Facebook has taken actions to reduce the volume of communications from apps to users on Facebook with the objective of enhancing the user experience, and such actions have reduced monetization opportunities from apps on Facebook.

"In some instances, these actions have adversely affected our relationships with Platform developers. If we are not successful in our efforts to grow our Platform or if we are unable to build and maintain good relations with Platform developers, our user growth and user engagement and our financial results may be adversely affected," Facebook said.

There is a risk to Facebook's revenue if ad developers choose to prioritize building or supporting Facebook-integrated websites as oppose to building or supporting apps that run on the Facebook website, as Facebook do not deliver ads for Facebook-integrated sites.

If Facebook-integrated websites draw users, it may reduce or slow the growth of user activity that generates advertising opportunities, which could negatively affect its ad revenue.  

"Although we believe that there are significant long-term benefits to Facebook resulting from increased engagement on Facebook-integrated websites, these benefits may not offset the possible loss of advertising revenue, in which case our business could be harmed," Facebook said.

Nevertheless, Facebook is a smart company and knows its shortfalls more than anyone else. The key catalyst for shares would be Facebook coming up with a solution to improve monetization from its mobile users.

Facebook recently set a price range for its impending initial public offering in the range of $28 to $35, which would help the social networking giant raise as much as $11.8 billion, valuing the company at around $75 billion.

Facebook increased the IPO size to $13.6 billion from its previous $5 billion and has roughly 2.14 billion outstanding shares. If its IPO prices at the top of the range ($35), the company would be valued at about $75 billion. The Wall Street Journal said the initial price is expected to value the company at about $85 billion to $95 billion. The IPO of Facebook is the largest in the internet space since Google raised $1.9 billion at a valuation of $23 billion in 2004.