LinkedIn on the Road to $100M; Xing Gets New CEO
Published reports have put LinkedIn's annual revenue at between $75 million and $100 million -- compared to only $10 million in 2006
Published reports have put LinkedIn’s annual revenue at between $75 million and $100 million — compared to only $10 million in 2006. When CEO Dan Nye was asked by the San Francisco Chronicle staff if those estimates are reasonably accurate, he replied: “I’m not denying it.”
Advertising is one of five ways the social network generates revenue, though Nye didn’t disclose how much money comes from ads. LinkedIn advertisers include Bank of America, Dell Computer, Hewlett-Packard, Radisson Inn, Southwest Airlines, Porsche, BMW, Nissan, and Mazda, according to the interview.
Over at Xing, a social network based in Hamburg, Germany, Lars Hinrichs announced he will resign as CEO of the company he founded. He will continue to serve on Xing’s supervisory board.
Stefan Gross-Selbeck, general manager at eBay Germany, has been named Xing’s CEO effective January 15. He will be charged will growing the social network aimed at business professionals.
Last month, Xing reported revenue of 25.1 million euros, or $32 million for the first nine months of 2008, up from 13.1 million euros during the same period in 2007. That represents an increase of 91 percent.
Xing’s revenue comes from membership fees, advertising, and e-commerce.
