Following the hapless security infraction that LinkedIn experienced two months ago, the company is now saying that it has spent a huge amount of money to fix the problem. Fresh from its earnings call today, LinkedIn CFO Steve Sordello said that the company has spent between $500,000 and $1 million on forensic work after 6.5 million LinkedIn hashed passwords were leaked and posted on a hacking site in Russia early in June.
Sordello said that the company will continue to invest more on security and added that ongoing efforts to protect members should add $2 million to $3 million in costs in the current quarter. LinkedIn also announced its second quarter financial results that ended last June 30. In spite of the mishap, the company announced that the revenue for the second quarter was $228.2 million, an increase of 89 percent compared to $121.0 million in the second quarter of 2011. However, the company’s net income for the second quarter this year was only $2.8 million, compared to its net income of $4.5 million for the second quarter in 2011.RELATED