LinkedIn 2Q earnings beat expectations; revenue up 120%

LinkedIn’s second-quarter earnings beat Wall Street’s expectations, up more than double as membership boosted, Los Angeles Times reported.

The social site also reported a profit in this period instead of the loss analysts had anticipated.
Its revenue was up 120 percent to $121 million from $54.9 million as membership gained 61 percent to 116 million, while profit totaled $4.5 million, or 4 cents a share, versus $4.3 million year-over-year, Media Post reported.
Since filing for IPO in May this year, LinkedIn’s shares have more than doubled from the initial price of $45.
The company said revenue in the third quarter would be $121 million to $125 million, higher than analysts’ estimate of 113.9 million. For this year, LinkedIn expects revenue to boost as high as $485 million, about double $243 million in 2010.
“In the second quarter, we saw record levels of members, unique visitors, and page views, while revenue growth further accelerated,” said CEO Jeff Weiner. “Going forward, we plan to continue to invest in our team, technology and products in order to increase the value we deliver to members and realize the full potential of the LinkedIn platform.”

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