Facebook surrenders its privacy in IPO documents

MICHAEL LIEDTKE AP Technology Writer Published:

SAN FRANCISCO (AP) -- Facebook is baring its business soul.

The unveiling came late Wednesday when the company that depends on people to share their lives online filed its plans to raise $5 billion in an initial public offering of stock.

It's a moment that prospective investors, curious competitors and nosy reporters have been waiting for for two years. During that time, Facebook emerged as a threat to the Internet's most powerful company, Google Inc.

The 197-page prospectus that Facebook filed with the Securities and Exchange Commission confirmed that Facebook is very profitable and getting stronger. The company has seen its annual revenue soar from $777 million in 2009 to $3.7 billion last year. Facebook's earnings have grown at a similar rate, ballooning from $122 million in 2009 to $668 million last year.