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It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or Mark Zuckerberg's Letter To Shareholders

It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or Mark Zuckerberg's Letter To Shareholders
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Why Facebook Clearly Belongs in the 10X Revenue Club February 1, 2012: Attached are my thoughts on the Facebook S-1 along with some quick stabs at valuation. Brief disclosure, Benchmark Capital has a minority position in Facebook as a result of the acquisition of FriendFeed, a company that was incubated in our offices. I thought it would be useful to look at Facebook using the scorecard from our May 24 blog post, “All Revenue is Not Created Equal, the Keys to the 10X Revenue Club.” On a roll, these factors are: 1. So how does Facebook score on these metrics? The bottom line is that these scores are fantastic. Here are a few other interesting things from the S-1: Tax Rate.

Mal de dos 10 exercices faciles Le mal de dos, quand il est d'origine mécanique, se soigne avec des exercices de musculation et d'étirements actifs de la colonne vertébrale et des auto-massages profonds sur les muscles dorso-lombaires à faire au moins 3 fois par semaine, idéalement tous les jours. Le mal de dos d'origine inflammatoire est moins répandu (1 patient sur 20). Il est la conséquence d’une maladie auto-immune sous-jacente qui peut s’aggraver avec le temps. Réaliser des radiographies et des bilans sanguins permet de distinguer le type de mal de dos dont on souffre, mécanique ou inflammatoire. Causes du mal de dos Sollicitation musculaire excessive Vertèbres, disques, muscles et nerfs sont impliqués dans le mal de dos mais il semble bien que le dysfonctionnement des muscles dorsaux, et notamment du muscle multifidus, à la suite d'un geste souvent anodin exécuté en extension ou en rotation dorsale, soit la cause dominante des lombalgies, lumbago et autres douleurs lombaires. Préparation physique inadaptée Le sport

Facebook’s business model Startups usually succeed because of a single major product or business innovation. Google is unusual in that they succeeded because of two major innovations: their core search product, and their keyword advertising business model. Back in 2000, when Google was wildly popular but generating no revenue, the conventional wisdom was that their business model was uncertain. Then Overture invented keyword advertising and Google adopted the same model. Facebook relies on an old internet business model: display ads. The good news for Facebook is there is a lot of room to target ads more effectively and put ads in more places. The key question when trying to value Facebook’s stock is: can they find another business model that generates significantly more revenue per user without hurting the user experience?

Brain Pickings Why I doubted Facebook could build a billion dollar business, and what I learned from being horribly wrong Facebook, early 2006Sometimes, you need to be horribly, embarrassingly wrong to remind yourself to keep an open mind. This is my story of my failure to understand Facebook’s potential. In 2006, I was working on a new ad network business that experimented a lot with targeting ads with social network data, broadly known as “retargeting” now. We met the Facebook team at their office right next to the Sushitomo on University Ave. Ultimately, we didn’t get to work with them though we did eventually sign 1000s of publishers including MySpace, AOL, Wall St. The metrics for Facebook – high growth, very low CPMs As part of our meeting, we talked a bit about the metrics around Facebook, and I was immediately struck by a few things: Facebook was growing fast- very fast, and impressively handled by a super young team (like me!) From these numbers, I did a quick calculation: $0.25 CPM * 5 billion ad impressions per month max? And of course, I was totally, horribly wrong :)

(BL1) L'ajout d'image via drag & drop modifie ma dernière personnalisation Facebook Will Probably Be More Profitable Than Amazon This Year In the first six months of 2011 Facebook had $1.6 billion in revenue and about $800 million in operating income, says a source I trust a lot. That revenue number has been reported before. And the 50% profit margin is in line with last year’s $2 billion in revenue and $1 billion in operating income. With Facebook growing revenue and profit by more than 50% every six months, it won’t be surprising if they hit something close to $2 billion in operating income for the year. To put that in perspective, realize this – Facebook will likely be more profitable than Amazon this year. Amazon’s Q3 financials are coming out this week, and Citi analyst Mark Mahaney says to look for around $298 million in operating income from Amazon for the quarter. Mahaney also notes that Amazon’s Q4 may not look as rosy as usual due to the launch of the Kindle Fire.

Leverage Points: Places to Intervene in a System Solutions Classic How do we change the structure of systems to produce more of what we want and less of that which is undesirable? After years of working with corporations on their systems problems, MIT’s Jay Forrester likes to say that the average manager can define the current problem very cogently, identify the system structure that leads to the problem, and guess with great accuracy where to look for leverage points—places in the system where a small change could lead to a large shift in behavior. This idea of leverage points is not unique to systems analysis—it’s embedded in legend: the silver bullet, the miracle cure, the secret passage, the magic password, the nearly effortless way to cut through or leap over huge obstacles. But Forrester goes on to point out that although people deeply involved in a system often know intuitively where to find leverage points, more often than not they push the change in the wrong direction. That’s why leverage points are often not intuitive. 12.

Facebook puts off IPO until late 2012 Facebook is preparing to launch its blockbuster initial public offering in the US towards the end of next year, a later public debut by the social networking site than had been widely anticipated, say people familiar with the company. The IPO, expected to be one of the world’s biggest with recent private share sales valuing Facebook at more than $66.5bn, has been expected by April 2012, with persistent speculation that it could even come this year. However, people close to the company have told the Financial Times that Mark Zuckerberg, Facebook’s chief executive, wants to wait until next September or later in order to keep employees focused on product developments rather than a pay-out. Other other internet companies, Groupon and Zynga, have been holding back on their IPO plans amid recent market turbulence. But Facebook’s plans have been set according to internal interests, people close to the company said. “It was a good competitive strategy,” he said.

Agile and SEMAT - Perfect Partners Ivar Jacobson, Ian Spence, and Pan-Wei Ng Today, as always, many different initiatives are under way to improve the ways in which software is developed. The most popular and prevalent of these is the agile movement. One of the newer kids on the block is the SEMAT (Software Engineering Method and Theory) initiative. The good news is that both of these initiatives promote non-prescriptive value-based philosophies that encourage software development teams to select and use whatever practices best fit their context and, more importantly, continuously inspect, adapt, and improve their ways of working. The agile movement has provided a new way of looking at the day-to-day activities of software development—how teams are built and work is organized. The two initiatives when used together truly empower teams to innovate, experiment, adapt their way of working, and improve the results that they deliver. This article focuses on how SEMAT can help existing and future agile teams. • Many practices.

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