The Social networking site for professionals, LinkedIn, has seen a steady upturn in revenue for the second quarter of the running fiscal year, now being more than double the amount from Q2 last year, the company proudly announced on Thursday.
The surge in revenue to $121 million, according to the company, is the inevitable outcome of its continually growing membership all across the world, currently numbering 116 million users. LinkedIn also disclosed a profit in Q2, against the loss critics had predicted earlier.
In May this year LinkedIn became the first major social networking brand in the US to have made its shares available to the public. The share price of the company has also undergone a 200+ per cent surge from the earlier IPO price of $45.
Giving his opinion on the positive financial report from LinkdIn, Mark Cannice, chair of the University of San Francisco's Department of Entrepreneurship, Strategy and International Business said: “If it had gone the other way, if revenue weren't growing as fast as expected, I think you could make a case that there is a broader bubble that we're encountering," SF Gate reports.
"At this point, it doesn't imply a bubble, it implies a rapidly growing, transformational firm that people are willing to pay for," he added.