LinkedIn released its latest earnings report after closing bell tonight, posting adjusted earnings of 74 cents per share on $860.7 million in revenue. Analysts had been expecting earnings of 60 cents per share and $829.93 million in revenue. In last year’s first quarter, the social network posted $637.7 million in revenue.

LinkedIn Corp Soars After Earnings, Guidance Beat

LinkedIn’s losses widen

On a GAAP basis, LinkedIn posted a loss of 35 cents per share, compared to last year’s losses of 34 cents per share. Talent Solutions revenue climbed 41% year over year to $558 million, while Hiring revenue increased 27% to $502 million. Learning and Development revenue amounted to $55 million, while Marketing Solutions revenue climbed 29% to $154 million. Premium Subscriptions revenue rose 22% to $149 million.

Before tonight’s earnings report, Canaccord Genuity analysts said the bar had been set very low. LinkedIn shares plummeted by more than 40% in a single day following the social network’s last earnings report, making that their biggest one-day drop ever.

Canaccord analysts recalled that management said on the last earnings call that while member engagement had hit new lows in the fourth quarter, it was recovering in the first quarter thanks to the new Voyager app. They also note that unique visitors to LinkedIn decelerated 190 basis points in February but then reaccelerated 90 basis points last month to reach 122.7 million, which appeared to corroborate management’s fourth quarter remarks.

LinkedIn updates guidance

LinkedIn management expects second quarter revenue to fall between $885 million and $890 million and adjusted EBITDA to be between $225 million and $230 million. They expect non-GAAP earnings to fall between 74 cents and 77 cents per share. The consensus estimates are 71 cents per share in earnings and $886.1 million in revenue.

For the full year, management expects revenue to be between $3.65 billion and $3.7 billion, adjusted EBITDA between $985 million and $1.005 billion, and non-GAAP earnings between $3.30 and $3.40 per share. The consensus estimates are earnings of $3.19 per share and $3.67 billion in revenue.

Shares of LinkedIn surged by as much as 8.6% to $133.51 in after-hours trades.

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