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 Yahoo! (YHOO - Get Report), Adobe Systems (ADBE - Get Report), Electronic Arts (ERTS), Netflix (NFLX), and Intuit (INTU), 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 >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: firstname.lastname@example.org