瞻性陈述。此类陈述基于当前的预期和假设，这些预期和假设受到多种风险和不确定性的影响。实际结果可能会有重大差异。请参阅我们的 10-K 和 10-Q 表格，包括风险因素。我们没有义务更新任何前瞻性陈述。
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. Our comments will be on year-over-year comparisons unless we state otherwise.
在此次电话会议中，我们将展示 GAAP 和非 GAAP 财务指标。非 GAAP 与 GAAP 指标的对账已包含在今天的收益新闻稿中，该新闻稿通过我们的投资者关系网站 abc.xyz/investor 向公众发布和提供。除非另有说明，否则我们的评论将基于年度同比比较。
And now I'll turn the call over to Sundar.
现在我将电话交给 Sundar。
Sundar Pichai 桑达尔·皮查伊
Thank you, Jim, and hello, everyone. Q3 was another great quarter. The momentum across the company is extraordinary, as you've seen in recent product launches, and as you will hear on the call today. Our commitment to innovation as well as a long-term focus and investment in AI are paying off and driving success for the company and for our customers.
谢谢你，吉姆，大家好。第三季度又是一个出色的季度。正如您在最近的产品发布中所见，公司各方面的势头都非常强劲，您今天在电话会议中也会听到。我们对创新的承诺以及对人工智能的长期关注和投资正在取得成效，为公司和客户带来成功。
We are uniquely positioned to lead in the era of AI because of our differentiated full stack approach to AI innovation, and we are now seeing this operate at scale. It has three components. First, a robust AI infrastructure that includes data centers, chips and a global fiber network. Second, world-class research teams who are advancing our work with deep technical AI research and who are also building the models that power our efforts. And third, a broad global reach through products and platforms that touch billions of people and customers around the world, creating a virtuous cycle.
由于我们在 AI 创新方面采用了差异化的全栈方法，我们在 AI 时代处于独特的领先地位，并且我们现在看到这一点在大规模运作。它有三个组成部分。首先，是一个强大的 AI 基础设施，包括数据中心、芯片和全球光纤网络。其次，是世界一流的研究团队，他们通过深度技术 AI 研究推进我们的工作，并构建支持我们努力的模型。第三，通过触及全球数十亿人和客户的产品和平台，实现广泛的全球覆盖，创造一个良性循环。
Let me quickly touch on each of these. We continue to invest in state-of-the-art infrastructure to support our AI efforts from the U.S. to Thailand to Uruguay. We are also making bold clean energy investments, including the world's first corporate agreement to purchase nuclear energy from multiple small modular reactors, which will enable up to 500 megawatts of new 24/7 carbon-free power.
让我快速谈谈这些。我们继续投资于最先进的基础设施，以支持我们从美国到泰国再到乌拉圭的人工智能工作。我们还在进行大胆的清洁能源投资，包括全球首个企业协议，从多个小型模块化反应堆购买核能，这将提供高达 500 兆瓦的新 24/7 无碳电力。
We are also doing important work inside our data centers to drive efficiencies while making significant hardware and model improvements. For example, we shared that since we first began testing AI Overviews, we have lowered machine cost per query significantly. In 18 months, we reduced cost by more than 90% for these queries through hardware, engineering and technical breakthroughs while doubling the size of our custom Gemini model.
我们还在数据中心内部进行重要工作，以提高效率，同时对硬件和模型进行重大改进。例如，我们分享了自从我们首次开始测试 AI 概述以来，我们已经显著降低了每次查询的机器成本。在 18 个月内，通过硬件、工程和技术突破，我们将这些查询的成本降低了 90% 以上，同时将我们的自定义Gemini模型的规模扩大了一倍。
And of course, we use and offer our customers a range of AI accelerator options, including multiple classes of NVIDIA GPUs and our own custom-built TPUs. We are now on the sixth generation of TPUs known as Trillium and continue to drive efficiencies and better performance with them.
当然，我们使用并为客户提供一系列 AI 加速器选项，包括多种类型的 NVIDIA GPU 和我们自制的 TPU。我们现在处于第六代 TPU，称为 Trillium，并继续通过它们提高效率和性能。
Turning to research. Our team at Google DeepMind continues to drive our leadership. Let me take a moment to congratulate Demis Hassabis and John Jumper on winning the Noble Prize in chemistry for their work on AlphaFold. This is an extraordinary achievement and underscores the incredible talent we have and how critical our world-leading research is to the modern AI revolution and to our future progress. Also, congratulations to Jeff Vinton, who spent over a decade here on winning the Noble Prize in physics.
转向研究。我们在谷歌 DeepMind 的团队继续推动我们的领导地位。让我花点时间祝贺 Demis Hassabis 和 John Jumper 因他们在 AlphaFold 上的工作而获得诺贝尔化学奖。这是一个非凡的成就，强调了我们拥有的惊人才能，以及我们世界领先的研究对现代 AI 革命和我们未来进步的重要性。同时，祝贺 Jeff Vinton，他在这里工作了十多年，获得了诺贝尔物理学奖。
Our research teams also drive our industry-leading Gemini model capabilities, including long context understanding, multimodality and agentive capabilities. By any measure, token volume, API calls, consumer usage, business adoption, usage of the Gemini models is in a period of dramatic growth. And our teams are actively working on performance improvements and new capabilities for our range of models. Stay tuned.
我们的研究团队还推动了我们行业领先的Gemini模型能力，包括长上下文理解、多模态和代理能力。无论从任何角度来看，令牌量、API 调用、消费者使用、业务采用，Gemini模型的使用都处于显著增长期。我们的团队正在积极致力于提高性能和开发新功能，以扩展我们的模型范围。敬请期待。
And they are building out experiences where AI can see and reason about the world around you. Project Astra is a glimpse of that future. We are working to ship experiences like this as early as 2025. We then work to bring those advances to consumers and businesses. Today, all seven of our products and platforms with more than 2 billion monthly users use Gemini models. That includes the latest product to surpass the 2 billion user milestone Google Maps.
他们正在构建能够让 AI 观察和理解你周围世界的体验。Project Astra 就是对未来的一个展望。我们正在努力在 2025 年尽早推出这样的体验。然后，我们会努力将这些进步带给消费者和企业。如今，我们所有七个每月用户超过 20 亿的产品和平台都使用Gemini模型。这包括最新超过 20 亿用户里程碑的产品 Google Maps。
Beyond Google's own platforms, following strong demand, we are making Gemini even more broadly available to developers. Today, we shared that Gemini is now available on GitHub Copilot with more to come.
在谷歌自身平台之外，随着强劲的需求，我们正在让Gemini更广泛地向开发者开放。今天，我们分享了Gemini现已在 GitHub Copilot 上可用，并且未来会有更多更新。
To support our investments across these three pillars, we are organizing the company to operate with speed and agility. We recently moved the Gemini app team to Google DeepMind to speed up deployment of new models and streamline post-training work. This follows other structural changes that have unified teams in research, machine learning infrastructure and our developer teams, as well as our security efforts and our platforms and devices team. This is all helping us move faster.
为了支持我们在这三个支柱上的投资，我们正在组织公司以快速和敏捷的方式运营。我们最近将Gemini应用团队转移到 Google DeepMind，以加快新模型的部署并简化训练后的工作。这是继其他结构性变革之后的，这些变革统一了研究、机器学习基础设施和我们的开发团队，以及我们的安全工作和平台与设备团队。这一切都在帮助我们加快步伐。
For instance, it was a small dedicated team that built Notebook LM, an incredibly popular product that has so much promise. We're also using AI internally to improve our coding processes, which is boosting productivity and efficiency. Today, more than a quarter of all new code at Google is generated by AI, then reviewed and accepted by engineers. This helps our engineers do more and move faster. I'm energized by our progress and the opportunities ahead, and we continue to be laser-focused on building great products.
例如，是一个小型专注的团队打造了 Notebook LM，这是一款极受欢迎且充满潜力的产品。我们还在内部使用人工智能来改进我们的编码流程，从而提高生产力和效率。如今，谷歌超过四分之一的新代码是由人工智能生成的，然后由工程师审核和接受。这帮助我们的工程师做得更多，行动更快。我对我们的进展和未来的机遇感到振奋，并且我们将继续专注于打造优秀的产品。
Let me turn now to the quarterly highlights. In search, recent advancements, including AI Overviews, Circle to Search and new features in Lens are transforming the user experience, expanding what people can search for and how they search for it. This leads to users coming to search more often for more of their information needs, driving additional search queries.
现在让我转向季度亮点。在搜索方面，最近的进展，包括 AI 概览、Circle to Search 和 Lens 中的新功能，正在改变用户体验，扩展人们可以搜索的内容以及搜索的方式。这导致用户更频繁地进行搜索以满足更多的信息需求，从而推动了额外的搜索查询。
Just this week, AI Overview started rolling out to more than 100 new countries and territories. It will now reach more than 1 billion users on a monthly basis. We are seeing strong engagement, which is increasing overall search usage and user satisfaction. People are asking longer and more complex questions and exploring a wider range of websites.
就在本周，AI Overview 开始在 100 多个新的国家和地区推出。现在，它将每月覆盖超过 10 亿用户。我们看到强劲的参与度，这增加了整体搜索使用率和用户满意度。人们正在提出更长和更复杂的问题，并探索更广泛的网站范围。
What's particularly exciting is that this growth actually increases over time as people learn that Google can answer more of their questions. The integration of ads within AI Overviews is also performing well, helping people connect with businesses as they search.
特别令人兴奋的是，这种增长实际上随着时间的推移而增加，因为人们了解到谷歌可以回答更多他们的问题。广告在 AI 概览中的整合也表现良好，帮助人们在搜索时与企业建立联系。
Circle to Search is now available on over 150 million Android devices with people using it to shop, translate text and learn more about the world around them. A third of the people who have tried Circle to Search now use it weekly, a testament to its helpfulness and potential.
Circle to Search 现在已在超过 1.5 亿台安卓设备上可用，人们使用它来购物、翻译文本并了解周围的世界。三分之一尝试过 Circle to Search 的人现在每周使用它，这证明了它的实用性和潜力。
Meanwhile, Lens is now used for over 20 billion visual searches per month. Lens is one of the fastest-growing query types we see on search because of its ability to answer complex multimodal questions and help in product discovery and shopping. For all these AI features, it's just the beginning, and you will see a rapid pace of innovation and progress here.
与此同时，Lens 现在每月用于超过 200 亿次视觉搜索。由于其能够回答复杂的多模态问题并帮助产品发现和购物，Lens 是我们在搜索中看到的增长最快的查询类型之一。对于所有这些 AI 功能，这仅仅是个开始，您将在这里看到快速的创新和进步。
Next, Google Cloud. I'm very pleased with our growth. This business has real momentum and the overall opportunity is increasing as customers embrace GenAI. We generated Q3 revenues of $11.4 billion, up 35% over last year with operating margins of 17%. Our technology leadership and AI portfolio are helping us attract new customers, win larger deals and drive 30% deeper product adoption with existing customers.
