評論
打印
How do you look at the last quarter?
你如何看待上一季度的表現？
What we said was that the quarter showed some strength in US search and performance display, but more weakness in branded，
我們講到第三季度美國市場上的搜索業務和廣告表現強勢，但品牌廣告表現疲軟，
especially at the end in the US，and more so internationally.
特別是在季末，國際市場更是如此。
The US started softening in Q2 and that continued into Q3.
在美國市場，從第二季度就已經出現疲軟，并持續到第三季度。
International was hit much harder, although display still grew double digits there in Q3.
盡管第三季度的顯示廣告仍然以2位數的速度增長，但國際市場已現疲態，
Softness started in the U.K. early, and we knew when the French came back from vacation in September and did not buy ads at the same levels that those were trends we had to watch.
英國首當其沖，我們知道法國從9月份假期回來之后購買廣告的程度大不如前，我們需要關注這些趨勢。
Asia was more of a surprise, but the same trends were happening there too.
亞洲市場給我們帶來了驚喜，但也出現同樣的趨勢。
Because we have such a big market share there, we are looking to every country for what is coming next.
因為我們在那里的市場份額很大，我們對每個國家都充滿了期待。
And what is your Q4 outlook?
第四季度前景如何？
Like everyone else, we are pretty much forced to formulate our views in an unprecedented set of circumstances
和其他人一樣，情形無法預測，我們不得不根據實際情況制定策略
because things are changing so quickly and the world looks a lot different than just three or four weeks ago.
事情的變化實在太快，與我們看到的和三四個星期之前的景象完全不同。
There has been some stability, and some business is being done still, but we don’t know how bad it is going to get, and neither does anyone.
也存在一些穩定的因素，我們的一些業務還在進行，但不知道最壞的情況將會怎樣，也沒有人知道。
Generally, of the spending that is done in the display advertising market online, we get our share.
總的來說，線上圖片廣告領域，我們保持著我們的份額。
It is a little like 2001, when online usage continued to go up, but revenue drivers declined.
這和2001年比較像，那時線上應用持續增長，但收入下滑
And, even in times like this, the Internet continues to show more engagement.
即使在現在這種時刻，網絡應用依然強勁。
Obviously, no one knows when the market is going to bottom out, and I am certainly not an economist.
很顯然，沒有人知道市場什么時候會觸底，我也不是經濟學家。
You can talk yourself into a loop, but no one really knows where it is going yet.
你可以自圓其說，但沒有人真正知道前途是什么樣子。
But when it does turn, people are going to ask where the audience is，and we have to be able to move fast when it turns.
但當它轉變時人們會問，觀眾在哪里，我們必須能在它轉變時快速前進。
We also said that when advertisers are spending, they are spending with us, which is a good sign.
我們還說過，廣告客戶仍然選擇我們，這是個好兆頭。
Right now, we don’t hear we are losing deals to social sites, for example.
比如，目前我們在社會網絡那邊還沒有生意損失。
