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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

admin2019-08-17  25
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 months. 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.
    To justify a stock price close to the lower end of the project 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.
    But 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 543 million in the last quarter, or more than half 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 cataloged, the worse Facebook’s image becomes. Not only does that threaten to rub off on users, it’s bad for recruitment and retention 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.
According to the first three paragraphs, which of the following statements is True?
选项 A、Facebook could keep a high profit for seven years.
B、Facebook could catch up with Google in 2012.
C、Facebook’s profit is higher than the cost in 2011.
D、Facebook priced the shares too high in the IPO.
答案D
解析 事实细节题。第二段第一句讲到，为了证明IPO中接近低端的股价(每股28美元)是合理的，脸书未来的增长需要与7年前的谷歌相当。由此可知，脸书的增长要维持一定的水准才能达到其IPO股价的低端价格，也就是说，其IPO股票价格是偏高的，故D项为答案。A项表述与原文不符，故排除。第三段第一句讲，但2012年上半年，脸书公布的收入为22. 4亿美元，较2011年同期增长38％，没有提到脸书在2012年能否追上谷歌，故排除B项；同时可知，该句只提到2011年上半年的盈利情况，没有提及2011年一整年的，故排除C项。
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