LinkedIn 2nd Quarter Earnings Soar

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Linkedin founder Reid Garrett Hoffman (Center with beard) and CEO Jeff Weiner (2nd R) at the ringing of the opening bell of the New York Stock Exchange May 19, 2011 during the initial public offering of the company. (Stan Honda/AFP/Getty Images)

Linkedin founder Reid Garrett Hoffman (Center with beard) and CEO Jeff Weiner (2nd R) at the ringing of the opening bell of the New York Stock Exchange May 19, 2011 during the initial public offering of the company. (Stan Honda/AFP/Getty Images)

MOUNTAIN VIEW (CBS/AP) — LinkedIn emerged from its recently completed IPO with another quarter of accelerating growth on its professional networking website.

Besides impressive revenue and membership gains, LinkedIn Corp. earned money in the second quarter instead of posting a loss as analysts expected.

The results announced Thursday provided the first update on LinkedIn’s progress since the company’s headline-grabbing initial public offering in May. LinkedIn’s shares have more than doubled from their IPO price of $45, stirring a debate about whether investors are overvaluing Internet companies.

Mountain View-based LinkedIn earned $4.5 million, or 4 cents per share, in the April-June period. That contrasted with earnings of $938,000, or 2 cents per share, at the same time last year.

Revenue more than doubled from last year to $121 million while membership climbed 61 percent to 116 million.

 

 

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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