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LinkedIn second-quarter revenue forecast falls short of targets

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(Globalpost/GlobalPost)

By Alexei Oreskovic

SAN FRANCISCO (Reuters) - LinkedIn Corp forecast second-quarter revenue that fell short of expectations, sending its shares down roughly 8 percent in after hours trading on Thursday.

The online social network for professionals said revenue in the current quarter would range from $342 million to $347 million, compared with the $359.3 million expected on average by analysts, according to Thomson Reuters I/B/E/S.

The company said net income for the first quarter rose to $22.6 million, or 20 cents a share, from $5 million, or 4 cents a share, over the same period. Excluding certain items, LinkedIn said it earned 45 cents a share in the first quarter, well above the 31 cents expected by analysts.

Revenue in the first three months of the year rose 72 percent to $324.7 million from $188.5 million in the year-ago period.

LinkedIn shares slid about 8 percent to $186 from a close of $201.67 on the New York Stock Exchange. The stock has surged 74 percent this year.

(Reporting by Alexei Oreskovic; Editing by Richard Chang)

http://www.globalpost.com/dispatch/news/thomson-reuters/130507/linkedin-revenue-earnings-jump-first-quarter