2025-04-30 Meta Platforms, Inc. (META) Q1 2025 Earnings Call Transcript
Meta Platforms, Inc. (NASDAQ:META) Q1 2025 Earnings Conference Call April 30, 2025 5:00 PM ET
Company Participants
Kenneth Dorell - Director, Investor Relations
Mark Zuckerberg - Chief Executive Officer
Susan Li - Chief Financial Officer
Conference Call Participants
Brian Nowak - Morgan Stanley
Eric Sheridan - Goldman Sachs
Justin Post - Bank of America
Doug Anmuth - JPMorgan
Mark Shmulik - Bernstein
Ross Sandler - Barclays
Kenneth Gawrelski - Wells Fargo
Youssef Squali - Truist Securities
Mark Mahaney - Evercore ISI
Operator
Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] And this call will be recorded. Thank you very much.
接线员
下午好。我叫克里斯塔，是您今天的会议接线员。现在，欢迎大家参加 Meta 公司第一季度财报电话会议。为防止任何背景噪音，所有线路均已设为静音。在发言人发言结束后，将进行问答环节。[接线员提示] 本次通话将被录音。非常感谢。
Kenneth Dorell, Meta's Director of Investor Relations, you may begin.
肯尼斯·多雷尔，Meta 投资者关系总监，您可以开始了。
Kenneth Dorell
Thank you. Good afternoon, and welcome to Meta's first quarter 2025 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO.
肯尼斯·多雷尔
谢谢。下午好，欢迎参加 Meta 公司 2025 年第一季度财报电话会议。今天与我一起讨论我们业绩的有首席执行官马克·扎克伯格和首席财务官苏珊·李。
Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set forth in today's earnings press release and in our Annual Report on Form 10-K filed with the SEC. We undertake no obligation to update any forward-looking statement.
我们今天的发言将包含前瞻性陈述，这些陈述基于截至今日的假设。由于各种因素，实际结果可能存在重大差异，其中包括今日收益新闻稿以及我们向美国证券交易委员会提交的 10-K 表格年度报告中所述的因素。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 certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investor.atmeta.com.
在本次电话会议中，我们将介绍公认会计原则（GAAP）和某些非公认会计原则（non-GAAP）财务指标。GAAP 与 non-GAAP 指标的调节表已包含在今天的收益新闻稿中。收益新闻稿和随附的投资者演示文稿可在我们的网站 investor.atmeta.com 上获取。
And now I'd like to turn the call over to Mark.
现在，我想把电话转交给马克。
Mark Zuckerberg
All right. Thanks, Ken. Thanks, everyone, for joining today. We've had a strong start to the year. Our community keeps growing with more than 3.4 billion people now using at least one of our apps each day. Our business is also performing very well, and I think we're well-positioned to navigate the macroeconomic uncertainty.
马克·扎克伯格
好的。谢谢，肯。感谢大家今天的参与。今年我们开局良好。我们的社区持续壮大，现在每天有超过 34 亿人至少使用我们的一款应用程序。我们的业务也表现非常出色，我认为我们已经做好了应对宏观经济不确定性的充分准备。
The major theme right now, of course, is how AI is transforming everything we do and, as we continue to increase our investments and focus more for our resources on AI, probably useful today to lay out the five major opportunities that we are focused on. Those are improved advertising, more engaging experiences, business engaging experiences, business messaging, Meta AI and AI devices. And these are each long-term investments that are downstream from us building general intelligence and leading AI models and infrastructure.
当然，当前的主要议题是人工智能如何改变我们所做的一切。随着我们不断增加投资并将更多资源集中在人工智能上，今天阐述我们关注的五个主要机遇或许是有益的。这些机遇包括：改进广告、更具吸引力的体验、商业互动体验、商业通讯、Meta AI 和人工智能设备。这些都是我们构建通用智能以及领先的人工智能模型和基础设施之后的长期投资。
Even with our significant investments, we don't need to succeed in all of these areas to have a good ROI. But if we do, then I think that we will be wildly happy with the investments that we are making. The first opportunity is improved advertising. Our goal is to make it so that any business can basically tell us what objective they're trying to achieve like selling something or getting a new customer and how much they're willing to pay for each result, and then we just do the rest.
即使投入巨大，我们也不需要在所有这些领域都取得成功才能获得良好的投资回报率。但如果我们做到了，那么我想我们会对我们正在进行的投资感到非常满意。第一个机会是改进广告。我们的目标是让任何企业基本上都可以告诉我们他们想要实现的目标，比如销售产品或获取新客户，以及他们愿意为每个结果支付多少费用，然后我们来完成剩下的工作。
Businesses used to have to generate their own ad creative and define what audiences they wanted to reach, but AI has already made us better at targeting and finding the audiences that will be interested in their products than many businesses are themselves, and that keeps improving. And now AI is generating better creative options for many businesses as well.
过去，企业必须自己制作广告创意并确定他们想要接触的受众，但人工智能已经使我们在定位和寻找对其产品感兴趣的受众方面比许多企业自身做得更好，而且还在不断改进。现在，人工智能也正在为许多企业生成更好的创意选项。
I think that this is really redefining what advertising is into an AI agent that delivers measurable business results at scale. And if we deliver on this vision, then over the coming years, I think that the increased productivity from AI will make advertising a meaningfully larger share of global GDP than it is today. In just the last quarter, we are testing a new ads recommendation model for reels, which has already increased conversion rates by 5%, and we're seeing 30% more advertisers are using AI creative tools in the last quarter as well.
我认为这确实正在将广告重新定义为一个能够大规模交付可衡量业务成果的人工智能代理。如果我们实现了这一愿景，那么在未来几年，我认为人工智能带来的生产力提高将使广告在全球 GDP 中所占的份额比现在大得多。仅在上一季度，我们就在测试一种新的 Reels 广告推荐模型，该模型已将转化率提高了 5%，而且我们看到上一季度使用人工智能创意工具的广告商也增加了 30%。
The second opportunity is more engaging experiences. This will come in two forms, better recommendations for existing content types and better new types of content. In the last six months, improvements to our recommendation systems have led to a 7% increase in time spent on Facebook, a 6% increase on Instagram, and 35% on Threads. Threads now also has more than 350 million monthly actives and continues to be on track to become our next major social app.
第二个机会是更具吸引力的体验。这将以两种形式出现：针对现有内容类型的更好推荐和更好的新型内容。在过去的六个月中，我们推荐系统的改进使 Facebook 的用户使用时长增加了 7%，Instagram 增加了 6%，Threads 增加了 35%。Threads 现在也拥有超过 3.5 亿的月活跃用户，并继续有望成为我们下一个主要的社交应用程序。
In addition to better recommendations for existing content types, AI is also enabling the creation of better content as well. Some of this will be helping people produce better content to share themselves. Some of this will be AI generating content directly for people that is personalized for them. Some of this will be in existing formats like photos and videos, and some of it will be increasingly interactive.
除了对现有内容类型提供更好的推荐之外，人工智能也正在赋能创造更好的内容。其中一些将帮助人们制作更好的内容供自己分享。另一些将是人工智能直接为人们生成个性化的内容。其中一些将采用现有格式，如照片和视频，而另一些将越来越具有互动性。
I've often talked about this long-term trend of content becoming richer over time. Our feeds started mostly with text and then became mostly photos, we all got mobile phones with cameras, and then became mostly video when mobile networks became fast enough to handle that well. We are now in the video era, but I don't think that this is the end of the line. In the near future, I think that we're going to have content in our feeds that you can interact within that, it will interact back with you rather than you just watching it. Over the long-term, as AI unlocks more productivity in the economy, I also expect that people will spend more of their time on engaging experiences across all of these apps.
我经常谈到内容随着时间的推移变得越来越丰富的长期趋势。我们的信息流最初主要是文本，然后随着我们都拥有了带摄像头的手机而变成了主要是照片，再后来当移动网络速度足够快能够很好地处理视频时，又变成了主要是视频。我们现在正处于视频时代，但我认为这并非终点。在不久的将来，我认为我们的信息流中将会出现可以与之互动的内容，它会与你互动，而不仅仅是你观看它。从长远来看，随着人工智能在经济中释放更多生产力，我也预计人们将花费更多时间在所有这些应用程序上体验引人入胜的内容。
The third opportunity is business messaging. Right now the vast majority of our business is advertising and feeds on Facebook and Instagram. But WhatsApp now has more than 3 billion monthly actives with more than 100 million people in the U.S. and growing quickly there. Messenger is also used by more than a billion people each month, and there are now as many messages sent each day on Instagram as there are on Messenger. So business messaging should be the next pillar of our business.
第三个机会是商业通讯。目前我们绝大部分业务是 Facebook 和 Instagram 上的广告和信息流。但 WhatsApp 现在每月活跃用户超过 30 亿，其中美国用户超过 1 亿，并且在那里增长迅速。Messenger 每月也有超过 10 亿人使用，现在 Instagram 每天发送的消息数量与 Messenger 一样多。因此，商业通讯应该成为我们业务的下一个支柱。
In countries like Thailand and Vietnam, where there is a low cost of labor, we see many businesses conduct commerce through our messaging apps. There's actually so much business through messaging that those countries are both in our Top 10 or 11 by revenue, even though they're ranked in the 30s in global GDP. This phenomenon hasn't yet spread to developed countries, because the cost of labor is too high, to make this a profitable model before AI, but AI should solve this.
在泰国和越南等劳动力成本较低的国家，我们看到许多企业通过我们的即时通讯应用开展商业活动。实际上，通过即时通讯进行的业务量非常大，以至于这两个国家都位列我们收入前 10 或前 11 名，尽管它们在全球 GDP 排名中位列 30 多位。这种现象尚未扩展到发达国家，因为在人工智能出现之前，劳动力成本过高，无法使这种模式盈利，但人工智能应该可以解决这个问题。
So in the next few years, I expect that, just like every business today has an email address, social media account and website, they'll also have an AI business agent that can do customer support and sales, and they should be able to set that up very easily given all the context that they've already put into our business platforms. And we're going to have more to share on upcoming calls about our progress in this area.
因此，在未来几年，我预计，就像如今每个企业都有电子邮件地址、社交媒体账户和网站一样，他们也将拥有一个能够处理客户支持和销售的人工智能业务代理，并且鉴于他们已经输入到我们业务平台的所有背景信息，他们应该能够非常轻松地进行设置。我们将在未来的电话会议中分享更多关于我们在这方面进展的信息。
看着很有可能。
The fourth opportunity is Meta AI. Across our apps, there are now almost a billion monthly actives using Meta AI. Our focus for this year is deepening the experience and making AI the leading personal AI with an emphasis on personalization, voice conversations, and entertainment. I think that we're all going to have an AI that we talk to throughout the day, while we're browsing content on our phones, and eventually, as we're going through our days with glasses. And I think that this is going to be one of the most important and valuable services that has ever been created.
