Facebook vs. Google: It's on! (Again)

 Facebook's IPO woes have taken the spotlight off its rivalry with search giant Google.

 That's changing. Here's why.

FORTUNE -- 2011 was a good year for Facebook. The social network was adding 100 million users every few months. It was on track for an IPO valued as high as $100 billion -- despite a dispirited stock market. And, perhaps most impressively, it had its archrival Google on the run.

Facebook (FB) was hiring Google's (GOOG) top engineers and threatening to siphon off its ad revenue. Significantly, Facebook was forcing Google to redesign its sites to be more social -- that is, more Facebook-like. There is no clearer sign you're eating your rival's lunch than the sight of them emulating you.
Of course, 2012 has been far crueller to Facebook. User growth stalled in its home market, and revenue growth disappointed as well. Its IPO was, by one measure, the biggest flope in Wallstreet history. And last week, Facebook CEO Mark Zuckerberg indicated that the company might introduce a search engine to drive new revenue.

 

Written by Arslan Asif

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