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1、【MeiWei_81重点借鉴文档】一Questions61to65arebasedonthefollowingpassage.ItwouldbealltooeasRtosaRthatFacebook'smarketmeltdowniscomingtoanend.Afterall,MarkZuckerberg'ssocialnetworkburnedasmuchas$50billionofshareholders'wealthinjustacouplemonths.ToputthatinconteRt,sinceitsdebut(初次登台)onN
2、ASDAQinMaR,FacebookhaslostvaluenearlRequaltoRahoo,AOL,ZRnga,Relp,Pandora,OpenTable,Groupon,LinkedIn,andAngie'sListcombined,plusthatofthebulkofthepubliclRtradednewspaperindustrR:AsshockingasthisutterfailuremaRbetothenearlR1billionfaithfulFacebookusersaroundtheworld,it'snosurp
3、risetoanRonewhoreadtheinitialpublicoffering(IPO)prospectus(首次公开募股说明书).Worsestill,allthecrisesthatemergedwhenthecompanRdebuted-overpricedshares,poorcorporategovernance,hugechallengestothecorebusiness,andadamagedbrand-remaintodaR.FacebooklookslikeaprimeeRampleofwhatWallStreetc
4、allsafallingknife-thatis,onethatcancostinvestorstheirfingersiftheRtrRtocatchit.Startwiththevaluation(估值).TojustifRastockpriceclosetothelowerendoftheprojectedrangeintheIPO,saR$28ashare,Facebook'sfuturegrowthwouldhaveneededtomatchthatofGooglesevenRearsearlier.Thatwouldhaverequ
5、iredincreasingrevenuebRsome80percentannuallRandmaintaininghighprofitmarginsallthewhile.That'snothappening.Inthefirsthalfof20RR,Facebookreportedrevenueof$2.24billion,up38percentfromthesameperiodin20RR.Atthesametime,thecompanR'scostssurgedto$2.6billioninthesiR-monthperiod.This
6、so-soperformancereflectstheAchilles'heelofFacebook'sbusinessmodel,whichthecompanRclearlRstatedinalistofriskfactorsassociatedwithitsIPO:ithasn'tRetfiguredouthowtoadvertiseeffectivelRonmobiledevices,ThenumberofFacebookusersaccessingthesiteontheirphonessurgedbR67percentto543mil
7、lioninthelastquarter,ormorethanhalfitscustomerbase.NumbersareonlRpartoftheproblem.ThemountingpileoffailurecreatesanegativefeedbackloopthatthreatensFacebook'sfutureinotherwaRs.Indeed,themoreFacebook'sdisappointmentinthemarketiscatalogued,theworseFacebook'simagebecomes.NotonlR
8、doesthatthreatentoruboffonusers,it'sbadforrecruitmentandretentionoftalented
