FACEBOOK’S REVENUE doubled to $1.6 billion (€1.13 billion) in the first half of 2011, a source told Reuters, underlining its appeal to advertisers while it takes on competition from the likes of Google.
Net income in the first half of 2011 came to almost $500 million, according to the source.
Facebook’s stronger results come as investors have pushed its valuation to $80 billion in private markets, with many observers expecting it to go public in 2012.
Its 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.
Google launched a rival social network in June that attracted more than 10 million users in its first two weeks. Google is trying to increase the appeal of its social network by offering games like Zynga Poker and Rovio’s Angry Birds.
Some venture capitalists and industry experts see early signs Google+ is taking a bite out of Facebook.
In August U2 lead singer Bono’s investment firm made a paper profit of almost $800 million on shares in Facebook. His firm Elevation Partners bought a $210 million stake in Facebook in November 2009, which is now worth €975 million – an increase of more than 400 per cent. – (Reuters)
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