Tesla and SpaceX CEO Elon Musk has previously called LinkedIn "cringe," but Microsoft Corporation (NASDAQ:MSFT) has reported a significant increase in engagement and growth on the platform.
What Happened: On Tuesday, during the company's four-quarter earnings call, Microsoft CEO Satya Nadella said that LinkedIn continues to witness "accelerated member growth and record engagement."
He said that the platform sees 1.5 million pieces of content shared every minute, with video being the fastest-growing format, showing a 34% increase year-over-year.
Nadella also highlighted the success of LinkedIn Marketing Solutions in B2B digital advertising and the increase in Premium sign-ups, which rose by 51% this fiscal year.
Microsoft's CFO Amy Hood added that LinkedIn's revenue increased by 10% and 9% in constant currency, driven by better-than-expected performance across all businesses. The company expects high single-digit revenue growth for LinkedIn in the next quarter.
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Why It Matters: Musk has previously criticized LinkedIn and promoted his social media platform X, formerly Twitter, for posting job listings. In March 2024, the tech billionaire announced over one million job listings from recruiters, positioning X as a potential competitor to LinkedIn.
Meanwhile, on Tuesday, Microsoft reported fourth-quarter revenue of $64.7 billion, marking a 15% year-over-year increase. This figure surpassed the Street's consensus estimate of $64.36 billion, according to data from Benzinga Pro.
Price Action: Microsoft shares fell 2.72% to $411.40 in after-hours trading. The tech giant closed Tuesday's regular session 0.89% lower at $422.92.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.