我们的AI眼镜正在重塑人们体验世界的方式，为创造力和自我表达开辟新路径，同时让你能够以更直观的方式学习与交流。此外，它们还在推动经济和社会价值的创造：为农民提供农作物的实时农业数据，帮助大学体育教练在赛场实时记录伤病情况，为有志成为电影制片人的学生提供支持。”
"Our AI glasses are reshaping the way people experience the world, opening new paths for creativity and self-expression, while enabling you to learn and communicate in more intuitive ways. Additionally, they are driving the creation of economic and social value: providing farmers with real-time agricultural data, helping university sports coaches record injuries on the field in real-time, and supporting students aspiring to become film directors."
近日，Meta在官网发文宣布 “AI眼镜影响力资助计划”(AI Glasses Impact Grants)时这样描述AI眼镜带给世界的积极影响。为了更好地推广AI眼镜在各个领域的落地，Meta计划为 30 余家组织和开发者提供近 200 万美元的资助。
Recently, Meta announced the "AI Glasses Impact Grants" on its official website, describing the positive impact of AI glasses on the world. To better promote the implementation of AI glasses in various fields, Meta plans to provide nearly 2 million dollars in funding to more than 30 organizations and developers.
除资金支持外，所有入选者还将受邀加入 Meta可穿戴技术社区。这个由全球开发者组成社区旨在促进技术交流、跨界合作，并加速可穿戴设备在教育、医疗、农业、环保等关键领域的落地应用。
In addition to financial support, all selected recipients will be invited to join the Meta Wearable Technology Community. This community, composed of developers from around the world, aims to promote technology exchange, cross-disciplinary collaboration, and accelerate the implementation of wearable devices in key areas such as education, healthcare, agriculture, and environmental protection.
实际上，Meta削减元宇宙业务，转向加码AI硬件的决心可以从近期一系列动态，尤其是最新的财报会议中看到。
In fact, Meta's determination to cut its metaverse business and focus more on AI hardware can be seen from a series of recent developments, particularly in the latest earnings conference call.
1月28日，Meta公布了2025财年第四财季的业绩。财报显示，Meta在第四财季Meta营收598.93美元，较去年同期增长24%；净利润为227.68亿美元，同比增长9%；摊薄后每股收益8.88美元，高于市场预期的8.23美元。
On January 28, Meta announced its financial results for the fourth quarter of fiscal year 2025. The report showed that Meta's revenue for the fourth quarter was $59.893 billion, up 24% year-over-year; net income was $22.768 billion, a 9% increase year-over-year; and diluted earnings per share were $8.88, exceeding market expectations of $8.23.
财报还显示，Meta旗下社交媒体在第四季度的活跃用户数（DAP）为35.8亿，同比增长7%。同时，平均每用户收入（ARPU）为 16.73 美元，同比增长16%。在业绩指引方面，Meta预计2026年第一季度的营收将在535亿美元至565亿美元之间，高于市场预期的514亿美元。
The report also showed that the active user base (DAU) of Meta's social media platforms in the fourth quarter was 3.58 billion, a 7% year-over-year increase. Meanwhile, the average revenue per user (ARPU) was $16.73, a 16% year-over-year increase. In terms of guidance, Meta expects its revenue for the first quarter of 2026 to be between $53.5 billion and $56.5 billion, higher than market expectations of $51.4 billion.
Meta在第四季度的营收数据和给出的2026年第一季度营收指引均显著超出市场预期和分析师预测。同时，Meta预计2026年资本为1350亿美元，这一两倍于去年的数据也大大为投资人的信心加码。财报一经公布，Meta的股价在盘后交易中上涨了10%。
Meta's revenue data for the fourth quarter and its guidance for the first quarter of 2026 significantly exceeded market expectations and analyst forecasts. At the same time, Meta expects its capitalization in 2026 to be $135 billion, which is double last year's figure and greatly boosted investor confidence. After the report was released, Meta's stock price rose 10% in after-hours trading.
