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[阅读小分队] 【每日阅读训练第四期——速度越障25系列】【25-04】经管 Twitter IPO

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发表于 2013-9-19 02:12:49 | 显示全部楼层 |阅读模式
Official Weibo: http://weibo.com/u/3476904471

鱼之碎碎念:speaker依旧是新闻,信息量足够,和speed话题贴近,speed1-3是一篇新闻性,4-5是一篇趣味型,越障是分析类,大家Enjoy!

背景资料:首次公开募股(英文:Initial Public Offerings,縮寫:IPO),是指企业透过证券交易所首次公开向投资者增发股票,以期募集用于企业发展资金的过程。當大量投資者認購新股時,需要以抽籤形式分配股票,又稱為抽新股,認購的投資者期望可以用高於認購價的價格售出。对应于一级市场,大部分公开发行股票由投资银行集团承销而进入市场,银行按照一定的折扣价从发行方购买到自己的账户,然后以约定的价格出售,公开发行的准备费用较高,私募可以在某种程度上部分规避此类费用。这个现象在1990年代末的美国发起,当时美国正经历科技網路類股泡沫化。创办人会以独立资本成立公司,并希望在牛市期间透过IPO來集資。由于投资者认为这些公司有机会成为“微软第二”,股价在它们上市的初期通常都会上扬,不少创办人都在一夜间成了百万富翁。而受惠于认股权,雇员也赚取了可观的收入。在美国,大部分透过IPO集资的股票都会在纳斯达克市场内交易。很多亚洲国家的公司都会透过类似的方法来筹措资金,以发展公司业务。


Part I: Speaker

Article 1:

Twitter Files For Initial Public Offering

[Rephrase 1]

[Dialog, 2:18]


Source: http://www.npr.org/2013/09/13/221957798/twitter-files-for-initial-public-offering


Part II: Speed
Article 2:

Twitter Files for Initial Public Offering
[Time 2]
Fewer than 140 characters, Twitter  broke the news Thursday on its own short-message service that it has filed confidential paperwork to begin the process for its highly anticipated public offering.

Twitter, with more than 200 million active users, is rewriting advertising rules and uniting activists around the world. The Wall Street Journal’s Deborah Kan speaks with Twitter CEO Dick Costolo about the power of 140 characters.

An IPO would mark a business milestone for seven-year-old Twitter, which is used by more than 200 million people and created a global online communication culture, but has yet to prove itself as a big and lasting business in the mold of Google and Facebook.

Since Twitter's filing was submitted to the Securities and Exchange Commission under a new law that allows small companies to keep their IPO documents private, Twitter didn't reveal how fast it is growing or whether it is profitable.
Goldman Sachs Group is the lead underwriter on the planned initial stock sale, people familiar with the matter said. One person familiar with the matter said other banks are expected to join Goldman in managing what is likely to be one of the highest-profile IPOs since Facebook went public in the spring of last year. A Twitter spokesman declined to comment.

Twitter has already achieved a valuation of more than $9 billion, as judged by private sales by employees of their stock to BlackRock earlier this year, people familiar with that transaction have said. Such a valuation would still put Twitter well behind Facebook, which went public with a valuation of about $100 billion. After initially struggling, Facebook shares hit a new all-time high this week and now trade above their IPO price.

"It's maybe a little earlier than some people suspected. A lot of people suspected first quarter of next year," said Carter Mack, president of JMP Group , a San Francisco investment banking and asset management firm. "It's been a terrific IPO market for technology-related companies this year."

[329 words]

[Time 3]

Under the direction of CEO Dick Costolo for the past three years, Twitter made it a priority to turn its popularity into an ad business. Through ads on its service dubbed "promoted tweets," the company is expected to take in $583 million in ad revenue this year, says EMarketer.

"Twitter has already become the pulse of the world for breaking news and information," said Josh Elman, a former Twitter executive, who owns shares in the company and now is a partner with venture-capital firm Greylock Partners. "I am excited for the business that has been built to support that."

