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Facebook files for USD5bn IPO
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Facebook has filed for one of the most highly-anticipated stock market debuts in history, with the firm aiming to raise USD5bn in an IPO that is expected to take place in the spring. The filing gives details of Facebook's financials for the first time, showing strong growth, with profits hitting USD1bn in 2011 on revenues of USD3.7bn, up from net income of USD229m and revenues of USD777m in 2009. The firm attributes its strong finances to advertising, with the firm building out its ad tools over the past couple of years. However, Facebook is diversifying its revenue stream, with its reliance on advertising decreasing from 98% of its total earnings in 2009 to 95% in 2010 and 85% last year.
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