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"Facebook&amp;#039;s revenue reportedly doubled to $1.6 billion (\u00A3995m) in the first half of 2011, despite the social network facing competition from the likes of Google.  The world&amp;#039;s largest social network saw its net income in the six months to the end of June reach almost $500m, a source with knowledge of the financials revealed to Reuters. Facebook earned $355 million in net income in the first nine months of 2010 on revenue of $1.2 billion, according to documents issued by Goldman Sachs to potential investors in the firm. Despite having huge influence and an estimated value of $80 billion, Facebook is a private company and so it does not have to disclose its financial results. However, many observers expect the company to go public in 2012, in a move which is expected to trigger a mad rush from investors eager to take shares in the firm.  Facebook&amp;#039;s around 750 million-strong user base has helped the site heap pressure on other internet giants, including Yahoo, which fired its chief executive Carol Bartz on Tuesday. However, the company is facing renewed competition from search engine giant Google, which is expected to launch its Google+ social network next year after it went into a closed beta this summer. Google, which shut down ten products this month to focus on Google+, has enhanced the social network by incorporating games, such as Rovio&amp;#039;s Angry Birds and Bejeweled.  Facebook - started in 2004 by chief executive Mark Zuckerberg - is thought to be ready to hit back by integrating services such as music streaming site Spotify to keep people using the network.  It is unclear what portion of Facebook&amp;#039;s $1.6 billion revenue was drawn from advertising sales. The company also benefits from taking a 30% cut from the sale of virtual goods, such as micro-payments on Zynga&amp;#039;s FarmVille. Facebook declined to comment on its financial results. Yesterday, a new study indicated that more than half of UK pensioners claim to use Facebook regularly, while three-quarters of the adult population are now signed up to the social network. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.digitalspy.com/tech/news/a339395/facebook-doubles-revenue-in-first-half-of-2011/>