Jeff Weiner, LinkedIn CEO, offers insight on earnings, with CNBC's Jon Fortt.
By Martin Wolk
LinkedIn (LNKD) shares surged 10 percent Friday to record levels after strong demand for its online networking services boosted quarterly profit and helped raise its outlook.
"LinkedIn is disrupting both the online and offline job recruitment markets, and deeper corporate penetration and increasing member engagement will drive strong results going forward," J.P. Morgan Securities' analyst Doug Anmuth said, according to Reuters.
LinkedIn reported late Thursday that first-quarter revenue rose 101 percent to $188.5 million, ?and net income rose to $5 million from $2.1 million in the year-ago period. same quarter a year ago.?The company increased its 2012 revenue outlook on Thursday by $40 million to a range of $880 million to $900 million.?
LinkedIn has been among the most successful of a recent crop of Internet companies to go public. The company went public a year ago at $45 a share and immediately surged to over $100, but eventually the stock lost steam and bottomed at a bit over $60 in early January. Since then it has nearly doubled, giving the company a market value of some $7 billion.
The success of LinkedIn may be a positive signal for Facebook, the far larger social networking company that is expected to go public this month in the most closely watched stock offering in years.
Facebook and its founder Mark Zuckerberg have just launched a "roadshow" in which they will try to entice potential investors to buy into the company at a level that could vlaue it at nearly $100 billion.
The Dow was off 161 points or 1.2 percent at midday and other indicators were sharply lower after a disappointing April jobs report.
Among other big stock movers Friday:
- Body Central (BODY) was among the biggest losers,?down 44 percent?after the apparel maker indicated that?a heavy fall in same-store sales?would hurt its second-quarter results.
- Leapfrog (LF), a maker of educational toys, was up nearly 20 percent after posting strong quarterly results boosted by demand for its LeapPad learning tablet.
- Dolby Labs (DLB), the audio technology company, was up 18 percent after posting strong results and announced a deal with Microsoft for use of its products in the Windows 8 operating system. (Msnbc.com is a joint venture of Microsoft and NBC Universal.)
- Tillys Inc. (TLYS), a California-based retailer of surf-inspired and casual West Coast-styled clothing, was up 15 percent after its initial public offering.
- InvenSense (INVN), which makes chips for smartphones and gaming devices, fell 20 percent after it lowered first-quarter sales outlook, disappointing investors who had bid up the company's stock price to a life high last week.
- Green Mountain Coffee (GMCR), slammed earlier in the week, bounced back a bit Friday and was up 8 percent in heavy trading.
Click here for a complete list of the latest market movers.
(Reuters and The Associated Press contributed to this report.)
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