Facebook doubles revenue in 2011, report says

Social network Facebook managed to double its revenue in the first half of 2011 to $1.6 billion, according to a Reuters report.

Social network Facebook managed to double its revenue in the first half of 2011 to $1.6 billion, according to a Reuters report.

The figure demonstrates how potent the company's platform -- and its 750 million-strong user base -- is for targeted advertisements.

Facebook does not disclose its financial results but an anonymous source in the report said the company's net income in 1H11 came to almost $500 million.

That's good news for investors, who have clamored for the company to go public and valued it at up to $80 billion.

It's also a strong reminder why semi-rival Google launched its own social network, Google Plus, in June. The tech giant continues to see search and digital display advertising as its cash cow; a social network littered with users' preferences, desires and activity is a major way to diversify that business.

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