You are looking in the rear view mirror, that is the P/E for the trailing twelve months (TTM). The forward P/E is 33, which means if they just hit wall street estimates for the next year they will have a p/e of 33. With all their focus on ads they could easily exceed Wall Street. This is what happens with growth companies, the trailing p/e is dramatically different than the forward looking p/e (look at Amazon, for instance).