Reporter: How do you look at the last quarter?
记者：你如何看待上一季度的表现？
Yang: What we said was that the quarter showed some strength in US search and performance display, but more weakness in branded，especially at the end in the US，and more so internationally. The US started softening in Q2 and that continued into Q3. International was hit much harder, although display still grew double digits there in Q3. 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. Asia was more of a surprise, but the same trends were happening there too. Because we have such a big market share there, we are looking to every country for what is coming next.
杨致远：我们在第三季度报告中讲到， 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，特别 是在季末，国际市场也是如此。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。在国际市场，尽管第 三季度的显示广告仍然以2位数的速度 增长，但已现疲态，英国最先开始，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。亚洲市场给了我们更多地惊喜，但也出现同样的趋势。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。
Reporter: And what is your Q4 outlook?
记者：第四季度前景如何？
Yang: Like everyone else, we are pretty much forced to formulate our views in an unprecedented set of circumstances because things are changing so quickly and the world looks a lot different than just three or four weeks ago. 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. Generally, of the spending that is done in the display advertising market online, we get our share. It is a little like 2001, when online usage continued to go up, but revenue drivers declined. And, even in times like this, the Internet continues to show more engagement. Obviously, no one knows when the market is going to bottom out, and I am certainly not an economist. You can talk yourself into a loop, but no one really knows where it is going yet. 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. We also said that when advertisers are spending, they are spending with us, which is a good sign. Right now, we don’t hear we are losing deals to social sites, for example. Of course, I can’t imagine advertisers are going to say we’re going to juice up spending soon, and so we’re assuming a lengthy period of weakness. I don’t think anyone is going to be immune，even though search performance ads are probably more able to withstand a downturn in spending. What was good for us was that our search and our performance display businesses were both up in the quarter.
杨致远：和其他人一样，我们在这个非 常时期也是言不由衷，因为事情的变化 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。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。总的来说，线上图片广告领域， 我们保持着我们的份额。这和2001年 比较像，那时线上应用持续增长，但收 入下滑，即使在现在这种时刻，网络应 用依然强劲。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。你可以自圆其说，但没有人真正知 道前途是什么样子。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。我们还说过，广告客 户仍然选择我们，这是个好兆头。比 如，目前我们在社会网络那边还没有生 意损失。当然，广告客户也不太可能在 现在这种情形下增加开支，所以我们假 定会有一段长期的疲软时期。我觉得没 有人能幸免，尽管捜索广告似乎更有抵 抗力。我们能看到的好的方面是，在这 个季度，我们的搜索和图片广告仍然坚 挺。
Reporter: Any more details about the layoffs and other cuts?
记者：能告诉我们一些裁员和缩减开支 的细节吗？
Yang: We want to do it before the holidays, which is why we wanted to let people know that it would affect 10 percent of Yahoo’s work force. But we also want to make sure that we are cutting to be more effective and not cutting for cutting’s sake. We have been growing costs for the last few years while we were investing in new products and platforms, and we have also made a lot of acquisitions and additions. There have been redundancies and geoconsolidation that we had not addressed that we are doing now. I know that sounds generic, but doing this is really important. I look at these cuts as both a short-term and long term effort. In the short term, we have consolidation and organizational corrections to make. In the long term, we will look at our whole portfolio and are now asking ourselves in each case if we need to be in this business. We're asking ourselves—should we sell it or should we shut it down? That is the kind of comprehensive look we are doing across the company.
杨致远：我们计划在假期前裁员，我们 想让大家知道会有10%的员工受到影响。但是，我们也希望大家知道，裁员 是为了提高效率，不是为裁员而裁员。 最近几年，随着投资新产品和平台、收 购的发展，我们的开支也增加不少，我 们的业务出现一些重复和地区冲突，我 们现在要解决这些问题。我知道这听起 来没有什么特殊的，但这确实很重要。 缩减开支是我们短期，也是长期的努力 目标。短期来讲，我们需要合并一些业 务，对组织结构进行调整。长期来看， 我们会关注我们的整体资产状况。我们 一直问自己这样一个问题：我们是否需 要这项业务？我们这样问自己，我们是 要卖掉它呢，还是废止它？这是我们正 在全公司做的综合考虑。
Reporter: What about acquisitions? Everyone knows you are talking to AOL, but what else are you thinking about here?
记者：收购的事进展如何？人人都知 道，你在和美国在线网谈，你还有什么 打算？
Yang: I am not going to comment specifically on AOL. But, in general, when the market is going through what it is going through, we have to be making adjustments all the time, because things are different than they were even three or four weeks ago. But I like a lot of things we have going for us in the current situation. We have no debt. We have a strong cash position. You have to ask what is going to happen to a lot of companies when there is not a lot more money to be gotten. That changes everybody’s perspective, I think. And we think we can be opportunistic. We have not bought back stock. Right now our stock is very cheap, but we think having our cash position is more important. We are very focused on scaling, and it is important to be able to be in a financial position to do so if opportunities come up.
杨致远：这件事儿我并不想详谈。但总 的来讲，市场走到现在，我们必须时时 修正方向，因为现在的情况和三四周前 已经大不一样。但我对我们在这种情形 下正在做的很多事情都保持乐观，我们 没有负债，现金充足，很多公司到了快 没钱的时候就不得不问自己该怎么走， 那会改变很多人的立场，我觉得我们可 以做一个机会主义者。我们没有回购股 票，我们的股票现在很便宜，但我觉得 保持充足的现金更重要。所以，我们对 保持规模很看重，保持好的财务状况等 待机会很重要。
Reporter: And how is your relationship with Carl Icahn going?
