LinkedIn Results Take Off as Membership Swells

Thursday, 07 Feb 2013 05:25 PM

 

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LinkedIn Corp., the biggest online professional-networking service, reported fourth-quarter sales and profit that beat estimates Thursday as marketers bolstered spending on the website and the company added subscribers.

Revenue jumped 81 percent to $303.6 million, the company said in a statement, beating the average analyst estimate of $279.7 million, according to data compiled by Bloomberg. Profit excluding some items was 35 cents a share, topping the average 19-cent projection.

Advertisers flocked to LinkedIn’s site as membership swelled 8 percent to 202 million, from 187 million in the prior quarter. As LinkedIn continues to establish itself as the most popular site for job seekers across many industries, the company is selling more subscriptions to help recruiters find the right people. Revenue from talent solutions products climbed 90 percent to $161 million, accounting for 53 percent of total sales.

LinkedIn, based in Mountain View, California, were up more than 10 percent at $137 in extended trading after the report. The stock fell 1.3 percent to $124.09 at the close in New York. The shares have almost tripled since an initial public offering in May 2011.

In the past year, LinkedIn has revamped its profile pages and offered more features to keep users coming back even when not job hunting or recruiting, providing a more desirable place for marketers. Advertising revenue rose 68 percent to $83.2 million, while sales from premium subscriptions with extra features for job-seekers increased 79 percent to $59.4 million.

Fourth-quarter net income climbed to $11.5 million, or 10 cents a share, from $6.92 million, or 6 cents, a year earlier.

LinkedIn forecast first-quarter revenue of $305 million to $310 million, exceeding analysts’ $301.3 million prediction.

© Copyright 2014 Bloomberg News. All rights reserved.

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