Reuters reports that Facebook revenue for the first half of 2011 was $1.6 billion according to a source with knowledge of its financials.
Facebook was able to "milk" its 750 million users for $1.6 billion in the first half of 2011 according to a Reuters report. So on average Facebook so far earns about $4 per user this year if the revenue is going to hit $3 billion for the full year. Of course Facebook users do not pay anything, advertisers do. It is still not that much that Facebook is able to make from their massive user base. Facebook needs some really good ideas to make more money from its users to rectify the valuation that is supposed to be beyond $80 billion by now.
Facebook is expected to go public next year. At that point Facebook needs to report quarterly earnings. We will see how well that will go. See also our earlier report about an investigation into Facebook Europe about privacy.