Advertisement

HindustanTimes Wed,26 Nov 2014

LinkedIn shares soar after stellar results

Reuters   February 09, 2013
First Published: 17:55 IST(9/2/2013) | Last Updated: 17:59 IST(9/2/2013)

Shares of LinkedIn Corp climbed nearly 21 percent in midday trading on Friday on results that beat analysts' estimates for the seventh quarter in a row.

Advertisement


The social networking website for professionals reported on Thursday an 81 percent increase in fourth-quarter revenue and raised its forecast for the current first quarter.

Several research firms raised their price targets for the company.

"If execution continues, we struggle to see how margin expansion can't approach (and possibly exceed) 2012 levels," wrote Macquarie analyst Tom White in a note to investors.

White raised his forecast for 2013 adjusted earnings before interest, taxes, depreciation, and amortization margin to 25.4 percent from 24.7 percent.

In contrast to widely watched consumer Internet companies like Facebook Inc, Groupon Inc and Zynga Inc, all of which went public not too long ago, LinkedIn continues to trade well above its debut price of $45.

LinkedIn was co-founded in 2002 by Reid Hoffman, who serves as the company's executive chairman. His stake in LinkedIn is now worth about $2.6 billion, according to company filings.

Shares of the company were up 20.9 percent at $150.00 on the New York Stock Exchange in early afternoon.


Advertisement
more from Business

Rupee inches higher; month-end dollar demand offsets inflows

The rupee closed marginally stronger on Wednesday after being held in a tight range as dollar inflows into the domestic share markets were offset by demand for the greenback from importers looking to meet month-end commitments.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved