Report: Facebook Doubles Revenue

Facebook has doubled its revenue in the first half of 2011, Reuters reports. Facebook made $1.6 billion in the first six months of this year, nearly double what it made in the same time in 2010. Facebook doubles ad revenue

The largest portion of Facebook's revenue is believed to come from advertising, showing that the company has created a viable ad business. Facebook Doubles Revenue

It isn't yet clear what the composition of the advertising was, but display advertising is where Facebook has been growing rapidly, outpacing Yahoo, which had a big head start, and Google, which is growing its display revenue fast, a business it has not been part of, in the past.

Nor is it clear whether local ads have started to have impact. Many of us probably suspect Facebook has done best in national advertising.