第四个机会是 Meta AI。在我们的各个应用程序中，现在有近 10 亿月活跃用户在使用 Meta AI。我们今年的重点是深化体验，并将 AI 打造成领先的个人 AI，重点关注个性化、语音对话和娱乐。我认为我们每个人都将拥有一个全天与之交谈的 AI，无论是在手机上浏览内容时，还是最终戴着眼镜度过每一天时。而且我认为这将是有史以来被创造出来的最重要和最有价值的服务之一。
In addition to building Meta AI into our apps, we just released our first Meta AI standalone app. It is personalized, so you can talk to it about interests that you've shown while browsing reels or different content across our apps. And we built a social feed into it so you can discover entertaining ways that others are using Meta AI, and initial feedback on the app has been good so far.
除了将 Meta AI 内置到我们的应用程序中，我们刚刚发布了我们的第一个 Meta AI 独立应用程序。它是个性化的，因此您可以与它谈论您在浏览 Reels 或我们应用程序中不同内容时表现出的兴趣。我们还在其中内置了一个社交信息流，这样您就可以发现其他人使用 Meta AI 的有趣方式，到目前为止，该应用程序的初步反馈良好。
Over time, I expect that the business opportunity for Meta AI to follow our normal product development playbook. First, we build and scale the product, and then once it is at scale, then we focus on revenue. In this case, I think that there will be a large opportunity to show product recommendations or ads, as well as a premium service for people who want to unlock more compute for additional functionality or intelligence. But I expect that we're going to be largely focused on scaling and deepening engagement for at least the next year, before we'll really be ready to start building out the business here.
随着时间的推移，我预计 Meta AI 的商业机会将遵循我们正常的产品开发手册。首先，我们构建和扩展产品，然后在达到规模后，我们再专注于收入。在这种情况下，我认为将有很大的机会展示产品推荐或广告，以及为那些希望解锁更多计算能力以获得额外功能或智能的人提供高级服务。但我预计，至少在接下来的一年里，我们将主要专注于扩大规模和深化用户参与度，然后才能真正开始在这里建立业务。
Meta AI放在第四项本身就说明这不是太好的商业模式，更实用的是推荐引擎，指向前面三项。
The fifth opportunity is AI devices, which is increasingly how we are thinking about our work on the next-generation of computing platforms. Glasses are the ideal form factor for both AI and the Metaverse. They enable you to let an AI see what you see, hear what you hear, and talk to you throughout the day, and they let you blend the physical and digital worlds together with holograms.
第五个机会是人工智能设备，这正日益成为我们思考下一代计算平台工作的方式。眼镜是人工智能和元宇宙的理想形态。它们能让你的人工智能看到你所看到的，听到你所听到的，并全天与你交谈，它们还能让你通过全息图将物理世界和数字世界融合在一起。
More than a billion people worldwide wear glasses today. And it seems highly likely that these will become AI glasses over the next five to 10-years. Building the devices that people use to experience our services, lets us deliver the highest quality AI and social experiences, and this will serve as an amplifier on all of the opportunities I've mentioned so far, as well as unlocking some new opportunities as well.
如今全球有超过十亿人佩戴眼镜。在未来五到十年内，这些眼镜极有可能变成人工智能眼镜。构建人们用来体验我们服务的设备，使我们能够提供最高质量的人工智能和社交体验，这将放大我迄今为止提到的所有机遇，并开启一些新的机遇。
Ray-Ban Meta AI Glasses have tripled in sales in the last year, and the people who have them are using them a lot. We've got some exciting new launches with our partner, EssilorLuxottica, later this year, as well that should expand that category and add some new technological capabilities to the glasses.
雷朋 Meta AI 眼镜去年的销量增长了两倍，拥有这些眼镜的人们正在大量使用它们。今年晚些时候，我们还将与合作伙伴 EssilorLuxottica 推出一些令人兴奋的新产品，这些产品应该会扩大该类别，并为眼镜增加一些新的技术功能。
On Quest, we are also seeing deeper engagement as Quest 3S makes VR accessible to more people, and more people are creating experiences in horizon with AI tools. Now, everything that I've talked about today is built on top of our AI models and our infrastructure. We released the first Llama 4 models earlier this month. They are some of the most intelligent, best multimodal, lowest latency, and most efficient models that anyone has built. We have more models on the way, including the massive Llama 4 behemoth model.
在 Quest 上，我们也看到了更深层次的参与，因为 Quest 3S 使 VR 更易于为更多人所用，而且越来越多的人正在使用 AI 工具在 Horizon 中创造体验。现在，我今天谈到的所有内容都建立在我们的 AI 模型和基础设施之上。我们本月早些时候发布了第一批 Llama 4 模型。它们是任何人构建过的最智能、最佳多模态、最低延迟和最高效的模型之一。我们还有更多模型正在开发中，包括庞大的 Llama 4 巨型模型。
Overall, we are focused on building full general intelligence. All of the opportunities that I've discussed today are downstream of delivering general intelligence and doing so efficiently. The pace of progress across the industry and the opportunities ahead for us are staggering. I want to make sure that we're working aggressively and efficiently, and I also want to make sure that we are building out the leading infrastructure and teams that we need to achieve our goals.
总的来说，我们专注于构建完全的通用智能。我今天讨论的所有机会都取决于能否高效地实现通用智能。整个行业的进步速度以及我们面前的机遇都令人震惊。我想确保我们积极高效地工作，并且我还想确保我们正在构建实现目标所需的领先基础设施和团队。
So to that end, we are accelerating some of our efforts to bring capacity online more quickly this year, as well as some longer-term projects that will give us the flexibility to add capacity in the coming years as well. And that has increased our planned investment for this year.
因此，为此，我们正在加快一些努力，以便今年更快地将产能上线，同时也在进行一些长期项目，以便在未来几年为我们提供增加产能的灵活性。这也增加了我们今年的计划投资。
More broadly, this has been a good start to what I expect will continue to be an intense year. We've got a lot more exciting work in the pipeline that I'm looking forward to sharing soon. I continue to think that this year is going to be a pivotal moment for our industry, and I'm grateful for everyone who is working so hard at the Company to deliver all this amazing technology and new experiences.
更广泛地说，对于我预计将持续紧张的一年来说，这是一个良好的开端。我们还有很多令人兴奋的工作正在进行中，我期待着很快与大家分享。我仍然认为今年将是我们行业的关键时刻，我感谢公司里每一位辛勤工作的人，是他们交付了所有这些令人惊叹的技术和新体验。
As always, thank you all for being on this journey with us, `and now, Susan.
一如既往，感谢大家与我们同行，现在有请苏珊。
Susan Li
Thanks, Mark, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis unless otherwise noted. Q1 total revenue was $42.3 billion, up 16% or 19% on a constant currency basis. Q1 total expenses were $24.8 billion, up 9% compared to last year.
苏珊·李
谢谢马克，大家下午好。让我们从业绩总览开始。除非另有说明，所有比较均基于同比增长。第一季度总收入为 423 亿美元，同比增长 16%，按固定汇率计算增长 19%。第一季度总支出为 248 亿美元，同比增长 9%。
In terms of the specific line items, cost of revenue increased 14%, driven primarily by higher infrastructure costs and payments to partners, partially offset by a benefit from the previously announced extension of server useful lives. R&D increased 22%, mostly due to higher employee compensation and infrastructure costs.
具体项目方面，收入成本增长了 14%，主要原因是基础设施成本和支付给合作伙伴的款项增加，部分被先前宣布的延长服务器使用寿命所带来的收益所抵消。研发支出增长了 22%，主要原因是员工薪酬和基础设施成本增加。
Marketing and sales increased 8%, driven mainly by an increase in professional services related to our ongoing platform integrity efforts. G&A decreased 34%, driven primarily by lower legal-related costs.
市场营销和销售额增长了 8%，主要原因是与我们正在进行的平台完整性工作相关的专业服务有所增加。一般及行政费用下降了 34%，主要原因是法律相关费用降低。
We ended Q1 with over 76,800 employees, up 4% quarter-over-quarter. First quarter operating income was $17.6 billion, representing a 41% operating margin. Our tax rate for the quarter was 9%, as we recognized excess tax benefits from share-based compensation due to the increase in our share price versus prior periods.
第一季度末，我们拥有超过 76,800 名员工，环比增长 4%。第一季度营业收入为 176 亿美元，营业利润率为 41%。本季度我们的税率为 9%，因为与前期相比，我们的股价上涨，我们确认了股权激励带来的超额税收优惠。
Net expenditures, including principal payments on finance leases, were $13.7 billion, driven by investments in servers, data centers, and network infrastructure. Free cash flow was $10.3 billion. We repurchased $13.4 billion of our Class A common stock and paid $1.3 billion in dividends to shareholders, ending the quarter with $70.2 billion in cash and marketable securities, and $28.8 billion in debt.
净支出，包括融资租赁的本金支付，为 137 亿美元，主要用于服务器、数据中心和网络基础设施的投资。自由现金流为 103 亿美元。我们回购了 134 亿美元的 A 类普通股，并向股东支付了 13 亿美元的股息，本季度末现金和有价证券余额为 702 亿美元，债务为 288 亿美元。
Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow, and we estimate more than 3.4 billion people used at least one of our Family of Apps on a daily basis in March. Q1 total Family of Apps revenue was $41.9 billion, up 16% year-over-year. Q1 Family of Apps' ad revenue was $41.4 billion, up 16% or 20% on a constant currency basis.
现在来看我们的部门业绩。我将从我们的应用程序家族部门开始。我们的应用程序家族社区持续增长，我们估计 3 月份每天至少有超过 34 亿人使用我们的应用程序家族中的至少一个应用程序。第一季度应用程序家族总收入为 419 亿美元，同比增长 16%。第一季度应用程序家族广告收入为 414 亿美元，同比增长 16%，按固定汇率计算增长 20%。
远高于Google。
Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth. On a user geography basis, ad revenue growth was strongest in Rest of World and North America at 19% and 18%, respectively. Europe and Asia-Pacific grew 14% and 12%.
