Liz Gannes

Recent Posts by Liz Gannes

LinkedIn Beats Expectations in Second Quarter After IPO, but Stock Falls

LinkedIn exceeded Wall Street expectations in its second quarter as a public company, though it still had a narrow net loss.

But investors didn’t seem satisfied, with the stock trading down 3 to 10 percent in after-hours trading. It’s a particularly important quarter because employees and other insiders can begin selling their shares starting later this month.

The professional network had $139.5 million in revenue in the third quarter of 2011, with a net loss of $1.6 million on a GAAP basis.

Analysts had projected a loss of $0.04 per share, but LinkedIn instead earned $0.02 per share.

A year ago, LinkedIn had revenue of $61.8 million and net income of $915,000.

It now has 131.2 million members, which is in line with previous growth, and the site gets 87.6 million visitors per month, according to comScore.

Hiring products, which account for more than half of LinkedIn’s revenue, brought in $71 million in the quarter, growth of 160 percent from the third quarter last year. Marketing and subscriptions grew too, but not as much.

LinkedIn shares have seen high levels of short selling recently.

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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald