Facebook's revenue doubles to $1.6 billion (report)

Facebook's latest revenue puts the company at $1.6 billion for the first half of 2011. Furthermore, the social network's net income approached $500 million.

In the first half of 2011, Facebook's revenue reportedly doubled to $1.6 billion, and its net income fell just short of $500 million. The numbers come from an unknown source cited by Reuters, who wished to remain anonymous because privately-held Facebook does not disclose its financial results.

Previous estimates claimed the social network would top $2 billion in earnings before interest, taxes, depreciation, and amortization in 2011. If the latest number is accurate, Facebook will easily achieve this goal.

Facebook recently passed 1 trillion page views, according to June 2011 data from Google. A month later, the company announced it had over 750 million monthly active users.

Facebook is a private company so it doesn't have to disclose financial information. The company is going public next year, possibly as soon as Q1 2012.

Facebook has accepted investments at a valuation of at least $50 billion. The latest valuation from third-party investors was $70 billion, while the highest valuation private markets have given the social network has been $80 billion.

Some expect the website's initial public offering (IPO) to be very high, given that its valuation has been predicted to top $100 billion. Of course, most of these numbers were being thrown around prior to Google+'s arrival on the scene and definitely before Google started a price war with Facebook.

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