Come guys, read the sens properly. Naspers made a huge windfall profit in 2009 when they sold their greek pay tv business - which accounted for above normal earnings per share. This year, they are reporting a 40% drop, because of the 2009 exceptional item. Core earnings are up 15%-25%, which is in line with analyst expectations and puts them on a forward PE of around 20. Still expensive, but not out of whack for a growth stock. Definitely huge risk for a short position though, especially considering the price drop already experienced.