They're trading at 12X revenue. That's not so outlandish for a firm that nobody unsubscribes from, and that can raise prices without taking a revenue hit. (If they raise prices 15% a year for 5 years, that puts them at 6X revenue, and they're stickier than a lot of SaaS companies)

But what do I know? I thought Facebook was overvalued at $30 billion.