[(Title)] Facebook’s results suggest it is short of new users and goodwill

hat’s bad for Facebook’s market cap might be good for society. That, at least, is what the company would like investors to take away from its disastrous second-quarter results, which triggered a , the largest single loss of value in Wall Street history.

脸书市值下降的坏消息对于社会来说可能反而是好事。脸书灾难性的第二季度业绩引发了华尔街史上最大的价值损失。

At its core, the collapse is due to three negative trends: a stagnant user base, shrinking revenues and growing costs. The first,  argues, has been visible for years; the second is a blip as advertisers get used to new formats; and the third is a reflection of the significant sums the company is spending to fix the problems that have plagued it in the press over the past year.

崩溃的核心有三个消极趋势：用户基数停滞，收入减少和成本增加。脸书解释说，第一个趋势多年来一直都很明显；第二个问题只是暂时的，因为广告商习惯了新的格式；第三个问题反映了公司在过去一年中为解决媒体所困扰的问题所花费的巨额资金。

It is the last of these that, from Facebook’s point of view, represents a social good. But for investors, doing the right thing carries a heavy cost.

根据脸书的观点，第三点相当于一种社会福利。但对于投资者来说, 做好事要付出沉重的代价。

Facebook has experienced a difficult year against the backdrop of a lack of user growth.

由于用户增长不足，脸书经历了困难一年。在美国，其日常用户量停滞不前；在欧洲的数量甚至减少了300万。

In the US, its daily user base is stagnant; in the EU, it has shrunk by three million.

Even worldwide, Facebook put on just 22 million users, driven largely by growth in India, Indonesia and the Philippines – less than half the growth seen in the previous quarter. 

脸书在全球范围内仅吸引了2200万用户，其主要原因是印度，印度尼西亚和菲律宾的增长——不到上一季度增长的一半。在其开发最彻底的市场，脸书的新用户群根本无从开发：根本没有足够多的美国人或欧洲人能让公司的规模再翻倍。

The  too is likely to have played a part, with the site’s increasing toxic reputation prompting some to stay away. But for smart investors, the user figures were visible in advance. The nastier shock was that Facebook’s ability to make money from those users has also taken a hit.

有关脸书的负面声音不断增加，导致很多人不再使用这个网站。但对于精明的投资者来说，用户数字是事先可见的。令人震惊的是，脸书从这些用户那里赚钱的能力也受到了打击。