Facebook in 2013: More Growing Pains Ahead

We'll get to our Facebook predictions for 2013 in a minute. First, here's a pertinent prediction from 2011.

In January of that year, when Goldman Sachs had just become an investor, Facebook could do no wrong. A financial analyst called Albert Babayev made what he felt was a conservative and sensible prediction about the social network's value, presuming it stopped skyrocketing. By 2013, he wrote in a comprehensive spreadsheet, its market cap will be around $224 billion, give or take.

Facebook's market cap this week, as we head into 2013, is $55 billion, give or take.

How did middle-of-the-road analyst expectations underperform by anything like $175 billion in corporate value? What…
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