LinkedIn Soars After Blowing Past Earnings and Raising Guidance (LNKD)

Net income was up over 100% to $5.0 million for the first quarter; and the non-GAAP net income for the first quarter was up closer to 200% to $16.9 million (versus $5.8 million for the first quarter of 2011). LinkedIn’s adjusted EBITDA was $38.1 million in the first quarter, or 20% of revenue, compared to $13.3 million for the first quarter of 2011, or 14% of revenue. Revenue from Hiring Solutions rose 121% to $102.6 million, or 54% of total revenue in the first quarter of 2012 versus 49% in the first quarter of 2011.

Revenue from Marketing Solutions rose 73% to $48.0 million, or 26% of total revenue in the first quarter of 2012 versus 30% in the first quarter of 2011.

Revenue from Premium Subscriptions rose 91% to $37.9 million, or 20% of total revenue in the first quarter of 2012 versus 21% of revenue in the first quarter of 2011.

Revenue from the U.S. was $120.8 million and represented 64% of total revenue in the first quarter; Revenue from international markets was $67.6 million and represented 36% of total revenue in the first quarter.

Q2-2012 Guidance: Revenue for the second quarter of 2012 is projected to range between $210 million to $215 million and Thomson Reuters has an estimate of $207.93 million. Other targets as follows: adjusted EBITDA between $40 million and $42 million; Depreciation and amortization between $18.5 million and $19.5 million; and stock-based compensation between $18 million and $19 million.

Full Year 2012 Guidance: Raised revenues to a new range of $880 million to $900 million from the prior range of $840 million to $860 million; Thomson Reuters has estimates of $876.8 million. LinkedIn sees the following adjustment as well: revised its expected adjusted EBITDA range to $170 million to $175 million from the prior range of $155 million to $165 million; depreciation and amortization has increased to $75 million to $85 million from $70 million to $80 million; and stock-based compensation has increased to $80 million to $90 million from $65 million to $75 million.

LinkedIn shares closed up 2.8% at $109.41 and the post-IPO range of less than the last year has been $55.98 to $122.70. It also has a market cap of $11.2 billion. At the current consensus estimate from Thomson Reuters for 2012, LinkedIn’s closing price generates a forward valuation of 173-times earnings. Admittedly, that is a bit out of whack considering that LinkedIn has beat on earnings and guided most other metrics higher.

LinkedIn shares are now up 10% or so at $121.00 in the after-hours session. If this level remains, it seems that another opportunity for shareholders to sell more shares may come about.

JON C. OGG