Operator

接线员

Welcome, everyone. Thank you for standing by for the Alphabet First Quarter 2025 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。感谢您耐心等待 Alphabet 2025 年第一季度财报电话会议。目前，所有参会者都处于仅收听模式。在发言人演讲结束后，将进行问答环节。[接线员说明]

I would now like to hand the conference over to your speaker today, Jim Friedland, Senior Director of Investor Relations. Please go ahead.

现在我想将会议交给今天的发言人，投资者关系高级总监 Jim Friedland。请开始。

Jim Friedland

Thank you. Good afternoon, everyone, and welcome to Alphabet's first quarter 2025 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 2025 年第一季度财报电话会议。今天与我们在一起的有 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.

现在我将快速说明安全港条款。我们今天就业务、运营和财务表现所做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，受到许多风险和不确定性的影响。实际结果可能存在重大差异。请参阅我们的 10-K 和 10-Q 表格，包括风险因素。我们不承担更新任何前瞻性陈述的义务。

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.

在本次电话会议中，我们将介绍 GAAP（公认会计原则）和非 GAAP 财务指标。非 GAAP 指标与 GAAP 指标的对账包含在今天的财报新闻稿中，该新闻稿已分发并通过我们的投资者关系网站 abc.xyz/investor 向公众提供。除非另有说明，我们的评论将基于同比比较。

And now I'll turn the call over to Sundar.

现在我将把电话转交给 Sundar。

Sundar Pichai

Thanks, Jim. Good afternoon, everyone. We are pleased with our strong results this quarter. We continue to see healthy growth and momentum across the business, including AI powering new features. In Search, we saw continued double-digit revenue growth. AI Overviews is going very well with over 1.5 billion users per month, and we are excited by the early positive reaction to AI mode. There's a lot more to come ahead.

谢谢，Jim。大家下午好。我们对本季度的强劲业绩感到满意。我们继续看到整个业务的健康增长和势头，包括人工智能驱动的新功能。在搜索领域，我们看到了持续的两位数收入增长。AI Overviews（AI 概览）进展顺利，每月用户超过 15 亿，我们对 AI 模式（AI mode）早期积极的反响感到兴奋。未来还有更多值得期待。

In Subscriptions, we surpassed 270 million paid subscriptions with YouTube and Google One as key drivers. And Cloud grew rapidly with significant demand for our solutions, and you saw our leadership in AI at Cloud Next across infrastructure, agents and more. Our differentiated full stack approach to AI continues to be central to our growth.

在订阅服务方面，我们的付费订阅用户数超过了 2.7 亿，YouTube 和 Google One 是主要驱动力。云业务增长迅速，市场对我们解决方案的需求巨大，大家在 Cloud Next 大会上看到了我们在基础设施、智能体（agents）等人工智能领域的领导地位。我们差异化的全栈 AI 方法仍然是我们增长的核心。

This quarter was super exciting as we rolled out Gemini 2.5, our most intelligent AI model, which is achieving breakthroughs in performance and it's widely recognized as the best model in the industry. That's an extraordinary foundation for our future innovation, and we are focused on bringing this to people and customers everywhere.

本季度非常激动人心，因为我们推出了 Gemini 2.5，这是我们最智能的 AI 模型，它在性能上取得了突破，并被广泛认为是业内最佳模型。这是我们未来创新的非凡基础，我们正致力于将其带给世界各地的人们和客户。

Looking ahead to I/O, Brandcast and Google Marketing Live, I can't wait for our teams to showcase the innovations they've been working on. Turning to our AI progress this quarter, which continues to enable significant growth opportunities. The elements of the AI stack I've previously mentioned are AI Infrastructure, World Class Research including models and tooling and our Products and Platforms.

展望即将到来的 I/O 大会、Brandcast 和 Google Marketing Live，我迫不及待地想让我们的团队展示他们一直在努力的创新成果。谈到本季度我们在人工智能方面的进展，这继续带来了显著的增长机会。我之前提到的 AI 技术栈要素包括：AI 基础设施、世界级研究（包括模型和工具）以及我们的产品和平台。

Starting with AI Infrastructure, our long-term investments in our global network have positioned us well. Google's network is robust and resilient supported by over 2 million miles of fiber and 33 subsea cables. Complementing this, we offer the industry's widest range of TPUs and GPUs and continue to invest in next-generation capabilities.

从 AI 基础设施开始，我们对全球网络的长期投资使我们处于有利地位。谷歌的网络强大而富有弹性，由超过 200 万英里的光纤和 33 条海底电缆支持。作为补充，我们提供业界最广泛的 TPU 和 GPU 选择，并继续投资于下一代能力。

Ironwood, our seventh-generation TPU and most powerful to-date, is the first designed specifically for inference at scale. It delivers more than 10x improvement in compute power or a recent high performance TPU while being nearly twice as power efficient. Our strong relationship with NVIDIA continues to be a key advantage for us and our customers.

We were the first cloud provider to offer NVIDIA's groundbreaking B200 and GB200 Blackwell GPUs and will be offering their next-generation Vera Rubin GPUs. Second, this infrastructure powers our World Class Research, including our industry leading models. We released Gemini 2.5 Pro last month, receiving extremely positive feedback from both developers and consumers.

我们是首家提供 NVIDIA 开创性的 B200 和 GB200 Blackwell GPU 的云服务提供商，并将提供其下一代 Vera Rubin GPU。其次，这种基础设施为我们世界级的研究提供动力，包括我们行业领先的模型。我们上个月发布了 Gemini 2.5 Pro，收到了来自开发者和消费者的极其积极的反馈。

2.5 Pro is state-of-the-art on a wide range of benchmarks and debuted at number one on the chatbot arena by a significant margin. 2.5 Pro achieved big leaps in reasoning, coding, science and math capabilities, opening up new possibilities for developers and customers. Active users in AI Studio and Gemini API have grown over 200% since the beginning of the year.

2.5 Pro 在广泛的基准测试中处于领先水平，并在聊天机器人竞技场（chatbot arena）上以显著优势首次亮相即排名第一。2.5 Pro 在推理、编码、科学和数学能力方面取得了巨大飞跃，为开发者和客户开辟了新的可能性。自年初以来，AI Studio 和 Gemini API 的活跃用户增长了 200% 以上。

And last week, we introduced 2.5 Flash, which enables developers to optimize quality and cost. Our latest image and video generation models, Imagen 3 and Veo 2 are rolling out broadly and are powering incredible creativity. Turning to Open Models, we launched Gemma 3 last month delivering state-of-the-art performance for its size.

上周，我们推出了 2.5 Flash，使开发者能够优化质量和成本。我们最新的图像和视频生成模型 Imagen 3 和 Veo 2 正在广泛推出，并激发了令人难以置信的创造力。转向开放模型，我们上个月推出了 Gemma 3，在其同等规模的模型中提供了最先进的性能。

Gemma models have been downloaded more than 140 million times. Lastly, we are developing AI models in new areas where there's enormous opportunity. For example, our new Gemini Robotics Models. And in health, we launched AI Co-Scientist, a multi-agent AI research system, while AlphaFold has now been used by over 2.5 million researchers.

Gemma 模型已被下载超过 1.4 亿次。最后，我们正在具有巨大机遇的新领域开发 AI 模型。例如，我们新的 Gemini 机器人模型（Gemini Robotics Models）。在健康领域，我们推出了 AI Co-Scientist，一个多智能体 AI 研究系统，而 AlphaFold 现在已被超过 250 万研究人员使用。

Third, turning to Products and Platforms. All 15 of our products with a 0.5 billion users now use Gemini models. Android and Pixel are two examples of how we are putting the best AI in people's hands, making it super easy to use AI for a wide range of tasks just by using their camera, voice or taking a screenshot.

第三，转向产品和平台。我们所有 15 个拥有 5 亿用户的产品现在都使用 Gemini 模型。Android 和 Pixel 是我们如何将最好的 AI 交到人们手中的两个例子，让用户只需使用相机、语音或截屏就能轻松地将 AI 用于各种任务。

We are upgrading Google Assistant on mobile devices to Gemini and later this year we'll upgrade tablets, cars and devices that connect to your phone such as headphones and watches. The Pixel 9a launched a very strong reviews, providing the best of Google's AI offerings like Gemini Live and AI powered camera features.

我们正在将移动设备上的 Google Assistant 升级为 Gemini，今年晚些时候，我们将升级平板电脑、汽车以及连接到手机的设备，如耳机和手表。Pixel 9a 的发布获得了非常好的评价，提供了谷歌最好的 AI 产品，如 Gemini Live 和 AI 驱动的相机功能。

And Gemini Live camera and screen sharing is now rolling out to all Android devices including Pixel and Samsung S25. Now moving on to key highlights from across Search, Cloud, YouTube and Waymo. First, Search. AI is one of the most revolutionary technologies for enabling and expanding our information mission.

Gemini Live 相机和屏幕共享功能现已推广到所有 Android 设备，包括 Pixel 和三星 S25。现在转向搜索、云、YouTube 和 Waymo 的主要亮点。首先是搜索。AI 是实现和扩展我们信息使命最具革命性的技术之一。

And for Search, we see it growing the number and types of questions we can answer. We are already seeing this with AI Overviews, which now has more than 1.5 billion users every month. Nearly a year after we launched AI Overviews in the US, we continue to see that usage growth is increasing as people learn that Search is more useful for more of their queries.

对于搜索而言，我们看到它正在增加我们能够回答问题的数量和类型。我们已经通过 AI Overviews 看到了这一点，该功能现在每月有超过 15 亿用户。在美国推出 AI Overviews 近一年后，我们继续看到使用量增长正在加速，因为人们了解到搜索对于他们更多的查询更加有用。

So we are leaning in heavily here, continuing to roll the feature out to new countries to more users and to more queries. Building on the positive feedback for AI Overviews, in March we released AI Mode, an experiment in labs. It expands what AI Overviews can do with more advanced reasoning, thinking, and multimodal capabilities to help with questions that need further exploration and comparisons.

