????In a short note today to investors today, Citi relays Google director of product management, Nick Fox's "fireside chat" comments.

????Here's the skinny:

????No comments on Q3. Key takeaways:

????1. Seeing 30-40% lift in CTRs and conversions and search spend from new search ad formats like site links and product ads.

????2. Mobile: 4x increase in mobile queries from fully featured mobile browsers in one year. Mobile is a big biz for GOOG today and growing nicely.

????3. Display is a large biz for GOOG today and also growing nicely. GOOG is doing a lot of cross-selling with search and display, and display budgets on GOOG is incremental

????4. GOOG sees significant opportunity as it goes deeper in the conversion funnel — so far it is moving in the shopping, insurance, finance and travel verticals. This could lead to higher CPCs.

????Google has mentioned many times before the vast potential of mobile advertising, particularly with added benefits of GPS. The upside for customer targeting, which makes ads more valuable is significant.