Even with the lower valuation, Facebook is on track to file the largest Internet initial public offering ever. The company is expected to file the IPO this month.

Facebook will embark on its pre-IPO road show next week, sending executives around the country to make their pitch to investment firms, the Journal also reported. Barring any problems, the Facebook shares are expected to begin trading on May 18.

In April, Facebook released its for the first quarter of 2012, showing its profits were down 12 percent compared to the first quarter of 2011.

However, the company's user base continues to grow. As of March 31, it had more than 900 million monthly active users, Facebook said.

The IDG News Service