????在最近的經濟衰退中，Pandora和Groupon都通過提供折扣或者植入廣告的廉價服務抓住了對價格敏感的消費者，從而迅速發展，獲得了早期的市場份額。它們倆都成為了新一代創業公司的象征，吸引了那些輕率的投資者參與這些新生科技公司的首次公開募股。不過這兩次募股都顯示，實際上，比起盈利增長更快的公司，投資者對于收入增長更快的公司并沒有很強的投資欲望。

????Groupon的利潤已經受到了擠壓。首先，快速擴張需要很高的營銷成本；此外，公司近期還積極進軍利潤較低的直接銷售領域。而根據合同，Pandora要為他們藝術家的音樂版權支付繁重的費用，因而導致利潤受損。

????隨著管理層變動，Pandora發布的收益報告更加凸顯了這一趨勢。這家公司的發展速度仍然足以讓大多數公司眼紅。上一季度，用戶聽音樂的總時長增加了53%，達到了40億小時。它的季度收入同比增長54%，達到了1.25億美元。不過公司財報顯示，每股仍然凈虧損4美分。

????盡管在上周四的盤后交易中，Pandora股票上漲了21%，達到14.16美元，收入和未來導向仍然符合專家的預期。這種情況可能凸顯了投資者的樂觀，新任CEO可能會讓Pandora有更好的表現。梅森的離職新聞轟動網絡之后，Groupon的股票也出現了類似的上漲行情。

????但是新任CEO是否一定是拯救這兩家公司的靈丹妙藥，目前還很難說。Groupon的董事會暗示需要一名老練的高管來帶領公司前進。但是肯尼迪的經驗已經足夠豐富。2004年加入Pandora以前，他曾在e-Loan和Saturn公司干過許多年。如果Pandora的董事會覺得他們需要年輕血液，也許他們可以同Groupon互換CEO。

????真正導致Groupon、Pandora和最近許多首次公開募股不景氣的原因，恐怕投資者不愿意聽到。那就是，它們自身的商業模式已然遭遇危機。借用網絡來建立業務或開展營銷確實能夠削減成本，但同時也讓消費者期待，甚至到處搜尋價格低廉，或者因為植入廣告而免費的產品，甚至更理想些，沒有廣告、卻能免費使用的產品。

????因此，在投資者的壓力之下，董事會和公司轉而責怪CEO。實際上它們的商業模式才是罪魁禍首。網絡已經無法繼續沿用以前的方式盈利了。（財富中文網）

????譯者：嚴匡正

????Both Pandora and Groupon grew rapidly and gained early market share by offering discounted or ad-supported services that appealed to cost-conscious consumers in the recent recession. Both became emblematic of a new generation of startups that could entice skittish investors into new tech IPOs. Both IPOs showed that, in fact, investors still aren't hungry for companies better at growing revenue than growing profit.

????Groupon's profits have been pressured by, first, high marketing costs made to fuel rapid expansion and, more recently, an aggressive move into lower-margin direct sales. Pandora's profits are hurt by the onerous fees demanded by music labels for licensing their artists under contract.

????The earnings report Pandora made alongside news of the management changeunderscores the trend. Pandora is still growing at rates most companies would envy. Total listener hours rose 53% to top 4 billion hours last quarter. Revenue grew 54% to $125 million from the year-ago quarter. Yet the company still reported a net loss of 4 cents a share.

????Pandora's earnings and future guidance were in line with analyst expectations, although the stock rose 21% in afterhours trading Thursday to $14.16. That may reflect optimism that a new CEO could help Pandora improve its performance. Groupon's stock saw a similar pop after Mason's departure hit the wires.

????But it's not clear how a new CEO is going to be a sure-fire solution for either company. Groupon's board indicated that a seasoned executive could be needed to steer the company forward. But Kennedy is just such a seasoned hand, with several years at e-Loan and Saturn Corp. before joining Pandora in 2004. If Pandora's board feels a younger face is necessary, perhaps they can arrange a CEO swap with Groupon.

????The real reason weighing down the stocks of Groupon, Pandora and many other recent IPOs is a truth investors may not want to hear. The business models themselves are troubled. Using the web to build or market a business can cut costs, but it's also trained consumers to expect -- and even shop around for -- prices to be low. Or free if ad-supported. Or, ideally, free without any ads.

????And so, under pressure from investors, boards and companies are blaming CEOs. When in fact it's the business models that are problematic. The web just doesn't generate profits the way it used to.