Facebook IPO spills over to next year
Global - The wait for the much-hyped IPO of the year has just been prolonged with Facebook pushing the deadline to end of next year.
According to foreign media reports, Facebook said the delay is to let employees remain focused on developing products for the leading social networking website.
Reuters quoted the Financial Times which said: "Chief executive Mark Zuckerberg (pictured) wants to delay an IPO until September or later in 2012 so employees can stay ‘focused on product developments rather than a pay-out.'
Recently other Silicon Valley firms such as Zynga and Groupon too have delayed their IPOs in the wake of the recent market downturn, however, FB's decision was not related to market conditions, the company told FT.
According to Reuters, Facebook's revenue doubled to US$1.6 billion in the first half of 2011 and investors have pushed its valuation to roughly US$80 billion in the private markets. However, this figure could even go up to US$100 billion, analysts said.
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