As most of the HN crowd is skeptical of Facebook's future stock performance, I'd like to offer another perspective.
1980: Underwriters Morgan Stanley and Hambrecht & Quist take Apple
Computer public in the largest IPO since Ford Motor Company went
public in 1956. Originally filed to sell at US$14 a share, the stock
opens at $22 and all 4.6 million shares sell out in minutes. The stock
rises almost 32 percent on its first day of trading to close at US$29,
giving the company a market valuation of US$1.778 billion. For fiscal
year 1980, Apple showed a profit of US$11.7 million, or 24 cents a share
on revenue of US$118 million (compared to US$8.3 billion in fiscal
2004), giving the IPO a P/E ratio of 92. Of Apple's 1,000 employees,
more than 40 become instant millionaires thanks to their stock options.
[1]
Apple's P/E ratio in 1980: 92
Fun fact: Apple's stock was down 20.44% a year after they went public.
[1] - http://www.macobserver.com/columns/thisweek/2004/20041218.sh...