因此，我们在这里大力投入，继续将该功能推广到新的国家、更多的用户和更多的查询类型。基于对 AI Overviews 的积极反馈，我们在 3 月份发布了 AI Mode，这是实验室中的一项实验。它扩展了 AI Overviews 的能力，具备更高级的推理、思考和多模态能力，以帮助处理需要进一步探索和比较的问题。

On average, AI Mode queries are twice as long as traditional Search queries. We're getting really positive feedback from early users about its design, fast response time, and ability to understand complex nuanced questions. We also continue to see significant growth in multimodal queries.

平均而言，AI Mode 的查询长度是传统搜索查询的两倍。我们从早期用户那里得到了关于其设计、快速响应时间和理解复杂细微问题的能力的非常积极的反馈。我们也继续看到多模态查询的显著增长。

Circle to Search is now available on more than 250 million devices with usage increasing nearly 40% this quarter and monthly visual searches with Lens have increased by 5 billion since October. Moving on to Cloud. At Cloud Next, we announced major innovations and over 500 companies shared the business results they are achieving by working with us.

“圈选即搜”（Circle to Search）现已在超过 2.5 亿台设备上可用，本季度使用量增长近 40%，自 10 月以来，通过 Lens 进行的月度视觉搜索增加了 50 亿次。转向云业务。在 Cloud Next 大会上，我们宣布了重大创新，超过 500 家公司分享了他们通过与我们合作取得的业务成果。

We provide leading cost performance and reliability for AI training and inference. This enables us to deliver the best value for AI leaders like any scale and contextual AI as well as global brands like Verizon. And for highly sensitive data and regulatory requirements, Google distributed Cloud and our Sovereign AI make Gemini available on premises or in country.

我们为 AI 训练和推理提供领先的成本性能和可靠性。这使我们能够为像 AnyScale 和 Contextual AI 这样的 AI 领导者以及像 Verizon 这样的全球品牌提供最佳价值。对于高度敏感的数据和监管要求，Google Distributed Cloud（谷歌分布式云）和我们的 Sovereign AI（主权 AI）使 Gemini 可以在本地（on-premises）或特定国家/地区内使用。

Our Vertex AI Platform makes over 200 foundation models available, helping customers like Lowe's integrate AI. We offer industry leading models including Gemini 2.5 Pro, 2.5 Flash, Imagen 3, Veo 2, Chirp and Lyria, plus Open Source and third-party models like Llama 4 and Anthropic. We are the leading Cloud Solution for companies looking to the new era of AI agents, a big opportunity.

我们的 Vertex AI 平台提供超过 200 个基础模型，帮助像 Lowe's 这样的客户集成 AI。我们提供行业领先的模型，包括 Gemini 2.5 Pro、2.5 Flash、Imagen 3、Veo 2、Chirp 和 Lyria，以及像 Llama 4 和 Anthropic 这样的开源和第三方模型。对于着眼于 AI 智能体新时代的公司来说，我们是领先的云解决方案，这是一个巨大的机遇。

Our Agent Development Kit is a new Open Source Framework to simplify the process of building sophisticated AI agents and multi-agent systems. And Agent Designer is a low code tool to build AI agents and automate tasks in over 100 enterprise applications and systems. We are putting AI agents in the hands of employees at major global companies like KPMG.

我们的 Agent Development Kit 是一个新的开源框架，用于简化构建复杂 AI 智能体和多智能体系统的过程。Agent Designer 是一个低代码工具，用于构建 AI 智能体并在超过 100 个企业应用程序和系统中自动化任务。我们正在将 AI 智能体交到像 KPMG 这样的主要全球公司员工的手中。

With Google Agent Space, employees can find and synthesize information from within their organization, converse with AI agents and take action with their enterprise applications. It combines Enterprise Search, Conversational AI or Chat and access to Gemini and third-party Agents.

借助 Google Agent Space，员工可以在其组织内部查找和综合信息，与 AI 智能体对话，并通过其企业应用程序采取行动。它结合了企业搜索、对话式 AI（或聊天）以及对 Gemini 和第三方智能体的访问。

We also offer prepackaged agents across customer engagement, coding, creativity and more that are helping to provide conversational customer experiences, accelerate software development and improve decision making. And of course, Google Workspace, it delivers more than 2 billion AI assists monthly including summarizing Gmail and refining Docs.

我们还提供跨客户互动、编码、创意等领域的预打包智能体，这些智能体有助于提供对话式客户体验、加速软件开发和改进决策。当然还有 Google Workspace，它每月提供超过 20 亿次 AI 辅助，包括总结 Gmail 和优化 Docs。

Lastly, our cybersecurity products are helping organizations detect, investigate and respond to cybersecurity threats. Our expertise coupled with integrated Gemini AI advances, detects malware, prioritizes threats, and speeds up investigative workflows. This quarter, we were excited to announce our intent to acquire Wiz, a leading cloud security platform that protects all major clouds and code environments.

最后，我们的网络安全产品正在帮助组织检测、调查和响应网络安全威胁。我们的专业知识与集成的 Gemini AI 进步相结合，可以检测恶意软件、确定威胁优先级并加快调查工作流程。本季度，我们激动地宣布了收购 Wiz 的意向，Wiz 是一个领先的云安全平台，可保护所有主要云和代码环境。

Together, we can make it easier and faster for organizations of all types and sizes to protect themselves, end-to-end and across all major clouds. We think this will help spur more multi-cloud computing, something customers want. Next, YouTube. Yesterday marked a historic milestone.

通过合作，我们可以让各种类型和规模的组织更容易、更快地保护自己，实现端到端和跨所有主要云的保护。我们认为这将有助于推动更多的多云计算，这是客户所希望的。接下来是 YouTube。昨天是一个历史性的里程碑。

The 20th anniversary of the first video uploaded to YouTube. From that single, 19-second upload, the platform has grown into a global phenomenon, fundamentally changing how billions of people create, share, and experience content.

第一个视频上传到 YouTube 的 20 周年纪念日。从那段仅 19 秒的上传开始，该平台已发展成为一种全球现象，从根本上改变了数十亿人创作、分享和体验内容的方式。

Through all this growth, subscriptions are now a big part of the business. We continue to diversify subscription options, recently expanding our Premium Lite pilot to the US, giving users a new way to enjoy most videos on YouTube ad-free.

在所有这些增长中，订阅现在已成为业务的重要组成部分。我们继续多样化订阅选项，最近将我们的 Premium Lite 试点扩展到美国，为用户提供了一种新的方式来无广告地欣赏 YouTube 上的大多数视频。

TV is the primary device for YouTube viewing in the US. According to Nielsen, YouTube has been number one in streaming watch time in the US for the last two years. And YouTube now has over 1 billion monthly active podcast users.

电视是美国观看 YouTube 的主要设备。根据尼尔森的数据，过去两年 YouTube 在美国的流媒体观看时长一直排名第一。现在 YouTube 每月有超过 10 亿的播客活跃用户。

YouTube Music and Premium reached over 125 million subscribers, including trials, globally. And finally, Waymo is now safely serving over a quarter of a million paid passenger trips each week. That's up 5x from a year ago.

YouTube Music 和 Premium 在全球范围内（包括试用用户）已达到超过 1.25 亿订阅者。最后，Waymo 现在每周安全地提供超过 25 万次的付费乘客出行服务。这比一年前增长了 5 倍。

This past quarter, Waymo opened up paid service in Silicon Valley. Through our partnership with Uber, we expanded in Austin and are preparing for our public launch in Atlanta later this summer. We recently announced Washington, DC, as a future ride-hailing city, going live in 2026 alongside Miami. Waymo continues progressing on two important capabilities for riders, airport access and freeway driving.

在过去一个季度，Waymo 在硅谷开放了付费服务。通过与 Uber 的合作，我们在奥斯汀进行了扩展，并准备在今年夏天晚些时候在亚特兰大公开发布。我们最近宣布华盛顿特区为未来的网约车城市，将于 2026 年与迈阿密一同上线。Waymo 在为乘客提供的两项重要功能上继续取得进展：机场接送和高速公路驾驶。

Thanks to all of our employees for their work this quarter. It was a great start to the year and Q2 will be even more exciting.

感谢我们所有员工在本季度所做的工作。这是今年的一个良好开端，第二季度将更加激动人心。

With that, Philipp, over to you.

就这些，Philipp，交给你了。

Philipp Schindler

Thanks, Sundar, and hello, everyone. I'll quickly cover performance for the quarter and then frame the rest of my remarks around the progress we're delivering across Search, Ads, YouTube and partnerships. Google services revenues were $77 billion for the quarter, up 10% year-on-year, driven by strong growth in Search and YouTube, partially offset by year-on-year decline in network revenues.

Philipp Schindler

谢谢，Sundar，大家好。我将快速介绍本季度的业绩，然后围绕我们在搜索、广告、YouTube 和合作伙伴关系方面取得的进展来阐述我的其余发言。本季度 Google 服务收入为 770 亿美元，同比增长 10%，这主要得益于搜索和 YouTube 的强劲增长，但部分被网络收入的同比下降所抵消。

To add some further color to the performance, the 10% increase in Search and other revenues was led by financial services, primarily due to strength in insurance, followed by retail. YouTube saw a similar performance across verticals. Its 10% growth in advertising revenues was driven by Direct Response followed by Brand.

为了进一步说明业绩情况，搜索及其他收入 10% 的增长主要由金融服务带动，这主要是由于保险业的强劲表现，其次是零售业。YouTube 在各个垂直领域也表现类似。其广告收入 10% 的增长是由直接响应广告（Direct Response）带动，其次是品牌广告（Brand）。

So let's start with Search, where we've seen robust growth in revenues. All around the world, over 2 billion people use Search every day to find information, compare products, or shop. And there are more than 5 trillion searches on Google annually. We've continued our efforts to help more people ask entirely new questions, bringing more opportunities for businesses to connect with consumers. And as we've mentioned before, with the launch of AI Overviews, the volume of commercial queries has increased.

