Social media stocks flying high as LinkedIn wows Wall Street
By James O'Toole @jtotooleJuly 31, 2014: 5:08 PM ET
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.