Mountain View, Calif. — LinkedIn, a social network for professionals, generated $121 million in revenue and $4.5 million in income in the second quarter, beating Wall Street predictions for its first quarter as a public company.
In its earnings statement, the company outlined its significant 115.8 million user-base increase — up 61 percent from Q2 in 2010. It also showed substantial net income of $121 million, an increase of nearly 120 percent compared to $54.9 million for the second quarter of 2010.
As a result of LinkedIn’s revenue increase, the company gained $4.5 million in net income after taxes, according to its report.
“Strength in our engagement metrics, outperformance in our leveraged online channels, and a growing backlog with key corporate clients drove record revenues and adjusted EBITDA during the quarter,” said Steve Sordello, chief financial officer of LinkedIn. “We will continue to take a long-term perspective and invest aggressively in the global LinkedIn platform.”
LinkedIn released its IPO and went public in May, 2011. Its stock doubled in value on its first day of trading.
http://tinyurl.com/3njqxsz (LinkedIn Press Release)
Photo of LinkedIn’s offices by Adam Barker, courtesy of LinkedIn