I think what most people forget is that many investors and analysts seem to be swayed by emotion & a good story rather than the financial metrics. The quarter's numbers and guidance weren't horrible but weren't great either. Kinda mixed bag. However, there are some warning signs:
1) Revenue growth continues to decelerate, probably due to a larger base each quarter. 32% is the slowest revenue growth we've seen over the past 5 quarters. This comes despite higher CapEx so more CapEx is having a smaller bang for the buck. 2) The balance sheet is starting to show signs of cracking. Shareholders equity is down. Cash and cash equivalents are down due to the high CapEx spend rate. 3) They do a tricky thing IMHO by reporting numbers excluding foreign currency translation. This is not typical of way most companies report and suggests that they are trying to "manufacture" the best numbers possible. The actual 10-Q will have the proper numbers but most investors won't take the time to dig up anything more than the press release. Anyway, if you include FX translation, the comprehensive net loss is $0.32 a share. Since ultimately, shareholders care about income in $ rather than income in Euros or other currencies, this loss isn't a good sign.