????不知道大家是否还记得Facebook上市当日的技术故障，以及人们对其移动化道路的争议。反正不管从哪个角度看，3年前那次IPO只能用灾难二字来形容。（Facebook的投资人、LinkedIn的联合创始人里德?霍夫曼称，Facebook的IPO“搞得一塌糊涂”。）接下来的整整一年中，Facebook都没能走出这场灾难的阴影。它的股票走势乏善可陈，外界也不断批评它行动迟缓，未能赶上移动互联网这一趋势。

????但现如今，Facebook已经成了华尔街的香饽饽。目前它的市值达到了2260亿美元，市盈率高达81倍。如果你在IPO当日购买了Facebook的股票并持有至今，那么这些股票的价值至少翻了一倍。

????From the technical glitches to the mobile guidance controversy, it would be difficult to characterize Facebook’s IPO, which occurred three years ago today, as anything but disaster. (Just ask Reid Hoffman, a Facebook investor and LinkedIn co-founder, who called it “a pretty egregious fuck-up.”) The ghost of that disaster haunted Facebook for its first year as a publicly traded company, with lackluster stock performance and criticisms over its slowness to the mobile trend.

????But today, Facebook is the toast of Wall Street. Worth $226 billion, Facebook’s stock trades at a rich 81x price-to-earnings multiple. Anyone holding shares at the IPO has seen their value more than double. (The chart below, published previously with the Fortune article, “A Tale of Two IPOs,” contrasts Facebook’s strong stock performance with Twitter’s lukewarm performance.)

????在这个过程中，CEO马克?扎克伯格和他的团队也吸取了很多重要的教训。首先，扎克伯格需要亲自说服华尔街相信他的愿景——他不能再派一个低级别的代表去参加重要的投资人会议了。其次，Facebook提供了华尔街最重视的东西——利润。如今，Facebook的利润率达到惊人的40%。

????但最重要的是，Facebook将自身在移动端上的不足转变成了动力。刚上市的时候，它的移动端几乎没有什么有意义的收入。在18个月内，Facebook就来了个180度的大转变，让质疑者乖乖地闭上了嘴。到2013年末，Facebook有一半以上的收入都来自移动广告收入。该公司似乎终于能够吐气扬眉地说：“你想要移动收入？我们就赚点移动收入给你看！”华尔街给予Facebook的回报，则是一再推高了其股票的交易价格。

????在这个过程中，Facebook一波三折的IPO终于被市场抛到了脑后。但还有一家公司依然在承受2012年5月18日那次IPO留下的痛楚，它就是纳斯达克。此前，一批Facebook股东以集体诉讼的方式将纳斯达克告上法庭，指责其操作不当给他们造成巨额损失。这家电子证券交易所最近同意向这些原告支付2650万美元的赔偿金。

????除了交付大笔罚金之外，纳斯达克也失去了其作为“科技公司IPO之王”的地位。19年来，纳斯达克一直是所有科技公司IPO的首选交易所（谷歌、亚马逊和苹果都是在纳斯达克上市）。但Facebook开盘日出现的技术问题，使它的公关形象遭到了重大打击。后来的许多知名科技公司，比如Twitter、King Digital Entertainment、GrubHub、Zendesk和Fitbit，纷纷选择在纽交所上市。（财富中文网）

????译者：朴成奎

????审校：任文科

????CEO Mark Zuckerberg and his merry band of hackers pulled that off by taking a few important lessons to heart. First, Zuckerberg needed to sell his vision to Wall Street—he could no longer send a lower-level proxy in his place to important investor meetings. Second, the company delivered on the thing Wall Street cares most about: profits. Facebook today earns impressive 40% profit margins.

????But most importantly, Facebook used its weakness on mobile as a motivator. When the company went public it had no meaningful revenue from mobile. Within 18 months, Facebook delivered a magnificent about-face on mobile, quieting the haters in the process. By the end of 2013, more than half of Facebook’s revenue came from mobile ads. “You want mobile revenue? We’ll show you mobile revenue!” the company seemed to say. Wall Street rewarded the company by trading up its stock.

????In doing so, Facebook was able to put its ugly IPO in the past. But there is one company still feeling the pain of May 18, 2012: Nasdaq. The electronic stock exchange recently agreed to pay $26.5 million in a class-action lawsuit with shareholders over its mishandling of the offering.

????Beyond payouts, Nasdaq was knocked from its throne as king of the tech IPOs. For 19 years, it was the preferred exchange for almost all tech IPOs, hosting more than NYSE. (Google, Amazon and Apple all trade on Nasdaq). But the exchange took a huge PR hit for its role in the technical glitches of Facebook’s offering. As a result, many high profile companies, including Twitter, King Digital Entertainment, GrubHub, Zendesk, and Fitbit chose to go public on rival exchange NYSE.