Facebook plans for IPO -World largest social networking site…
· The 25-year-old co-founder of Facebook said he is always open to partnerships and investments, but stressed that Facebook can achieve its business goals with its current financial base – despite numerous media reports that it has had talks on a new round of funding with various investors.
· The TechCrunch blog said earlier on Tuesday that Facebook had turned down a $200 million funding offer, which valued the company at $8 billion. Earlier this week, VentureBeat reported that Facebook was in discussions for $150 million in funding.
· Facebook has more than 200 million active users, double the number it had last August. The company also ranks as one of the top photo-sharing websites, with more than 15 billion pictures uploaded onto its service.
· In 2007, Microsoft Corp invested $240 million in Facebook in exchange for a 1.6 percent stake in the company, giving the social network a $15 billion valuation.
· “I know for a lot of companies the IPO is the endpoint or the goal,” Zuckerberg said. “For us it will be an event on the path to where want to get eventually.”
· Zuckerberg said advertising remains the core revenue source for the company, with Facebook on track to increase sales 70 percent this year and be cash flow positive next year. He declined to specify how much revenue Facebook expects to generate this yearFacebook works with more than 70 percent of the top 100 largest advertisers in the United States, Zuckerberg said, and the company was also seeing fast growth in international markets, where it has begun to create a direct sales staff
· And with Facebook increasingly taking steps to make aspects of the service available on other websites, like its recent Facebook Connect feature, Zuckerberg said the company could eventually develop a type of online advertising network.
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