Facebook revenue expected to touch $1.1bn this year

The social networking site is expected to continue doubling its revenue every year.

Facebook is expected to generate up to $1.1 billion in total revenue in 2010, the Inside Facebook has calculated.

It states that brand advertising, performance-based ads and sale of virtual goods are expected to be the main revenue earners for the leading social media site.

Last September, the blog estimated that Facebook would earn about $550m for 2009, but Facebook revenue is supposed to have actually surpassed the figure to hit between $600m and $700m. In contrast, the company is estimated to have earned between $280m and $300m in 2008.

Inside Facebook said it expects Facebook to continue doublings its revenues every year, making it a multi-billion dollar company within the next few years.