LinkedIn revenues double for quarter

LinkedIn, the professional social network, said fourth-quarter revenues doubled year-on-year.

Its shares were up 9.1 per cent at $83.30 in after-hours trading on Thursday

The Mountain View-based company reported pro forma earnings of 12 cents per share on $167.7m in revenues, far ahead of Wall Street’s anticipated profits of 7 cents per share on $159.8m.

The company boosted sales of its recruiting and hiring tools which now represent 50 per cent of total revenue.

Jeff Weiner, chief executive, said the company recently launched a new tool called Talent Pipeline which helps hiring managers stay in touch with prospective hires.

Advertising sales account for 30 per cent of revenues and premium subscription sales account for 20 per cent.

“Many of the hires we made to our marketing team are now starting to pay dividends,” Mr Weiner said, adding that hiring new talent would be a top priority for the company.

LinkedIn ended the full year with $522m in revenue, a 115 per cent increase over 2010 revenues of $243m.

LinkedIn remains valued well above the $45 share price set at its initial public offering.