Professional social network LinkedIn beat the street once again today, reporting strong second quarter earnings and a boost in membership to 238 million users.
Wall Street analysts estimated earnings per share of 31 cents on revenue of $353.85 million. But LinkedIn handily beat that with earnings of 38 cents per share and revenue of $364 million.
Growth was steady all around and nothing in today’s report really stood out too much. The biggest point of interest was arguably that LinkedIn now has 238 million members. That’s 37 percent year-over-year growth and an encouraging sign that folks around the world are signing up and using the service.
One other mildly interesting point: Revenue generated by the company’s “Talent Solutions” products for recruiting were up 69 percent year over year and represented an astounding 56 percent of LinkedIn’s total revenue for Q2 2013. That shows how dependent LinkedIn’s business is on recruiters.
“Accelerated member growth and strong engagement drove record operating and financial results in the second quarter,” LinkedIn CEO Jeff Weiner said in a statement. “We are continuing to invest in driving scale across the LinkedIn platform in order to fully realize our long-term potential.”
LinkedIn’s stock price took a brief dive as soon as earnings were announced, but investors came to their senses quickly, and now the price per share is sitting at $227.74, about 7 percent above its closing price.