A driver of the secret manner and possibly the timing of Twitter's filing could be the Jumpstart Our Business Startups Act, or JOBS Act. An effort to spur corporate and economic growth in the wake of the financial crisis, the JOBS Act allowed for the first time some U.S. companies to initially file IPO paperwork confidentially, so that only regulators at the SEC can see it.

Only U.S. companies defined by the act as "emerging growth companies," which meet criteria including having less than $1 billion in revenues, can use confidential filings. The act also allows those that qualify for it less stringent disclosure requirements in areas including executive compensation, and enables them to quietly withdraw their filings if they don't find the demand they expect.

What were the top Twitter stories of the year and who sent out the most retweeted message? WSJ's Monika Vosough went to Twitter's headquarters in San Francisco to find out what the social network's data says.

Companies don't have to have make their public filing until at least 21 days before they launch a "roadshow," which is when they actively shop the IPO to investors and price the deal. The filing doesn't obligate Twitter to set a timeline for selling its shares.

[307 words]

[Time 4]

If it goes public soon, Twitter could capitalize on a buoyant market and a hot period of new stock offerings. The U.S. IPO market is on track to produce almost 200 debuts this year, which would be the most since 2007, according to Dealogic. The IPOs have also performed well for investors, jumping an average of 13.1% in their first day of trading.

Twitter has raised more than $1 billion in private financing so far, including money used to cash out some early investors or employees. Twitter's stock buyers have included venture-capital investors Charles River Ventures, Benchmark, Insight Venture Partners, Andreessen Horowitz and Kleiner Perkins Caufield & Byers. Wealthy investors, including funds led by Russian billionaire Yuri Milner, and mutual-fund firm T. Rowe Price Group bought private Twitter shares more recently.

Twitter will have to prove to investors that its ad business is more than just promise. Many big marketers still treat Twitter more as an experiment than a cornerstone of efforts to lure shoppers into a store or to pull people to their websites.

Part of the advertiser reluctance is the size of Twitter, which draws smaller numbers than TV networks or Facebook. Advertisers also say Twitter options for advertisers are crude compared with Facebook's.

"The appeal for advertisers is more than the amount of revenue they're getting at the moment because they don't have very good products," said Simon Mansell, chief executive of digital-advertising firm TBG and a Twitter ad partner.

Questions also remain about whether Twitter's popularity will prove lasting. New digital services, such as photo-sharing app Instagram and messaging service Snapchat, have emerged to challenge Twitter.

Twitter's decision to tweet about its confidential IPO filing is perhaps fitting for a company that gave people a platform to broadcast private moments. The company quickly followed its IPO disclosure tweet with another: "Now, back to work," the company wrote, with a photo from Twitter offices of employees working at their desks.

[323 words]
Source: http://online.wsj.com/article/SB10001424127887323392204579071511038487586.html

Article 3:
What if Shakespeare Tweeted?

[Time 5]

Like managers everywhere, I've been inundated with Social Media. I have been tweetfacelinkblogging (patent pending on that one) like crazy and wondering why I bother. Then I stopped to think about it. Some of the biggest tragedies in history and literature could have been solved with a tweet there or a timely Facebook status update.

Think about it. Juliet didn't have to stand on the balcony and pine. No "Romeo, Romeo, wherefore art thou..." One look at her phone would have told her: ROMEOMONTAGUE has checked in to Juliet's Back Yard on Foursquare. And a quick search on the apothecary's customer service on Yelp might have avoided some confusion.

Skype could have saved Julius Caesar. I mean, first of all he could have done a lot of the prep work before ever crossing the Rubicon, which seemed to be the issue at hand. Plus, a good webcam would have told him that, indeed, Cassius does have a lean hungry look to him and never says anything on conference calls.

Charles Dickens knew a thing or two about people (or should I say, 'the human condition'). A lot of trouble could have been avoided if David Copperfield had just checked out Uriah Heep's profile on Facebook.

Sure, he seemed like a good dude and a hard worker, but a quick search would have shown him two friends, a "like" for his boss's lame holiday pictures and 3200 unanswered invitations to play Farmville. That would have told him all he needed to know about this guy. Watch your back, Dave, is all I'm saying.

