You're comparing their 2010 year-end valuation with their 2009 year-end net income... In December 2009, Facebook repurchased shares at $25 for an implied valua

You're comparing their 2010 year-end valuation with their 2009 year-end net income... In December 2009, Facebook repurchased shares at $25 for an implied valuation of $11 billion. That's a 55 P/E.