Business networking site LinkedIn has reported strong growth in its latest quarter, with both revenue and profits up for the first quarter of 2013, although the numbers are hardly eye-popping.
The firm posted revenue of $324.7m, up from $188.5m in the same period last year, a rise of 72 percent, and this helped lead to an increase in profits from a lowly $5m in 2012 to a modest $22.6m in 2013.
LinkedIn also revealed it grew its user base to 218 million in the quarter, to the date ending 31 March, and this has grown to more than 225 million since then, an addition of some seven million more users in just over a month.
The firm also reported that it had 11 billion page views in the quarter, making it the 22nd most visited web property on the web.
The revenues raised came from across a number of areas in the business. Its Talent Solutions offerings brought in $184.3m, up 80 percent year-on-year, while Marketing Solutions were at $74.8m, up 56 percent. Meanwhile Premium Subscribers on the site rose too, up to $65.6m, which was a rise of 73 percent.
This came on the back of 1,700 new corporate customers on the Talent Solutions tool, rising to 18,000. The bulk of the revenue comes from the US, at $201.4m, while other markets added $123.3m.
Despite the low financial numbers involved for LinkedIn, when compared to other US giants like Google or Facebook, the firm’s chief executive Jeff Weiner was understandably upbeat about its growing revenue and income.
“We sustained and built upon the momentum of a transformative 2012. We continue to deliver great products and we exited the first quarter with number of engagement and financials results at record levels,” he said on an earnings call to discuss the results. “Our focus throughout 2013 is on maintaining our accelerated pace of innovation while scaling the value we offer to members and customers.”
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