Somewhat revisionist it seems from the WSJ, I can't recall any point in the lead up to IPO that they published anything that alluded to problems on the near horizon.
Facebook's mobile problem was widely published before the IPO. Do a Google News search on "Facebook mobile" and you'll find stories from two weeks ago where Facebook admitted that they don't know how to monetise mobile on their S-1 filing.
In 2009, 2010, and 2011, advertising accounted for 98%, 95%, and 85%, respectively, of our revenue.
...
increased user access to and engagement with Facebook through our mobile products, where we do not currently directly generate meaningful revenue, particularly to the extent that mobile engagement is substituted for engagement with Facebook on personal computers where we monetize usage by displaying ads and other commercial content;
...
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.
mikeryan|13 years ago
http://online.wsj.com/article/SB1000142405270230387960457740...
larrys|13 years ago
The problem is knowing whether to believe them or not.
(Like Wanamaker said about advertising, something like "I know 50% of my ads work but I don't know which 50%")
jinushaun|13 years ago
http://sec.gov/Archives/edgar/data/1326801/00011931251203451...
Risks Related to Our Business and Industry:
In 2009, 2010, and 2011, advertising accounted for 98%, 95%, and 85%, respectively, of our revenue.
...
increased user access to and engagement with Facebook through our mobile products, where we do not currently directly generate meaningful revenue, particularly to the extent that mobile engagement is substituted for engagement with Facebook on personal computers where we monetize usage by displaying ads and other commercial content;
...
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.
chrismcbride|13 years ago