Professional social networking site LinkedIn has reported 2011 fourth quarter revenue of $167.7m, up 105% from Q4 2010; and net income of $6.9m, an increase of 30%.
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The fourth quarter also saw LinkedIn, which floated on the US stock market in May 2011, add 14 million new members. This took the social network's membership to more than 150 million and boosted its share price by 7%.
For the full year 2011, LinkedIn's revenue increased 115% to $522.2m from $243.1m.
"We believe continued focus on our members and technology infrastructure positions us well for accelerated product innovation in 2012,” said Jeff Weiner, chief executive of LinkedIn.
LinkedIn said revenue for the first quarter of 2012 is projected in the range of $170m to $175m. Revenue for the full year 2012 is projected at $840m to $860m.
Earlier this month, rival Facebook filed long-awaited plans for an initial public offering (IPO) of shares on the US stock market.
The planned IPO of $5bn worth of shares is the highest for an internet company since Google raised $1.67bn in 1994. But it is only half the $10bn analysts expected the Facebook IPO to raise.
However, commentators believe the final amount will change in the next four months as Facebook’s financial advisors gauge investor demand.