The word I'm hearing is that this is going to start being the new normal for tech companies.<p>The market is starting to demand that companies that have huge multiples start to earn their multiples.<p>FB, GOOG, MSFT, APPL and CSCO are proabably all ok as they can hit their targets with relative ease and don't carry a burdensome multipel, but hype based companies like TWTR, LNKD and others are about to be in a world of hurt, I wouldn't want to be a shareholder in any of those companies:(<p>This is probably going to be especially painful for the SAAS companies that just IPO'd, I don't think they'll get much time to prove they are worth their multiples and they have the double whammy of coming out of employee lock up periods pretty soon.<p>AMZN is the one wild card, I would have thought their free pass expired long ago but they are the sole exception that I can think of.<p><i></i>EDIT<i></i> to respond to the question about FB's multiple, Most people still believe that FB has the ability to turn on a switch and make more money, ie they are artificially making less than they could fro the sake of growth, just like AMZN.