News Portal: Facebook to go public, raise $5 billion

Thursday, February 02, 2012, 07:31:37 (IST)

NEWS FLASH
Facebook took its first step toward becoming a publicly traded company on Wednesday as it filed to sell shares on the stock market. It plans to raise $5 billion from the initial public offer (IPO). The company recorded revenue of $3.7 billion last year, an 88 percent increase from the prior year. During that period, Facebook posted a profit of $1 billion.