Social media stocks flying high as LinkedIn wows Wall Street

July 31, 2014: 5:08 PM ET
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NEW YORK (CNNMoney)

There might be something to this social media thing after all.

LinkedIn (LNKD, Tech30) shares surged nearly 10% in after-hours trading Thursday after reporting second-quarter earnings and sales that blew past Wall Street estimates. The company also boosted its full-year sales projection for 2014.

The professional networking site reported a sales increase of more than 40% in each of its three main lines of business: premium subscriptions, advertising and its "talent solutions" service for recruiters.

LinkedIn's strong numbers come after Twitter (TWTR, Tech30) posted better-than-expected earnings Tuesday that helped allay fears among investors about the company's growth. Shares surged more than 20% the day after.

Facebook (FB, Tech30), meanwhile, surged to an all-time high last week following strong second-quarter earnings buoyed by the company's newfound success in mobile advertising.

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