LinkedIn reported that sales nearly doubled from a year ago, according to CNN.
CNN reported that LinkedIn pulled in $228.2 million in revenue for the second quarter and earned 16 cents per share. Sales topped the $216 million that analysts polled by Thomson Reuters were expecting.
Earnings for the business networking site matched up with predictions.
LinkedIn’s quarter also saw password hacks in June. The breach cost LinkedIn only $500,000 to $1 million for forensic work in the second quarter.
In pre-market trading this morning, LinkedIn shares were up over 10 percent to $102.90. In early morning trading, the company’s stock has risen to $106.83, helping it to boost its market capitalization to over $11 billion. Since the beginning of the year, LinkedIn’s shares are up 70 percent, according to CNET.
CNET reported that Facebook closed yesterday at $20.04, putting it dangerously close to half the price of its IPO. In early trading today, Facebook shares are up 1 percent to $20.24, but have a long way to go to reassure investors that the situation will stabilize.
Investors are very happy about LinkedIn, in contrast.
The company announced the figure in its second-quarter earnings release on Thursday, in which it also reported earnings of $0.03 per share. LinkedIn’s stock price has jumped 48.5% since the beginning of the year.
Mashable reported that LinkedIn now has 175 million members, the company announced on Thursday.
In May, the professional social networking service had claimed 161 million members, up from 150 million in February.
The increase in membership is just in time for the new features that Linkedin added.
For one thing, it changed the design of its interface. Now the site has an appearance that Mashable compares to Facebook, stating that it has more relevant updates on top plus a comment stream that is set off with a different-colored (light blue) background. There’s also a line on top of the stream that shows which people — and how many — commented and liked the post.
However, the interface is sleeker with less clutter like Google+.
There are also the additions of event searches, applications and customizable news feeds, which can act as a collection of industry news for users.
“LinkedIn is benefiting from secular growth, a very nicely diversified business model, and market share gains,” Citi analyst Mark Mahaney wrote today in a note to investors. Mahaney was especially pleased with LinkedIn’s addition of 1,650 new customers to its Hiring Solutions business, which attempts to connect job seekers with employers, according to CNET.