A report came out today that said that Facebook was overflowing with cash with about $3.5 billion on hand! Facebook is reported to have as much as a billion dollars in profit this year alone and is only going to grow. Now isn’t that expected of a company that holds the private information of about 600 million people?
Facebook had $714 million in net income on revenue of $2.5 billion between January and September of this year, a source with knowledge of Facebook’s financials told Gawker. Given that trajectory, it seems likely that Facebook will pass $1 billion in profits by year-end.
While exact details on Facebook’s financial history are fuzzy, the company is on track to earn double what it reportedly made last year, and quadruple what it made two years ago. Facebook also has plenty of money in the bank: $3.5 billion, according to the report.
Gawker’s source also said that Facebook’s upcoming IPO is expected to raise $10 billion at a $100 billion valuation. Basically, expect Facebook’s pocketbook to grow next year, and for some big spend acquisitions to follow.