LinkedIn, a popular professional networking platform, provides financial reports less frequently since its association with Microsoft. However, a recent revelation during Microsoft’s Q2 updates has signaled LinkedIn’s steady growth. Notably, the networking giant has experienced a 9% surge in its annual revenues.
Satya Nadella, Microsoft CEO, confirmed during the earnings discussion that LinkedIn has hit a milestone of $2 billion in revenues from Premium subscriptions over the past year. While the total revenue generated during this period remains undisclosed, the $2 billion figure indicates LinkedIn’s success in encouraging more users to embrace the paid features over the past two years.
Ryan Roslansky, CEO of LinkedIn, stated, “Building a $2B revenue subscription business is a rarity achieved only by a few digital-based companies.” LinkedIn’s increased focus on AI tools to facilitate professional connections and opportunities has contributed significantly to this achievement.
Since Microsoft’s acquisition in 2016, LinkedIn has remained somewhat tight-lipped about its financial and user figures. However, this revelation arrives concurrently with Microsoft’s report on Q2 earnings, signifying a slowdown in its cloud business growth.
The newly incorporated AI features, catering to job search, and professional development have witnessed robust uptake by LinkedIn’s Premium subscribers. In fact, about 40% of its Premium subscribers are now using these features.
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