LinkedIn Releases 2Q Financials; First Since Going Public

LinkedIn released its first-ever earnings report Thursday after going public in May, and the professional networking site had good news to report for the second quarter of 2011.

LinkedIn released its first-ever earnings report Thursday after going public in May, and the professional networking site had good news to report for the second quarter of 2011.

Membership grew to 115.8 million, up 61 percent compared with the second quarter of 2010, and monthly unique visitors of 81.8 million were up 83 percent compared with the year-ago period. LinkedIn also saw an 80 percent jump in page views versus the prior-year quarter, to 7.1 billion. And mobile page views skyrocketed by about 400 percent, due in part to the addition of social news component LinkedIn Today to LinkedIn for iPhone 3.6 and to Flipboard.

More than 100,000 publishers are now using the LinkedIn Share button, which rolled out in April, and more than 30,000 developers are currently using the site’s application-programming interfaces.

The company posted $121 million in second quarter revenue, up 120 percent from $54.9 million in the previous-year period. Net income rose to $4.5 million from $4.3 million in the second quarter of 2010, and non-GAAP net income leaped to $10.8 million from $6.4 million, excluding tax-effected stock-based compensation expense and tax-effected amortization of acquired intangible assets.

Adjusted EBITDA (earnings before interest, taxes, debt, and amortization) for the period was $26.3 million, or 22 percent of revenue, compared with $11.5 million (21 percent) in the same quarter last year.

GAAP earnings per share were $0.04, while non-GAAP EPS were $0.10.

CEO Jeff Weiner said:

In the second quarter, we saw record levels of members, unique visitors, and page views, while revenue growth further accelerated. Going forward, we plan to continue to invest in our team, technology, and products in order to increase the value we deliver to members and realize the full potential of the LinkedIn platform.

Chief financial officer Steve Sordello added:

Strength in our engagement metrics, outperformance in our leveraged online channels, and a growing backlog with key corporate clients drove record revenues and adjusted EBITDA during the quarter. We will continue to take a long-term perspective and invest aggressively in the global LinkedIn platform.