2015E EBITDA ($56), and 33x 2015 non-
GAAP EPS ($47).
2
EFTA01104690
DouAnmuth North America Equity Research
12 September 2013
J.P.Morgan
Adjusting Estimates
Overall: We am raising our overall ... upcoming release of the console game Grand Theft Auto V.
3
EFTA01104691
DouAnmuth North America Equity Research
12 September 2013
J.P.Morgan
We also expect Facebook's 4Q revenue growth ... Mobile ads have higher CFRs and
significantly higher eCPMs relative to Desktop.
7
EFTA01104695
DouAnmuth North America Equity Research
12 September 2013
J.P.Morgan
Figure 4: Facebook Ad Revenue