Facebook is baring its business soul

(AP File)

SAN FRANCISCO (AP) Facebook is baring its business soul.

The unveiling came late Wednesday when the company that depends on people to share their lives online filed its plans to raise $5 billion in an initial public offering of stock.

It’s a moment that prospective investors, curious competitors and nosy reporters have been waiting for for two years. During that time, Facebook emerged as a threat to the Internet’s most powerful company, Google Inc.

The 197-page prospectus that Facebook filed with the Securities and Exchange Commission confirmed that Facebook is very profitable and getting stronger. The company has seen its annual revenue soar from $777 million in 2009 to $3.7 billion last year. Facebook’s earnings have grown at a similar rate, ballooning from $122 million in 2009 to $668 million last year.

(Copyright 2012Associated Press.  All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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