Key extracts from Google‘s (ticker: GOOG) S-3 filed yesterday，from: http://www.internetstockblog.com/2005/08/google_discusse.html
心里話之一：我們確實(shí)在全球范圍內(nèi)遭遇了微軟和Yahoo的強(qiáng)大競(jìng)爭(zhēng)壓力
1、 微軟可能把Search裝到OS里面去。
Currently, we consider our primary competitors to be Microsoft Corporation and Yahoo! Inc. Microsoft recently introduced a new search engine and has announced plans to develop features that make web search a more integrated part of its Windows operating system or other desktop software products.
2、 微軟人多勢(shì)眾啊
Both Microsoft and Yahoo have more employees than we do (in Microsoft’s case, currently nearly 14 times as many). Microsoft also has significantly more cash resources than we do. Both of these companies also have longer operating histories and more established relationships with customers and end users.
3、 微軟和Yahoo完全有可能做得比我們更好
If Microsoft or Yahoo are successful in providing similar or better web search results compared to ours or leverage their platforms to make their web search services easier to access than ours, we could experience a significant decline in user traffic. Any such decline in traffic could negatively affect our revenues.
心里話之二：我們的營(yíng)業(yè)額和毛利增長(zhǎng)很可能會(huì)下降
1、 未來(lái)，我們的增長(zhǎng)速度會(huì)降下來(lái)
We expect our revenue growth rate to decline and anticipate downward pressure on our operating margin in the future.
2、 未來(lái)，競(jìng)價(jià)廣告、關(guān)鍵字廣告和其他收入都面臨挑戰(zhàn)
The margin on revenue we generate from our Google Network members is significantly less than the margin on revenue we generate from advertising on our web sites. Additionally, the margin we earn on revenue generated from our Google Network could decrease in the future if our Google Network members demand a greater portion of the advertising fees, which could be the result of increased competition for these members.
The revenues generated from the fees advertisers pay us when users click on ads that we have delivered to our Google Network members’ web sites represented 49% of our revenues in 2004 and 46% of our revenues in the six months ended June 30, 2005. We consider this network to be critical to the future growth of our revenues. If our Google Network members decide to use a competitor’s or their own web search or advertising services, our revenues would decline.
Our agreements with a few of the largest Google Network members account for a significant portion of revenues derived from our AdSense program. In addition, advertising and other fees generated from one Google Network member, America Online, Inc., primarily through our AdSense program, accounted for approximately 12% and 11% of our revenues in 2004 and in the six months ended June 30, 2005, respectively. Also, certain of our key network members operate high-profile web sites, and we derive tangible and intangible benefits from these affiliations. If one or more of these key relationships is terminated or not renewed, and is not replaced with a comparable relationship, our business would be adversely affected.
3、未來(lái)，更先進(jìn)的技術(shù)也許會(huì)埋葬我們
New technologies could block our ads, which would harm our business.
Technologies may be developed that can block the display of our ads. Most of our revenues are derived from fees paid to us by advertisers in connection with the display of ads on web pages. As a result, ad-blocking technology could, in the future, adversely affect our operating results.
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