To me, Mojang's margins just don't pass the sniff test. It seems they should be much higher. I assume they have done whatever accounting tricks possible to reduce their profit (I'm not suggesting anything untoward, mind).
I agree, the margins are just too low. They are expanding and such things cost money but they are still only something like 13-15 employees at the moment but still have bad margins.
I would expect at least double the margin for a company with low distribution costs and reasonably low development costs - compared to other studios anyway.
