Monday, May 20, 2024

Facebook Sets Historic IPO

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Wall Street Journal: On Wednesday, Facebook filed the necessary paperwork for an initial public offering (IPO) that could raise as much as $10 billion for the social networking company. Insiders say the IPO will likely value the company between $75 billion and $100 billion, making it one of the biggest IPOs of all time. Company shares will trade under the stock ticker “FB,” but Facebook hasn’t said whether it will trade on the Nasdaq or the New York Stock Exchange.

The filing also provided the first peek into Facebook’s financial performance. Last year, the company netted $1 billion in profit on total revenue of $3.71 billion, an 88 percent increase from the previous year. Eighty-five percent of that revenue came from advertising.

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