What about Jane Eyre? She could have done a quick scan of Facebook for Edward Fairfax Rochester. Relation status: "it's complicated". That might have answered a few questions and I'm sure his insurance company would have been happier.

[300 words]

[Time 6]

For those who've ever tried to read Moby Dick you know how long and ponderous it is. In its hardcover edition it weighs just slightly less than the whale itself. I can just imagine the Twitter feed on that one:

Ishmael: RT Whale sighted, Home any day now. @sh*tmycaptainsays.

Or @TheRealRichardIII: A horse. A horse. My kingdom for a horse.

Of course with a deal like that, it's more of a Craigslist thing, but you see where I'm going with this.

As a manager, hiring decisions are important. Perhaps a quick look at Macbeth's LinkedIn profile would have been a tipoff. Just 4 Connections - three old hags and Banquo - and 427 second degree connections, all through the Mrs. No thanks, we're looking for a king with a bit more industry experience.

The speed of information and willingness of complete strangers to help is a major advantage to these tools. Hamlet could have saved himself a lot of trouble by using LinkedIn Questions:

Hamlet Hameltsen asks: To be or not to be? What's your experience? He might have actually gotten some help (along with 17 unsolicited responses from software vendors and 4 from multi level marketers but some of those free webinars do have some value.)

Yes, as annoying as keeping up with Social Media can be, the access to information in a timely manner could have prevented a lot of problems from getting to the point of tragedy. If one simple status update could change the world – think @Parisoftroy Lame Greeks left their wooden horse behind. Finders keepers LOL - imagine what you can do to help the Johnson Project get done on time!


[276 words]
Source: http://www.management-issues.com/opinion/6206/what-if-shakespeare-tweeted/


Part III: Obstacle

Article 4:

How Twitter learnt to spread its wings

[Paraphrase 7]

Twitter employees got their first hint that the company was preparing to go public at “tea time”. Every Friday afternoon, the messaging service holds an all-hands meeting in the large, high-ceilinged canteen on the top floor of its San Francisco office building, known as “the nest”. Executives such as Twitter chief Dick Costolo typically give short presentations or answer questions from the “flock”. One Friday in early summer this year, the discussion was about an analysis Twitter execs had done of other internet companies that had recently listed, such as Facebook and LinkedIn. Twitter employees were told how their own productivity and efficiency metrics compared with the companies against which, they were warned, they would soon be judged.

Months later, Twitter announced what Wall Street had been speculating about for the best part of a year –that it had indeed filed for an IPO. Though the announcement that it had secretly filed the regulatory documents necessary to begin going public took many by surprise – both inside and outside the company – Twitter has undergone a transformation over the past two years from scrappy start-up to an indispensable part of the media landscape.

Mr Costolo, whose career has encompassed stints at Google, running start-ups and as a stand-up comedian, became chief executive in October 2010, just a year after joining the company as chief operating officer, as the board tried to contain infighting between Twitter’s founders. At the time, despite being four years old, Twitter was still largely seen as a compelling product with an idealistic outlook and serious problems: unstable infrastructure, no obvious revenue streams and amateurish management.

During 2010, the company had hired Ali Rowghani from Pixar to become its finance chief, now in charge of operations, and Adam Bain from News Corp to become its advertising chief.

Under this new leadership, Twitter gently introduced advertising, first among search results and the “trending topics” that appear on the side of its page, before adding “promoted tweets” to users’ main stream of updates. To begin with, these were shown infrequently and selected advertisers had to work closely with Twitter, which was determined not to scare off users with too many ads, as MySpace had. Now advertisers are charged for promoted tweets only when a user interacts with them, such as retweeting, clicking a link or replying.

Last year, it introduced advertising to smartphone apps, stealing an early march on Facebook, and touted its origins as a mobile service to win mindshare among marketers suddenly desperate to reach consumers on their phones.

“The way they developed their core product ultimately is a huge factor in why the advertising business has grown so quickly compared to its competitors,” said Clark Fredericksen, an analyst at research firm eMarketer. “They put mobile first, had sms integration at the outset and maintained this single column, mobile-friendly user format.”

