Facebook is sitting on a $3.5bn cash hoard, according leaked figures, and is making far more money than had previously been estimated.
According to internal figures leaked to Gawker, Mark Zuckerberg's social network had operating revenues of $2.5bn between January and September this year. The company has assets of $5.6bn, including $3.5bn in cash, and made a net profit of $714m.
If true, the figures suggest Facebook will far surpass the estimated $70bn valuation the firm is expected to attract when it sells shares in an initial public offering (IPO) next year. The Wall Street Journal recently reported that the firm was hoping for a valuation closer to $100bn. At that value, Zuckerberg's 24% stake in the firm would be worth $24bn.
The company is believed to be planning an IPO that could come as early as April next year and would be the largest tech IPO since Google joined the stock market in 2004. The money would allow Facebook to go on a spending spree as it faces increased competition from Google, now developing its own social network, Google+.
The report follows earlier leaks about the privately held firm's finances. In September, Reuters reported that Facebook's revenues had doubled to $1.6bn in the first six months of 2011. If the latest figures are correct, it suggests Facebook is still growing revenues rapidly despite some recent controversies over privacy and increased competition.
Facebook earned $355m in net income in the first nine months of 2010 on revenue of $1.2bn, Reuters said, citing documents that Goldman Sachs provided to clients. Gawker's latest figures suggest that Facebook made more than twice that in the first nine months of 2011.
The company said it would not comment on its financials.
The numbers come as Zynga, the social gaming firm, prepares an IPO on Friday. The Farmville and Words With Friends company is hoping to raise at least $1bn.
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