Social networking giant Facebook has recorded revenue of $US1.6 billion for the first half of the year, according to a Reuters report.
The report comes as rumours suggest Facebook is gearing up for an IPO that could even occur next year.
The report claims that according to a source with knowledge of Facebook’s financial details, it posted $US1.6 billion for the half year.
The company’s actual profit was $US500 million, according to the report.
The report also comes as Facebook has come up against competition in the past few months with Google+, which is slowly gaining a large number users, even as it remains in beta.
ABOUT THE AUTHOR
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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