LinkedIn CEO: We're Not Like Other Social Networks
On the heels of a strong second-quarter earnings report, social media site LinkedIn insisted that its business model and global reach sets it apart from its competitors.
The uneven pace of economic growth is taking its toll on corporations and job-seekers. Yet LinkedIn CEO Jeff Weiner told CNBC that his network is the go-to site for both individuals and companies in a troubled economy.
“People increasingly turn to LinkedIn for help when the economy is difficult,” Weiner said, adding that the company’s global reach and focus on professional networking helps businesses and individuals “leverage their network to find work and find jobs.”
The site, which caters to both job-seekers and job providers, has largely managed to escape the wrath of investors that have laid siege to other social networking stocks such as Facebook , Zynga and Pandora.
LinkedIn’s shares have more than doubled since their IPO in May 2011. The stock priced at $45 a share back then — and closed Friday at $108.51.
As LinkedIn’s shares buck the trend of its peers, market analysts have taken to calling the company “the anti-Facebook.” Despite massive pre-IPO buzz, Facebook now finds itself beset with a sliding stock price and concerns about its business strategy.
When asked what makes his company different from other social-networking sites, LinkedIn CEO Jeff Weiner replied: “We’re now up to 175 million members on a global basis,” Weiner said.
Although that is a fraction of Facebook’s nearly 1 billion users, LinkedIn’s emphasis on professional networking — instead of dating, games and personal interests — sets it apart from many of its competitors, he said.
LinkedIn's laser-like focus on business makes it "unique in that regard,” Weiner said.
In its earnings release, LinkedIn said more than 15 percent of new member registrations are on mobile, up from 10 percent the prior quarter. Weiner said the social network's mobile segment "continues to be our fastest-growing service."