LinkedIn Sees Significant Second Quarter Growth

 LinkedIn, the social media giant that brings business professionals together, recently announced their second quarter financial results ended June 30, 2011. Revenue for the second quarter was at $121.0 million, an overall increase of 120% compared to $54.9 million posted for the second quarter of 2010. Net income for the second quarter rose to $4.5 million, compared to $4.3 million for the second quarter of 2010, while Non-GAAP net income for the second quarter was at $10.8 million, compared to $6.4 million in the second quarter of 2010.

Their first quarter as a public company, LinkedIn blasted through analyst’s predictions concerning a loss of $0.04 a share on revenue of $104.5 million. Instead of a loss, GAAP earnings per share for the second quarter were up $0.04, Non-GAAP earnings per share for the second quarter were at $0.10. Adjusted EBITDA for the second quarter was $26.3 million, or 22% of revenue, compared to $11.5 million for the second quarter of 2010, or 21% of revenue.

At the same time,  membership on the site grew to 115.8 million users, an increase of 61 percent from the second quarter of 2010.

“In the second quarter, we saw record levels of members, unique visitors, and page views, while revenue growth further accelerated,” said Jeff Weiner, CEO of LinkedIn in a recent press release. “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.”

While LinkedIn’s growing user base and strong fiscal activity points to a bright future, some analysts are decidedly more cautious, recalling lessons from the previous tech bubble – suggesting that LinkedIn might be overvalued. High expectations and critical analysts aside however, LinkedIn’s solid performance speaks for itself.

“Strength in our engagement metrics, outperformance in our leveraged online channels, and a growing backlog with key corporate clients drove record revenues and adjusted EBITDA during the quarter,” said Steve Sordello, CFO of LinkedIn.  “We will continue to take a long-term perspective and invest aggressively in the global LinkedIn platform.”