Zum Börsengang: Wovor Facebook und Zuckerberg wirklich Angst haben

Zum Börsengang: Wovor Facebook und Zuckerberg wirklich Angst haben

Zu den nötigen Informationen, die ein Unternehmen in den USA bei einem geplanten Börsengang zur Verfügung stellen muss, gehört auch eine Aufstellung möglicher Risikofaktoren. Auch diese finden sich in den von Facebook eingereichten und immerhin über 200 Seiten umfassenden Unterlagen.

Ab Seite 11 führ das Unternehmen die folgenden Risikofaktoren im Zusammenhang mit dem Unternehmen aus:

  • If we fail to retain existing users or add new users, or if our users decrease their level of engagement with Facebook, our revenue, financial results, and business may be significantly harmed.
  • We generate a substantial majority of our revenue from advertising. The loss of advertisers, or reduction in spending by advertisers with Facebook, could seriously harm our business.
  • Growth in use of Facebook through our mobile products, where we do not currently display ads, as a substitute for use on personal computers may negatively affect our revenue and financial results.
  • Facebook user growth and engagement on mobile devices depend upon effective operation with mobile operating systems,networks, and standards that we do not control.
  • We may not be successful in our efforts to grow and further monetize the Facebook Platform.
  • Our business is highly competitive. Competition presents an ongoing threat to the success of our business.
  • Action by governments to restrict access to Facebook in their countries could substantially harm our business and financial results
  • Our efforts to expand the Facebook Platform may result in users increasingly engaging with our Platform developers’ Facebook-integrated websites instead of engaging on Facebook, which may negatively affect our advertising revenue and harm our business.
  • Our new products and changes to existing products could fail to attract or retain users or generate revenue.
  • Our culture emphasizes rapid innovation and prioritizes user engagement over short-term financial results.
  • If we are not able to maintain and enhance our brand, or if events occur that damage our reputation and brand, our ability to expand our base of users, developers, and advertisers may be impaired, and our business and financial results may be harmed.
  • Improper access to or disclosure of our users’ information could harm our reputation and adversely affect our business.
  • Unfavorable media coverage could negatively affect our business.
  • Our financial results will fluctuate from quarter to quarter, which makes them difficult to predict.
  • We currently generate significant revenue as a result of our relationship with Zynga, and, if we are unable to successfully maintain this relationship, our financial results could be harmed.
  • We expect our rates of growth will decline in the future.
  • Our business is subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, data protection, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims,changes to our business practices, increased cost of operations, or declines in user growth or engagement, or otherwise harm our business.
  • We have been subject to regulatory investigations and settlements and we expect to continue to be subject to such proceedings in the future, which could cause us to incur substantial costs or require us to change our business practices in a manner materially adverse to our business.
  • If we are unable to protect our intellectual property, the value of our brand and other intangible assets may be diminished, and our business may be adversely affected.
  • We are currently, and expect to be in the future, party to patent lawsuits and other intellectual property rights claims that are expensive and time consuming, and, if resolved adversely, could have a significant impact on our business, financial condition, or results of operations.
  • We are involved in numerous class action lawsuits and other litigation matters that are expensive and time consuming, and, if resolved adversely, could harm our business, financial condition, or results of operations.
  • Our CEO has control over key decision making as a result of his control of a majority of our voting stock.
  • Our costs may grow more quickly than our revenue, harming our business and profitability.
  • Our business is dependent on our ability to maintain and scale our technical infrastructure, and any significant disruption in our  service could damage our reputation, result in a potential loss of users and engagement, and adversely affect our financial results.
  • We recently began to own and build key portions of our technical infrastructure, and, because of our limited experience in this area, we could experience unforeseen difficulties.
  • Our software is highly technical, and if it contains undetected errors, our business could be adversely affected.
  • We cannot assure you that we will effectively manage our growth.
  • The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future,could harm our business.
  • We may incur liability as a result of information retrieved from or transmitted over the Internet or posted to Facebook and claims related to our products.
  • Computer malware, viruses, hacking and phishing attacks, and spamming could harm our business and results of operations.
  • Payment transactions on the Facebook Platform may subject us to additional regulatory requirements and other risks that could be costly and difficult to comply with or that could harm our business.
  • We plan to continue expanding our operations abroad where we have limited operating experience and may be subject to increased business and economic risks that could affect our financial results.
  • We plan to continue to make acquisitions, which could require significant management attention, disrupt our business, result in dilution to our stockholders, and adversely affect our financial results.
  • If we default on our leasing and credit obligations, our operations may be interrupted and our business and financial results could be adversely affected.
  • We may have exposure to greater than anticipated tax liabilities.
  • The enactment of legislation implementing changes in the U.S. taxation of international business activities or the adoption of other tax reform policies could materially affect our financial position and results of operations.

Sicherlich treffen viele der genannten Faktoren auch auf andere US Börsenunternehmen zu. Trotzdem sieht Facebook sich einigen sehr speziellen Herausforderungen gegenüber. Hier sollte man als Anleger ganz sicher sein, ob die Facebook Aktien ein guter Deal sind.


Veröffentlichung 3. Februar 2012

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