When Facebook agreed last month to spend $1 billion to buy Instagram, a 12-person company with no revenues, technology watchers had to recalibrate their speedometers.
Facebook, the social network created for personal computers in February 2004, is now planning an IPO that could value it at $100 billion. Instagram, which began giving away its photo-sharing app for the iPhone only in October 2010, represents something new: a shift away from the Web and the PC to a kind of consumer experience built expressly for mobile devices, particularly smart phones.
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