LinkedIn took the time to share its Q3 financials for its second-earnings statement as a public company. It appears the professional social network experienced some substantial growth.
The company’s user base increased more than 60% this year, plus the unique visitors increased significantly as well. The overall revenue doubled, and the company’s Hiring Solutions made up over 50% of LinkedIn’s quarterly revenue.
LinkedIn has cemented itself as a social network for jobs and employees to find one another. Still, the company has big plans to launch new products, such as Apply Through LinkedIn job applications, and the recently launched Classmates, a data-driven tool aimed at students and new graduates — its largest and expanding demographic.
The expansion continues with premium subscriptions doubling in just the last year — at a rate faster than other subscriptions. Premium subscriptions accounts for 20% of its revenue and Marketing Solutions accounts for 32% of its revenue. Hiring Solutions is clearly the most profitable product, bringing in 51% of its revenue.
The social network also reported substantial growth in the U.S. as well as internationally, translating the site into Russian, Turkish and Romanian. And in a few months there will be a site in Japanese.
LinkedIn also introduced Talent Pipeline for recruiters to help centralize how recruiters find, track and stay in touch with future fires and staff promotions. LinkedIn also bought up two companies: Real-time, search startup IndexTank and social contact management startup Connected.
With all this expansion, LinkedIn is looking like it will maintain the business market for social networking even though Google+ and Facebook plan to foster that area as well.