A financial update from IPO hopeful LinkedIn: The social network says that its sales more than doubled to $93.9 million during its most recent quarter, up from $44.7 million during the same period in 2010. Net income during the period was $2.078 million, up from $1.815 million. Most of the growth was driven by sales of its hiring solutions, which allow companies to identify job candidates based on their profiles on the site and advertise openings to them.
The breakdown of sales at each of LinkedIn’s businesses:
LinkedIn attributed the growth at the hiring solutions business to “an overall increase in professional hiring demand and further market penetration of our LinkedIn Corporate Solutions product.” The company also said its advertising sales (marketing solutions) had increased due to “an increase in customers’ overall online advertising budgets and improved productivity from our expanded field sales organization.”
The company, which filed in late January to raise up to $175 million in an initial public offering, expects to list its stock on the New York Stock Exchange.