The Wall Street Journal wisely says:

When eBay Inc. purchased Skype for $2.6 billion in 2005, Wall Street wondered how the Internet-calling company could be worth so much.

Actually, and contrary to common perception (which deems it noteworthy as long as its free services are considered), Skype is profitable. But less than $100 million in sales a
quarter are not considered adequate to maintain the expectations which
led to the impressive acquisition, thus the announcement of a $1.4 billion charge against profits due to the performance of Skype. And there are some interesting remarks to be made about the lack of committment shown by eBay in integrating its auction services with "call the seller" features from Skype.

If we look back at the great Internet Bubble, we can clearly see that this is a completely different kind of situation, despite the fact that the word "Bubble" has been summoned many times. No overblown IPOs, no old-economy Company stocks gaining 10% in one day just because they announced the launch of a new portal: this has more to do with (un)successful management than with irrational behavior of investors.

It is not necessary to find out a comparison with what happened in 2000, but I admit that this could this be the first signal of overblown expectations being brought back to a more reasonable scale.

If you believe this is the case, who do you think comes next?