接下来是谷歌云。我对我们的增长感到非常满意。随着客户接受生成式 AI，这项业务具有真正的动力，总体机会正在增加。我们在第三季度创造了 114 亿美元的收入，比去年增长了 35%，运营利润率为 17%。我们的技术领导力和 AI 产品组合正在帮助我们吸引新客户，赢得更大的交易，并推动现有客户 30%的更深入产品采用。
Customers are using our products in five different ways. First, our AI infrastructure, which we differentiate with leading performance driven by storage, compute and software advances, as well as leading reliability and a leading number of accelerators.
客户以五种不同的方式使用我们的产品。首先，我们的 AI 基础设施通过存储、计算和软件的进步来实现领先的性能，并具有领先的可靠性和领先数量的加速器，从而实现差异化。
Using a combination of our TPUs and GPUs, LG AI research reduced inference processing time for its multimodal model by more than 50% and operating costs by 72%. Second, our enterprise AI platform, Vertex, is used to build and customize the best foundation models from Google and the industry.
使用我们的 TPU 和 GPU 的组合，LG AI 研究将其多模态模型的推理处理时间减少了 50%以上，运营成本降低了 72%。其次，我们的企业 AI 平台 Vertex 用于构建和定制来自谷歌和行业的最佳基础模型。
Gemini API calls have grown nearly 40x in a 6-month period. When Snap was looking to power more innovative experiences within their My AI chatbot, they chose Gemini's strong multimodal capabilities. Since then, Snap saw over 2.5 times as much engagement with My AI in the United States.
Gemini API 调用在 6 个月内增长了近 40 倍。当 Snap 希望在其 My AI 聊天机器人中提供更多创新体验时，他们选择了Gemini强大的多模态功能。从那时起，Snap 在美国的 My AI 互动量增加了 2.5 倍以上。
Third, customers use our AI platform together with our data platform, BigQuery, because we analyze multimodal data no matter where it is stored with ultra-low latency access to Gemini. This enables accurate real-time decision-making for customers like Hiscox, one of the flagship syndicates in Lloyd's of London, which reduced the time it took to code complex risks from days to minutes. These types of customer outcomes, which combine AI with data science have led to 80% growth in BigQuery ML operations over a 6-month period.
第三，客户将我们的 AI 平台与我们的数据平台 BigQuery 结合使用，因为我们可以分析无论存储在哪里的多模态数据，并以超低延迟访问Gemini。这使得像伦敦劳合社的旗舰辛迪加之一 Hiscox 这样的客户能够进行准确的实时决策，将复杂风险编码的时间从几天缩短到几分钟。这些结合了 AI 和数据科学的客户成果导致 BigQuery ML 操作在 6 个月内增长了 80%。
Fourth, our AI-powered cybersecurity solutions, Google Threat Intelligence and Security operations are helping customers like BBVA and Deloitte prevent, detect and respond to cybersecurity threats much faster. We have seen customer adoption of our Mandiant-powered threat detection increased 4x over the last 6 quarters.
第四，我们的 AI 驱动的网络安全解决方案，Google 威胁情报和安全运营，正在帮助像 BBVA 和德勤这样的客户更快地预防、检测和响应网络安全威胁。我们看到客户对我们 Mandiant 驱动的威胁检测的采用在过去 6 个季度增加了 4 倍。
Fifth, in Q3, we broadened our applications portfolio with the introduction of our new customer engagement suite. It's designed to improve the customer experience online and in mobile apps, as well as in call centers, retail stores and more. A great example is Volkswagen of America, who is using this technology to power its new myVW Virtual Assistant. In addition, the employee agents we delivered through Gemini for Google Workspace are getting superb reviews. 75% of daily users say it improves the quality of their work.
第五，在第三季度，我们通过推出新的客户互动套件拓宽了我们的应用组合。该套件旨在改善在线和移动应用中的客户体验，以及在呼叫中心、零售店等场所的客户体验。一个很好的例子是美国大众汽车公司，他们正在使用这项技术来支持其新的 myVW 虚拟助手。此外，我们通过Gemini为 Google Workspace 提供的员工代理获得了极好的评价。75%的日常用户表示它提高了他们工作的质量。
Moving now to YouTube. For the first time ever, YouTube's combined ad and subscription revenue over the past four quarters has surpassed $50 billion. Together, YouTube TV, NFL Sunday Ticket and YouTube Music Premium are driving subscription growth for the platform. And we are leaning into the living room experience with multi-view and a new option for creators to organize content into episodes and seasons, similar to traditional TV. At Made on YouTube, we announced that Google DeepMind's most capable model for video generation VO is coming to YouTube Shorts to help creators later this year.
现在转到 YouTube。首次，YouTube 在过去四个季度的广告和订阅收入总和已超过 500 亿美元。YouTube TV、NFL Sunday Ticket 和 YouTube Music Premium 共同推动了平台的订阅增长。我们正在通过多视图和为创作者提供将内容组织成剧集和季节的新选项来加强客厅体验，类似于传统电视。在 Made on YouTube 活动中，我们宣布 Google DeepMind 最强大的视频生成模型 VO 将在今年晚些时候来到 YouTube Shorts，帮助创作者。
Next, platforms and devices. Gemini's deep integration is improving Android. For example, Gemini Live lets you have free flowing conversations with Gemini. People love it. It's available on Android, including Samsung Galaxy devices. We continue to work closely with them to deliver innovations across their newest devices with much more to come.
接下来，平台和设备。Gemini的深度集成正在改善 Android。例如，Gemini Live 让您可以与Gemini进行自由流畅的对话。人们很喜欢它。它在 Android 上可用，包括三星 Galaxy 设备。我们继续与他们密切合作，在他们最新的设备上提供创新，并且还有更多内容即将推出。
At Made by Google, we unveiled our latest Pixel 9 series of devices featuring advanced AI models, including Gemini Nano. We have seen strong demand for these devices, and they've already received multiple awards.
在 Made by Google 活动中，我们发布了最新的 Pixel 9 系列设备，配备了先进的 AI 模型，包括Gemini Nano。我们已经看到了对这些设备的强劲需求，并且它们已经获得了多个奖项。
Turning to Other Bets. I want to highlight Waymo, the biggest part of our portfolio. Waymo is now a clear technical leader within the autonomous vehicle industry and creating a growing commercial opportunity. Over the years, Waymo has been infusing cutting-edge AI into its work. Now each week, Waymo is driving more than 1 million fully autonomous miles and serves over 150,000 paid rides. The first time any AV company has reached this kind of mainstream use.
转向其他投资。我想重点介绍 Waymo，这是我们投资组合中最大的一部分。Waymo 现在是自动驾驶汽车行业中明确的技术领导者，并创造了日益增长的商业机会。多年来，Waymo 一直在其工作中注入尖端的人工智能。现在，每周 Waymo 行驶超过 100 万英里完全自动驾驶的里程，并提供超过 15 万次付费乘车服务。这是首次有自动驾驶公司达到这种主流使用水平。
Through its expanded network and operations partnership with Uber in Austin and Atlanta, plus a new multiyear partnership with Hyundai, Waymo will bring fully autonomous driving to more people and places. By developing a universal driver, Waymo has multiple paths to market. And with its sixth generation system, Waymo significantly reduced unit costs without compromising safety.
通过在奥斯汀和亚特兰大与优步的扩展网络和运营合作伙伴关系，以及与现代的新多年合作伙伴关系，Waymo 将为更多人和地方带来完全自动驾驶。通过开发通用驾驶员，Waymo 拥有多条进入市场的途径。凭借其第六代系统，Waymo 在不影响安全的情况下显著降低了单位成本。
Before I close, I'm delighted to welcome our new CFO, Anat. We are thrilled to have her on board, and you will hear from her shortly. And as always, I want to express my gratitude to our employees worldwide. Your dedication and hard work have made this another exceptional quarter for Alphabet.
在结束之前，我很高兴欢迎我们的新首席财务官 Anat。我们很高兴她能加入我们的团队，您很快就会听到她的发言。和往常一样，我想对我们全球的员工表示感谢。你们的奉献和辛勤工作使得Alphabet又度过了一个卓越的季度。
Now over to you, Philipp.
现在交给你了，菲利普。
Philipp Schindler 菲利普·辛德勒
Thanks, Sundar, and hello, everyone. I'll start with performance for the quarter and then describe the progress we're seeing across ads, YouTube and partnerships, highlighting the impact AI is already having on our business.
谢谢，Sundar，大家好。我将从本季度的业绩开始，然后描述我们在广告、YouTube 和合作伙伴关系方面所取得的进展，重点介绍人工智能对我们业务的影响。
Google Services delivered revenues of $76.5 billion for the quarter, up 13% year-on-year. Search and other revenues grew 12% year-on-year, led by growth in the financial services vertical due to strength in insurance, followed by retail. YouTube ads revenues grew 12% year-on-year, driven by brand, closely followed by direct response. Network revenues were down 2% year-on-year.
谷歌服务本季度收入为 765 亿美元，同比增长 13%。搜索和其他收入同比增长 12%，主要得益于保险领域的强劲表现，金融服务垂直领域的增长领先，其次是零售。YouTube 广告收入同比增长 12%，由品牌推动，紧随其后的是直接响应。网络收入同比下降 2%。
In subscriptions, platforms and devices, year-on-year revenues were up 28%, driven by growth in subscriptions as well as the launch of our Made by Google devices in the third quarter.
在订阅、平台和设备方面，收入同比增长 28%，这得益于订阅的增长以及我们在第三季度推出的 Made by Google 设备。
Before I double-click into ads, YouTube and partnerships, a few comments on search. Whether they're using their voice to find answers on the go or opening their camera to explore the world around them, people are expanding how they ask questions in search as well as the type of questions they ask. New behaviors create new opportunities to help us connect businesses and consumers via amazing commercial experiences.
在我深入探讨广告、YouTube 和合作伙伴关系之前，先对搜索发表几点评论。无论是通过语音在旅途中寻找答案，还是打开相机探索周围的世界，人们在搜索中提问的方式以及提问的类型都在不断扩展。新的行为创造了新的机会，帮助我们通过精彩的商业体验连接企业和消费者。
As GenAI expands what's possible, we continue to see a significant opportunity in search. Let me take a minute to explain why. AI really supercharges search. Our new AI-powered features make searches more helpful, and we continue to see great feedback, particularly from younger users.
随着生成式人工智能扩展了可能性，我们在搜索领域继续看到重大的机会。让我花一分钟来解释原因。人工智能真正增强了搜索功能。我们新的人工智能驱动功能使搜索更加有用，并且我们继续收到很好的反馈，尤其是来自年轻用户的反馈。
For example, with Circle to Search, where we see higher engagement from users aged 18 to 24. AI is expanding our ability to understand intent and connect it to our advertisers. This allows us to connect highly relevant users with the most helpful ad and deliver business impact to our customers.
例如，在Circle to Search中，我们看到 18 至 24 岁用户的参与度更高。人工智能正在扩展我们理解意图并将其与广告商连接的能力。这使我们能够将高度相关的用户与最有用的广告连接起来，并为客户带来业务影响。
Let me share two new ad experiences we have rolled out alongside our popular AI-powered features in search. First, as you heard from Sundar, every month, Lens is used for almost 20 billion visual searches with 1 in 4 of these searches having commercial intent.
