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LinkedIn Shares Slump on First Loss

MOUNTAIN VIEW, Calif. ( TheStreet) -- LinkedIn (LNKD - Get Report) posted its second quarterly results as a public company after market close on Thursday, registering its first loss despite surging revenue.

LinkedIn CEO Jeff Weiner

The professional networking site racked up third-quarter revenue of $139.5 million, a massive hike from $61.8 million in the same period last year. Analysts surveyed by Thomson Reuters were looking for sales of $127.61 million.

On a GAAP basis, LinkedIn registered a loss of 2 cents a share on a net loss of $1.6 million, compared to net income of $4 million in the same period last year. Analysts were looking for a loss of 4 cents a share.

Excluding items, LinkedIn earned 6 cents a share on net income of $6.6. million, up from net income of $6 million in the prior year's quarter.

Investors, however, were unimpressed by LinkedIn's numbers, pushing the company's shares down $9.33, or 10.66%, to $78.17 in extended trading.

Undeterred, LinkedIn CEO Jeff Weiner lauded the company's achievements.

"LinkedIn had a strong third quarter, with significant, broad-based growth across all of our revenue streams, member engagement metrics, geographies, and sales channels," he said, in a statement released after market close. "Our results underscore the long-term strength of our global platform and our business model."

Proving that the company can exploit a tough economy, LinkedIn's membership grew to 131.2 million people during the third quarter, a 63% year-over-year increase.

The Mountain View, Calif.-based firm also offered robust fourth-quarter guidance, predicting revenue between $154 million and $158 million, well above analysts' forecast of $147.94 million.

-- Written by James Rogers in New York

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