PHILADELPHIA (Reuters) - Facebook Inc’s business is growing faster than forecast several months ago and the firm is on track to top $2 billion in earnings before interest, taxes, depreciation and amortization in 2011, according to a report in The Wall Street Journal.
Facebook’s growth is above the growth expectations that circulated when Goldman Sachs and Digital Sky Technologies invested in the closely held Internet company, the newspaper said in its online edition.
The newspaper did not say by how much Facebook may exceed expectations.
Goldman’s and Digital Sky Technologies’ investment was at a share price that implied a $50 billion valuation for Facebook.
The Wall Street Journal said Facebook’s profits were now growing at a fast-enough rate to justify a valuation of $100 billion or more when it goes public.
Facebook is expected to go public early next year.
The company could not be immediately reached for comment.
Reporting by Jessica Hall; Editing by Dhara Ranasinghe