Facebook’s revenue doubled to $1.6 billion in 2011’s first half, a source with knowledge of its financials told Reuters, underscoring its appeal to advertisers while it grapples with intensifying competition.

 

Net income in the first half of 2011 came to almost $500 million, according to the source, who wished to remain anonymous.

 

Facebook’s stronger results come as investors have pushed its valuation to roughly $80 billion in private markets, with many industry observers expecting the world’s No. 1 Internet social network to go public in 2012.

 

Facebook earned $355 million in net income in the first nine months of 2010 on revenue of $1.2 billion, according to documents that Goldman Sachs provided to clients during a share offering this year.