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20226(一)20226(一)Questions61to65arebasedonthefollowingpassage.ItwouldbealltooeasytosaythatFacebook”smarketmeltdowniscomingtoanend.Afterall,Marksocialnetworkburnedasmuchas$50billionofwealthinjustacouplemonths.Toputthatincontext,sinceitsdebutNASDAQinMay,FacebookhaslostvaluenearlyequaltoYahoo,AOL,Zynga,Yelp,Pandora,OpenTable,Groupon,LinkedIn,andAngie”sListcombined,plusthatofthebulkofthepubliclytradednewspaperindustry:Asshockingasthisutterfailuremaybetothenearly1billionfaithfulFacebookusersaroundtheworld,nosurprisetoanyonewhoreadtheinitialpublicoffering(IPO)prospectusWorsestill,allthecrisesthatemergedwhenthecompanydebuted-overpricedshares,poorcorporategovernance,hugechallengestothecorebusiness,andadamagedbrand-remaintoday.FacebooklookslikeaprimeexampleofwhatWallStreetcallsafallingknife-thatis,onethatcancostinvestorstheirfingersiftheytrytocatchit.StartwiththevaluationTojustifyastockpriceclosetothelowerendoftheprojectedrangeintheIPO,say$28ashare,Facebook”sfuturegrowthwouldhaveneededtomatchthatofGooglesevenyearsearlier.Thatwouldhaverequiredincreasingrevenuebysome80percentannuallyandmaintaininghighprofitmarginsallthewhile.That”snothappening.Inthefirsthalfof2022,Facebookreportedrevenueof$2.24billion,up38percentfromthesameperiodin2022.Atthesametime,thecostssurged$2.6billioninthesix-monthperiod.Thisso-soperformancereflectstheAchilles”heelofsbusinessmodel,whichthecompanyclearlystatedinalistofriskfactorsassociatedwithitsIPO:ithantyetfiguredouthowtoadvertiseeffectivelyonmobiledevices,ThenumberofFacebookusersaccessingthesiteontheirphonessurgedby67percenttomillioninthelastquarter,ormorethanhalfitscustomerbase.Numbersareonlypartoftheproblem.ThemountingpileoffailurecreatesanegativefeedbackloopthatthreatensFacebook”sfutureinotherways.Indeed,themoreFacebook”sdisappointmentinthemarketiscatalogued,theworseFaceboksimageNotonlydoesthatthreatentoruboffonusers,it”sbadforrecruitmentandretentionoftalentedhackers,whoarethelifebloodofZuckerberg”screation.YetthebrilliantCEOcanignorethesadnessandcomplaintsofhisshareholdersthankstothesuper-votingstockheholds.arrangementalsowasfullydisclosedatthetimeoftheoffering.It”sapitysofewinvestorsapparentlybotheredtodotheirhomework.61.WhatcanbeinferredaboutFacebookfromtheparagraph?Itsmarketmeltdownhasbeeneasilyhalted.Ithasincreasedtradewiththenewspaperindustry.Ithasencounteredutterfailuresinceitsstockdebut.Itsshareholdershaveinvested$50billioninasocialnetwork.62.ThecrisesFacebookisfacing havebeendisclosedintheIPOprospectusaretheuniversalrisksWallStreetconfrontsC.disappointitsfaithfulusersD.haveexistedforalongtime63.Tomakeitsstockpricereasonable,Facebookhasto A.narrowtheIPOpricerangeB.cooperatewithGoogleC.keepenormouslyprofitableD.investadditional$2.6billion64.ItcanbeinferredfromthecontextthattheAchillsheel(Line1,Para.5)refersto deadlyweaknessproblemunsolvedC.indisputableD.potentialrisk65.WhateffectwillFacebook”sfailureinthemarketA.Itsusers”benefitswillbethreatened.Talentedhackerswilltakedownthewebsite.TheCEOwillholdthesuper-votingstock.Thecompany”sinnovationstrengthwillbedamaged.參考答案61.C)。此題考察第一段的主旨大意。此種題型可以使用排解法,將.A)與原;B末句plusthatof…中的thatvalue,意指臉譜網(wǎng)自登陸納斯達(dá)B;Cburnelost故為答案。62.DDtoday63.C)。此題考察臉譜網(wǎng)如何才能使其制定的股價(jià)合理,題干中的reasonable對(duì)應(yīng)原文中的justify2880%,并始終保持高利潤(rùn)率,故答案為c)。64.A)。本段提到,臉譜網(wǎng)現(xiàn)在還未解決
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