XING posts positive financials as online business networking goes mainstream

Europe’s main LinkedIn competitor XING, has released a financial update which is overall positive.

In the first quarter, the publicly floated XING AG posted net income of €1.3 million. The start of 2010’s financial year has seen the site generate revenues of €12.60 million in Q1, a 17 percent increase over figures for the same period last year (€10.75 million). This equated to equating to €1.3 million profit. EBITDA was €3.3 million. There was a 23 percent increase in member numbers compared to the previous year and it had 420,000 new members in Q1. It now has 3.9 million registered members in total.

It now has 708,000 Premium Members registered on the platform, again, a 17 percent increase on the same period last year (606,000 as of March 31, 2009).

The number of members worldwide increased by 23 percent from 7.5 to 9.2 million in the last year and in the first quarter of 2010, 420,000 people registered on the site.

CEO Dr. Stefan Gross-Selbeck pointed out that XING is consolidating its position in German-speaking countries.

Job ads are 20 percent up on last year, hitting revenues of €1.44 million (they were €1.20 million on March 31, 2009).

Advertising has posted revenues of €774,000, roughly 34 percent higher than last year’s figure (€578,000).

These new sources of revenue now make up almost 18 percent of XING’s total revenue.

XING added 1.2 million members in Spain, a 31 percent increase over the figures for Q1 2009, while Turkey saw member growth of 61 percent (to 810,000 members). XING acquired a Turkish business networking site a couple of years ago.