<p>作者：Emily Bary</p>
<p>Meta 的首席营收官在华尔街对人工智能投资回报的关注加剧之际离职。</p>
<p>Meta 的股票面临抹去年初至今所有涨幅的风险。</p>
<p>随着 Meta Platforms 加大努力从人工智能中获利，将会有新的领导层负责营收生成活动。</p>
<p>Meta（META）资深员工约翰·赫根曼（John Hegeman）最近担任首席营收官，计划离开公司并创办一家新公司。他在周二的 Facebook 帖子中宣布这一决定时表示：“Meta 的业务比以往任何时候都强大，公司在人工智能驱动的未来中处于非常有利的位置。”</p>
<p>Meta 的一位发言人确认了这一变动。</p>
<p>赫根曼的帖子表示，安德鲁·博金（Andrew Bocking）将成为广告和商业消息的产品组负责人，他曾领导 Meta 的广告产品和战略团队。娜奥米·格莱特（Naomi Gleit）将负责商业人工智能和其他新的货币化努力。彭博新闻称，她是除了首席执行官马克·扎克伯格（Mark Zuckerberg）之外 “在 Meta 工作时间最长的员工”。</p>
<p>另见：这 13 只科技股利润快速增长——而且仍在打折中。</p>
<p>Meta 在将平台转变为现金机器方面取得了成功。早在 2012 年，当母公司仍称为 Facebook 时，它以约 10 亿美元收购了 Instagram。这笔收购为 Meta 带来了丰厚的回报，Meta 也成功应对了向新内容形式（如 Reels）的过渡，尽管这些形式最初对收入造成了拖累。</p>
<p>其他举措的显现速度较慢。最近，Meta 试图通过为企业提供付费服务来实现 WhatsApp 的货币化，但在收购该平台十多年后，Meta 仍未看到其带来巨大的收入贡献。</p>
<p>现在，焦点转向人工智能，Meta 正在向其大型语言模型和广告工具投入资金。投资者在等待 Meta 所有人工智能支出的回报时变得越来越不耐烦。预计今年的总支出可能达到 1180 亿美元，比去年增长 24%，尽管该估计还包括人工智能以外的支出。</p>
<p>尽管德意志银行分析师本杰明·布莱克（Benjamin Black）对 Meta 快速增长的广告业务持乐观态度，但他在最近的一份报告中承认，“有人会争辩说，Meta 尚未从这一增长投资周期中扩展出任何真正有形的新产品。”</p>
<p>支出担忧对 Meta 的股票造成了压力，股票面临抹去 2025 年涨幅的危险。根据道琼斯市场数据，在 8 月份股票达到峰值收盘时，年初至今上涨约 35%。现在，Meta 的年初至今涨幅已缩小至仅约 2%。</p>
<p>另见：随着人工智能交易的退潮，另外两只 “壮丽七侠” 股票现在处于修正区间。</p>
<p>“我们对 Meta 短期前景的悲观核心观点是，Meta 加大投资周期不会产生足够强劲的回报，” MoffettNathanson 分析师迈克尔·纳森森（Michael Nathanson）在周二 CRO 新闻发布前写道。他指出，Meta 的资本支出与收入的比率在 2026 年可能达到 47%，而微软（MSFT）预计为 29%，Alphabet（GOOG）（GOOGL）为 26%，亚马逊（AMZN）为 16%。</p>
<p>纳森森写道：“虽然微软、Alphabet 和亚马逊都可以将其云平台作为直接、可扩展的货币化渠道来支持其人工智能资本支出，但 Meta 缺乏类似的、连贯的直接货币化路径。”</p>
<p>在没有云业务的情况下，Meta 专注于围绕超级智能（Superintelligence）创建业务，扎克伯格表示，这指的是 “自动化所有有价值的工作”，以便人们可以花 “更多时间在创造力、文化、关系和享受生活上。”</p>
<p>Needham 的劳拉·马丁（Laura Martin）也强调了 Meta 缺乏云业务使其处于相对劣势，因为竞争对手可以 “产生部分抵消其生成性人工智能投资的增量收入。” 相反，生成性人工智能 “对 Meta 来说主要是增量成本，” 她在周二早些时候写道。</p>
<p>不要错过：Meta 的股票是新的 “壮丽七侠” 垫脚石。你应该趁机买入吗？</p>
<p>-Emily Bary</p>
<p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>11-18-25 2109ET</p>

