Investing in Facebook (NASDAQ:FB) at such a rich earnings/sales multiple contradicts conventional wisdom. In fact, investing into Facebook isn't for everyone. So to be fair, I'm going to present the various factors driving growth while also mentioning some of the risks of owning Facebook in this article. Despite offering a balanced viewpoint on Facebook, I'm still adamantly bullish on the stock. So, if you're looking for analysis that supports a bearish viewpoint, you won't find much to your liking in this article. MAU and DAU trends have improved modestly, whereas ARPU grew by 25% year-over-year. The increase in ad pricing paired with the growth in MAUs in adjacent properties like Instagram, Messenger and WhatsApp supports the stock's high valuation. Read more