The Financial Times reports that social networking site Facebook has decided to delay its initial public offering (IPO) until the end of 2012.
Facebook CEO Mark Zuckerberg reportedly initiated the delay so that employees can focus on developing new products for the site. He denied that the decision was related to recessionary market conditions.
It is estimated that Facebook’s revenue doubled to $1.6bn in the first half of this year.
(Additional source: The Guardian)