那么让我们从搜索开始，我们在搜索收入方面看到了强劲的增长。在全球范围内，每天有超过 20 亿人使用搜索来查找信息、比较产品或购物。每年在 Google 上进行的搜索超过 5 万亿次。我们持续努力帮助更多人提出全新的问题，为企业带来更多与消费者建立联系的机会。正如我们之前提到的，随着 AI Overviews 的推出，商业查询的数量有所增加。

Q1 marked our largest expansion to-date for AI Overviews, both in terms of launching to new users and providing responses for more questions. The feature is now available in more than 15 languages across 140 countries. For AI Overviews overall, we continue to see monetization at approximately the same rate, which gives us a strong base on which we can innovate even more.

第一季度标志着我们迄今为止对 AI Overviews 进行的最大规模扩展，无论是在向新用户推出方面，还是在为更多问题提供回答方面。该功能现已支持超过 15 种语言，覆盖 140 多个国家/地区。对于 AI Overviews 整体而言，我们继续看到其变现率大致保持不变，这为我们提供了坚实的基础，可以在此基础上进行更多创新。

Turning to Visual Queries. On the last earnings call, I mentioned the success we're seeing with Lens, where shoppers use their camera or images to quickly find information in ways they couldn't before. In Q1, the number of people shopping on Lens grew by over 10% and the majority of Lens queries are incremental.

转向视觉查询。在上次财报电话会议上，我提到了我们在 Lens 上取得的成功，购物者可以使用相机或图片以前所未有的方式快速查找信息。在第一季度，使用 Lens 购物的人数增长了 10% 以上，并且大多数 Lens 查询是增量查询。

Sundar mentioned the significant growth we're also seeing with Circle to Search as multimodality continues to drive queries across Search. Moving to Ads. More businesses, big and small, are adopting AI powered campaigns. And the deployment of AI across our Ads business is driving results for our customers and for our business.

Sundar 提到，随着多模态持续推动跨搜索的查询，我们也看到“圈选即搜”（Circle to Search）的显著增长。转向广告业务。越来越多的大大小小的企业正在采用 AI 驱动的广告系列。AI 在我们广告业务中的部署正在为我们的客户和我们的业务带来成果。

Throughout 2024, we launched several features that leverage LLMs to enhance advertiser value, and we're seeing this work pay off. The combination of these launches now allows us to match Ads to more relevant Search queries, and this helps advertisers reach customers in searches where we would not previously have shown their Ads.

在整个 2024 年，我们推出了多项利用大语言模型（LLM）来提升广告主价值的功能，我们看到这些努力正在取得回报。这些功能的结合现在使我们能够将广告匹配到更相关的搜索查询，这有助于广告主在以前我们不会展示其广告的搜索中触达客户。

Focusing on our customers, we continue to solve advertisers' pain points and find opportunities to help them create, distribute, and measure more performant Ads, infusing AI at every step of the marketing process. On Audience Insights, we released new asset audience recommendations, which tell businesses the themes that resonate most with their top audiences.

关注我们的客户，我们继续解决广告主的痛点，并寻找机会帮助他们创建、分发和衡量效果更好的广告，在营销过程的每一步都注入 AI。在受众洞察方面，我们发布了新的素材受众建议，告知企业哪些主题最能引起其核心受众的共鸣。

On Creators, advertisers can now generate a broader variety of lifestyle imagery customized to their business to better engage their customers and use them across PMax, Demand Gen, Display, and App campaigns. Additionally, in PMax, advertisers can automatically source images from their landing pages and crop them, increasing the variety of their assets.

在创作者方面，广告主现在可以生成更多样化的、根据其业务定制的生活方式图片，以更好地吸引客户，并将这些图片用于效果最大化广告系列（PMax）、需求开发广告系列（Demand Gen）、展示广告系列（Display）和应用广告系列（App campaigns）。此外，在 PMax 中，广告主可以自动从其着陆页获取图片并进行裁剪，从而增加其素材的多样性。

On Media Buying, advertisers continue to see how AI powered campaigns help them find new customers. In Demand Gen, advertisers can more precisely manage ad placements across YouTube, Gmail, Discover, and Google Display Network globally and understand which assets work best at a channel level.

在媒体购买方面，广告主继续看到 AI 驱动的广告系列如何帮助他们找到新客户。在 Demand Gen 中，广告主可以更精确地管理在全球范围内的 YouTube、Gmail、Discover 和 Google 展示广告网络（Google Display Network）上的广告展示位置，并了解哪些素材在渠道层面效果最佳。

Thanks to dozens of AI part improvements launched in 2024, businesses using Demand Gen now see an average 26% year-on-year increase in conversions per dollar spent for goals like purchases and leads. And when using Demand Gen with product feed, on average, they see more than double the conversion per dollar spent year-over-year.

得益于 2024 年推出的数十项 AI 改进，使用 Demand Gen 的企业现在看到，针对购买和潜在客户等目标的每美元花费转化次数平均同比增长 26%。当将 Demand Gen 与产品 Feed 结合使用时，他们平均每美元花费的转化次数同比增长超过一倍。

As an example, Royal Canin combined Demand Gen and PMax campaigns to find more customers for its cat and dog food products. The integration resulted in a 2.7 times higher conversion rate, a 70% lower cost per acquisition for purchases, and increased the value per user by 8%.

举个例子，皇家（Royal Canin）结合使用了 Demand Gen 和 PMax 广告系列，为其猫粮和狗粮产品寻找更多客户。这种整合带来了 2.7 倍的转化率提升，购买的单次获客成本降低了 70%，并且每用户价值增加了 8%。

Turning to YouTube, where we saw strong growth in revenues across Ads and subscriptions. This week, we're celebrating YouTube's 20th anniversary. We're proud of its leadership as a streaming destination where people come to watch everything they love, from live sports and creator produced content to shorts and podcasts.

转向 YouTube，我们在广告和订阅收入方面都看到了强劲增长。本周，我们正在庆祝 YouTube 成立 20 周年。我们为其作为流媒体目的地的领先地位感到自豪，人们来到这里观看他们喜爱的一切，从直播体育赛事、创作者制作的内容到短视频（Shorts）和播客。

Creators are what drives viewership, and on average, they upload 20 million videos a day to YouTube. Our biggest creators generate a level of fandom and viewer engagement around large cultural moments on YouTube that brands can't find anywhere else.

创作者是推动观看量的动力，平均每天有 2000 万个视频上传到 YouTube。我们最大的创作者围绕 YouTube 上的重大文化时刻产生了品牌在其他任何地方都无法找到的粉丝热情和观众参与度。

During March Madness, brands aligned not only with clips and highlights from the game, but also with the creators who drive basketball culture, like Jesser and The Ringer's J. Kyle Mann. In Q1, the growth of our reservation based Ads business more than doubled year-over-year.

在“疯狂三月”（March Madness）期间，品牌不仅与比赛的剪辑和精彩片段相结合，还与推动篮球文化的创作者合作，例如 Jesser 和 The Ringer 的 J. Kyle Mann。在第一季度，我们预订型广告业务的增长同比翻了一番以上。

Brands and creators continue to use the opportunities that collaborations and partnerships offer. Toyota worked with Zach King, the king of short magical videos with over 42 million followers to take over his channel. The creator takeover and accompanying creator ad lifted Toyota's brand awareness by 25% compared to Control Group. And 9% compared to the Toyota brand ad.

品牌和创作者继续利用合作和伙伴关系提供的机会。丰田（Toyota）与拥有超过 4200 万粉丝的短视频魔术大师 Zach King 合作，接管了他的频道。这次创作者接管以及伴随的创作者广告，与对照组相比，将丰田的品牌知名度提升了 25%，与丰田自身的品牌广告相比，提升了 9%。

Looking at shorts, engaged views grew by over 20% in the first quarter. We continue to be pleased with the progress we're making globally in shorts monetization relative to in-stream viewing and are particularly encouraged by the trend in the US.

看一下短视频（Shorts），互动观看次数在第一季度增长了超过 20%。我们对在全球范围内短视频（Shorts）相对于信息流（in-stream）观看的变现进展感到满意，并对美国的趋势尤其感到鼓舞。

As always, I'll wrap up with a strong momentum we're seeing in partnerships where our customers increasingly recognize the strength and breadth of what Google has to offer. For instance, Roblox is partnering Google Ad Manager to bring immersive Ads to gamers.

像往常一样，我将以我们在合作伙伴关系中看到的强劲势头来结束发言，我们的客户越来越认识到 Google 所能提供的强大实力和广泛服务。例如，Roblox 正在与 Google Ad Manager 合作，为游戏玩家带来沉浸式广告。

Gen Z gamers are Roblox's biggest users, and thanks to our partnership, advertisers will be able to reach this audience with Ads that blend seamlessly into the gaming experience. We also launched a YouTube shorts effect to help people release iconic Roblox heads and inspire fans to create content at scale.

Z 世代游戏玩家是 Roblox 最大的用户群体，得益于我们的合作关系，广告主将能够通过与游戏体验无缝融合的广告触达这一受众。我们还推出了一个 YouTube Shorts 特效，帮助人们发布标志性的 Roblox 头像，并激励粉丝大规模创作内容。

In closing, I'd like to thank Googlers everywhere for their contributions and commitment to our success and to our customers and partners for their continued trust.

最后，我要感谢全球各地的 Google 员工为我们的成功所做的贡献和承诺，并感谢我们的客户和合作伙伴持续的信任。

Anat, over to you.

Anat，交给你了。

Anat Ashkenazi

Thank you, Philip. My comments will focus on year-over-year comparisons for the first quarter unless they state otherwise. I will start with results at the Alphabet level and will then cover our segment results. I'll end with some commentary on our outlook for the second quarter and 2025.

谢谢，Philip。我的评论将侧重于第一季度的同比比较，除非另有说明。我将从 Alphabet 层面的结果开始，然后介绍我们的部门业绩。最后，我会对我们第二季度和 2025 年的前景进行一些评论。

We had another strong quarter in Q1, Consolidated revenues of $90.2 billion increased by 12% or 14% in constant currency. Search and YouTube advertising, subscription platforms and devices, and Google Cloud, each had double-digit revenue growth this quarter reflecting strong momentum across the business.

