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Apple Rumors; LinkedIn Leaps: Tech Weekly

Written by: Chris Ciaccia 08/04/12 - 9:30 AM EDT
Tickers in this article: FB STX CRUS YELP AAPL

Apple is currently engaged in litigation with Samsung in what some are describing as a "nasty" patent battle, but there are some juicy tidbits emerging from the case.

Phil Schiller, Apple's senior vice president of marketing, took the stand on Friday and said there were suggestions for Apple to make all sorts of crazy things, including a car.

Shares of Apple closed the week up 5.2% at $615.70.

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Shares of social network LinkedIn surged 16% Friday as the company posted strong year-over-year revenue growth in its second-quarter earnings report.

The Mountain View, Calif.-based company reported second-quarter earnings of 16 cents a share on $228.2 million in revenue, an 89% year-over-year increase. Analysts polled by Thomson Reuters were expecting EPS of 16 cents on $216.3 million in revenue. Revenue from LinkedIn's largest unit, Hiring Solutions, rose 107% year over year to $121.6 million.

Third-quarter guidance was also stronger than expected. LinkedIn expects sales of $235 million to $240 million. Analysts surveyed by Thomson Reuters had third-quarter estimates of 16 cents a share and $236.1 million.

LinkedIn also raised its 2012 revenue guidance and now expects its top line to range between $915 million and $925 million. Its previous guidance range was $880 million to $900 million.

Despite Friday's massive rally, LinkedIn shares rose just 4.9% for the week to close at $108.51.

Yelp shares leaped higher thanks to stronger-than-expected second-quarter revenue.

Yelp, which lets users find and review restaurants and other places of interest, reported a loss of 3 cents a share on $32.7 million in revenue, up 67% year over year. Analysts polled by Thomson Reuters were expecting a loss of 6 cents a share on $30.5 million in sales. Adjusted EBITDA, which the company says is a key measure of its business, rose to $1.6 million, up from $649,000 in the second quarter of 2011.

The company said average monthly unique visitors grew 52% year over year to more than 78 million while active local business accounts grew 113% from the year-ago period.