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????Greenway公司在其財(cái)年中截至去年6月30日前都顯示為凈盈利,，但最近一個(gè)財(cái)季中卻報(bào)告了40.6萬美元的凈虧損。近期IPO的4家云公司中,，Guidewire是唯一一家持續(xù)盈利的,。去年，其稅前利潤(rùn)為830萬美元,，最近一個(gè)財(cái)季,，利潤(rùn)則為790萬美元。

????這些足以解釋為什么在近期上市的4家云公司中,，Guidewire的股價(jià)表現(xiàn)最好,。它的成功似乎也為那些收入規(guī)模明顯偏小、尚未盈利的云公司鋪平了IPO的道路,。不過,，盡管IPO市場(chǎng)一向?qū)Τ嘧譀]有好感，這些公司還是獲得了熱捧,。

????原因可能要?dú)w功于人們對(duì)云技術(shù)的狂熱,。或者這也可能是因?yàn)镕acebook這個(gè)龐然大物上市在即,，華爾街已經(jīng)開始提前點(diǎn)火造勢(shì),，推動(dòng)更多基于網(wǎng)絡(luò)的公司進(jìn)行IPO,。Facebook及其投資銀行自然樂于看到網(wǎng)絡(luò)公司IPO后在初期仍然表現(xiàn)紅火。但是近期市場(chǎng)情況表明,，很多剛剛上市時(shí)春風(fēng)得意的公司幾個(gè)月后就會(huì)偃旗息鼓,。

????也許除了Guidewire，上述云公司的IPO可能也難逃此劫,。對(duì)于這些始終虧損,、不斷燒錢的公司來說，它們的股票定價(jià)算是高昂：Greenway的市值是其歷史收入的4.5倍,，Brightcove是6.1倍,，而Bazaarvoice則高達(dá)14.6倍。目前,，分析人士和媒體記者們正在對(duì)Facebook的財(cái)務(wù)狀況進(jìn)行透徹的審查,，如果投資者對(duì)上面這些股票也能報(bào)以這種態(tài)度，它們可能就不會(huì)像現(xiàn)在這樣風(fēng)光了,。

????譯者：清遠(yuǎn)

????Greenway showed a net profit in its fiscal year through June 30, but slipped to a $406,000 net loss in its most recent quarter. Guidewire is the only consistently profitable company of the four recent cloud IPOs, reporting a $8.3 million profit last year before taxes and $7.9 million profit in its most recent quarter.

????All of which explains why Guidewire is the best performing stock of the four cloud companies to go public in recent weeks. Its success seemed to pave the way for cloud IPOs that were significantly smaller in revenue and that had yet to post a profit. But somehow they have all managed to receive warm welcomes in a IPO market that is not always kind to red ink.

????It may be chalked up to cloud mania. Or it may be Wall Street priming its IPO for more web-based offerings ahead of the mammoth Facebook deal. It's very much in the interest of Facebook -- and its investment banks -- to see web IPOs perform well after they debut. But recent history shows that many web offerings that start strong out of the gate languish after a few months.

????That may be the case with these cloud IPOs as well, except perhaps for Guidewire. For companies that are losing money and burning through cash, they are priced richly: Greenway is trading at 4.5 times its historical revenue, Brightcove is trading at 6.1 times, and Bazaarvoice at an expensive 14.6 times revenue. If investors were to put the kind of critical scrutiny to these stocks that analysts and reporters are applying to Facebook's financials, they might not be faring so well.