Facebook doubles revenue to $US1.62billion

Social networking giant Facebook has recorded revenue of $US1.6 billion for the first half of the year, according to a Reuters report. The report comes as rumours suggest Facebook is gearing up for an IPO that could even occur next year. The report claims that according to a source with knowledge of Facebook’s financial […]

Patrick Stafford 08 September, 2011

Social networking giant Facebook has recorded revenue of $US1.6 billion for the first half of the year, according to a Reuters report.

The report comes as rumours suggest Facebook is gearing up for an IPO that could even occur next year.

The report claims that according to a source with knowledge of Facebook’s financial details, it posted $US1.6 billion for the half year.

The company’s actual profit was $US500 million, according to the report.

The report also comes as Facebook has come up against competition in the past few months with Google+, which is slowly gaining a large number users, even as it remains in beta.