AI赋能广告收入 AI-powered advertising revenue
在财报中可以看出，广告业务一如既往成为Meta本季度业绩的绝对支柱。包括Instagram、Facebook和WhatsApp在内的Meta全家桶应用在四季度营收达到589.38亿美元，同比增长25%。而来自这些社交媒体平台的广告收入达到581.37美元，占据了总收入的97.07%。
As can be seen from the financial report, the advertising business remains the absolute pillar of Meta's performance this quarter, as usual. Meta's family of apps, including Instagram, Facebook, and WhatsApp, generated $58.938 billion in revenue in the fourth quarter, a year-on-year increase of 25%. Advertising revenue from these social media platforms reached $58.137 billion, accounting for 97.07% of total revenue.
在财报发布后的会议上，分析师询问扎克伯格，Meta能否在广告业务之外打造出具有实际价值的业务板块。对于这个颇为尖锐的问题，扎克伯格没有回避Meta对广告的依赖。
During the conference after the financial report was released, analysts asked Zuckerberg whether Meta could create business segments with practical value outside of advertising. To this rather sharp question, Zuckerberg did not shy away from Meta's dependence on advertising.
扎克伯格表示，在未来数年里，“广告仍将是公司业务增长迄今为止最重要的驱动力”，但他同时业补充道，公司在深耕这一核心业务引擎的同时，也在布局各类新的战略赛道。
Zuckerberg stated that "advertising will still be the most important driver of the company's business growth in the coming years," but he also added that while the company is deepening this core business engine, it is also laying out various new strategic tracks.
为什么Meta广告收入的增长如此强劲？首先源于旗下社媒的用户盘子还在扩大，Meta全家桶的DAP同比加速增长到 7%。其中，Instagram和Facebook的短视频功能Reels在第四季度表现尤为亮眼，美国用户观看时长同比增长超30%。2025年全年，Reels广告收入占比从2024年的10%升至20%，成为Meta广告业务核心增长引擎。
Why is the growth of Meta's advertising revenue so strong? First and foremost, it stems from the continued expansion of the user base of its social media platforms. Meta's DAP grew by 7% year-on-year. Notably, Instagram and Facebook's short video feature Reels performed exceptionally well in the fourth quarter, with American user viewing time increasing by over 30% year-on-year. For the entire year of 2025, the share of Reels advertising revenue rose from 10% in 2024 to 20%, becoming the core growth engine of Meta's advertising business.
而Meta一直以来向市场强调的原因是公司一直以来对AI的巨额投入已经开始推动广告业务体系实现效能升级。AI助力优化了广告定向投放环节和广告推荐底层系统，还能更精准地筛选出用户最可能产生互动的广告内容。
The reason Meta has consistently emphasized to the market is that the company's massive investments in AI have begun to drive efficiency upgrades in its advertising business system. AI has helped optimize the targeted delivery of ads and the underlying recommendation system for ads, enabling more precise filtering of ad content most likely to generate user engagement.
Meta研发的广告检索引擎Andromeda提升了Facebook Reel广告的相关性，进而提升了Facebook移动端转换率；广告与内容推荐核心模型GEM则通过引入更长行为序列和新的建模方式提高了Instagram的广告转化率；Lattice架构的使用允许同一的大模型替代多个细分小模型，打破了Reels/Feed/Story 等场景数据壁垒，同样提升了这些平台的广告转化率。
Meta's ad search engine Andromeda has enhanced the relevance of Facebook Reel ads, thereby improving Facebook's mobile conversion rate. The core ad and content recommendation model GEM has increased Instagram's ad conversion rate by introducing longer behavioral sequences and new modeling methods. The use of the Lattice architecture allows a single large model to replace multiple smaller specialized models, breaking down data barriers between scenarios like Reels/Feed/Story and similarly boosting ad conversion rates on these platforms.
而这一系列的AI赋能的升级，体现在数据上就是第四季度Meta旗下平台的广告展示量同比提升 18%，单条广告平均定价同比上涨 6%。
This series of AI-powered upgrades is reflected in the data, with the ad impressions on Meta's platforms increasing by 18% year-on-year in the fourth quarter, and the average pricing of individual ads rising by 6% year-on-year.
对于这组数字，德意志银行旗下的研究公司Inventus Media的负责人安德鲁 麦克莱恩称，Meta是为数不多的全方位利用其AI能力的平台之一。
For this set of numbers, Andrew McAleer, the head of Inventus Media, a research company under Deutsche Bank, said that Meta is one of the few platforms that fully utilizes its AI capabilities.
