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1、一Questions61to65arebasedonthefollowingpassage.ItwouldbealltooeasytosaythatFacebook'smarketmeltdowniscomingtoanend.Afterall,MarkZuckerberg'ssocialnetworkburnedasmuchas$50billionofshareholders'wealthinjustacouplemonths.Toputthatincontext,sinceitsdebut(
2、初次登台)onNASDAQinMay,FacebookhaslostvaluenearlyequaltoYahoo,AOL,Zynga,Yelp,Pandora,OpenTable,Groupon,LinkedIn,andAngie'sListcombined,plusthatofthebulkofthepubliclytradednewspaperindustry:Asshockingasthisutterfailuremaybetothenearly1billionfaithfulFaceb
3、ookusersaroundtheworld,it'snosurprisetoanyonewhoreadtheinitialpublicoffering(IPO)prospectus(首次公开募股说明书).Worsestill,allthecrisesthatemergedwhenthecompanydebuted-overpricedshares,poorcorporategovernance,hugechallengestothecorebusiness,andadamagedbrand-r
4、emaintoday.FacebooklookslikeaprimeexampleofwhatWallStreetcallsafallingknife-thatis,onethatcancostinvestorstheirfingersiftheytrytocatchit.Startwiththevaluation(估值).TojustifyastockpriceclosetothelowerendoftheprojectedrangeintheIPO,say$28ashare,Facebook
5、'sfuturegrowthwouldhaveneededtomatchthatofGooglesevenyearsearlier.Thatwouldhaverequiredincreasingrevenuebysome80percentannuallyandmaintaininghighprofitmarginsallthewhile.That'snothappening.Inthefirsthalfof2012,Facebookreportedrevenueof$2.24billion,up
6、38percentfromthesameperiodin2011.Atthesametime,thecompany'scostssurgedto$2.6billioninthesix-monthperiod.Thisso-soperformancereflectstheAchilles'heelofFacebook'sbusinessmodel,whichthecompanyclearlystatedinalistofriskfactorsassociatedwithitsIPO:ithasn'
7、tyetfiguredouthowtoadvertiseeffectivelyonmobiledevices,ThenumberofFacebookusersaccessingthesiteontheirphonessurgedby67percentto543millioninthelastquarter,ormorethanhalfitscustomerbase.Numbersareonlypartoftheproblem.Themountingpileoffailurecreatesaneg
8、ativefeedbackloopthatthreatensFacebook'sfutureinotherways.Indeed,themoreFacebook'sdisappointmentinthemarketiscatalogued,theworseFacebook'simagebecomes.Notonlydoesthatthreatentoruboffonusers,it'sbadforrecruitmentandretentionoftalentedhackers,whoarethe
