Facebook’s Revenue Doubles to $1.6B

Facebook is doing better than ever, raking in almost $500 million in net income in the first half of 2011. A source tells Reuters that the social-media giant’s revenue doubled in the first half of the year, to $1.6 billion. Facebook, a privately held company, does not disclose its financial situation, but documents provided by Goldman Sachs during a share offering this year said the company earned $355 million in net income during the first nine months of 2010 and $1.2 billion in revenue. This year’s stronger earnings come as investors have pushed the company’s valuation to about $80 billion in private markets. Analysts expect the company to go public in 2012.