Facebook made money by padding their portfolio with acquisitions that have grown in value (Instagram, Oculus Rift, that Drone Company), so in a liquidation proceeding investors wouldn't face major losses due to overvalued IPO a few years ago.
After the IPO they eventually found profitability through their fledgling targeted ad network. However even though ads account for most revenue, they still haven't gotten nearly as much money as Google for branded advertisement campaigns. We'll see.
Yes @thestringpuller that's exactly why I was an early hater of facebook stock. However, they seem to be taking over the ad world. Every small business owner I know is turning to facebook marketing as opposed to google. It costs fractions of a dollar to google ads. I have a feeling google will need to cut their price point in the future. They will still make a ton of money anyway though.
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