Revenue from the field sales channel totaled $227.6 million, and represented 58% of total revenue in the third quarter of 2013. Revenue from the online, direct sales channel totaled $165.4 million, and represented 42% of total revenue in the third quarter of 2013.
GAAP net loss for the third quarter was $3.4 million, compared to net income of $2.3 million for the third quarter of 2012. Non-GAAP net income for the third quarter was $46.8 million, compared to $25.1 million in the third quarter of 2012.
Adjusted EBITDA for the third quarter was $92.8 million, or 24% of revenue, compared to $56.0 million for the third quarter of 2012, or 22% of revenue.
GAAP diluted EPS was $(0.03) for the third quarter based on 113.9 million fully-diluted weighted shares outstanding compared to $0.02 for the third quarter of 2012 based on 113.6 million fully-diluted weighted shares outstanding. Non-GAAP diluted EPS was $0.39 for the third quarter based on 119.2 million fully-diluted weighted shares outstanding compared to $0.22 for the third quarter of 2012 based on 113.6 million fully-diluted weighted shares outstanding.
Also, LinkedIn closed a follow-on offering, selling a total of 6,188,340 shares of Class A common stock. In return, LinkedIn received total cash proceeds of $1,348.4 million, net of underwriting discounts, commissions, and other costs associated with this offering.
"Strong execution in the third quarter across engineering, product, and monetization platforms yielded solid growth and record levels of adjusted EBITDA and operating cash flow," said Steve Sordello, LinkedIn CFO. "We continue to invest aggressively in our member experience and diverse revenue streams in order to realize the long-term potential of our vision."
For additional information, please see the "Selected Company Metrics and Financials" page on LinkedIn's Investor Relations site.
Third Quarter Highlights and Strategic Announcements
In the third quarter of 2013:
- LinkedIn membership surpassed 259 million members, as growth increased to 38% year-over-year, and members engaged at record levels across desktop and mobile devices. Strength was driven by investment in core products improving how members manage their identities, their networks, and consume and publish content.
- LinkedIn launched University Pages, the first step in an initiative to make LinkedIn an indispensable resource for students. To date, over 1,500 University Pages have been created in more than 60 countries.
- LinkedIn launched Sponsored Updates, its first mobile advertising product, to deliver relevant content to members from marketers in the LinkedIn desktop and mobile feed.
Additionally, in October, LinkedIn launched several new mobile products, including a re-imagined iPad app; Intro for iPhone, transforming the mobile email experience; a new Pulse app to deliver relevant news and insights with LinkedIn integration; and Recruiter Mobile for customers of the flagship Talent Solutions Recruiter product.