Facebook files to raise $5B in initial public offering

Facebook filed to raise up to $5 billion in a highly anticipated public offering today. The company revealed that its annual revenues were $3.71 billion in 2011, with net income of $1.002 billion.

Advertising accounted for 85 percent of revenue. The remainder comes from fees and payments or transactions through Facebook Credits, the company’s now mandatory virtual currency. Facebook doesn’t say much about how it plans to spend the funds other than saying it may go toward acquisitions of other businesses or assets.

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