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You can also turn that argument on its head. Facebook is just getting started. It will figure a way to make money on mobile, and it will come up with businesses and revenue streams no one has thought of, as Amazon did. But investors in Facebook, at least in the last two days, seem to have their doubts.
One skeptic, Scott Freeze, the president of Street One Financial, says he won’t touch the stock until it falls to a level justified by its earnings. He says that might be $25 — another steep fall from here.
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Comparing Facebook, Apple, Google
Projections for 2012 are among analysts surveyed by FactSet. Price-to-earnings ratios are based on Tuesday’s close.
FACEBOOK:
Price-to-earnings ratio, using earnings from last year: 85.
2011 net income: $1 billion.
2012 projected net income: $993 million.
2011 revenue: $3.7 billion.
2012 projected revenue: $5.1 billion.
APPLE:
Price-to-earnings ratio, using earnings from last year: 13.6.
2011 net income: $25.9 billion.
2012 projected net income: $44.3 billion.
2011 revenue: $108.6 billion.
2012 projected revenue: $162.3 billion.
GOOGLE:
Price-to-earnings ratio, using earnings from last year: 18.2.
2011 net income: $9.7 billion.
2012 projected net income: $12.5 billion.
2011 revenue: $37.9 billion.
2012 projected revenue: $35.5 billion.
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