LinkedIn bucks social network revenue trend

 
Michael Bow
Follow Michael
SOCIAL network LinkedIn posted an 89 per cent jump in revenues in its quarterly profits last night, fuelled by a year on year increase in its Hiring Solutions products.

The network, which is used by 175m professionals globally, announced it had increased revenues for the quarter to $228.2m (£147m), up from $121m in the second quarter of last year.

This was led by a 107 per cent increase in revenues from its Hiring Solutions product, which generated 53 per cent of total revenues.

LinkedIn chief executive Jeff Weiner said: “LinkedIn had a strong second quarter with all of our key operating and financial metrics showing solid performance.

“Our ongoing investment in product innovation drove healthy engagement as measured by unique visiting members and member page views, and our three revenue streams all experienced significant growth.”

Net income was down to $2.8m from last years’ figure of $4.5m, largely due to an increase in the provision of income taxes from $5.4m last year to $10m this quarter.

The jump in LinkedIn’s revenues contrasts to its Silicon Valley peer Facebook, which reported a smaller 32 per cent increase in revenues.