在广告收入中，在线商务垂直领域是同比增长的最大贡献者。从用户地理分布来看，世界其他地区和北美的广告收入增长最为强劲，分别为 19% 和 18%。欧洲和亚太地区分别增长了 14% 和 12%。
In Q1, the total number of ad impressions served across our services increased 5%, and the average price per ad increased 10%. Impression growth was mainly driven by Asia-Pacific. Pricing growth benefited from increased advertiser demand, in part driven by improved ad performance. This was partially offset by impression growth, particularly from lower monetizing regions and surfaces.
第一季度，我们服务中广告展示总次数增加了 5%，每条广告的平均价格上涨了 10%。展示次数的增长主要由亚太地区推动。定价增长得益于广告商需求的增加，部分原因是广告效果的改善。这部分被展示次数的增长所抵消，特别是来自盈利能力较低的地区和平台的展示次数增长。
Family of Apps' other revenue was $510 million, up 34%, driven mostly by business messaging revenue growth from our WhatsApp Business platform, as well as Meta Verified subscriptions. We continue to direct the majority of our investments toward the development and operation of our Family of Apps.
应用程序家族的其他收入为 5.1 亿美元，增长了 34%，主要得益于 WhatsApp Business 平台的商业消息收入增长以及 Meta Verified 订阅服务。我们将继续把大部分投资用于应用程序家族的开发和运营。
In Q1, Family of Apps' expenses were $20.1 billion, representing 81% of our overall expenses. Family of Apps' expenses were up 10%, mainly due to growth in employee compensation and infrastructure costs, which were partially offset by lower legal-related expenses. Family of Apps' operating income was $21.8 billion, representing a 52% operating margin.
第一季度，应用程序家族的支出为 201 亿美元，占我们总支出的 81%。应用程序家族的支出增长了 10%，主要原因是员工薪酬和基础设施成本的增长，部分被法律相关费用的降低所抵消。应用程序家族的营业收入为 218 亿美元，营业利润率为 52%。
Within our Reality Labs segment, Q1 revenue was $412 million, down 6% year-over-year due to lower Meta Quest sales, which were partially offset by increased sales of RayBan Meta AI glasses. Reality Labs' expenses were $4.6 billion, up 8% year-over-year, driven primarily by higher employee compensation. Reality Labs' operating loss was $4.2 billion.
在我们的 Reality Labs 部门，第一季度收入为 4.12 亿美元，同比下降 6%，原因是 Meta Quest 销量下降，部分被 RayBan Meta AI 眼镜销量增加所抵消。Reality Labs 的支出为 46 亿美元，同比增长 8%，主要原因是员工薪酬增加。Reality Labs 的营业亏损为 42 亿美元。
硬件太难了，没有硬件也可能没有自己的地基。
Turning now to the business outlook. There are two primary factors that drive our revenue performance our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time. On the first, we're focused both on enhancing our core Family of Apps today and building the next generation of devices and experiences through Reality Labs.
现在转向业务展望。有两个主要因素推动我们的收入表现：我们为社区提供引人入胜体验的能力，以及我们随着时间的推移将这种参与度货币化的有效性。首先，我们专注于在当今增强我们的核心应用程序家族，并通过 Reality Labs 构建下一代设备和体验。
I'll start with our Family of Apps. In the first quarter, we saw strong growth in video consumption across both Facebook and Instagram, particularly in the U.S., where video time spent grew double-digits year-over-year. This growth continues to be driven primarily by ongoing enhancements to our recommendation systems, and we see opportunities to deliver further gains this year.
我将从我们的应用程序家族开始。第一季度，我们看到 Facebook 和 Instagram 的视频消费量均出现强劲增长，尤其是在美国，视频观看时长同比增长了两位数。这一增长继续主要由我们推荐系统的持续改进推动，我们认为今年有机会实现进一步增长。
We're also progressing on longer-term efforts to develop innovative new approaches to recommendations. A big focus of this work will be on developing increasingly efficient recommendation systems, so that we can continue scaling up the complexity and compute used to train our models, while avoiding diminishing returns. There are promising techniques we're working on that will incorporate the innovations from LLM model architectures to achieve this.
我们还在开发创新的推荐新方法的长期努力方面取得进展。这项工作的一个重要重点是开发日益高效的推荐系统，以便我们能够继续扩大用于训练模型的复杂性和计算量，同时避免收益递减。我们正在研究一些有前景的技术，这些技术将结合 LLM 模型架构的创新来实现这一目标。
Another area that is showing early promise is integrating LLM technology into our content recommendation systems. For example, we're finding that LLM's ability to understand a piece of content more deeply than traditional recommendation systems can help better identify, what is interesting to someone about a piece of content leading to better recommendations.
另一个显示出早期前景的领域是将 LLM 技术集成到我们的内容推荐系统中。例如，我们发现 LLM 比传统推荐系统更深入地理解一段内容的能力，有助于更好地识别某人对一段内容感兴趣的点，从而带来更好的推荐。
We began testing using Llama and Threads recommendation systems at the end of last year, given the app's text-based content, and have already seen a 4% lift in time spent from the first launch. It remains early here, but a big focus this year will be on exploring how we can deploy this for other content types, including photos and videos.
鉴于该应用程序基于文本的内容，我们于去年年底开始测试使用 Llama 和 Threads 推荐系统，并且从首次发布以来，用户使用时长已提升了 4%。目前尚处于早期阶段，但今年的一个重要重点将是探索如何将其部署到其他内容类型，包括照片和视频。
We also expect this to be complementary to Meta AI, as it can provide more relevant responses to people's queries by better understanding their interests and preferences through their interactions across Facebook, Instagram, and Threads. Earlier this year, we began testing the ability for Meta AI to better personalize its responses by remembering certain details from people's prior queries and considering what that person engages with on our apps.
我们还期望这能与 Meta AI 互补，因为它可以通过更好地理解人们在 Facebook、Instagram 和 Threads 上的互动所反映出的兴趣和偏好，从而为人们的查询提供更相关的回复。今年早些时候，我们开始测试 Meta AI 通过记住人们先前查询的某些细节并考虑该用户在我们应用程序上互动的内容来更好地个性化其回复的能力。
We are already seeing this lead to deeper engagement with people we've rolled it out to, and it is now built into Meta AI across Facebook, Instagram, Messenger, and our new standalone Meta AI app in the U.S. and Canada. We're also continuing to focus on helping people connect over content.
我们已经看到，这使得我们向其推出的用户参与度更深，并且现在已内置到美国和加拿大的 Facebook、Instagram、Messenger 以及我们新的独立 Meta AI 应用程序中的 Meta AI 中。我们还将继续专注于帮助人们通过内容建立联系。
In Q1, we launched a new experience on Instagram in the U.S., that consists of a feed of content your friends have left a note on or liked, and we're seeing good results. We also just launched Blend, which is an opt-in experience in direct messages that enables you to blend your reels algorithm with your friends to spark conversations over each other's interests. These features all lean into Instagram's position at the intersection of entertainment and social connection.
第一季度，我们在美国的 Instagram 上推出了一项新体验，其中包括一个信息流，展示了你的朋友留下笔记或点赞的内容，并且我们看到了良好的效果。我们还刚刚推出了 Blend，这是一种在私信中的可选体验，可让您将您的 Reels 算法与朋友的算法融合，从而围绕彼此的兴趣引发对话。这些功能都充分利用了 Instagram 在娱乐和社交联系交叉点上的定位。
WhatsApp remains at its core a private messaging app, but it has evolved to also become a place people come to get updates from accounts they are connected to or follow. Today, there are tens of billions of views of status posts on WhatsApp each day, and we continue to invest in the Updates tab, as a place people can go to do more.
WhatsApp 的核心仍然是一款私人消息应用程序，但它已经发展成为人们获取所连接或关注账户更新的地方。如今，WhatsApp 上每天有数百亿的状态帖子浏览量，我们将继续投资“动态”选项卡，使其成为人们可以做更多事情的地方。
Creators remain another big focus for us, and we're investing in tools to help them produce the best original content on our platforms. Last week, we launched our standalone Edits app, which supports the full creative process for video creators from inspiration and creation to performance insights.
创作者仍然是我们的另一个重要关注点，我们正在投资工具来帮助他们在我们的平台上制作最优质的原创内容。上周，我们推出了独立的 Edits 应用程序，它为视频创作者提供了从灵感、创作到效果分析的完整创作流程支持。
Edits has an ultra-high resolution short-form video camera and includes generative AI tools that enable people to remove the background of any video or animate still images, with more features coming soon.
Edits 配备了超高分辨率的短视频摄像头，并包含生成式人工智能工具，使用户能够移除任何视频的背景或为静态图像制作动画，更多功能即将推出。
Moving to Reality Labs, we're seeing very strong traction with RayBan Meta AI glasses with over 4 times as many monthly actives as a year ago, and the number of people using voice commands is growing even faster as people use it to answer questions and control their glasses. This month, we fully rolled out live translations on RayBan Meta AI glasses to all markets for English, French, Italian, and Spanish.
转向 Reality Labs，我们看到 RayBan Meta AI 眼镜的吸引力非常强劲，月活跃用户数量是一年前的 4 倍多，而且使用语音命令的人数增长更快，人们用它来回答问题和控制眼镜。本月，我们已在所有市场全面推出了 RayBan Meta AI 眼镜的实时翻译功能，支持英语、法语、意大利语和西班牙语。
Now, when you are speaking to someone in one of these languages, you'll hear what they say in your preferred language through the glasses in real time. Now to the second driver of our revenue performance, increasing monetization efficiency. The first part of this work is optimizing the level of ads within organic engagement. We continue to optimize ad supply across each service to better deliver ads at the time and place they are most relevant to people.
现在，当您与使用这些语言之一的人交谈时，您将通过眼镜实时听到他们用您偏好的语言所说的话。现在谈谈我们收入表现的第二个驱动因素：提高盈利效率。这项工作的第一部分是优化自然互动中的广告水平。我们将继续优化每个服务中的广告供应，以便在最相关的时间和地点向人们投放广告。
We are also starting to introduce ads on unmonetized surfaces like Threads, which we opened up to all eligible advertisers this month to reach people in over 30 different markets to start, including the U.S. As we do for any newly monetized surface, we expect to gradually ramp ad supply as we optimize the ad formats and ensure they feel native to the app. We don't expect Threads to be a meaningful driver of overall impression or revenue growth in 2025.
我们还开始在像 Threads 这样尚未盈利的平台上引入广告，本月我们向所有符合条件的广告商开放了 Threads，以便首先在包括美国在内的 30 多个不同市场接触用户。与任何新盈利的平台一样，我们预计会随着广告格式的优化以及确保其与应用程序的契合度而逐步增加广告供应。我们预计 Threads 不会在 2025 年成为整体展示次数或收入增长的重要驱动因素。
The second part of increasing monetization efficiency is improving marketing performance. We're continuing to improve our ad systems by developing new modeling technologies to more efficiently predict the right ad to show.
