Originally planning on a first quarter 2012 initial public offering, news reports say Facebook has decided to postpone the launch until late next year.
Citing unnamed sources, the Financial Times reported Wednesday that the social network behemoth will delay the IPO until the fall of 2012. Facebook CEO Mark Zuckerberg reportedly said the reason for the delay is so employees can focus on product development instead of an IPO payout.
The IPO, expected to be one of the worlds biggest with recent private share sales valuing Facebook at more than $66.5 billion, had been anticipated to launch by April 2012, according to the Financial Times.
Lise Buyer, a consultant who advised Google through its IPO, told the FT that there is no benefit in rushing a deal for Facebook.
“The company doesn’t need the money. It is a little easier to focus when you’re private. They’ll go when they’re good and ready, not before,” Buyer said.
Undeterred by the growth seen by the new Google+, Facebook continues to earn a lot of revenue, TechZone360’s Ed Silverstein reported. According to Reuters, Facebook doubled its revenue to $1.6 billion during the first six months in 2011. Facebook also earned net income of $500 million.
In related news, stock in business networking Web site LinkedIn, which hasn't exactly burned up the market after the strong initial interest following its IPO in May, is surging this week – up over three percent Tuesday, TechZone360 reported. The rumor mill and market chatter is abuzz with the news that LinkedIn is about to announce some kind of partnership with Facebook – maybe something to do with jobs listings, says Business Insider.
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