Facebook documents reveal strong profits

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Facebook documents reveal strong profits

Post by NewsOnline on Fri Jan 07, 2011 4:06 am

Facebook documents reveal strong profits

NEW YORK/SAN FRANCISCO | Thu Jan 6, 2011 8:59pm EST



(Reuters) - Facebook is generating profits at a faster-than-expected rate, and will likely attract so many investors this year that it will have to disclose financial data similar to a publicly traded company by April 2012, according to a document distributed by Goldman Sachs.

The move could set the stage for a much-anticipated Facebook initial public offering in 2012, though there is no guarantee that the social networking company would choose to sell shares to the public simply because it is required to open its books to the public.

Facebook, the world's No. 1 Internet social network, earned $355 million in net income in the first nine months of 2010 on revenue of $1.2 billion, according to a source who received the documents that Goldman Sachs provided to its clients on Thursday.

http://www.reuters.com/article/idUSTRE70359V20110107

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