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09 February, 2012

LinkedIn quarterly profits send shares higher

LinkedIn quarterly profits send shares higher

Business-focused social networking website LinkedIn reported higher profits and said it added 14 million new members.

It said net income for the fourth quarter was $6.9m (£4.4m), up from $5.3m in the same period of 2010. Revenue rose 105% to $167.7m.

Shares in the firm rose almost 7%.

Rival site Facebook, the world's largest social networking site with 800 million members, recently announced plans for a stock market flotation.

LinkedIn, which posts work biographies of individuals and lets them recommend friends and colleagues, had its own float last May.

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

LinkedIn has more than 150 million members worldwide.

Meanwhile, shares in daily voucher website Groupon fell 14% after it reported an unexpected loss on Wednesday.

In its first set of results since listing on Nasdaq stock exchange in November, Groupon reported a net loss of $42.7m, when a small profit had been expected.

Sorxce: BBC

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