You can't call this a Wall Street philosophy; Facebook was trying to grow massively before they were public. In fact, that's where the growth was happening. At any point in time they could have decided to remain where they were, with the money they were making to pay the bills, and stayed private. They didn't. Instead, Facebook told us that they were going to, essentially, grow the company to 5 or 6 times the current state.
In other words, Facebook caused Facebook's problems, not Wall Street.
But the most important factor that is considered during the IPO dog and pony show is projected growth. Nascent companies need at least double digit growth, preferably triple digit. And every quarter, when public companies announce their earnings, year-over-year, the stock price is impacted as much by revenue growth as it is by earnings/share. Ignoring high-frequency trades, the two main philosophies of trading on public exchanges are value investing (Warren Buffet) and growth investing. Facebook caused Facebook's problems in hopes of maximizing its IPO.
In other words, Facebook caused Facebook's problems, not Wall Street.