Facebook hits £1bn revenue mark

FACEBOOK’S revenue doubled to $1.6bn (£1bn) in 2011’s first half, a source said, underscoring its appeal to advertisers while it grapples with intensifying competition from the likes of Google.
By The Newsroom
Published 8th Sep 2011, 10:27 BST

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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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.

Search leader Google launched Google+, a rival social network in June that attracted more than 10 million users in its first two weeks.

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