Crossed the tipping point and from Singapore to South London, the niche business network is firmly embedded in the mainstream, growing at a rate similar to Facebook a few years back. What does it mean for you?
LinkedIn now has over 100 million professionals using its network globally, growing at roughly 1 Million new LinkedIn members every week.
The growth of the business-based social network is equal to more than one new professional joining the network every second.
This week, it was revealed LinkedIn plans to sell stock at $32 to $35 per share in an initial public offering that would value the professional social-networking firm at more than $3bn, the company said in a government document.
Founded in 2003 by Reid Hoffman, LinkedIn, has carved its niche as a site for professional workers to create business and job-hunting connections.
LinkedIn did not say when it plans to start trading on the New York Stock Exchange, under the ticker symbol LNKD, although trading could begin later this month.
According to the SEC filings, LinkedIn brought in revenues of $93.9m in the first three months of this year, more than double the $44.7m in the same period in 2010. Profits rose to $2.1m from $1.8m.
Unlike Facebook, the world’s dominant social network, which is expected to go public next year, LinkedIn charges many of its members for premium services, such as the ability to connect easily with potential contacts. It also makes money selling adverts on the site, and from charging recruiters who want easy access to its users.
