Facebook’s IPO ⇥

Remember 2004? Mark Zuckerberg must remember this article in The Crimson:

While Zuckerberg promised that thefacebook.com would boast new features by the end of the week, he said that he did not create the website with the intention of generating revenue.

“I’m not going to sell anybody’s e-mail address,” he said.

Via Matt Lynley, who quipped:

Hey guys, have you heard of this Facebook thing? Hundreds of users. Dunno if it’ll go anywhere.

Today, Alexia Tsotsis:

However sundry reports were all over the map for 2011 revenue (it was actually $3.7 billion), but hit the $1 billion in net income right on the head.

A billion dollars for what is, at its core, advertising.

Update

A bright chap on Hacker News named “teej” posted this great analysis:

Facebook’s engagement is shifting to mobile. Their entire business model relies on web. Their app ecosystem has been crashing as a result, and display advertising is likely to follow.