Sensing an opportunity in adversity, Facebook chief executive Mark Zuckerberg plans to double the headcount at the social network this year to 2000 people. Given the recessionary trend, when hiring by other companies is slow, Facebook is planning to snap up the bright brains in the job market.
The recession doesn't seem to be bothering Facebook.
While more established companies dependent on advertising have struggled, the Facebook chief executive has been busy convincing brands to advertise on Facebook and has been largely successful.
Revenues at Facebook are expected to be up 70 per cent in 2009, compared to 2008 and the company has adequate cash flow to hire and make acquisitions akin to the recent purchase of FriendFeed for $50 million.
Meanwhile, the social network's valuation has remained high. The $200 million invested in Facebook for a 2-per cent equity by Russian company Digital Sky Technoligies values Facebook at $10 billion.
But Zuckerberg maintains that the social network doesn't intend to plough the cash into investment but rather sees it as a buffer to be called upon only when required.