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Online social networking firm LinkedIn Corp. reported first-quarter revenue from recruiting operations jumped 173.7 percent year over year, according to the prospectus for its initial public offering last week. It also cited “traditional recruiting firms” among its competitors.
LinkedIn’s hiring solutions revenue for the first-quarter of this year totaled $46.3 million compared to $16.9 million in the first quarter of 2010.
Full-year 2010 hiring solutions revenue totaled $101.9 million, up 181.9 percent from 2009. LinkedIn’s total revenue was $243.1 million in 2010. Total revenue also includes marketing solutions (advertising) and premium subscriptions.
LinkedIn’s hiring solutions includes LinkedIn Corporate Solutions, which allows companies to identify job candidates based on industry, experience, education, etc. Corporate Solutions customers rose to 4,800 in the first quarter of 2011 from 3,900 in the same period last year.
Hiring solutions revenue also includes LinkedInJobs, which provides job postings.
In addition to recruiting firms, the prospectus identified LinkeIn’s competitors as Monster, CareerBuilder and talent management firms such as Taleo.
LinkedIn reported 100 million-plus members worldwide with 44 percent in the U.S. and 56 percent in other parts of the world. However, the company reported the number of members listed isn’t equal to the number of actual members — some people may have multiple accounts and others may have ceased using the system.