Facebook May Delay IPO

Social networking giant Facebook is likely to delay its initial public offering until 2012 so the company has more time to add users and increase sales, Bloomberg News reported, citing three people familiar with the matter.

Investors had hoped the company would list its shares in 2011. Chief Executive Officer Mark Zuckerberg controls the Facebook board and could push for an IPO whenever he chooses to, the sources said.

With an estimated value of almost $25 billion, Facebook had revenue of $700 million to $800 million, but would like to double that total this year.

This year, 40 companies put off or have withdrawn IPOs in the U.S., according to Bloomberg data. Microsoft (Nasdaq: MSFT) is among Facebook's investors.