提高盈利效率的第二部分是提升营销绩效。我们通过开发新的建模技术来更有效地预测要展示的合适广告，从而持续改进我们的广告系统。
In Q1, we introduced our new Generative Ads Recommendation Model, or GEM for ads ranking. This model uses a new architecture we developed that is twice as efficient at improving ad performance for a given amount of data and compute. This efficiency gain enabled us to significantly scale up the amount of compute we use for model training with GEM trained on thousands of GPUs, our largest cluster for ads training to date.
第一季度，我们推出了新的生成式广告推荐模型（Generative Ads Recommendation Model，简称 GEM），用于广告排名。该模型采用我们开发的新架构，在给定数据量和计算量的情况下，其提升广告效果的效率是原来的两倍。这种效率的提升使我们能够大幅扩展用于模型训练的计算量，GEM 在数千个 GPU 上进行训练，这是迄今为止我们用于广告训练的最大集群。
We began testing the new model for ads recommendations on Facebook Reels earlier this year and have seen up to a 5% increase in ad conversions. We're now rolling it out to additional services across our apps.
今年早些时候，我们开始在 Facebook Reels 上测试新的广告推荐模型，并观察到广告转化率提升高达 5%。我们现在正将其推广到我们应用程序中的其他服务。
On the ads product side, we're seeing continued momentum with our Advantage+ suite of AI-powered solutions. We've been encouraged by the initial tests of our streamlined campaign creation flow for sales, app, and lead campaigns, which starts with Advantage+ turned on from the beginning for advertisers.
在广告产品方面，我们看到我们的人工智能解决方案套件 Advantage+ 持续保持良好势头。我们对销售、应用和潜在客户开发活动的简化广告系列创建流程的初步测试感到鼓舞，该流程从一开始就为广告商启用了 Advantage+。
In April, we rolled this out to more advertisers and expect to complete the global rollout later this year. We're also seeing strong adoption of Advantage+ creative. This week, we are broadening access of video expansion to Facebook Reels for all eligible advertisers, enabling them to automatically adjust the aspect ratio of their existing videos by generating new pixels in each frame to optimize their ads for full-screen surfaces.
四月份，我们向更多广告商推出了这项功能，并预计在今年晚些时候完成全球推广。我们也看到 Advantage+ 创意得到了广泛采用。本周，我们将向所有符合条件的广告商扩大 Facebook Reels 视频扩展功能的访问权限，使他们能够通过在每个帧中生成新的像素来自动调整现有视频的宽高比，从而针对全屏界面优化其广告。
We also rolled out Image Generation to all eligible advertisers, and this quarter, we plan to continue testing a new virtual try-on feature that uses Gen AI to place clothing on virtual models, helping customers visualize how an item may look and fit.
我们还向所有符合条件的广告商推出了图像生成功能，本季度，我们计划继续测试一项新的虚拟试穿功能，该功能使用生成式人工智能将服装放置在虚拟模特身上，帮助客户直观地了解商品的上身效果和合身程度。
Last, we continue to evolve our ads platform to drive results that are optimized for each business's objectives and the way they measure value. One example of this is our incremental attribution feature, which enables advertisers to optimize for driving incremental conversions or conversions we believe would not have occurred without an ad being shown.
最后，我们继续发展我们的广告平台，以推动针对每个企业的业务目标及其衡量价值的方式进行优化的结果。这方面的一个例子是我们的增量归因功能，它使广告商能够优化以推动增量转化，或者我们认为在没有展示广告的情况下不会发生的转化。
We're seeing strong results in testing so far with advertisers using incremental attribution in tests, seeing an average 46% lift in incremental conversions compared to their business-as-usual approach. We expect to make this available to all advertisers in the coming weeks.
到目前为止，我们在测试中看到了强劲的结果，在测试中使用增量归因的广告商与他们通常的做法相比，增量转化率平均提升了 46%。我们预计在未来几周内向所有广告商提供此功能。
Next, I would like to discuss our approach to capital allocation. Our primary focus remains investing capital back into the business, with infrastructure and talent being our top priorities. Starting with headcount, our hiring continues to be targeted at technical roles within our company priorities.
接下来，我想讨论一下我们的资本配置方法。我们的首要重点仍然是将资本重新投资于业务，基础设施和人才是我们的重中之重。从员工人数开始，我们的招聘继续针对公司优先事项中的技术职位。
In the first quarter, the significant majority of the roughly 2,800 employees we added were to support our priorities of monetization, infrastructure, generative AI, regulation and compliance, and Reality Labs. On infrastructure, we have two primary focuses to meet the growing compute needs of our services and AI initiatives. The first way is by significantly scaling up our infrastructure footprint.
第一季度，我们新增的约 2800 名员工中，绝大多数是为了支持我们在盈利、基础设施、生成式人工智能、法规与合规以及 Reality Labs 方面的优先事项。在基础设施方面，我们有两个主要重点来满足我们服务和人工智能计划日益增长的计算需求。第一种方法是大幅扩展我们的基础设施足迹。
Our CapEx growth this year is going toward both generative AI and core business needs, with the majority of overall CapEx supporting the core. We expect the significant infrastructure footprint we are building will not only help us meet the demands of our business in the near term, but also provide us an advantage in the quality and scale of AI services we can deliver.
我们今年的资本支出增长将用于生成式人工智能和核心业务需求，其中大部分整体资本支出用于支持核心业务。我们预计，我们正在构建的重要基础设施不仅有助于我们在短期内满足业务需求，而且还将在我们能够提供的 AI 服务的质量和规模方面为我们带来优势。
We continue to build this capacity in a way that grants us maximum flexibility in how and when we deploy it to ensure we have the agility to react to how the technology and industry develop in the coming years.
我们将继续以一种能够最大限度地灵活部署的方式来建设这种能力，以确保我们能够灵活应对未来几年技术和行业的发展。
The second way we're meeting our compute needs is by increasing the efficiency of our workloads. In fact, many of the innovations coming out of our ranking work are focused on increasing the efficiency of our systems. This emphasis on efficiency is helping us deliver consistently strong returns from our core AI initiatives.
满足我们计算需求的第二种方法是提高我们工作负载的效率。事实上，我们排名工作中产生的许多创新都专注于提高我们系统的效率。这种对效率的重视正在帮助我们从核心人工智能计划中获得持续强劲的回报。
For example, we shared on the Q3 2024 call that improvements to our AI-driven feed and video recommendations drove a roughly 8% lift in time spent on Facebook and a 6% lift on Instagram over the first nine months of last year. Since then, we've been able to deliver similar gains in just six months’ time with improvements to our AI recommendations delivering 7% and 6% time spent gains on Facebook and Instagram, respectively.
例如，我们在 2024 年第三季度财报电话会议上分享过，去年头九个月，我们人工智能驱动的信息流和视频推荐的改进使 Facebook 的用户使用时长提升了约 8%，Instagram 提升了 6%。此后，我们仅用六个月的时间就取得了类似的成果，人工智能推荐的改进分别使 Facebook 和 Instagram 的用户使用时长提升了 7% 和 6%。
Before moving to our financial guidance, I want to acknowledge the dynamic macro environment and note that our range reflects the potential for a wider set of outcomes. We continue to feel good about the fundamental drivers of revenue growth and believe the past work we've done to streamline our operations and cost profile puts us in a strong position to navigate a variety of outcomes.
在转向我们的财务指引之前，我想承认动态的宏观环境，并指出我们的范围反映了更广泛结果的可能性。我们继续对收入增长的基本驱动因素感到乐观，并相信我们过去为精简运营和成本结构所做的工作使我们处于有利地位，能够应对各种结果。
Moving to our financial outlook. We expect second quarter of 2025 total revenue to be in the range of $42.5 billion to $45.5 billion. Our guidance assumes foreign currency is an approximately 1% tailwind to year-over-year total revenue growth based on current exchange rates.
转向我们的财务展望。我们预计 2025 年第二季度总收入将在 425 亿美元至 455 亿美元之间。我们的指引假设，根据当前汇率，外汇将对总收入同比增长产生约 1% 的积极影响。
Turning now to the expense outlook. We expect full year 2025 total expenses to be in the range of $113 billion to $118 billion, lowered from our prior outlook of $114 billion to $119 billion.
现在来看支出展望。我们预计 2025 年全年总支出将在 1130 亿美元至 1180 亿美元之间，低于我们先前 1140 亿美元至 1190 亿美元的展望。
Turning now to the CapEx outlook. We anticipate our full year 2025 capital expenditures, including principal payments on finance leases, will be in the range of $64 billion to $72 billion, increased from our prior outlook of $60 billion to $65 billion. This updated outlook reflects additional data center investments to support our AI efforts as well as an increase in the expected cost of infrastructure hardware. The majority of our CapEx in 2025 will continue to be directed to our core business.
现在来看资本支出展望。我们预计 2025 年全年资本支出（包括融资租赁的本金支付）将在 640 亿美元至 720 亿美元之间，高于我们先前 600 亿美元至 650 亿美元的展望。这一更新的展望反映了为支持我们的人工智能项目而增加的数据中心投资，以及基础设施硬件预期成本的增加。2025 年我们的大部分资本支出将继续用于我们的核心业务。
On to tax. Absent any changes to our tax landscape, we expect our full-year 2025 tax rate to be in the range of 12% to 15%. In addition, we continue to monitor an active regulatory landscape, including legal and regulatory headwinds in the EU and the US, that could significantly impact our business and our financial results.
关于税收。在我们的税收环境没有任何变化的情况下，我们预计 2025 年全年税率将在 12% 至 15% 之间。此外，我们将继续关注活跃的监管环境，包括欧盟和美国的法律和监管阻力，这些因素可能会对我们的业务和财务业绩产生重大影响。
The European Commission recently announced its decision that our subscription for no ads model is not compliant with the DMA. Based on feedback from the European Commission in connection with the DMA, we expect we will need to make some modifications to our model, which could result in a materially worse user experience for European users and a significant impact to our European business and revenue as early as the third quarter of 2025. We will appeal the Commission's DMA decision, but any modifications to our model may be imposed before or during the appeal process.
