Looking back it is hard to believe that Facebook was a social networking concept dreamed up by a couple of friends in a Harvard dorm back in 2004. Latest 2009 reports released show that the platform generated $800 revenue which is well beyond expected results.More importantly profits were also reasonably good apparently in the ‘tens of millions of dollars'.

Facebook is one of the most widely used social platforms online in 2010 and there are around half a billion users of the 6 year old service. Board member Marc Andreessen told Reuters that the company was on track to surpass $500 in annual revenue during 2009 – seems his figures were less than optimistic. In September of 2009 the company said they were a free cash flow positive, meaning they were generating enough money to cover their operating expenses as well as capital spending needs.

After criticism in May, Facebook said they would introduce new tools to offer members more control over their privacy – a move which has been well received by both the press and the public.

Facebook have been one of the fastest growing sites on the internet with membership rising from 2009's January announcement of 150 million users to around 350 million by the end of the year.

KitGuru says: The sites continued growth means that 2010 should be an even more profitable year for them.

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