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投资理财

Twitter上市大考的11个问题

Daryl G. Jones 2013年11月01日

Twitter已经正式展开路演,向潜在投资者展示它即将进行的IPO。投资者应该借这个机会问清楚涉及公司前途的11个重要问题。

    我们就IPO路演向Twitter管理层提出11个问题。

    Twitter 上市十一问:

    1.Twitter的IPO筹集到的资金将如何运用?能否简单说明一下,筹集资金预计将如何加速公司的增长?

    2.Twitter有77%以上的用户来自美国以外地区,但只有26%的并表收入来自美国以外的地区。国际用户的产出为什么这么低?这个趋势未来将如何发展?在全球范围内获得收入是否存在结构性的障碍?

    3.2013年第三季度,Twitter月均活跃用户的时间轴浏览量连续下降1%?这是用户参与度下降,还是有其他动态因素?

    4.我们应该如何看待Twitter全球用户总数的市场规模?特别是,相对于2013年第二季度Facebook的11.5亿月度活跃用户而言?

    5.整体而言,有些广告主会早早尝试,而其他广告主很久之后才在Twitter平台上投放广告,这是为什么?Twitter如何向广告主证明投资收益率?

    6.财务模式中长期会怎样?比如,Facebook的销售成本占到2013年二季度营收的26%,而Twitter的这个比例为36%。中长期来看,有没有什么原因导致Twitter的运营利润率比不上Facebook?

    7.从历史上看,收购一直是Twitter收购策略的重要组成部分?有没有一些领域是Twitter特别关注的,比方说分析领域?

    8.Twitter如何看待目前竞争格局?特别是谷歌(Google)、商务社交网站LinkedIn和Facebook都拥有高用户基础,进入市场障碍低,而且,我们都知道在Facebook前有过MySpace。

    9.盖洛普(Gallup)的一项最新调查显示,加入Twitter用户中36%的人表示,他们不使用这项服务,7%的人承认已经关闭了自己的账号。与此同时,仅7%的Facebook用户不使用自己的账号,5%的人承认已经关闭了的账号。Twitter怎么看待这项调查?它对于用户参与度的意义是什么?顺着这条线继续问,用户每月或每周平均花在Twitter网站上的时间是多少?

    10.反映Twitter业务健康度最重要的指标是什么?

    11.让你们夜不能寐的事情是什么? (财富中文网)

    本文作者是Hedgeye的研究总监。

    Our top questions for Twitter management on their IPO roadshow.

    The TWTR Top 11:

    1. How are you going to use the IPO proceeds? Can you outline how we should expect the proceeds to accelerate your growth?

    2. More than 77% of Twitter users are from outside the United States, but only 26% of your consolidated revenue comes from outside the United States. Why is the yield on international users so much lower, and how will this trend over time? Are there structural impediments to revenue internationally?

    3. Timeline views per monthly average user (MAU) declined sequentially by 1% in Q3 2013? Is this an indication of engagement declining, or is there another dynamic at work?

    4. How should we think about the market size for the total number of global users? Especially, vis-à-vis Facebook's (FB) 1.15 billion monthly users as of Q2 2013?

    5. Generally speaking, why have some advertisers been early adopters and others taken longer to begin advertising on your platform? How do you show ROI to advertisers?

    6. How will the financial model look longer term? As an example, Facebook currently has costs of sales that are 26% of Q2 2013 revenue and Twitter is at 36%. Longer term, is there any reason that Twitter can't have operating margins comparable to Facebook's?

    7. Acquisitions have been an important part of your strategy historically, are there any areas in particular that you are focused, like analytics as an example?

    8. How do you view the competitive landscape? In particular, Google (GOOG), LinkedIn (LNKD), and Facebook appear to have low barriers to entry given their high user bases and, as we all know, before Facebook there was MySpace.

    9. According to a recent Gallup poll of people that have joined Twitter 36% said they don't use the service and 7% have admitted to shutting down their account. Meanwhile, only 7% of Facebook users don't use their account and only 5% admitted to shutting down their account. What do you make of this poll and the implication on user engagement? Along that line, how much time per week, or month, does the average user spend per month on the site?

    10. What are the most important metrics for the health of your business?

    11. What keeps you up at night?

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