LinkedIn 3Q results sail past expectations
LinkedIn Corp. outpaced Wall Street's expectations with its third-quarter results. It has emerged as an investor favorite when other Internet companies have fallen from grace.
The professional networking company booked a profit in the third quarter, reversing a loss in the same period a year ago as revenue grew at a faster pace than analysts expected. Its stock climbed 6 percent in after-hours trading.
Embraced by investors, LinkedIn has been an exception among Internet companies that have gone public in recent years. Others, such as Facebook, Groupon and Zynga are all trading well below their initial public offering price. LinkedIn's stock price, meanwhile, has more than doubled since its May 2011 IPO .
LinkedIn said Thursday that it earned $2.3 million, or 2 cents per share, in the July-September period. That's up from a loss of $1.9 million, or 2 cents per share, a year ago.
Adjusted earnings were $25.1 million, or 22 cents per share, in the latest quarter, double what analysts expected.
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