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View All NewsPEO TriNet revenue rises 5% in Q4
Fourth-quarter revenue rose 4.6% at professional employer organization TriNet Group Inc. (NYSE: TNET). Net income jumped, and the San Leandro, Calif.-based firm noted that net income benefited by 56 cents per diluted share due to the Tax Cuts and Jobs Act.
The average number of worksite employees fell 3% to approximately 323,000; however, the company is focused on returning to worksite employee growth in 2018, President and CEO Burton Goldfield said in a conference call with investors.
| (US$ millions) | Q4 2017 | Q4 2016 | % change |
| Professional service revenue | $117 | $114 | 2.6% |
| Insurance service revenue | $731 | $697 | 4.9% |
| Total revenue | $848 | $811 | 4.6% |
| Net income | $66 | $23 | 187.0% |
Quote
“We generated strong profitable growth in the fourth quarter and full year 2017, while making significant progress on foundational changes to support the next phase of our growth,” Goldfield said. “In 2018, we will continue to invest to both improve our client experience and utilize the scale in our business model, while growing profitably.”
Full-year results
| (US$ millions) | 2017 | 2016 | % change |
| Professional service revenue | $458 | $447 | 2.5% |
| Insurance service revenue | $2,817 | $2,613 | 7.8% |
| Total revenue | $3,275 | $3,060 | 7.0% |
| Net income | $178 | $61 | 191.8% |
Share price and market cap
Shares in TriNet rose 11.78% to $46.48 as of 9:59 a.m. Eastern time. The company had a market cap of $3.22 billion.