晦暗不明的AI大模型前景 The dim prospects of AI large models
上一次Meta发布重大旗舰大模型是2025年4月5日推出的Llama4系列，这是其首次采用混合专家（MoE）架构的多模态大模型。Meta此前的几代产品，从Llama1到Llama3均在AI社区备受好评，然而Llama4却一经发布就被曝出评测性能造假.
The last major flagship large model released by Meta was the Llama4 series launched on April 5, 2025, which was its first multimodal large model using a mixed expert (MoE) architecture. Meta's previous generations of products, from Llama1 to Llama3, were highly praised in the AI community, but Llama4 was exposed shortly after its release for faking evaluation performance.
虽然 Meta 一度否认了这一指控，但Llama系列却似乎进入了停滞期，Meta的生成式AI部门也开启了一系列的裁员和挖人。2025年底，Meta首席人工智能科学家杨立昆在即将离职之际承认，Llama4在发布前确实经过了基准测试结果的篡改。2026年1月，Meta的CTO安德鲁·博斯沃思在达沃斯论坛上承认Llama4 是“一个令人失望的项目”
Although Meta initially denied this accusation, the Llama series seems to have entered a period of stagnation, and Meta's generative AI department has initiated a series of layoffs and talent poaching. At the end of 2025, Meta's chief AI scientist, Yang Liqun, admitted before his departure that Llama4 had indeed undergone tampering with benchmark test results before its release. In January 2026, Meta's CTO, Andrew Bosworth, admitted at the World Economic Forum in Davos that Llama4 was "a disappointing project"
在Artificial Analysis网站上，Llama3.3、Llama3.1和Llama4 在大模型中分别排名102、103和107，远远落后于全球其他主流大厂模型。当GPT-5.2的智能指数评分达到51时，Llama系列徘徊在13、14分。
On the Artificial Analysis website, Llama3.3, Llama3.1, and Llama4 rank 102nd, 103rd, and 107th among large models, far behind other mainstream large model providers globally. When GPT-5.2's intelligence index score reaches 51, the Llama series lingers around 13th and 14th.
面对这样遥遥落后的局面，2025年对于Meta的GenAI部门而言无疑是需要在废墟上重建的一年。Meta积极进行着AI 业务的架构重组，建立了超级智能实验室，还使用“钞能力”从苹果、OpenAI等其他大厂挖人无数。
Facing such a significantly lagging situation, 2025 is undoubtedly a year of rebuilding from the ashes for Meta's GenAI department. Meta is actively restructuring its AI business architecture, establishing a superintelligence lab, and using "cash power" to recruit numerous talents from other major companies like Apple and OpenAI.
这个艰巨的重建工程体现在财报上就是2025年全年Meta研发支出达到573.72亿美元，同比增长30.8%。
This challenging rebuilding effort is reflected in the financial report, showing that Meta's R&D spending reached $57.372 billion in 2025, a year-on-year increase of 30.8%.
而面向2026年，Meta又在为进一步为AI加码，表示2026年的总支出将在1620亿美元至1690亿美元之间，全年资本支出将达1150亿美元至1350亿美元。而这一数字几乎是其2025年资本支出（722亿美元）的两倍。
Looking ahead to 2026, Meta is further increasing its investment in AI, stating that the total spending for 2026 will be between $162 billion and $169 billion, with capital expenditures reaching $115 billion to $135 billion for the entire year. This figure is nearly double its 2025 capital expenditures ($72.2 billion).
Meta表示，资本支出增加的原因是“为支持我们的Meta超级智能实验室（Meta Superintelligence Labs）的研发工作和核心业务，相关投资同比增加，推动资本支出增长”。
Meta stated that the reason for the increase in capital expenditures is "to support the R&D work and core business of our Meta Superintelligence Labs, with related investments increasing year-on-year, driving up capital expenditures."
AI的基础设施投资中有很大一部分是用于数据中心建设。数据中心是支撑AI运算能力的基础，然而近年来美国民众则对在当地建设数据中心的反对呼声强烈。这就意味着，科技公司不仅要为建设本身筹备资金，还需要做大量公关投入。
A significant portion of infrastructure investment in AI is allocated to data center construction. Data centers are the foundation supporting AI computing capabilities, yet in recent years, there has been strong opposition from the American public to building data centers locally. This means that tech companies not only need to raise funds for construction itself but also need to invest heavily in public relations.
