Facebook's Doing Just Fine, Doubles Its Revenue

So far competitors, like the feared Google+, haven't stunted Facebook's growth. The company doubled its revenue to 1.6 billion in the first half of 2011 Reuters reports. The social network also pulled in an impressive net income of $500 million. "Facebook's stronger results come as investors have pushed its valuation to roughly $80 billion in private markets, with many industry observers expecting the world's No. 1 Internet social network to go public in 2012."

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While Facebook accounted for nearly one third of online Internet display ad impressions in the U.S. in June, not all of their revenue comes from advertisements. "Facebook also gets a 30 percent cut of sales of virtual goods, such as digital cars or animals, that enhance the experience in social games such as Zynga's FarmVille." There's still time for Google+ to undercut Facebook, especially as the enter the games market, but so far Facebook is doing just fine.