LinkedIn’s revenue was up 10% in the most recent quarter, while user engagement continued to rise, as the platform navigates the various impacts of the COVID-19 crisis.
The insights come from parent-company Microsoft’s Q4 2020 report – and while we no longer get more detailed insight into LinkedIn’s usage and engagement, as we did before the professional social network was acquired by the tech giant, there are a few key notes on how LinkedIn is placed, and how it’s weathering the current uncertain situation.
The main point of note, from a usage standpoint, is that LinkedIn continues to see growth in user sessions.
As you can see here, LinkedIn sessions grew 27% in the period, continuing to build on several quarters of usage growth for the platform.
Indeed, back in April, LinkedIn also reported seeing ‘record levels of engagement‘, which aligns with what most social platforms are seeing as the global lockdowns force people to spend more time at home, which is then seeing them turn to their devices for connection and entertainment.
But LinkedIn is also seeing increased attention due to the impacts on global hiring trends. With more and more people out of work due to the pandemic, LinkedIn is seeing more usage, as people look to expand their networks and make new professional connections.
That, unfortunately, has not been equally reflected in job listings – as per Microsoft:
“LinkedIn was negatively impacted by the weak job market and reductions in advertising spend.”
Indeed, just yesterday, LinkedIn announced that it would be reducing its global workforce by 6%, largely due to the slowdown in job listings and recruitment activity.
Overall, as noted, LinkedIn still posted double-digit revenue growth in the period, but the varying impacts show how different elements can still be impacted, even when the topline number looks solid.
Moving forward, LinkedIn remains in a strong position, especially considering the likely resumption of large-scale hiring in many regions once the pandemic restrictions are lifted. But when that will be remains uncertain – and as more recent resurgences of the outbreak have shown, easing up to early can have major negative impacts.
In terms of overall users, LinkedIn officially remains at 690 million total members – which is not the same as ‘active users’, the more commonly reported social network stat, but it’s the closest we get from LinkedIn. Active usage on the platform remains a mystery, but with its unmatched professional data set, and potential for ongoing growth in the wake of the pandemic, LinkedIn remains in a good position, despite immediate-term impacts.