LinkedIn Reports Earnings
The site allows professionals to post resumes, provide current information on contacts and industry, manage their professional identity on the internet as well as pair individuals with people and knowledge through various recruiting solutions in order for professionals to accomplish various goals.
The earnings were posted on LinkedIn’s Company Page and the company’s @linkedin account. The information was also shared via SlideShare Pro Channel and StockTwits who provided tweets about the earnings.
The company attributed its earnings for the quarter ending June 30, 2011 to increased site traffic from members, page views and unique visitors. For the period the company reported that membership moved to 115.8 million, a 61 percent increase in comparison to previous numbers for the previous quarter.
LinkedIn had an average of 81.8 million unique visitors per month and 7.1 billion page views. These statistics contributed to the company generating profits of over $121.0 million dollars. Net Income for the company was recorded as $4.5 million dollars.
Many financial analysts did not view LinkedIn’s profits as true profits as just last week LinkedIn stocks plummeted on the stock market when the market experienced its second crash. LinkedIn stocks fell to a startling 9.4 percent during regular trading Friday. The day closed with stocks ending at 4.4 with a closing price of $91.36, $4.16 down from its closing price before. The loss happened a day after the company reported its earnings.
None-the-less the company’s earning potential made it financially viable for investors. According to Yahoo finance, LinkedIn had a trailing 12-month price-to-earnings ratio of 1,097.93. On Thursday when the company made it earnings public LinkedIn shares jumped from 10%, to $105.40 in after-hours trading. Stock market analysts expect LinkedIn to main momentum despite the fact the company shares recorded low on the stock market on Friday. LinkedIn is poised for future profits as it plays a key role in linking recruiters to prospective applicants through the site, amidst unemployment which is still above 9%. It is expected by the company that a million more professionals will become a part of LinkedIn because of the employment possibilities it offers. Social networking site Facebook is expected to become public next year that is, making its earnings publicly known.
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