我们在第一季度又迎来了强劲表现，合并收入达到 902 亿美元，增长了 12%，按固定汇率计算增长了 14%。搜索和 YouTube 广告、订阅平台和设备以及 Google Cloud，本季度均实现了两位数的收入增长，反映了整个业务的强劲势头。

Total cost of revenue was $36.4 billion up 8%. TAC was $13.7 billion up 6%. We continue to see a revenue mix shift with Google Search growth at double-digit levels, while network revenues, which have much higher TAC rate, declined.

总收入成本为 364 亿美元，增长 8%。流量获取成本（TAC）为 137 亿美元，增长 6%。我们继续看到收入结构的变化，Google 搜索以两位数的速度增长，而 TAC 率高得多的网络收入则有所下降。

Other costs of revenue was $22.6 billion up 9%, with the increase primarily driven by content acquisition costs largely for YouTube, followed by depreciation other technical infrastructure operations costs.

其他收入成本为 226 亿美元，增长 9%，增长主要由内容获取成本（主要用于 YouTube）推动，其次是折旧和其他技术基础设施运营成本。

Total operating expenses increased 9% to $23.3 billion. R&D investments increased by 14%, primarily driven by increases in compensation, and depreciation expenses. Sales and marketing expenses decreased 4%, primarily reflecting a decline in compensation expenses.

总运营支出增长 9% 至 233 亿美元。研发投入增长 14%，主要由薪酬和折旧费用的增加推动。销售和营销费用下降 4%，主要反映了薪酬费用的下降。

G&A expenses increased by 17% reflecting the impact of charges for legal and other matters. Operating income increased 20% this quarter to $31 billion and operating margin increased to 33.9% representing 2.3 points of margin expansion.

一般及行政（G&A）费用增长 17%，反映了法律及其他事项费用的影响。本季度营业利润增长 20% 至 310 亿美元，营业利润率增至 33.9%，代表了 2.3 个百分点的利润率扩张。

Operating margin benefited from healthy revenue growth a moderated pace of compensation growth, and a favorable mix shift towards lower TAC advertising revenues, partially offset by a year-on-year increase in depreciation expenses of just over $1 billion.

营业利润率受益于健康的收入增长、适度的薪酬增长步伐以及向较低 TAC 广告收入的有利结构转变，但部分被折旧费用同比增加略超 10 亿美元所抵消。

Other income and expenses was $11.2 billion primarily due to unrealized gain on our non-marketable equity securities related to our investment in a private company, which we noted in our 10-K as a subsequent event.

其他收入和支出为 112 亿美元，主要是由于我们对一家私营公司的投资相关的非上市股权证券产生的未实现收益，我们在 10-K 文件中将其标注为期后事项。

Net income increased 46% to $34.5 billion and earnings per share increased 49% to $2.81. We delivered free cash flow of $19 billion in the first quarter and $74.9 billion for the trailing 12 months. We ended the quarter with $95 billion in cash and marketable securities.

净利润增长 46% 至 345 亿美元，每股收益增长 49% 至 2.81 美元。我们在第一季度实现了 190 亿美元的自由现金流，过去 12 个月累计达到 749 亿美元。本季度末，我们持有 950 亿美元的现金和有价证券。

Turning to segment results. Google services revenues increased 10% to $77.3 billion reflecting strength in Google Search and YouTube advertising as subscription. Google Search and other advertising revenues increased by 10% to $50.7 billion. The robust performance of Search was once again broad-based across verticals led by financial services due primarily to strength in insurance, followed by retail.

转向部门业绩。Google 服务收入增长 10% 至 773 亿美元，反映了 Google 搜索和 YouTube 广告以及订阅业务的强劲表现。Google 搜索及其他广告收入增长 10% 至 507 亿美元。搜索的强劲表现再次广泛体现在各个垂直领域，其中金融服务领先，主要得益于保险业的强劲表现，其次是零售业。

YouTube advertising revenues increased 10% to $8.9 billion driven by Direct Response advertising followed by Brand. Network advertising of $7.3 billion were down 2%. Subscription platforms and device revenues increased 19% to $10.4 billion primarily reflecting growth in subscription revenues.

This growth was primarily driven by YouTube subscription offerings followed by Google One, with growth in the number of subscribers being the biggest driver of revenue growth. Google services operating income increased 17% to $32.7 billion and operating margin increased from 39.6% to 42.3%.

这一增长主要由 YouTube 订阅服务带动，其次是 Google One，订阅用户数量的增长是收入增长的最大驱动力。Google 服务营业利润增长 17% 至 327 亿美元，营业利润率从 39.6% 提高到 42.3%。

Turning to the Google Cloud segment, which continued to deliver very strong results this quarter. Revenue increased by 28% to $12.3 billion in the first quarter, reflecting growth in GCP across core and AI products at a rate that was much higher than Cloud's overall revenue growth rate.

转向 Google Cloud 部门，该部门本季度继续取得非常强劲的业绩。第一季度收入增长 28% 至 123 亿美元，反映了 Google Cloud Platform (GCP) 在核心和 AI 产品方面的增长，其增长速度远高于 Cloud 整体收入的增长率。

Growth in Google Workspace was primarily driven by an increase in average revenue per seat. Google Cloud operating income increased to $2.2 billion and operating margin increased from 9.4% to 17.8%.

Google Workspace 的增长主要由每席位平均收入的增加推动。Google Cloud 营业利润增至 22 亿美元，营业利润率从 9.4% 提高到 17.8%。

As we scale our fleet, we continue to focus on driving improvements in productivity, efficiency, and utilization to offset the growth in expenses particularly from higher depreciation.

随着我们扩大机群规模，我们继续专注于提高生产力、效率和利用率，以抵消费用增长，特别是来自更高折旧的费用增长。

As to Other Bets, for the first quarter, revenues were $450 million and operating loss was $1.2 billion The year-on-year decline in revenue and increase in operating loss primarily reflect the milestone payment received in the first quarter of 2024 for one of our Other Bets.

至于其他投资（Other Bets），第一季度收入为 4.5 亿美元，营业亏损为 12 亿美元。收入同比下降和营业亏损增加主要反映了 2024 年第一季度收到的一笔针对我们某个其他投资项目的里程碑付款。

With respect to CapEx, our reported CapEx in the first quarter was $17.2 billion primarily reflecting investment in our technical infrastructure, with the largest component being investment in servers, followed by data centers to support the growth of our business across Google Services, Google Cloud, and Google DeepMind.

关于资本支出（CapEx），我们第一季度报告的资本支出为 172 亿美元，主要反映了对我们技术基础设施的投资，其中最大部分是服务器投资，其次是数据中心投资，以支持 Google 服务、Google Cloud 和 Google DeepMind 的业务增长。

In Q1, we returned value to shareholders, in the form of $15.1 billion in share repurchases and $2.4 billion in dividend payments. As we announced today, our Board of Directors declared a 5% increase in our quarterly dividend and also approved and used $70 billion share repurchase authorization.

Turning to our Outlook. I would like to provide some commentary on several factors that will impact our business performance in the second quarter and the remainder of 2025. First, in terms of revenue, I'll highlight a couple of items that we mentioned last quarter that will have an impact on second quarter and 2025 revenue.

转向我们的前景展望。我想就几个将影响我们第二季度及 2025 年剩余时间业务表现的因素发表一些评论。首先，在收入方面，我将重点介绍我们在上个季度提到的几个将对第二季度和 2025 年收入产生影响的项目。

First, in Google Services, advertising revenue in 2025 will be impacted by lapping the strength we experience in the financial service vertical throughout 2024. Second in Cloud, we're in a tight demand supply environment and given that revenues are correlated with the timing of deployment of new capacity, we could see variability in cloud revenue growth rates depending on capacity deployment each quarter.

首先，在 Google 服务方面，2025 年的广告收入将受到我们在 2024 年全年金融服务垂直领域所经历的强劲表现基数效应的影响。其次，在 Cloud 方面，我们处于供需紧张的环境中，鉴于收入与新容量部署的时间相关，我们可能会看到云收入增长率因每个季度的容量部署情况而出现波动。

We expect relatively higher capacity deployment towards the end of 2025. Moving to investments, starting with our expectation for CapEx for the full year 2025. We still expect to invest approximately $75 billion in CapEx this year. The expected CapEx investment level may fluctuate from quarter-to-quarter, due to the impact of changes in the timing of deliveries and construction schedules.

我们预计在 2025 年底会有相对较高的容量部署。转向投资方面，首先是我们对 2025 年全年资本支出的预期。我们仍然预计今年将投资约 750 亿美元的资本支出。预期的资本支出投资水平可能会因交付时间和建设计划的变化而逐季波动。

In terms of expenses, first, as I mentioned on our previous earnings call, the significant increase in our investments in CapEx over the past few years will continue to put pressure on the P&L, primarily in the form of higher depreciation. In the first quarter, we saw 31% year-on-year growth in depreciation from the increase in technical infrastructure assets placed in service.

在费用方面，首先，正如我在上次财报电话会议上提到的，过去几年我们资本支出投资的大幅增加将继续对损益表（P&L）构成压力，主要体现在更高的折旧上。在第一季度，由于投入使用的技术基础设施资产增加，我们看到折旧同比增长了 31%。

Given the increase in CapEx investments over the past few years, we expect the growth rate in depreciation to accelerate throughout 2025. Second, as we've previously said, we expect some headcount growth in 2025 in key investment area.

鉴于过去几年资本支出投资的增加，我们预计折旧的增长率将在整个 2025 年加速。其次，正如我们之前所说，我们预计 2025 年在关键投资领域会有一些员工人数增长。

As we've disclosed previously, due to a shift in the timing of our annual employee stock-based compensation award beginning in 2023, our first quarter stock-based comp expenses is relatively lower compared to the remaining quarters of the year.