欧盟委员会最近宣布其决定，我们的“无广告订阅”模式不符合《数字市场法案》(DMA)。根据欧盟委员会就 DMA 提供的反馈，我们预计需要对我们的模式进行一些修改，这最早可能在 2025 年第三季度导致欧洲用户体验显著恶化，并对我们的欧洲业务和收入产生重大影响。我们将对委员会的 DMA 决定提出上诉，但在上诉程序之前或期间，我们的模式可能需要进行修改。
In closing, this was another solid quarter for our business. We believe the investments we're making across our company priorities will position us well in the coming years to continue delivering engaging services for our community, compelling results for advertisers, and strong business performance.
最后，这对我们的业务来说又是一个稳健的季度。我们相信，我们在公司优先事项上所做的投资将使我们在未来几年处于有利地位，继续为我们的社区提供引人入胜的服务，为广告商带来令人信服的结果，并实现强劲的业务表现。
With that, Krista, let's open up the call for questions.
那么，克里斯塔，让我们开始提问环节吧。
Question-and-Answer Session
问答环节
Operator
Thank you. We will now open the lines for a question-and-answer session. [Operator Instructions] And your first question comes from the line of Brian Nowak with Morgan Stanley. Please go ahead.
接线员
谢谢。我们现在将开放线路进行问答环节。[接线员提示] 您的第一个问题来自摩根士丹利的布莱恩·诺瓦克。请讲。
Brian Nowak
Great. Thanks for taking my questions. I have two. The first one is on Llama. Mark, can you -- the LLM landscape continues to sort of evolve and be somewhat competitive. Can you sort of talk us through some of the key areas of advancement you are most focused on and excited about as we sort of think about behemoth and next versions of Llama to come?
布莱恩·诺瓦克
太好了。感谢您回答我的问题。我有两个问题。第一个是关于 Llama 的。马克，您能——大型语言模型 (LLM) 领域在不断发展，而且竞争也日趋激烈。您能否向我们介绍一下，在您展望 Llama 巨型模型和未来版本时，您最关注和最兴奋的关键进展领域有哪些？
And then the second one on Meta AI, almost a billion users globally. Any help on sort of how you're seeing US traction there and the types of recurring user behaviors that you're seeing in the early Meta AI use cases? Thanks.
然后是第二个关于 Meta AI 的问题，全球用户将近十亿。您能否介绍一下您如何看待其在美国市场的吸引力，以及在 Meta AI 的早期使用案例中，您观察到了哪些类型的重复用户行为？谢谢。
Mark Zuckerberg
Sure. I can talk about the LLMs. On the Meta AI usage, I'm not sure if we have more stats to share on that now. Yes, it's -- I mean, I'll defer to Susan on if there's anything that we're ready on that.
马克·扎克伯格
当然。我可以谈谈大型语言模型。关于 Meta AI 的使用情况，我不确定我们现在是否有更多数据可以分享。是的，它是——我的意思是，关于我们是否准备好分享这方面的信息，我会听苏珊的。
On the LLM, yes, there's a lot of progress being made in a lot of different dimensions. And the reason why we want to build this out is, one is that we think it's important that for kind of how critical this is for our business that we sort of have control of our own destiny and are not depending on another company for something so critical. But two, we want to make sure that we can shape the development to be optimized for our infrastructure and the use cases that we want.
关于大型语言模型，是的，在许多不同维度上都取得了很大进展。我们之所以要构建它，原因之一是我们认为，鉴于它对我们业务的重要性，我们必须掌控自己的命运，而不是在如此关键的事情上依赖其他公司。原因之二，我们希望确保能够根据我们的基础设施和我们想要的用例来优化开发。
So to that end, Llama 4, the shape of the model with 17 billion parameters per expert, was designed specifically for the infrastructure that we have in order to provide low latency experience to be voice optimized. One of the key things if you're having a voice conversation with AI is it needs to be low latency. So that way, when you're having a conversation with it, there is no large gap between when you stop speaking and it starts.
为此，Llama 4 模型每个专家拥有 170 亿个参数的形态，是专门为我们现有的基础设施设计的，以便提供低延迟的语音优化体验。如果你想与人工智能进行语音对话，低延迟是关键因素之一。这样，当你与它交谈时，在你停止说话和它开始说话之间就不会有很大的延迟。
So everything from the shape of the model to the research that we're doing to the techniques that go into it are kind of fit into that. Similarly, another thing that we focused on was context window length. And in some of our models, we have really -- we're industry-leading on context window length, and part of the reason why we think that that's important is because we're very focused on providing a personalized experience.
因此，从模型的形态到我们正在进行的研究，再到其中采用的技术，都与此相契合。类似地，我们关注的另一件事是上下文窗口长度。在我们的一些模型中，我们在上下文窗口长度方面确实处于行业领先地位，我们认为这之所以重要，部分原因是我们非常注重提供个性化体验。
And there are different ways that you can put personalized -- personalization context into an LLM, but one of the ways to do it is to include some of that context in the context window and having a long context window that can incorporate a lot of the background that the person has shared across our apps is one way to do that. So that's like -- it kind of is giving you a flavor of the products that we're trying to build and then some specific technical architecture decisions and research prioritization that we basically have made in order to deliver the specific experience that we're going for.
将个性化上下文置入大型语言模型有多种方法，其中一种方法是将部分上下文包含在上下文窗口中，而拥有一个长的上下文窗口，可以整合用户在我们各个应用程序中分享的大量背景信息，就是实现这一目标的一种方式。所以这就像——它让你对我们试图构建的产品有了一定的了解，然后是我们为提供我们追求的特定体验而做出的一些具体的技术架构决策和研究优先级。
I could go on and add a lot more. The reason -- I think it's also very important to deliver big models like Behemoth, not because we're going to end up serving them in production, but because of the technique of distilling from larger models, right?
我可以继续说很多。我认为交付像 Behemoth 这样的大型模型也非常重要，不是因为我们最终会在生产环境中使用它们，而是因为从大型模型中提炼技术的需要，对吧？
The Llama 4 models that we've published so far and the ones that we're using internally and some of the ones that we'll build in the future are basically distilled from the Behemoth model in order to get the 90%, 95% of the intelligence of the large model in a form factor that is much lower latency and much more efficient. So these things are all very important.
我们目前已发布的 Llama 4 模型、我们内部使用的模型以及未来将构建的一些模型，基本上都是从 Behemoth 模型中提炼出来的，目的是以一种延迟更低、效率更高的形式获得大型模型 90%、95% 的智能。所以这些都非常重要。
Obviously, we wouldn't be able to do that kind of distillation from other closed models. So that kind of gives you a flavor for how we're thinking about the development of this. And then, of course, the models and the infrastructure that we're building out power all of the opportunities that I mentioned before.
显然，我们无法从其他封闭模型中进行那种提炼。所以这让你对我们如何思考这个开发有了一定的了解。然后，当然，我们正在构建的模型和基础设施为我之前提到的所有机会提供了动力。
Susan Li
Brian, I'm happy to answer your second question about Meta AI. The top use case right now for Meta AI from a query perspective is really around information gathering as people are using it to search for and understand and analyze information, followed by social interactions from -- ranging from casual chatting to more in-depth discussion or debate. We also see people use it for writing assistance, interacting with visual content, seeking help. And we see Meta -- people engage with Meta AI from several different entry points. WhatsApp continues to see the strongest Meta AI usage across our family of apps.
苏珊·李
布莱恩，我很高兴回答你关于 Meta AI 的第二个问题。从查询的角度来看，Meta AI 目前最主要的用例是信息收集，人们用它来搜索、理解和分析信息，其次是社交互动——从休闲聊天到更深入的讨论或辩论。我们还看到人们用它来辅助写作、与视觉内容互动、寻求帮助。我们看到 Meta——人们通过几个不同的入口与 Meta AI 互动。在我们的应用程序家族中，WhatsApp 仍然是 Meta AI 使用量最高的。
最自然的选择。
Most of that WhatsApp engagement is in one-on-one Threads, followed by Facebook, which is the second largest driver of Meta AI engagement, where we're seeing strong engagement from our Feed deep-dives integration that lets people ask Meta AI questions about the content that's recommended to them. And we're obviously excited about the launch of the Meta AI standalone app.
WhatsApp 的大部分互动发生在一对一的 Threads 中，其次是 Facebook，它是 Meta AI 互动的第二大驱动因素，我们看到我们的信息流深度整合功能带来了强劲的互动，该功能允许人们就推荐给他们的内容向 Meta AI 提问。我们显然对 Meta AI 独立应用程序的发布感到兴奋。
Operator
Your next question comes from the line of Eric Sheridan with Goldman Sachs. Please go ahead.
接线员
您的下一个问题来自高盛的埃里克·谢里丹。请讲。
Eric Sheridan
Thanks so much for taking the question. Maybe following up on Brian's question and coming at it from a different angle, and appreciate the color on the use cases you're seeing today for Meta AI. How would you suspect those use cases evolve with a standalone app? Can you bring us into a little bit the decision process to do a standalone app, what that might change in terms of utility, frequency, or scale relative to what you see inside Family of Apps today? And how do you think about positioning Meta AI as a standalone app against the competitive landscape today of other standalone sorts of consumer AI apps? Thank you.
埃里克·谢里丹
非常感谢您回答我的问题。也许是接续布莱恩的问题，但从一个不同的角度来看，并且感谢您对 Meta AI 目前使用案例的详细说明。您认为这些使用案例会随着独立应用程序的推出如何演变？您能否向我们介绍一下推出独立应用程序的决策过程，与您目前在应用程序家族中看到的情况相比，这在实用性、频率或规模方面可能会带来哪些变化？以及您如何看待在当前其他独立消费级人工智能应用程序的竞争格局下，将 Meta AI 定位为一个独立应用程序？谢谢。
Mark Zuckerberg
Yes, I can talk about that. We're going to focus on both integrating it into our Family of Apps in more ways and building a standalone experience. I think some people want faster access to it or a more built-out feature set than you can build into an app like WhatsApp, so the standalone app will be valuable for that.
马克·扎克伯格
是的，我可以谈谈这个。我们将专注于以更多方式将其整合到我们的应用程序家族中，并构建独立的体验。我认为有些人希望更快地访问它，或者获得比 WhatsApp 这样的应用程序所能提供的更完善的功能集，因此独立应用程序在这方面将很有价值。
I also think that the standalone app is going to be particularly important in the United States because WhatsApp, as Susan said, is the largest surface that people use Meta AI in, which makes sense if you want to text an AI, having that be closely integrated and a good experience in the messaging app that you use makes a lot of sense. But we're -- while we have more than 100 million people use WhatsApp in the United States, it -- we're clearly not the primary messaging app in the United States at this point, iMessage. We hope to become the leader over time, but we're in a different position there than we are in most of the rest of the world on WhatsApp.
