LinkedIn revenues rise by 120%

Yerevan /Mediamax/.Business networking site LinkedIn has reported a 120% rise in revenues in 2011 II quarter. Company’s revenues hit $121m. In May, LinkedIn became the first major social networking site to go public.

Company’s net profit rose in the II quarter to $4.5m from $4.3m a year ago.
 
But many analysts say that after the dotcom boom of a decade ago, we have now entered a social media tech bubble.

LinkedIn priced its shares at $45 in May, but the share price more than doubled on its first day of trading.

The LinkedIn website allows users to create professional profiles online and share them with others.

Its membership base increased 61% on the same quarter last year to 115.8 million.