Facebook Beats $1.6 Million Out Of LinkedIn

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Professional network site LinkedIn posted a third-quarter loss of US$1.6 million which it put down to spending on R&D. The loss compares with a profit of $3.96 million a year earlier, the company said.

 

Despite the loss, revenue more than doubled to $139.5 million, topping the $127.4 million average estimate of analysts in a Bloomberg survey.

LinkedIn, which first sold shares to the public in May, claims to be increasing spending on research, sales and marketing, and office expansions to boost its global presence and attract more recent college graduates to the site.

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