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.
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.
Related on ZDNet: