LinkedIn rival Xing reports revenue growth but declining profits
LONDON - Xing, the business-oriented social network focused on continental Europe, which reaches 8.3 million users, has reported 27% increase in third quarter revenues to €11.7m.
The bulk of the revenues, €9.96m, was generated from 662,000 paying subscribers, with the remainder coming from the jobs section and advertising.
Advertising revenues dropped from €600,000 to €372,000, while increased investment spending was cited by the company as the reason for an 81% drop in operating profits to €340,000.
Xing is the sector leader in its home markets of Germany, Austria and Switzerland, where it has 3.6 million members.
The company said its membership outside these markets has grown, particularly in Turkey and Spain.
However, its global profile is not as large as that of US-based business network LinkedIn, which last month claimed it had reached 50 million users thanks to take-up in India. As a private company LinkedIn is able to guard its revenue figures closely.
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