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How do you look at the last quarter?
你如何看待上一季度的表现？
What we said was that the quarter showed some strength in US search and performance display, but more weakness in branded，
我们讲到第三季度美国市场上的搜索业务和广告表现强势，但品牌广告表现疲软，
especially at the end in the US，and more so internationally.
特别是在季末，国际市场更是如此。
The US started softening in Q2 and that continued into Q3.
在美国市场，从第二季度就已经出现疲软，并持续到第三季度。
International was hit much harder, although display still grew double digits there in Q3.
尽管第三季度的显示广告仍然以2位数的速度增长，但国际市场已现疲态，
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.
英国首当其冲，我们知道法国从9月份假期回来之后购买广告的程度大不如前，我们需要关注这些趋势。
Asia was more of a surprise, but the same trends were happening there too.
亚洲市场给我们带来了惊喜，但也出现同样的趋势。
Because we have such a big market share there, we are looking to every country for what is coming next.
因为我们在那里的市场份额很大，我们对每个国家都充满了期待。
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
和其他人一样，情形无法预测，我们不得不根据实际情况制定策略
because things are changing so quickly and the world looks a lot different than just three or four weeks ago.
事情的变化实在太快，与我们看到的和三四个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.
也存在一些稳定的因素，我们的一些业务还在进行，但不知道最坏的情况将会怎样，也没有人知道。
Generally, of the spending that is done in the display advertising market online, we get our share.
总的来说，线上图片广告领域，我们保持着我们的份额。
It is a little like 2001, when online usage continued to go up, but revenue drivers declined.
这和2001年比较像，那时线上应用持续增长，但收入下滑
And, even in times like this, the Internet continues to show more engagement.
即使在现在这种时刻，网络应用依然强劲。
Obviously, no one knows when the market is going to bottom out, and I am certainly not an economist.
很显然，没有人知道市场什么时候会触底，我也不是经济学家。
You can talk yourself into a loop, but no one really knows where it is going yet.
你可以自圆其说，但没有人真正知道前途是什么样子。
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.
但当它转变时人们会问，观众在哪里，我们必须能在它转变时快速前进。
We also said that when advertisers are spending, they are spending with us, which is a good sign.
我们还说过，广告客户仍然选择我们，这是个好兆头。
Right now, we don’t hear we are losing deals to social sites, for example.
比如，目前我们在社会网络那边还没有生意损失。