正如我们之前披露的，由于从 2023 年开始我们年度员工股权激励授予时间的变化，我们第一季度的股权激励费用相对于年内其他季度较低。

In conclusion, as you heard from Sundar and Philip, we're pleased with the progress we're making across the organization. The results for the quarter and the opportunities ahead. Our success as a company is grounded in our experience driving advancements in deep computer science that enables us to create innovative new products and services for users, businesses, and partners around the world.

总而言之，正如你们从 Sundar 和 Philip 那里听到的，我们对整个组织取得的进展感到满意。本季度的业绩以及未来的机遇。我们作为一家公司的成功植根于我们在推动深度计算机科学进步方面的经验，这使我们能够为全球用户、企业和合作伙伴创造创新的新产品和服务。

We have a strong track record of incubating and then building these offerings into new profitable businesses for Alphabet. As we announced last quarter, YouTube and Cloud exited 2024 at a combined annual run rate of $110 billion.

我们在孵化这些产品并将其发展成为 Alphabet 新的盈利业务方面拥有良好的记录。正如我们上个季度宣布的，YouTube 和 Cloud 在 2024 年底的合并年化运行收入达到了 1100 亿美元。

And as you heard from Sundar earlier, Waymo is continuing to progress in building on its impressive technological achievements to scale rapidly and develop a sustainable business model.

正如你们早些时候从 Sundar 那里听到的，Waymo 正在继续取得进展，在其令人印象深刻的技术成就基础上快速扩展规模，并开发可持续的商业模式。

Thank you. Sundar, Philip, and I will now take your questions.

谢谢。Sundar、Philip 和我现在将回答你们的问题。

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] And our first question comes from Brian Nowak from Morgan Stanley. Your line is now open.

Operator

谢谢。[操作员说明] 我们的第一个问题来自摩根士丹利的 Brian Nowak。您的线路现在已开通。

Brian Nowak

Great. Thanks for taking my questions. I have two. The first one is sort of the macro advertising backdrop. Maybe, Anat, I know it's April '24, and you call out some factors. You're kind of thinking about the second quarter. Any other factors you're seeing in advertising verticals or regions or categories that could be showing any signs of weakness quarter dates? We should think through any other changes from typical seasonality in 2Q '25 versus prior quarters? Then the second one on Philipp, I think I heard you mention now the volume of commercial queries has increased. Maybe can you just walk us through which of the products are driving that increase in commercial queries. And as you sort of think about the pipeline of Search products are there any others that you're particularly excited about to kind of continue to drive further commercial query growth throughout '25-'26? Thanks.

Brian Nowak

太好了。谢谢回答我的问题。我有两个问题。第一个是关于宏观广告背景。也许，Anat，我知道现在是 24 年 4 月，你也提到了一些因素。你正在考虑第二季度。你在广告垂直领域、地区或类别中是否看到任何其他因素可能显示出季度至今的疲软迹象？与前几个季度相比，我们是否应该考虑 25 年第二季度与典型季节性相比有任何其他变化？然后第二个问题问 Philipp，我好像听到你提到商业查询的数量增加了。也许你能否详细说明是哪些产品推动了商业查询的增长。当你考虑搜索产品的管线时，是否有其他你特别期待的产品能够持续推动 25-26 年商业查询的进一步增长？谢谢。

Philipp Schindler

So let me take the first one as well. We saw broad-based strength across ad verticals in Q1, and we saw it give you a bit of vertical color here, Search was led again, by finance due primarily to ongoing strength in the insurance, retail, healthcare, and travel were actually also sizable contributors here to growth. With regard to Q2, we're only a few weeks in, so it's really too early to comment. I mean, we're obviously not immune to the macro environment. But we wouldn't want to speculate about potential impacts beyond noting that the changes to the de minimis exemption will obviously cause slight headwind to our Ads business in 2025, primarily from APAC-based retailers. And maybe to zoom out, I would say, we have a lot of experience in managing through uncertain times, and we focus on helping our customers by providing deep insights into changing consumer behavior that is relevant to their business. Examples are auction dynamics, query trend insights on topics replacement purchases, and so on. So we have a lot of experience in this area. On the commercial query side, look, AI Overviews continue to drive higher satisfaction and Search usage. And as I noticed, Q1 was really our largest expansion to-date for AI Overviews, both in terms of launching to new users and providing responses for more questions. That's really the core already of the answer. AI Overview sits at the center of your question here. And when it comes to other products, look, I don't want to speculate on this, but we're happy with what we're seeing here on AI Overviews. And I am confident we can expand this to more products over time.

Philipp Schindler

那么让我也来回答第一个问题。我们在第一季度看到了广告垂直领域的广泛强劲表现，给你一些垂直领域的具体情况，搜索再次由金融业领跑，这主要是由于保险业持续强劲，零售、医疗保健和旅游业实际上也是增长的重要贡献者。关于第二季度，我们才刚刚开始几周，所以现在评论还为时过早。我的意思是，我们显然无法免受宏观环境的影响。但我们不想猜测潜在影响，只想指出，最低免税额（de minimis exemption）的变化显然会在 2025 年对我们的广告业务造成轻微的阻力，主要来自亚太地区的零售商。也许从更宏观的角度来看，我想说，我们在应对不确定时期方面拥有丰富的经验，我们专注于通过提供与客户业务相关的消费者行为变化的深刻见解来帮助他们。例子包括拍卖动态、关于主题替换购买的查询趋势洞察等等。所以我们在这方面有很多经验。在商业查询方面，看，AI Overviews 持续推动更高的满意度和搜索使用率。正如我注意到的，第一季度确实是我们迄今为止对 AI Overviews 进行的最大规模扩展，无论是在向新用户推出方面，还是在为更多问题提供回答方面。这实际上已经是答案的核心了。AI Overview 是你这个问题的核心。至于其他产品，看，我不想对此进行猜测，但我们对在 AI Overviews 上看到的情况感到满意。而且我有信心我们能够随着时间的推移将其扩展到更多产品。

Operator

Thank you. Your next question is from Doug Anmuth from JPMorgan. Your line is now open.

Operator

谢谢。你的下一个问题来自摩根大通的 Doug Anmuth。您的线路现在已开通。

Doug Anmuth

Great. Thanks for taking the questions. Philipp, maybe just to go back to AI Overviews for a moment. Can you just tell us how we should think about the 1.5 billion AI Overviews users just in terms of breadth of rollout? And I know you're saying monetization at approximately the same rate. But what does that mean in terms of click-through rates and conversion? And then, Anat, just curious if there have been any changes to Google's approach to durably reengineering the cost base since you've joined and if macro weakens and we see more of a slowdown, would you expect to find additional opportunities to cut back more on costs? Thank you.

Doug Anmuth

太好了。谢谢回答问题。Philipp，也许回到 AI Overviews 一下。你能否告诉我们，就推出的广度而言，我们应该如何看待这 15 亿 AI Overviews 用户？我知道你说变现率大致保持不变。但这在点击率（click-through rates）和转化率（conversion）方面意味着什么？然后，Anat，只是好奇自从你加入以来，Google 在持久地重塑成本基础方面的方法是否有任何变化？如果宏观经济走弱，我们看到更多放缓，你是否期望找到更多削减成本的机会？谢谢。

Philipp Schindler

Yes, look, on the Ads of in AI Overviews late last year actually we launched them within the AI Overviews on mobile in the US and this builds on our previous rollout of Ads above and below. So this was a change we have. But as I talked about it before, for AI Overviews overall, we see the monetization at approximately the same rate, which gives us a strong base on which we can innovate even more. So I'm very happy with this. I don't think this is the moment to go into the details of click-through rates and conversion and so on. But overall, we're happy with what we're seeing.

Philipp Schindler

是的，看，关于 AI Overviews 中的广告，实际上在去年年底，我们在美国的移动端 AI Overviews 中推出了它们，这是建立在我们之前在上方和下方推出广告的基础上的。所以这是我们做出的一个改变。但正如我之前谈到的，对于 AI Overviews 整体而言，我们看到其变现率大致保持不变，这为我们提供了坚实的基础，可以在此基础上进行更多创新。所以我对此非常满意。我认为现在不是深入讨论点击率和转化率等细节的时候。但总的来说，我们对所看到的情况感到满意。

Anat Ashkenazi

And to your question on our approach to productivity and efficiency, it hasn't really changed. I've mentioned my approach and our approach as a company at the end of 2024. And we're still focused on driving efficiency and productivity throughout the organization both in our operating expenses and in our CapEx. I've mentioned some of these during my prepared remarks. But certainly this helps us as we think about the investments we need to make in innovation to drive long-term sustainable growth profile for the company. We're able to repurpose some of these efficiencies into these investments as well as you think about the increase in CapEx we've seen over the past several years and what we're investing this year, this will put additional pressure on the income statement and the form of depreciation. So we're working hard to try and offset some of the headwinds. As well as within the CapEx investments themselves $75 billion, we're looking at how do we make sure every dollar is used efficiently. We have a highly rigorous process to determine the demand behind it and then the allocation of the compute associate with our technical infrastructure investments ensuring that we're utilizing that appropriately and that we're highly efficient with everything we're doing. You've seen some of the announcement and some of the changes, but we're focusing on continue to moderate the pace of compensation growth, looking at our real estate footprint and, again, the build-out and utilization of our technical infrastructure across the business.

Anat Ashkenazi

关于你问的我们提高生产力和效率的方法，它并没有真正改变。我在 2024 年底提到了我的方法以及我们公司的方法。我们仍然专注于在整个组织内推动效率和生产力，无论是在我们的运营支出还是资本支出方面。我在准备好的发言中提到了一些这方面的内容。当然，这有助于我们思考为推动公司长期可持续增长所需的创新投资。我们能够将其中一些效率重新投入到这些投资中，同时考虑到过去几年我们看到的资本支出增长以及我们今年的投资，这将给损益表带来额外的压力，主要体现在折旧上。所以我们正在努力尝试抵消一些不利因素。同样，在 750 亿美元的资本支出投资本身内部，我们正在研究如何确保每一美元都得到有效利用。我们有一个非常严格的流程来确定其背后的需求，然后是与我们技术基础设施投资相关的计算资源的分配，确保我们适当地利用这些资源，并且在我们所做的一切事情上都保持高效率。你已经看到了一些公告和一些变化，但我们正专注于继续放缓薪酬增长的步伐，审视我们的房地产足迹，以及再次强调，在整个业务中建设和利用我们的技术基础设施。

Doug Anmuth

Great. Thank you, both.

