|Facebook has significantly more cash than some previously thought.|
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 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