Facebook reaches profitability ahead of schedule

Facebook has announced that it has achieved profitability ahead of expectations.

Facebook

Previously, the social networking site predicted it would become cash flow positive “sometime in 2010”, but has already achieved its goal.

Facebbook founder and chief exectutive, Mark Zuckerberg says in a blog on the site that the company “achieved this milestone last quarter.”

Facebook has also announced it now has 300 million users, and is “exploring many different ways to make the service perform even faster and more efficiently as the number of people using the service continues to grow.”

Zuckerberg says “We’ll continue building new and better things to make connecting with the people you care about as easy and rewarding as possible.”

Yesterday, the site revealed it would add a tagging function to status updates in a bid to compete with rival social network Twitter.

In August, Zuckerberg announced plans to increase its staff by 50% this year as the recession had provided a surplus of engineers. Currently, the company employs one engineer for every 1million site users.

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