Revenue for the world’s biggest social network was close to $800 million in 2009, according to a report from Reuters.

This latest estimate is higher than what analysts previously thought — earlier analysis put the company’s revenue between $550 million and $700 million in 2009. Not only that, the company was profitable, banking somewhere north of $10 million according to a source in Reuters’ report.

Facebook’s revenue is generated on advertisements tailored to its user interests, but the company faces massive costs: with nearly 500 million users actively logging in to upload photos, statuses and videos, Facebook runs a hefty bandwidth bill.

It has long been rumored that Facebook would pursue an IPO when annual revenues pass $1 billion – a mark they’ll undoubtedly hit this year. However, sources in the company say that no plans to go public are imminent.

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