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View All NewsTriNet revenue rises 7%; WSE count edges up at PEO
Second-quarter revenue rose 7.3% at TriNet Group Inc. (NYSE: TNET). The professional employer organization also reported the total number of worksite employees edged up 1% year over year in the second quarter to approximately 329,000.
| (US$ thousands) | Q2 2017 | Q2 2016 | % change |
| Professional service revenue | $108,642 | $109,593 | -0.9% |
| Insurance service revenue | $691,899 | $639,253 | 8.2% |
| Total revenue | $800,541 | $745,846 | 7.3% |
| Net income | $39,951 | $12,282 | 225.3% |
Professional service revenue was affected by the ongoing transition to the recently released HR product TriNet Main Street, which went live July 1 and targets industries including hospitality, property management and retail, President and CEO Burton Goldfield noted in a conference call with investors.
Quote
“We made notable progress in executing our strategic plan and delivered strong financial performance during the second quarter,” Goldfield said. “Building on our differentiated solutions, our 2017 strategic plan is aimed at strengthening our vertical product offering, elevating our long-term growth profile and further improving on our profitable business model. Looking ahead, we are confident this focus will continue to strengthen our unique value proposition and increase the intrinsic value of our organization to the benefit of our shareholders.”
Share price and market cap
Shares in TriNet rose 17.17% in early afternoon trading today to $41.01. The company had a market cap of $2.801 billion, according to Yahoo.