The Irish branch of the social network LinkedIn is paying back 5.6 billion US dollars to the parent company Microsoft

The pre-tax profits of the main Irish social media platform LinkedIn rose by 42 percent last year to 176.35 million US dollars (176.55 million euros).

inkedIn Ireland Unlimited Company saw pre-tax profits rise as revenue increased $1.38 billion, or 42.5 percent, from $3.24 billion to $4.62 billion.

The company paid a dividend of €250 million last year, and a note in the financial statements said the company intends to return $5.6 billion in capital to its immediate parent, Microsoft Ireland Research, after the year-end .

Directors say revenue increased by $1.38 billion last year “due to increases across all businesses.”

Last month, LinkedIn Ireland confirmed to RTÉ that it would scale back plans to expand its office space to a new campus in Dublin, with the company explaining that the move is a result of more of its Ireland-based employees working from home more frequently , which means it doesn’t take up as much office space.

Commercial property developer Iput is currently developing 600,000 sq ft of new office space in Wilton Park, Dublin and the company has now decided not to occupy Two and Three Wilton and will only occupy One Wilton as well as Four Wilton when the project is completed around 2025.

Based in Ireland, LinkedIn manages the company’s operations in Europe, Middle East and Africa (EMEA). Sharon McCooey is the Director of LinkedIn Ireland.

The Ireland-based company’s revenue represented 45 percent of LinkedIn’s $10.28 billion global revenue in 2021.

The new accounts show that the average number of people employed at LinkedIn fell marginally over the past year from 1,810 to 1,787, but staff costs increased from $288.27 million to $294.2 million.

However, directors state that “actual headcount increased in the second half of the fiscal year, supporting the growth of the company’s activities during the year.”

The company posted after-tax profit of $155.28 million last year after paying $21 million in corporate taxes.

Directors say membership has grown by 70 million to 810 million in 200 countries and 26 languages ​​over the past year.

“This has been accomplished through continued investment in the LinkedIn platform and in marketing and advertising spend,” the report said.

The company’s cost of sales rose 52 percent from $1.8 billion to $2.74 billion last year and administrative expenses rose 26 percent from $1.35 billion to $1.7 billion as the “Other operating expenses” was $13.92 million.

The company posted operating income of $161.88 million last year, and earnings were boosted by $13.79 million in shares in the group’s subsidiaries.

At the end of December last year, the company had $6.18 billion in shareholder funds, with the bulk being $4.19 billion from a premium account.

The company’s cash increased from $7 million to $8.9 million last year.

The company has subsidiaries in 17 countries – UK, Canada, India, France, Netherlands, Italy, Japan, Germany, Spain, UAE, Hong Kong, Singapore, Sweden, Brazil, Austria, Malaysia and Mexico.

https://www.independent.ie/business/irish-arm-of-social-network-linkedin-to-return-56bn-to-parent-firm-microsoft-42126567.html The Irish branch of the social network LinkedIn is paying back 5.6 billion US dollars to the parent company Microsoft

Fry Electronics Team

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