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Facebook firmly on the growth path

Social networking site Facebook has announced plans to increase employee numbers by as much as 50% by "tapping" into the pool of out of work engineers who have lost their jobs as a consequence of the economic downturn. While on the face of it this may seem like a brave move from the social networking site, there is no doubt that the social networking industry has changed dramatically over the last couple of years and is now more than just a short term attraction or a fad.

However, the company is cutting back on some business costs as it looks to move into profitability in 2010. When you consider the situation at fierce rival MySpace, where up to 30% of the US workforce will be made redundant, the difference could not be more marked. Whether the operation moves into profitability in 2010 is another question although to some extent a number of areas of the online arena have continued to perform well even in these most challenging of financial climates.

With an estimated 250 million regular users, Facebook is by far and away the more prominent and more powerful of the various social networking sites in the UK. The company is actually aiming for 1 billion users in the future, a situation which would bring with it enormous cross selling and cross promotional opportunities.

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