LinkedIn Moves to Go Public

Business social network LinkedIn filed for an initial public offering Thursday—revealing that the seven-year-old company turned a profit of $10 million on revenue of $161 million in the first nine months of 2010. These numbers represent somewhat of a turnaround for LinkedIn, which had been in the red every year except 2006. This might be the reason the company warned that they didn’t expect to be in the black for long, saying in a SEC filing they except “our revenue growth rate to decline, as we continue to invest in future growth.” Launched in 2003, the professional networking site has more than 90 million users, and it’s estimated that it adds a new user every second.