c2033f7d_ove_the_Crowd___By_Bill_Gurley__Metric_
[Comments:] On this one Facebook doesn’t score so well. Peak profitability (on a margin % basis) was in Q4 of 2010, and since then spending has kept pace with revenue growth. It is likley that the team would argue they are “investing for the long-term,” but if the long term is forever, than EPS growth is permanently tied to revenue growth. [Grade:] B- [Metric:] 
Marginal Profitability Calculation
Why Facebook Clearly Belongs in the 10X Revenue Club | Above the Crowd | By Bill Gurley
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