????在最近的經(jīng)濟(jì)衰退中,，Pandora和Groupon都通過(guò)提供折扣或者植入廣告的廉價(jià)服務(wù)抓住了對(duì)價(jià)格敏感的消費(fèi)者,，從而迅速發(fā)展，獲得了早期的市場(chǎng)份額,。它們倆都成為了新一代創(chuàng)業(yè)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(guò)這兩次募股都顯示,，實(shí)際上,，比起盈利增長(zhǎng)更快的公司，投資者對(duì)于收入增長(zhǎng)更快的公司并沒(méi)有很強(qiáng)的投資欲望,。

????Groupon的利潤(rùn)已經(jīng)受到了擠壓,。首先,，快速擴(kuò)張需要很高的營(yíng)銷成本；此外,，公司近期還積極進(jìn)軍利潤(rùn)較低的直接銷售領(lǐng)域。而根據(jù)合同,，Pandora要為他們藝術(shù)家的音樂(lè)版權(quán)支付繁重的費(fèi)用,，因而導(dǎo)致利潤(rùn)受損。

????隨著管理層變動(dòng),，Pandora發(fā)布的收益報(bào)告更加凸顯了這一趨勢(shì),。這家公司的發(fā)展速度仍然足以讓大多數(shù)公司眼紅。上一季度,，用戶聽音樂(lè)的總時(shí)長(zhǎng)增加了53%,，達(dá)到了40億小時(shí)。它的季度收入同比增長(zhǎng)54%,，達(dá)到了1.25億美元,。不過(guò)公司財(cái)報(bào)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(dá)到14.16美元,，收入和未來(lái)導(dǎo)向仍然符合專家的預(yù)期,。這種情況可能凸顯了投資者的樂(lè)觀，新任CEO可能會(huì)讓Pandora有更好的表現(xiàn),。梅森的離職新聞轟動(dòng)網(wǎng)絡(luò)之后,，Groupon的股票也出現(xiàn)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(shuō),。Groupon的董事會(huì)暗示需要一名老練的高管來(lái)帶領(lǐng)公司前進(jìn)。但是肯尼迪的經(jīng)驗(yàn)已經(jīng)足夠豐富,。2004年加入Pandora以前,，他曾在e-Loan和Saturn公司干過(guò)許多年。如果Pandora的董事會(huì)覺得他們需要年輕血液,，也許他們可以同Groupon互換CEO,。

????真正導(dǎo)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(yè)模式已然遭遇危機(jī),。借用網(wǎng)絡(luò)來(lái)建立業(yè)務(wù)或開展?fàn)I銷確實(shí)能夠削減成本,，但同時(shí)也讓消費(fèi)者期待，甚至到處搜尋價(jià)格低廉，或者因?yàn)橹踩霃V告而免費(fèi)的產(chǎn)品,，甚至更理想些,，沒(méi)有廣告、卻能免費(fèi)使用的產(chǎn)品,。

????因此,，在投資者的壓力之下，董事會(huì)和公司轉(zhuǎn)而責(zé)怪CEO,。實(shí)際上它們的商業(yè)模式才是罪魁禍?zhǔn)?。網(wǎng)絡(luò)已經(jīng)無(wú)法繼續(xù)沿用以前的方式盈利了。（財(cái)富中文網(wǎng)）

????譯者：嚴(yán)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.