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View All NewsRevenue rises 10% at professional employer organization TriNet
First-quarter revenue rose 10.2% at TriNet Group Inc. (NYSE: TNET). The professional employer organization also reported the number of worksite employees rose 3% year over year in the first quarter to approximately 328,000.
| (US$ thousands) | Q1 2017 | Q1 2016 | % change |
| Professional service revenue | $120,121 | $112,403 | 6.9% |
| Insurance service revenue | $687,489 | $620,536 | 10.8% |
| Total revenue | $807,610 | $732,939 | 10.2% |
| Net income | $28,737 | $11,577 | 148.2% |
Richard Beckert joined TriNet last month as senior VP of finance and was appointed CFO immediately following the filing of TriNet’s first-quarter earnings report. VP and CFO Bill Porter in October announced his plans to retire; he will now transition into an advisory role.
Quote
“We began the year with strong financial performance, and we are well positioned to achieve our 2017 financial goals,” said President and CEO Burton Goldfield. “The steps we’ve taken during the past year to strengthen our management team, improve our operational discipline and further expand on the differentiated vertical products, are beginning to pay off.”
Share price and market cap
Shares in TriNet rose 11.50% in early afternoon trading today to $32.29. The company had a market cap of $2.21 billion, according to Yahoo.