太好了。谢谢你们两位。

Operator

Thank you. Our next question comes from Eric Sheridan from Goldman Sachs. Your line is now open.

谢谢。我们的下一个问题来自高盛的 Eric Sheridan。您的线路现在已开通。

Eric Sheridan

Thank you for taking the questions. First, maybe for Sundar. When you look across the consumer AI landscape today, how are you thinking about continuing to drive differentiation for Gemini as a platform through the lens of usage, utility or putting product innovation at the forefront of driving consumer habits? And then the second one may be for Anat. If the macro environment were to change and become more downwardly volatile, how should investors think about the investments that are must make this year almost fixed in nature versus where there might be more flexibility to alter the investment priorities of the company if the macro environment were to worsen. Thank you so much.

谢谢回答问题。首先，也许问 Sundar。当您审视当今的消费者 AI 格局时，您如何考虑通过使用、实用性或将产品创新置于推动消费者习惯的最前沿，来继续推动 Gemini 作为一个平台的差异化？然后第二个问题可能问 Anat。如果宏观环境发生变化并变得更加向下波动，投资者应该如何看待今年必须进行的、几乎是固定性质的投资，相对于如果宏观环境恶化，公司可能在哪些方面有更大的灵活性来调整投资优先级？非常感谢。

Sundar Pichai

Thanks, Eric. Obviously, it's an exciting moment on the AI front. I think the foundation for everything is obviously the frontier model progress we are seeing and particularly with 2.5 Pro and Flash I think we're well positioned. We are seeing tremendous reception from developers, enterprises, and consumers too. And obviously, we are delivering consumer AI experiences across our product portfolio, including the primary way people experience it is obviously in Search with AI Overviews and very early days with AI Mode, but that will be a consumer AI forward experience. And we're already seeing very positive feedback. Queries are people are typing in roughly 2x longer queries compared to a traditional Search. So there's a lot of excitement there. And in the Gemini app, which you asked about, we've really seen increased momentum, particularly over the last few weeks as we have rolled out not just the newer models, but we are seeing users are really responding well to all the innovation Gemini Live, which is based on Project Astra has been very well received. Deep Research, I think, based on 2.5 Pro is SOTA and that's been well received. And Canvas, we've had a lot of traction as well. And so we are definitely investing more. We have recently organized ourselves better to capitalize on this momentum and I'm excited about our road map there.

谢谢，Eric。显然，在 AI 方面这是一个激动人心的时刻。我认为一切的基础显然是我们所看到的前沿模型进展，特别是有了 2.5 Pro 和 Flash，我认为我们处于有利地位。我们看到来自开发者、企业和消费者的巨大反响。显然，我们正在整个产品组合中提供消费者 AI 体验，包括人们体验它的主要方式显然是在带有 AI Overviews 的搜索中，以及处于非常早期阶段的 AI 模式，但这将是一种面向消费者的 AI 体验。我们已经看到了非常积极的反馈。与传统搜索相比，人们输入的查询长度大约是原来的 2 倍。所以这方面有很多令人兴奋的地方。在你提到的 Gemini 应用中，我们确实看到了增长的势头，特别是在过去几周，因为我们不仅推出了更新的模型，而且我们看到用户对所有创新都反应良好，基于 Project Astra 的 Gemini Live 受到了非常好的欢迎。我认为基于 2.5 Pro 的 Deep Research 是最先进的（SOTA），并且也受到了好评。Canvas 也获得了很大的吸引力。所以我们肯定会加大投资。我们最近更好地组织了自己，以利用这一势头，我对我们那里的路线图感到兴奋。

Anat Ashkenazi

And on the investments this year and overall should there be any macroeconomic changes. As I said, we're still planning to invest approximately $75 billion in CapEx this year. We do see a tremendous opportunity ahead of us across the organization, whether it's to support Google Services, Google Cloud, and Google DeepMind. Recall, I've stated on the Q4 call that we exited the year in Cloud specifically with more customer demand than we had capacity. And that was the case this quarter as well. So we want to make sure we ramp up to support customer needs and customer demands. Having said that, we're investing in long-term and we're investing in innovation. That's the essence of our business. And we want to do it in a responsible fashion. So you've seen us over the past couple of years and we're continuing to do this and you're seeing this in our results drive efficiency and productivity throughout the business. And we've announced things such as consolidation of teams which helps not just with cost, but with velocity and speed. We're able to get things to market faster. So that's one of the areas we're focused on. You heard from Sundar the last couple of calls on just a rapid pace of innovation we're bringing to the marketplace. So the way we're doing this across the business to drive productivity and efficiency should help us have a more resilient organization irrespective of macroeconomic condition. But certainly we don't ignore that. We always look at what's happening outside the organization as well as inside, but invest appropriately to drive both the short-term growth as well as the long-term growth.

关于今年的投资以及如果出现任何宏观经济变化时的整体情况。正如我所说，我们仍然计划今年投资约 750 亿美元的资本支出。我们确实看到整个组织面前存在巨大的机遇，无论是支持 Google 服务、Google Cloud 还是 Google DeepMind。回想一下，我在第四季度的电话会议上说过，我们结束那一年时，特别是在 Cloud 方面，客户需求超出了我们的容量。本季度情况也是如此。所以我们希望确保我们能提升能力以支持客户需求。话虽如此，我们正在进行长期投资和创新投资。这是我们业务的本质。我们希望以负责任的方式进行。所以你们在过去几年里看到了我们，我们正在继续这样做，并且你们在我们的业绩中看到了这一点——在整个业务中推动效率和生产力。我们已经宣布了一些事情，比如团队整合，这不仅有助于降低成本，还有助于提高速度和效率。我们能够更快地将产品推向市场。所以这是我们关注的领域之一。你们在过去几次电话会议上从 Sundar 那里听到了我们推向市场的创新的快速步伐。因此，我们在整个业务中推动生产力和效率的方式，应该有助于我们建立一个更具韧性的组织，无论宏观经济状况如何。但我们当然不会忽视这一点。我们总是关注组织外部和内部发生的事情，但会进行适当的投资，以推动短期和长期增长。

Eric Sheridan

Thank you.

谢谢。

Operator

Thank you. Our next question comes from Ross Sandler from Barclays. Your line is now open.

谢谢。我们的下一个问题来自巴克莱银行的 Ross Sandler。您的线路现在已开通。

Ross Sandler

Great. Thanks. One for Sundar, one for Philipp. Sundar, it was disclosed this week in the trial that's going on that Gemini has 35 million DAUs. And just curious that number obviously trails ChatGPT by a pretty wide margin. Could you talk about the strategy to get that DAU figure much higher that you guys are deploying. And then Philipp, just curious to hear what you're seeing on the brand advertising side at YouTube in 1Q and into early 2Q. Are brands holding up relatively well like Direct Response or are they starting to react to some of these macro jitters that we're all experiencing? Any thoughts there? Thank you very much.

太好了。谢谢。一个问题问 Sundar，一个问 Philipp。Sundar，本周正在进行的审判中披露，Gemini 拥有 3500 万日活跃用户（DAU）。只是好奇这个数字显然远远落后于 ChatGPT。你能谈谈你们正在部署的、旨在大幅提高该 DAU 数字的策略吗？然后 Philipp，只是好奇地想听听你在第一季度和第二季度初在 YouTube 品牌广告方面看到了什么。品牌广告是否像直接响应广告一样保持相对良好，还是它们开始对我们都正在经历的一些宏观经济波动做出反应？有什么想法吗？非常感谢。

Sundar Pichai

Thanks, Ross. I think I touched upon this to Eric's question as well, but we are definitely I think there's been a lot of momentum in terms of product features we've been introducing, and we are definitely seeing reception including increased adoption and usage based on those features. So I think we are in a good positive cycle. The recent advances on the model frontier. By many metrics I think we have the best model out there now and I think that's going to drive increased adoption as well. And again I would reiterate people are using obviously we have 1.5 billion users through AI Overviews interacting with AI in a deep way, in a very engaged way. Obviously, we are innovating with AI Mode. And we have a very exciting road map ahead with the Gemini app as well. So across the board, super, super excited about what's ahead.

谢谢，Ross。我想我在回答 Eric 的问题时也提到了这一点，但我们肯定认为，在我们一直推出的产品功能方面存在很大的势头，而且我们肯定看到了基于这些功能的接受度，包括采用率和使用率的增加。所以我认为我们正处于一个良好的积极循环中。模型前沿的最新进展。我认为根据许多指标，我们现在拥有最好的模型，我认为这也将推动采用率的提高。我再次重申，人们正在使用——显然我们有 15 亿用户通过 AI Overviews 以深入、非常投入的方式与 AI 互动。显然，我们正在通过 AI 模式进行创新。而且我们在 Gemini 应用方面也有一个非常激动人心的路线图。所以总的来说，对未来感到非常非常兴奋。

Philipp Schindler

And on your brand question, look, brand and by the way also Direct Response had a very solid growth in Q1. Brand advertisers really enjoyed cultural moments we had like Coachella for example or March Madness. We had strong contributions overall from the finance and retail verticals in Q1 on the side as well. The operating metrics for YouTube were strong in Q1. Watch time growth remains robust particularly in key monetization opportunity areas such as shorts and living room. It's also, by the way, nice to see the strong position of our creators who obviously benefit from the brand piece which gives us a lot of confidence when we look at it more closely. And on the Q2 side I think I mentioned it's too early to really comment on that.

