LinkedIn, the first of the major social networks to file for an initial public offering, is absolutely killing it out of the gate – the professional networking site’s share value debuted at $83 with a valuation northwards of $7 billion.
LinkedIn initially priced its shares at $45 this morning, which was the high end of its target valuation. At one point, shares were trading at $122.70. As of 1 p.m. Eastern, they had dropped to $109.49. LinkedIn’s revenue grew from $78.8 million in 2008 to $243 million in 2010. In a pre-IPO filing with the Security and Exchange Commission, the company said that its revenue works in cycles by the season and does not expect to be profitable in 2011.