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Anyone predicting the demise of Facebook thanks to competition from Twitter and Google+ is being a little presumptuous, according to these figures.
The company’s revenue doubled to $1.6bn in the first half of 2011, a source told Reuters, with net income almost at $500m. These aren’t official figures, as Facebook doesn’t disclose its results, but considering some investors have estimated its worth at $80bn, they sound about right to us. No wonder Mark Zuckerberg is branching out into broadcasting footie and showing pregnancy statuses.
Its success may well explain why other fledgling Web companies such as Yahoo fire their chief executives over the phone. And old media giants sell their ageing social networks to fading popstars. Feeling the pressure there, chaps?
And it comes in the same period as Google unveiled its latest stab at social networking, Google+, which attracted 10 million users in its first two weeks. Impressive, but with Facebook now standing at over 750 million, it doesn’t seem worried.
According to a share offering this year, Facebook earned $355m in net income in the first nine months of 2010, on revenue of $1.2bn. A huge part of its success is thought to be the games such as Angry Birds and Farmville, which mean people spend even longer on the site, increasing the rates for advertising. Keen to have a slice of this pie, Google+ added games to its service shortly after launch.
Facebook has just updated its iOS app to improve functionality. The iPad app was reportedly tested by Mark Zuckerberg personally, so if you’ve got any complaints, find Zuck on Facebook and let him know.
Will Twitter overtake Facebook? And are you still using Google+? Let us know via Facebook.
