Do you have a source for "32x earnings"? I suspect it's even worse than that. In other HN thread someone mentioned the price was about 300x earnings, and via google I could find this:
Skype's revenues for the first six months of 2010 were $406 million, with a net income of only $13 million.
Skype's revenues for the first six months of 2010 were $406 million, with a net income of only $13 million.