SAN FRANCISCO (AP) ? LinkedIn suffered its first quarterly loss since the online professional networking service’s IPO roused Wall Street a few months ago.
The setback, announced Thursday, wasn’t as severe as analysts anticipated as LinkedIn invested in an expansion aimed at changing the way people find jobs and advance their careers.
LinkedIn absorbed a loss of $1.6 million, or 2 cents per share, in the July-September as it invested more money to expand. That contrasted with earnings of $4 million, or 2 cents per share, at the same time last year.
If not for items unrelated to its ongoing business, LinkedIn said it would have earned 6 cents per share. On that basis, analysts polled by FactSet had expected LinkedIn to break even.
Revenue more than doubled from last year to $139 million.