让我分享两个我们与受欢迎的 AI 驱动搜索功能一起推出的新广告体验。首先，正如 Sundar 所说，每个月有近 200 亿次视觉搜索使用 Lens，其中四分之一的搜索具有商业意图。
In early October, we announced product search on Google Lens. And in testing this feature, we found that shoppers are more likely to engage with content in this new format. We're also seeing that people are turning to Lens more often to run complex multimodal queries, voicing a question or inputting text in addition to a visual.
在十月初，我们宣布了 Google Lens 的产品搜索。在测试这一功能时，我们发现购物者更有可能以这种新格式与内容互动。我们还看到，人们更频繁地使用 Lens 来进行复杂的多模态查询，除了视觉之外，还通过语音提问或输入文本。
Given these new user behaviors, earlier this month, we announced the rollout of shopping ads above and alongside relevant Lens visual search results to help better connect consumers and businesses. Second, AI Overviews, where we have now started showing search and shopping ads within the overview for mobile users in the U.S. As you remember, we've already been running ads above and below AI Overviews.
鉴于这些新的用户行为，本月早些时候，我们宣布在相关的 Lens 视觉搜索结果上方和旁边推出购物广告，以帮助更好地连接消费者和企业。其次，AI 概览，我们现在已经开始在美国移动用户的概览中显示搜索和购物广告。如您所记得，我们已经在 AI 概览的上方和下方投放广告。
We're now seeing that people find ads directly within AI Overviews helpful because they can quickly connect with relevant businesses, products and services to take the next step at the exact moment they need. As I've said before, we believe AI will revolutionize every part of the marketing value chain.
我们现在看到，人们发现直接在 AI 概览中找到广告很有帮助，因为他们可以在需要的确切时刻快速与相关的企业、产品和服务建立联系，迈出下一步。正如我之前所说，我们相信 AI 将彻底改变营销价值链的每一个环节。
Let's start with creative. Advertisers now use our Gemini-powered tools to build and test a larger variety of relevant creatives at scale. Audi used our AI tools to generate multiple video image and text assets in different links and orientations out of existing long-form videos. It then fed the newly generated creatives into demand gen to drive reach, traffic and booking to their driving experience. The campaign increased website visits by 80% and increased clicks by 2.7 times, delivering a lift in their sales.
让我们从创意开始。广告商现在使用我们的Gemini驱动工具大规模构建和测试更多种类的相关创意。奥迪使用我们的 AI 工具从现有的长视频中生成多种视频图像和文本素材，并以不同的链接和方向呈现。然后，它将新生成的创意输入需求生成，以推动其驾驶体验的覆盖范围、流量和预订。该活动使网站访问量增加了 80%，点击量增加了 2.7 倍，从而提升了他们的销售额。
Last week, we updated image generation at Google Ads with our most advanced text-to-image model, Imagine 3, which we tuned using ads performance data from multiple industries to help customers produce high-quality imagery for their campaigns. Advertisers can now create even higher-performing assets for PMax, Demand Gen app and Display campaigns.
上周，我们在 Google Ads 中更新了图像生成功能，使用我们最先进的文本到图像模型 Imagine 3。我们利用来自多个行业的广告表现数据对其进行了调优，以帮助客户为其广告活动制作高质量的图像。广告商现在可以为 PMax、需求生成应用和展示广告活动创建表现更佳的素材。
Turning to media buying. AI-powered campaigns help advertisers get faster feedback on what creatives work, where and redirect their media buying. Using Demand Gen, DoorDash tested a mix of image and video assets to drive more impact across Google and YouTube's visually immersive surfaces. They saw a 15 times higher conversion rate at a 50% more efficient cost per action when compared to video action campaigns alone.
转向媒体购买。人工智能驱动的活动帮助广告商更快地获得关于哪些创意有效、在哪里有效的反馈，并重新定向他们的媒体购买。使用 Demand Gen，DoorDash 测试了图像和视频资产的组合，以在 Google 和 YouTube 的视觉沉浸式界面上产生更大影响。与仅视频行动活动相比，他们的转化率提高了 15 倍，每次行动的成本效率提高了 50%。
Last and most importantly, measurement. This quarter, we extended availability of our open source marketing mix model, Meridian to more customers, helping to scale measurement of cross-channel budgets to drive better business outcomes. On YouTube, we remain focused on building a platform that enables creators to thrive and unlocking a whole new world of creativity with AI.
最后也是最重要的，测量。本季度，我们扩大了开源营销组合模型 Meridian 的可用性，帮助更多客户扩展跨渠道预算的测量，以推动更好的业务成果。在 YouTube 上，我们仍然专注于打造一个让创作者蓬勃发展的平台，并通过人工智能解锁一个全新的创意世界。
Creators are at the heart of the YouTube ecosystem and the content they are making is driving robust growth in watch time across the platform. We're also using AI to greatly improve recommendations on YouTube. Driven by Gemini, our large language models have a deeper understanding of video content and viewers' preferences. As a result, they can recommend more relevant, fresher and personalized content to the viewer.
创作者是 YouTube 生态系统的核心，他们制作的内容正在推动平台观看时间的强劲增长。我们还在使用 AI 大幅改进 YouTube 上的推荐功能。在Gemini的驱动下，我们的大型语言模型对视频内容和观众偏好有更深入的理解。因此，它们可以向观众推荐更相关、更新鲜和个性化的内容。
Short-form creation continues to thrive on YouTube. Shorts monetization improved again this quarter, and we continue to significantly close the gap with in-stream video, particularly in the U.S. and other more highly monetizing markets. Of all the channels uploading to YouTube each month, 70% are uploading shorts. And we recently announced a top requested feature, the ability to upload shorts up to 3 minutes long. Also, advertisers can now book first position on Shorts blocks in close to 40 markets.
短视频创作在 YouTube 上持续蓬勃发展。本季度短视频的货币化再次改善，我们继续显著缩小与流媒体视频的差距，特别是在美国和其他高货币化市场。在每月上传到 YouTube 的所有频道中，70%正在上传短视频。我们最近宣布了一项备受期待的功能，即可以上传长达 3 分钟的短视频。此外，广告商现在可以在接近 40 个市场的短视频区块中预订首位。
We're unlocking more opportunities in the living room. Our momentum here continues as we maintain our status as the number one streamer in the U.S. according to Nielsen. This is driven by the strength of our creators, such as Michelle Carr and Rhett & Link, who are increasingly crafting experiences designed specifically for the big screen, and it's paying off. The number of creators making the majority of the YouTube revenue on TV screens is up more than 30% year-on-year.
我们正在为客厅解锁更多机会。根据尼尔森的数据，我们在这里的势头持续增长，保持了我们作为美国第一流媒体的地位。这得益于我们创作者的实力，如 Michelle Carr 和 Rhett & Link，他们越来越多地为大屏幕量身打造体验，并且取得了成效。在电视屏幕上赚取大部分 YouTube 收入的创作者数量同比增长了 30%以上。
YouTube is becoming a premier destination for sports watching. People come for the game and stay for the commentary and around the game content from creators like Evelyn Gonzalez, Adam W and Brad Coleman.
YouTube 正成为观看体育赛事的首选目的地。人们为了比赛而来，并因像 Evelyn Gonzalez、Adam W 和 Brad Coleman 这样的创作者提供的评论和比赛相关内容而留下。
During the Olympics, content from Paris 2024 had over 12 billion views on YouTube. More than 850 million unique viewers watched over 40 billion minutes of content with 35% on their TV screens. And recently, we kicked off our second season of NFL Sunday Ticket on YouTube TV, which continues to receive a positive reception from advertisers, our partners at the NFL and fans. We have continued to invest in our product experience with improvements to multiview and deeper integrations for fantasy football fans. Following up on my remarks from last quarter about Brandcast, we had a strong upfront performance with commitments up about 20% year-on-year.
在奥运会期间，巴黎 2024 的内容在 YouTube 上的观看次数超过了 120 亿次。超过 8.5 亿独立观众观看了超过 400 亿分钟的内容，其中 35%是在电视屏幕上观看的。最近，我们在 YouTube TV 上启动了第二季的 NFL Sunday Ticket，这继续受到广告商、NFL 合作伙伴和粉丝的积极欢迎。我们继续投资于产品体验，改进了多视角功能，并为幻想橄榄球迷提供了更深入的整合。继上季度我关于 Brandcast 的发言之后，我们的预售表现强劲，承诺同比增长约 20%。
As always, let me wrap with the strong momentum we're seeing in partnerships. More and more of our partners are recognizing the breadth of our technologies and building solutions that leverage the very best of Google. For example, our recently announced strategic partnership with Vodafone Group spans Google Cloud, AI, Android ads and digital services. This multibillion-dollar partnership will bring these technologies to more than 330 million customers across Europe and Africa.
一如既往，让我总结一下我们在合作伙伴关系中看到的强劲势头。越来越多的合作伙伴正在认识到我们技术的广度，并构建利用谷歌最佳技术的解决方案。例如，我们最近宣布的与沃达丰集团的战略合作伙伴关系涵盖了谷歌云、人工智能、安卓广告和数字服务。这个数十亿美元的合作伙伴关系将把这些技术带给欧洲和非洲的超过 3.3 亿客户。
We are collaborating on more than 30 initiatives across 7 areas, including generative AI from consumers, a best-in-class TV platform, hardware and cybersecurity. With that, a heartfelt thank you to Google everywhere for their extraordinary commitment and to our customers and partners for their continued collaboration and trust.
我们正在七个领域开展 30 多个项目的合作，包括面向消费者的生成式人工智能、一流的电视平台、硬件和网络安全。在此，衷心感谢谷歌在各个方面的非凡承诺，以及我们的客户和合作伙伴的持续合作与信任。
Anat, welcome to the team. It's great to have you with us. Over to you.
Anat，欢迎加入团队。很高兴有你加入。接下来交给你。
Anat Ashkenazi 阿纳特·阿什肯纳齐
Thank you, Philipp. And thanks, Sundar, for the words of welcome. My comments will focus on year-over-year comparisons for the third quarter, unless I state otherwise. I will start with the results at the Alphabet level and will then cover our segment results. I'll end with high-level commentary on investment at the Alphabet level.
谢谢，Philipp。谢谢，Sundar，感谢你的欢迎词。除非另有说明，否则我的评论将集中在第三季度的同比比较。我将从Alphabet层面的结果开始，然后介绍我们的细分结果。最后，我将在Alphabet层面就投资进行高层次评论。
We had another strong quarter in Q3 with robust momentum across the business. Consolidated revenue increased by 15% or 16% in constant currency. Search remained the largest contributor to revenue growth, followed by a robust 35% growth in cloud.
在第三季度，我们又度过了一个强劲的季度，整个业务保持了强劲的势头。合并收入增长了 15%，按固定汇率计算增长了 16%。搜索仍然是收入增长的最大贡献者，其次是云业务的强劲增长 35%。
Total cost of revenue was $36.5 billion, up 10%. Tech was $13.7 billion, up 9%. We continue to see a revenue mix shift with Google Search growing at double-digit levels, while network revenue, which have a much higher TAC rate declined.
