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Looks like a stock price of $31.50 would give facebook a P/E ratio of around 60. For comparison, GOOG is 18.5 and AAPL is 14.

And it looks like Q1 2012 net income was actually lower than Q1 2011. Oops!

The net income is marginally different and the gross revenue is almost 50% more. I don't think you're giving it a fair assessment.

Also, Google's IPO P/E was ~80, and shortly after IPO the P/E shot up to 160, so again I don't think you're giving Facebook a fair assessment.

Oops misread OP

That's why its compared to the same quarter last year (Q1 2011) and not sequentially