LinkedIn buys presentation-sharing site SlideShare
Business-networking giant also announces that its first-quarter profits more than doubled over the first quarter of 2011.
LinkedIn announced today it has agreed to acquire presentation-sharing Web site SlideShare for $118.8 million.
San Francisco-based SlideShare, which helps professionals discover people through content and vice versa, had nearly 29 million unique visitors in March, according to market analyst ComScore. Since SlideShare's founding in 2006, its users have uploaded more than 9 million presentations.
The Mountain View, Calif.-based business-networking giant is buying the San Francisco-based company in a cash and stock deal that is expected to close in the second quarter.
"Presentations are one of the main ways in which professionals capture and share their experiences and knowledge, which in turn helps shape their professional identity," said LinkedIn CEO Jeff Weiner in a statement.
LinkedIn also announced today that its first-quarter profit more than doubled over the same period last year. Net income in the three months ending March 31 was $5 million, or 4 cents per share, from $2.1 million a year ago. Revenue also doubled in the first quarter, to $188.5 million from $93.9 million a year ago.
Shares jumped 8 percent in after-hours trading on the announcement, adding $8.98 to finish at $118.39 after a $3.01 gain during regular trading.