LinkedIn just announced its its financial results for the first quarter ended March 31, 2012. The revenue for the first quarter was $188.5 million, an increase of 101% compared to $93.9 million in the first quarter of 2011. The net income for the first quarter was $5.0 million, compared to net income of $2.1 million for the first quarter 2011. Non-GAAP net income for the first quarter was $16.9 million, compared to $5.8 million for the first quarter of 2011.
Non-GAAP measures exclude tax-affected stock-based compensation expense and tax-affected amortization of acquired intangible assets. Adjusted EBITDA for the first quarter was $38.1 million, or 20% of revenue, compared to $13.3 million for the first quarter of 2011, or 14% of revenue. GAAP EPS for the first quarter was $0.04; Non-GAAP EPS for the first quarter was $0.15.
“LinkedIn’s solid performance in the first quarter built on the company’s momentum in 2011,” said Jeff Weiner, CEO of LinkedIn. “We saw strength across all key metrics from member signups and engagement to significant revenue growth across our three product lines.”
Revenue from the U.S. totaled $120.8 million, and represented 64% of total revenue in the first quarter of 2012. Revenue from international markets totaled $67.6 million, and represented 36% of total revenue in the first quarter of 2012. Revenue from the field sales channel totaled $101.5 million, and represented 54% of total revenue in the first quarter of 2012. Revenue from the online, direct sales channel totaled $87.0 million, and represented 46% of total revenue in the first quarter of 2012.
GAAP net income for the first quarter was $5.0 million, compared to net income of $2.1 million for the first quarter of 2011. Non-GAAP net income for the first quarter was $16.9 million, compared to $5.8 million in the first quarter of 2011. Adjusted EBITDA was $38.1 million for the first quarter of 2012, or 20% of revenue, compared to $13.3 million for the first quarter of 2011, or 14% of revenue.
GAAP EPS was $0.04 based on 111.3 million fully-diluted weighted shares outstanding compared to $0.00 for the first quarter of 2011 based on 51.5 million fully-diluted weighted shares outstanding. Non-GAAP EPS was $0.15 based on 111.3 million fully-diluted weighted shares outstanding compared to $0.06 for the first quarter of 2011 based on 97.1 million fully-diluted weighted shares outstanding.
“LinkedIn grew over 100% for the seventh consecutive quarter and achieved records for adjusted EBITDA, operating and free cash flow,” said Steve Sordello, CFO of LinkedIn. “We remain focused on investing in our technology and product platform as well as expanding our business in new international markets and customer segments.”
