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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Facebook makes money, tops 300 million users Wed Sep 16, 2009 11:42am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook is making enough money to cover its costs and now has 300 million users, the world's largest social networking site said on Tuesday, proving the Internet's newest star industry can be a viable business. Facebook is now generating enough cash to cover its operating expenses, as well as the capital spending needed to maintain its fast-growing service. Analysts said this shows the financial viability of Facebook, which has faced questions about its underlying business model, despite its popularity, and was a good sign for a potential initial public offering. "It's certainly meaningful to show that this is absolutely the real deal," said Broadpoint Amtech analyst Ben Schachter. "They are executing. People are spending money on the site." Since its creation in a Harvard dorm room five years ago, Facebook has emerged as one of the Internet's most popular destinations and is increasingly challenging the Web's established powerhouses like Yahoo Inc and Google Inc. Facebook unveiled a revamped search engine last month and is currently testing an online payment system. Facebook users have tripled from about 100 million a year ago. Facebook Chief Executive Mark Zuckerberg said in a blog post on the company site on Tuesday that Facebook reached its goal of being free cash flow positive in its most recently ended quarter. The company had previously projected reaching the target sometime in 2010. "This is important to us because it sets Facebook up to be a strong independent service for the long term," said Zuckerberg in the blog post. Facebook spokesperson Larry Yu said the free cash flow metric does not include any cash from private investment. In May, Facebook announced a $200 million investment from Russian investment firm Digital Sky Technologies in a deal that valued the company's preferred shares at $10 billion. DST valued Facebook's common shares at $6.5 billion in a subsequent deal to purchase shares from Facebook employees. Facebook's becoming cash flow positive ahead of schedule provides another nugget of data to back up the lofty valuations, and according to one analyst, makes Facebook a more attractive candidate for a potential public offering. "They can command higher confidence from investors now," said Collins Stewart analyst Sandeep Aggarwal, who noted that he believes Facebook could go public in the second half of 2010, or in 2011. Zuckerberg said in May that any IPO is "a few years out." Facebook did not provide any other financial details on Tuesday. The company has previously said its revenue was on track to grow 70 percent this year. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! 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Slideshow Most Popular on Reuters Articles Video UPDATE 2-Citi shares down on concerns of US government sale Citi shares could, finally, see solid demand Universal's Harry Potter park to include Hogwarts Facebook makes money, tops 300 million users Rockefeller & Co CEO dies in apparent suicide Your shower may be blasting you with germs: study Uninsured Americans hope reform brings health coverage Clinton: U.S. worried by Venezuelan arms purchases City advertises porn on website by accident West apologizes to Swift, Obama weighs in on furor Most Popular Articles RSS Feed Video Bernanke: recession likely over US House reprimands GOP lawmaker Bernanke's trial by crisis U.S. clears H1N1 vaccine Hollywood actor Patrick Swayze dies Japan's new government Lessons from Lehman Anger of Lehman-stung investors Talk of the Town Obama visits hard-hit Ohio Most Popular Videos RSS Feed Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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