总收入成本为 365 亿美元，增长 10%。技术成本为 137 亿美元，增长 9%。我们继续看到收入结构的变化，谷歌搜索以两位数的速度增长，而 TAC 率更高的网络收入则有所下降。
Other cost of revenue was $22.8 billion, up 11%, with the increase primarily driven by content acquisition costs, primarily for YouTube, an increase in depreciation associated with higher level of investment in our technical infrastructure and higher hardware costs associated with the pull forward of our Made by Google launches from the fourth to the third quarter.
其他收入成本为 228 亿美元，增长 11%，增长主要由内容获取成本推动，主要是 YouTube，技术基础设施投资水平提高相关的折旧增加，以及与谷歌制造产品发布从第四季度提前到第三季度相关的硬件成本增加。
Total operating expenses increased 5% to $23.3 billion. The increase was primarily driven by facilities-related charges as results of actions were taken to further optimize our office space footprint globally, followed by depreciation, partially offset by year-on-year decline in charges for legal and other matters.
总运营费用增加了 5%，达到 233 亿美元。费用增加主要是由于采取措施进一步优化我们在全球的办公空间布局所产生的设施相关费用，其次是折旧，部分被法律及其他事项费用的同比下降所抵消。
R&D investments increased by 11%, primarily driven by increases in compensation and depreciation expenses. Sales and marketing expenses increased 5%, primarily reflecting investment in advertising and promotional efforts related to the Made by Google launches, as well as for AI and Gemini.
研发投资增加了 11%，主要是由于薪酬和折旧费用的增加。销售和营销费用增加了 5%，主要反映了与 Made by Google 发布相关的广告和促销活动的投资，以及用于 AI 和Gemini的投资。
G&A expenses declined by 10%, primarily due to lower charges for legal and other matters. Operating income increased 34% to $28.5 billion and operating margin increased to 32%. Net income increased 34% to $26.3 billion and earnings per share increased 37% to $2.12.
管理和行政费用下降了 10%，主要是由于法律和其他事项的费用减少。营业收入增长 34%至 285 亿美元，营业利润率提高至 32%。净收入增长 34%至 263 亿美元，每股收益增长 37%至 2.12 美元。
We're pleased with the progress we're making in reengineering our cost structure, which is reflected in our operating margin expansion this quarter, while also continuing to invest in the business to bring innovation to consumers, creators and enterprises.
我们对在再造成本结构方面取得的进展感到满意，这反映在本季度的运营利润率扩张中，同时我们也继续投资于业务，为消费者、创作者和企业带来创新。
We delivered free cash flow of $17.6 billion for the third quarter and $55.8 billion for the trailing 12 months. Year-on-year free cash flow was negatively impacted by the following items. In 2023, we deferred cash tax payments from the second and third quarter to the fourth quarter. And in Q3 2024, we made a $3 billion cash payment related to the 2017 EC shopping fine. We ended the quarter with $93 billion in cash and marketable securities.
我们在第三季度实现了 176 亿美元的自由现金流，过去 12 个月的自由现金流为 558 亿美元。同比自由现金流受到以下项目的负面影响。2023 年，我们将第二和第三季度的现金税款支付推迟到第四季度。在 2024 年第三季度，我们支付了与 2017 年欧盟购物罚款相关的 30 亿美元现金。我们在季度末持有 930 亿美元的现金和有价证券。
Now turning to segment results. Google Services revenue increased 13% to $76.5 billion. Google Search and other advertising revenue increased by 12% to $49.4 billion. The robust performance of search was broad-based across verticals, led by the financial services vertical due to strength in insurance followed by retail.
现在来看各个部门的业绩。谷歌服务收入增长 13%，达到 765 亿美元。谷歌搜索和其他广告收入增长 12%，达到 494 亿美元。搜索的强劲表现遍及各个行业，主要由金融服务行业带动，保险业务表现强劲，其次是零售业。
YouTube advertising revenue increased 12% to $8.9 billion, driven by brand, followed by direct response advertising. As Philipp mentioned, we're seeing strong momentum in YouTube, including robust growth in watch time across the platform and are excited about the new features and products we're bringing to creators. Network advertising revenue of $7.5 billion were down 2%.
YouTube 的广告收入增长了 12%，达到 89 亿美元，主要由品牌广告推动，其次是直接响应广告。正如 Philipp 所提到的，我们在 YouTube 上看到了强劲的势头，包括平台上观看时间的强劲增长，并对我们为创作者带来的新功能和产品感到兴奋。网络广告收入为 75 亿美元，下降了 2%。
In the third quarter, the year-on-year growth in all our advertising revenue lines was impacted by the increase in strength in advertising revenue in Q3 of last year, in part from APAC-based retailers. Subscription platforms and devices revenue increased 28% to $10.7 billion, reflecting growth in subscription revenues, as well as the launch of our Made by Google devices in the third quarter.
在第三季度，我们所有广告收入线的同比增长受到去年第三季度广告收入增长的影响，部分原因是亚太地区零售商的贡献。订阅平台和设备收入增长 28%，达到 107 亿美元，反映了订阅收入的增长，以及我们在第三季度推出的 Google 自制设备。
We continue to have significant growth in our subscription products, driven primarily by YouTube TV and YouTube Music Premium, as well as Google One, primarily due to increases in the number of paid subscribers. With regards to platforms, we're pleased with the performance in play, primarily driven by an increase in buyers. Google Service operating income increased by 29% to $30.9 billion, and operating margin was 40%.
我们的订阅产品继续显著增长，主要由 YouTube TV 和 YouTube Music Premium 以及 Google One 推动，主要是由于付费订阅用户数量的增加。关于平台，我们对 Play 的表现感到满意，主要是由于买家数量的增加。谷歌服务的营业收入增长了 29%，达到 309 亿美元，营业利润率为 40%。
Turning to the Google Cloud segment, which continued to deliver very strong results this quarter. Revenue increased by 35% to $11.4 billion in the third quarter, reflecting accelerated growth in GCP across AI infrastructure, generative AI solutions and core GCP products. Once again, GCP grew at a rate that was higher than cloud overall. We also saw strong Google Workspace growth, primarily driven by increases in average revenue per seat.
转向谷歌云部门，本季度继续取得非常强劲的业绩。第三季度收入增长了 35%，达到 114 亿美元，反映了 GCP 在 AI 基础设施、生成式 AI 解决方案和核心 GCP 产品方面的加速增长。GCP 的增长率再次高于整体云业务。我们还看到了谷歌工作区的强劲增长，主要是由每席平均收入的增加推动的。
As you just heard from Sundar, the robust innovation and expanded AI offerings within our cloud business are allowing existing and new customers to realize measurable business benefits, including reduced cost, greater customer engagement, faster response time and better revenue conversion.
正如你刚刚从 Sundar 那里听到的，我们云业务中的强大创新和扩展的 AI 产品使现有和新客户能够实现可衡量的业务收益，包括降低成本、更高的客户参与度、更快的响应时间和更好的收入转化。
Google Cloud operating income increased to $1.9 billion and operating margin increased to 17%. The operating margin expansion was driven by strong revenue performance across cloud AI products, core GCP and Workspace, as well as ongoing efficiency initiatives.
谷歌云的营业收入增加到 19 亿美元，营业利润率提高到 17%。营业利润率的扩张得益于云 AI 产品、核心 GCP 和 Workspace 的强劲收入表现，以及持续的效率提升举措。
As to our Other Bets, for the third quarter revenue were $388 million and operating loss was $1.1 billion. I'll highlight just a couple of accomplishments in the quarter for Waymo and Wing. We're excited about the progress we're seeing in Waymo, as Sundar mentioned, and the increase in the number of paid rides. We're planning to continue to expand our geographic coverage and reach more customers in existing markets and new markets.
至于我们的其他投资，第三季度的收入为 3.88 亿美元，运营亏损为 11 亿美元。我将重点介绍 Waymo 和 Wing 在本季度的一些成就。正如 Sundar 提到的，我们对 Waymo 的进展感到兴奋，以及付费乘车数量的增加。我们计划继续扩大地理覆盖范围，在现有市场和新市场中接触更多客户。
Wing, our drone delivery company, recently passed the 1-year anniversary of scaling its partnership with Walmart in the Dallas-Fort Worth area, now operating in 11 stores and serving 26 different cities and towns.
Wing，我们的无人机送货公司，最近迎来了与沃尔玛在达拉斯-沃斯堡地区合作扩展一周年的纪念日，目前在 11 家商店运营，服务于 26 个不同的城市和城镇。
Turning to Alphabet level activities. The largest component of this line is our investment in AI research and development activities, which support all of Alphabet. There were two notable items that impacted the operating loss in Alphabet level activities.
转向Alphabet级别的活动。该行的最大组成部分是我们在人工智能研究和开发活动中的投资，这些活动支持所有Alphabet。在Alphabet级别的活动中，有两项显著的事项影响了运营亏损。
First, a $607 million charge related to decisions we've made to further optimize our physical footprint and office space globally; and second, our ongoing investments in AI R&D, including the full quarter effect of the organizational changes we've made in May to move some additional AI teams from Google Services to Google DeepMind.
首先，6.07 亿美元的费用与我们为进一步优化全球实体足迹和办公空间所做的决策有关；其次，我们在人工智能研发方面的持续投资，包括我们在五月份进行的组织变革的整个季度影响，将一些额外的人工智能团队从谷歌服务转移到谷歌 DeepMind。
With respect to CapEx, our reported CapEx in the third quarter was $13 billion, reflecting investment in our technical infrastructure with the largest component being investment in servers, followed by data centers and networking equipment. Looking ahead, we expect quarterly CapEx in the fourth quarter to be at similar levels to Q3, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.
关于资本支出，我们在第三季度报告的资本支出为 130 亿美元，反映了我们在技术基础设施方面的投资，其中最大的一部分是对服务器的投资，其次是数据中心和网络设备。展望未来，我们预计第四季度的季度资本支出将与第三季度相似，需注意的是现金支付的时间可能会导致季度报告的资本支出有所变化。
Our expansion of data center capacity is expected to bring economic benefits to countries and communities where we are investing. In the third quarter alone, we made announcements of over $7 billion in planned data center investments with nearly $6 billion of that in the U.S.
我们对数据中心容量的扩展预计将为我们投资的国家和社区带来经济利益。仅在第三季度，我们就宣布了超过 70 亿美元的数据中心投资计划，其中近 60 亿美元在美国。
In Q3, we also returned value to shareholders in the form of $15.3 billion in share repurchases and $2.5 billion in dividend payments. Overall, we returned a total of nearly $70 billion over the trailing 12 months to shareholders. As we look forward, we're working to balance our investments in AI and other growth areas with the cost discipline needed to fund those activities.
在第三季度，我们还通过 153 亿美元的股票回购和 25 亿美元的股息支付向股东返还了价值。总体而言，在过去的 12 个月中，我们向股东返还了总计近 700 亿美元。展望未来，我们正在努力平衡对人工智能和其他增长领域的投资与资助这些活动所需的成本纪律。
As we think about the remainder of 2024, there are a couple of dynamics to consider. In terms of revenue, year-on-year growth in advertising revenue will continue to be impacted by the increasing strength in advertising revenue in the second half of 2023, in part from APAC-based retailers. And there will be a headwind to year-over-year growth in subscription platforms and devices revenue in the fourth quarter due to the pull forward of our Made by Google launches into the third quarter this year.
