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View All NewsPEO TriNet reports revenue up 8%
Fourth-quarter revenue rose 8.1% at professional employer organization TriNet Group Inc. (NYSE: TNET). The average number of worksite employees was basically flat, down 0.2% to approximately 321,880.
| (US$ millions) | Q4 2018 | Q4 2017 | % change |
| Professional service revenue | $124 | $117 | 6.0% |
| Insurance service revenue | $793 | $731 | 8.5% |
| Total revenue | $917 | $848 | 8.1% |
| Net income | $29 | $66 | -56.1% |
Net income fell year over year, but the San Leandro, Calif.-based firm noted that net income in the prior-year period benefited by 56 cents per share due to the Tax Cuts and Jobs Act of 2017.
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“Our successful execution of our vertical market strategy delivering targeted benefits, service models, and pricing to the unique industries we served drove our strong financial performance in the fourth quarter and full year,” Goldfield said.
Full-year results
| (US$ millions) | 2018 | 2017 | % change |
| Professional service revenue | $487 | $458 | 6.3% |
| Insurance service revenue | $3,016 | $2,817 | 7.1% |
| Total revenue | $3,503 | $3,275 | 7.0% |
| Net income | $192 | $178 | 7.9% |
Share price and market cap
TriNet shares were up 24.29% to $61.56 at 10:59 a.m. Pacific time; the company had a market cap of $3.49 billion, according to FT.com.