Groupon上市失利谁之过？

    在最近的经济衰退中，Pandora和Groupon都通过提供折扣或者植入广告的廉价服务抓住了对价格敏感的消费者，从而迅速发展，获得了早期的市场份额。它们俩都成为了新一代创业公司的象征，吸引了那些轻率的投资者参与这些新生科技公司的首次公开募股。不过这两次募股都显示，实际上，比起盈利增长更快的公司，投资者对于收入增长更快的公司并没有很强的投资欲望。

    Groupon的利润已经受到了挤压。首先，快速扩张需要很高的营销成本；此外，公司近期还积极进军利润较低的直接销售领域。而根据合同，Pandora要为他们艺术家的音乐版权支付繁重的费用，因而导致利润受损。

    随着管理层变动，Pandora发布的收益报告更加凸显了这一趋势。这家公司的发展速度仍然足以让大多数公司眼红。上一季度，用户听音乐的总时长增加了53%，达到了40亿小时。它的季度收入同比增长54%，达到了1.25亿美元。不过公司财报显示，每股仍然净亏损4美分。

    尽管在上周四的盘后交易中，Pandora股票上涨了21%，达到14.16美元，收入和未来导向仍然符合专家的预期。这种情况可能凸显了投资者的乐观，新任CEO可能会让Pandora有更好的表现。梅森的离职新闻轰动网络之后，Groupon的股票也出现了类似的上涨行情。

    但是新任CEO是否一定是拯救这两家公司的灵丹妙药，目前还很难说。Groupon的董事会暗示需要一名老练的高管来带领公司前进。但是肯尼迪的经验已经足够丰富。2004年加入Pandora以前，他曾在e-Loan和Saturn公司干过许多年。如果Pandora的董事会觉得他们需要年轻血液，也许他们可以同Groupon互换CEO。

    真正导致Groupon、Pandora和最近许多首次公开募股不景气的原因，恐怕投资者不愿意听到。那就是，它们自身的商业模式已然遭遇危机。借用网络来建立业务或开展营销确实能够削减成本，但同时也让消费者期待，甚至到处搜寻价格低廉，或者因为植入广告而免费的产品，甚至更理想些，没有广告、却能免费使用的产品。

    因此，在投资者的压力之下，董事会和公司转而责怪CEO。实际上它们的商业模式才是罪魁祸首。网络已经无法继续沿用以前的方式盈利了。（财富中文网）

    译者：严匡正

    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.