Facebook on track to surpass $500-million mark in 2009 revenue

Social networking website Facebook is making enough money to cover expenses and on track to surpass the $500-million mark in 2009 revenue.

As one of the world's largest social networking sites with more than 300 million users, Facebook is showing signs it can be a viable business. Some believe the climbing revenue is a hint of a potential initial public offering to come. Despite its tremendous popularity, Facebook has faced questions regarding its financial viability and business perspective. However, in a blog post on the company's website, Facebook Chief Executive Officer and founder Mark Zuckerberg said the site reached its goal of being cash-flow positive in its most recent quarter. Earlier this year, Facebook board member Mark Andreesen said the company's revenue will exceed $500 million in 2009, Reuters.com reports. The company expects to increased its revenue by 70 per cent to end the calendar year. In recent transactions with Digital Sky Technologies, authorized preferred shares and common shares of the company were valued to be not less than $10 billion and $6.5 billion respectively.