当我们考虑 2024 年剩余时间时，有几个动态需要考虑。在收入方面，广告收入的同比增长将继续受到 2023 年下半年广告收入增长的影响，部分原因是亚太地区零售商的贡献。而由于我们将“Made by Google”产品的发布提前到今年第三季度，第四季度订阅平台和设备收入的同比增长将面临阻力。
In terms of expenses, we'll continue to see increases in depreciation and expenses associated with higher level of investment in our technical infrastructure, partially offset by a slight benefit from the cost revenue associated with our devices due to the pull forward of hardware launches into Q3.
在费用方面，由于我们在技术基础设施上的更高投资水平，我们将继续看到折旧和相关费用的增加，部分被由于硬件发布提前到第三季度而带来的设备相关成本收入的轻微收益所抵消。
Now before going into Q&A, as the new CFO, I would like to share a few thoughts on how I'm approaching and thinking through growth, cost structure and capital allocation and expect to hear more from me on these topics in the coming quarters.
在进入问答环节之前，作为新任首席财务官，我想分享一些关于我如何处理和思考增长、成本结构和资本分配的想法，并预计在接下来的几个季度中，您会听到我更多关于这些主题的讨论。
As I look at the business, I see opportunities for further growth propelled by AI and the underlying momentum across the business. You heard about some of these on the call today. I also believe that we are well positioned to deliver meaningful innovation, which will translate to revenue given our strength in the core pillars that are required to succeed in AI at scale.
当我审视这项业务时，我看到由人工智能推动的进一步增长机会以及整个业务的潜在动力。您在今天的电话会议上听到了其中的一些。我也相信，我们在提供有意义的创新方面处于有利地位，这将转化为收入，因为我们在成功实现大规模人工智能所需的核心支柱方面具有优势。
Realizing those opportunities and great innovation in AI requires global reach, which we have through our products and platforms, as well as continued meaningful capital investment. And while we have a strong balance sheet to be able to support these investments, we will be looking for efficiencies so that we can fund innovation in priority areas.
实现这些机遇和在人工智能领域的重大创新需要全球影响力，而我们通过产品和平台实现了这一点，同时还需要持续有意义的资本投资。虽然我们有强大的资产负债表来支持这些投资，但我们将寻求提高效率，以便能够在优先领域资助创新。
Sundar, Ruth and our leadership team started important work to reengineer our cost structure including efforts such as optimizing our headcount growth, our physical footprint, improving the efficiencies of our technical infrastructure and streamlining operations across the company through the use of AI. I plan to build on these efforts, but also evaluate where we might be able to accelerate work and where we might need to pivot to free up capital for more attractive opportunities.
桑达尔、露丝和我们的领导团队开始了重要工作，重新设计我们的成本结构，包括优化员工增长、物理足迹、提高技术基础设施的效率，并通过使用人工智能简化公司各个方面的运营。我计划在这些努力的基础上继续推进，但也会评估我们可以加速工作的地方，以及我们可能需要转向以释放资本用于更具吸引力的机会的地方。
Thank you. Sundar, Philipp and I will now take your questions.
谢谢。Sundar、Philipp 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] And our first question comes from Brian Nowak with Morgan Stanley. Your line is now open.
谢谢。[操作员说明] 我们的第一个问题来自摩根士丹利的布莱恩·诺瓦克。您的线路现已开放。
Brian Nowak 布莱恩·诺瓦克
Thanks for taking my questions. I have a two-parter, Sundar. The first one, over the course of the last year plus, you've sort of showcased a lot of different types of new GenAI enabled search products to sort of reimagine the search experience. Can you help us hone in on one or two 0these products that you're most excited about that you think over the next 2 to 3 years could really lead to more durable multiyear search growth once they scale?
感谢您回答我的问题。Sundar，我有两个问题。第一个问题是，在过去一年多的时间里，您展示了许多不同类型的新一代 AI 支持的搜索产品，以重新构想搜索体验。您能否帮助我们聚焦于一两个您最感兴趣的产品，您认为在接下来的 2 到 3 年中，这些产品一旦规模化，可能真正带来更持久的多年搜索增长？
And then the second one, just as we're sort of thinking through constraints to how quickly they come out, what are sort of the key constraints that you see to really reimagining search and scaling it out across 2 billion to 3 billion people? Thanks.
然后第二个问题，就在我们思考他们发布速度的限制时，您认为重新构想搜索并将其扩展到 20 亿到 30 亿人时的关键限制是什么？谢谢。
Sundar Pichai 桑达尔·皮查伊
Thanks, Brian. Great question. Look, it's been an extraordinary year of innovation. I mentioned in my remarks about Circle to Search Lens now with video search approaching over 20 billion queries a month and obviously, AI Overviews. And with each of these changes, we are definitely expanding what's possible in search. And it's been really heartening to see users adapt. They understand they can ask more queries. They come back more often. And so - and we have seen growth there.
谢谢，布莱恩。好问题。看，这是一个非凡的创新年。我在发言中提到，Circle to Search Lens 现在的视频搜索每月查询量接近 200 亿，显然还有 AI 概览。随着这些变化，我们确实在扩展搜索的可能性。看到用户适应这些变化真的很令人振奋。他们明白可以提出更多查询，并且更频繁地回来。因此——我们在这方面看到了增长。
I think we are with very - while we've rolled out AI Overviews to over 1 billion users, there is a lot more innovation there we are actively working on. So I expect search to continue to evolve significantly in 2025, both in the search product and in Gemini. And so I think that's the opportunity ahead.
我认为我们非常——虽然我们已经向超过 10 亿用户推出了 AI 概览，但我们正在积极进行更多的创新。因此，我预计到 2025 年，搜索将会在搜索产品和Gemini中显著发展。所以我认为这是未来的机会。
I think we are in early days of what is a powerful new technology. And with it, I think we can do a lot more for our users, but at the same time, underpin it on the foundational bedrock of quality and trust and user experience, which we have always done.
我认为我们正处于一种强大新技术的初期阶段。与此同时，我认为我们可以为用户做更多的事情，但同时要以质量、信任和用户体验的基础为支撑，这也是我们一直以来所做的。
So we are at 1 billion people. I don't necessarily see a constraint there. Obviously, things like latency, cost per query, et cetera. But as you've seen us over the past 18 months make substantial progress. So we'll continue rolling it out more, and we'll keep evolving it. I think search, if I were to take a 12-month outlook, I think is going to continue to evolve and we'll be at the forefront of that innovation.
所以我们达到了 10 亿人。我不一定认为这是一个限制。显然，诸如延迟、每次查询的成本等问题。但正如你在过去 18 个月中看到的那样，我们取得了实质性进展。因此，我们将继续推出更多，并不断改进。我认为，如果我展望未来 12 个月，搜索将继续发展，我们将处于这一创新的前沿。
Operator 操作员
Our next question comes from Doug Anmuth with JPMorgan. Your line is now open.
我们的下一个问题来自摩根大通的 Doug Anmuth。您的线路现已开放。
Doug Anmuth 道格·安穆斯
All right. Thanks for taking the question. Perhaps for Sundar and Anat. Can you talk more about the infrastructure advantages and CapEx efficiencies you've generated from Google's own TPUs? And how does that influence your CapEx spending going forward relative to peers and other leading cloud service providers? Thanks.
好的。感谢提问。也许可以请 Sundar 和 Anat 谈谈你们从谷歌自己的 TPU 中获得的基础设施优势和资本支出效率？这将如何影响你们未来相对于同行和其他领先云服务提供商的资本支出？谢谢。
Sundar Pichai 桑达尔·皮查伊
Thanks, Doug. I'll take the first part and Anat can give color on the CapEx spending part. Look, I think one of the - we are well positioned because in our AI infrastructure, we have a comprehensive solution set, right? We have all the leading AI accelerators GPUs, TPUs as well as CPUs, and we are investing in all of them. We have a wonderful partnership with NVIDIA. We are excited for the GB200s, and we'll be one of the first to provide it at scale.
谢谢，道格。我会负责第一部分，阿纳特可以详细说明资本支出部分。看，我认为其中一个原因是我们在 AI 基础设施方面处于有利位置，因为我们有一套全面的解决方案，对吧？我们拥有所有领先的 AI 加速器，包括 GPU、TPU 以及 CPU，并且我们正在对所有这些进行投资。我们与 NVIDIA 有着良好的合作关系。我们对 GB200s 感到兴奋，并且将是首批大规模提供它的公司之一。
On the TPU front, I think we have - not only are we in our sixth generation. I just spent some time with the teams on the road map ahead. I couldn't be more excited at the forward-looking road map, but all of it allows us to both plan ahead in the future and really drive an optimized architecture for it. And I think because of all this, both we can have best-in-class efficiency, not just for internal at Google, but what we can provide through cloud, and that's reflected in the growth we saw in our AI infrastructure and GenAI services on top of it. So I'm pretty excited about how we are set up, and we'll continue executing there. And maybe Anat can give comments on the CapEx spending.
在 TPU 方面，我认为我们不仅进入了第六代。我刚刚和团队一起花了一些时间研究未来的路线图。我对前瞻性的路线图感到非常兴奋，但所有这些都使我们能够提前规划未来，并真正推动优化的架构。我认为正因为如此，我们不仅可以在谷歌内部实现一流的效率，还可以通过云提供这些效率，这反映在我们在 AI 基础设施和生成式 AI 服务方面的增长。因此，我对我们的设置感到非常兴奋，并将继续在这方面执行。也许 Anat 可以对资本支出发表评论。
不够坦诚，或者没有能力坦诚。
Anat Ashkenazi 阿纳特·阿什肯纳齐
Yeah, sure. So let me provide a little more color on our capital investments and certainly an important area in the - this time of investments in AI. As you saw in the quarter, we invested $13 billion in CapEx across the company. And as you think about it, really it's divided into two categories. One is our technical infrastructure, and that's the majority of that $13 billion. And the other one goes into areas such as facilities, the Bets and other areas across the company.
好的，当然。所以让我详细说明一下我们的资本投资，尤其是在这个投资于人工智能的重要领域。正如您在本季度所看到的，我们在公司范围内投资了 130 亿美元的资本支出。当您考虑时，实际上它分为两个类别。一个是我们的技术基础设施，这占了那 130 亿美元的大部分。另一个则用于公司各个领域的设施、Bets 和其他领域。
Within TI, we have investments in servers, which includes both TPUs and GPUs. And then the second categories are data centers and networking equipment. This quarter, approximately 60% of that investment in technical infrastructure went towards servers and about 40% towards data center and networking equipment. And as you think about them, we offer both GPUs and TPUs both internally and to our customers. So we have choices and options based on what our customer needs and what our internal needs are.
