2012/02/10

LinkedIn profit climbs on doubled revenue

SAN FRANCISCO, February 10, 2012 (AFP) - LinkedIn on Thursday saw its stock price surge after reporting that revenue doubled in the recently-ended quarter, pumping up profits at the career-oriented online social network.

LinkedIn took in $167.7 million in revenue in the quarter ended December 31 in a 105 percent increase from the same period a year earlier.

Profit for the quarter was $6.9 million dollars compared with the $5.3 million in profit the company made in the same three-month period in 2010.

"(The fourth quarter) once again exceeded our expectations for member engagement and business growth," said LinkedIn chief executive Jeff Weiner.

"It was a fitting end to a memorable year in which we reinforced our position as the pre-eminent professional network on the web."

LinkedIn's stock price jumped more than eight percent to $82.78 a share in trading that followed release of the earnings figures.

LinkedIn brings together people online to cultivate and manage their careers and business networks.

It boasts more than 135 million members in over 200 countries and territories, and recently opened a research and development center in India.

The California company launched in 2003 and made its stock market debut in May of last year to raise the money to fuel expansion.

"We believe continued focus on our members and technology infrastructure positions us well for accelerated product innovation in 2012," Weiner said.