It usually takes a while for businesses to turn a profit. But it’s hard to believe that with over half a billion users, the first Facebook profit year just happened. Sure enough, 2009 was Facebook’s first year of in-the-black, Reuters reports. With somewhere near $800 million coming in the past year — due to a 400% ad revenue increase!! — the social networking giant is flying high.
Facebook Profit = Bad News For Competitors Like AOL
This is great news for Facebook, obviously, and not so great for (former) competitors. AOL announced today that it’s selling its once-promising social network property, Bebo, to Criterion Capital Partners. Those in the know guess it won’t fetch more than $10 million bucks.
Seems like it’s still a Facebook world. Can’t help but wonder what’s next to keep Mark Zuckerberg‘s phenomenon on top.
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Caroline Walker is a Brooklyn-based freelance writer and editor. She has worked in both the entertainment and the nonprofit sector. Walker holds a BA from the University of Southern California and an MA from New York University’s Gallatin School.