LinkedIn released its financial results its Q1 2012 results this afternoon and things are looking good for the premier network for professionals. The company’s financial weather vane looks to be pointing north, which was encouraging to LinkedIn CEO Jeff Weiner.

“LinkedIn’s solid performance in the first quarter built on the company’s momentum in 2011,” Weiner said. “We saw strength across all key metrics from member signups and engagement to significant revenue growth across our three product lines.”

Some key points:

Revenue for the first quarter was $188.5 million, an increase of 101% compared to $93.9 million in the first quarter of 2011.

Net income for the first quarter was $5.0 million, compared to net income of $2.1 million for the first quarter 2011. Non-GAAP net income for the first quarter was $16.9 million, compared to $5.8 million for the first quarter of 2011. Non-GAAP measures exclude tax-affected stock-based compensation expense and tax-affected amortization of acquired intangible assets.

Adjusted EBITDA for the first quarter was $38.1 million, or 20% of revenue, compared to $13.3 million for the first quarter of 2011, or 14% of revenue.

Analysts had expected that LinkIn’s showing for the first quarter would be a strong one, but LinkedIn hurdled over those expectations with impressive ease. Analysts anticipated that LinkedIn’s shares would post at $0.09 but LinkedIn nearly doubled that with the Non-GAAP ES valued at $0.15.

This is the seventh consecutive quarter that LinkedIn has posted a year-over-year growth of more than 100%. Getting down to the details of LinkedIn’s outstanding performance, Revenue from Hiring Solutions products totaled $102.6 million, an increase of 121% compared to the first quarter of 2011. Hiring Solutions revenue represented 54% of total revenue in the first quarter of 2012, compared to 49% in the first quarter of 2011. On the marketing side, revenue from Marketing Solutions products totaled $48.0 million, an increase of 73% compared to the first quarter of 2011. Marketing Solutions revenue represented 26% of total revenue in the first quarter of 2012, compared to 30% in the first quarter of 2011. Finally, revenue from Premium Subscriptions products totaled $37.9 million, an increase of 91% compared to the first quarter of 2011. Premium Subscriptions represented 20% of total revenue in the first quarter of 2012, compared to 21% of revenue in the first quarter of 2011.

Revenue from the U.S. totaled $120.8 million, and represented 64% of total revenue in the first quarter of 2012. Revenue from international markets totaled $67.6 million, and represented 36% of total revenue in the first quarter of 2012.

Revenue from the field sales channel totaled $101.5 million, and represented 54% of total revenue in the first quarter of 2012. Revenue from the online, direct sales channel totaled $87.0 million, and represented 46% of total revenue in the first quarter of 2012.

It’s not even been a year since LinkedIn became the first U.S.-based social network to file an initial public offering and given the company’s steady ascent, it appears that the road ahead is nothing but clear lanes and green lights. It will be interesting to see if LinkedIn’s continued success will affect Facebook’s IPO later this month since it’s been demonstrated that investing in social network companies can be a lucrative investment. Earlier today, Facebook set the price range for its IPO at $28 to $35 a share, putting the company’s value somewhere between $77 billion and $96 billion.

In the investors conference call following the release of the results, LinkedIn CFO Steve Sordello and LinkedIn CEO Jeff Weiner shared some more details about the first quarter. Sordello said that one of the next goals with mobile user engagement is to focus more on global expansion.

Speaking of mobile users on LinkedIn, they tend to be some of the more highly engaged members on the site. Weiner cited the mobile applications for LinkedIn, including the recently released iPad app, as being instrumental in the uptick of user engagement. So far, he said, the reception to the iPad app has been encouraging. “We like what we’re seeing,” Weiner said.

Other new features that contributed to increase in LinkedIn users is the second generation of the People You Might Know feature, which Weiner said has made it easier to link people together through faster and more complex calculations happening behind the scenes.