Finally, I want to switch gears and talk a bit about monetization. The most important thing to understand here is that we’re just getting started on this. I’d like to mention a few of the monetization product I’m most excited about before handing it off to Sheryl to go into more detail on them. We just rolled out a new product called Mobile App-Install. Every developer wants more people to use their app. We can provide distribution to help developers increase discovery of their apps. I’m excited about this because it helps developers with one of the biggest problems they face. I’m also excited about this because it’s truly a mobile first ad product. A lot of what the desktop web is optimized to do allow you to click from page to page, just isn’t the basic behavior on mobile. On mobile, you have to install an app first, so installs are way more valuable. I’m excited to see how developers use our mobile app product.
We’ve also been rolling out Facebook Exchange and a product called Custom Audiences. The idea is that we want to improve our targeting capabilities so that it’s easier for marketers to reach their customers, and so our ads are relevant and interesting to people on Facebook. This will create much better experience for everyone using our product.
I’m also excited about the Gifts launch. We’re in the early days of it. I think there’s an opportunity here to bring more commerce to Facebook overtime and Gifts is logical first step. People already send millions of birthday messages a day using Facebook and a lot of them have asked to be able to do more. Gifts provides us with the opportunity to learn about how people buy things and will hopefully help us build better services in the future. And, of course, beyond these products, there is a lot more we plan to do and I look forward to talking about those things on future calls.
So thanks for taking the time to be here with us today and giving me an opportunity to report on how we’re doing in the three core areas of our strategy; mobile, platform, and monetization. We have a lot going on right now and I’m excited about the progress we’re making.
Sheryl Sandberg - COO: Thanks Mark. We had a lot of progress in our advertising business in the third quarter. Our total third quarter revenue was $1.26 billion with $1.09 billion coming from advertising. This represents a 32% year-over-year increase in overall revenue and a 36% increase for advertising. With 1 billion people using Facebook monthly, we have created the largest, most engaged community of real people in the world. Building on this extraordinary asset, the goal of our advertising business is to transform how people and businesses connect.
Our scale and targeting capabilities make Facebook increasingly important for marketers. Brand marketers, direct marketers, local businesses and developers, as they move customers all the way through the marketing funnel. For brand marketers like Walmart and Procter & Gamble, Facebook offers the ability to reach customers, build awareness, and drive positive association, affinity and consideration. We help brand marketers develop ongoing and often daily relationships with customers, in many cases for the first time. Facebook is starting to combine the science of CRM with the scale of brand marketing.