我还认为，独立应用程序在美国将尤为重要，因为正如苏珊所说，WhatsApp 是人们使用 Meta AI 最多的平台，这很合理，如果你想给人工智能发短信，那么在你使用的消息应用程序中拥有紧密集成和良好体验是非常有意义的。但是我们——虽然在美国有超过 1 亿人使用 WhatsApp，但它——我们目前显然不是美国主要的即时通讯应用，iMessage 才是。我们希望随着时间的推移成为领导者，但我们在那里的处境与我们在世界其他大部分地区使用 WhatsApp 的情况不同。
碎片化的基因。
So I think that the Meta AI app as a standalone is going to be particularly important in the United States to establishing leadership in -- as the main personal AI that people use. But we're going to keep on advancing the experiences across the board in all of these different areas.
因此，我认为 Meta AI 独立应用程序在美国对于确立其作为人们使用的主要个人人工智能的领导地位将尤为重要。但我们将继续在所有这些不同领域全面提升体验。
Operator
Your next question comes from the line of Justin Post with Bank of America. Please go ahead.
接线员
您的下一个问题来自美国银行的贾斯汀·波斯特。请讲。
Justin Post
Great. Thank you. A couple of questions. Just on the guide in the second quarter, there are reports of potential supply issues in e-commerce. How you thought about that in the guide, and maybe how you're thinking about it for the back half? And then on a bigger picture question, your CapEx spend is now on close to some hyperscalers with very big client bases?
贾斯汀·波斯特
太好了。谢谢。有几个问题。关于第二季度的指引，有报道称电子商务领域存在潜在的供应问题。您在指引中是如何考虑这一点的，以及您对下半年的情况有何看法？然后是一个更宏观的问题，你们的资本支出现在已经接近一些拥有非常庞大客户群的超大规模云服务提供商的水平了？
Just help us conceptualize the kind of ecosystem you're building with your CapEx. I know you gave a lot of help on the intro, but maybe the ROI works without direct enterprise spend to drive revenues. How you're thinking about that? Thank you.
请帮助我们理解你们用资本支出构建的生态系统。我知道你们在引言中提供了很多信息，但也许投资回报率可以在没有直接的企业支出推动收入的情况下实现。你们是如何考虑这一点的？谢谢。
Susan Li
Thanks, Justin. On the Q2 guide, there is uncertainty, obviously, and how the macro environment will evolve over time and how that could impact different segments of our business. Our Q2 revenue outlook aims to factor that in and partly -- that's partly why the $3 billion range reflects the potential for a wider range of outcomes.
苏珊·李
谢谢，贾斯汀。关于第二季度的指引，显然存在不确定性，宏观环境将如何随时间演变，以及这将如何影响我们业务的不同部门。我们的第二季度收入展望旨在将此因素考虑在内，部分原因——这也是为什么 30 亿美元的范围反映了更广泛结果的可能性。
Specifically, we have seen some reduced spend in the US from Asia-based e-commerce exporters, which we believe is in anticipation of the de minimis exemption going away on May 2nd. A portion of that spend has been redirected to other markets, but overall spend for those advertisers is below the levels prior to April. But our Q2 outlook reflects the trends we're seeing so far in April, which have generally been healthy. So it's very early and hard to know how things will play out over the quarter, and certainly harder to know that for the rest of the year.
具体而言，我们观察到来自亚洲的电子商务出口商在美国的支出有所减少，我们认为这是由于他们预计 5 月 2 日最低免税额规定将取消。这部分支出已部分转移到其他市场，但这些广告商的总体支出低于 4 月份之前的水平。但我们第二季度的展望反映了我们目前在 4 月份看到的趋势，总体而言是健康的。所以现在还为时过早，很难知道本季度的情况会如何发展，当然更难知道今年剩余时间的情况。
Your second question is about why we're investing more in CapEx. And we really believe that our ability to build world-class infrastructure gives us a meaningful advantage in both developing the leading AI technology and services over the coming years, and there are a lot of opportunities also for us to improve our core business by putting more compute against our ads and recommendation work.
你的第二个问题是关于我们为什么在资本支出方面投入更多。我们坚信，我们构建世界一流基础设施的能力，在未来几年开发领先的人工智能技术和服务方面为我们带来了显著优势，同时，通过将更多计算资源投入到我们的广告和推荐工作中，我们也有很多机会改进我们的核心业务。
So even with the capacity that we're bringing online in 2025, we are having a hard time meeting the demand that teams have for compute resources across the company. So we are going to continually invest meaningfully here across our infrastructure footprint, but we are also really looking to build this capacity in a way that gives us the maximum flexibility in how and when we deploy it over the coming years. So we can respond to how the market and technology develop.
因此，即使我们计划在 2025 年上线新的计算能力，我们仍然难以满足公司内部各个团队对计算资源的需求。因此，我们将继续在我们的基础设施领域进行有意义的投资，但我们也非常注重以一种能够在未来几年内最大限度地灵活部署的方式来构建这种能力。这样我们就能应对市场和技术的发展。
要有自己的地基，Amazon是第1个，Meta是第2个。
Operator
Your next question comes from the line of Doug Anmuth with JPMorgan. Please go ahead.
接线员
您的下一个问题来自摩根大通的道格·安穆斯。请讲。
Doug Anmuth
Thanks for taking the questions. I just wanted to follow up on CapEx and infrastructure spending. Just on the higher range for CapEx, can you just help us understand how much of that is tied to the additional data center investments versus the increased hardware costs, and really what's driving those higher hardware costs?
道格·安穆斯
感谢您回答问题。我只是想跟进一下关于资本支出和基础设施支出的问题。关于资本支出范围的上限，您能否帮助我们了解其中有多少与额外的数据中心投资有关，有多少与硬件成本增加有关，以及究竟是什么导致了硬件成本的上涨？
And then separately, there have been some articles suggesting that you've been looking to partner to share some of the costs of the AI infrastructure build-out. Can you just help us understand your thought process there and some of the pros and cons of going alone versus partnering? Thanks.
另外，有一些文章指出，你们一直在寻求合作伙伴来分担人工智能基础设施建设的部分成本。您能否帮助我们理解你们在这方面的思路，以及独立发展与合作的利弊？谢谢。
Susan Li
Thanks, Doug. So our increased CapEx outlook reflects both of those updates, the increased data center spend this year as we have made some adjustments to flex our build strategy that will enable us to really stand up capacity more quickly, both in '25 and '26. We haven't broken down sort of the exact drivers.
苏珊·李
谢谢，道格。我们增加的资本支出展望反映了这两方面的更新：今年数据中心支出的增加，因为我们对建设策略进行了一些调整，这将使我们能够在 25 年和 26 年更快地提升产能。我们还没有详细列出具体的驱动因素。
The higher cost we expect to incur for infrastructure hardware this year really comes from suppliers who source from countries around the world, and there's just a lot of uncertainty around this given the ongoing trade discussions. And so that is both reflected in the wider range that we are giving, and we're also working on our end on mitigations by optimizing our supply chain and our outlook is really trying to reflect our best understanding of the potential impact this year across all of that uncertainty.
我们预计今年基础设施硬件成本的上涨，主要来自于从世界各地采购的供应商，鉴于持续的贸易讨论，这方面存在很多不确定性。因此，这既反映在我们给出的更广泛的范围内，我们也在努力通过优化供应链来缓解影响，我们的展望确实试图反映我们对今年所有这些不确定性潜在影响的最佳理解。
On the second part of your question, we are -- we are pleased to have partners investing alongside us and bringing Llama to market like AWS and Azure, who are helping us host Llama. We're always looking for opportunities to continue deepening or expanding those partnerships, but we are funding the infrastructure that is being used to train Llama, and we don't have any expectation that will change at this point.
关于你问题的第二部分，我们——我们很高兴有像 AWS 和 Azure 这样的合作伙伴与我们一起投资并将 Llama推向市场，他们正在帮助我们托管 Llama。我们一直在寻找机会继续深化或扩大这些合作伙伴关系，但我们正在资助用于训练 Llama 的基础设施，目前我们预计这一点不会改变。
Operator
Your next question comes from the line of Mark Shmulik with Bernstein. Please go ahead.
接线员
您的下一个问题来自伯恩斯坦的马克·施姆利克。请讲。
Mark Shmulik
Yes, thanks for taking the questions. Mark, in your conversation last night with Satya, I think you both discussed a bit around kind of the portion of code being written internally by AI. Kind of back to some of your previous comments around this being a year where we might see AI kind of the place of a mid-level engineer. With the world evolving so quickly, can you share some places where you've seen strong traction there? And are we progressing kind of faster, slower as you expected towards this milestone?
马克·施姆利克
是的，感谢您回答问题。马克，在您昨晚与萨提亚的谈话中，我想你们都讨论了一下关于内部由人工智能编写代码的比例问题。回到您之前的一些评论，即今年我们可能会看到人工智能达到中级工程师的水平。世界发展如此之快，您能否分享一些在这方面看到强劲势头的地方？我们朝着这个里程碑前进的速度是比预期快还是慢？
And then, Susan, with the expense guidance coming down just a touch, how should we think about just the overall cadence of expected spending, really as it relates to kind of core business performance and just the realities of the day-to-day world we're living in? Thank you.
然后，苏珊，随着支出指引略有下调，我们应该如何看待预期支出的整体节奏，特别是与核心业务表现以及我们日常生活的现实相关的方面？谢谢。
Mark Zuckerberg
I can talk about the coding agent work. I don't think that there's been any real change in our prediction for the timing of this. So I'd say, it's basically still on track for something around a mid-level engineer, kind of starting to become possible sometime this year, scaling into next year. So I'd expect that by the middle to end of next year, AI coding agents are going to be doing a substantial part of AI research and development. So, we're focused on that.
马克·扎克伯格
我可以谈谈编码代理的工作。我认为我们对此事的时间预测没有任何真正的改变。所以我想说，它基本上仍按计划进行，大约在今年某个时候开始可能达到中级工程师的水平，并延续到明年。所以我预计到明年年中到年底，人工智能编码代理将承担人工智能研发的很大一部分工作。所以，我们专注于此。
Internally, we're also very focused on building AI agents or systems that can help, run different experiments to increase recommendations across our other AI products, like the ones that do recommendations across our feeds and things like that. So I think that if it works should just accelerate our progress in those areas. That's the basic bet that we're making.
