Business networking firm LinkedIn has revealed it now has 175 million members as it posted $228m in revenues for its second quarter of 2012.
However, although the revenues were strong and up 89 per cent year-on-year profits were only $2.8m, and this was down from $4.5m in the same period last year.
"LinkedIn had a strong second quarter with all of our key operating and financial metrics showing solid performance," said Jeff Weiner, chief executive of LinkedIn.
"Our ongoing investment in product innovation drove healthy engagement as measured by unique visiting members and member page views, and our three revenue streams all all experienced significant growth."
Revenues in the firm were split among its Hiring Solution and Marketing Solutions tools and subscription services, with premium subscribers adding $43.5m to the bottom line, marketing offerings around $63m and hiring adding $121m.
"Strong performance across our three product lines drove record levels of revenue," added chief financial officer of LinkedIn, Steve Sordello.
"As we continue to invest aggressively in technology, product, and our businesses, we remain focused on achieving our long-term goals."
The firm added that it expects revenues for the next quarter to rise again to around $235m to $240 million with full year revenues totalling $925m.
Despite not posting huge profits LinkedIn's share price rose a whopping 11 per cent in early trading on the New York Stock Exchange, sending it to as high as $104 per share, more than double its launch price of $45 a share.
This comes in stark contrast to the plummeting share price of Facebook which has dipped below $20 since launching at $38 a share.
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