截止目前，Meta在全球已运营和在建的数据中心总数为30个。在2025年最后几个月，Mata投入约 640 万美元在美国多个地区为建设数据中心开启广告宣传。
As of now, Meta has a total of 30 data centers in operation and under construction worldwide. In the final months of 2025, Meta invested approximately $6.4 million in multiple regions across the U.S. to launch advertising campaigns for data center construction.
一般而言，市场对如此激进的资本支出态度谨慎。然而财报发布后暴涨9%的股价又显示了投资者的认可。或许是因为相较于堪称“无底洞”的元宇宙，AI已经深入融入公司的广告业务和硬件设施并开始开始带来回报。而其他公司在AI领域的成长曲线也让投资人看到了Meta靠砸钱“大力出奇迹”的可能性。
Generally, the market is cautious about such aggressive capital expenditures. However, the stock price surge of 9% after the earnings report shows investor approval. Perhaps it is because, compared to the so-called "bottomless pit" of the metaverse, AI has already been deeply integrated into the company's advertising business and hardware infrastructure and has begun to generate returns. Meanwhile, the growth curve of other companies in the AI field has also made investors see the possibility of Meta achieving success through "spending big to win big."
为元宇宙业务止血，加码智能眼镜 Stopping the bleeding for the metaverse business, increasing investment in smart glasses
从第四季度的财报看，过气已久的元宇宙业务仍然是拖后腿的存在。负责元宇宙与硬件研发的Reality Labs部门在第四季度收入为9.55亿美元，较上年同期下降12%；营业亏损60.21亿美元，较上年同期的营业亏损49.67亿美元扩大21%；自2020年成立以来，该部门累计经营亏损已接近800亿美元。
Looking at the quarterly financial reports, the once-dwindling metaverse business remains a drag on performance. The Reality Labs department, responsible for metaverse and hardware development, generated $955 million in revenue in the fourth quarter, down 12% year-over-year. Operating losses were $6.021 billion, up 21% from the $4.967 billion operating loss in the same period last year. Since its inception in 2020, the department has accumulated nearly $8 billion in cumulative operating losses.
Reality Labs部门成立于2020年底，是Meta推进 “元宇宙” 战略的核心抓手。自成立以来，该部门2020 年亏损 66.2 亿美元、2021 年亏损 101.9 亿美元、2022 年亏损 137.1 亿美元、2023 年亏损 161.2 亿美元、2024 年亏损 177.2 亿美元、2025 年亏损 191.9 亿美元。
Founded at the end of 2020, Reality Labs is the core pillar of Meta's "metaverse" strategy. Since its establishment, the department has reported operating losses of $6.62 billion in 2020, $10.19 billion in 2021, $13.71 billion in 2022, $16.12 billion in 2023, $17.72 billion in 2024, and $19.19 billion in 2025.
从历年季度亏损数据来看，Reality Labs的亏损额度呈逐年攀升态势。在刚刚过去的2025年第四季度，60.21亿美元的亏损数额已经达到了2020年第四季度（21亿美元）的三倍。
From a historical perspective, Reality Labs' losses have shown a year-on-year increase. In the just-completed fourth quarter of 2025, the $6.021 billion loss already reached three times the level of the fourth quarter in 2020 ($2.1 billion).
五年时间过去，扎克伯格似乎终于承认自己的赌注没有成功。2025年4月，Reality Labs裁员了约100人；2026年1月，Meta又对Reality Labs进行大规模裁员，涉及人数超 1000 人。Meta这两次裁员的声明都在强调削减元宇宙业务，将资源向AI以及可穿戴设备领域倾斜。
Five years have passed, and Zuckerberg seems to have finally acknowledged that his bet did not pay off. In April 2025, Reality Labs laid off about 100 people; in January 2026, Meta conducted large-scale layoffs at Reality Labs, involving over 1,000 employees. Both of Meta's statements on these layoffs emphasized cutting back on the metaverse business, shifting resources towards AI and wearable device sectors.
