Facebook Revenue Doubles, Stands at $1.6 Billion

Social networking giant Facebook has managed to double its revenue for the first half of 2011 to $1.6 billion, it has been revealed.

Sources close to Facebook have told Reuters that the company’s net income has reached $500 million during the first half of 2011. Facebook, being a privately held company, is exempt from disclosing its financial results to the public.

The report reveals that the company continues to grow by leaps and bounds and private share traders have scaled the company’s valuation to more than $80 billion. But, it is not clear how much advertising revenue contributed to the $1.6 billion it generated during the first half of 2011.

Facebook continues to enhance its position in the online display advertising market on the strength of its 750 million plus users. However, the company is facing tough competition from search engine giant Google, which has launched its own social networking platform called Google+.

Goldman Sachs, which oversees the private trading of Facebook’s shares, revealed in a document meant for clients that for the first 9 months in 2010, the company had generated a net income of $355 million and revenue of $1.2 billion.