Linkedin sitting pretty as profits continue to soar

LinkedIn continued its upward swing in its second quarter, posting a revenue of $363.7 million — a 59 percent hike in sales over the same period a year ago.
The professional social network’s profit rose 32 percent to $3.7 million and revenue from LinkedIn’s Talent Solutions, a batch of recruitment and hiring products to help companies find compatible employees, rose 69 percent from last year to $205.1 million.
The network also brought in $85.6 million from its marketing products and $73 million from the sales of premium member subscriptions.
The stellar second-quarter report sent investors into a delighted frenzy, causing shares to rise 12 percent to $227.98 in after-hours trading.
“Accelerated member growth and strong engagement drove record operating and financial results in the second quarter,” said LinkedIn CEO Jeff Weiner in a press release
. “We are continuing to invest in driving scale across the LinkedIn platform in order to fully realize our long-term potential.”
LinkedIn’s membership now sits at a record 238 million people — a 37 percent increase from the same period in 2012 — marking the first time membership has grown since late 2011.
According to comScore, LinkedIn averaged 189 million unique visitors each month during the quarter, for both the LinkedIn website itself and its SlideShare site.
For its third quarter, LinkedIn is projecting revenue to range between $367 million and $373 million.
For the full year, the company is forecasting revenue of between $1.455 billion and $1.475 billion.