LinkedIn 2nd-quarter net income falls because of expenses but revenue soars
August 02, 2012 - 4:45 PM
NEW YORK, N.Y. - Professional networking site LinkedIn says its second-quarter net income declined 38 per cent from a year ago because of higher costs.
But revenue grew faster than expected and the company is raising its guidance for the year.
LinkedIn Corp. said Thursday that it earned $2.8 million, or 3 cents per share, in the April-June period. That's down from $4.5 million, or 4 cents per share, a year earlier.
Adjusted earnings were 16 cents per share, matching analysts' expectations.
Revenue jumped 89 per cent to $228 million from $121 million.
Analysts surveyed by FactSet had expected lower revenue of $216 million.
LinkedIn says it expects revenue of $235 million to $240 million for the current quarter. Analysts had been predicting $236 million.
LinkedIn's stock is up four per cent in after-hours trading.
News from © The Associated Press, 2012