Seeking Alpha

LinkedIn's site traffic declines; investment pace remains aggressive

  • In addition to providing soft top-line guidance, LinkedIn (LNKD) has disclosed its site traffic fell Q/Q in Q4, according to comScore's numbers. Unique visitors dropped by 3M Q/Q to 139M (they rose 23M Y/Y), and page views fell by 1B to 10.6B (they rose by 800M Y/Y).
  • Though comScore's data doesn't include mobile app traffic (growing rapidly, from all indications), it's fueling concerns LinkedIn's efforts to boost user engagement aren't going as planned. With only 25% of its revenue coming from ads, LinkedIn is less directly dependent on site/app traffic than Facebook and Twitter.
  • The company continued to spend aggressively in Q4. Sales/marketing spend +57% Y/Y to $157.2M (35% of revenue), R&D +46% to $113.1M, G&A +66% to $64.8M.
  • The U.S. accounted for 61% of revenue vs. 62% in Q3. Direct (online) sales made up 39% of revenue vs. 42% in Q3.
  • Registered users rose by 18M Q/Q to 277M after growing by 21M in Q3.
  • Shares -7.3% AH. Q4 results, guidance/details, slides.
Comments (1)
  • rwbrown.bvf@gmail.com
    , contributor
    Comments (71) | Send Message
     
    It's still a bubble.
    6 Feb, 08:32 PM Reply Like
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