LinkedIn [NYSE:LNKD] revenue for the Mar 2012 quarter (Q1) was $188.5m, up 101% on $93.9m in Q1 2011, and better than analysts’ average estimate of $178.4m. This was the 7th straight quarter of year-on-year growth in excess of 100%. Membership increased from 150m to 161m. [More]

Net income (GAAP) in Q1 was $5.0m, up 138% from $2.1m in Q1 2011. Non-GAAP income was $16.9m, up 191% from $5.8m in Q1 2011.

Revenue in the Jun 2012 quarter (Q2) is estimated by Linkedin to rise to $210m-$215m, better than analysts’ estimates of $208.4m.

In after hours trading, LNKD rose more than 14% before falling back to $118.65 (+11.51%).

USA MARKET

US economy

• Jobless claims fell to 365,000 in the week ended 28 Apr 2012, down from 392,000. As at 21 Apr 2012 3.28m people are receiving unemployment benefits.
• Retailers reported a slowdown in consumer spending in Apr 2012.

Commodities

• Gold Futures (Jun): down $19.20 to $1,635/oz
• Oil Futures (WTI LSC Jun): down $2.68 to $102.54/barrel.

Treasury yields

• 30-year: 3.12%
• 10-year: 1.93%
• 5-year: 0.82%

Share market indices

Markets are spooked by the ADP payrolls data, concerned that tomorrow’s Department of Labor employment statistics will show a slowdown in growth.

• S+P 500: 1,392 -0.77%
• DJIA: 13,207 -0.47%
• NASDAQ: 3,024 -1.16%

Tech stock news

• Facebook [NASDAQ:FB] Facebook is expected to IPO on 18 May 2012.

  Lead underwriters: Morgan Stanley, J.P. Morgan, Goldman, Sachs & Co.

  Other underwriters: BofA Merrill Lynch, Barclays Capital, Allen & Company LLC, Citigroup, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets, Wells Fargo Securities

  Offer size: 337.4m shares (~53% primary / ~47% secondary)
  Greenshoe: 50.6m shares (15%) (~12% primary / ~88% secondary)
  IPO filing range: $28 – $35
  IPO launch date: 3 May 2012
  IPO pricing date: 17 May 2012

• The Motley Fool appears undecided on IPOs. On 26 Apr 2012 TMF noted that IPOs are roaring to life (“IPOs Bounce Back”). A few days later, on 1 May 2012 TMF concluded “IPOs Are Dead Again”.
  Lloyd says: You place your bets but someone else spins the wheel!

Tech stock price movements

• Substantial rises (more than 2.0%)
  • LinkedIn [NYSE:LNKD]: up 2.83% to $109.41. In after hours trading LNKD rose 11.51% to $118.65
• Substantial falls (more than 2.0%)
  • Netflix [NASDAQ:NFLX]: down 7.61% to $75.97.
    Lloyd says: A big thankyou and steak lunch to my business partner, Anita Eglitis, for talking me out of a speculative gamble on this stock a month ago!
  • Splunk [NASDAQ:SPLK]: down 7.36% to $32.68. (IPO price: $17)
  • Research in Motion [NASDAQ:RIMM]: down 5.94% to $12.04
  • Micron Technology [NASDAQ:MU]: down 5.1% to $6.47
  • Groupon [NASDAQ:GRPN]: down 2.55% to $10.31

PORTFOLIO

NASDAQ

• Apple [AAPL] $581.82 -0.70%
• Amazon [AMZN] $229.11 -0.49%
• Google [GOOG] $611.02 +0.61%

NYSE

• Linkedin [LNKD] $109.63 +3.03%
• VMware [VMW] $112.43 -1.91%

AUSTRALIAN CURRENCY

Portfolio valuation rate (USD/AUD): 1.0312