Twitter has always said it will not increase the number of ads its users see, leaving three principal ways to boost revenues – grow the number of people using the service; boost the price of its ads; or by using the data it has collected on users’ interests to sell targeted advertising across other websites and apps.

After years of a softly-softly approach to advertising, the past 12 months have seen a marked acceleration of Twitter’s efforts to boost ad yields.

The company has been investing heavily in hiring prominent sales people from the ad industry, says Brian Wieser, analyst at Pivotal Research. It now has staff focused on each of the big agency holding companies, such as Omnicom and WPP, and their unique media-buying systems. It has teams with expertise selling to particular marketing verticals, such as entertainment, and people focused on selling directly to individual companies.

“They’re at the same stage as Facebook was in 2009 or 2010, in terms of sales effort,” he says. “Twitter is quickly establishing itself as a dominant player in mobile advertising.”

They’re at the same stage as Facebook was in 2009 or 2010, in terms of sales effort. Twitter is quickly establishing itself as a dominant player in mobile advertising.

Last summer, it followed the example set by Facebook in allowing advertisers to target ads based on what Twitter calls the “interest graph”. To capitalise on its popularity as a “second screen” for people watching sports and live TV shows, it struck partnerships with Nielsen, the TV ratings company, and with traditional media companies to create Amplify, which uses replays and clips from broadcasts to sell extra ads on Twitter.

Some of its most significant acquisitions, including Bluefin and Trendrr, have also aimed to boost this combination of Twitter and TV, but its biggest deal came just this week with MoPub. MoPub operates an advertising network across a range of mobile apps that will give Twitter access to eyeballs beyond its own users, while also providing a new way to buy real time ads on Twitter.

Some are struggling to keep up with Twitter’s rapid advertising innovation. Nate Elliott, analyst at Forrester Research, said 60 per cent of marketers use Twitter but a majority said they were unsatisfied with the platform in a recent survey. He said some had just focused on collecting Twitter followers and not realised they needed to be more creative to make advertising on social media work.

Mr Elliott said Twitter should not rely on being the best place for real time advertising, saying the focus on advertising during events like the Super Bowl was “overblown”.

“This isn’t about real time marketing, advertisers need to see it work in a predictable, reliable and ongoing way,” he said.

On Monday, before Twitter’s IPO filing had been made public but likely weeks after he had signed the paperwork, Mr Costolo gave a short talk about leadership at the TechCrunch Disrupt conference in San Francisco – an event attended by many of Silicon Valley’s top investors, rivals such as Facebook’s Mark Zuckerberg and a press pack hungry for a hint of the coming IPO.

He gave nothing away about the frantic activity within Twitter’s office, a former furniture store in a rundown neighbourhood of San Francisco, and its satellites around the world. But in a speech perhaps intended to rally the Twitter troops as well as recruit more, he urged the assembled entrepreneurs to “find your individual superpower”.

As Twitter prepares for the intense scrutiny of Wall Street, Mr Costolo will soon find out if his heroics in trying to transform Twitter have made it strong enough to fly the nest.

[1125 words]
Source: http://bambooinnovator.com/2013/09/14/how-twitter-learnt-to-spread-its-wings/

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 楼主| 发表于 2013-9-19 02:16:14 | 显示全部楼层
25-04
1 2min18
Twitter filed IPO with a tweet. What is the confidentialfiling for- why is twitter doing this.
2 329 1min34
Same news- what’s twitter’s achievement- the profit- compareto Facebook- it’s earlier than we expect
3 307 1min27
Twitter’s strategy about ad program- former leader’s opiniontowards the ipo- what’s jumpstar conduct, why and which company is suitable-advantage of filing confidential
4 323 1min21
The future and the fund-twitter need to prove the adbusiness and the influence among people- the lacking of a good ad product- wayto go
5 300 1min28
6 276 1min13
7 1125 6min21
Twitter’s employees have been told twitter will go publicsometime soon. Mr Costolo’s coming totally changed the ad products in Twitter. Thetransformation is still underway.
发表于 2013-9-19 02:36:51 | 显示全部楼层
DDDDDDDDDDDDDDDD 坚持下25 加油!
-------------------------------------------------------------------
掌管 5 00:01:39.48 00:10:17.11
掌管 4 00:02:11.79 00:08:37.63
掌管 3 00:02:05.00 00:06:25.83
掌管 2 00:02:06.71 00:04:20.83
掌管 1 00:02:14.12 00:02:14.12
发表于 2013-9-19 06:08:34 | 显示全部楼层
谢谢小鱼姐~~

