LinkedIn reports 120% boost in Q3 revenues

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Revenues for fast-growing social network for professionals reached £74m in third quarter in first results as public company

LinkedIn, the fast-growing social network for business professionals, reported a 120% leap in revenues between April and June this year in its first results as a public company.

Revenues at LinkedIn reached $121m (£74m) and net profit rose to $4.5m from $4.3m in the second quarter of 2010, according to results published on Thursday.

The site founded by Reid Hoffman, who is also its biggest shareholder, made its stock market debut in May, one of the first of the new generation of highly valued social media firms to go public.

Shares surged to $90 apiece – almost double their opening price – on their debut, and last night closed at $95 each. LinkedIn is valued at close to $10bn, based on after-hours trading.

In results that will inspire yet more investor confidence in the young – and mostly loss-making – internet firms, LinkedIn forecast third-quarter revenue of of $475m to $485m, way ahead of analysts' expectations.

Its membership base climbed to almost 116 million people at the end of June, up 61% on the same time last year. Jeff Weiner, the LinkedIn chief executive, said the site added about two members every second.

Weiner has warned that the company will not turn a profit in 2011 as a whole, as it looks to invest in an international expansion.

A string of other social media firms – including daily deals firm Groupon, social gaming company Zynga, and social networks Twitter and Facebook – are set to to go public in the next 12 to 18 months.

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Josh Halliday

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Jemima Kiss 05 Aug, 2011

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Source: http://www.guardian.co.uk/technology/2011/aug/05/linkedin-reports-boost-revenues
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