META

<p>Meta 的股票一直承受着巨大的压力。现在公司正在经历一场变革</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>Meta's chief revenue officer is leaving at a time when Wall Street has become more concerned about the return on AI investments</p>
<div class="lb-trans"><p>Meta 的首席营收官在华尔街对人工智能投资回报的关注加剧之际离职。</p>
</div><p>Meta's stock is at risk of wiping out all its year-to-date gains.</p>
<div class="lb-trans"><p>Meta 的股票面临抹去年初至今所有涨幅的风险。</p>
</div><p>As Meta Platforms steps up its efforts to make money off of artificial intelligence, it will have new leadership in charge of revenue-generating activities.</p>
<div class="lb-trans"><p>随着 Meta Platforms 加大努力从人工智能中获利，将会有新的领导层负责营收生成活动。</p>
</div><p>John Hegeman, a Meta (META) veteran who most recently served as chief revenue officer, plans to leave the company and start a new one. &#34;Meta's business is as strong as it has ever been, and the company is very well-positioned for an AI-powered future,&#34; he said in a Tuesday Facebook post announcing the move.</p>
<div class="lb-trans"><p>Meta（META）资深员工约翰·赫根曼（John Hegeman）最近担任首席营收官，计划离开公司并创办一家新公司。他在周二的 Facebook 帖子中宣布这一决定时表示：“Meta 的业务比以往任何时候都强大，公司在人工智能驱动的未来中处于非常有利的位置。”</p>
</div><p>A Meta spokesperson confirmed the change.</p>
<div class="lb-trans"><p>Meta 的一位发言人确认了这一变动。</p>
</div><p>Hegeman's post said that Andrew Bocking, who has led Meta's advertising product and strategy team, will become the product group lead for ads and business messaging. Naomi Gleit will lead business AI and other new monetization efforts. Bloomberg News said she was &#34;the longest-tenured Meta employee&#34; besides CEO Mark Zuckerberg.</p>
<div class="lb-trans"><p>赫根曼的帖子表示，安德鲁·博金（Andrew Bocking）将成为广告和商业消息的产品组负责人，他曾领导 Meta 的广告产品和战略团队。娜奥米·格莱特（Naomi Gleit）将负责商业人工智能和其他新的货币化努力。彭博新闻称，她是除了首席执行官马克·扎克伯格（Mark Zuckerberg）之外 “在 Meta 工作时间最长的员工”。</p>
</div><p>See also: These 13 tech stocks have grown profits rapidly - and they're still on sale</p>
<div class="lb-trans"><p>另见：这 13 只科技股利润快速增长——而且仍在打折中。</p>
</div><p>Meta has been successful in turning platforms into cash machines. Back in 2012 when the parent company was still called Facebook, it acquired Instagram for about $1 billion. That purchase has paid off big time for Meta, which has also navigated the transition to new content forms, like Reels, that were initially a drag on revenue.</p>
<div class="lb-trans"><p>Meta 在将平台转变为现金机器方面取得了成功。早在 2012 年，当母公司仍称为 Facebook 时，它以约 10 亿美元收购了 Instagram。这笔收购为 Meta 带来了丰厚的回报，Meta 也成功应对了向新内容形式（如 Reels）的过渡，尽管这些形式最初对收入造成了拖累。</p>
</div><p>Other initiatives have been slower to manifest. Recently Meta has been trying to monetize WhatsApp through paid offerings for businesses, but more than a decade after acquiring the platform, Meta still isn't seeing huge revenue contributions from it.</p>
<div class="lb-trans"><p>其他举措的显现速度较慢。最近，Meta 试图通过为企业提供付费服务来实现 WhatsApp 的货币化，但在收购该平台十多年后，Meta 仍未看到其带来巨大的收入贡献。</p>
</div><p>And now the focus has turned to artificial intelligence, where Meta is pouring money into its large language models and tools for advertisers. Investors have grown more impatient as they wait to see the returns on all all of Meta's AI spending. Total expenditures could amount to $118 billion this year, up 24% from a year before, though that estimate also includes things besides AI.</p>
<div class="lb-trans"><p>现在，焦点转向人工智能，Meta 正在向其大型语言模型和广告工具投入资金。投资者在等待 Meta 所有人工智能支出的回报时变得越来越不耐烦。预计今年的总支出可能达到 1180 亿美元，比去年增长 24%，尽管该估计还包括人工智能以外的支出。</p>
