MOUNTAIN VIEW, Calif. – LinkedIn says its first-quarter net income grew more than fourfold as revenue increased sharply, but its outlook is below Wall Street’s expectations.
Shares of the online professional networking service are down sharply in extended trading.
LinkedIn Corp. said Thursday that it earned $22.6 million, or 20 cents per share, in the January-March period. That’s up from $5 million, or 4 cents per share, in the same period a year earlier. Adjusted earnings were 45 cents.
Revenue grew 72 per cent to $324.7 million.
FactSet says analysts expected adjusted earnings of 30 cents per share on revenue of $317.6 million.
LinkedIn’s stock hit its highest level ever on Thursday. It closed above $200, more than four times where it started out in May 2011 when it went public.