Great summary sent by email to me by Robert Peck of Bear Stearns:
Google held a Q&A conference call with analysts yesterday. There were 10 incremental takeaways from the call including the following: 1) Breakthroughs Likely in Branded Advertising Over the Next Year; 2) No Plans to Introduce a Browser at the Moment; 3) Google Base Won’t Be A Large Separate Site; 4) Wi-fi Deployment Effort To Increase Usage of Google; 5) Behavioral Targeting Holds More Promise Than Demographic Targeting; 6) Rising Competition Should Benefit Google and Yahoo / Keyword Prices Should Continue to Rise; 7) Quality Scores Are Keyword Based Only / Testing Improvements to Current Model; 8) Dell Deal to Be Cash Positive to Google Over the Term of the Contract; 9) Local Search is a Significant Portion of Their Business; 10) Traction in China and Korea Will Take Time.