Facebook, with its one trillion monthly pageviews, has generated $1.6 billion in revenue through the first half of 2011, with roughly $500 million of that winding up as net income, according to Reuters.
This is up from a reported 2009 revenue of below $800 million and net income of $200 million. It's about double what the social network earned last year, but still falls below analyst estimates of $4 billion in revenue for the year. It's still possible, but would require an accelerated rate of revenue growth.
The company is expected to file for an IPO in 2012, though controversy is in abundance over how valuable Facebook is. It's been valued as high as $90 billion, an insane amount given its current income, but not entirely out of the norm these days when looking at companies like Groupon and Zynga, both of which recently postponed their IPOs.