Facebook had $1 billion in net income on $3.71 billion the previous year, according to its filing for an initial public offering. The company’s revenues grew 47 percent year-over-year from the 2010, which in turn more than doubled from the year before.

Payments and fees revenue made up $557 million or about 15 percent of revenues for all of 2011, showing that the company is still heavily dependent on display advertising. Ads made up $3.154 billion in revenue. Facebook has $3.91 billion in cash and marketable securities.

As you can see, revenue from Facebook’s virtual currency Credits or “Payments and other fees revenue”, has grown to make up 17 percent of the company’s revenue in the most recent quarter. That’s up from 10 percent a year ago. So the company is making progress in diversifying from pure display advertising revenue.

Facebook even acknowledges its dependence on the social gaming ecosystem in the risks sections saying that Zynga accounts for 12 percent of the company’s revenues. That includes both payments revenue and advertising that is displayed alongside Zynga games.

“If the use of Zynga games on our Platform declines, if Zynga launches games on or migrates games to competing platforms, or if we fail to maintain good relations with Zynga, we may lose Zynga as a significant Platform developer and our financial results may be adversely affected,” the filing says.

This story is developing and we’ll report more as we go through the financials. Facebook filed to raise $5 billion in a much anticipated initial public offering today.

Article courtesy of Inside Facebook