The Social Network’s revenue doubled to a whopping $1.6 billion in first half of this year, with net income almost $500 million, a source told Reuters.
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This comes as Mark Zuckerberg’s brainchild ramped up commercial activities on the site that boasts 750 million members, launching video rentals, games and other services on its new ‘Credits’ system, mobile apps, and its soon to be released own apps on HTML5 Web (leapfrogging Apple’s 30% cut).
These new revenue streams as well as Facebook display advertising has helped push company values as high as $80 billion – $30bn more than valuations just a few months earlier.
Brand campaigns and company dedicated pages are up 104% compared to a year ago.
This news comes at a good time for CEO Zuckerberg, who is looking at the prospect of going public next year, in a bid to add some rich investors friends to its profile.
According to comScore stats, Facebook accounted for nearly one third of all Internet display ad impressions in the US in June – more than big players like Google, Yahoo, Microsoft, and AOL.
And the shock deparature of Yahoo’s CEO, Carol Bartz, on Tuesday amid increasing losses is indicative of the market power of the little start up from Harvard.