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  3. It would be all too easy to say that Facebook’s market meltdown is coming to an end. After all, Mark Zuckerberg’s social network

It would be all too easy to say that Facebook’s market meltdown is coming to an end. After all, Mark Zuckerberg’s social network

admin2021-08-17  1
问题     It would be all too easy to say that Facebook’s market meltdown is coming to an end. After all, Mark Zuckerberg’s social network burned as much as $50 billion of shareholders’ wealth in just a couple of months. To put that in context, since its debut on NASDAQ in May, Facebook has lost value nearly equal to Yahoo, AOL, Zynga, Yelp, Pandora, OpenTable, Groupon, Linkedln, and Angie’s List combined, plus that of the bulk of the publicly traded newspaper industry.
    As shocking as this utter failure may be to the nearly 1 billion faithful Facebook users around the world, it’s no surprise to anyone who read the initial public offering (IPO) prospectus. Worse still, all the crises that emerged when the company debuted—overpriced shares, poor corporate governance, huge challenges to the core business, and a damaged brand—remain today. Facebook looks like a prime example of what Wall Street calls a falling knife—that is, one that can cost investors their fingers if they try to catch it.
    Start with the valuation. To justify a stock price close to the lower end of the projected range in the IPO, say $28 a share, Facebook’s future growth would have needed to match that of Google seven years earlier. That would have required increasing revenue by some 80 percent annually and maintaining high profit margins all the while.
    That’s not happening. In the first half of 2012, Facebook reported revenue of $2. 24 billion, up 38 percent from the same period in 2011. At the same time, the company’s costs surged to $2. 6 billion in the six-month period.
    This so-so performance reflects the Achilles’ heel of Facebook’s business model, which the company clearly stated in a list of risk factors associated with its IPO: it hasn’t yet figured out how to advertise effectively on mobile devices. The number of Facebook users accessing the site on their phones surged by 67 percent to 543million in the last quarter, or more than half of its customer base.
    Numbers are only part of the problem. The mounting pile of failure creates a negative feedback loop that threatens Facebook’s future in other ways. Indeed, the more Facebook’s disappointment in the market is catalogued, the worse Facebook’s image becomes. Not only does that threaten to rub off on users, it’s bad for retention and recruitment of talented hackers, who are the lifeblood of Zuckerberg’s creation.
    Yet the brilliant CEO can ignore the sadness and complaints of his shareholders thanks to the super-voting stock he holds. This arrangement also was fully disclosed at the time of the offering. It’s a pity so few investors apparently bothered to do their homework.
The crises Facebook is facing________.
选项 A、were not disclosed in the IPO prospectus
B、are the universal risks Wall Street confronts
C、are beyond the expectation of its faithful users
D、led to its first appearance on NASDAQ
答案C
解析 事实细节题。第二段第一句指出，尽管这次彻底的失败令脸书的忠实用户震惊，但对于读过其招股书的任何一个人来说，这并不意外。由此可知，忠实的用户没有想到脸书会失败，但招股书中如实披露了脸书面临的危机，C项表述正确，故为答案。同时，A项表述错误，故排除。第二段第三句提到，脸书当前的危机是华尔街称之为“下落的刀子”的危机中的典例，未提及脸书当前的危机是华尔街面临的普遍性危机，故排除B项。第一段第三句提到，这次危机是脸书在纳斯达克上市之后遇到的，并非是危机造就了脸书在纳斯达克上市，故排除D项。
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