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View All NewsTriNet revenue up 15%
Third-quarter revenue rose 15.3% at TriNet Group Inc. (NYSE: TNET). The professional employer organization also reported the number of worksite employees rose 6% in the third quarter to approximately 334,000.
| (US$ thousands) | Q3 2016 | Q3 2015 | % change |
| Professional service revenue | $110,493 | $99,473 | 11.1% |
| Insurance service revenue | $659,964 | $568,535 | 16.1% |
| Total revenue | $770,457 | $668,008 | 15.3% |
| Net income | $14,581 | $3,097 | nm |
TriNet ended the third quarter with 406 total sales representatives, down from 479 at the end of the year-ago quarter.
Quote
“We took the next step in the verticalization of our direct channel by appointing national, vertical vice presidents in Q3,” President and CEO Burton Goldfield said in a conference call with analysts.
Goldfield also said in the conference call, “As part of this initiative, these leaders have consciously slowed down hiring while they assessed, recalibrated and realigned their sales teams. As a result, we ended the third quarter with 406 quota-carrying sales reps. Going forward, we expect to grow the sales force strategically within the assigned verticals. The expected ramp in hiring allows us to target approximately 420 to 450 sales reps by year-end.”
Share price and market cap
Shares in TriNet rose 16.49% in early afternoon trading today to $20.74. The company had a market cap of $1.46 billion, according to Yahoo.