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LinkedIn Registers Big Earnings Beat

Stocks in this article: LNKD

LinkedIn earnings story updated from 4:16 p.m. with CEO comment from the company's earnings conference call.

  • LinkedIn (LNKD), the newly-public social network for professionals, reported adjusted earnings per share of 10 cents on sales of $121 million for the second quarter.
  • Analysts expected a loss of 3 cents a share on sales of $104.7 million.
  • LinkedIn, whose shares were up about 12% since going public in May, saw its stock close down 9.6% at $95.52 Thursday amid the broader market selloff. After earnings, its shares were jumping more than 4% in the post-market session.
  • This marks the first earnings report for the company since its NYSE debut. In 2010, LinkedIn said it generated earnings of $19.4 million and revenues of $243 million.

NEW YORK ( TheStreet) -- LinkedIn (LNKD), the first major barometer of investors' social media appetite, handily beat Wall Street's second-quarter estimates in its first earnings report since going public in May.

The business-minded Web site, which recently became the second-largest social network behind Facebook, said its member base had grown to nearly 116 million, an increase of 61% from the year-ago quarter.

"In the second quarter, we saw record levels of members, unique visitors and page views, while revenue growth further accelerated," CEO Jeff Weiner said in a prepared statement.

LinkedIn went public in May.

This boost in members comes as the company is expanding abroad aggressively. It opened regional headquarters in both Asia and Northern Europe during the quarter, bringing the total number of offices outside the U.S. to 12, the company said.

LinkedIn is also looking to roll out new products, including its Apply With LinkedIn feature, which launched last week. The service allows members to submit job applications with the click of a button.

Companies like Zynga and LivingSocial have already signed up to use the product, Weiner said on an conference call with analysts.

"We think this could eventually replace the resume," he said.

The company posted adjusted earnings per share of 10 cents on sales of $121 million, above analyst expectations of a 3 cent per share loss and revenue of $104.7 million.

The company's shares were erratically rising in the after-hours session, jumping at one point up 10%.

--Written by Olivia Oran in New York.

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