VOA常速英语2013--推特上市一石激起千层浪 交给行家打理最为妥当（在线收听）

Experts Say Leave Twitter IPO to Professionals 推特上市一石激起千层浪 交给行家打理最为妥当

Another social media giant is going public. Twitter, the online micro-blogging service, launches its initial public offering (IPO) of stock on the New York Stock Exchange Thursday.  Interest in owning a slice of the popular social networking site has been high - helping to boost share prices nearly 25 percent higher ahead of its launch.  But should you buy into the hype?

It's the biggest technology IPO since Facebook.

这是脸书以来最大技术行业首次公开募股。

And if all goes as planned, Twitter could sell as many as 80 million shares priced between $23 to $25 apiece.

如果一切按计划进行,推特可能将以每股23至25美元的价格，最高发售8000万股股票。

That would generate about $2 billion, giving Twitter a market value of $14 billion.

这将产生约20亿美元，为推特募集140亿美元。

But is it really worth it?

但真的值得吗?

Professor Aswath Damodaran at the Stern School of Business in New York says the numbers are just a starting point-based on what bankers think investors are willing to pay.

纽约斯特恩商学院的阿瓦斯·丹达兰教授称这些数字只是一个起点,这基于银行家们认为投资者愿意支付的多少而定。

He spoke with VOA via Skype.

他在接受美国之音采访时通过Skype说道:

“They're pricing Twitter based on what Facebook is trading for, and Linked-in is trading for.

“他们根据脸书，邻客音的交易定价推特。

They're not valuing the company.

他们没有给这家公司估值。

To value the company you've got to go back to basics: What are the revenues, what are the margins, what are the profits?

如果估价你必须回到根本点:收入多少,利润多少,收益多少?

I personally think from a valuation perspective that 23 to 25 is too high," said Damodaran.

我个人认为从估价角度来看，23到25太高,”丹达兰教授说道。

Damodaran says that doesn't mean investors won't make money.

丹达兰表示这并不意味着投资者赚不到钱。

But unless you're willing to monitor stock prices daily, he advises amateur investors to stay away.

但除非你愿意每天关注股票价格,他建议业余投资者们远离此道。

“I'd say wait for Twitter to settle down.

“我想说等推特稳定下来。

The first year or two after a company goes public, it's really going to go through waves of momentum that are very difficult to forecast.

公司上市一两年后,肯定要经历一波又一波很难预测的情势。

So you have to make a decision whether you're a trader or an investor," he said.

所以你必须做出是扮演商人还是投资者的决定。”他说道。

Part of the problem is that Twitter has yet to prove it can make a profit.

而还存在的问题是推特还没有证明自己可以赚取利润。

And despite its large user base, it still lags behind other social networks, says market analyst Nate Elliott.

市场分析师奈特·艾略特称尽管有着庞大的用户基础,但仍然落后于其他社交网络。

"According to our survey data, less than one-fourth of U.S. online users go to Twitter every month.

“根据我们的调查数据,每月不到四分之一的美国在线用户会访问推特。

It's not a bad number, but it's far behind what Facebook claims as active users in the U.S.," said Elliott.

这个数字并不算很糟糕,但远远落后于脸书声称在美国的活跃用户。”艾略特说道。

The challenge for Twitter is not just how it expands but how it generates enough advertising revenue-without driving away 230 million users worldwide.

推特面临的挑战不仅仅是如何扩大还有如何产生足够的广告收入，当然也不能赶走2.3亿全球用户。

Whether Twitter can do that remains to be seen.

推特是否能做到这一点还尚未可知。

Facebook, which made its public debut amid intense hype last year, lost nearly half its value in the first four months.

在去年激烈炒作下上市的脸书在头4个月损失了将近一半的价值。

It's now trading about 30 percent higher than when it first launched.

现在的价格比首次发行时高出30%。

Experts say Twitter could go through similar growing pains.

专家称推特可能会重蹈覆辙。

So before you buy, wait for the dust to settle.

所以请等尘埃落定后再购买。