LinkedIn posts 2Q loss but stock soars after stronger-than-expected results
Shares of LinkedIn Corp. jumped Thursday after the professional networking service reported a second-quarter loss but topped analysts' expectations.
The Mountain View, California-based company posted a loss of $1 million, or 1 cent per share, compared with a profit of $3.7 million, or 3 cents per share, in the same quarter a year earlier.
Earnings, adjusted for stock option expense and amortization costs, came to 51 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The company said revenue climbed 47 percent to $533.9 million from $363.7 million in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $511.8 million, according to Zacks.
LinkedIn's stock jumped $15.95, or 8.8 percent, to $196.59 in extended trading after the results came out.
As of Thursday's closing price, LinkedIn shares have decreased $36.19, or 17 percent, to $180.64 since the beginning of the year. The stock has declined $32.36, or 11 percent, in the last 12 months.