Washington, Aug. 3 (ANI): Social networking site for working professionals, LinkedIn reportedly saw a rise in its revenue as a result of robust membership growth.
According to the New York Daily News, LinkedIn exceeded market expectations with second-quarter revenue rising to 59 percent and its shares rose 7 percent to record levels and the company also raised its full-year guidance.
The site in a bid to attract more traffic has found its way through sponsored ads with the mobile-friendly format of the site's update stream predicting for a new revenue source for the company.
Analyst Ken Sena said that when other sites like Facebook and Twitter have been able to use their sponsored content to boost revenue, LinkedIn will be able to do much of that as well.
The site booked revenue of 363.7 million dollars above the estimated 353.8 million dollars and chief Executive Jeff Weiner said that the company has seen significant gains on the mobile side when compared versus desktop.
The site has also introduced blog posts by luminaries like Bill Gates in an attempt to draw web traffic and has projected sales between 367-373 million dollars for the third quarter below some analysts' forecasts.
The report said that the membership grew at its fastest pace since late 2011 and there are now 238 million users, a 37 percent increase from a year ago.
LinkedIn executives said that the addition of popular features such as newsfeed similar to Facebook's has effectively doubled the traffic on the site, the report added. (ANI)