在 TI 内部，我们对服务器进行了投资，其中包括 TPU 和 GPU。然后，第二类是数据中心和网络设备。本季度，约 60% 的技术基础设施投资用于服务器，约 40% 用于数据中心和网络设备。当您考虑这些时，我们为内部和客户提供 GPU 和 TPU。因此，我们可以根据客户需求和内部需求提供选择和选项。
And as you think about the next quarter and going into next year, as I mentioned in my prepared remarks, we will be investing in Q4 at approximately the same level of what we've invested in Q3, approximately $13 billion. And as we think into 2025, we do see an increase coming in 2025, and we will provide more color on that on the Q4 call, likely not the same percent step-up that we saw between '23 and '24, but additional increase.
当你考虑下个季度和进入明年时，正如我在准备好的发言中提到的，我们将在第四季度投资大约与第三季度相同的水平，大约 130 亿美元。展望 2025 年，我们确实看到 2025 年会有增加，我们将在第四季度的电话会议上提供更多细节，可能不会像‘23 年到‘24 年那样有相同百分比的增长，但会有额外的增加。
Sundar Pichai 桑达尔·皮查伊
The one other thing I would add on the - Doug, on your first part of the question on the TPUs is if you look at the flash pricing we have been able to deliver externally, I think - and how much more attractive it is compared to other models of that capability, I think probably that gives a good sense of the efficiencies we can generate from our architecture. And so - and we are doing the same that for internal use as well. The models for search, while they keep going up in capability, we've been able to really optimize them for the underlying architecture, and that's where we are seeing a lot of efficiencies as well.
我想补充的一件事是，Doug，关于你问题的第一部分，关于 TPU 的，如果你看看我们能够对外提供的闪存定价，我认为——以及与其他同类型号相比它有多么吸引人，我认为这可能很好地体现了我们架构所能产生的效率。因此——我们也在为内部使用做同样的事情。搜索模型虽然在能力上不断提升，但我们已经能够真正为底层架构优化它们，这也是我们看到很多效率的地方。
Doug Anmuth 道格·安穆斯
Thank you. 谢谢。
Operator 操作员
Your next question comes from Eric Sheridan with Goldman Sachs. Your line is now open.
您的下一个问题来自高盛的埃里克·谢里丹。您的线路现已开放。
Eric Sheridan 埃里克·谢里丹
Thank you for taking the question. And Anat congrats on the new role. And welcome to Alphabet. Sundar, maybe one for you on Waymo. What are the key learnings as Waymo has rolled out to additional cities in terms of consumer adoption of the product and how you think about go-to-market strategies for Waymo?
感谢您提出这个问题。Anat，祝贺您担任新职务。欢迎加入Alphabet。Sundar，关于 Waymo 的问题。Waymo 在推广到更多城市时，关于消费者对产品的接受度以及您对 Waymo 市场策略的思考，有哪些关键的经验教训？
And then maybe one for Philipp. In terms of looking at YouTube trends by long-form versus short-form video or shorts, how are you seeing consumption versus monetization trends continue to evolve for YouTube as broken down maybe in that means? Thank you.
然后可能有一个问题给 Philipp。就长视频与短视频或短片的 YouTube 趋势来看，您如何看待 YouTube 的消费与货币化趋势在这种划分下的持续演变？谢谢。
Sundar Pichai 桑达尔·皮查伊
Thanks, Eric. On Waymo, obviously, it's been an exciting year, both in the Phoenix market and in San Francisco. We've definitely scaled and particularly scaled paid rides and definitely surprised us on the positive in terms of how much consumers are loving the experience from a safety standpoint, privacy standpoint, reliability standpoint, et cetera. So I think all of that has been on the positive side. And obviously, the product will continue to improve.
谢谢，埃里克。关于 Waymo，显然，今年在凤凰城市场和旧金山都是令人兴奋的一年。我们确实扩大了规模，特别是扩大了付费乘车服务的规模，并且在消费者从安全、隐私、可靠性等方面对体验的喜爱程度上给了我们积极的惊喜。所以我认为所有这些都是积极的。显然，产品将继续改进。
So for us, we are mainly focused on each city as we go, the pace at which we can now do additional city gets easier. So we are definitely accelerating that way. That's why we - you've seen us move into L.A. We're also striking partnerships in newer and unique ways. Hence, the Uber partnership and expansion to Austin and Atlanta. And we have more options where we are looking at the driven by Waymo model with other network partners, fleet managers, et cetera. So it's an exciting moment, but we are still obviously being safety focused, but are looking to scale and testing out a variety of models and which will help us plan ahead well for 2025 and beyond.
因此，对我们来说，我们主要专注于每个城市，随着我们前进，我们现在能够进入更多城市的速度变得更快。因此，我们肯定在加速发展。这就是为什么你看到我们进入了洛杉矶。我们也在以更新颖和独特的方式建立合作伙伴关系。因此，与优步的合作以及向奥斯汀和亚特兰大的扩展。我们还有更多选择，我们正在与其他网络合作伙伴、车队管理者等一起研究由 Waymo 驱动的模式。所以这是一个激动人心的时刻，但我们显然仍然专注于安全，同时正在寻求扩大规模并测试各种模式，这将帮助我们为 2025 年及以后的计划做好准备。
Philipp Schindler 菲利普·辛德勒
Yes. And to your question on YouTube Shorts, consumption versus monetization, maybe we start with the watch time. It continues to grow actually across YouTube with particular strength in shorts and in the living room. Just to give you a number, over 70 billion YouTube Shorts are watched every day.
是的。关于您提到的 YouTube Shorts 的消费与货币化的问题，也许我们可以从观看时间开始。实际上，YouTube 的观看时间持续增长，尤其是在 Shorts 和客厅设备上。给您一个数字，每天有超过 700 亿个 YouTube Shorts 被观看。
On the monetization side, the monetization rate of shorts relative to in-stream viewing is continuing to show a healthy rate of growth. The gap continues to narrow, particularly in the U.S. We also see it in other more highly monetizing markets. And we continue to work very closely with our advertisers. We're committed to providing them with very effective ways to reach the growing audience here.
在货币化方面，相对于流媒体观看，短视频的货币化率继续显示出健康的增长率。差距持续缩小，尤其是在美国。我们在其他货币化程度较高的市场也看到了这一点。我们继续与广告商密切合作，致力于为他们提供非常有效的方法，以接触到这里不断增长的观众。
I talked about advertisers now being able to book first position on Shorts blocks. That's exciting. Shorts are also integrated into video reach campaigns, YouTube Select. So you're really giving brands the precise targeting options here. So yeah, we are pleased with the progress we're making here.
我谈到了广告商现在可以预订短视频区块的第一个位置。这很令人兴奋。短视频也被整合到视频覆盖活动中，YouTube Select。因此，您确实为品牌提供了精确的定位选项。所以是的，我们对在这方面取得的进展感到满意。
Operator 操作员
Our next question comes from Ross Sandler with Barclays. Your line is now open.
我们的下一个问题来自巴克莱的罗斯·桑德勒。您的线路现已开放。
Ross Sandler 罗斯·桑德勒
Hi, everybody. Thanks for taking the questions. Congrats, Anat. Two, if that's okay. So first, Sundar, given the high stakes around native AI product usage, are there any milestones you can share around where Gemini usage is compared to the 250 million weekly active users that ChatGPT is seeing right now?
嗨，大家好。感谢大家提问。恭喜，Anat。如果可以的话，有两个问题。首先，Sundar，鉴于原生 AI 产品使用的重要性，您能否分享一些里程碑，说明Gemini的使用情况与 ChatGPT 目前看到的 2.5 亿每周活跃用户相比如何？
And then the second question is, I'm sure this is something you guys have been thinking about for a while, but it looks like the way that the Google versus DOJ search trial is going, there's a decent likelihood that the Apple ISA contract and some of the Android pre-install contracts are going to be voided out at some point in the future. So I guess the question is, what plans do we have in place to recapture some of the usage that might be going away in those search access points? How can we gain share on iOS queries if the Safari toolbar access point were to change? Thank you very much.
然后第二个问题是，我相信这是你们已经考虑了一段时间的事情，但看起来谷歌与美国司法部的搜索审判进展，有相当大的可能性苹果的 ISA 合同和一些安卓预装合同在未来某个时候会被作废。所以我想问的问题是，我们有什么计划来重新捕获那些可能在这些搜索访问点消失的使用量？如果 Safari 工具栏的访问点发生变化，我们如何在 iOS 查询中获得份额？非常感谢。
Sundar Pichai 桑达尔·皮查伊
Thanks, Ross. Look, I think, you know, obviously, we are serving Gemini across a lot of touch points, including it's now over 1 billion people are using it in search accessing. We are getting it across our products. The Gemini app itself has very strong momentum on user growth. Our API volume, I commented on the Gemini APIs having gone up 14x in the past 6 months. So we are seeing growth across the board. And the Gemini integration into Google Assistant is going super well on Android. The user feedback is positive. So we are continuing to roll that out more.
谢谢，罗斯。你知道，我认为，显然，我们在很多接触点上提供Gemini服务，包括现在有超过 10 亿人在搜索中使用它。我们正在将其应用于我们的产品。Gemini应用本身在用户增长方面势头强劲。我提到Gemini API 的使用量在过去 6 个月中增长了 14 倍。因此，我们在各个方面都看到了增长。Gemini与 Google Assistant 的集成在 Android 上进展非常顺利。用户反馈是积极的。因此，我们将继续更多地推出。
So I think we'll - you will see us we are investing in the next generation of models. And as part of that, we are investing in scaling up the usage of the - both directly to the models as both on the consumer and the developer side. So I think I'm pleased with the momentum there.
所以我认为你会看到我们正在投资于下一代模型。作为其中的一部分，我们正在扩大模型的使用规模，无论是在消费者方面还是在开发者方面。因此，我对那里的发展势头感到满意。
On the second - on the legal trials, obviously, I don't want to - it's not appropriate for me to speculate given it's in the middle of ongoing litigation. But what I would say is stepping back, look, we've always and even as the court acknowledged, clearly, we have reached a position of success because we have deeply innovated, and we are continuing to do so.
在第二个问题上——关于法律审判，显然，我不想——由于诉讼正在进行中，我不适合进行猜测。但我要说的是，退一步看，我们一直以来，甚至法院也承认，我们显然取得了成功，因为我们进行了深刻的创新，并且我们将继续这样做。
People have chosen us because they view it as the best product, be it consumers or partners. And we have a long track record of working hard to make sure our products are as easily available to users as possible across all platforms. So all that approach and all the learnings over the years, I think, will all be - will give us a strong foundation.
人们选择我们是因为他们认为这是最好的产品，无论是消费者还是合作伙伴。我们一直以来都努力工作，确保我们的产品在所有平台上都能尽可能方便地供用户使用。因此，所有这些方法和多年来的经验，我认为，都会为我们奠定坚实的基础。
First of all, we plan to vigorously defend these cases. And some of the early proposals from the DOJ, et cetera, have been far reaching. And we plan to - I think they could have unintended consequences, particularly to the dynamic tech sector and the American leadership there. And so we plan to be - we plan to engage very vigorously there. Thanks.
首先，我们计划积极为这些案件进行辩护。司法部等机构的一些早期提议影响深远。我们计划——我认为这些提议可能会产生意想不到的后果，特别是对充满活力的科技行业和美国在该领域的领导地位。因此，我们计划积极参与其中。谢谢。
Ross Sandler 罗斯·桑德勒
Thank you. 谢谢。
Operator 操作员
Your next question comes from Justin Post with BAML. Your line is now open.