</div><p>While Deutsche Bank analyst Benjamin Black is upbeat about Meta's fast-growing advertising business, &#34;some will argue that Meta has yet to scale any real tangible...new products from this growing investment cycle,&#34; he acknowledged in a recent note.</p>
<div class="lb-trans"><p>尽管德意志银行分析师本杰明·布莱克（Benjamin Black）对 Meta 快速增长的广告业务持乐观态度，但他在最近的一份报告中承认，“有人会争辩说，Meta 尚未从这一增长投资周期中扩展出任何真正有形的新产品。”</p>
</div><p>The spending concerns have weighed on Meta's shares, which are in danger of wiping out their 2025 gains. At the stock's peak close in August, it was up about 35% on the year, according to Dow Jones Market Data. Now Meta's year-to-date gains have narrowed to just about 2%.</p>
<div class="lb-trans"><p>支出担忧对 Meta 的股票造成了压力，股票面临抹去 2025 年涨幅的危险。根据道琼斯市场数据，在 8 月份股票达到峰值收盘时，年初至今上涨约 35%。现在，Meta 的年初至今涨幅已缩小至仅约 2%。</p>
</div><p>See also: Two more 'Magnificent Seven' stocks are now in correction territory as the AI trade unwinds</p>
<div class="lb-trans"><p>另见：随着人工智能交易的退潮，另外两只 “壮丽七侠” 股票现在处于修正区间。</p>
</div><p>&#34;At the core of our dour near-term thesis is the view that Meta's stepped-up investment cycle will not generate sufficiently strong returns,&#34; MoffettNathanson analyst Michael Nathanson wrote Tuesday, ahead of the CRO news. He noted that Meta's ratio of capital expenditures to revenue could hit 47% in 2026, versus an estimated 29% for Microsoft (MSFT), 26% for Alphabet (GOOG) (GOOGL) and 16% for Amazon (AMZN).</p>
<div class="lb-trans"><p>“我们对 Meta 短期前景的悲观核心观点是，Meta 加大投资周期不会产生足够强劲的回报，” MoffettNathanson 分析师迈克尔·纳森森（Michael Nathanson）在周二 CRO 新闻发布前写道。他指出，Meta 的资本支出与收入的比率在 2026 年可能达到 47%，而微软（MSFT）预计为 29%，Alphabet（GOOG）（GOOGL）为 26%，亚马逊（AMZN）为 16%。</p>
</div><p>Nathanson wrote that &#34;while Microsoft, Alphabet and Amazon can all point to their cloud platforms as direct, scalable monetization channels for their AI capex, Meta lacks a comparable, coherent pathway for monetizing [generative AI] directly.&#34;</p>
<div class="lb-trans"><p>纳森森写道：“虽然微软、Alphabet 和亚马逊都可以将其云平台作为直接、可扩展的货币化渠道来支持其人工智能资本支出，但 Meta 缺乏类似的、连贯的直接货币化路径。”</p>
</div><p>In the absence of a cloud business, Meta has focused on creating a business around Superintelligence, which Zuckerberg says refers to the process of &#34;automating all valuable work&#34; so that people can spend &#34;more time on creativity, culture, relationships and enjoying life.&#34;</p>
<div class="lb-trans"><p>在没有云业务的情况下，Meta 专注于围绕超级智能（Superintelligence）创建业务，扎克伯格表示，这指的是 “自动化所有有价值的工作”，以便人们可以花 “更多时间在创造力、文化、关系和享受生活上。”</p>
</div><p>Needham's Laura Martin also emphasized how Meta's lack of a cloud business puts it at a relative disadvantage, as rivals can &#34;generate incremental revenues that partially offset their [generative AI] investments.&#34; Conversely, generative AI &#34;is primarily an incremental cost to Meta,&#34; she wrote earlier Tuesday.</p>
<div class="lb-trans"><p>Needham 的劳拉·马丁（Laura Martin）也强调了 Meta 缺乏云业务使其处于相对劣势，因为竞争对手可以 “产生部分抵消其生成性人工智能投资的增量收入。” 相反，生成性人工智能 “对 Meta 来说主要是增量成本，” 她在周二早些时候写道。</p>
</div><p>Don't miss: Meta's stock is the new 'Magnificent Seven' doormat. Should you buy the dip?</p>
<div class="lb-trans"><p>不要错过：Meta 的股票是新的 “壮丽七侠” 垫脚石。你应该趁机买入吗？</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>11-18-25 2109ET</p>
<div class="lb-trans"><p>11-18-25 2109ET</p>
</div>

Meta's stock has been under heavy pressure. Now the company is undergoing a shakeup.

- Meta 首席营收官约翰·赫根曼将离职，计划创办新公司。  
- Meta 在人工智能投资上面临回报压力，股价风险加大。  
- 投资者对 Meta 的 AI 支出回报感到不满，股价年初至今涨幅缩小至约 2%。

Meta Platforms 的股票一直面临巨大压力。目前，公司正在进行重组