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1、........一Questions61to65arebasedonthefollowingpassage.ItwouldbealltooeasytosaythatFacebook'smarketmeltdowniscomingtoanend.Afterall,MarkZuckerberg'ssocialnetworkburnedasmuchas$50billionofshareholders'wealthinjustacouplemonths.Toputthatincontext,sinceitsdebut(初次登台)onNASDAQinMay,Face
2、bookhaslostvaluenearlyequaltoYahoo,AOL,Zynga,Yelp,Pandora,OpenTable,Groupon,LinkedIn,andAngie'sListcombined,plusthatofthebulkofthepubliclytradednewspaperindustry:Asshockingasthisutterfailuremaybetothenearly1billionfaithfulFacebookusersaroundtheworld,it'snosurprisetoanyonewhoreadth
3、einitialpublicoffering(IPO)prospectus(首次公开募股说明书).Worsestill,allthecrisesthatemergedwhenthecompanydebuted-overpricedshares,poorcorporategovernance,hugechallengestothecorebusiness,andadamagedbrand-remaintoday.FacebooklookslikeaprimeexampleofwhatWallStreetcallsafallingknife-thatis,on
4、ethatcancostinvestorstheirfingersiftheytrytocatchit.Startwiththevaluation(估值).TojustifyastockpriceclosetothelowerendoftheprojectedrangeintheIPO,say$28ashare,Facebook'sfuturegrowthwouldhaveneededtomatchthatofGooglesevenyearsearlier.Thatwouldhaverequiredincreasingrevenuebysome80perc
5、entannuallyandmaintaininghighprofitmarginsallthewhile.That'snothappening.Inthefirsthalfof2012,Facebookreportedrevenueof$2.24billion,up38percentfromthesameperiodin2011.Atthesametime,thecompany'scostssurgedto$2.6billioninthesix-monthperiod.Thisso-soperformancereflectstheAchilles'hee
6、lofFacebook'sbusinessmodel,whichthecompanyclearlystatedinalistofriskfactorsassociatedwithitsIPO:ithasn'tyetfiguredouthowtoadvertiseeffectivelyonmobiledevices,ThenumberofFacebookusersaccessingthesite.学习参考.........ontheirphonessurgedby67percentto543millioninthelastquarter,ormorethan
7、halfitscustomerbase.Numbersareonlypartoftheproblem.ThemountingpileoffailurecreatesanegativefeedbackloopthatthreatensFacebook'sfutureinotherways.Indeed,themoreFacebook'sdisappointmentinthemarketiscatalogued,theworseFacebook'simagebecomes.Notonlydoesthatthreatentoruboffonusers,it'sb
8、adforrecruitmentandretentionoftal
