LinkedIn Shares Jump as Revenue Soars (Update 1)

Updated from 4:36 p.m. EST to provide comments from conference call.

NEW YORK (TheStreet) -- LinkedIn shares jumped after the company posted better-than-expected first-quarter results, as revenue at its biggest unit more than doubled.

Mountain View, Calif.-based LinkedIn reported earnings of 15 cents per share on $188.50 million in revenue for the March-ended period.

Analysts polled by Thomson Reuters were expecting earnings of 9 cents per share on $178.58 million in revenue. Sales at Hiring Solutions, its biggest segment, soared 121% to $102.6 million. It accounted for 54% of revenue, up from 49% a year earlier. On the conference call, LinkedIn said this was the seventh straight quarter with revenues doubling.

LinkedIn, which competes with Monster Worldwide , grew members 58% year-over-year to 161 million users, hired 331 employees during the first quarter and will continue to add employees for the remainder of 2012, CEO Jeff Weiner said on the earnings call.

The social network also gave greater-than-expected second-quarter revenue guidance, and raised its full-year outlook. The social-networking company expects second-quarter revenue to be between $210 million and $215 million.

Analysts polled by Thomson Reuters were looking for second-quarter guidance of 15 cents per share on $207.93 million in revenue.

Full-year revenue guidance was raised from a previous range of $840 million to $860 million to $880 million to $900 million.

LinkedIn also announced it is acquiring SlideShare for $118.75 million in cash and stock. The acquisition is expected to close during the second quarter of 2012.

Shares of LinkedIn finished the session higher, up 2.8% to close at $109.41. The shares extended that gain in after-hours trading, rising 7.57% to $117.69, according to Nasdaq.com.

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--Written by Chris Ciaccia in New York

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