近期还有更多的新闻佐证着Meta的决心。就在公布最新财报的几周前，Meta还关停了Reality Labs旗下的多家VR游戏工作室，其中包括《仙宫之怒》的开发商圣扎鲁游戏工作室、《死侍虚拟现实版》的开发商扭曲像素游戏工作室，以及《生化危机 4 虚拟现实版》的开发商装甲工作室。此外，Meta 还裁撤了《蝙蝠侠：阿卡姆之影》开发商伪装工作室的部分员工。
Recent news has further confirmed Meta's determination. Just weeks before announcing its latest financial report, Meta shut down several VR game studios under Reality Labs, including Saintzaru Games, the developer of *Angels & Demons VR*; Twisted Pixel Games, the developer of *Deadpool VR*; and Armored Games, the developer of *Resident Evil 4 VR*. Additionally, Meta laid off some employees from the developer studio of *The Batman: Arkham Shadow*.
1月23日，Meta又宣布将于 2026 年 2 月 16 日正式关停旗下 VR 会议应用 Horizon Workrooms。面向Quest头显推出的一款协作型生产力“元宇宙”应用，最早于 2021年上线，目前已运营约 5 年。
On January 23, Meta announced that it would officially shut down its VR meeting application, Horizon Workrooms, on February 16, 2026. A collaborative productivity "metaverse" application for Quest headsets, it launched in 2021 and has been in operation for about five years.
在电话会议上，Meta首席财务官苏珊・李再次确认了这一转向，称公司依旧对 “虚拟现实的未来抱有十足信心”，并将持续向该市场投入资金，但“消费者对VR产品的接受速度，总体而言要慢于可穿戴设备”。
During the phone conference, Meta's Chief Financial Officer, Susan Li, once again confirmed this shift, stating that the company remains "fully confident in the future of virtual reality" and will continue to invest in the market, but "the adoption speed of VR products by consumers is generally slower than that of wearable devices."
2025年，Meta发布了搭载AI功能的Meta Ray-Ban Display智能眼镜。虽然没有公布销量，但有消息称这款眼镜销售势头强劲，Meta已建议EssilorLuxottica SA到2026年底将年产能提升至2000万副或以上。
In 2025, Meta released the Meta Ray-Ban Display smart glasses equipped with AI features. Although sales figures were not announced, reports indicate strong sales momentum for the glasses, with Meta suggesting EssilorLuxottica SA increase annual production capacity to 20 million units or more by the end of 2026.
在电话会议中，扎克伯格也确认了这件事，称2025年AI眼镜销量实现超三倍增长，并展望“未来几年内，不具备AI功能的眼镜或将逐渐退出主流视野”。
During a phone conference, Zuckerberg also confirmed this, stating that AI glasses sales saw more than a threefold increase in 2025, and predicted that "in the coming years, glasses without AI features may gradually fade from mainstream view."
就在财报发布前夕，Meta发文宣布推出“AI眼镜影响力资助计划”(AI Glasses Impact Grants)，计划投入200万美元支持AI眼镜解决实际问题、创造积极的社会与经济影响。这一举措显示，Meta不仅在坚定地向AI硬件设备投入资源，还希望引领并加速可穿戴设备在社会各个领域的落地应用。
Just before the earnings report was released, Meta announced the launch of the "AI Glasses Impact Grants" program, planning to invest $2 million to support AI glasses in solving real-world problems and creating positive social and economic impacts. This initiative shows that Meta is not only firmly investing resources in AI hardware devices but also hopes to lead and accelerate the adoption of wearable devices across various fields.
纵观Meta上个季度以及2025年全年的财报，可以看到Meta以全球39.8亿月活用户为基石，再加上AI驱动的广告业务堪称印钞机，正在以超高的效率创造利润。而由此带来的现金流，可以支撑Meta在经历了元宇宙的五年巨额亏损后，立刻开启关于个人超级智能和下一代计算平台的新一场豪赌。
Looking at Meta's earnings reports for the last quarter and the full year of 2025, it can be seen that Meta, with a foundation of 3.98 billion monthly active users globally, combined with AI-driven advertising that acts like a money printer, is creating profits at an extremely high efficiency. The resulting cash flow can support Meta to immediately place a new high-stakes bet on personal superintelligence and the next-generation computing platform after five years of massive losses in the metaverse.
Comments