With all three of its product lines performing strongly, LinkedIn announced third-quarter earnings and revenue that handily beat analysts’ estimates, sending its stock up 11% since Thursday’s close.
The professional networking site posted earnings of 78 cents per share, while revenue rose 37% to $780 million. Analysts were expecting earnings of 45 cents per share on about $756 million in revenue.
LinkedIn’s talent solutions division was its fastest growing segment, up 46% year-over-year to $502 million in revenue. It is planning to launch a referrals product in November and a revamped Recruiter platform early next year as part of an effort to better automate the recruiting process.
“LinkedIn has basically become the go-to service for what are effectively a more modern form of résumés, making it a gold mine for recruiters seeking new talent,” TechCrunch said.
Marketing solutions grew 28% to $140 million in revenue, while subscription revenue grew 21% year-over-year to $138 million to round out the report. Monthly active users rose 11% to 100 million per month and page views by members grew 33%.
Immediately following the report, LinkedIn shares spiked as much as 8% in extended trading Thursday. The stock closed up 11%, at $240.87, on Friday.
“Despite competition from job boards and other networking sites, LinkedIn continues to see solid growth in its business and user base globally, especially in China, which represents 13 million of the site’s users,” Forbes noted.
The company also said fourth-quarter revenue is expected to be between $845 million and $850 million, within range of analysts’ estimates, and forecast earnings-per-share of 74 cents, excluding certain expenses.
“LinkedIn delivered strong results in the third quarter, and recently announced several products focused on delivering increased member and customer value,” CEO Jeff Weiner said in a news release. “Our commitment to investing in our long-term roadmap continues to lay the foundation for future growth of the company.”