Facebook to delay IPO until late 2012: Report

 

Redirects employee focus.

Facebook will delay its initial public offering until the end of next year so employees can focus on developing products for the social networking website, the Financial Times reported.

Facebook, which is expected to have one of the biggest IPOs in history, plans to go public at the end of 2012.

It was a later public debut than it originally planned, the newspaper said, citing people familiar with the company.

Chief executive Mark Zuckerberg particularly wanted to delay an IPO until September or later in 2012 so employees can stay "focused on product developments rather than a pay-out". The decision was not related to market conditions, the paper said.

Facebook could not be reached for comment.

Sources told Reuters earlier this month that Facebook's revenue doubled to $1.6 billion in the first half of 2011. Investors have pushed its valuation to roughly $80 billion in the private markets.

(Reporting by Liana B. Baker; Editing by Gary Hill)


Facebook to delay IPO until late 2012: Report
 
 
 
Top Stories
First look: Microsoft Outlook for iOS
[Update] Office productivity suite for iOS completed with Outlook.
 
NewSat defaults on $26m in overdue Lockheed payments
Jabiru-1 satellite build hits further hurdles.
 
IBM denies plans to cut 112k jobs
But admits to further restructuring.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Who do you trust most to protect your private data?







   |   View results
Your bank
  36%
 
Your insurance company
  5%
 
A technology company (Google, Facebook et al)
  9%
 
Your telco, ISP or utility
  8%
 
A retailer (Coles, Woolworths et al)
  4%
 
A Federal Government agency (ATO, Centrelink etc)
  18%
 
An Australian law enforcement agency (AFP, ASIO et al)
  14%
 
A State Government agency (Health dept, etc)
  7%
TOTAL VOTES: 3090

Vote
Do you support the abolition of the Office of the Information Commissioner?

   |   View results
I support shutting down the OAIC.
  27%
 
I DON'T support shutting the OAIC.
  73%
TOTAL VOTES: 985

Vote