关于你的品牌问题，看，品牌广告，顺便说一句，还有直接响应广告在第一季度都有非常稳健的增长。品牌广告商非常喜欢我们举办的文化活动，例如 Coachella 或 March Madness。我们在第一季度也从金融和零售垂直领域获得了强劲的整体贡献。YouTube 的运营指标在第一季度表现强劲。观看时长增长保持强劲，特别是在关键的变现机会领域，如 Shorts 和客厅观看。顺便说一句，看到我们的创作者处于强势地位也很好，他们显然受益于品牌广告部分，这让我们在更仔细地审视时充满信心。至于第二季度，我想我提到过现在评论还为时过早。

Operator

Thank you. Your next question is from Mark Shmulik from Bernstein. Your line is now open.

谢谢。你的下一个问题来自伯恩斯坦的 Mark Shmulik。您的线路现在已开通。

Mark Shmulik

Great. Thanks for taking my questions. Sundar, appreciate the color on Gemini deployment across kind of the 15 products with 0.5 billion users or more. It would be great to hear more about where you're seeing the most usage and deployment of Gen AI internally at Google. Perhaps whether the capabilities are they in a place today in terms of either supplementing or augmenting the workforce? And then just to build on that earlier AI Mode type questions, appreciate AI Mode has 2x longer queries than traditional Search. But any color you can share perhaps on how AI Mode behavior differs from how consumers are using the Gemini app? Thank you.

太好了。谢谢回答我的问题。Sundar，感谢你详细说明了 Gemini 在大约 15 个拥有 5 亿或更多用户的产品中的部署情况。很想听听更多关于你在 Google 内部看到生成式 AI（Gen AI）使用和部署最多的地方。也许这些能力今天是否已经达到了可以补充或增强劳动力的程度？然后，接着之前关于 AI 模式类型的问题，了解到 AI 模式的查询长度是传统搜索的 2 倍。但你能否分享一些关于 AI 模式行为与消费者使用 Gemini 应用方式有何不同的信息？谢谢。

Sundar Pichai

Look, on internally, I mean, this has been an extraordinary amount of focus and excitement both because I think we are the early use cases have been transformative in nature and I think this still feels like early days and long ways to go. Obviously, I had mentioned a few months ago in terms of how we are using AI for coding. We are continuing to make a lot of progress there in terms of people using coding suggestions. I think the last time I had said the number was like 25% of code that's checked in involves people accepting AI suggested solutions. That number is well over 30% now. But more importantly, we have deployed more deeper flows and particularly with the newer models I think we are working on early agentic workflows and how we can get those coding experiences to be much deeper. We are deploying it across all parts of the company. Our customer service teams are deeply leading the way there. We've both dramatically enhanced our user experience as well as made it much more efficient to do so. And we are actually bringing all our learnings and expertise in our solutions through cloud to our other customers. But beyond that all the way from the finance team preparing for this earnings call to everything. It's deeply embedded in everything we do, but I still see it as early days, and there's going be a lot more to do. On AI Mode, look, I think we are just leaning in on the early positive feedback, well, as we scale up AI Overviews. It's been one of our most positive launches and but it's been clear people have wanted even more of it. And so with AI Mode we are bringing our state-of-the-art Gemini models right into Search. And I mentioned people typing in longer queries. There's a lot more complex nuance questions. People are following through more. People are appreciating the clean design, the fast response time, and the fact that they can kind of be much more open-ended can undertake more complicated tasks, product comparisons, for example, has been a positive one exploring how-tos, planning a trip. So those are the kinds of early feedback we are seeing. And I think we are obviously really focused on improving the product across all of AI Mode, AI Overviews and the Gemini app and we are seeing positive user traction as well.

看，在内部，我的意思是，这方面一直有非同寻常的关注和兴奋，因为我认为早期的用例具有变革性，而且我认为这仍然感觉像是早期阶段，还有很长的路要走。显然，几个月前我提到过我们如何使用 AI 进行编码。我们在人们使用编码建议方面继续取得很大进展。我记得上次我说这个数字大约是 25% 的签入代码涉及人们接受 AI 建议的解决方案。现在这个数字远超 30%。但更重要的是，我们部署了更深入的流程，特别是使用更新的模型，我认为我们正在研究早期的智能体工作流（agentic workflows），以及如何使这些编码体验更加深入。我们正在公司的各个部门部署它。我们的客户服务团队在这方面处于领先地位。我们既显著增强了用户体验，又使其效率大大提高。我们实际上正在通过云将我们所有的学习和专业知识融入我们的解决方案，提供给我们的其他客户。但除此之外，从财务团队为这次财报电话会议做准备到所有事情。它深深地融入了我们所做的一切，但我仍然认为这是早期阶段，还有很多事情要做。关于 AI 模式，看，我认为我们只是在借鉴早期的积极反馈，同时我们正在扩展 AI Overviews。这是我们最积极的发布之一，但很明显人们想要更多。因此，通过 AI 模式，我们将我们最先进的 Gemini 模型直接引入搜索。我提到人们输入更长的查询。有更多复杂细微的问题。人们更多地进行后续操作。人们欣赏简洁的设计、快速的响应时间，以及他们可以更加开放式地处理更复杂的任务，例如，产品比较是一个积极的方面，探索操作方法、规划旅行。所以这些是我们看到的早期反馈。我认为我们显然非常专注于改进 AI 模式、AI Overviews 和 Gemini 应用的所有产品，并且我们也看到了积极的用户吸引力。

Operator

Thank you. Your next question is from Mark Mahaney from Evercore. Your line is now open.

谢谢。你的下一个问题来自 Evercore 的 Mark Mahaney。您的线路现在已开通。

Mark Mahaney

Okay, thanks. One for Anat and one for Sundar. Anat, getting back to a question I think that Doug was asking earlier on. You just put up record high or multi-year record high margins for both Google Services and for Google Cloud. You talked, Philipp, about depreciation expenses accelerating rapidly throughout the year because of all the investments you've already you'd warn people about. Back in the September quarter, you seemed relatively confident that you had enough levers to kind of offset kind of rising infrastructure costs. Was that still your, six months later, is that still your view that you've got enough levers that even with the rising infrastructure costs you can there's enough in there to kind of counterbalance that. And then just briefly on Waymo, it continues to rise aggressively, the numbers, Sundar. The long-term business model for Waymo. Is there a reason to make a decision on that soon or have you already made the decision on whether this is a long-term licensing model or you really want to run this as a standalone ride-sharing delivery autonomous vehicle business. Thank you very much.

好的，谢谢。一个问题问 Anat，一个问 Sundar。Anat，回到我认为 Doug 之前问过的一个问题。你们刚刚公布了 Google 服务和 Google Cloud 创纪录或多年来的最高利润率。Philipp，你谈到由于你们已经警告过大家的那些投资，折旧费用将在全年迅速加速增长。回到去年 9 月份的季度，你似乎相对有信心，认为你们有足够的杠杆来抵消不断上涨的基础设施成本。六个月后，这仍然是你的观点吗？你是否仍然认为即使基础设施成本不断上涨，你们也有足够的杠杆来平衡这一点？然后简单问一下 Waymo，Sundar，它的数字持续大幅增长。Waymo 的长期商业模式。是否有理由很快就此做出决定，或者你们是否已经决定了这是一种长期的授权模式，还是你们真的想将其作为独立的叫车、送货、自动驾驶汽车业务来运营？非常感谢。

Anat Ashkenazi

Thanks. So on your first question on profitability and what levers do we have and do we still have levers to pull first, I think, every organization can always push a little further. I don't view productivity goals or efficiency as an episodic kind of project-based effort, but rather a continuous effort that when you get to a certain place, you push a little further. Having said that, we do have significant investments we're making across the organization and we have been making them for the past several quarters. And we've been able to do it because we were able to find efficiency to fund those investments across the organization. Those are for products and services that are going to drive long-term growth for the company. So while we're trying to offset as much of the headwind associated with the increase in infrastructure costs, it will become more difficult. As I said, the depreciation will accelerate. We had about a 31% year-over-year growth in depreciation this quarter and it will be higher as we go throughout the year. So think about that kind of as a headwind that we have to manage against. But we're continuing with, pushing across the organization leveraging, Sundar mentioned, the use of AI and kind of an AI-first Google across several of our functions to help us manage a larger scope of work using our AI, AI agents, and AI tools. As Sundar mentioned, we did leverage it in preparation for the earnings call and we're leveraging across several functions. So there are opportunities, but there are also great opportunities for investment and we want to make sure that we make room for, to make these investments to drive long-term growth and ensure we have a very resilient long-term growth profile for the company.

谢谢。关于你第一个关于盈利能力、我们有哪些杠杆以及是否仍有杠杆可以利用的问题，首先，我认为每个组织总是可以再努力一点。我不认为生产力目标或效率是一种阶段性的、基于项目的努力，而是一种持续的努力，当你达到某个水平时，你会再往前推进一步。话虽如此，我们确实在整个组织范围内进行了大量投资，并且在过去几个季度一直在这样做。我们之所以能够做到这一点，是因为我们能够找到效率来为整个组织的这些投资提供资金。这些投资是为了那些将推动公司长期增长的产品和服务。因此，虽然我们试图尽可能抵消与基础设施成本增加相关的阻力，但这将变得更加困难。正如我所说，折旧将会加速。本季度我们的折旧同比增长约 31%，并且随着时间的推移，这个数字还会更高。所以可以把这看作是我们必须应对的一种阻力。但我们正在继续推进，在整个组织范围内利用——正如 Sundar 提到的——AI 的使用，并在我们的几个职能部门推行“AI 优先的 Google”，以帮助我们使用我们的 AI、AI 智能体和 AI 工具来管理更大范围的工作。正如 Sundar 提到的，我们在准备财报电话会议时确实利用了它，并且我们正在多个职能部门利用它。所以存在机会，但也存在巨大的投资机会，我们希望确保我们为这些投资留出空间，以推动长期增长，并确保公司拥有非常稳健的长期增长前景。

Sundar Pichai

And, Mark, thanks. I think this is probably the first question I've got on our earnings call on Waymo. So thank you. And I think it's a sign of its progress. Look, the thing that excites me is I think we've been laser-focused and we'll continue to be on building the world's best driver. And I think doing that well really gives you a variety of optionality and business models across geographies et cetera. It'll also require a successful ecosystem of partners and we can possibly do it all ourselves. And so I'm excited about the progress the teams have made through a variety of partnerships. Obviously highlight of it is a partnership with Uber. We are very pleased with what we are already seeing in Austin in terms of rider satisfaction. We look forward to offering the first paid rides in Atlanta via Uber later this year. But we are also building up a network of partners, for example, for maintaining fleets of vehicles and doing all the operations related to that with the recently announced partnership with Moove in Phoenix and Miami obviously partnerships with OEMs. There are future optionality around personal ownership as well. So we are widely exploring and but at the same time clearly staying focused and making progress both in terms of safety, the driver experience and progress on the business model and operationally scaling it up.

