Business-focused social network, LinkedIn, has revealed its first quarter financial performance for 2013. The report shows the company had a total of revenue of $324.7 million for the period, beating out expectations from analyst firms.
LinkedIn reports first quarter financial results for 2013
The company reported non-GAAP earnings per share of $0.45, as compared to expectations of $0.31 earnings on revenue of $318 million. In addition, LinkedIn’s net income was $22.6 million for the first quarter on a GAAP basis and $52.4 million on a non-GAAP basis.
The company climbed to more than 2% in normal trading but went down sharply in after-hours trading. Also, the site’s user base stands at a reported 225 million, with 38% of its total top line in the first quarter coming from its international revenue.
LinkedIn’s Premium Subscription product brought a revenue of $65.6 million, showing a modest growth for the firm from $59.4 million in its sequentially previous quarter.
Investors are expecting rapid growth for the very richly valued company. Estimates peg LInkedIn’s 2013 revenue at around $1.5 billion depending on market conditions and corporate performance.
LinkedIn is currently off 9%, likely due to its predicted second quarter top line earnings of $342 to $347 million. Investors expected around $360 million. The gap between investors’ expectations and its forecasted second quarter revenue may indicate that the company’s growth is slowing, raising questions about its high valuation.
Gene Ryan Briones Gene Ryan Briones (Google+) is a technology journalist with a wide experience in writing about the latest trends in the technology industry, ranging from mobile technology, gadgets and robots, as well as computer hardware and software.
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