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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  12
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.
What effect will Facebook’s failure in the market have?
选项 A、The users will give negative feedback to investors.
B、Talented hackers will take down the website.
C、The CEO will hold the super-voting stock.
D、The company’s innovation strength will be damaged.
答案D
解析 事实细节题。第六段最后一句讲到，脸书的失败不仅会对用户产生影响，而且会不利于留住和招募有才干的黑客，而这些黑客正是扎克伯格创新的命脉。由此可知，脸书的失败会阻碍其发展、创新，故答案为D项。第六段第二句说，脸书不断累积的失败造成了一个负面反馈循环，不是用户给投资者消极的反馈，A项表述不正确，故排除。文中未提及黑客会摧毁网站，B项表述不正确，故排除。第七段第一句表示，扎尔伯格持有超级投票权的股票，即现在就持有，而不是将来持有，C项表述不正确，故也排除。
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