LinkedIn: 175 Million Users, $228.2M Q2 Revenues, $1M Spent Fixing Hack
Earlier this week LinkedIn has announced their second quarter earnings. They reported $228.2 million in revenues and earnings per share at $0.16. Analysts were expecting revenues of $216 million and EPS at $0.16. Year-over-year revenues are up around 89%.
The professional social network now has 175 million users. Revenues from the U.S. was around 65% of the total. Non-GAAP net income for the quarter is at $18.1 million. LinkedIn boosted their full year revenues upward to $915-$925 million from the previous $880-$900 million.
In early June, LinkedIn was hacked and they had spent between $500,000 and $1 million on forensic work after a large number of passwords were stolen. Some hackers in Russia stole the passwords and posted it on a Russian hacker website. When the leak was discovered, LinkedIn reset the passwords of the accounts that they believe were frozen. LinkedIn CFO Steve Sordello said that the company will be adding $2-$3 million in security costs in the current quarter.