Facebook hits £1bn revenue mark
Net income in the first half of 2011 came to almost $500m, according to the source, who wished to remain anonymous because privately-held Facebook does not disclose its results.
Facebook’s stronger results come as investors have pushed its valuation to roughly $80bn in private markets, with many industry observers expecting the world’s number one internet social network to go public in 2012.
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Hide AdIts growing popularity among its advertisers and 750 million users has pressured entrenched web companies such as Yahoo, which ousted its chief executive Carol Bartz on Tuesday.
Search leader Google launched Google+, a rival social network in June that attracted more than 10 million users in its first two weeks.