LinkedIn Beats Expectations Across The Board ... And The Stock Dips For Some Reason

LinkedIn just announced its first quarter earnings and it beat on both EPS and revenue. Here are the numbers:

• EPS: $0.38 (compared to analyst estimates of $0.34)
• Revenue: $473.2 million (compared to analyst estimates of $466.57 million)

The stock has been fluctuating in reaction to the news, but it's been negative the whole time. Right now it's down 3%.

We're not sure what's up, but we're trying to figure it out, if you have any ideas let us know in the comments!

LinkedIn's revenue guidance for Q2 was between $500 million and $505 million, compared to analyst estimates of $505.08 million, so that's a little low.

Here's the full press release:

LinkedIn Corporation (LNKD), the world's largest professional network on the Internet, with over 300 million members, reported its quarterly results for the first quarter of 2014:

• Revenue for the first quarter was $473.2 million, an increase of 46% compared to $324.7 million in the first quarter of 2013.
• Net loss attributable to common stockholders for the first quarter was $13.4 million, compared to net income of $22.6 million for the first quarter of 2013. Non-GAAP net income for the first quarter was $47.3 million, compared to $52.4 million for the first quarter of 2013. Non-GAAP measures exclude tax-affected stock-based compensation expense and tax-affected amortization of acquired intangible assets.
• Adjusted EBITDA for the first quarter was $116.7 million, or 25% of revenue, compared to $83.4 million for the first quarter of 2013, or 26% of revenue.
• GAAP diluted EPS for the first quarter was $(0.11), compared to GAAP diluted EPS of $0.20 for the first quarter 2013; non-GAAP diluted EPS for the first quarter was $0.38, compared to non-GAAP diluted EPS of $0.45 for the first quarter of 2013.

"The first quarter was strong for LinkedIn in terms of our member engagement and financial results," said Jeff Weiner, CEO of LinkedIn. "We made significant progress against several strategic priorities including expanding internationally with our China launch, extending our shift to content marketing, and furthering our goal to make LinkedIn the definitive professional publishing platform by giving members the ability to publish long-form content."

First Quarter Operating Summary

• Talent Solutions: Revenue from Talent Solutions products totaled $275.9 million, an increase of 50% compared to the first quarter of 2013. Talent Solutions revenue represented 58% of total revenue in the first quarter of 2014, compared to 57% in the first quarter of 2013.
• Marketing Solutions: Revenue from Marketing Solutions products totaled $101.8 million, an increase of 36% compared to the first quarter of 2013. Marketing Solutions revenue represented 22% of total revenue in the first quarter of 2014, compared to 23% in the first quarter of 2013.
• Premium Subscriptions: Revenue from Premium Subscriptions products totaled $95.5 million, an increase of 46% compared to the first quarter of 2013. Premium Subscriptions represented 20% of total revenue in the first quarter of 2014 and 2013.

Revenue from the U.S. totaled $284.9 million, and represented 60% of total revenue in the first quarter of 2014. Revenue from international markets totaled $188.3 million, and represented 40% of total revenue in the first quarter of 2014.

Revenue from the field sales channel totaled $275.3 million, and represented 58% of total revenue in the first quarter of 2014. Revenue from the online, direct sales channel totaled $197.9 million, and represented 42% of total revenue in the first quarter of 2014.

For additional information, please see the "Selected Company Metrics and Financials" page on LinkedIn's Investor Relations website.

First Quarter Highlights and Strategic Announcements

In the first quarter of 2014:

• LinkedIn launched a beta version of its platform in Simplified Chinese, furthering its mission to connect the world's professionals. The localized site aims to broaden the Chinese member base from four million English-language members today, to the addressable audience of 140 million professionals and students in China.
• LinkedIn opened its professional publishing platform, enabling any member to publish long-form content. Early indications are positive, based on strong uptake and network engagement.
• LinkedIn released a new version of Who's Viewed Your Profile, an analytics dashboard giving members actionable intelligence on how to best build their professional brands and manage their professional identities.

"Strong first quarter financial results were driven by sustained investment, resulting in healthy member trends and balanced growth across our three diverse product lines," said Steve Sordello, CFO of LinkedIn. "We are excited for the remainder of 2014, and believe investment in our strategic initiatives will continue to drive our member and monetization platforms."

Business Outlook

LinkedIn is providing guidance for the second quarter and full year of 2014:

• Q2 2014 Guidance: Revenue is expected to range between $500 million and $505 million. Adjusted EBITDA is expected to range between $118 million and $120 million. The company expects depreciation and amortization to be approximately $53 million, and stock-based compensation to be approximately $75 million.
• Full Year 2014 Guidance: Revenue is expected to range between $2.06 billion and $2.08 billion. Adjusted EBITDA is expected to be between $505-510 million. The company expects depreciation and amortization to be approximately $225 million, and stock-based compensation to be approximately $305 million

Quarterly Results Webcast and Conference Call

LinkedIn will host a webcast and conference call to discuss its first quarter 2014 financial results and business outlook today at 2:00 p.m. Pacific Time. Jeff Weiner and Steve Sordello will host the webcast, which can be viewed on the investor relations section of the LinkedIn website athttp://investors.linkedin.com/. This call will contain forward-looking statements and other material information regarding the company's financial and operating results. Following completion of the call, a recorded replay of the webcast will be available on the website.

Upcoming Events

Management will participate in upcoming financial Q&A discussions at industry events on May 7, May 13, and June 3, 2014. LinkedIn will furnish a link to these events on its investor relations website,http://investors.linkedin.com/ for both the live and archived webcasts.