NEW YORK ( TheStreet) -The amount of cash Facebook has is staggering, and is on par or larger than some of Silicon Valley's top tech companies, according to Gawker. 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), Adobe Systems ( ADBE), 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: email@example.com