Facebook named Google and Twitter as serious competitors in its initial public offering filing Wednesday, saying specifically that Google and its new social network Google+ could provide significant competition.
We face significant competition in almost every aspect of our business, including from companies such as Google, Microsoft, and Twitter, which offer a variety of Internet products, services, content, and online advertising offerings, as well as from mobile companies and smaller Internet companies that offer products and services that may compete with specific Facebook features. . . . We compete broadly with Google’s social networking offerings, including Google+, and also with other, largely regional, social networks that have strong positions in particular countries, including Cyworld in Korea, Mixi in Japan, Orkut (owned by Google) in Brazil and India, and vKontakte in Russia.
The writing downplaying the impact of Google+ while pointing out its importance says a lot about Facebook's view of the fledgling social network. There's definitely disdain, but also some wariness or even fear. There should be, after all the Facebook Timeline has been nothing short of horrible and sending users to other places in droves.
Another notable risk factor is that Facebook acknowledges that "Improper access to or disclosure of our users’ information could harm our reputation and adversely affect our business." Too bad it doesn't take that one to heart.