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Aug 1, 2013, 1:44pm PDT Updated: Aug 1, 2013, 2:08pm PDT

LinkedIn beats Street again, stock soars

Photo: Vicki Thompson

LinkedIn shares have more than doubled since the Business Journal declared CEO Jeff Weiner as executive of the year on Jan. 4. The company beat analyst expectations agin on Thursday with its second quarter earnings and revenue.

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Cromwell Schubarth: Senior Technology Reporter- Silicon Valley Business Journal; Email | Twitter | Google+

LinkedIn Corp. shares made a big after-hours trading jump after the professional networking company beat Wall Street expectations for the second quarter.
The Mountain View company led by CEO Jeff Weiner posted a 32 percent year-to-year jump in profit to $3.7 million, or 3 cents a share. Revenue rose nearly 60 percent to $363.7 million.
Excluding one-time items, LinkedIn said it would have had 38 cents a share in earnings.
Analysts expected 31 cents a share in earnings on $354.3 million in revenue.
In the current quarter, LinkedIn projected sales between $367 million and $373 million, below the range forecast by analysts of $383.9 million.
But LinkedIn regularly projects revenue below Wall Street estimates. It has nonetheless beaten analyst projections in every quarter but one since it went public in May 2011.
The company's shares rose about 4.5 percent in regular trading on Thursday before the earnings announcement, closing at $213. In after trading about half an hour after the markets closed, they were up more than 7 percent and trading around $230, which would be a new high.
LinkedIn's stock has more than doubled since our cover package on January 4 crowning CEO Jeff Weiner as the king of social media.
The shares dipped as low as $160 in May after it posted first quarter earnings but they have bounced back since.
LinkedIn said revenue in its core business — recruiting rose by 69 percent in the past year to $205.1 million.
Meanwhile its marketing business, which includes advertising, rose 36 percent to $85.6 million.
Premium subscription sales jumped by 68 percent to $73 million.