Facebook (FB) doesn't plan to grow the number of ads it places within news feeds any further, the company disclosed on its CC. With feed ads having fueled Facebook's tremendous revenue growth in recent quarters, the company will now have to focus on growing via other ad sources (Instagram, FBX) and formats (video), and by improving ad prices.
David Ebersman mentions Facebook's tax rate will rise in Q4. However, 2014 capex will be lower than originally planned. Mark Zuckerberg reiterates Facebook will take a cautious approach to Instagram/video ads.
In its slide deck, Facebook notes its global ARPU rose 8% Q/Q and 33% Y/Y to $1.72 ($1.53 from ads, $0.19 from payments). However, the gap between the company's North American ARPU ($4.85) and its European ($1.96) Asian ($0.81), and rest of world ($0.67) ARPUs remains enormous. North America made up 48% of Q3 revenue vs. 47% in Q2 and 50% a year ago.
North America has 199M MAUs (+1M Q/Q), Europe 276M (+4M), Asia 351M (+12M), and the rest of the world 362M (+16M). 254M of Facebook's MAUs (21%) are now mobile-only.