Facebook Inc. this week announced plans for filed to raise $5 billion in an initial public offering with the Securities and Exchange Commission.

The company, founded in 2004, recorded revenue of $3.7 billion from advertising, operating income of $1.75 billion, and $1 billion in net income in 2011. Advertising accounted for 85 percent of the company’s revenue.

Facebook currently holds 845 million users worldwide and 483 million daily active users. It has dominated over competitors like MySpace Inc. which was sold for $35 million by News Corp. after it purchased the social network for $580 million in 2005.

The stock is expected to trade under the symbol ‘FB’ in te second quarter of 2012.

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