The business of a social networking giant Facebook is growing much faster than expected several months ago and according to the Wall Street Journal report the company is about to reach $2 billion in earnings before interest, taxes, depreciation and amortization in 2011.

Analysts expected slower growth for Facebook when Goldman Sachs and Digital Sky Technologies invested in the social networking company. Goldman's and Digital Sky Technologies' investment was at a share price that implied a $50 billion valuation for Facebook.

The Wall Street Journal said Facebook's profits were now growing at a fast-enough rate to justify a valuation of $100 billion or more when it goes public.

Facebook is expected to go public early next year.