Facebook to make stock market debut in May: report

Mar 29, 2012
Facebook will make its stock market debut in May with a record-setting initial public offering of shares, according to a report in the Wall Street Journal.

Facebook will make its stock market debut in May with a record-setting initial public offering of shares, according to a report Wednesday in the Wall Street Journal.

The world's leading online social network has stopped selling shares on the secondary market in order to get a precise count of investors, the Journal said, citing unnamed sources.

Facebook on Tuesday modified its filing with the US to warn potential investors that a against the company by Yahoo! could deliver a significant blow to its business.

"If an unfavorable outcome were to occur in this litigation, the impact could be material to our business, financial condition, or results of operations," Facebook said in amended paperwork submitted to the SEC.

Yahoo! filed suit against Facebook in a US district court in California on March 12, accusing the company of infringing on 10 of its patents in several areas including advertising, privacy and messaging.

In the suit, Yahoo! said that Facebook's growth "has been based in large part on Facebook's use of Yahoo!'s patented technology."

Facebook in February filed to go public and could raise as much as $10 billion in the largest flotation ever by an Internet company on Wall Street.

The paperwork filed for the provided the first glimpse of the financial details of the web giant launched eight years ago by Mark Zuckerberg from his Harvard University dorm room.

Facebook, which is shifting operations to a former campus in the California city of Menlo Park, reported net income of $668 million last year.

Revenue nearly doubled to $3.7 billion in 2011, with most of it coming from targeted advertising gleaned from personal information shared by the hundreds of millions of users of the platform.

Facebook -- the leading social network in all but six countries, notably China and Russia -- said it has more than 845 million users including 483 million who log in daily.

Facebook's value has been estimated at between $75 billion and $100 billion.

Explore further: Why the Sony hack isn't big news in Japan

add to favorites email to friend print save as pdf

Related Stories

Facebook buys IBM patents

Mar 23, 2012

Facebook confirmed Friday that it has added a trove of IBM patents to its arsenal on an increasingly lawsuit-strewn technology battlefield.

Facebook secures $8 bn ahead of public offer

Mar 08, 2012

Facebook has secured $8 billion ahead of the social network's eagerly-anticipated initial public offering (IPO), according to documents provided to US regulators.

Facebook 2012 IPO could top $100 billion: CNBC

Jun 13, 2011

Social network Facebook is likely to go public in the first quarter of next year with a valuation of over $100 billion, the CNBC business news network reported on Monday.

Recommended for you

Why the Sony hack isn't big news in Japan

17 hours ago

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

22 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

23 hours ago

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.