在内部，我们也非常专注于构建人工智能代理或系统，这些代理或系统可以帮助运行不同的实验，以增加我们其他人工智能产品的推荐，例如那些在我们的信息流等内容中进行推荐的产品。所以我认为，如果这行得通，应该会加速我们在这些领域的进展。这是我们正在做的基本押注。
Susan Li
On your second question about our lowered expense outlook, really, we are four months into the year the lowered outlook reflects more refined forecasts, including updated expectations for both employee compensation as well as some other non-headcount-related operating expenses this year. And that's partially offset by higher expected infrastructure costs related to our increased CapEx outlook as well as higher expected Reality Labs cost of goods sold.
苏珊·李
关于您第二个关于我们降低支出展望的问题，实际上，今年已经过去了四个月，降低的展望反映了更精确的预测，包括对今年员工薪酬以及其他一些与员工人数无关的运营费用的更新预期。这部分被与我们增加的资本支出展望相关的更高预期基础设施成本以及更高预期的 Reality Labs 销售成本所抵消。
And we've maintained our $5 billion range just given the more dynamic operating environment that we're in. And what I would say is our investment posture today reflects the significant opportunities that we see across each of the Company and priorities that we're investing in this year. We will obviously continue evaluating depending on how macro conditions more broadly evolve.
考虑到我们所处的更具活力的运营环境，我们维持了 50 亿美元的范围。我想说的是，我们今天的投资姿态反映了我们在公司各个领域以及今年投资的优先事项中看到的重大机遇。显然，我们将根据宏观经济状况的更广泛演变继续进行评估。
But we really feel like these are big strategic priorities for us and are critical for us to continue investing in. And in fact, I think one of the aims of our efficiency work over the last two years was to put us in a stronger financial position, so that we can continue investing in key priorities through tougher financial cycles.
但我们确实认为这些是我们的重大战略优先事项，对我们继续投资至关重要。事实上，我认为我们过去两年效率工作的目标之一就是让我们处于更强大的财务状况，以便我们能够在更艰难的财务周期中继续投资于关键优先事项。
Operator
Your next question comes from the line of Ross Sandler with Barclays. Please go ahead.
接线员
您的下一个问题来自巴克莱银行的罗斯·桑德勒。请讲。
Ross Sandler
Great. Mark, yesterday in one of your many kind of podcast or keynote presentations, you had mentioned that like a bunch of projects that your teams want to or aspire to do are kind of bottlenecked by the AI capacity, which Susan just talked about earlier, and that even some of the testing that the ad ranking team wants to run is just getting kind of delayed.
罗斯·桑德勒
太好了。马克，昨天在您的众多播客或主题演讲中，您提到您的团队想要或渴望做的许多项目都受到人工智能能力的瓶颈限制，苏珊刚才也谈到了这一点，甚至广告排名团队想要进行的一些测试也因此被推迟了。
So I guess looking out either this year, next year, or whatever, when do you kind of see some of this constraint being eased back? And more broadly, we're kind of three years past the IDFA impact to your business. So, where do you -- where do you think we are in terms of just the overall improvements to the ad ranking system, the ROI that you guys are able to deliver, and like what inning are we in on that in your opinion? Thank you very much.
所以我想问，展望今年、明年或其他什么时候，您认为这种限制会得到缓解？更广泛地说，距离 IDFA 对您业务的影响已经过去了大约三年。那么，您认为我们在广告排名系统的整体改进、你们能够实现的投资回报率方面处于什么阶段，在您看来，我们目前处于哪个阶段？非常感谢。
Susan Li
I can take a shot at both of those, and Mark, you can obviously chime in. On the first question, the cap -- the capacity landscape we are in is pretty dynamic, both in terms of the many moving parts in terms of us bringing capacity online, but also in terms of the demand from different product groups in our company, whether they are in the Gen AI teams or whether they're doing more of the core AI work around ranking and recommendation.
苏珊·李
我可以尝试回答这两个问题，马克，您显然可以补充。关于第一个问题，我们所处的产能——产能状况非常动态，无论是从我们上线产能的许多变动因素来看，还是从我们公司不同产品组的需求来看，无论他们是属于生成式人工智能团队，还是从事更多围绕排名和推荐的核心人工智能工作。
So both the supply and demand are quite fluid and so we don't have a sort of fixed answer in terms of when we expect that we will sort of have enough supply to meet all demand, but that's something that we are working very hard to alleviate and it's part of why we accelerated bringing more data center space online this year and also we're very focused on increasing the efficiency of our workloads over the course of the year.
因此，供需双方都非常不稳定，所以我们对于何时能有足够的供应来满足所有需求没有一个固定的答案，但这是我们正在努力缓解的问题，这也是我们今年加速上线更多数据中心空间的部分原因，同时我们也非常专注于在年内提高我们工作负载的效率。
On your second question about ads performance ads ranking. We have invested for many years and continue to invest in driving ad performance improvements. Year-over-year conversion growth remains strong, and in fact, we continue to see conversions grow at a faster rate than ad impressions in Q1. So, reflecting increased conversion rates.
关于您第二个关于广告效果广告排名的问题。多年来，我们一直投资并继续投资于推动广告效果的提升。转化率同比增长依然强劲，事实上，在第一季度，我们继续看到转化率的增长速度快于广告展示次数的增长速度。因此，这反映了转化率的提高。
And ads ranking and modeling improvements are a big driver of overall performance gains. We have a lot of innovations in model architecture in both the ads retrieval and ranking stages of the ads delivery process to serve more relevant ads to people. We talked about the introduction of the new GEM ads recommendation model in Q1, and we have talked about some of the prior model architecture improvements like Lattice and Andromeda in past quarters.
广告排名和建模的改进是整体效果提升的重要驱动因素。我们在广告投放过程的广告检索和排名阶段的模型架构方面进行了大量创新，以便向人们投放更相关的广告。我们在第一季度谈到了新的 GEM 广告推荐模型的引入，并且在过去的季度中我们也谈到了一些先前的模型架构改进，如 Lattice 和 Andromeda。
For us, we really believe first and foremost that advertising is a relative performance game, and that's especially important for us, because the vast majority of our business is direct response advertising. So we feel good about how the prior investments are paying off, and we continue to invest in a lot of different work to constantly improve our ads ranking and recommendations performance.
对我们来说，我们首先坚信广告是一场相对效果的竞赛，这对我们尤其重要，因为我们绝大多数业务是直接响应式广告。因此，我们对先前投资的回报感到满意，并且我们将继续投资于许多不同的工作，以不断提高我们的广告排名和推荐效果。
同样是推荐引擎，会不会影响缺少算力支持的字节。
Operator
Your next question comes from the line of Kenneth Gawrelski with Wells Fargo. Please go ahead.
接线员
您的下一个问题来自富国银行的肯尼斯·高雷尔斯基。请讲。
Kenneth Gawrelski
Thank you so much. Two for me, please. First, maybe, Mark. How should we think about the timing of AI capabilities necessary to drive WhatsApp for business adoption in higher cost -- higher labor cost labor markets? What is Meta doing to accelerate that adoption? And do you see this as mostly incremental to SME ad spend that you're already capturing?
肯尼斯·高雷尔斯基
非常感谢。我有两个问题。第一个，也许是问马克。我们应该如何看待在劳动力成本较高的市场中，推动 WhatsApp 商业版普及所需的人工智能功能的时间表？Meta 正在采取哪些措施来加速这种普及？您认为这主要是对你们已经获取的中小企业广告支出的增量吗？
And then first, Susan, one, please. What does the revised CapEx outlook for this year for '25 mean about future years? Does it mean anything, or you talked about this being an acceleration in your revised outlook statement. Should we think about this as a new starting point for -- to think about '26 and beyond? Or should we just start fresh in '26 and think about the needs and capacity at that point? Thank you.
然后，苏珊，请回答一个问题。今年修订后的 25 年资本支出展望对未来几年意味着什么？它有任何意义吗，或者您在修订后的展望声明中谈到这是一种加速。我们是否应该将其视为思考 26 年及以后发展的新起点？还是我们应该在 26 年重新开始，并考虑届时的需求和能力？谢谢。
Susan Li
I'm happy to take -- I'll go ahead and take both of those, and Mark, you should feel free to chime in wherever you would like. So Mark talked a little bit about our general vision that every business will soon have an AI that is an expert on their business for their customers to talk to in the same way that today they've got email and websites, social media presences, et cetera. We are currently testing business AIs with a limited set of businesses in the U.S. and a few additional countries on WhatsApp, Messenger, and on -- ads on Facebook and Instagram. We've been starting with small businesses and focusing first on helping them sell their goods and services with business AIs.
苏珊·李
我很高兴回答——我来回答这两个问题，马克，你可以随时补充。马克之前谈到过我们的大致愿景，即每家企业很快都会拥有一个了解其业务的人工智能，供客户与之交流，就像今天他们拥有电子邮件、网站、社交媒体账号等一样。我们目前正在美国和少数几个其他国家/地区，通过 WhatsApp、Messenger 以及 Facebook 和 Instagram 上的广告，与有限数量的企业测试商业人工智能。我们从小型企业入手，首先专注于帮助他们利用商业人工智能销售商品和服务。
But ultimately, we are working on tools to support businesses at every stage of the customer funnel, from lead generation to order management and customer service, and a core area that we're addressing right now is really the ability for businesses to customize and control the agent to achieve the outcome that they want.
但最终，我们致力于开发工具，以支持企业在客户漏斗的每个阶段，从潜在客户开发到订单管理和客户服务。我们目前正在解决的一个核心领域是，企业能够定制和控制代理以实现他们想要的结果。
So we've launched a new agent management experience and dashboard that makes it easier for businesses to train their AI based on existing information on their website or WhatsApp profile, or their Instagram and Facebook pages, and we're starting with the ability for businesses to activate AI in their chats with customers.
因此，我们推出了新的代理管理体验和仪表板，使企业可以更轻松地根据其网站、WhatsApp 个人资料或 Instagram 和 Facebook 页面上的现有信息来训练其人工智能，并且我们首先让企业能够在与客户的聊天中激活人工智能。
We are also testing business AIs on Facebook and Instagram ads that you can ask about product and return policies, or assist you in making a purchase within our in-app browser. So again, the ultimate vision is to build an experience that serves customers across all of these different services and apps. No matter where you engage with the business AI, it should be one agent that recalls your history and your preferences and we're hearing encouraging feedback is particularly that adopting these AIs are saving the businesses that we're testing with a lot of time and helping to determine which conversations make sense for them to spend more time on.
