February 8th, 2013
Shares leap by 10% as LinkedIn report quarterly profits
The social networking website LinkedIn has reported quarterly profits that are double those expected, resulting in shares rocketing by 10% in after hours’ trading.
LinkedIn, the primarily business-focused social networking site, announced that the profits for the fourth quarter were $40.2m (£25.5m), double the amount that those watching the company had expected.
The growth is believed to have been helped by the increasing numbers of recruiters and job hunters signing up to connect, with the number of people registered standing at over 200 million.
The turnover was also higher than expected, rising to $304m – a rise of 81% from the same period 12 months ago.
The company listed in the stock market in May 2011 and has now exceeded earnings forecasts for seven consecutive quarters.