LinkedIn Profit Beats Estimates as Microsoft Deal Nears Closeby
LinkedIn Corp. reported profit that beat analysts’ estimates, as the company works to close a $26.2 billion sale to Microsoft Corp.
- Profit excluding some items was $1.18 per share in the quarter, the company said in a statement, compared with the average analyst forecast for 93 cents.
- LinkedIn said third-quarter revenue was $959.8 million, up 23 percent from a year earlier, driven by its business for helping recruiters find talent. The average analyst estimate was $961 million, according to data compiled by Bloomberg.
- LinkedIn said it has 106 million unique visiting members a month.
The Big Picture
LinkedIn is wrapping up its last months as an independent company, planning its integration with Microsoft. The company’s deal is still being reviewed by regulators. Salesforce.com Inc., which was also a bidder for LinkedIn, has been urging the European Union to take a close look at the deal. Still, LinkedIn has said it expects the deal to close before the end of the year.
The company sold to Microsoft after disclosing in February that it would grow more slowly than expected. By combining, LinkedIn would have access to more users through Microsoft’s network of business clients, while Microsoft would have information on professional connections it could use to improve its services.
“As we look forward, our combination with Microsoft creates the opportunity for us to dramatically increase the impact and scale with which we deliver value to our members and customers,” Chief Executive Officer Jeff Weiner said.