Facebook Revenue Doubles To $1.6bn [Headlines]
The social networking site's first-half revenue reportedly doubled, highlighting Facebook's appeal to advertisers.
Net income in the first half of 2011 came to almost $500m, according to a source, who wished to remain anonymous because privately-held Facebook does not disclose its results.
Facebook’s strengthening results come as investors have pushed the company’s valuation to roughly $80bn in secondary markets, with many industry observers expecting the company to go public in 2012.
With more than 750m users, Facebook has become one of the internet’s most visited destinations by consumers who spend hours on the site every month sharing photos and videos, and conversing with friends.