Facebook on a hiring drive to up staff by 50%

Facebook today said it plans to boost its staff by up to 50% this year.

The social networking site aims to capitalise on the surplus of engineers looking for work in the recession and founder Mark Zuckerberg said Facebook was thriving in the downturn. "No one else has been hiring," he said. "It's been a great environment for us because the economy has helped out."

The site — which makes money from advertising and from users buying virtual gifts — already has 1000 employees around the world, including a London office in Soho Square. It expects to post at least $500 million (£303 million) in revenue this year, but Zuckerberg is looking further ahead.

The 25-year-old chief executive added: "We're way closer to the beginning than the end. A lot of times buildings can be a signal that you've made it. I would prefer that our building feels more like a large garage."

In May, Digital Sky Technologies, a Russian investment firm, paid $200 million for less than 2% of Facebook, valuing the firm at $10 billion.