Cramer made the point this a.m. that FB was AMZN-like in that it's an adults-only play: long-term, w/ a justifiably high p/e. With that as background, de-emphasizing decreased margins and large capex, the market has decided that the AMZN model is also the correct model for FB. IMO.
Clearly people werent pricing in revenue increases from a societal gift changing innovative WOW launch. Ecommerce can work, Search is early but is lucrative when you integrate it with ecommerce. They just justified a high valuation with this stock now. There is no way in hell it goes back to 17. Mobile revenues doubled and will likely double again next quarter as more people shift to mobile.