Can Facebook build a moneymaking engine as ruthlessly efficient as its social-networking products? That question will be top of mind for investors in the weeks and months following May 18, when the company is expected to raise in the neighborhood of $100 million in an IPO.
On the face of things, there's room for doubt. Facebook generated 82% of its revenue from advertising last quarter, mostly from display ads. The growth it needs to support its valuation over the next few years dwarfs projections for the U.S. display market, according to an analysis by the research firm BIA/Kelsey.
