By Gerry Shih
SAN FRANCISCO Aug 1 LinkedIn Corp
reported revenue jumped 59 percent to $363.7 million in the
second quarter after membership grew at a faster pace for the
first time since late 2011.
The site now boasts 238 million users, a 37 percent increase
from a year ago and a 9 percent increase from the first quarter.
LinkedIn's revenues have beat expectations for nine
consecutive quarters while other social media firms have
stumbled badly since going public.
Still, the professional social network faces the same
challenges as its competitors, and Chief Executive Jeff Weiner
has previously signaled that LinkedIn's new mobile products
could take months to gain traction.
Those concerns lingered when the company on Thursday
provided a lower-than-expected forecast for the third quarter,
which tempered investor enthusiasm.
The San Francisco company projected sales of between $367
and $373 million for the third quarter but also raised its
full-year revenue guidance to between $1.455 billion and $1.475
Excluding certain items, LinkedIn reported earnings of 38
cent per share for the quarter.
The company's shares rose 7 percent to a record $228.50
after the bell.
The social network makes much of its money by selling access
to its members' resumes to corporate recruiters.
But as the social network has approached a saturation point
among white-collar workers in the United States, the CEO has
pursued growth by turning LinkedIn into a popular mobile app and
highly trafficked website rather than a mere resume repository.
In recent quarters, he has introduced blog posts by
luminaries like Bill Gates in an attempt to draw Web traffic -
and with that, advertising revenue.
Non-GAAP net income for the second quarter was $44.5
million, compared to $18.1 million for the second quarter of
LinkedIn shares have roughly doubled in the past year.