Updated 6:15 p.m. ET

Facebook (FB) is a market disaster. The stock price is down 20% in two days. Investors are fleeing this thing, even after an earnings report that beat revenue expectations.

We knew where the stock price was headed after watching shares plummet as earnings were announced. The carnage continued Friday, and Facebook shares fell to a record low of $22.28 before bouncing back to close at $23.71. Facebook has now lost about 37% of its value since it debuted at $38 a share in May.

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What's going on? Is the market truly disgusted with Facebook, or is everyone overreacting after a week of disappointing earnings from Apple (AAPL), Starbucks (SBUX), Zynga (ZNGA) and Amazon (AMZN)?

It seems the discontent surrounding Facebook breaks down into four main areas:

1. No guidance. Several companies, notably Google (GOOG), don't give earnings forecasts, and Facebook decided to join the group. But with so many other red flags and unanswered questions surrounding Facebook's future growth and profit, the lack of guidance makes it very hard to get any sense of where the company is headed.

2. Slowing user growth. The number of daily active users was up about 5% in three months. The number of monthly active users was up 6%. A slowdown in user growth was inevitable, particularly in the U.S. Facebook is now seeing user growth in India, Brazil and other countries that produce less ad revenue.

3. Big questions about mobile. Facebook users are clearly connecting more with mobile devices -- 57% of users now access the site that way -- but the company doesn't make much money from them. It can't flood mobile users with ads, and mobile users don't make as many in-game payments as PC users. Investors want to see big progress here, and so far Facebook isn't offering it.

4. Costs are growing. Expenses have nearly tripled from a year ago to $1.93 billion, The Wall Street Journal reports. Much of that is related to stock-based compensation and other payroll expenses. Capital spending more than tripled to $413 million. Operating expenses are going to keep increasing, executives said.

Four brokerages cut their price targets on Facebook after the earnings report. Some analysts were worried about what happens after Aug. 19, when a lockup period expires and some early investors are allowed to begin selling their shares. The concern is that those investors will flood the market with shares and bring the stock price down further.

Still, only one brokerage rates the stock a "sell" and only one rates it a "strong sell," Reuters reports.

"Based on the aftermarket reaction to the earnings, it appears that investors wanted more than a slight beat," Piper Jaffray analysts said in a note.

So the question for investors becomes this: How low will Facebook shares go before they're considered a buy? Or maybe the better question is how much Facebook shares are worth. Estimates have ranged from $7.50 a share to $40 or higher.

The real problem -- and the real reason shares are taking this week -- is that no one knows how much Facebook is worth. Everyone is just stumbling around blindly.

Facebook is a public company -- and as such its true owners are its shareholders -- but the company doesn't give those owners enough information to indicate its worth or its potential. Its success hangs on mobile users, and right now it doesn't have a good way to make money from those users. "Facebook fatigue" is hitting some users, which leads to questions about engagement. And the company is getting increasingly slimy, which I have written about at length.

Facebook is surrounded by question marks, clouds and red flags. It's no wonder shares are hitting these lows.

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