Bitcoin sets a new all-time high above $6,000 >>> READ MORE

Linkedin Shares Surge on Estimate-Topping Sales

Though earnings fell as costs increased significantly over last year


Linkedin (NASDAQ:LNKD) shares jumped sharply after the professional networking website topped Wall Street’s revenue estimates and raised its outlook for the year.

During the second quarter, Linkedin reported earnings of $2.81 million, down from $4.51 million in the same period last year.

But sales jumped 89% to $228.2 million, beating the $216.5 million that analysts had expected, Bloomberg noted.

On the news, Linkedin shares soared about 12% in Friday morning trading, up more than $11 to over $104 a share.

The company saw its website membership rise from 161 million during the first quarter this year, to 175 million in the second quarter.

Costs rose faster than sales, increasing 93% over last year to $214.7 million.

The networking website raised its outlook for the full year. It now projects revenue of between $235 million and $240 million for the current quarter, and 2012 sales of between $915 million and $925 million. That’s up from earlier estimates of full year sales of between $880 million and $900 million.

The updated forecasts are in line with Wall Street, which is looking for $236.4 million in third-quarter sales and $906.3 million in full year sales.

Linkedin’s fortunes stand in contrast to social media giant Facebook (NASDAQ:FB), which went public in May at $38 a share, only to see its shares fall to just over $21 a share today.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC