Facebook will more than double its revenue this year, reaching $2 billion in ad sales, a number higher than projected earlier, reports Bloomberg News.
Facebook’s sales last year were between $700 million to $800 million, and its earlier projected revenue for 2010 was pegged at $1.5 billion, the story reports. Because Facebook is private it doesn’t release its ad sales numbers and declined to comment to Bloomberg about this story.
According to the article, "Facebook’s more than half a billion users have made it an attractive target for advertisers, including Coca-Cola Co., JPMorgan Chase & Co. and Adidas AG. In October, Facebook surpassed Yahoo! Inc. when ranked by the number of global users, making it No. 3 behind Google Inc. and Microsoft Corp., according to ComScore Inc., a research firm in Reston, Virginia. ‘The love affair of consumers with social networks is an abiding one,’ said Karsten Weide, an analyst at IDC in San Mateo, California. ‘All the big brands are there.’ ”
The story adds, "Facebook, founded in 2004, would reach $2 billion faster than Yahoo and at almost the same pace as Google."