They had raised many billions of dollars in funding and went public in 2012 with a valuation of about $100 billion. Facebook had many years of problems solving the problem of generating a lot of money from advertising.

Facebook needed all the income and revenue that they could get. They targeted children playing video games to make unauthorized in-game purchases for many millions of dollars. from 2011-2015.

This chart shows that net income was very low for a company with a $50-100 billion valuation up until about 2015.