LinkedIn reported a net loss of $1.6 million for the third quarter Thursday, and although this beat Wall Street expectations, investors aren't pleased.
Shares of the networking company fell 8.29 percent to $80.25 in after-hours trading. The company went public in May, and closed at $94.25 on its first day of trading.
The company reported third quarter revenue of $139.5 million, an increase of 126 percent compared to $61.8 million in the third quarter last year, when the company was private. However, costs and expenses for the company were up 133 percent to $134.9 million.
LinkedIn had a strong third quarter, with significant, broad-based growth across all of our revenue streams, Jeff Weiner, CEO of LinkedIn, said in an earnings statement. Our results underscore the long-term strength of our global platform and our business model.
The company's Hiring Solutions Unit brought in $71 million, the company's Marketing Solutions unit brought in $40.1 million and premium subscriptions brought in $28.4 million. Revenue from the United States totaled $94 million.
The company also announced Thursday that they would sell an additional $100 million of stock.
Contact Samuel Weigley at firstname.lastname@example.org.