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Friday, 2 August 2013

LinkedIn revenue boosted by new members

Professional social network LinkedIn has reported a 59 per cent rise in revenues to $363.7 (£238.1m) million for the second quarter this year, compared to $228.2 million during the same period last year.
Net income was also up at $3.7 million, compared to $2.8 million for the second quarter of 2012.
The results were driven by a 37 per cent growth in membership from a year ago, giving the company 238 million members. LinkedIn said it was the first time membership growth rates had gone up since the third quarter of 2011.
The company also reported strong growth in its "Talent Solutions", which help companies fill job vacancies for a fee, as well as its Marketing Solutions and Premium Subscriptions.
“Accelerated member growth and strong engagement drove record operating and financial results in the second quarter,” said Jeff Weiner, CEO of LinkedIn. “We are continuing to invest in driving scale across the

 LinkedIn platform in order to fully realise our long-term potential.”
LinkedIn revamped its mobile offering in the second quarter with the introduction of new iOS and Android apps. As a result, mobile traffic to the site has risen by over 40 per cent, and levels of social actions, article views, and mobile profile edits have also increased, according to the company.
It also launched a new version of its flagship Recruiter platform for Talent Solutions customers, and a new service called CheckIn, which enables student members to engage with recruiters at on-campus hiring events.
For its third quarter, LinkedIn estimates sales will be between $367 million and $373 million, while analysts had earlier forecast the company to report $383.9 million in revenue.
LinkedIn also said that it expects revenue for the year to be between $1.46 billion and $1.48 billion, which is slightly below the $1.5 billion forecast by Wall Street analysts.

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