META 营收与利润均超出预期；MetaMuse 约一个半月内下载量达1000万、日活约250万。凭借 META 旗下 Instagram 和 Facebook 的分发能力，MetaMuse 达到数十亿用户是可信的，但算力成本高昂，数据隐私方面的担忧依然存在。
逐段跳播
Meta Platforms 公布的季度财务业绩在营收和利润方面都超出了预期，并给出了有意思的未来预测，同时宣布已有1000万人下载了其新的个人智能体“MetaMuse”。
Meta Platforms achieved quarterly financial results that exceeded expectations in terms of revenue and profits, and provided interesting future projections . With the announcement that 10 million people have downloaded their new personal agent, "MetaMuse".
我在直播报道他们的财报业绩时，投资者对他们在 Meta.com 上看到的内容印象深刻。当我在与频道会员的独家直播中讨论市场对 Meta 财报的即时反应时，这只股票上涨了4%或5%。
When I was live-streaming to cover their earnings results, investors were impressed by what they saw from Meta.com. The stock rose by 4 or 5% when I was on an exclusive live stream with channel members to discuss the immediate reaction to Meta's results.
今天，就在今天早上，我在录制这段视频时看到 Meta 的股票已经下跌了6%或7%。我知道很多投资者都在想：“Meta 的股票到底怎么了？”因此，我会在这里做更深入的分析，查看公司电话会议的记录、管理团队表态的细节，以及这些对投资者可能意味着什么。
Today, this morning, I see that Meta's stock has dropped by 6 or 7 % while I am recording this video. So, I know many investors are wondering: "What's happening to Meta stock?"
Therefore, I will conduct a deeper analysis here , looking at the company's conference call transcripts, the details of what the management team said, and what that might mean for investors.
这一切的核心是 Meta 的社交媒体应用，它们合计拥有36.4亿用户。与去年同期相比，这是低个位数的增长。因为互动才是这些业绩的真正驱动力。人们打开应用的频率更高了，而且打开之后，花在上面的时间也更长了。
So, the crux of all this is Meta's social media apps , which have a total of 3.64 billion users. This was a slight single-digit increase compared to the same time last year. Since interaction is the real driver of these results.
People are opening apps more frequently, and when they do open them, they are spending more time on them.
让我印象深刻的是，公司有能力开发出获得大量市场份额的新应用，它利用自己的分发能力向 Instagram、Facebook 等平台的用户发送通知，敦促他们加入 Threads，而 Threads 的月活跃用户现在已经超过了 X 平台。
What impressed me was the company’s ability to develop new applications that gained a large market share, as it leverages its distribution power to send notifications to users on Instagram, Facebook, etc., urging them to join Threads, which has now surpassed the X platform in terms of monthly active users.
当然，新的个人智能体 Meta Muse 的发布是所有发布中最成功的，或者说属于最成功的发布之一。他们正把它整合进自己的硬件产品中。他们推出了几款新眼镜和小设备，都把“Muse”融入其中。
当这个由 AI 驱动的个人智能体被内置到这些产品中时，每一款产品对消费者的价值都更高了，而且仅仅一个半月，MetaMuse 就已经实现了1000万次下载。这比“ChatGBT”或任何其他达到1000万次下载的应用都要快。
But of course, the launch of Meta Muse, the new personal agent , was the most successful of all, or among the most successful launches. They are integrating it into their hardware products.
They have introduced several new glasses and gadgets with "Muse" incorporated into them. This makes each of those products more valuable to consumers when this AI- powered personal agent is built into them, and in just a month and a half, they have already achieved 10 million downloads for MetaMuse.
This is faster than “ ChatGBT” or any other app that has managed to reach 10 million downloads.
根据 Meta 的说法，设置使用它的人中有25%每天都在使用。这意味着 MetaMuse 已经有大约250万日活跃用户。他们强调，目前最常见的使用场景是购物，平均单笔购买金额超过200美元。
Well, according to Meta, 25% of the people who set it up use it every day. That means there are already about 2.5 million daily active users for MetaMuse . They highlight that the most common use case at the moment is shopping, with an average purchase size exceeding $200.
现在，我很想听听你们的看法。你在用“MetaMuse”吗？你允许它访问你的电子邮件吗？你会把某些账户的登录名和密码信息提供给它吗？你允许它替你购物吗？我下载了它，看起来很棒，但我还没有给它主要的核心权限。
我想看看这个应用会如何发展。我想看看我听说过的那些安全担忧，比如智能体失控，以及当你把信息交给它们时的数据隐私问题。我很想在下面的评论里听到你们的想法。
And now , I am eager to hear your opinions. Do you use " MetaMuse"? Do you grant him permission to access your email? Do you provide him with the login and password information for some of your accounts?
Do you allow him to make purchases on your behalf ? I downloaded it and it looked great , but I haven't given it major primary permissions yet . I want to see how the application will develop.
I want to see some of the security concerns I've heard about, about agents getting out of control, and data privacy concerns when you give them your information. I'm eager to hear your thoughts on this in the comments below.
所以，除了购物之外，最常见的连接器是用于个人生产力，连接电子邮件和日历，并让应用就这些事情提醒你。因此，他们现在进入了一个更偏运营的阶段，重点是扩大这款产品的覆盖范围，以增加收入并改善算力成本。
他们确认这款产品的算力成本很高，同时也预计会随着时间推移降低这些成本。他们还预计“Muse”会增长到服务数十亿人。
So, aside from shopping , the most common connectors are for personal productivity, linking to email and calendar, and having the app alert you to these things. Therefore, they are now entering a more operational phase focused on expanding the scope of this product to increase revenue and improve computing costs.
They confirmed that the computing cost for this product is high, and they also expect to reduce those costs over time. They also expect " Muse" to grow to serve billions of people.
你可能会想，如果是另一家公司强调一款新应用并预测它会增长到覆盖数十亿人，在我看来，那会是不切实际、过于乐观的预测。但对 Meta Platforms 来说，这似乎是合理的。原因是他们已经有日活跃用户达数十亿的应用。
因此，他们可以把 MetaMuse 推广给已经在使用他们许多应用的人，并把它整合进其中许多应用，包括 Instagram 和 Facebook。所以，我认为他们能达到数十亿人，因为 Meta 拥有这种分发能力，而世界上只有极少数公司具备这种能力。
You might think that if another company were to highlight a new app and predict that it would grow to reach billions of people, that would be, to me, an unrealistic and overly optimistic prediction.
But for Meta Platforms, it seems reasonable. The reason is that they already have apps with billions of daily active users. Therefore, they can promote MetaMuse to people who already use many of their apps and integrate it into many of them, including Instagram and Facebook.
Therefore, I can see them reaching billions of people because of the distribution power that Meta possesses, which only a very few companies in the world have.
这个频道对 $META 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 10 条判断，这里只列相邻的几条。