Mark Zuckerberg: Yes. So, I mean on the efficiency point, I think we come to it from a few places. I mean one is just like the journey of the company. And for the first 18 years, I think we grew at 20%, 30% compound or a lot more every year, right. And then obviously, that changed very dramatically in 2022, where our revenue was negative for the growth for the first time in the company’s history. So, that was a pretty big step down. And we don’t anticipate that, that’s going to continue, but I also don’t think it’s going to necessarily go back to the way it was before. So, I do think this is a pretty rapid phase change there that I think just forced us to basically take a step back and say, okay, we can’t just treat everything like it’s hyper growth.
There are going to be some areas that are going to be very rapidly growing or that are very kind of future investments that we want to make. But we also have a lot of things now that are €“ just kind of have a lot of people using them and support large amounts of business and that we think we should operate somewhat differently. So, there is that piece of it. But the other part of it that I would say is that as we started doing the work, I actually think it makes us better, right. And that was somewhat unexpected, right. I kind of historically would have thought that this would just occupy some amount of our mind space and that, that would be more of a trade-off against how we are able to build products and get things done. But at this point, I am actually fairly optimistic that there are a pretty good roadmap of things that we can do that will just make us more efficient and actually better able to build the things that we want.
Not all of them will help save money, right. So, for example, focusing on AI tools to help improve engineer productivity, it’s not necessarily going to reduce costs. Although over the long-term, maybe it will make it so we can have fewer €“ we just hire less, right, and stay a smaller company for longer. But I do think things like reducing layers of management just make it so information flows better through the company and so you can make faster decisions. And I think ultimately, that will help us not only make better products, but I think it will help us attract and retain the best people who want to work in a faster-moving environment. And so that honestly was a little bit surprising, right, that as we started digging into this that the company would actually start to feel better to me.
And I don’t know how long that will €“ like how long the roadmap is, if things that what we can continue to do where that will be the case. But I do think we have a good amount of things like that. So, that’s why I am really focused on this now. And I do want to continue to emphasize the dual goals here of making the company a better technology company and increasing our profitability. They are both important, but I think it’s also really important to focus on the first one of just making it a better company because that way, even if we outperform our business goals this year, I just want to communicate, especially the people inside the company that we are going to stick with this, because I think it’s just going to make us a better company over the long-term.
So, I think that’s it for now.
Deborah Crawford: Operator, we have time for one last question.
Operator: Thank you. That will come from the line of Brent Thill with Jefferies. Your line is open.
Brent Thill: Thanks. Susan, for your Q1 guidance, can you just remind us all what your embedded expectations are for market conditions, how you think about seasonality? What’s embedded in that guidance?
Susan Li: Thanks Brent. For €“ I mean for Q1, we are €“ our guidance range of $26 billion to $28.5 billion corresponds to negative 7% to plus 2% year-over-year growth. And it reflects a wide range of uncertainty given the continuation of the general macro environment that we have been operating in. Again, we are pleased with the core engagement trends that we have talked about and the performance improvements that we are delivering for advertisers with our monetization work and our investments in AI. And we expect FX to be less of a headwind to year-over-year growth in Q1 than it was in Q4. But again, we are keeping a close eye on advertising demand and on the ongoing macroeconomic volatility.
Deborah Crawford: Great. Thank you for joining us today. We appreciate your time, and we look forward to speaking with you again.
Operator: This concludes today’s conference call. Thank you for joining us. You may now disconnect your lines.
