How Facebook Will Reach $12 Billion In Revenue, Broken Down By Product

In a note to investors, Topeka Capital Markets analyst Victor Anthony predicts Facebook's annual revenue will reach $12 billion in 2016. He thinks Facebook will book about $5 billion in sales this year, and add about $1.5 billion each year after than in revenues.

Anthony's refreshingly thorough note breaks Facebook's revenue down by ad product, of which there are at least 12:

Topeka Capital Markets

Display ads: More than 80 percent of Facebook's sales, currently.

Payments: Mostly from games. Anthony believes Facebook is making "a big push" to develop non-Zynga games on Facebook.

Sponsored Stories: The first social ad unit on Facebook.

Sponsored Search Results: FB is using this ad unit "as a testing ground for launching a search engine."

Logout Page Ads:Ford, Microsoft, Samsung, Netflix, P&G, Subway and others have bought these ads, which can cost $700K. "FB once told Clickz that 37M people log-out each day, mostly from public computers," Anthony says.