Shares of LinkedIn Corp. (LNKD) gained about 9 percent in extended trade on Thursday after it reported a higher fourth-quarter profit on more than two-fold revenue growth. Moving forward, the world's largest online professional network, detailed a robust revenue outlook for the full year 2012, and said it continues to witness a steady rise in members to its site.
Mountain View, California-based LinkedIn reported fourth-quarter net income to common shares of $6.9 million or $0.06 per share, up from $1.6 million or $0.03 per share last year.
Results for the quarter include stock-based expense of $10.6 million. Excluding items, adjusted earnings for the quarter was $13.3 million or $0.12 per share.
On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.07 per share for the quarter. Analysts' estimates usually exclude one-time items.
LinkedIn, which went public in May last year, said revenues for the quarter jumped to $167.7 million from $81.7 million in the prior year. Thirteen analysts had a consensus revenue estimate of $159.72 million for the quarter.
LinkedIn CEO Jeff Weiner said, "Q4 once again exceeded our expectations for member engagement and business growth. It was a fitting end to a memorable year in which we reinforced our position as the pre-eminent professional network on the web."
Revenue from Hiring Solutions products, which represents about half of the total revenues, surged to $85 million from $36 million last year.
Marketing Solutions product revenues for the quarter advanced to $49.5 million from $28 million, and Premium Subscriptions product revenues rose to $33.3 million from $17.8 million.
Revenue from the U.S. was $112 million, and represented 67 percent of total revenue in the fourth quarter 2011. Revenue from international markets was $55.8 million, and represented 33 percent of total revenue.
LinkedIn expects first-quarter revenue of $170 million to $175 million. Analysts currently expect revenues of $170.79 million for the quarter..
The company expects full year 2012 revenues of $840 million to $860 million. Analysts currently expect revenues of $828.19 million for the year.
CEO Weiner said, "We believe continued focus on our members and technology infrastructure positions us well for accelerated product innovation in 2012."
LNKD closed Thursday on the Nasdaq at $76.39, down $0.15 or 0.20%. In after hours, the stock gained $6.76 or 8.85%.
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