Privately-held social network Facebook does not disclose its financial results but according to a report from Reuters, Facebook had revenue of $1.6 billion in the first half of 2011. The report also says the company had net income of $500 million in the same period.
Facebook's revenue doubled to $1.6 billion in 2011's first half, a source with knowledge of its financials told Reuters, underscoring its appeal to advertisers while it grapples with intensifying competition from the likes of Google Inc.
Facebook, the most popular social network, has over 750 million users while seeing increased competition from other companies, most notably Google with Google+. Facebook's market valuation is unknown but some reports mark the company to be worth up to $80 billion. Facebook is widely expected to file for an initial public offering in 2012.
