After the close on Wednesday, Facebook (FB)reported earnings for Q4 2012 that generally beat expectations of the market. Investors though need to be careful; the company is still focused on monthly active users (MAU) and not total usage. The real story isn't the monetization of active users, but rather the ability to keep those users active on the platform. The market isn't telling that story.
As discussed back after the Q3 report, the company faces two issues mostly ignored by the market: surging costs for the new products and a saturation of MAUs in the most valuable US market.