After years of playing coy and saying it just wasn't ready, Facebook has finally put out its first batch of documents for an intial public offering (IPO) Wednesday afternoon. The company is seeking to raise $5 billion, you know, NBD, though it's only about half of what financial types were expecting until late last week. You can check out the lengthy SEC filing here, if you're into that kind of thing.
Now that Facebook is going public, the company has to make its financial numbers available and oh boy are they impressive. During 2011 it earned $3.7 billion in revenue while taking in $1 billion in profit. Profit was also pretty darn good in 2010 with $606 million. I was looking over Ology's books yesterday (not really) and... you win this round, Facebook.
If this news makes you hate cofounder and CEO Mark Zuckerberg more than you already did, you can at least take solace in how the social media kingpin has promised to cut his 2011 $500,000 salary down to $1 going forward. Does that make you feel better? Yeah, me neither.
I know what you're thinking: "So when can we get a piece of that Facebook action?"
According to its SEC filings, Facebook stock should start trading publicly in the second quarter of this year under the ticker "FB." No word yet on whether Facebook will be traded on the New York Stock Exchange or the Nasdaq but no matter where it ends up, you can bet that I'll buy up as much as the $14.35 and five sticks of gum in my pocket will get me.
Follow Matt Marquez on Twitter: @mattmarquez
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