LinkedIn Q3 results exceed expectations
02 Nov 2012
LinkedIn Corp exceeded Wall Street expectations with its third-quarter results, living up to its image as an investor favorite at a time when other internet companies had fallen from grace.
The professional networking company netted a profit in the third quarter, as against a loss in the same period a year ago as revenue growth exceeded the expectations of analysts.
The company's stock was up $6.40, or 6 per cent at $113.25 in after-hours trading, from its 8 cents fall to $106.85 at the end of regular trading.
LinkedIn has been able to buck the trend among internet companies that have gone public in recent years and are trading below initial public offer price thanks to continued investor support. Companies such as Facebook Inc, online deals site Groupon Inc and game company Zynga Inc are all trading well below their initial public offer price.
The company's stock price, meanwhile, has more than doubled since its May 2011 IPO.
According to LinkedIn, it had earned $2.3 million, or 2 cents per share, in the July-September period, which was up from a loss of $1.9 million, or 2 cents per share, a year ago.
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