|Good numbers for LNKD. |
The press release:
LinkedIn Beats The Street, Q4 Revenue Up 105 Percent To $167.7M
February 9, 2012
Professional social network LinkedIn just reported stronger than expected fourth quarter 2011 earnings today. Earnings came in at $0.12 per share. Revenue for the fourth quarter was $167.7 million, an increase of 105% compared to $81.7 million for the fourth quarter of 2010. Net income for the fourth quarter was $6.9 million, compared to net income of $5.3 million for the fourth quarter of 2010. Analysts expected the company to earn $0.07 per share on revenues of $159.72 million.
“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,” said Jeff Weiner, CEO of LinkedIn. “We believe continued focus on our members and technology infrastructure positions us well for accelerated product innovation in 2012.”
LinkedIn is past the excitement of the public offering and now coming into its own as a public company. As Weiner recently told TechCrunch, “The event itself was memorable, but for us it was really just a stepping stone.” The fourth quarter was relatively quiet with regard to new products compared to past quarters. The network debuted a new version of business card organizer CardMuch (which they acquired in early 2011), and updated Groups with new functionality.
LinkedIn is now adding two new members every second, and has 150 million members in over 200 countries and territories.
Of course, that doesn’t mean that LinkedIn is slowing down. We hear there’s much more in store for the company for 2012, especially in mobile. It will also be interesting to see how acquisitive LinkedIn is in the coming year. The company just picked up contact manager Rapportive for $15 million.