LinkedIn raises 2016 forecast as demand rises for hiring services | Reuters - Firstpost
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LinkedIn raises 2016 forecast as demand rises for hiring services | Reuters

  Updated: Apr 29, 2016 02:45 IST

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LinkedIn Corp (LNKD.N), the operator of the world's biggest online network for professionals, reported better-than-expected quarterly revenue and profit as demand grew for its hiring services and the company raised its 2016 forecasts.

LinkedIn shares, which have lost more than a third of their value since the company reported fourth-quarter results on Feb. 4, rose 8 percent to $133 in extended trading on Thursday.

Revenue from the company's talents solutions business, which connects recruiters and job seekers, jumped 41 percent to $558 million in the first quarter. The business accounts for nearly two-thirds of the company's total revenue.

LinkedIn has been buying companies, expanding its sales team and spending heavily to grow its presence in markets outside the United States, including China.

The company raised its full-year forecast for adjusted profit to $3.30-$3.40 per share from $3.05-$3.20. It also raised its revenue forecast to $3.65 billion-$3.70 billion from $3.60 billion-$3.65 billion.

The net loss attributable to LinkedIn widened to $45.8 million, or 35 cents per share, in the quarter ended March 31 from $42.5 million, or 34 cents per share, a year earlier, as costs surged 41.5 percent.

Excluding items, the company earned 74 cents per share.

Revenue jumped 35 percent to $860.7 million.

Analysts on average had expected a profit of 60 cents per share and revenue of $828.5 million, according to Thomson Reuters I/B/E/S.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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