LinkedIn Corporation, the world’s largest professional network on the Internet with more than 150 million members, reported its financial results for the fourth quarter and fiscal year ended December 31, 2011. Revenue for the fourth quarter was $167.7 million, an increase of 105% compared to $81.7 million for the fourth quarter of 2010. Revenue from the U.S. totalled $112.0 million, and represented 67% of total revenue in the fourth quarter of 2011. Revenue from international markets totalled $55.8 million, and represented 33% of total revenue in the fourth quarter of 2011.
Net income for the fourth quarter was $6.9 million, compared to net income of $5.3 million for the fourth quarter of 2010; Non-GAAP net income for the fourth quarter was $13.3 million, compared to $5.2 million for the fourth quarter of 2010. Non-GAAP measures exclude tax-affected stock-based compensation expense and tax-affected amortization of acquired intangible assets.
Adjusted EBITDA for the fourth quarter was $34.4 million, or 21% of revenue, compared to $16.3 million for the fourth quarter of 2010, or 20% of revenue. GAAP EPS for the fourth quarter was $0.06; Non-GAAP EPS for the fourth quarter was $0.12.
For the full year 2011, revenue increased 115% to $522.2 million from $243.1 million. GAAP EPS increased to $0.11 from $0.07 and Non-GAAP EPS increased to $0.35 from $0.24. Adjusted EBITDA increased to $98.7 million from $48.0 million
“Q4 once again exceeded our expectations for member engagement and business growth. It was a fitting end to a memorable year in which we reinforced our position as the pre-eminent professional network on the web,” said Jeff Weiner, CEO of LinkedIn. “We believe continued focus on our members and technology infrastructure positions us well for accelerated product innovation in 2012.”
“LinkedIn grew over 100% for the sixth consecutive quarter and posted all-time high adjusted EBITDA,” said Steve Sordello, CFO of LinkedIn. “Our fourth quarter results underscore the company’s success in 2011, which saw revenue and adjusted EBITDA more than double. In 2012, we will continue to invest in our product, engineering, and sales infrastructure to capitalize on our long-term opportunity.”
Q4 Financial Details and Operating Summary:
LinkedIn reported revenue of $167.7 million for the quarter ended December 31, 2011, an increase of 105% compared to the fourth quarter of 2010, and the 6th straight quarter of greater than 100% year-over-year growth.
- Hiring Solutions: Revenue from Hiring Solutions products totaled $84.9 million, an increase of 136% compared to the fourth quarter of 2010. Hiring Solutions revenue represented 50% of total revenue in the fourth quarter of 2011, compared to 44% in the fourth quarter of 2010.
- Marketing Solutions: Revenue from Marketing Solutions products totaled $49.5 million, an increase of 77% compared to the fourth quarter of 2010. Marketing Solutions revenue represented 30% of total revenue in the fourth quarter of 2011, compared to 34% in the fourth quarter of 2010.
- Premium Subscriptions: Revenue from Premium Subscriptions products totaled $33.3 million, an increase of 87% compared to the fourth quarter of 2010. Premium Subscriptions represented 20% of total revenue in the fourth quarter of 2011, compared to 22% in the fourth quarter of 2010.
