Facebook is projected to earn $4.27 billion in global revenue, according to a new report from eMarketer.

Their earnings have more than doubled since 2010 when the social networking site earned $2 billion worldwide. Still, Facebook's worldwide advertising revenue is expected to earn $3.8 billion in 2011, an increase from $1.86 billion in 2010.

EMarketer says that ads account for 89% of Facebook's total revenue in 2011, down from 95% in 2009. Also, Facebook's revenue streams are continuing to diversify such as Facebook credits, a virtual currency used in online gaming, help the company financially grow. It's already brought in millions of dollars in revenue in 2010.

In the U.S. alone, Facebook will earn over $2 billion this year in ad revenue, meaning the social network will earn over 16% of total display advertising on the Web.