NEW YORK (
) -The amount of cash
has is staggering, and is on par or larger than some of Silicon Valley's top tech companies, according to
According to a source cited by Gawker who is close to Facebook's finances, Facebook has $3.5 billion in cash, no debt and may earn close to $1 billion in profits this year, more than double what the company supposedly made last year.
| Facebook has significantly more cash than some previously thought.
Facebook could have more cash on hand than such Silicon Valley stalwarts as
(YHOO - Get Report)
(ADBE - Get Report)
, according to those companies' latest financial statements.
Gawker's source says that at the end September 2011, Facebook had $5.6 billion in assets and $4.5 billion in shareholder equity to go along with its $3.5 billion in cash.
The company has had $2.5 billion in revenue and a net income of $714 million through September, according to the source.
Facebook is expected to go
public next year,
and may raise up to $10 billion in the offering, at an estimated valuation of $100 billion.
An email to Facebook was not immediately returned for comment.
-- Written by Chris Ciaccia in New York
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