Facebook to Miss Internal Revenue Projections?

I think we’ve known that eMarketer has been using some funny math for a while now, hence their restated revenue projections for both MySpace an Facebook. Despite their questionable methods, Facebook’s revenue estimates for both 2008 and 2009 are still somewhat surprising. Earlier this year Mark Zuckerberg estimated that revenues would be somewhere around $325 million for this year but eMarketer suggests that revenue will actually be closer to $210 million.

While that’s nothing to laugh at, missing the estimates by such a large margin could mean serious repercussions for the company. Missing projections by a little over $110 million; over $360 million raised earlier this year/late last year (see here); rapidly rising server costs as the company fire fights memcached problems … all of this adds up to a new round of funding coming soon. eMarketer suggests that the company will bring in $230 million in advertising dollars next year which accounts for less than 10 percent annual growth.