Revenues double at Facebook, says source
That's $1.6bn in the first half of the year... bitch
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Facebook's first half revenue has nearly doubled to $1.6bn, despite the advent of new rivals like Google+.
Net income for the half was almost $500m, a source told Reuters, adding that they did not want to be named because privately-held Facebook doesn't have to tell anyone what it makes.
The results can only help any potential IPO Facebook might be plotting, something the pundits expect sometime next year. Latest valuations put the social network at $79.2bn, a princely sum, but around $5bn less than it would have made if it had gone public at the beginning of July.
Some attribute the fall in Facebook's share prices to either "Facebook fatigue", a nice little moniker meant to convey that everyone's sick of the network already, or because everyone would much rather be tweeting or chilling in a Google+ Hangout.
But the results would suggest that Facebook's advertisers are keeping the faith and helping the company turn eyeballs into money.
There's also been other evidence to back up the idea that Facebook ain't quite dead yet, with bean-counter comScore reporting its highest ever unique visitor numbers in July at 162 million.
At the time of publishing, Facebook had not responded to requests for comment. ®
COMMENTS
The $500m is an intentional leak, and likely overstated
These are Goldman Sachs spinners out to sell the company. Since Facebook is privately held, they can leak any 'info' they want. I'd bet the revenue is closer to being correct, but the real net income - profit is actually much much lower the advert (leak) that they published. The $500m income is likely one of those non GAAP accounting trick numbers.
They have 750 Million users, and they get $4 revenue per user on average per year? They have horrible click through rates (see the wiki article 400 per million) on ads, for instance. I for instance found an article claiming that at 300 m users they were 'break even'. http://www.cbc.ca/news/technology/story/2009/09/16/tech-facebook-300-million-users.html
Big brother for the Oinon ONN news report:
http://www.theonion.com/video/cias-facebook-program-dramatically-cut-agencys-cos,19753/
to big to fail?
Are you suggesting we bail out Facebook because its to big to fail?
Sigh
Just so long as we're not expected to bail out any banks when the bubble bursts...
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