Today, LinkedIn CEO Jeff Weiner- on an earning call- told users that professional networking site has reached the user base of 131 million users and more than million groups exist on LinkedIn. Jeff also informed that company’s revenue for Q3 has surged by 126 percent, reaching $139.5 million compare to $61.8 million during same period in 2010. However, company has recorded a net loss of $1.6 million in Q3 of 2011 compare to $4.0 million profit in Q3 2010. In accordance to its loss, share price of LinkedIn has dipped by 9 percent.
In a statement Weiner said “More than 15 million people joined the business social network in the third quarter of 2011. That’s a boost of 63% competed to the growth rate this time last year.”
The number of users accessing LinkedIn through mobile has also increased by 400 percent in Q3 of 2011 compared to Q3 of 2010. In total, LinkedIn registered 13 percent of unique visits in Q3 of 2011.
“Mobile page views are up by 400% year-over-year. In total, mobile accounts for 13% of Linkedln’s unique visits”, as said by Weiner.
LinkedIn also gains in sharing button traction which has been increased to 180,000 in Q3 from 100,000 in the second quarter of current year. Its developer based is also increased; now more than 40,000 developers are using LinkedIn APIs – an increase of 30 percent compared to second quarter of present year.
“LinkedIn had a strong third quarter, with significant, broad-based growth across all of our revenue streams, member engagement metrics, geographies, and sales channels.” “Our results underscore the long-term strength of our global platform and our business model,” as said by Jeff Weiner.
Hiring solution for the professional networking site has increased by 159 percent, taking it to 7,400 customers. LinkedIn has not revealed information about number of people using its marketing solutions but has claimed that growth rate is 113 percent year over year. Also, Premium Subscribers for the company has been doubled compared to last year and it is growing faster than overall membership.
“The company posted its eighth straight quarter of accelerated revenue growth and achieved record engagement on the LinkedIn platform”. “We delivered strong adjusted EBITDA and record levels of operating and free cash flow. LinkedIn plans to maintain a long-term perspective with investment in our key strategic areas,” as said by Steve Sordello, CFO of LinkedIn.
Hope LinkedIn rises in the similar manner and in coming days we will se more and more new features by LinkedIn. For more information about LinkedIn financial users click here and garnished our comment box with your valuable comments.
