LinkedIn beats estimates for the seventh quarter in a row

Press Release   •   Feb 08, 2013 11:57 GMT

Business-focused social networking website LinkedIn's quarterly profits were double expectations, sending shares up 10% in after hours' trading.

Profits for the fourth quarter were $40.2 million, twice the amount expected by watchers of the company.

The results reaffirmed the "professional" social network's reputation as a fast-growing but sure-footed business -- and the star exception in a mostly disappointing social media sector.

An increasing numbers of job seekers and recruiters have signed up to the site to help get connected, taking the numbers registered to more than 200 million.

The size of LinkedIn's user base has reinforced its position against competitors, few of whom pose a serious challenge. Facebook only recently announced a "Jobs Board" tool in November.

And on Thursday, shares of Monster Worldwide Inc fell 7% after the human resources company reported a quarterly loss and said it would pull out of several countries.

The results meant LinkedIn beat analyst estimates for the seventh quarter in a row and sent shares of the company, which have doubled in the past 12 months, soaring to $135 after hours.

Revenue rose a better-than-expected 81% from a year ago to $303.6 million, as millions of new job seekers and corporate recruiters around the world signed up with LinkedIn to post resumes or poach competitors' employees.

The company offered bullish forecasts for the first quarter as well, projecting revenue between $305 million and $310 million, above analyst estimates of $301 million.

LinkedIn was founded by former employees of the payment processing system PayPal in 2002, and has said its future prospects are bright.

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