Washington: The quarterly profits of business-oriented social networking site LinkedIn more than doubled, making its shares rise up to 10 percent, the website said.
According to figures, LinkedIn’s first quarter revenue is 101 percent higher than last year at $188.5 million (£116.5 million), with net income also more than doubling from $2.1 million to $5 million.
Linkedin said it was the seventh quarter in a row of growth above 100 percent. The company also said it would buy the content sharing company SlideShare for $118.75 million.
It also said that its annual revenue would be better than expected with its highest hopes for $900 million, up from $860 million previously.
The business makes money selling services and subscriptions to people looking for jobs and companies looking to hire.
Linkedin was one of the first prominent social networking sites to issue shares to the public, ahead of the much-anticipated Facebook share issue, which was also announced on Thursday.
Linkedin’s shares are nearly 70% higher than at the start of the year and are more than double last year’s starting price of $45.
The business has more than 161 million members across the globe.
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