(Reuters) - LinkedIn Corp shares were set to open around 9 percent higher on Friday, after the professional networking site reported higher-than-expected quarterly revenue and raised its full-year outlook.
LinkedIn's second-quarter revenue rose 89 percent to $228.2 million, beating analysts' average forecast of $216.3 million, according to Thomson Reuters I/B/E/S.
"LinkedIn is benefiting from secular growth, a very nicely diversified business model, and market share gains," Citi Research analyst Mark Mahaney wrote in a research note to clients.
LinkedIn connects professionals, including many seeking jobs. It earns revenue from subscriptions to its premium service, advertising and companies that use LinkedIn for hiring.
Due to its business focus and diversified revenue such as premium membership, LinkedIn's results are in sharp contrast to that of Facebook Inc, which largely depends on advertising revenue.
"We continue to believe LinkedIn is operating extremely well and has significant room for growth ahead driven by the secular shift toward enterprise hiring, expanded field sales efforts, and new products," JPMorgan analyst Doug Anmuth said.
LinkedIn raised its full-year revenue forecast to a range of $915 million to $925 million from $880 million to $900 million.
Both JPMorgan and Citi maintained their top ratings on the stock.
LinkedIn shares traded at $102 before the bell on Friday, up 9 percent from the closing price of $93.51 on the New York Stock Exchange on Thursday.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Rodney Joyce)