On Thursday, the Wall Street awarded LinkedIn its latest endorsement. This resulted in the Mountain View, California-based corporation's shares to increase by up to 7.5% after it posted its results for the second quarter.
LinkedIn was able to add 20 million additional users during the quarter that ended in June. The figure was the online service's highest membership gain since its initial public offering in May 2011. LinkedIn's strong growth in terms of finance and membership led to US$229.05 each share during the extended trading in Thursday. The new stock price was worth more than five times from the company's IPO price of US$45. Furthermore, LinkedIn generated US$3.7 million or 3 cents from every share in the second quarter from US$2.8 million in 2011. Its revenue rose by 59% to US$364 million, around US$10 million greater than the analysts' predictions.
LinkedIn added that 33% of the company's online traffic for the second quarter was delivered by mobile devices. Approximately 11.7 billion pages were viewed on the company's service, a 5% upsurge from the first quarter.
LinkedIn's administration also forecasted revenue worth US$367 million to US$373 million for the current quarter. The figure was less than the average analyst estimate of US$384 million. Analysts stated that LinkedIn's low estimates made it easier for the company to outdo the quarterly predictions.
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