ItwouldbealltooeasytosaythatFacebook’smarketmeltdowniscomingtoan

ItwouldbealltooeasytosaythatFacebook’smarketmeltdowniscomingtoanend.Afterall,MarkZuckerberg’ssocial networkburnedasmuchas$50billionofshareholders’wealthinjustacouplemonths.Toputthatincontext,sinceitsdebut(初次登台)onNASDAQinMay,FacebookhaslostvaluenearlyequaltoYahoo,AOL,Zynga,Yelp,Pandora,OpenTable, Groupon,LinkedIn,andAngie'sListcombined,plusthatofthebulkofthepubliclytradednewspaperindustry: Asshockingasthisutterfailuremaybetothenearly1billionfaithfulFacebookusersaroundtheworld,it’snosurpriseto anyonewhoreadtheinitialpublicoffering(IPO)prospectus(首次公开募股说明书).Worsestill,allthecrisesthatemerged whenthecompanydebuted-overpricedshares,poorcorporategovernance,hugechallengestothecorebusiness,anda damagedbrand-remaintoday.FacebooklookslikeaprimeexampleofwhatWallStreetcallsafallingknife-thatis,onethat cancostinvestorstheirfingersiftheytrytocatchit. Startwiththevaluation.TojustifyastockpriceclosetothelowerendoftheprojectedrangeintheIPO,say$28ashare,Facebook’sfuturegrowthwouldhaveneededtomatchthatofGooglesevenyearsearlier.Thatwouldhaverequired increasingrevenuebysome80percentannuallyandmaintaininghighprofitmarginsallthewhile. That’snothappening.Inthefirsthalfof2012,Facebookreportedrevenueof$2.24billion,up38percentfromthesame periodin2011.Atthesametime,thecompany’scostssurgedto$2.6billioninthesix-monthperiod. Thisso-soperformancereflectstheAchilles’heelofFacebook’sbusinessmodel,whichthecompanyclearlystatedina listofriskfactorsassociatedwithitsIPO:ithasn’tyetfiguredouthowtoadvertiseeffectivelyonmobiledevices,Thenumber ofFacebookusersaccessingthesiteontheirphonessurgedby67percentto543millioninthelastquarter,ormorethan halfitscustomerbase. Numbersareonlypartoftheproblem.ThemountingpileoffailurecreatesanegativefeedbackloopthatthreatensFacebook’sfutureinotherways.Indeed,themoreFacebook’sdisappointmentinthemarketiscatalogued,theworseFacebook’s imagebecomes.Notonlydoesthatthreatentoruboffonusers,it’sbadforrecruitmentandretentionoftalentedhackers,whoarethelifebloodofZuckerberg’screation. YetthebrilliantCEOcanignorethesadnessandcomplaintsofhisshareholdersthankstothesuper-votingstockhe holds.Thisarrangementalsowasfullydisclosedatthetimeoftheoffering.It’sapitysofewinvestorsapparentlybotheredto dotheirhomework. WhateffectwillFacebook’sfailureinthemarkethave《》() A.Itsusers’benefitswillbethreatened.

A.Talented hackers will take down the website.

B.The CEO will hold the super-voting stock.

C.The company’s innovation strength will be damage

正确答案是D