Microsoft Corp. reported today that LinkedIn revenue rose 17% to $3.66 billion in the company’s fiscal first quarter ended Sept. 30. The increase as measured in constant currency was 21%. The increase was driven by LinkedIn’s talent solutions recruiting business.
However, Microsoft warned of a hiring slowdown impacting LinkedIn when announcing upcoming guidance.
“For LinkedIn, we expect continued strong engagement on the platform, although results will be impacted by a slowdown in advertising spend and hiring resulting in mid-to- high-single-digits revenue growth or low to mid-teens growth in constant currency,” Microsoft CFO Amy Hood said.
Still, the company reported high levels of engagement on LinkedIn.
“We once again saw record engagement among our more than 875 million members, with international growth increasing at nearly two times the pace as in the Unites States,” Microsoft CEO Satya Nadella said in the first-quarter conference call with analysts.
Nadella also noted there are more than 150 million subscriptions to newsletters on LinkedIn, a four-fold increase year over year.
In addition, Microsoft’s acquisition of EduBrite will allow workers to earn professional certificates directly on LinkedIn, the company announced.
Overall, total revenue at Microsoft was $50.1 billion in its fiscal first quarter, up 11% year over year — an increase of 16% in constant currency.