Business

Stealth rally for LinkedIn

Wall Street likes Facebook — but it loves LinkedIn.

With its shares hovering near record highs, the social network for the business set is trading at more than 1,000 times earnings.

Yesterday, LinkedIn’s shares fell 2 percent to close at $117.94 — a whopping 1,008 times earnings. Last week, the shares touched $124, more than the opening-day pop of $122.70.

At that rich multiple, Facebook shares would trade at $180 instead of the $22 share price now. Facebook trades at about 120 times earnings.

When LinkedIn went public last year, it attracted investors who couldn’t wait for the cultural phenomenon that is Facebook.

LinkedIn has been largely untouched by advertising concerns that have weighed on Facebook since its May debut.

That’s partly because LinkedIn’s revenue comes from business services and premium paid subscriptions.

It is also growing revenue — up almost 90 percent in the latest quarter to $228 million — at a faster pace than Facebook.