Wednesday September 16, 2009 02:27
Facebook finally makes a profit
One of the biggest criticisms on Facebook is that it’s all bark and but no bite. The website has been valued at millions but the site has yet to make any real money… until now.
The social networking giant announced that it has finally achieves something significant on a business standpoint – it actually made more than it spent last quarter. Even company execs are surprised that they were able to do this. Projections had it that the company’s only on track for a profit next year.
However, while this can be considered a financial success for Facebook, the company still has to prove that it is worth every penny it is valued.
Russian Internet firm, Digital Sky Technologies, bought $200 million of Facebook stock which valued the site to be $10 billion.
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Tags: Computers, Corporate, Facebook, Internet, Technology