Did Facebook Double Its First-Half Revenues?

Facebook may have brought in $1.6 billion of revenues during the first half of 2011.

Would you pay $33 per share for a company that doubled its revenue to $1.6 billion in the first half of 2011 compared with the year-earlier period? What if that company’s name was Facebook?

A source quoted that revenue figure to Reuters, adding that the social network racked up nearly $500 million in net income for the first six months of the year. Unfortunately, the source did not provide Reuters with comparable numbers for the first half of 2010.

As a private company, Facebook is not required to disclose its financial results, but with most observers expecting an initial public offering sometime in 2012, figures have leaked out here and there.

For example, Reuters reported that Goldman Sachs provided documents to clients for a Facebook share offer earlier this year, which revealed that the company tallied $1.2 billion in revenue for the first nine months of 2010, generating $355 million in net income.

Recent private market estimates have pegged Facebook’s value at some $80 billion, up from the $50 million or so the social network was valued at in January, when the company raised $1.5 billion from investors including Goldman Sachs and Digital Sky Technologies, and via a Goldman Sachs-led private offering to overseas investors, according to Reuters.

Readers: Do you think Facebook is a good buy at $33 per share (on the secondary market)?