Thursday 27 October 2016 9:36 pm

LinkedIn reports a jump in revenue ahead of merger this year

LinkedIn, the global network for professionals reported a jump in revenue in its results for the third quarter of 2016.

Total revenue increased 23 per cent annually, reaching $960m.

LinkedIn's talent solutions revenue made up $623m of the overall sum, marketing brought in $175m and premium subscriptions revenue was $162m. 

Read more: Microsoft is buying LinkedIn in surprise $26bn deal

Jeff Weiner, chief executive of LinkedIn, said: "In the third quarter, continued product investments across our platform drove another quarter of strong engagement and financial performance. 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."

The number of members on the professional networking site grew by 18 per cent year-on-year to 467m, and unique site visits increased six per cent to an average of 106m a month.

The tech company said mobile was its biggest growth area, and accounted for more than 60 per cent of LinkedIn's total traffic.

LinkedIn announced a merger with Microsoft in June. Under the agreement, Microsoft will acquire LinkedIn for $196 per share in a transaction valued at around $26.2bn. The stockholders of LinkedIn approved the deal in August, and the company said it expects the merger will go ahead before the end of 2016.