The future is looking up for LinkedIn, which reported 33 percent year-over-year revenue growth on Thursday, as well as a 21 percent yearly jump of members, to 380 million. LinkedIn generated $712 million in Q2.
LinkedIn is also having more success generating paid users. Premium Subscriptions revenue was $128 million, an increase of 22 percent compared to the same quarter last year.
LinkedIn CEO Jeff Weiner discussed his company’s quarter:
Q2 was a solid quarter for LinkedIn as we delivered greater member and customer value. We continue to execute against an ambitious R&D roadmap that has led to accelerated product innovation with new product rollouts throughout the remainder of this year. We also made progress working through transitions with our Talent Solutions sales force and the evolution of our Marketing Solutions business. Additionally, we have seen some early success integrating lynda.com.
Other highlights from LinkedIn’s Q2, according to its press release:
- Improved its flagship desktop and mobile product experience, leading to approximately 60% increase in year-over-year feed engagement, and search traffic growing meaningfully faster than overall member activity.
- Further connected members with professional knowledge by surpassing more than 1 million unique long-from member publishers on LinkedIn, and launched a redesigned Pulse app for iOS and Android, delivering a more personalized news experience.
- Further focused on helping members get hired. Unique visiting members to jobs-related pages improved approximately 40% year-over-year, while the recently launched Job Search app reached more than 3 million activations from approximately 1 million during the first quarter. In addition, the number of jobs on the platform also increased to nearly 4 million from approximately 1 million last year.
- Closed its acquisition of lynda.com, adding to the LinkedIn platform 6,800 courses through 280,000 videos across five languages.
However, Wall Street was a little worried about how much of the positive movement came solely from its acquisition of Lynda.com. After an initial 14 percent spike, LinkedIn’s share value dropped nearly 5 percent.
Even with that, Business Insider reports that many analysts feel bullish about LinkedIn’s future. Wells Fargo Securities offered a positive statement about LinkedIn’s Q2:
We favor LNKD’s position as the leading, global professional social network, where the company’s “clean signal” identity data powers connectivity to the benefit of members, corporate recruiters, and b-to-b marketers. We believe an expanding portfolio of products and international growth opportunities provides a ramp to multiple years of double-digit revenue growth and margin and earnings expansion.