Go to the Globe and Mail homepage

Jump to main navigationJump to main content

In this Wednesday, May 25, 2011 photo, a computer shows a LinkedIn graphic at a social media workshop at the University of Minnesota in Minneapolis, Minn. (Tim Post/The Associated Press)
In this Wednesday, May 25, 2011 photo, a computer shows a LinkedIn graphic at a social media workshop at the University of Minnesota in Minneapolis, Minn. (Tim Post/The Associated Press)

LinkedIn forecasts strong quarter, driven by hiring business Add to ...

Corporate networking site LinkedIn Corp forecast better-than-expected adjusted profit and revenue in the current quarter, helped by a rapid rise in its hiring business.

Shares of the company rose as much as 15 per cent to $208 (U.S.) in extended trading.

The company forecast adjusted earnings of about 44 cents per share and revenue of between $543-million and $547-million for the third quarter ending September 30.

Analysts on average were expecting a profit of 40 cents per share on revenue of $540.86-million, according to Thomson Reuters I/B/E/S.

With more than 300 million members, LinkedIn is approaching saturation point among U.S. white-collar workers so is turning to new businesses such as helping employers find staff and mobile advertising.

LinkedIn’s hiring business revenues leapt 49 per cent in the second quarter.

Though, nearly half of LinkedIn’s 300 million members now access the website through mobile devices, LinkedIn does not break out its revenue contribution from mobile.

Facebook Inc’s mobile advertising accounted for almost two-thirds of advertising revenue in the latest quarter. At Twitter, mobile ads made up 81 per cent.

LinkedIn posted a net loss attributable to common shareholders of $1.0-million, or 1 cent per share, compared with a net profit of $3.7-million, or 3 cents per share, a year earlier.

Excluding items, LinkedIn earned 51 cents per share.

Revenue rose to $533.9-million in the quarter ended June 30 from $363.7-million a year earlier.

Analysts on average had expected a profit of 39 cents per share on revenue of $510.98-million.

LinkedIn shares closed at $180.64 on the New York Stock Exchange on Thursday.

Follow us on Twitter: @GlobeBusiness

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular