LinkedIn released its third quarter results today, reporting impressive revenue growth and a solid increase in registered users.
In light of the pending takeover, LinkedIn shied away from hosting a conference call and updating its outlook for the coming quarter (as is the norm). It has little to worry about, however, considering its total revenue increased by 23 percent year-over-year to reach $960 million. The final numbers beat estimates, with analysts previously predicting $959 million.
Considering stagnant user numbers continue to plague its competitors (we’re looking at you, Twitter), LinkedIn didn’t break a sweat in its third quarter when it came to attracting more members. The site’s user base witnessed a rise of 18 percent year-over-year and now stands at 467 million. Additionally, LinkedIn’s mobile traffic grew “at more than double the rate of overall member activity,” and now accounts for 60 percent of all traffic.
“In Q3, continued product investments across our platform drove another quarter of strong engagement and financial performance,” said LinkedIn CEO Jeff Weiner. “As we look forward, our combination with Microsoft creates the opportunity for us to dramatically increase the impact and scale with which we deliver value to our members and customers.”
LinkedIn saw an increase in revenue across its integrated product range. The company’s recruitment service, Talent Solutions, contributed the most to sales, raking in $623 million (a 24-percent rise year-over-year). The company’s ad segment, Marketing Solutions, generated a tidy $175 million, and premium subscriptions increased 16 percent year-over-year to $162 million.
In terms of the future, LinkedIn has already confirmed it’s planning to overhaul its website, complete with a redesigned look, a new smart messaging system, and an improved algorithmic home feed.
- Practically every major social app has a Stories function now. This is why
- Netflix reveals top shows and movies as subscribers hit 200 million
- Slack vs. Microsoft Teams
- The best Google Chrome extensions
- The best Google Photos alternatives