Open Business Club AG, which operates German business social network Xing , has announced its preliminary results for 2006.
Back in December, Xing became the first web 2.0 company to go public, and its results for the past year show some pretty impressive growth.
Xing has managed to increase its membership considerably during 2006, with almost 250,000 new members added in the final quarter alone. This brought the network's total membership to 1.69m.
- At the end of 2005, the network had 680,000 members, which means Xing has achieved 149% growth in 12 months.
- Xing increased its paying membership by 13%, from 189,000 in 2005 to over 221,000.
- Xing is now the market leader in the German-speaking world, with 1.2m members in Germany, Switzerland and Austria.
- It increased revenue by over 200% to €10m (£6.8m), with €3.6m (£2.4m) generated in the last quarter.
CEO and Founder Lars Hinrichs predicts greater growth next year:
"Since the Initial Public Offering, we are now in a position to expand via acquisitions, as well as through our own strong organic growth. I’m confident that we will be able to register initial successes here in the first half of 2007.”