In the Black

Facebook Turns a Profit

Money and success don’t always come hand in hand—but for Facebook, they finally do. The social-networking powerhouse turned its first profit, in the second quarter of 2009, it announced Tuesday. Advertising Age notes that the most significant aspect of the news is that Facebook has accomplished its goal without “a fully developed advertising business.” The company is still tweaking how it advertises to its millions of users, and its virtual gifts products are still in the early stage. The company at the root of Facebook’s advertising revenue? The granddaddy of them all, Microsoft.