Irish arm of Facebook records 15-fold rise in revenue
PRE-tax profits at the main Irish arm of social-networking giant Facebook last year increased six-fold and revenues surged by €213m to €229m -- a 15-fold rise.
Documents just filed with the Companies Office show that Facebook Ireland Ltd recorded a pre-tax profit of €1.8m in the 12 months to the end of December last, compared with €297,000 in the 15 months to the end of December 2009.
Revenues rose exponentially last year to €229m from €15.1m.
The 15-fold increase is down to two factors according to the directors' report: from September 2010, the company commenced billing third-party customers for online advertising on the Facebook website and an increase in inter-company revenue from Facebook as a result of a higher level of marketing services provided to parent, Facebook Ireland Holdings.
The numbers employed at the company's Dublin office jumped by 136pc from 64 to 151 at the end of the year. The company has previously announced a further increase in employment to 300 this year.
The directors state that the company "has continued to grow throughout the year" and in relation to its future developments, the report states that "in 2011, the company will expand operations in Ireland, continuing to support the international sales function".
Facebook officially opened its European headquarters in Dublin in October 2009. It hosts user operations, online operations, inside sales and advertising campaign delivery here.
Globally, Mark Zuckerberg's company is expected to generate more than $4bn (€3.1bn) in revenues this year and is on course for a stock market flotation next year that could value the company at up to $100bn.
In a statement, Facebook said: "As a private company, we do not provide extensive detail on our finances. In keeping with the legal requirements of certain countries, we file reports about local operations but it would be a mistake to draw any conclusions from such reports. The information presented does not reflect a full accounting of a given company's overall financial performance."