2.06
1.40
2.05
2.12
2.01

6.53
发表于 2013-9-19 06:12:36 | 显示全部楼层
占座哈哈
听力
1)Twitter confidential IPO   
2) Reason: laws for emergencycompanies fix out problems before facingpublic
          Revenue and ads has problems
          Facebook IPO beyond expectation
3) Downside: Business buoyant theirprofit


1-3 7'21
4-5 3'15

发表于 2013-9-19 06:35:26 | 显示全部楼层
小鱼好辛苦~睡个好觉!
--
TIME2 2‘20
- Twitter begins its process for anticipated public offer, IPO, which stands as a milestone in firm development.
- commentors all speak highly of Twitter's vision of initial publics offerings, which will bring benefits to tech-IPO mkt, though its valuation is lower than FB.
TIME3 2’15
- Twitter has put a pulse in IPO mkt, which is much earlier than people expected previous.
- Twiitter use confidential filling and don't obligate to publicated their filllings till now.
TIME4 2'18
- if IPO goes public, there willl be expected to a hot period in buying for those who speak hihgly on Twiiter.
- still, some keep skepitical in Twitter's development in IPO mkt.
TIME5 1'57
- bothered by social media, the author connects literature with media social and takes several examples to indicate what the literature would run if it happened in era with social media.
TIME6 1'47
- in Hamlet, how Hamlet uses LinkedIn to make decison, which is surely imagination by author.
- in sum, though bothered a lot by social media, we can also avoid some trouble using social network service.
发表于 2013-9-19 07:02:47 | 显示全部楼层
谢谢楼主,这几天网有点问题,要把前两天落下的给补回来
发表于 2013-9-19 07:33:23 | 显示全部楼层
2’11
The news of twitter ‘s IPO-twitter was introduced—the impact of IPO on twitter
Was given –the IPO was judged ( it may be the highest IPO since goggle and face book)

2’02
The ability of twitter to make profit
The act of confidential filling

1’52
The benefit of twitter’s IPO for itself and its investors---the investors of twitter in its private offering –weather twitter will keep its appeal was questioned

2’12
Facebook update status
(can not really understand it well)

1’45
The impact of social media involved in hiring decision (?)
发表于 2013-9-19 07:42:46 | 显示全部楼层
Time 2: 1’26’’
Time 3: 1’36’’
Time 4: 1’27’’
Time 5: 1’47’’
Time6: 1’14’’
Obstacle: 4’07’’
如果梁山伯和祝英台都能上微博?如果诸葛亮指挥战斗时能用微信?
发表于 2013-9-19 08:10:11 | 显示全部楼层
还有首页 木有首页 哎
Obstacle 7:42
Main idea : twitter is preparing to IPO and what the company did during the past year
Attitude:ne
Structure: The nest of twitter is in san Francisco . There are three problems :unable infrastructure, no obvious streams and amateurish management. To make the team more professional they cruite experienced employee in 2010.TO boost the revenue the company concentrate the business on increasing the user, making more ads and attracting more business to make ads on twitter
TIME2 2:09
Twitter,with more than 200 user and seven year old company is preparing for IPO. Goldman Sachs is the lead underwriter after they service Facebook last year.
TIME3 1:40
Twitter successfully turn the popularity to ad business under the director of new CEO. The company decline to make public fill until 21 days before roadshow
TIME4 2:08
Twitter want to show the ads business is better than just promise. However, the photo-sharing app Instagram and messaging service Snapchat have emerged to challenge Twitter
TIME5 6  1:41  1:39
What the story will be if the character in the novel can use twitter or skype.5,6写的很有意思 谢谢小鱼
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