Mark Mahaney is a very good analyst. Here’s his comments comparing Facebook to Google circa 2004:
… we think FB made 25-30% net margins. For context, in the year that Google generated $2B in Net Rev (2004), its Net Margin was 24%. In our opinion, Google’s growth trajectory post 2004 could be a proxy for FB future growth rate – given what are similar growth end-markets in Internet advertising. Also, over the last several years, Google has expanded Net Margins to 40%+.
I’ve said before that there’s a big difference when you make this sort of comparison and it requires a lot of faith in Facebook to discover a business model that will scale with it’s social network property.