Facebook was valued at up to £6billion by experts but, until yesterday, had failed to make a cent in profit. Now, after five years and racking up 300million users, it is finally making enough money to cover its costs.

Chief executive Mark Zuckerberg comments ‘This is important to us because it sets Facebook up to be a strong independent service for the long-term’.

The results suggest the business may soon offer shares to the public.

Since its creation in a Harvard dorm room – an enterprise which nearly got Mr Zuckerberg expelled from the prestigious school – Facebook has emerged as one of the Internet’s most popular destinations, challenging the web’s established powerhouses.

Facebook unveiled a revamped search engine last month and is testing an online payment system, while the number of users has trebled in just a year. The company had previously projected breaking even sometime in 2010.

The company’s income is on track to grow by 70 per cent this year.