LinkedIn profits soar 120% in Q2

Social networking group LinkedIn has reported a 120% increase in revenues for Q2, beating analysts' expectations who expected the group to report a net loss.

Revenues for Q2 reached $121m compared to $54.9m last year. While net profit rose to $4.5m from $4.3m a year ago, in its quarterly update since its initial public offering. The strong results could spark a wave of other internet companies looking to enter the marketplace, with the likes of Groupon and Zynga mulling IPOs. LinkedIn's share price soared 5% in after hours trade, recouping some of the losses made during yesterday's session, in which its share price plummeted 9.6%. The results may quell investors' fears the stock is overheated with the share price more than doubling sinc...