We formulate spectral clustering for directed graphs as an optimization problem, the objective being a weighted cut in the directed graph. This objective extends several popular criteria like the normalized cut and the averaged cut to asymmetric affinity data. We show that this problem can be relaxed to a Rayleigh quotient problem for a symmetric matrix obtained from the original affinities and therefore a large body of the results and algorithms developed for spectral clustering of symmetric data immediately extends to asymmetric cuts. We also compare and contrast this approach with an approach based on the Markov random walk view of spectral clustering. We show that the two approaches coincide in the case of symmetric spectral clustering (i.e for undirected graphs) but that they bifurcate for the richer case of asymmetric affinities.