LinkedIn: Better than expected Q3, outlook raised
LinkedIn delivered a solid third quarter and upped its outlook for the fourth quarter and 2011. The company also plans to sell more shares to raise up to $100 million in capital.
The professional social networking company reported a third quarter net loss of $1.6 million, or 2 cents a share, on revenue of $139.5 million, up 126 percent from a year ago. The company said its non-GAAP earnings were 6 cents a share.
Wall Street was expecting a loss of 4 cents a share on revenue of $127.6 million.
The company said it had 131.2 million members in the third quarter. Average unique visitors were 87.6 million a month, according to comScore.
LinkedIn CEO Jeff Weiner characterized the quarter as strong across its revenue streams, engagement metrics and sales channels.
As for the outlook, LinkedIn projected fourth quarter revenue between $154 million to $158 million. Wall Street was expecting $147.9 million. For 2011, LinkedIn projected revenue of $508 million to $512 million. Wall Street was expecting $506.5 million.
By the numbers:
- LinkedIn's hiring solutions unit, which targets HR professionals, delivered third quarter revenue of $71 million, or 51 percent of total revenue.
- Marketing revenue, 29 percent of third quarter revenue, was $40.1 million, up 113 percent from a year ago.
- Premium subscription revenue in the third quarter was $28.4 million, or 20 percent of revenue.
- U.S. revenue was $94 million, 67 percent of revenue in the third quarter. International revenue was the remainder.
