LinkedIn’s China efforts pay; 45% increase in revenue
The professional network LinkedIn reported results of its third quarter for 2014. It recorded revenue of $568 million, an increase of 45 per cent compared to the third quarter of 2013, which was at $393 million.
Approximately 75 per cent of the new members to LinkedIn were from outside the US in Q3. A large contributor to network growth in recent months has been China. Mobile accounted for 47 per cent of the total traffic to LinkedIn.
“LinkedIn made significant progress against several long-term strategic investments we began this year. During the third quarter, we took meaningful steps in increasing the scale and relevance of job listings, growing the professional publishing platform, and expanding our member network in new geographies and demographics,” said Jeff Weiner, CEO of LinkedIn.
In a company statement it said, “Net loss attributable to common stockholders for the third quarter was $4.3 million, compared to net loss of $3.4 million for the third quarter of 2013. Non-GAAP net income for the third quarter was $66 million, compared to $47 million for the third quarter of 2013. Adjusted EBITDA for the third quarter was $151 million, or 27 per cent of revenue, compared to $93 million for the third quarter of 2013, or 24 per cent of revenue.”
In the third quarter, LinkedIn acquired Bizo to develop an end-to-end B2B marketing platform. The network expanded on its ‘Limited Listings’ feature. It also launched a new Sales Navigator feature for sales professionals.
“LinkedIn demonstrated strength in the third quarter, leveraging the scale created by our member network to deliver growth across all three product lines,” said Steve Sordello, CFO of LinkedIn.
“We continue to make aggressive investments in our member and customer platforms in order to realise our long-term potential,” Sordello added.
