Updated from 4:36 p.m. EST to provide comments from conference call.
NEW YORK (
(LNKD - Get Report) shares jumped after the company posted better-than-expected first-quarter results, as revenue at its biggest unit more than doubled.
Mountain View, Calif.-based LinkedIn
reported earnings of 15 cents per share on $188.50 million in revenue for the March-ended period.
Analysts polled by
Thomson Reuters were expecting earnings of 9 cents per share on $178.58 million in revenue. Sales at Hiring Solutions, its biggest segment, soared 121% to $102.6 million. It accounted for 54% of revenue, up from 49% a year earlier. On the conference call, LinkedIn said this was the seventh straight quarter with revenues doubling.
LinkedIn, which competes with
(MWW - Get Report)
, grew members 58% year-over-year to 161 million users, hired 331 employees during the first quarter and will continue to add employees for the remainder of 2012, CEO Jeff Weiner said on the earnings call.
The social network also gave greater-than-expected second-quarter revenue guidance, and raised its full-year outlook. The social-networking company expects second-quarter revenue to be between $210 million and $215 million.
Analysts polled by
were looking for second-quarter guidance of 15 cents per share on $207.93 million in revenue.
Full-year revenue guidance was raised from a previous range of $840 million to $860 million to $880 million to $900 million.
it is acquiring
for $118.75 million in cash and stock. The acquisition is expected to close during the second quarter of 2012.
Shares of LinkedIn finished the session higher, up 2.8% to close at $109.41. The shares extended that gain in after-hours trading, rising 7.57% to $117.69, according to
Interested in more on LinkedIn? See TheStreet Ratings' report card for
Check out our new tech blog,
. Follow TheStreet Tech
on your wireless devices
Written by Chris Ciaccia in New York
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts