????不知道大家是否還記得Facebook上市當(dāng)日的技術(shù)故障，以及人們對(duì)其移動(dòng)化道路的爭(zhēng)議。反正不管從哪個(gè)角度看，3年前那次IPO只能用災(zāi)難二字來形容。（Facebook的投資人、LinkedIn的聯(lián)合創(chuàng)始人里德?霍夫曼稱，F(xiàn)acebook的IPO“搞得一塌糊涂”。）接下來的整整一年中，F(xiàn)acebook都沒能走出這場(chǎng)災(zāi)難的陰影。它的股票走勢(shì)乏善可陳，外界也不斷批評(píng)它行動(dòng)遲緩，未能趕上移動(dòng)互聯(lián)網(wǎng)這一趨勢(shì)。

????但現(xiàn)如今，F(xiàn)acebook已經(jīng)成了華爾街的香餑餑。目前它的市值達(dá)到了2260億美元，市盈率高達(dá)81倍。如果你在IPO當(dāng)日購(gòu)買了Facebook的股票并持有至今，那么這些股票的價(jià)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(gè)過程中，CEO馬克?扎克伯格和他的團(tuán)隊(duì)也吸取了很多重要的教訓(xùn)。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(gè)低級(jí)別的代表去參加重要的投資人會(huì)議了。其次，F(xiàn)acebook提供了華爾街最重視的東西——利潤(rùn)。如今，F(xiàn)acebook的利潤(rùn)率達(dá)到驚人的40%。

????但最重要的是，F(xiàn)acebook將自身在移動(dòng)端上的不足轉(zhuǎn)變成了動(dòng)力。剛上市的時(shí)候，它的移動(dòng)端幾乎沒有什么有意義的收入。在18個(gè)月內(nèi)，F(xiàn)acebook就來了個(gè)180度的大轉(zhuǎn)變，讓質(zhì)疑者乖乖地閉上了嘴。到2013年末，F(xiàn)acebook有一半以上的收入都來自移動(dòng)廣告收入。該公司似乎終于能夠吐氣揚(yáng)眉地說：“你想要移動(dòng)收入？我們就賺點(diǎn)移動(dòng)收入給你看！”華爾街給予Facebook的回報(bào)，則是一再推高了其股票的交易價(jià)格。

????在這個(gè)過程中，F(xiàn)acebook一波三折的IPO終于被市場(chǎng)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(dá)克。此前，一批Facebook股東以集體訴訟的方式將納斯達(dá)克告上法庭，指責(zé)其操作不當(dāng)給他們?cè)斐删揞~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(dá)克也失去了其作為“科技公司IPO之王”的地位。19年來，納斯達(dá)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(dá)克上市）。但Facebook開盤日出現(xiàn)的技術(shù)問題，使它的公關(guān)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(cái)富中文網(wǎng)）

????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.