LinkedIn Leaps on Strong Earnings, Guidance
NEW YORK (TheStreet) --LinkedIn(LNKD) shares moved higher after the social network met Wall Street earnings expectations, but beat on the top line.
The Mountain View, Calif.-based company reported second-quarter earnings of 16 cents a share on $228.2 million in revenue, a rise of 89% year-over-year. Analysts polled by Thomson Reuters were expecting 16 cents a share on $216.28 million in revenue. Revenue from LinkedIn's largest unit, Hiring Solutions, rose 107% year-over-year to $121.6 million.
"LinkedIn had a strong second quarter with all of our key operating and financial metrics showing solid performance," said CEO Jeff Weiner in the press release. "Our ongoing investment in product innovation drove healthy engagement as measured by unique visiting members and member page views, and our three revenue streams all experienced significant growth."
Third-quarter guidance was also stronger than expected. LinkedIn expects sales of $235 million to $240 million. Analysts surveyed by Thomson Reuters expect 16 cents a share on $236.06 million in revenue.
LinkedIn also revised its 2012 revenue guidance higher. It now expects revenue to be between $915 million and $925 million, up from the prior range of $880 million to $900 million.
Shares of LinkedIn gave up 2.26% in Thursday trade to finish at $93.48. Shares were moving higher in after-hours, up 3.27% to $96.56 according to Nasdaq.com.
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--Written by Chris Ciaccia in New York
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