LinkedIn results give relief to social media

Aug 02, 2012
The professional social media group LinkedIn reported better-than-expected results Thursday, giving some relief to a sector battered by disappointments from Facebook and others.

The professional social media group LinkedIn reported better-than-expected results Thursday, giving some relief to a sector battered by disappointments from Facebook and others.

reported a profit of $2.8 million on revenues of $228 million in the second quarter.

The earnings amounted to 16 cents a share excluding special items, in line with most forecasts. But revenues were well ahead of expectations of $215 million, and grew 89 percent from a year ago.

Its stock price jumped more than five percent in after-hours trade.

"LinkedIn had a strong second quarter with all of our key operating and financial metrics showing solid performance," said chief executive Jeff Weiner.

"Our ongoing investment in product innovation drove healthy engagement as measured by unique visiting members and member page views, and our three all experienced significant growth."

LinkedIn's has more than doubled since being introduced a year ago at $45, and was at $98.25 in after-hours trade.

That contrasts with social media firms like , Zynga and Groupon, which have struggled since their public offerings.

The California company launched in 2003 and made its in May of last year to raise the money to fuel expansion.

LinkedIn claims more than 175 million members worldwide, including executives from every Fortune 500 company, and describes itself as the world's largest professional network on the Internet.

Explore further: Jay Z to acquire Wimp music service

add to favorites email to friend print save as pdf

Related Stories

LinkedIn hits 100 million members

Mar 22, 2011

LinkedIn, the career-oriented social network, said Tuesday that it has hit 100 million members, more than half of whom live outside the United States.

Career social network LinkedIn buys SlideShare

May 04, 2012

Career-oriented social network LinkedIn on Thursday announced a $118.75 million deal to buy a SlideShare service for online hosting of PowerPoint, Keynote and other presentations.

LinkedIn CEO, other insiders prepare to sell stock

Nov 15, 2011

LinkedIn Corp.'s employees and early backers plan to sell more than 6.7 million shares as they try to reap the gains from a rapid run-up in the online professional networking service's market value.

LinkedIn looking for $32 to $35 per share in IPO

May 09, 2011

(AP) -- Professional networking website LinkedIn Corp. hopes to sell its stock for $32 to $35 per share in an upcoming initial public offering. Its IPO may encourage other growing Internet services to make ...

LinkedIn's 4Q revenue doubles, stock soars 8 pct

Feb 09, 2012

(AP) -- LinkedIn provided further evidence of online networking's popularity and moneymaking potential with a fourth-quarter performance that got a glowing review on Wall Street.

LinkedIn passes Myspace in US traffic: comScore

Jul 09, 2011

LinkedIn leapfrogged Myspace in June to become the second-largest social network in the United States in terms of traffic behind Facebook, tracking firm comScore reported Friday.

Recommended for you

Jay Z to acquire Wimp music service

27 minutes ago

US rap star Jay Z will make a $56-million foray into the music streaming business by taking over the Norwegian service Wimp, its shareholders confirmed Friday.

How can Google snap its stock out of its stupor?

6 hours ago

Google has turned into a stock market laggard as the shift to mobile devices has lowered the Internet search leader's digital ad prices and the company's expensive investments in far-out technology has trimmed ...

Amazon surprises with profit despite fierce spending

17 hours ago

Amazon surprised the market Thursday with a quarterly profit far better than anticipated for the online giant known for pouring money into projects such as original video programs and delivery drones.

Smartphone Snapshot: Samsung getting squeezed

18 hours ago

The runaway success of Apple's newest iPhone has fueled a dramatic shift in the global market: the California tech giant is now neck-and-neck with South Korea's Samsung for the title of world's leading seller ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.