Professional social network LinkedIn is having a very good day after its stock reportedly jumped up 10 percent in premarket trading today.
According to CNET, LinkedIn shares soared today, bringing the company's shares up about 70 percent since January of this year.
This jump in value occurred after the company recently released its second quarter report; the report showed a remarkable performance, earning a $2.8 million profit on $228.2 million revenue. This is "an increase of 89% compared to $121.0 million in the second quarter of 2011," the company said.
“LinkedIn had a strong second quarter with all of our key operating and financial metrics showing solid performance,” said CEO Jeff Weiner in LinkedIn's Aug. 2 report. “Our ongoing investment in product innovation drove healthy engagement as measured by unique visiting members and member page views, and our three revenue streams all experienced significant growth.”
WebProNews reported LinkedIn projects a strong third quarter for 2012 as well.
Many media outlets are comparing LinkedIn's success on the stock market to what is widely perceived as Facebook's failure. Yesterday the social network giant closed at almost half the price of its IPO. This morning Facebook stock is trading at about $21; the company's initial price was $38.
LinkedIn has generally performed steadily in the market since its May 2011 debut which was valued at $83.20, far higher than the expected trading price $42.
At time of writing LinkedIn's stock prices (NYSE: LNKD) were about $109 at the start of this article and continue to rise; at time of publish LinkedIn stock is listed at 112.38.