LinkedIn earnings beat but outlook falls short
LinkedIn reported quarterly results on Thursday that beat markets expectations for the 9th straight quarter, boosted by member growth. However, the job-networking site's outlook fell short.
Shares rose more than 5 percent following the news. (Click here for the latest after-hours quote.)
"Accelerated member growth and strong engagement drove record operating and financial results in the second quarter," LinkedIn CEO Jeff Weiner said in a statement.
Net income jumped more than 34 percent to $3.7 million, or 3 cents a share, from $2.8 million, or 3 cents a share, in the year-earlier period.
Excluding items, earnings rose to 38 cents a share from 16 cents a share a year ago.
Revenue shot up 60 percent to $364 million from $228 million.
LinkedIn shares hit a new high above $211 just before the earnings report, and have more than quadrupled since going public in May 2011.
The company projects third-quarter revenue of $367 million to $373 million vs. current expectations of $383 million.
For the full year, LinkedIn expects revenue of $1.455 billion to $1.475 billion vs. expectations of $1.498 billion.
The site now has 238 million users, up 37 percent from a year ago.
As the social network has approached a saturation point among white-collar workers in the U.S., Weiner has pursued growth while turning LinkedIn into something of a highly-trafficked media destination.
In recent quarters, he has introduced blog posts by professional luminaries like Bill Gates in an attempt to draw web traffic—and with that, advertising revenue.
The company has three primary revenue drivers: talent and hiring solutions, premium subscriptions for users, and advertising. LinkedIn is trying to increase the number of ads appearing in users' feeds and recently hiked some of its fees.
—By CNBC with Reuters