MOUNTAIN VIEW, Calif., October 27, 2016 LinkedIn Corporation (NYSE: LNKD), the worlds largest professional network on the Internet, today reported results for the third quarter of 2016. Detailed financial information on the quarter will be available within the companys Form 10-Q filing with the SEC.
In Q3, continued product investments across our platform drove another quarter of strong engagement and financial performance, said Jeff Weiner, CEO of LinkedIn. As we look forward, our combination with Microsoft creates the opportunity for us to dramatically increase the impact and scale with which we deliver value to our members and customers.
During the quarter, LinkedIn's platform continued to show strong engagement, powered by investments across mobile, messaging, content and jobs. Cumulative members grew 18% year-over-year to 467 million, and unique visiting members grew 6% to an average of 106 million members a month. Member page views grew 27% in the quarter, yielding 20% year-over-year growth in page views per unique visiting member. Mobile continues to grow at more than double the rate of overall member activity, surpassing 60% of all traffic to LinkedIn.
Total revenue increased 23% year-over-year to $960 million.
Talent Solutions revenue increased 24% year-over-year to $623 million.
Hiring contributed $556 million in revenue, up 21% year-over-year.
Learning & Development contributed $67 million in revenue.
Marketing Solutions revenue increased 26% year-over-year to $175 million.
Sponsored Content remained the primary driver of growth and is now approaching two-thirds of total Marketing Solutions revenue.
Premium Subscriptions revenue increased 17% year-over-year to $162 million.
Sales Navigator remained the faster growing component of Premium Subscriptions, across both the field and online channels.
GAAP net income attributable to common stockholders was $9 million. GAAP diluted EPS was $0.06, compared to $(0.36) last year.
Non-GAAP net income was $163 million, excluding $2.0 million of merger-related transaction costs. Non-GAAP diluted EPS was $1.18, compared to $0.78 last year.
Adjusted EBITDA was $304 million, or 32% of revenue.
"During the quarter, LinkedIn demonstrated strong top and bottom-line performance," said Steve Sordello, CFO of LinkedIn. "Focused investments generated solid growth across our product lines as well as greater leverage across the business, resulting in record high levels of Adjusted EBITDA margin, non-GAAP EPS, and operating cash flow."
As previously announced on June 11, 2016, LinkedIn entered into a merger agreement with Microsoft Corporation ("Microsoft") under which Microsoft will acquire LinkedIn for $196.00 per share in an all-cash transaction valued at approximately $26.2 billion, inclusive of LinkedIns net cash. On August 19, 2016, LinkedIn stockholders voted to approve the merger agreement. LinkedIn continues to expect the transaction to close prior to the end of 2016.
In light of the pending merger, LinkedIn will not be updating its outlook for fiscal 2016 and will not be hosting a conference call for its third quarter 2016 business results.
About LinkedIn
LinkedIn connects the world's professionals to make them more productive and successful and transforms the ways companies hire, market, and sell. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the world's first Economic Graph. LinkedIn has offices around the world.
Non-GAAP Financial Measures
To supplement its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, the company uses the following non-GAAP financial measures: adjusted EBITDA, non-GAAP net income, and non-GAAP diluted EPS (collectively the non-GAAP financial measures ). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with US GAAP. The company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The company believes that they provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.
The company excludes the following items from one or more of its non-GAAP measures:
Stock-based compensation. The company excludes stock-based compensation because it is non-cash in nature and because the company believes that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance and liquidity. The company further believes this measure is useful to investors in that it allows for greater transparency to certain line items in its financial statements and facilitates comparisons to peer operating results.
Non-cash interest expense related to convertible senior notes. In November 2014, the company issued $1.3 billion aggregate principal amount of 0.50% convertible senior notes. In accordance with GAAP, the company separately accounted for the value of the conversion feature as a debt discount, which is amortized in a manner that reflects the company's non-convertible debt borrowing rate. Accordingly, the company recognizes imputed interest expense on its convertible senior notes of approximately 4.7% in its statement of operations. The company excludes the difference between the imputed interest expense and coupon interest expense, net of any capitalized interest, because it is non-cash in nature and because the company believes that the non-GAAP financial measures excl
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MOUNTAIN VIEW, Calif., October 27, 2016 LinkedIn Corporation (NYSE: LNKD), the worlds largest professional network on the Internet, today reported results for the third quarter of 2016. Detailed financial information on the quarter will be available within the companys Form 10-Q filing with the SEC.
