FINANCIALS: CDI Corp, Hudson and LinkedIn report

Three publically-listed firms have reported Q3 financials: engineering services and staffing firm CDI Corp, global recruiter Hudson and social network LinkedIn.
Thu, 31 Oct 2013Three publically-listed firms have reported Q3 financials: engineering services and staffing firm CDI Corp, global recruiter Hudson and social network LinkedIn.

CDI Corp
The firm saw revenues of $277.9m (£203.7m), down by a margin of 0.5% on Q3 2012, while net income dropped from $5.4m to $4.6m as costs rose by $549k, in results available online.

The professional staffing services division, which makes up two-thirds of the group, saw revenues rise by 2% to $182m, with a jump in the oil, gas and chemical sub-section providing the major boost.

The Management Recruiters International brand saw revenues drop by around a quarter to $10.8m.

As was the case in the company's previous quarterly financial release, president and chief executive officer Paulett Eberhart said the firm was “not converting [contract] wins into revenue at the pace we expected”.

Hudson
Revenues dropped 12.9% on Q3 2012 to $163.6m, as previous earnings before interest tax, depreciation and amortisation (EBITDA) of $1.5m turned to a $2.9m EBITDA loss, according to results available on the firm's website.

This slows revenue decline of 16.3% seen in Q2, although as previously Q3 saw revenues decline in all three business geographies (Americas, Asia-Pacific and Europe). The Australian market was noted as particularly difficult.

Again, chair and CEO Manuel Marquez says the results “reflect the continuing progress we are making to put the business on a path towards sustainable profitability and top-line growth” and adds that the board “believes the business is trending positively overall”.

LinkedIn
The network’s Talent Solutions division, which makes up nearly two-thirds of revenue, again grew at a faster rate than its other two streams of income in Q3, the company's results show.

Talent Solutions accounted for 57% of the firm’s $393m revenues, with the $224.7m of Talent Solutions revenue 62% higher than in the same quarter last year.

Marketing Solutions revenue grew by 38%, while revenue from premium subscriptions was up 61%.

EMEA and Asia-Pacific region revenue growth was quicker than the rise in US revenue, although the latter remains by far the company’s largest customer.

The company made a net loss of $3.4m, having had net income of $2.3m this time last year, as it increased its internal spending by roughly the same total that revenues rose. Sales and marketing costs jumped from $83m to $133m.

Membership grew 38% to 259m.

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