Facebook may generate revenue of about $2 billion for 2010, more than double its revenue from 2009, Bloomberg News reported without naming its sources. The social media giant will beat its 2010 estimate of $1.5 billion in revenue, after bringing in sales of $700 million to $800 million in 2009, Bloomberg reported, adding that with more than a half-billion users, Facebook is an attractive option for advertisers such as Coca-Cola Co (KO) and Adidas AG (ADDYY).
"The love affair of consumers with social networks is an abiding one," IDC analyst Karsten Weide told Bloomberg. "All the big brands are there." Facebook recently overtook Yahoo. (YHOO) in number of registered users, making it the third largest after Google (GOOG) and Microsoft (MSFT).
Mark Zuckerberg, founder and CEO of Facebook, was named as Time's "Person of the Year" yesterday, credited for "changing how we all live ours lives."
Today, Facebook unveiled new face-recognition software to make it easier to tag photos. Facebook will be able to recognize previously tagged faces in new photos and can suggest a tag for the person.
The service will be available to U.S. users in the next few weeks, the company said on its blog.