Shares of professional networking site LinkedIn Corporation (NYSE: LNKD) jumped in after-hours trading on Thursday after the company reported an increase in first-quarter profit.
Mountain View, California-based LinkedIn reported first-quarter profit of $5 million, or $0.04 per share, compared with $2.1 million reported for the same period in the previous year. LNKD’s adjusted profit for the quarter was $0.15 per share. Revenue for the quarter came in at $188.5 million, compared with $93.9 million reported for the same period in the previous year.
Analysts, surveyed by FactSet, on average, were expecting LNKD to report a profit of $0.09 per share and revenue of $179 million.
LinkedIn’s hiring services reported revenue of $102.6 million, representing an increase of 121% over the same period in the previous year. Hiring services business accounted for 54% of LNKD’s total revenue. Marketing services revenue rose 73% to $48 million in the first quarter.
Jeff Weiner, CEO of LinkedIn, said that the company saw strength across all key metrics, from members signups and engagement to significant revenue growth across its three product lines.
For the current quarter, LNKD expects revenue to come in between $210 million and $215 million, above Street estimates of $208 million.
LinkedIn also announced on Thursday that it reached an agreement to acquire SlideShare, a leading professional content sharing community. LNKD will acquire SlideShare in a transaction valued at $118.75 million in cash and stock.
CEO Weiner said that presentations are one of the main ways in which professionals capture and share their experiences and knowledge, which in turn helps their professional identity and these presentations also enable professionals to discover new connections and gain the insights they need to become more productive and successful in their careers, aligning perfectly with LNKD’s mission and helping the company deliver even more value for its members.
LNKD shares rose 8.49% in after-hours trading on Thursday.
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