Linkedin record better than expected profits with shares rising 14%

Performance put down to new businesses including news content

LinkedIn’s addition of new businesses, including news content and client-management services for salespeople, lifted third-quarter sales and profit above analysts’ estimates.

The shares soared as much as 14 per cent with revenue climbing 45 per cent to $568.3 million, the Mountain View, California-based company said in a statement.

Profit excluding certain costs was 52 cents a share whereas analysts on average had projected sales of $557.7 million and profit of 47 cents.

Chief Executive Officer Jeff Weiner has been building new products, such as a news business with sponsored updates and tools to help salespeople looking for clients, to make up for slower growth in recruiting, where the market is becoming saturated.

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LinkedIn, owner of the largest professional- networking website, has also expanded into regions such as China.

Shares climbed 13 per cent to $228.34 in New York, after earlier increasing to $230.62, the biggest intraday gain since February 2013.

- Bloomberg