XING AG invests in the midst of the crisis, boosts midyear revenues by 35 percent
- Total revenues increase by 35 percent to €21.54 million
- 41 percent higher revenues from Premium Memberships
- Over 635,000 paying members around the world
- 21 percent growth for XING Jobs
- Key investments for new business models already made in H1
Hamburg, August 13, 2009 – XING AG (ISIN: DE000XNG888) today announced total revenues of €21.54 for the first six months of 2009. This is an increase of 35 percent over total revenues for H1/2008 (€15.91 million).
In the first six months of this financial year, the leading European business network gained over 900 thousand new members. At the beginning of August 2009, the XING membership base exceeded 8 million for the first time.
Alongside continued total membership growth, 85 thousand paying Premium Members were gained in H1/2009. As of June 30, 2009, XING numbered 635 thousand Premium Members, an increase of 35 percent over the previous year’s figures (H1/2008 470 thousand). Accordingly, the core business segment "Premium Memberships” generated 41 percent higher revenues in H1/2009 (€17.86 million) than in H1/2008 (€12.64 million), driving the Company’s considerable boost in total revenues.
Revenues from job listings also increased in H1/2009 to €2.23 million, a 21 percent boost over H1/2008 (€1.84 million). Despite an online job ad market heavily hit by the economic crisis, XING AG was able to sustainably boost revenues in this area, acquiring additional market share in this second key business segment.
Midyear EBITDA results increased slightly over those of the previous year, to €5.90 million in H1/2009 from €5.76 in H1/2008. Furthermore, XING AG has invested heavily in its own programming and development resources with the aim of launching new business models, products and features even faster in the future, and gaining new sources of revenues.
These investments in new business segments and in successful recruiting efforts for accelerating the speed of innovation are reflected in group results of €2.18 million for H1/2009, which are below those of the previous midyear results (€2.95 million), as expected.
“In the first six months of 2009, we’ve invested heavily in developing new business models, and made solid progress in working towards our strategic goals. In the second half of the year, we’ll continue to focus on making XING more appealing for our members, and also launch new sources of revenues. We have new functionalities especially for recruiters are already in the beta phase. In addition, we will continue to invest in the growth of membership figures in our European core markets,” explained Dr. Stefan Gross-Selbeck, CEO of XING AG.
XING is the leading European online business network. Over 8 million members use XING in 16 languages to do business, find jobs, and pursue a career. XING helps members get connected and stay in touch with their contacts with customized networking solutions and services. Members are active on XING because of the real value generated, with XING Jobs, over 30 thousand specialized groups, and over 90 thousand live networking events a year, organized by members for members. Since the 2006 IPO, the XING AG share has established a solid position for itself on the stock market, the first and to date only Web 2.0 company to do so. XING AG is headquartered in Hamburg, Germany, and has local offices in Barcelona, Istanbul and Milan.
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