还有，Mark，谢谢。我想这可能是我在我们的财报电话会议上收到的第一个关于 Waymo 的问题。所以谢谢你。我认为这是它取得进展的一个标志。看，让我兴奋的是，我认为我们一直并且将继续专注于打造世界上最好的“司机”（自动驾驶系统）。而且我认为做好这一点确实能让你在不同地区等拥有各种选择性和商业模式。这也需要一个成功的合作伙伴生态系统，我们不可能自己完成所有事情。所以我对团队通过各种合作取得的进展感到兴奋。其中最突出的显然是与 Uber 的合作。我们对在奥斯汀看到的乘客满意度感到非常满意。我们期待今年晚些时候通过 Uber 在亚特兰大提供首次付费乘车服务。但我们也在建立一个合作伙伴网络，例如，用于维护车队和进行所有相关运营，最近宣布了与 Moove 在凤凰城和迈阿密的合作，显然还有与原始设备制造商（OEM）的合作。未来在个人拥有权方面也存在选择性。所以我们正在广泛探索，但同时显然保持专注，并在安全性、驾驶员体验以及商业模式进展和运营扩展方面取得进展。

Mark Mahaney

Okay. Thank you very much.

好的。非常感谢。

Operator

Thank you. Our next question comes from Ken Gawrelski from Wells Fargo. Your line is now open.

谢谢。我们的下一个问题来自富国银行的 Ken Gawrelski。您的线路现在已开通。

Ken Gawrelski

Thank you. Two if I may please. First on AI-powered Search, you have a number of AI-powered Search interfaces including three most prominently, AI Overviews, AI Mode, and Gemini. In the future, should we think of these as distinct experiences that will be long-lasting or more experimental now and Google will eventually focus on one approach going forward? And the second one is more on the financial side. You continue to experience very healthy gross margin expansion. We see the TAC, sure, but Anat you also talked about the offsetting depreciation expense. Could you talk about beyond those two buckets where you're seeing the real savings on the COGS line and driving that gross margin expansion? And maybe even how we should be thinking about that going forward? Thank you.

谢谢。如果可以的话，我有两个问题。首先关于 AI 驱动的搜索，你们有多个 AI 驱动的搜索界面，其中最突出的三个是 AI Overviews、AI 模式和 Gemini。未来，我们应该将这些视为将长期存在的不同体验，还是现在更具实验性，Google 最终将专注于一种方法？第二个问题更多是关于财务方面。你们继续经历非常健康的毛利率扩张。我们看到了流量获取成本（TAC），当然，但 Anat 你也谈到了抵消折旧费用。除了这两个方面，你能谈谈你们在销货成本（COGS）方面看到真正的节省并在推动毛利率扩张的地方吗？甚至我们应该如何看待未来的发展？谢谢。

Sundar Pichai

Okay. Now maybe on AI-powered Search and how do we see our consumer experience. Look I do think Search and Gemini obviously will be two distinct efforts, right? I think there are obviously some areas of overlap, but there are also like expose very, very different use cases. And so for example, in Gemini, we see people iteratively coding and going much deeper on a coding workflow as an example. So I think both will be around. Within Search we think of AI Overviews scaling up and working for our entire user base, but an AI Mode is the tip of the tree for us pushing forward on an AI forward experience. There will be things which we discover there which will make sense in the context of AI Overviews. So I think will flow through to our user base. But you almost want to think of what are the most advanced 1 million people using Search for, the most advanced 10 million people and then how do 1.5 billion people use Search for. And we want to innovate and so I think this allows us to do that. But the true north through all of this is user feedback, user satisfaction, user experience. And so that will determine where this all works out in the future.

好的。现在也许谈谈 AI 驱动的搜索以及我们如何看待我们的消费者体验。看，我确实认为搜索和 Gemini 显然将是两个不同的努力方向，对吧？我认为显然存在一些重叠领域，但也存在非常非常不同的用例。例如，在 Gemini 中，我们看到人们迭代地进行编码，并在编码工作流程中走得更深。所以我认为两者都会存在。在搜索内部，我们认为 AI Overviews 会扩展并服务于我们的整个用户群，而 AI 模式是我们推动 AI 前沿体验的尖端。我们在那里发现的一些东西在 AI Overviews 的背景下是有意义的。所以我认为会流向我们的用户群。但你几乎可以这样想：最先进的 100 万人使用搜索做什么，最先进的 1000 万人呢，然后 15 亿人如何使用搜索。我们想要创新，所以我认为这使我们能够做到这一点。但贯穿这一切的真正指引是用户反馈、用户满意度和用户体验。因此，这将决定未来这一切将如何发展。

Anat Ashkenazi

And to your question on gross margin, a couple of trends to highlight there. And I've mentioned this in the prepared remarks, you've seen improvement in TAC that's really driven by the change in revenue mix with a continued Search, growth and then network revenue declines. Network revenue has a much higher TAC rate. So that mix is helping us from a gross margin perspective. So think about that as well. Now we do have depreciation for technical infrastructure hits in two places primarily in two places in the income statement. One is in other cost of sales and the rest is in R&D. So it is in that line item that's impacting cost of sales. Now we've had some efficiencies there and I did mention the improvement in our overall cost of headcount growth and compensation kind of moderating those growth. So that helps us as well more than offset the depreciation increases in Q1. But as I mentioned this number will be higher in the coming quarters. Recall, we have we set approximately $75 billion in CapEx, which is up from $55 billion or just over $50 billion last year. So there's expected to be quite a significant increase in depreciation.

关于你关于毛利率的问题，有几个趋势需要强调。我在准备好的发言中提到过，你看到流量获取成本（TAC）有所改善，这主要是由收入结构的变化驱动的，即搜索持续增长，而网络收入下降。网络收入的 TAC 率要高得多。所以这种结构组合从毛利率的角度对我们有利。所以也要考虑到这一点。现在，我们的技术基础设施折旧主要体现在损益表的两个地方。一个是在其他销售成本中，其余的在研发（R&D）中。所以它是在影响销售成本的那个科目中。现在我们在那里实现了一些效率提升，我确实提到了我们整体员工成本增长和薪酬增长放缓方面的改善。这也帮助我们在第一季度抵消了折旧增加的影响，甚至超出了抵消的程度。但正如我提到的，这个数字在未来几个季度会更高。回想一下，我们设定了大约 750 亿美元的资本支出（CapEx），高于去年的 550 亿美元或略高于 500 亿美元。因此，预计折旧将有相当显著的增长。

Operator

Thank you. And our last question comes from Ron Josey from Citi. Your line is now open.

谢谢。我们的最后一个问题来自花旗银行的 Ron Josey。您的线路现在已开通。

Ronald Josey

Great. Thanks for taking the question. Philipp, I wanted to touch a little more on your comments around Direct Response and YouTube. I think it's been improving and been a driver over the past couple of quarters. Love to hear more just about what's driving that. Is that the Demand Gen and integration with Pmax or are users perhaps more involved on Direct Response now that shorts usage is driving? Would love your thoughts there. Thank you.

太好了。谢谢回答问题。Philipp，我想进一步谈谈你关于直接响应（Direct Response）和 YouTube 的评论。我认为它在过去几个季度一直在改善并且是一个驱动因素。很想听听更多关于是什么在推动这一点。是 Demand Gen 以及与 PMax 的整合，还是现在由于 Shorts 使用量的推动，用户可能更多地参与了直接响应？很想听听你的想法。谢谢。

Philipp Schindler

Yes, I think, there's a lot of different factors. Mostly, we continue to help our customers really using our AI powered tools. You mentioned a few of them to drive performance. That's a very big one. As I mentioned before we're also happy with the progress we're seeing on shorts and closing the monetization gap here to the overall business, which is actually really nice to see especially in the US. So we're very happy with that.

是的，我认为有很多不同的因素。主要是，我们继续帮助我们的客户真正使用我们的人工智能驱动工具。你提到了其中一些来提高绩效。这是一个非常重要的因素。正如我之前提到的，我们也很高兴看到 Shorts 取得的进展，以及在这里缩小与整体业务的变现差距，这实际上非常好，尤其是在美国。所以我们对此非常满意。

Sundar Pichai

And I'll just chime in to say, YouTube just celebrated its 20th birthday and we now have more than 20 billion videos on YouTube and we get 20 million videos uploaded every day. So I think it's a tremendous platform and thanks to all the creators and users who have supported us there over the years.

我想补充说，YouTube 刚刚庆祝了它的 20 岁生日，我们现在 YouTube 上有超过 200 亿个视频，每天有 2000 万个视频上传。所以我认为这是一个巨大的平台，感谢所有多年来支持我们的创作者和用户。

Ronald Josey

Great. Thank you.

太好了。谢谢。

Operator

Thank you. And that concludes our question-and-answer session for today. I would like to turn the conference back over to Jim Friedland for any further remarks.

谢谢。今天的问答环节到此结束。我想把会议交还给 Jim Friedland 做进一步的发言。

Jim Friedland

Thanks, everyone, for joining us today. We look forward to speaking with you again on our second quarter 2025 call. Thank you and have a good evening.

谢谢大家今天加入我们。我们期待在 2025 年第二季度财报电话会议上再次与大家交流。谢谢，祝大家晚上愉快。

Operator

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。您现在可以挂断电话了。