LinkedIn Announces IPO

Business networking site says it posted revenues of $161 million in the first nine months of 2010

LinkedIn has formally announced its plans to go public through the filing of an S-1 form with the U.S. Securities and Exchange Commission this afternoon, making it the first time that the business networking site has turned over many of the detailed facts about its financial operations.

Through a combination of advertising and business services, LinkedIn has managed to actually make some money in the process. Net revenue in the first nine months of 2010 was $161 million, with a profit of $10 million; in the same period in the previous year, it logged half that revenue and only $3.4 million in profit.

Read more at CNET