Facebook's profits soared in the first half of 2011, hitting double the mark of the previous year, according to a Reuters report

According to an inside source with knowledge of the figures, Facebook brought in $1.6 billion (£1bn) in revenue, with a net income of $500m (£312m).

As Facebook is still a privately owned company, it does not disclose its financial results, which makes Reuters' revelation all the more interesting.

In 2010 another unofficial report claimed that the company made $1.2 billion in revenue and £355m in profit for the first nine months of the year.

Mathematical finagling

With a bit of mathematical finagling and a touch of guess work, it can be reasonably assumed that Facebook was able to double both income and net income in that time.

With Google+ breathing down Facebook's neck, and Twitter looking to increase revenues, the reports show Facebook's continued strength and appeal to advertisers.

The company is now boasting an estimated 750m members and is also thought to be considering an IPO in the next year.

Link: Reuters