您的下一个问题来自 BAML 的贾斯汀·波斯特。您的线路现已开放。
Justin Post 贾斯汀·波斯特
Great. Thank you. I wanted to ask a little bit more about AI Overviews, maybe two parts. You mentioned you're seeing increasing queries or activity. Could you help us understand that for the billion users who have had access to the product, what you're seeing there? And then on the monetization side, is there a chance that AI Overviews would help monetize some of the information queries that maybe you weren't making much monetization from with old formats? Thank you.
太好了。谢谢。我想多问一点关于 AI 概览的问题，可能分为两个部分。您提到您看到查询或活动的增加。您能否帮助我们了解一下，对于已经使用该产品的十亿用户，您在那边看到了什么？然后在货币化方面，AI 概览是否有可能帮助货币化一些信息查询，而这些查询可能在旧格式中没有带来太多货币化？谢谢。
Sundar Pichai 桑达尔·皮查伊
Thanks, Justin. Look, I think the main thing I would say is as we have rolled out, we're obviously now scaling it out. We just rolled it out to 100 new countries and territories, and that's what will get us to billion users. But amongst the users where we had already rolled out, we clearly see strong engagement. It's one of the most positive user satisfaction launches we have done in search. And it is increasing overall search usage, like people are asking more complex questions, different types of questions. They are exploring a wider range of websites. And what's particularly exciting is that this growth actually increases over time as people learn to adapt to that new behavior. So I'll stick to those comments. And I think - to the second part of your question on the monetization side, I think Philipp can answer more of that. Philipp?
谢谢，贾斯汀。看，我想我主要想说的是，随着我们的推广，我们显然正在扩大规模。我们刚刚将其推广到 100 个新的国家和地区，这将使我们达到十亿用户。但在我们已经推广的用户中，我们显然看到了强烈的参与。这是我们在搜索中进行的最积极的用户满意度发布之一。它正在增加整体搜索使用率，比如人们在问更复杂的问题，不同类型的问题。他们正在探索更广泛的网站范围。特别令人兴奋的是，这种增长实际上随着时间的推移而增加，因为人们学会适应这种新行为。所以我会坚持这些评论。我想 - 对于你问题的第二部分关于货币化方面，我想菲利普可以回答更多。菲利普？
Philipp Schindler 菲利普·辛德勒
Yeah. So look, the transition here is working well, including for ads. As you know, we recently launched ads within AI Overviews on mobile in the U.S. And this really builds on our previous rollout of ads above and below the AI Overviews. So overall, for AI Overviews, we see monetization at approximately the same rate, which gives us a really strong base on which we can innovate even more. And specifically to your question of monetizing queries where we can monetization potentially at the moment, yes, I can see that there is opportunity for that.
是的。所以看，这里的过渡运作良好，包括广告。正如你所知，我们最近在美国的移动设备上推出了 AI 概览中的广告。这实际上是基于我们之前在 AI 概览上下方推出广告的基础上进行的。因此，总体而言，对于 AI 概览，我们看到货币化的速度大致相同，这为我们提供了一个非常强大的基础，可以在此基础上进行更多创新。具体到你关于货币化查询的问题，目前我们可以实现货币化，是的，我可以看到这方面的机会。
Justin Post 贾斯汀·波斯特
Thank you. 谢谢。
Operator 操作员
Your next question comes from Michael Nathanson with MoffettNathanson. Your line is now open.
您的下一个问题来自 MoffettNathanson 的 Michael Nathanson。您的线路现已开放。
Michael Nathanson 迈克尔·纳森森
Thanks. I have one for Sundar. Sundar, there was this perception and even false that Alphabet was not as innovative on AI as they should. And it clearly shows that that was wrong. You're moving pretty quickly rolling out new products. Can you talk a bit about how you may have changed your structure? I know you've combined some assets, but talk a bit about how you've maybe rethought how you go to market with some of your innovation products? And maybe what's changed operationally as AI has picked up steam for you guys?
谢谢。我有一个问题给桑达尔。桑达尔，有一种看法，甚至是错误的，即Alphabet在人工智能方面没有他们应该的那么创新。而这显然表明这是错误的。你们正在快速推出新产品。你能谈谈你们可能如何改变了结构吗？我知道你们合并了一些资产，但能谈谈你们可能如何重新思考如何将一些创新产品推向市场吗？随着人工智能的加速发展，你们在运营上有什么变化吗？
Sundar Pichai 桑达尔·皮查伊
Thanks, Michael. Look, I definitely think it's an extraordinary opportunity. And I think the company, given the important moment, we had to gear up to build models from scratch that could be productionized at scale on our architecture. And that's what the Gemini era was about. So there was a fixed cost of getting it all set up and getting the Gemini era underway.
谢谢，迈克尔。听着，我确实认为这是一个非凡的机会。我认为公司在这个重要时刻必须做好准备，从头开始构建可以在我们的架构上大规模生产化的模型。这就是Gemini时代的意义所在。因此，设立一切并启动Gemini时代是一个固定成本。
But now I think we are in much more of a virtuous cycle with a lot of velocity in the underlying models. We've had two generations of Gemini model. We are working on the third generation, which is progressing well. And teams internally are now set up much better to consume the underlying model innovation and translate that into innovation within their products. So now all the seven products, which have 2 billion users each have done their first versions of incorporating Gemini, and there is aggressive road map ahead for 2025.
但现在我认为我们处于一个更良性的循环中，底层模型具有很高的速度。我们已经有两代Gemini模型。我们正在开发第三代，进展顺利。内部团队现在也更好地准备好利用底层模型的创新，并将其转化为产品中的创新。因此，现在所有七个产品，每个产品有 20 亿用户，都完成了他们的第一个版本，整合了Gemini，并且到 2025 年有一个积极的路线图。
I mentioned earlier, search alone. I think there's a lot more we can do. And we are also enabling smaller teams to ship newer experiences and Notebook LM was the first instantiation of those types of efforts as well.
我之前提到过，仅靠搜索。我认为我们可以做更多的事情。我们还在帮助较小的团队推出更新的体验，Notebook LM 也是此类努力的首次体现。
技术实力的体现。
Through it all, within, we had to do this when the company evolved from desktop to mobile. We are restructuring the company. Effectively, if you think of Google as a neural network, we are forming new synapses, which work much better to adapt to this moment. And I think that sets us up well for the year ahead. And we are bringing all of this innovation to the outside world through cloud as well. And so we are going to do that. And so that's an additional opportunity at this moment.
在这一切过程中，我们不得不在公司从桌面转向移动端时这样做。我们正在重组公司。实际上，如果你把谷歌看作一个神经网络，我们正在形成新的突触，这些突触更好地适应这一时刻。我认为这为我们在未来一年做好了准备。我们也通过云将所有这些创新带给外部世界。因此，我们将这样做。因此，这是此刻的一个额外机会。
非常好的比喻。
Michael Nathanson 迈克尔·纳森森
Thanks, Sundar. 谢谢，桑达尔。
Operator 操作员
Our next question comes from Mark Mahaney with Evercore. Your line is now open.
我们的下一个问题来自 Evercore 的 Mark Mahaney。您的线路现已开放。
Mark Mahaney 马克·马哈尼
Okay. I'd like to ask two questions, please, to Anat. First, the margins at cloud have really started to ramp nicely. There are comps in the industry with still materially higher operating margins. I imagine that's a matter of scale and trying to catch up from a third place position. But how do you think about the margin trends that you're seeing? And what's your level of confidence that those margins can kind of match up to other industry players that are doing closer to 30% margins?
好的。我想请问 Anat 两个问题。首先，云业务的利润率确实开始大幅提升。行业中还有一些公司的运营利润率明显更高。我想这可能是规模问题，并试图从第三名的位置赶上。但您如何看待您所看到的利润率趋势？您对这些利润率能够与其他接近 30%利润率的行业参与者相匹配的信心有多大？
And then secondly, just across the board, when you think about the business that's running at, what, 32% operating margins this last quarter, and you come in looking at this fresh, is it clear to you that there are a lot of kind of newfound cost efficiencies or ongoing cost efficiencies? Like what do you see as the biggest opportunities to kind of take those margins and maybe over time, take them materially higher? Thank you very much.
其次，总的来说，当你考虑到上个季度运营利润率为 32%的业务时，你以全新的视角来看待这个问题，是否清楚地看到有很多新发现的成本效率或持续的成本效率？您认为将这些利润率提高，甚至随着时间的推移显著提高的最大机会是什么？非常感谢。
Anat Ashkenazi 阿纳特·阿什肯纳齐
Thanks, Mark, for both of these questions. Let me start on the cloud margin. So certainly, very pleased to see not just the top line growth rate, but the margin expansion to 17%, really outstanding work by our cloud team to drive continued benefit to customers. And as you think about that margin expansion, really, it's a few things. You've mentioned one of them.
谢谢，马克，感谢你的这两个问题。让我先从云利润率开始。很高兴看到不仅是收入增长率，还有利润率扩展到 17%，这确实是我们的云团队出色的工作，为客户带来了持续的利益。当你考虑到这种利润率扩展时，实际上有几个因素。你提到了其中之一。
The first is scale. Obviously, as we scale the business, we have more opportunity for margin expansion. But the second, and shouldn't be underestimated is the work the team has done to drive efficiencies across the cloud business, and we're seeing those come through, whether it's through headcount management or facilities management, other process efficiencies. We're seeing that go to the bottom line and driving the results you're seeing this quarter. Hard to obviously compare to any of our peers or competitors. It's a different business, but more to come.
首先是规模。显然，随着我们扩大业务规模，我们有更多的机会扩大利润率。但第二点，不应被低估的是团队在推动云业务效率方面所做的工作，我们看到这些工作正在显现成果，无论是通过人员管理还是设施管理，或其他流程效率。我们看到这些都反映在最终收益上，并推动了本季度的业绩。显然，很难与我们的同行或竞争对手进行比较。这是一个不同的业务，但未来会有更多发展。
Now the one thing to remember, and I mentioned this in my prepared remarks, this is an area that requires investment. And a lot of these investments, you think about servers, et cetera, is based on demand we're seeing from customers. So this will translate to revenue in the fairly short term.
现在要记住的一件事，我在准备好的发言中提到过，这是一个需要投资的领域。而且很多这些投资，比如服务器等，都是基于我们从客户那里看到的需求。因此，这将在相对短期内转化为收入。
But that means there are headwinds associated with the - overall, the annual run rate or costs associated with these investments, whether it's in the form of depreciation or just construction costs that are not capitalized, et cetera. So we'll continue to drive efficiency in the business to try and offset some of these. But this is how I'm thinking about the dynamics for cloud.
但这意味着与整体相关的逆风，这些投资的年度运行率或成本，无论是以折旧的形式还是未资本化的建设成本等。因此，我们将继续提高业务效率，以尝试抵消其中的一些影响。但这就是我对云计算动态的思考方式。
Overall, for the business, this is one of my key priorities is to look across the organization to see what we can do in terms of driving further efficiencies. There's really good work that was done started by Ruth, Sundar and the rest of the lead team to reengineer the cost base. But I think any organization can always push a little further. And I'll be looking at additional opportunities really across all the elements that I've mentioned in my prepared remarks, think not just about the size of the organization, but mostly how we operate and how we run the business.
