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According to the New York Times, in its first earnings report since shares in the company were opened to everyday investors, LinkedIn’s revenue has more than doubled in the second quarter to US$121-million, from US$54.9-million a year earlier.
“In the second quarter, we saw record levels of members, unique visitors and page views, while revenue growth further accelerated,” says LinkedIn chief executive Jeff Weiner, who put out a statement following the latest profit report.
Overall, the company boasts a 120 percent rise in sales.
“Going forward, we plan to continue to invest in our team, technology, and products in order to increase the value we deliver to members and realize the full potential of the LinkedIn platform,” he added.
In the midst of on-going concern around the economies of several countries and the health of the world economy as a whole, individual companies and emerging markets are performing well.
Technology now comprises the single largest sector of the American economy — as well as that of many of the world’s wealthiest nations, according to Casey Research, a US-based investment research company. The group describes technology as “the engine of growth that will keep America competitive in the decades ahead”.
With optimism in the light of LinkedIn’s impressive results — and positive views on emerging markets — do we risk approaching another tech bubble given the massive rise in social media and the high valuations that have come with it?
While some have certainly raised concerns, Julie Meyer, Chief executive at Ariadne Capital, told the BBC that companies like LinkedIn and group buying giant Groupon have significant and growing revenues — a key difference between what we are seeing now and what took place during the tech bubble.
“While these may not entirely support their valuations, they clearly point to the fact that business models plus their understanding of the network-orientation of all business is on the right track,” she adds.