LinkedIn’s stock continues to perform well at the start of its second day of trading. After closing on the New York Stock Exchange at $94 per share yesterday afternoon (giving LinkedIn a $9 billion market cap), the professional social network’s first trade began at $98 per share this morning and has reached as high as high as $103.28. The company is now close to a $10 billion market share.
For background, LinkedIn priced its shares at $45 on Wednesday evening but began trading at $83 per share yesterday morning, up 84 percent and giving the company a $7.8 billion market cap. In total, LinkedIn raised $352.8 million in gross proceeds from the offering of 7,840,000 shares, with 94.5 million shares of stock outstanding.
Many have cried Bubble considering how strongly LinkedIn has performed on the public markets considering the company’s previous valuations, revenue and profits. The company just reported that Q1 revenue in 2011 was up 110 percent to $93.9 million. Net income increased to just $2.08 million, from $1.81 million in Q1 2010. In 2010, the company netted $243 million in revenue, and $15.4 million in net income.
One thing is for sure. If LinkedIn can maintain anywhere near this valuation level, it’s a good sign for other tech companies who are looking to IPO this year.