总体而言，对于业务来说，我的一个关键优先事项是审视整个组织，看看我们在推动进一步效率方面可以做些什么。Ruth、Sundar 和其他领导团队已经做了非常好的工作，重构了成本基础。但我认为任何组织总是可以再推进一点。我将寻找更多的机会，真正关注我在准备好的发言中提到的所有要素，不仅考虑组织的规模，更重要的是我们如何运作和经营业务。
And I think when you simplify the organization, Sundar just made a few comments on that. When we use AI within our own processes and how we get work done, there are some efficiencies or opportunities for efficiencies. Now all of that will go against substantial increases in capital investment, as I've mentioned, going into 2025. And again, I'll give more color when we are on the Q4 call. So hopefully, we'll be able to drive efficiencies to work towards offsetting some or all of that increase.
我认为，当你简化组织时，Sundar 刚刚对此发表了一些评论。当我们在自己的流程中使用人工智能以及如何完成工作时，会有一些效率或提高效率的机会。现在，所有这些都将与我提到的到 2025 年的资本投资大幅增加相对抗。我会在第四季度电话会议上提供更多细节。希望我们能够通过提高效率来抵消部分或全部的增长。
Mark Mahaney 马克·马哈尼
Thank you very much. 非常感谢。
Operator 操作员
Our next question comes from Ken Gawrelski with Wells Fargo. Your line is now open.
我们的下一个问题来自富国银行的 Ken Gawrelski。您的线路现已开放。
Ken Gawrelski 肯·加夫雷尔斯基
Thank you so much. Two, if I may. First, just on search, why does it make sense to have completely - why doesn't it make sense to have two completely different search experiences. One, an agent-like answers engine, and then two, a links-based more traditional search engine. You could innovate on both and let the consumer decide. It's - maybe think of it as the ultimate A/B test. So I'd be curious to get your thoughts there.
非常感谢。如果可以的话，我有两个问题。首先，关于搜索，为什么不让两种完全不同的搜索体验同时存在呢？一种是类似代理的答案引擎，另一种是基于链接的更传统的搜索引擎。你可以在这两方面进行创新，让消费者来决定。这可以被视为终极的 A/B 测试。所以我很想知道你对此的看法。
And then the second, if you could touch a little bit on the consumer environment in 4Q. Perhaps nobody has a better view into the health of the consumer in multiple verticals. If you could talk a little bit about - you talked about tougher comps on the Asia e-commerce side, but any other trends you could point out be around the election or fewer holiday days this year, that would be really helpful. Thank you.
然后第二个问题，如果您能稍微谈谈第四季度的消费者环境。也许没有人能比您更好地了解多个行业中消费者的健康状况。如果您能稍微谈谈——您提到了亚洲电子商务方面更艰难的比较，但如果您能指出与选举或今年假期天数减少有关的其他趋势，那将非常有帮助。谢谢。
Sundar Pichai 桑达尔·皮查伊
Why don't I take the first part and then Philipp can give color on the consumer vertical trends. On the first part, look, in this moment, people are using a lot of buzzwords like answer engines and all that stuff. I mean, Google started answering questions about 10 years ago in our search product with featured snippets.
为什么我不先讲第一部分，然后让 Philipp 来讲解消费者垂直趋势。在第一部分，看看，现在人们使用了很多流行词汇，比如答案引擎之类的。我是说，谷歌大约在 10 年前就在我们的搜索产品中通过特色摘要开始回答问题。
So look, I think ultimately, you are serving users. User expectations are constantly evolving. And we work hard to stay a step ahead, anticipate and stay a step ahead. And this is why we've kind of really brought multimodality on the input side and the output side in search pretty natively. And so we'll continue expanding innovations there.
所以你看，我认为最终你是在为用户服务。用户的期望在不断变化。我们努力保持领先，预见并保持领先。这就是为什么我们在搜索中在输入和输出方面本地化地引入了多模态。因此，我们将继续在这方面扩展创新。
I do think having two surfaces for us allows us to experiment more. And there are - I view this moment as moment in which there are new use cases which we will be able to do, which we couldn't have done before. And so having the flexibility, having product surfaces where we can move very, very fast, I think, is actually helpful. And so we are embracing it and going to lean into this moment like we have done in the past year, and I think that will play out well for users. Philipp?
我确实认为拥有两个界面让我们可以进行更多的实验。我认为这是一个我们能够实现新的用例的时刻，而这些用例是我们以前无法做到的。因此，拥有灵活性，拥有可以非常快速移动的产品界面，我认为实际上是有帮助的。因此，我们正在接受这一点，并将像过去一年那样抓住这个时刻，我认为这对用户来说会有很好的效果。Philipp？
Philipp Schindler 菲利普·辛德勒
Yes. On the vertical trends, look, I called out search and other revenues being led by growth in the financial services due to improved economics in the insurance industry, followed by retail. But I think it's fair to say, in general, we saw broad-based strength across all verticals, maybe specifically to election-related ad spend. We had a slight tailwind from election-related ad spend in the third quarter, which was a little bit more pronounced in YouTube ads.
是的。关于垂直趋势，我提到搜索和其他收入主要由金融服务的增长带动，这得益于保险行业经济状况的改善，其次是零售业。但我认为可以公平地说，总的来说，我们在所有垂直领域都看到了广泛的强劲表现，可能特别是与选举相关的广告支出。我们在第三季度从与选举相关的广告支出中获得了一些顺风，这在 YouTube 广告中表现得更为明显。
Operator 操作员
And our last question comes from Stephen Ju with UBS. Your line is now open.
我们最后一个问题来自瑞银的 Stephen Ju。您的线路已打开。
Stephen Ju 斯蒂芬·朱
Thank you so much. Hi, Sundar. I think in two separate blog posts from Google Cloud, talking about the real-life use cases for GenAI, I think you highlighted what was a pretty material increase in a number of companies that are starting to turn their, I guess, ideas into products. I think it was like an 80% increase in the 6-month period. And I think you guys also published some survey data saying that your customers are generating tangible ROI there. So can you update us on what you're seeing in terms of sales cycles, perhaps accelerating? And how much of the heavy lifting the cloud team may have to do to help your customers turn those ideas into reality more quickly?
非常感谢。你好，Sundar。我想在 Google Cloud 的两篇独立博客文章中，谈到了生成式 AI 的实际用例，我认为你们强调了开始将想法转化为产品的公司数量有了相当大的增长。我想在 6 个月的时间里增长了大约 80%。我想你们还发布了一些调查数据，表明你们的客户在那里获得了实实在在的投资回报。所以你能否更新一下你们在销售周期方面的观察，可能正在加速？以及云团队可能需要做多少繁重的工作来帮助客户更快地将这些想法变为现实？
And Philipp, I think one of the feedbacks that we're getting from advertisers is that while the initial use case for PMax for them was in search, they're starting to use it more and more for mid and upper funnel campaigns and budgets as well. So can you talk about whether that's an anecdote or something that you're already seeing perpetuate among all of your advertisers? Thank you.
菲利普，我认为我们从广告商那里得到的反馈之一是，尽管他们最初将 PMax 用于搜索，但他们开始越来越多地将其用于中部和上部漏斗的活动和预算。那么，你能谈谈这是一个轶事，还是你已经看到它在所有广告商中普遍存在的现象？谢谢。
Sundar Pichai 桑达尔·皮查伊
On the cloud side, look, I think you - sorry, on the cloud side, look, I do think you hinted in your question itself. Definitely, customers are leaning in this moment, wherever we have been working, we are definitely seeing real concrete proof points delivering real impact, right, be it in their user experience, be it in the bottom line, et cetera.
在云端方面，看，我认为你——抱歉，在云端方面，看，我确实认为你在问题中有所暗示。毫无疑问，客户在此时此刻倾向于我们所做的工作，我们确实看到了真正具体的证据点带来了实际影响，无论是在用户体验方面，还是在底线等方面。
And so I gave a few examples on my remarks. And I think customers are getting savvier. We ourselves are going through a lot of learnings, both in deploying this within Google as an enterprise and bringing those learnings to our customers outside. And as we see common patterns across the breadth of sectors we serve in, I think we are bringing those learnings.
因此，我在发言中举了一些例子。我认为客户变得更加精明。我们自己也在经历很多学习，无论是在谷歌内部作为一个企业部署这些，还是将这些经验带给外部的客户。当我们在所服务的广泛行业中看到共同的模式时，我认为我们正在带来这些经验。
So I would say, if anything, I think over time, I think organizations are beginning to understand more. They are leaning in. Our models are getting better. We are building more comprehensive solutions on top of it. So I think we are well set up for 2025, and I think there will be continued momentum in this area.
所以我会说，如果有什么不同的话，我认为随着时间的推移，组织开始理解得更多。他们正在倾斜。我们的模型正在变得更好。我们正在基于此构建更全面的解决方案。所以我认为我们为 2025 年做好了充分准备，我认为这个领域将会有持续的动力。
Philipp Schindler 菲利普·辛德勒
And on the PMax side, look, we continue to see success with PMax. And we see those success stories really from large advertisers, from agencies, from SMBs across marketing objectives, across different verticals. It's very cost effective, and it really finds customers wherever they are across all the different Google channels. And with the introduction of Gemini, we added a lot of new features to PMax. For example, to deliver more powerful performance, help advertisers scale, build high-quality creative assets and so on.
在 PMax 方面，我们继续看到 PMax 的成功。我们看到这些成功案例确实来自大型广告商、代理机构、中小企业，涵盖各种营销目标和不同的行业。它非常具有成本效益，能够在所有不同的 Google 渠道中找到客户。随着Gemini的引入，我们为 PMax 添加了许多新功能。例如，提供更强大的性能，帮助广告商扩展，构建高质量的创意资产等。
But going directly to your question on the funnel, also keep in mind, we have a great product with Demand Gen that is all about inspiring consumers beyond the initial awareness and to take action. And we think Demand Gen is actually a very powerful tool to win in today's marketplace with marketers, and we can't wait to see actually what more value it will drive.
但直接回答您关于漏斗的问题，请记住，我们有一个很棒的产品——需求生成，它旨在激励消费者超越初步认知并采取行动。我们认为需求生成实际上是一个非常强大的工具，可以在当今市场中赢得营销人员的青睐，我们迫不及待地想看到它能带来更多的价值。
Stephen Ju 斯蒂芬·朱
Thank you. 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。这就结束了我们今天的问答环节。我想把会议交还给吉姆·弗里德兰，请他做进一步的发言。
Jim Friedland 吉姆·弗里德兰
Thanks, everyone, for joining us today. We look forward to speaking with you again on our fourth quarter 2024 call. Thank you, and have a good evening.
谢谢大家今天加入我们。我们期待在 2024 年第四季度的电话会议上再次与您交谈。谢谢，祝您晚上愉快。
Operator 操作员
Thank you, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect.
谢谢大家。今天的电话会议到此结束。感谢您的参与。您现在可以断开连接。
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