LinkedIn Competitor XING Reports Record Growth and Revenues for 2010

In the battle for professional social networks, Germany’s XING has been steadily gaining ground as a competitor to LinkedIn, and it’s financial results today prove that the company knows how to monetize their users. XING announced that for the first half of 2010, total revenues rose 20% over last year’s €21.54 million to €25.86 million this year. The majority of revenue comes from XING’s paying Premium Members but there has been growth in their recruiting services and their on-site advertising as well.