我们还在 Facebook 和 Instagram 广告上测试商业人工智能，您可以询问有关产品和退货政策的问题，或者在我们的应用内浏览器中协助您进行购买。因此，最终的愿景是构建一种体验，通过所有这些不同的服务和应用程序为客户提供服务。无论您在何处与商业人工智能互动，它都应该是一个能够记住您的历史和偏好的代理，我们听到的令人鼓舞的反馈尤其是，采用这些人工智能为我们正在测试的企业节省了大量时间，并帮助他们确定哪些对话值得他们花更多时间。
很有可能的发展方向，Meta、腾讯目前占据这个方向上的优势。
And then your second question right was about 2026 CapEx. You know, infrastructure, as I alluded to earlier, just is a very dynamic planning area given the continued advances in AI, and also for us, the fact that we continue to find a lot of good use cases to put capacity toward in our core AI ranking and recommendations work. So I would say it's too early to discuss plans beyond 2025.
然后你的第二个问题是关于 2026 年的资本支出。你知道，正如我之前提到的，基础设施是一个非常动态的规划领域，因为人工智能在不断发展，而且对我们来说，我们不断在核心人工智能排名和推荐工作中找到很多好的用例来投入产能。所以我认为现在讨论 2025 年以后的计划还为时过早。
Operator
Your next question comes from the line of Youssef Squali with Truist Securities. Please go ahead.
接线员
您的下一个问题来自 Truist Securities 的优素福·斯夸利。请讲。
Youssef Squali
Great. Thank you guys for taking the question. So Mark, in a world where we now have maybe five to 10 chatbots, including Meta AI, on our smartphones doing virtually the same thing. Do you think this is a market much like Search, where the winner takes most, or is it likely to be much more fragmented? But in either case, what would you say are the top two or three competitive advantages of Meta AI?
优素福·斯夸利
太好了。谢谢你们回答问题。那么，马克，在一个我们的智能手机上现在可能有五到十个聊天机器人（包括 Meta AI）几乎在做同样事情的世界里。您认为这是一个像搜索那样赢家通吃的市场，还是可能会更加分散？但无论哪种情况，您认为 Meta AI 的两三个主要竞争优势是什么？
And then, Susan, on the EU decision connection with the DMA, what kind of modifications will you need to make to the apps? And can you maybe just help us gauge the potential financial fallout, understanding that it may still obviously be too early? Thank you.
然后，苏珊，关于欧盟根据数字市场法案 (DMA) 做出的决定，你们需要对应用程序进行哪些修改？您能否帮助我们评估潜在的财务影响，尽管我们理解现在可能还为时过早？谢谢。
Mark Zuckerberg
Yes. On Meta AI, I mean, I think that there are going to be a number of different agents that people use, just like people use different apps for different things. I'm not sure that people are going to use multiple agents for the same exact things, but I'd imagine that something that is more focused on kind of enterprise productivity might be different from something that is somewhat more optimized for personal productivity and that might be somewhat different from something that is optimized for entertainment and social connectivity.
马克·扎克伯格
是的。关于 Meta AI，我的意思是，我认为人们会使用许多不同的代理，就像人们针对不同的事物使用不同的应用程序一样。我不确定人们是否会针对完全相同的事情使用多个代理，但我可以想象，更侧重于企业生产力的代理可能不同于更侧重于个人生产力的代理，而这又可能不同于更侧重于娱乐和社交连接的代理。
So I know there will be -- there will be different experiences. One of the trends that I think we're starting to see now is personalization across the -- across these. Right now, if the experience is unpersonalized, then you can kind of just go to different apps and get reasonably similar answers to different questions, but once an AI starts getting to know you and what you care about in context and can build up memory from the conversations that you've had with it over time, I think that will start to become somewhat more of a differentiator. That's one thing that we think will matter.
所以我知道会有——会有不同的体验。我认为我们现在开始看到的一个趋势是跨——跨这些平台的个性化。目前，如果体验是非个性化的，那么你可以去不同的应用程序，对不同的问题得到相当相似的答案，但是一旦人工智能开始了解你，了解你在特定情境下关心什么，并且能够从你与它随着时间的推移进行的对话中建立记忆，我认为这将开始变得更具差异化。这是我们认为重要的一点。
And then, of course, there's all the different modalities, being able to not just answer questions about in text, but being able to do voice and multimodal and be able to produce images and videos and understand all those things and have good conversations about that I think is going to be important overall. So yes, I mean I think Meta AI is well-positioned, but we have a lot of work to do in order to make it the leading personal AI.
然后，当然，还有所有不同的模式，不仅仅是能够回答文本问题，还能够进行语音和多模式交互，能够生成图像和视频，理解所有这些东西，并就此进行良好的对话，我认为这总体上将非常重要。所以是的，我的意思是，我认为 Meta AI 处于有利地位，但我们还有很多工作要做，才能使其成为领先的个人人工智能。
Susan Li
And Youssef, on your second question, it is really too early to speak about what those changes could be because we are in the process of engaging with the European Commission. I think maybe the most useful sort of metric I could give you is just that our advertising revenue in the European economic area in Switzerland, which would be the geographies impacted here, was 16% of our worldwide total revenue in 2024. Again, we are continuing to engage actively with the European Commission further on this. So we hope to have more clarity by next quarter's call.
苏珊·李
优素福，关于你的第二个问题，现在谈论这些变化可能是什么还为时过早，因为我们正在与欧盟委员会进行沟通。我想，我能给你的最有用的衡量标准可能是，我们在欧洲经济区和瑞士（这将是受影响的地区）的广告收入占我们 2024 年全球总收入的 16%。再次强调，我们正在继续就此与欧盟委员会积极沟通。因此，我们希望在下个季度的电话会议之前能有更清晰的了解。
Kenneth Dorell
Krista, we have time for one last question.
肯尼斯·多雷尔
克里斯塔，我们还有时间问最后一个问题。
Operator
Your last question comes from the line of Mark Mahaney with Evercore ISI. Please go ahead.
接线员
您的最后一个问题来自 Evercore ISI 的马克·马哈尼。请讲。
Mark Mahaney
Thanks. I'll just throw in two. I think you called out the China-based retailers as one sort of potentially soft advertising vertical. Anything else you'd call out? And I would just suggest autos, is that an area of any softness? And then on the Reality Labs and on the losses associated with Reality Labs, they've been very consistent, whatever, $4 billion a quarter for quite some time. Is there -- is there light at the end of the tunnel? Is there a reason to think?
马克·马哈尼
谢谢。我就问两个问题。我想你们提到了中国零售商是一个潜在疲软的广告垂直领域。还有其他需要指出的吗？我想提一下汽车行业，这个领域是否存在疲软？然后是关于 Reality Labs 以及 Reality Labs 相关亏损的问题，这些亏损在相当长一段时间内一直非常稳定，每季度大约 40 亿美元。隧道尽头是否有曙光？有什么理由这么认为吗？
Is there a factor that would occur that would cause those losses to come down? And when would that be, but maybe more importantly, what is going to cause those losses to come down? Thank you very much.
是否存在某种因素会导致这些亏损下降？那会是什么时候？但也许更重要的是，什么因素会导致这些亏损下降？非常感谢。
Susan Li
Mark, let me take your first question about other verticals. We generally saw healthy growth in most verticals in Q1. We did see some weakness in gaming and politics. So, year-over-year growth in gaming was negative in Q1, as we lapped a period of strong spend from China-based advertisers that were promoting a larger volume of game titles in Q1 of 2024.
苏珊·李
马克，我来回答你关于其他垂直领域的第一个问题。第一季度，我们看到大多数垂直领域都实现了健康增长。我们确实在游戏和政治领域看到了一些疲软。因此，第一季度游戏领域的同比增长为负，因为我们对比的是 2024 年第一季度中国广告商支出强劲的时期，当时他们推广了更大数量的游戏。
And then year-over-year growth in the government and politics vertical dropped sharply as expected with the conclusion of U.S. elections and but that continues to just be a very small vertical overall.
然后，随着美国大选的结束，政府和政治垂直领域的同比增长正如预期的那样急剧下降，但这总体上仍然是一个非常小的垂直领域。
And then your second question on Reality Labs. Yes.
然后是你关于 Reality Labs 的第二个问题。是的。
Mark Zuckerberg
I mean, we're basically focused on doing the work more efficiently, but as the AI glasses have really taken off, I've talked about this on a number of calls, there are more investments that I think make sense to make around making sure that we can distribute this and grow it very quickly. I mean, some of the -- if you look at the -- some of the leading consumer electronics products of other categories, by the time they get to their third generation, they're often selling 10 million units and scaling from there and I'm not sure if we're going to do exactly that, but I think that that's like the ballpark of the opportunity that we have and that's something that I think we're kind of focused on scaling to that and then scaling beyond that for the generations after that.
马克·扎克伯格
我的意思是，我们基本上专注于更有效地完成工作，但是随着人工智能眼镜的真正兴起，我在多次电话会议中都谈到过这一点，我认为进行更多投资以确保我们能够快速分发和发展它是合理的。我的意思是，如果你看看其他类别的一些领先的消费电子产品，当它们发展到第三代时，通常销量会达到 1000 万台并从此开始扩展，我不确定我们是否会完全做到这一点，但我认为这大致是我们拥有的机会范围，这也是我们专注于扩展到这个水平，然后在之后的几代产品中进一步扩展的目标。
So, I think some of the effort that we're doing is going to -- we're going to get more efficient in some parts of the work that we do, but then as a bunch of the products start to hit and start to grow even bigger than the number that I just said is just sort of like the sort of a near-term milestone, then I think we'll continue scaling in terms of distribution and then at some point, just like the other products that we build-out, we will feel like we're at a sufficient scale that we're going to primarily focus on making sure that, we're monetizing and building an efficient business around it. But that's kind of where we're at on it. We're definitely focused on doing the work more efficiently, but also very optimistic about what we're seeing in the results, especially on the AI glasses side.
所以，我认为我们正在做的一些努力将会——我们将在我们所做工作的一些部分变得更有效率，但是当一系列产品开始成功并开始增长，甚至超过我刚才所说的那个数字，那只是一个近期的里程碑，那么我认为我们将继续在分销方面进行扩展，然后在某个时候，就像我们开发的其他产品一样，我们会觉得我们已经达到了足够的规模，我们将主要专注于确保我们能够围绕它进行盈利并建立一个高效的业务。但这差不多就是我们目前的情况。我们肯定专注于更有效地完成工作，但同时也对我们看到的结果非常乐观，尤其是在人工智能眼镜方面。
Kenneth Dorell
Great. Thank you, everyone, for joining us today. Excuse me, and we look forward to speaking to you again soon.
肯尼斯·多雷尔
太好了。感谢大家今天加入我们。抱歉，我们期待很快再次与您交谈。
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