LinkedIn shares continue to soar after earnings

LinkedIn’s shares continued to surge on Friday, a day after the business-oriented social network released third-quarter earnings and sales that beat Wall Street’s expectations.

The Mountain View tech firm had also raised its revenue forecast for 2015 to between $2.97 billion to $2.980 billion, up from $2.94 billion.

“LinkedIn has also been one of the most successful Internet IPOs of the past several years, markedly
surpassing its peer group,” wrote Mark Mahaney, an analyst with RBC Capital after the earnings on Thursday.

Its stock is currently up by more than 12 percent at more than $244 per share.

LinkedIn

From July to September, the company raked in $780 million, beating the $756 million analysts surveyed by Thomson Reuters on average expected LinkedIn to report. That’s a 37 percent growth compared to the same period last year with a large chunk of the sales coming from Talent Solutions, a product that connects recruiters and job seekers.

Excluding certain expenses, LinkedIn earned  78 cents per share, topping analyst estimates of 46 cents per share.

The company, which also purchased the online learning company lynda.com, hasn’t always fared well after reporting its quarterly earnings this year.

In April, the company lowered its forecast for the second quarter and the full year sending its stock plummeting by about 25 percent in after-hours trading.

Worldwide, the company has more than 400 million members.

“As we think about 2016, we expect to accelerate our focus on how we integrate all of these assets to help enterprises hire, market, and sell by using LinkedIn to connect to opportunity,” LinkedIn CEO Jeff Weiner said in a call to investors on Thursday.

Photo Credit: AP Photo/Marcio Jose Sanchez

 

Tags: ,

 

Share this Post



 
 
 
 
 
css.php