记者：你现在和卡尔?伊坎的关系怎么 样？
Yang: Carl is fine and he has got a lot on his plate as well. But he has been a very useful person to have on the board and, of course, it is a different role for him than before. For the most part, he is very constructive, but he is still Carl and he doesn’t hesitate to share what’s on his mind.
杨致远：卡尔还好，他得到的也够多 了。他曾是董事会非常有用的人，当 然，他现在的角色不同了。多数时间， 他富于建设性，但卡尔毕竟是卡尔，有 话就说，从不客气。
Reporter: What is the status of the talks with the Justice Department over your search ad deal with Google?
记者：你们和谷歌搜索广告的事在司法 部进展如何？
Yang: I don’t have a lot of new things to say. We，re still talking, as I have said, and hope to get things resolved. We have not started it, but no one has walked away.
杨致远：没有什么新东西可谈，我们仍 在谈，我希望能解决事情，我们还没开 始，但没有人愿意离场。
Reporter: What about your relationship with Microsoft; what did you think of CEO Steve Ballmer’s comment last week about doing a search deal?
记者：你和微软的关系怎么样，史蒂夫? 鲍尔默上周提到的搜索合作你怎么看？
Yang: I don’t have anything new to report there either. As we have always said，we are willing to listen to them, to talk to them about anything.
杨致远：也没有什么新东西可说，正如 我们一直表示的那样，我们愿意听他们 的意见，愿意和他们谈任何事。
Reporter: You have been attacked a lot recently for not selling Yahoo to Microsoft, Yahoo’s low stock price and your management of the company—why do you think you are the best leader for Yahoo going forward?
记者：你最近被频频攻击，因为没有将 雅虎卖给微软，也因为雅虎现在的低股 价，以及你的管理方式，为什么你认为 自己是雅虎最好的领导人。
Yang: I think if you look at what the company is doing and what we have been going through and the story we have been telling, we have done most, if not all，of what we set out to do, starting last year. My dream is to transform Yahoo as a platform and product company and I think we are on the way to really doing that. And a lot of what we have been doing is starting to translate into value一whether it is our front page, our profiles, our e-mail or our APT ad platform. And, in this uncertain environment, I think I am absolutely the right person. Times like this require leader who really understands this company and its customers，and I think I do. The world is a different place today than even a month ago and I think I am the bestperson to guide Yahoo through this volatile time.
杨致远：如果你看看雅虎以前做过的 事，走过的路，你会知道，从去年开 始，我们想做的绝大多数都实现了。我 的梦想是将雅虎转变成一个平台和产品 公司，我们正在这样 做，不管是我们的主 页、用户资料、电子 邮件还是我们的APT 广告平台，我们所做 的很多事已经开始转 换为价值。在这种不 确切的环境下，我想 我绝对是合适的人选。 现在这个时候需要真正理解雅虎以及客 户的领导人，我觉得我满足这一条件。现在的世界和一个月以前已大不相同，我觉得我是能够指导雅虎走出困境的最佳人选。
Reporter: Look back 10 years, what would you like tosay about it?
记者：回顾过去的10年，你作何感想？
Yang: The whole notion of search was essential from theInternet experience. If you look at it from the rest of theInternet, it’s pretty big. Nothing surprised me from whathappened and as it did. The only thing that did was howfast this industry grew, even looking back three years.The most appealing thing Yahoo! has done is that peopletrust Yahoo and that the internet is playing a huge role insupport for disasters, communities with blogs and thatYahoo is part of people’s everyday life.
杨致远：对于网络体验来讲，搜索的概念是必不可少的。如果从网络其他部分来看，它很大。发生的这些改变并没有令我感到惊奇。唯一令我惊奇的是这个产业的发展速度，即使只是跟3年前对比，也是发生了翻天覆地的变化。雅虎做得最好的地方是网民都信任它，并且网络对人们遇到的困难和博客交流提供了很多支持，雅虎是人们日常生活的一部分。
Reporter: As Yahoo grew you built Yahoo Travel, etc. Yahoo!has so much. How do you see search linking all of this.
记者：随着雅虎的发展，你们开发了雅虎旅游等新的商业模式。雅虎有很多资源。对于这些链接搜索你怎么看？
Yang: When people find one area of Yahoo to use, andthey choose not to use other parts of Yahoo to use, it’simportant for Yahoo to encourage the user to use it.Yahoo ID works amongst multiple Yahoo portals and they leverage this to improve the Yahoo! experience.This is used to improve search, any type of search. Ifyou are going through the music experience, listening anexperience, to be a finding experience—interesting. Theconversions aspect is a huge point in search.
杨致远：当人们开始使用雅虎的某一项功能的时候，他们就不用其他的功能了，鼓励他们使用这些功能对于雅虎来说很重要。雅虎账号可以同时登陆多个雅虎入口，我们藉此提升雅虎体验的质量。这用来改进搜索，任何搜索。如果你是音乐体验用户，把听音乐也变成一种搜索体验是很有趣的。转化是搜索中很重要的一部分。
Reporter: What do you think is the most important thingto happen for Yahoo?
记者：你觉得对于雅虎来说，什么才是最重要的？
Yang: I think everyone should use Yahoo Search. The dream for Yahoo is to focus on the user base more thenever. Take mass media and make it “my media”. The userproposition is so important to Yahoo. The question is,how does Yahoo get there first.
杨致远：我觉得每个人都应该用雅虎搜索。雅虎的梦想是更多的关注用户的需求。使用“大众媒体”并使之成为“我的媒体”。用户的建议对雅虎很重要。问题是，雅虎如何能首先实现这一目标。