LinkedIn files to go public, reveals revenue, profit

Professional networking site LinkedIn has filed papers for an IPO, listing on the New York Stock Exchange rather than the tech-heavy Nasdaq.

Ahead of the offering, the site has revealed profit and revenue figures for the first time.

The California-based company said that in the first nine months of 2010, revenue doubled to $US161 million.

Net income for the period was $US10 million, compared with a net loss of $US3.4 million in the same period of 2009.

LinkedIn makes money from premium memberships (which allow direct introductions), run-of-site advertising and recruitment listings.

The site claims more than 90 million members worldwide, including more than 250,000 in New Zealand.

Unlike the much larger Facebook, LinkedIn profiles, and the site's various forums and services, are strictly work-related.

The IPO will take place later this year.

LinkedIn was founded in 2002 by its current chairman, entrepreneur Reid Hoffman, and went live in 2003.

A string of venture capital companies, including Sequoia, have large holdings in the company.

LinkedIn appointed an Australia-New Zealand MD, Clifford Rosenberg, in November 2009.

NBR staff
Fri, 28 Jan 2011