LinkedIn reported strong third-quarter revenue growth as more and more companies use its services to hire employees.
Despite a 45 percent rise in revenue to $568 million compared to $393 million in the third quarter of 2013, the professional social network still posted a loss, although it was smaller than what was forecast by analysts.
The net loss attributable to common stockholders was $4.3 million, compared to net loss of $3.4 million in the year-ago quarter.
“LinkedIn made significant progress against several long-term strategic investments we began this year,” LinkedIn CEO Jeff Weiner said in a press release. “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.”
Weiner, during a conference call with investors and analysts, said China is its second-largest source of new members behind the U.S. LinkedIn just entered the Chinese market earlier this year.
“We’re showing good traction there,” he said.
Third-quarter highlights included:
- Expansion of “Limited Listings” offerings to a broad base of U.S. and global companies. Jobs seekers now have access to nearly two million job listings on LinkedIn, driving strong momentum for the Job Search mobile app.
- Launch of Sales Navigator to empower sales professionals to establish and grow relationships with prospects and customers. This new stand-alone product experience allows sales professionals to stay updated about key accounts, focus on the right people, and build trusted relationships.
- The acquisition of Bizo, accelerating the ability to develop an end-to-end B2B marketing platform. Building on the success of Sponsored Updates, Bizo’s team and technology will expand LinkedIn’s ability to leverage current content marketing products and offer a wider range of solutions to meet our customers’ marketing objectives.
“LinkedIn demonstrated strength in the third quarter, leveraging the scale created by our member network to deliver growth across all three product lines,” said chief financial officer Steve Sordello. “We continue to make aggressive investments in our member and customer platforms in order to realize our long-term potential.”
LinkedIn is forecasting revenue of between $600 million and $605 million for its fourth quarter and an annual revenue of between $2.175 billion and $2.180 billion.