上市三年，Facebook是如何走出IPO破發災難的？

????不知道大家是否還記得Facebook上市當日的技術故障，以及人們對其移動化道路的爭議。反正不管從哪個角度看，3年前那次IPO只能用災難二字來形容。（Facebook的投資人、LinkedIn的聯合創始人里德?霍夫曼稱，Facebook的IPO“搞得一塌糊涂”。）接下來的整整一年中，Facebook都沒能走出這場災難的陰影。它的股票走勢乏善可陳，外界也不斷批評它行動遲緩，未能趕上移動互聯網這一趨勢。

????但現如今，Facebook已經成了華爾街的香餑餑。目前它的市值達到了2260億美元，市盈率高達81倍。如果你在IPO當日購買了Facebook的股票并持有至今，那么這些股票的價值至少翻了一倍。

????From the technical glitches to the mobile guidance controversy, it would be difficult to characterize Facebook’s IPO, which occurred three years ago today, as anything but disaster. (Just ask Reid Hoffman, a Facebook investor and LinkedIn co-founder, who called it “a pretty egregious fuck-up.”) The ghost of that disaster haunted Facebook for its first year as a publicly traded company, with lackluster stock performance and criticisms over its slowness to the mobile trend.

????But today, Facebook is the toast of Wall Street. Worth $226 billion, Facebook’s stock trades at a rich 81x price-to-earnings multiple. Anyone holding shares at the IPO has seen their value more than double. (The chart below, published previously with the Fortune article, “A Tale of Two IPOs,” contrasts Facebook’s strong stock performance with Twitter’s lukewarm performance.)

????在這個過程中，CEO馬克?扎克伯格和他的團隊也吸取了很多重要的教訓。首先，扎克伯格需要親自說服華爾街相信他的愿景——他不能再派一個低級別的代表去參加重要的投資人會議了。其次，Facebook提供了華爾街最重視的東西——利潤。如今，Facebook的利潤率達到驚人的40%。

????但最重要的是，Facebook將自身在移動端上的不足轉變成了動力。剛上市的時候，它的移動端幾乎沒有什么有意義的收入。在18個月內，Facebook就來了個180度的大轉變，讓質疑者乖乖地閉上了嘴。到2013年末，Facebook有一半以上的收入都來自移動廣告收入。該公司似乎終于能夠吐氣揚眉地說：“你想要移動收入？我們就賺點移動收入給你看！”華爾街給予Facebook的回報，則是一再推高了其股票的交易價格。

????在這個過程中，Facebook一波三折的IPO終于被市場拋到了腦后。但還有一家公司依然在承受2012年5月18日那次IPO留下的痛楚，它就是納斯達克。此前，一批Facebook股東以集體訴訟的方式將納斯達克告上法庭，指責其操作不當給他們造成巨額損失。這家電子證券交易所最近同意向這些原告支付2650萬美元的賠償金。

????除了交付大筆罰金之外，納斯達克也失去了其作為“科技公司IPO之王”的地位。19年來，納斯達克一直是所有科技公司IPO的首選交易所（谷歌、亞馬遜和蘋果都是在納斯達克上市）。但Facebook開盤日出現的技術問題，使它的公關形象遭到了重大打擊。后來的許多知名科技公司，比如Twitter、King Digital Entertainment、GrubHub、Zendesk和Fitbit，紛紛選擇在紐交所上市。（財富中文網）

????譯者：樸成奎

????審校：任文科

????CEO Mark Zuckerberg and his merry band of hackers pulled that off by taking a few important lessons to heart. First, Zuckerberg needed to sell his vision to Wall Street—he could no longer send a lower-level proxy in his place to important investor meetings. Second, the company delivered on the thing Wall Street cares most about: profits. Facebook today earns impressive 40% profit margins.

????But most importantly, Facebook used its weakness on mobile as a motivator. When the company went public it had no meaningful revenue from mobile. Within 18 months, Facebook delivered a magnificent about-face on mobile, quieting the haters in the process. By the end of 2013, more than half of Facebook’s revenue came from mobile ads. “You want mobile revenue? We’ll show you mobile revenue!” the company seemed to say. Wall Street rewarded the company by trading up its stock.

????In doing so, Facebook was able to put its ugly IPO in the past. But there is one company still feeling the pain of May 18, 2012: Nasdaq. The electronic stock exchange recently agreed to pay $26.5 million in a class-action lawsuit with shareholders over its mishandling of the offering.

????Beyond payouts, Nasdaq was knocked from its throne as king of the tech IPOs. For 19 years, it was the preferred exchange for almost all tech IPOs, hosting more than NYSE. (Google, Amazon and Apple all trade on Nasdaq). But the exchange took a huge PR hit for its role in the technical glitches of Facebook’s offering. As a result, many high profile companies, including Twitter, King Digital Entertainment, GrubHub, Zendesk, and Fitbit chose to go public on rival exchange NYSE.