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Are they? Or was there stock just over-valued. I know they make a ton of money via advertising.
http://www.businessinsider.com/facebooks-annual-revenues-by-year-2012-12
I wouldn't be surprised if they don't make profit. They bought instragram for $1B and the news said several big companies stopped their ads on FB because it doesn't work and went back to google.
I have a fanpage for my blog and it seems like FB is getting really desperate. They want me to pay so more people can see my posts. Right now it's filtered that only about 15% - 25% of the fans can see my posts. Fuck that noise.